secwatch.observer — SEC 8-K summary
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Issuer:     Penguin Solutions, Inc. (PENG)
CIK:        0001616533
Form:       8-K
Filed at:   2024-01-09T23:59:59+00:00
Accession:  0001628280-24-000948
Event type: earnings
Sentiment:  negative
Materiality: 0.60
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SGH Q1 rev $274.2M (-30% YoY); GAAP EPS ($0.23); record gross margins; $75M buyback
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- Net sales $274.2M, down 30% YoY; Memory Solutions $85.7M, Intelligent Platform $118.8M, LED $69.8M.
- Record GAAP gross margin 30.2% (+160 bps YoY); record non-GAAP gross margin 33.3% (+200 bps YoY).
- GAAP diluted EPS $(0.23) vs $(0.08) YoY; non-GAAP EPS $0.24 vs $0.75 YoY.
- Divestiture of 81% of SMART Brazil closed Nov 29, 2023; classified as discontinued operations.
- Audit Committee approved $75M share repurchase authorization; $150M total over two years.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1616533/000162828024000948/0001628280-24-000948-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1616533/000162828024000948/sgh-20240109.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-000948

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer