Penguin Solutions, Inc 10-K for FY2026

Penguin Solutions, Inc. (PENG)

10-K 2026-10-20 For: 2026-08-28

Added on October 22, 2026

About this 10-K

Penguin Solutions, Inc filed this 10-K on October 20, 2026, covering the fiscal year ended August 28, 2026 (FY2026).

Penguin Solutions reported year-ended net sales of $1,731,468 and net income attributable to Penguin Solutions of $180,615, compared with $25,391, and cash and cash equivalents of $647.2 million as of August 28, 2026. AI summary

Headline figures

Fiscal year ended August 28, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.73B; up 26.5% from $1.37B a year earlier
Net income: $180.62M; up 611.3% from net income of $25.39M a year earlier
Diluted EPS: $2.60; up 828.6% from $0.28 a year earlier

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Delaware			36-5142687
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


45800 Northport Loop West
Fremont, CA			94538


(Address of Principal Executive Offices)			(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.03 par value per share	PENG	Nasdaq Global Select Market


		Page

PART I
Item 1	Business	5
Item 1A	Risk Factors	17
Item 1B	Unresolved Staff Comments	52
Item 1C	Cybersecurity	52
Item 2	Properties	53
Item 3	Legal Proceedings	54
Item 4	Mine Safety Disclosures	54

PART II
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	55
Item 6	[Reserved]	56
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	57
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	69
Item 8	Financial Statements and Supplementary Data	71
Item 9	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	120
Item 9A	Controls and Procedures	120
Item 9B	Other Information	122
Item 9C	Disclosure Regarding Foreign Jurisdictions That Prevent Inspections	122

PART III
Item 10	Directors, Executive Officers and Corporate Governance	123
Item 11	Executive Compensation	123
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	123
Item 13	Certain Relationships and Related Transactions, and Director Independence	123
Item 14	Principal Accountant Fees and Services	123

PART IV
Item 15	Exhibits and Financial Statement Schedules	124
Item 16	Form 10-K Summary	127

Signatures		128


	August 31, 2021		August 31, 2022		August 31, 2023		August 31, 2024		August 31, 2025		August 31, 2026
Penguin Solutions, Inc.	$	100	$	76	$	107	$	86	$	100	$	204
Russell 2000 Index	$	100	$	82	$	86	$	102	$	111	$	140
Nasdaq Electronic Components Index	$	100	$	88	$	101	$	129	$	196	$	254


Year ended	August 28, 2026		% of net sales (1)		August 29, 2025		% of net sales (1)		August 30, 2024		% of net sales (1)
Net sales:
Advanced Computing	$	558,789	32.3	%	$	648,417	47.4	%	$	554,552	47.4	%
Integrated Memory	924,001		53.4	%	464,249		33.9	%	356,426		30.4	%
Optimized LED	248,678		14.4	%	256,128		18.7	%	259,818		22.2	%
Total net sales	1,731,468		100.0	%	1,368,794		100.0	%	1,170,796		100.0	%
Cost of sales	1,252,543		72.3	%	974,520		71.2	%	830,020		70.9	%
Gross profit	478,925		27.7	%	394,274		28.8	%	340,776		29.1	%

Operating expenses:
Research and development	81,677		4.7	%	79,801		5.8	%	81,537		7.0	%
Selling, general and administrative	220,412		12.7	%	238,177		17.4	%	233,880		20.0	%
Impairment of goodwill	—		—	%	16,063		1.2	%	—		—	%

Other operating expense	11,240		0.6	%	2,098		0.2	%	7,064		0.6	%
Total operating expenses	313,329		18.1	%	336,139		24.6	%	322,481		27.5	%
Operating income	165,596		9.6	%	58,135		4.2	%	18,295		1.6	%

Non-operating (income) expense:
Interest expense, net	438		—	%	7,305		0.5	%	28,378		2.4	%
Other non-operating (income) expense	13,235		0.8	%	1,929		0.1	%	21,084		1.8	%
Total non-operating (income) expense	13,673		0.8	%	9,234		0.7	%	49,462		4.2	%
Income (loss) before taxes	151,923		8.8	%	48,901		3.6	%	(31,167)		(2.7)	%

