$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.