Penguin Q4: Revenue up 68% YoY, net cash outflow
Penguin $PENG 2026 fiscal Q4 revenue was $567 million, up 68% year over year. Non-GAAP operating income was $89.796 million, up 129%.
But memory accounted for most of that 68% growth. Q4 integrated memory revenue was $340.8 million, up about 157.9%, while advanced computing revenue was $154.0 million, up only about 11.4%. The 68% figure needs to be viewed with some skepticism.
Profit also needs a closer look. Net income attributable to the company of $93.204 million included an income tax benefit of $57.595 million. Operating margin rose to 15.8%, but gross margin fell from 30.9% to 28.8%.
Cash flow hasn’t caught up. Q4 operating cash flow was a net outflow of $163 million, and the full-year net outflow was $152 million. At year-end, accounts receivable stood at $796 million and inventory at $749 million.
Looking ahead, I’m watching two things: whether the midpoint of FY27 guidance, raised from $2.17 billion to $2.43 billion, can be converted into revenue and cash collections on schedule; and whether growth will continue to require upfront investment. The 36,000-card AI factory in Norway and the GB300 partnership are worth watching, but project scale does not equal order value.
The above is compiled from public information and does not constitute investment advice.
#penguin #AI基础设施 #美股财报季来袭
Penguin $PENG 2026 fiscal Q4 revenue was $567 million, up 68% year over year. Non-GAAP operating income was $89.796 million, up 129%.
But memory accounted for most of that 68% growth. Q4 integrated memory revenue was $340.8 million, up about 157.9%, while advanced computing revenue was $154.0 million, up only about 11.4%. The 68% figure needs to be viewed with some skepticism.
Profit also needs a closer look. Net income attributable to the company of $93.204 million included an income tax benefit of $57.595 million. Operating margin rose to 15.8%, but gross margin fell from 30.9% to 28.8%.
Cash flow hasn’t caught up. Q4 operating cash flow was a net outflow of $163 million, and the full-year net outflow was $152 million. At year-end, accounts receivable stood at $796 million and inventory at $749 million.
Looking ahead, I’m watching two things: whether the midpoint of FY27 guidance, raised from $2.17 billion to $2.43 billion, can be converted into revenue and cash collections on schedule; and whether growth will continue to require upfront investment. The 36,000-card AI factory in Norway and the GB300 partnership are worth watching, but project scale does not equal order value.
The above is compiled from public information and does not constitute investment advice.
#penguin #AI基础设施 #美股财报季来袭