Income tax (benefit) provision	(33,865)		(2.0)	%	20,066		1.5	%	10,618		0.9	%
Net income (loss) from continuing operations	185,788		10.7	%	28,835		2.1	%	(41,785)		(3.6)	%
Net loss from discontinued operations	—		—	%	—		—	%	(8,148)		(0.7)	%
Net income (loss)	185,788		10.7	%	28,835		2.1	%	(49,933)		(4.3)	%
Net income attributable to noncontrolling interest	5,173		0.3	%	3,444		0.3	%	2,539		0.2	%
Net income attributable to Penguin Solutions	$	180,615	10.4	%	$	25,391	1.9	%	$	(52,472)	(4.5)	%


			Page

Consolidated Balance Sheets			72
Consolidated Statements of Operations			73
Consolidated Statements of Comprehensive Income			74
Consolidated Statements of Stockholders’ Equity			75
Consolidated Statements of Cash Flows			76
Notes to Consolidated Financial Statements			77
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)			118


As of	August 28, 2026		August 29, 2025
Assets
Cash and cash equivalents	$	647,208	$	453,754

Accounts receivable, net (including $683 and $— due from related party as of August 28, 2026 and August 29, 2025, respectively)	796,264		307,904

Inventories	748,785		255,182
Other current assets	56,249		47,387

Total current assets	2,248,506		1,064,227
Property and equipment, net	84,244		92,603
Operating lease right-of-use assets	54,237		58,847
Intangible assets, net	59,856		87,754
Goodwill	145,895		145,895
Deferred tax assets	173,389		99,107
Other noncurrent assets	12,007		68,767
Total assets	$	2,778,134	$	1,617,200

Liabilities, Temporary Equity and Stockholders' Equity
Accounts payable and accrued expenses	$	890,476	$	318,761
Current debt	53,418		19,945
Deferred revenue	123,283		73,893

Other current liabilities	128,770		61,300

Total current liabilities	1,195,947		473,899
Long-term debt	735,532		441,893
Noncurrent operating lease liabilities	57,896		62,736
Other noncurrent liabilities	48,863		30,445
Total liabilities	2,038,238		1,008,973

Commitments and contingencies

Temporary equity
Preferred stock, $0.03 par value; authorized 30,000 shares; 200 shares of convertible preferred stock issued and outstanding as of August 28, 2026 and August 29, 2025. Redemption amount of $200,400 and $200,500 as of August 28, 2026 and August 29, 2025	202,710		202,710

Penguin Solutions stockholders’ equity:
Common stock, $0.03 par value; authorized 200,000 shares; 73,827 shares issued and 60,171 shares outstanding as of August 28, 2026; 62,756 shares issued and 52,738 shares outstanding as of August 29, 2025	2,215		1,883

Additional paid-in capital	583,628		551,712
Retained earnings	215,191		46,709
Treasury stock, 13,656 shares and 10,018 shares held as of August 28, 2026 and August 29, 2025, respectively	(280,503)		(206,076)
Accumulated other comprehensive income	211		18
Total Penguin Solutions stockholders’ equity	520,742		394,246
Noncontrolling interest in subsidiary	16,444		11,271
Total stockholders' equity	537,186		405,517
Total liabilities, temporary equity and stockholders' equity	$	2,778,134	$	1,617,200


