Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 52

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 52
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 “SMART Global Holdings, Inc.” to “Penguin Solutions, Inc.”, reflecting the Company’s strategic transformation and evolving focus on key areas such as AI infrastructure deployment, high-performance computing, and advanced memory enterprise solutions. In December 2024, we closed a previously announced $200 million strategic investment from SKT, which positioned us to augment our capabilities and add to our financial flexibility as we further expand the scope and scale of our end-to-end AI factory offerings. We completed the design, build, and deployment of Haien , one of South Korea’s largest and most powerful GPU-as-a-Service systems, developed by SKT for the Korea Ministry of Science and Technology as a key element in the country’s

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Sovereign AI initiative. We now manage the Haien system, which is our first international AI infrastructure implementation, on an ongoing basis. In June 2025, we completed the refinancing of our credit facilities, which strengthened our balance sheet, significantly reduced our leverage, extended our debt maturities, and is expected to lower our debt service costs. Also in June 2025, we consummated the redomiciliation of the parent company of our corporate group from the Cayman Islands to the State of Delaware in the United States, which we believe will further our strategic objectives and streamline our organizational and regulatory structure, and reflects our increased business and operational focus in the United States.

We also enhanced our leadership team by welcoming Tony Frey as SVP and Chief Revenue Officer and Ted Gillick as SVP of Strategy & Corporate Development, both in August 2025. These additions are part of an updated organizational structure that is intended to accelerate growth, support product innovation, and further enable go-to-market strategies in systems, software, services, and end-to-end advanced computing solutions.

Our fiscal 2025 operational and financial performance also showed continued progress despite ongoing challenges in areas like geopolitical instability, the global macroeconomic environment, and supply chain constraints. We reinforced our commitment to act as our customers’ trusted advisor, providing high-performance, high-availability infrastructure solutions to address their most complex needs. We continued to innovate, expanding our Advanced Computing pipeline and adding several new customers, supporting our ongoing customer diversification strategy, and developing and expanding key partnerships. Highlights from our fiscal 2025 financial performance include delivering 17% top-line growth in net sales, 260 basis points of GAAP operating margin expansion and 190 basis points of non-GAAP operating margin expansion, and increases in