Nov 4, 9:09 AM ET
Penguin Solutions agreed on November 3, 2026, to sell its Cree LED business, which makes up its Optimized LED segment, to an affiliate of Transom Capital Group in an all-cash deal, with closing expected in the first calendar quarter of 2027. The company said the sale will let it concentrate on data center AI infrastructure and memory, and it reaffirmed its fiscal 2027 outlook, which includes a full year of Cree LED results.
- Cree LED is expected to represent approximately 10% of the company's total projected fiscal 2027 net sales.
- The filing does not disclose the purchase price.
- The company reaffirmed its fiscal 2027 outlook from its October 6, 2026, earnings release and expects to update it after the sale closes.
- Joseph Clark, President of Optimized LED, will cease to be an executive officer at closing but is expected to continue working for the business.
Read the filing on SEC.gov ↗
Oct 6, 4:34 PM ET
Penguin Solutions appointed Stephen Cumming as Senior Vice President and Chief Financial Officer, effective October 6, 2026. He replaces Aaron Johnson, who had been interim CFO since July 9, 2026 and returns to his prior role as Vice President, Finance and Accounting. The filing also discloses Cumming's pay package, including a $700,000 retention bonus and equity grants totaling $4.3 million in target value, which matter to shareholders as a cost and as a sign of who leads the company's finances.
- Stephen Cumming, formerly CFO of Edgio, Inc. (2022 to 2025), starts as SVP and CFO on October 6, 2026, succeeding interim CFO Aaron Johnson.
- Base salary of $550,000, with an annual bonus targeted at 90% of base salary, prorated for fiscal 2027.
- $700,000 retention bonus payable in two equal installments within 45 and 85 days of his start date.
- Equity grants of $1,750,000 in time-based RSUs and $2,550,000 in relative TSR-based PSUs (0% to 200% of target).
Read the filing on SEC.gov ↗
Oct 6, 4:27 PM ET
Penguin Solutions reported fourth-quarter fiscal 2026 net sales of $567 million, up 68% year over year, and GAAP diluted EPS of $1.29 versus $0.11 a year earlier. The company raised its fiscal 2027 outlook, now expecting net sales of about $2.43 billion at the midpoint, growth of about 40%, which it attributes to AI Infrastructure demand.
- Q4 fiscal 2026: net sales $567 million, up 68%; GAAP diluted EPS $1.29 vs. $0.11; non-GAAP diluted EPS $1.00 vs. $0.43
- Full fiscal 2026: net sales $1.73 billion, up 26%; net income attributable to Penguin Solutions $181 million
- Fiscal 2027 outlook: net sales about $2.43 billion at midpoint (about 40% growth); GAAP diluted EPS $3.50; non-GAAP diluted EPS $4.45
Read the filing on SEC.gov ↗
Jul 17, 5:12 PM ET
Penguin Solutions issued $750.0 million of 0.00% convertible senior notes due August 1, 2031, including a $100.0 million option that the initial purchasers exercised in full. The company is using the estimated $735.1 million in net proceeds to repurchase $295.5 million of existing 2029 and 2030 convertible notes, pay $49.1 million for capped call transactions, and repay $100.0 million under a credit agreement. The new notes are convertible at an initial price of about $116.70 per share, and the capped calls are intended to reduce potential dilution.
- $750.0 million principal, 0.00% interest rate, maturing August 1, 2031; initial conversion price of about $116.70 per share
- Estimated net proceeds of $735.1 million, including about $136.7 million to repurchase $135.5 million of 2029 notes and about $161.4 million to repurchase $160.0 million of 2030 notes
- Capped call cost of about $49.1 million with an initial cap price of $175.05 per share; $100.0 million used to repay the credit agreement
Read the filing on SEC.gov ↗
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.