	Common			Preferred
	Shares Issued	Amount		Shares Issued	Amount		Additional Paid-in Capital		Retained Earnings		Treasury Shares		Accumulated Other Comprehensive Income (Loss)		Total Penguin Solutions Stockholders’ Equity		Non- controlling Interest in Subsidiary		Total Equity
As of August 25, 2023	57,542	1,726		—	—		476,703		82,457		(132,447)		(205,964)		222,475		6,758		229,233
Net income (loss)	—	—		—	—		—		(52,472)		—		—		(52,472)		2,539		(49,933)
Other comprehensive income (loss)	—	—		—	—		—		—		—		205,974		205,974		—		205,974
Stock issued under equity plans	2,684	81		—	—		9,728		—		—		—		9,809		—		9,809
Repurchase of shares	—	—		—	—		—		—		(21,309)		—		(21,309)		—		(21,309)
Purchase of 2030 Capped Calls	—	—		—	—		(16,300)		—		—		—		(16,300)		—		(16,300)
Stock-based compensation expense	—	—		—	—		43,204		—		—		—		43,204		—		43,204
Distribution to noncontrolling interest	—	—		—	—		—		—		—		—		—		(1,470)		(1,470)
As of August 30, 2024	60,226	1,807		—	—		513,335		29,985		(153,756)		10		391,381		7,827		399,208
Net income	—	—		—	—		—		25,391		—		—		25,391		3,444		28,835
Other comprehensive income (loss)	—	—		—	—		—		—		—		8		8		—		8
Stock issued under equity plans	2,530	76		—	—		8,728		—		—		—		8,804		—		8,804
Repurchase of shares	—	—		—	—		—		—		(52,320)		—		(52,320)		—		(52,320)
Stock-based compensation expense	—	—		—	—		41,176		—		—		—		41,176		—		41,176
Issuance of preferred stock	—	—		200	6		191,177		—		—		—		191,183		—		191,183
Preferred stock dividends	—	—		—	—		—		(8,667)		—		—		(8,667)		—		(8,667)
Preferred stock reclassified to Temporary equity	—	—		(200)	(6)		(202,704)		—		—		—		(202,710)		—		(202,710)
As of August 29, 2025	62,756	1,883		—	—		551,712		46,709		(206,076)		18		394,246		11,271		405,517
Net income	—	—		—	—		—		180,615		—		—		180,615		5,173		185,788
Other comprehensive income (loss)	—	—		—	—		—		—		—		193		193		—		193
Stock issued under equity plans	2,348	70		—	—		10,288		—		—		—		10,358		—		10,358
Repurchase of shares	—	—		—	—		—		—		(74,427)		—		(74,427)		—		(74,427)
Issuance of common stock for convertible debt inducement	8,723	262		—	—		27,550		—		—		—		27,812		—		27,812
Purchase of 2031 Capped Calls, net of tax	—	—		—	—		(37,737)		—		—		—		(37,737)		—		(37,737)
Stock-based compensation expense	—	—		—	—		31,815		—		—		—		31,815		—		31,815

Preferred stock dividends	—	—		—	—		—		(12,133)		—		—		(12,133)		—		(12,133)
As of August 28, 2026	73,827	$	2,215	—	$	—	$	583,628	$	215,191	$	(280,503)	$	211	$	520,742	$	16,444	$	537,186


As of	November 29, 2023
Cash and cash equivalents	$	40,927
Accounts receivable, net	16,482
Inventories	26,103
Other current assets	17,800
Total current assets	101,312
Property and equipment, net	66,870
Operating lease right-of-use assets	6,912
Goodwill	19,856
Other noncurrent assets	27,490
Total assets	222,440
Impairment of SMART Brazil assets	(153,036)
Total assets, net of impairment	69,404

Accounts payable and accrued expenses	20,576
Current debt	3,872
Other current liabilities	1,023
Total current liabilities	25,471
Long-term debt	11,938
Noncurrent operating lease liabilities	5,686
Noncurrent deferred tax liabilities	28,564
Other noncurrent liabilities	93
Total liabilities	71,752

Net liabilities of discontinued operations	$	(2,348)


Year ended	August 30, 2024
Net sales	$	55,159
Cost of sales	50,560
Gross profit	4,599

Operating expenses:
Research and development	157
Selling, general and administrative	5,421
Other operating (income) expense	64
Total operating expenses	5,642
Operating loss	(1,043)

Non-operating expense:
Loss from divestiture of 81% interest in SMART Brazil	10,888
Interest income, net	(1,262)
Other non-operating expense	138
Total non-operating expense	9,764
Loss before taxes	(10,807)
Income tax benefit	2,659
Net loss from discontinued operations	$	(8,148)


Proceeds, less costs to sell and other expenses:
Consideration	$	194,092
Costs to sell and other expenses	(4,150)
	189,942

Basis in 81% interest in SMART Brazil:
Net assets of SMART Brazil	145,194
Cumulative translation adjustment (1)	212,397
	357,591

Gain on revalue of 19% Retained Interest in SMART Brazil (2)	3,725
Pre-tax loss on divestiture of 81% interest in SMART Brazil	163,924
Income tax provision	26,580
Loss on divestiture of 81% interest in SMART Brazil	$	190,504


	Three Months Ended
	December 1, 2023		August 25, 2023		Total
Pre-tax loss on divestiture of 81% interest in SMART Brazil	$	10,888	$	153,036	$	163,924
Income tax provision (benefit)	(1,984)		28,564		26,580
Loss on divestiture of 81% interest in SMART Brazil	$	8,904	$	181,600	$	190,504


