Finn Stockinger(@FinnStockinger):$PENG strong Q4 and a higher FY2027 outlook. Revenue was $567M (+68% YoY), about 12% above the $508M implied by the previous guide. Adjusted EPS was $1.00 (+133%). FY2027 guidance now calls for $2.43B in revenue and $4.45 in adjusted EPS up 40% and 55%, respectively. What interests me most is the customer expansion: six new AI infrastructure customers in Q4, four of them neoclouds. One selected Penguin to deploy and operate a 36,000-GPU AI factory in Norway. Across FY2026, twelve customers expanded their business with the company. That matters because Penguin’s opportunity extends beyond installing hardware to managing those systems once they’re running. The concern is cash. Inventory rose 50% QoQ to $749M, while operating cash flow was negative $163M. I previously thought the strongest acceleration might be behind us. I’m revisiting that view, but I still want management to explain how much inventory is committed to customer orders and when it gets paid for.

2026.10.06 20:13

$PENG strong Q4 and a higher FY2027 outlook. Revenue was $567M (+68% YoY), about 12% above the $508M implied by the previous guide. Adjusted EPS was $1.00 (+133%). FY2027 guidance now calls for $2.43B in revenue and $4.45 in adjusted EPS up 40% and 55%, respectively. What interests me most is the customer expansion: six new AI infrastructure customers in Q4, four of them neoclouds. One selected Penguin to deploy and operate a 36,000-GPU AI factory in Norway. Across FY2026, twelve customers expanded their business with the company. That matters because Penguin’s opportunity extends beyond installing hardware to managing those systems once they’re running. The concern is cash. Inventory rose 50% QoQ to $749M, while operating cash flow was negative $163M. I previously thought the strongest acceleration might be behind us. I’m revisiting that view, but I still want management to explain how much inventory is committed to customer orders and when it gets paid for.

Finn Stockinger@FinnStockinger

2026.10.06 19:40

$PENG earnings in 20 minutes 🐧🐧🐧 First thing what I'm watching: whether that $498M inventory investment starts turning into operating cash flow. Then FY2027 guidance. Management’s preliminary 30% revenue growth outlook implied roughly $2.18B, or $545M per quarter only 7% above the $508M Q4 revenue implied by their previous FY2026 guide. That’s why the Q1 outlook matters. A strong start could suggest their initial FY2027 view was conservative. After the latest $DELL and $HPE results, I’m leaning toward a beat and raise. Enterprise and sovereign AI demand looks strong; now I want to see Penguin capture it through new bookings, repeat business, and profitable growth. Revenue is one part of the story. Margins and cash conversion are what I’ll be checking closely tonight. What are you expecting?

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