	August 28, 2026				August 29, 2025
As of	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Intangible assets:
Technology	$	146,918	$	(107,915)	$	144,445	$	(83,375)
Customer relationships	33,000		(17,759)		33,000		(13,602)
Trademarks/trade names	15,791		(10,179)		15,786		(8,500)
	$	195,709	$	(135,853)	$	193,231	$	(105,477)


Goodwill by segment	Advanced Computing		Integrated Memory		Total
Balance as of August 30, 2024
Gross	166,330		14,720		181,050
Accumulated impairment losses	(19,092)		—		(19,092)
Carrying value	147,238		14,720		161,958
Impairment losses during the year-ended August 29, 2025	$	(16,063)	$	—	$	(16,063)
Balance as of August 29, 2025
Gross	166,330		14,720		181,050
Accumulated impairment losses	(35,155)		—		(35,155)
Carrying value	$	131,175	$	14,720	$	145,895
Balance as of August 28, 2026
Gross	166,330		14,720		181,050
Accumulated impairment losses	(35,155)		—		(35,155)
Carrying value	131,175		14,720		145,895




2029	$	14,545
2030	40,000
2031	750,000
Less unamortized debt issuance costs	(15,595)
	$	788,950


2027	$	10,054
2028	10,192
2029	9,989
2030	9,854
2031	8,414
2032 and thereafter	35,563
	84,066
Less imputed interest	(19,827)
Present value of total lease liabilities	$	64,239


	Expiration Date	Strike Price		Cap Price		Shares	Maximum Value at Expiration

2029 Capped Calls	February 1, 2029	$	21.2288	$	29.1375	7,066	$	55,883
2030 Capped Calls	August 15, 2030	$	28.0085	$	37.7038	7,141	69,231
2031 Capped Calls	August 1, 2031	$	116.6997	$	175.0500	6,430	375,178
						20,637	$	500,292


	Pension Liability Adjustment		Gains on Investments		Total
As of August 29, 2025	$	—	$	18	$	18

Other comprehensive income before reclassifications	177		16		193

Other comprehensive income	177		16		193
As of August 28, 2026	$	177	$	34	$	211


	Shares	Weighted- Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value
Outstanding as of August 29, 2025	3,780	$	21.59	$	91,208
Granted	2,665	$	26.15
Vested	(1,632)	$	20.26
Forfeited and cancelled	(1,142)	$	27.26
Outstanding as of August 28, 2026	3,671	$	23.73	$	181,763


	Shares	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of August 29, 2025	522	$	13.74	1.89	$	5,426
Granted	—	$	—
Exercised	(266)	$	11.98
Forfeited and cancelled	—	$	—
Outstanding as of August 28, 2026	256	$	15.55	1.96	$	8,711

Exercisable as of August 28, 2026	256	$	15.55	1.96	$	8,711


As of August 30, 2024	$	849
Additions	2,098
Cash payments	(1,884)
As of August 29, 2025	1,063
Additions	11,239
Cash payments	(9,451)
As of August 28, 2026	$	2,851


Year ended	August 28, 2026
Federal	$	1,650
State and local	1,948





Foreign
Malaysia	13,455
Luxembourg	$	7,219
Hong Kong	1,883

All other foreign	$	2,660
	$	28,815


Year ended	August 28, 2026
US federal statutory tax rate	$	31,904	21.0	%
State income tax, net of federal benefit (1)	(389)		(0.3)	%
Domestic federal tax effects:
Effects of cross-border tax laws:
Global Intangible Low-Taxed Income (GILTI)	3,860		2.5	%
US tax on foreign branches	(8,711)		(5.7)	%
Other effects of cross-border tax laws	(400)		(0.3)	%
Tax credits	(1,511)		(1.0)	%
Non-deductible expenses (non-taxable income)	313		0.2	%
Changes in valuation allowances	(63,868)		(42.0)	%
Other adjustments	(43)		—	%
Foreign tax effects
Brazil
Withholding tax	6,528		4.3	%
Cayman Islands
Statutory tax rate difference	8,712		5.7	%
Luxembourg
Gain/(Loss) on Investments	(7,310)		(4.8)	%
Changes in valuation allowances	6,231		4.1	%
Other	70		—	%
Malaysia
Statutory tax rate difference	3,775		2.5	%
Tax incentives	(17,475)		(11.5)	%
Global minimum tax	3,391		2.2	%
Other	617		0.5	%
Other Foreign Jurisdictions	919		0.6	%
Worldwide changes in unrecognized tax benefits	(478)		(0.3)	%
Effective Tax Rate	$	(33,865)	(22.3)	%
(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include Arizona, California, Pennsylvania and Wisconsin for fiscal year 2026.


Year ended	August 29, 2025			August 30, 2024
Statutory tax rate		$	10,269	21.0	%	$	(6,545)	21.0	%
Foreign income taxes at different rates		6,665		13.6	%	15,870		(50.9)	%
State income tax, net of federal benefit		1,903		3.9	%	2,278		(7.3)	%

Tax on uncertain tax positions		313		0.6	%	(3,825)		12.3	%
Stock-based compensation		135		0.3	%	(100)		0.3	%
Change in valuation allowance		69,669		142.5	%	1,111		(3.6)	%
Non-deductible expenses (non-taxable income)		2,177		4.5	%	1,053		(3.4)	%
Foreign withholding tax		2,429		5.0	%	4,548		(14.6)	%
Tax credits		(1,814)		(3.7)	%	(3,337)		10.7	%
Effect of cross-border tax laws		1,409		2.9	%	—		—	%
U.S. Domestication		(75,126)		(153.6)	%	—		—	%
Return to Provision		2,283		4.7	%	—		—	%
Other		(246)		(0.7)	%	(435)		1.4	%
Effective tax rate		$	20,066	41.0	%	$	10,618	(34.1)	%


	Q4-26		Q3-26		Q2-26		Q1-26		Q4 FY25		Q3 FY25		Q2 FY25		Q1 FY25
Net sales	$	566,685	$	478,713	$	342,999	$	343,071	$	337,922	$	324,251	$	365,519	$	341,102
Gross profit	155,900		133,214		93,702		96,109		96,731		95,083		104,648		97,812
Operating income	69,462		50,863		25,689		19,582		12,448		9,843		18,488		17,356
Net income attributable to Penguin Solutions	93,204		44,689		37,452		5,270		9,431		2,661		8,082		5,217

Preferred stock dividends	3,034		3,033		3,033		3,033		3,034		3,033		2,600		—
Income available for distribution	90,170		41,656		34,419		2,237		6,397		(372)		5,482		5,217
Income allocated to participating securities	8,903		4,448		3,594		231		666		—		482		—
Net income available to common stockholders	81,267		37,208		30,825		2,006		5,731		(372)		5,000		5,217

Earnings (loss) per share:
Basic	$	1.46	$	0.73	$	0.59	$	0.04	$	0.11	$	(0.01)	$	0.09	$	0.10
Diluted	$	1.29	$	0.68	$	0.58	$	0.04	$	0.11	$	(0.01)	$	0.09	$	0.10
Shares used in per share calculations:
Basic	55,645		50,998		52,283		52,900		52,553		53,130		53,454		53,482
Diluted	64,040		55,063		53,186		54,991		54,371		53,738		54,384		54,312


			Incorporated by Reference
Exhibit No.	Description	Filed Herewith	Form	File No.	Exhibit	Filing Date
2.1*	Stock Purchase Agreement, dated as of June 13, 2023, by and among SMART Modular Technologies (LX) S.à r.l., a société à responsabilité limitée governed by the laws of Grand Duchy of Luxembourg, Lexar Europe B.V., a company organized under the laws of The Netherlands, Shenzhen Longsys Electronics Co., Ltd., a company limited by shares governed by the laws of the People’s Republic of China, solely with respect to certain provisions therein, Shanghai Intelligent Memory Semiconductor Co., Ltd., a limited liability company governed by the laws of the People’s Republic of China, and, solely with respect to certain provisions therein, SMART Global Holdings, Inc., a Cayman Islands exempted company		8-K	001-38102	2.1	06/13/2023
2.2*	Letter Agreement, dated as of October 24, 2023, to that certain Stock Purchase Agreement, dated as of June 13, 2023, by and among SMART Modular Technologies (LX) S.à r.l., a société à responsabilité limitée governed by the laws of Grand Duchy of Luxembourg, Lexar Europe B.V., a company organized under the laws of The Netherlands, Shenzhen Longsys Electronics Co., Ltd., a company limited by shares governed by the laws of the People’s Republic of China, solely with respect to certain provisions therein, Shanghai Intelligent Memory Semiconductor Co., Ltd., a limited liability company governed by the laws of the People’s Republic of China, and, solely with respect to certain provisions therein, SMART Global Holdings, Inc., a Cayman Islands exempted company		10-Q	001-38102	2.1	01/09/2024
3.1	Amended and Restated Certificate of Incorporation of Penguin Solutions, Inc., effective as of June 27, 2025		8-K12B	001-38102	3.1	06/30/2025
3.2	Amended and Restated Bylaws of Penguin Solutions, Inc., effective as of June 30, 2025		8-K12B	001-38102	3.3	06/30/2025
3.3	Certificate of Designation of Convertible Preferred Stock, effective as of June 27, 2025		8-K12B	001-38102	3.2	06/30/2025
4.1	Description of the Registrant’s Capital Stock		10-K	001-38102	4.1	10/21/2025
4.2	Form of Common Stock Certificate		S-8 POS	333-286347	4.1	06/30/2025
4.3	Indenture, dated as of January 23, 2023, between SMART Global Holdings, Inc. and U.S. Bank Trust Company, National Association, as Trustee		8-K	001-38102	4.1	01/23/2023
4.4	Form of certificate representing the 2.000% Convertible Senior Notes due 2029 (included as Exhibit A to the Indenture filed as Exhibit 4.3 )		8-K	001-38102	4.2	01/23/2023
4.5	First Supplemental Indenture in respect of the 2029 Notes, dated as of June 30, 2025, by and among Penguin Solutions Delaware, Penguin Solutions Cayman and U.S. Bank Trust Company, National Association, a national banking association organized under the laws of the United States of America, as trustee		8-K12B	001-38102	4.2	06/30/2025
4.6	Indenture, dated as of August 6, 2024, between SMART Global Holdings, Inc. and U.S. Bank Trust Company, National Association, as Trustee		8-K	001-38102	4.1	08/06/2024


*			Portions of this exhibit have been excluded pursuant to Rule 601(b)(2)(ii) of Regulation S-K. The omitted information is both not material and is the type that the registrant treats as private or confidential.
**			Constitutes a management contract or compensatory plan or arrangement.
***			Certain schedules and exhibits have been omitted from this filing pursuant to Item 601(a)(5) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any omitted attachment to the Securities and Exchange Commission on a confidential basis upon request.
****			The certifications attached as Exhibit 32.1 and Exhibit 32.2 that accompany this Annual Report are deemed furnished and not filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report, irrespective of any general incorporation language contained in such filing.


	Penguin Solutions, Inc.
Date: October 20, 2026	By:	/s/ Kash Shaikh
		Kash Shaikh
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: October 20, 2026	By:	/s/ Stephen Cumming
		Stephen Cumming
		Senior Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)


/s/ Kash Shaikh	President, Chief Executive Officer and Director	October 20, 2026
Kash Shaikh	(Principal Executive Officer)

/s/ Stephen Cumming	Senior Vice President and Chief Financial Officer	October 20, 2026
Stephen Cumming	(Principal Financial and Accounting Officer)

/s/ Penelope Herscher	Chairperson of the Board of Directors	October 20, 2026
Penelope Herscher

/s/ Min Yong Ha	Director	October 20, 2026
Min Yong Ha

/s/ David Heard	Director	October 20, 2026
David Heard

/s/ Sandeep Nayyar	Director	October 20, 2026
Sandeep Nayyar

/s/ Mark Papermaster	Director	October 20, 2026
Mark Papermaster

/s/ Mary Puma	Director	October 20, 2026
Mary Puma

/s/ Maximiliane Straub	Director	October 20, 2026
Maximiliane Straub


Name *			State or Other Jurisdiction of Incorporation or Organization
Penguin Solutions Holdings, LLC			Delaware
Penguin Solutions (Cayman), Inc.			Cayman Islands
Saleen Intermediate Holdings, Inc.			Cayman Islands
SMART Worldwide Holdings, Inc.			Cayman Islands
SMART Modular Technologies (Global), Inc.			Cayman Islands
SMART Modular Technologies (DH), Inc.			Cayman Islands
Penguin Solutions (SMART Modular), Inc. (CI)			Cayman Islands
SMART Modular Technologies (DE), Inc.			Delaware
Penguin Solutions LLC			California
Penguin Solutions (PENG) Ireland Limited			Ireland
Penguin Solutions (SMART Modular) Sdn. Bhd.			Malaysia