Penguin Solutions Inc (PENG) 2026 Q3 法說會逐字稿

Welcome to the Penguin Solutions third-quarter fiscal 2026 earnings call. (Operator Instructions) I will now hand the conference over to Suzanne Schmidt with Investor Relations.

歡迎參加 Penguin Solutions 2026 會計年度第三季財報電話會議。（接線員指示）我現在把會議交給投資人關係部的 Suzanne Schmidt。

Thank you, operator. Good afternoon, and thank you for joining us on today's earnings conference call and webcast to discuss Penguin Solutions third-quarter fiscal 2026 Results. On the call today are Kash Shaikh, Chief Executive Officer; and Nate Olmstead, Chief Financial Officer. You can find the accompanying slide presentation and press release for this call on the Investor Relations section of our website. We encourage you to go to the site throughout the quarter for the most current information on the company.

謝謝，接線員。各位下午好，感謝各位參加今天的財報電話會議與網路直播，一同討論 Penguin Solutions 2026 會計年度第三季業績結果。今天與會者包括執行長 Kash Shaikh，以及財務長 Nate Olmstead。您可在我們網站「投資人關係」專區找到本次電話會議的簡報與新聞稿。我們也鼓勵您在本季期間持續造訪該網站，以取得公司最新資訊。

I would also like to remind everyone to read the note on the use of forward-looking statements that is included in the press release and the earnings call presentation.

我也想提醒各位閱讀新聞稿與財報電話會議簡報中所載關於使用前瞻性陳述的說明。

Please note that during this conference call, the company will make projections and forward-looking statements, including, but not limited to, statements relating to statements about the company's growth trajectory, financial outlook and preliminary expectations for future fiscal periods, business plans and strategy, product development and innovation, market demand and shifts, supply chain conditions and cost assumptions, leadership transitions, strategic agreements and existing and potential collaborations.

請注意，在本次電話會議中，公司將提出預測與前瞻性陳述，包括但不限於：有關公司成長軌跡、財務展望與對未來會計期間的初步預期、商業計畫與策略、產品開發與創新、市場需求與變化、供應鏈狀況與成本假設、領導階層交接、策略性協議以及既有與潛在合作等相關陳述。

Forward-looking statements are based on current beliefs and assumptions and are not guarantees of future performance and are subject to risks and uncertainties, including, without limitation, the risks and uncertainties reflected in the press release and the earnings call presentation filed today as well as in the company's most recent annual and quarterly reports.

前瞻性陳述係基於目前的信念與假設，並非對未來績效的保證，且可能受到風險與不確定性影響，包括但不限於：今日提交之新聞稿與財報電話會議簡報中所反映的風險與不確定性，以及公司最近一期年度與季度報告中所揭露者。

The forward-looking statements are representative only as of the date they are made and except as required by applicable law, we assume no responsibility to publicly update or revise any forward-looking statements. We will also discuss both GAAP and non-GAAP financial measures. Non-GAAP measures should not be considered in isolation from, as a substitute for or superior to our GAAP results. We encourage you to consider all measures when analyzing our performance. A reconciliation of the GAAP to non-GAAP measures is included in today's press release and the accompanying slide presentation.

前瞻性陳述僅代表其作成當日之情況；除非適用法律另有要求，我們不承擔公開更新或修訂任何前瞻性陳述之責任。我們也將同時討論 GAAP 與非 GAAP 財務衡量指標。非 GAAP 指標不應被孤立看待，亦不應作為 GAAP 結果的替代或優於 GAAP 結果。我們鼓勵您在分析我們的表現時一併考量所有衡量指標。GAAP 與非 GAAP 指標之調節表已載於今日新聞稿與隨附簡報中。

And with that, let me now turn the call over to Kash Sheikh, CEO. Kash?

接下來，我把電話會議交給執行長 Kash Sheikh。Kash？

Good afternoon, and thank you for joining our third quarter fiscal 2026 earnings call. Penguin Solutions delivered an exceptional quarter with record results that reflect disciplined execution and strong customer traction for our AI factory platform strategy. At the company level, we delivered record net sales and significantly higher-than-anticipated EPS. Building on our excellent third quarter, we are again raising our full year outlook for both net sales and EPS. All of our business units performed well.

各位下午好，感謝各位參加我們 2026 會計年度第三季財報電話會議。Penguin Solutions 本季繳出卓越表現並創下紀錄，反映我們嚴謹的執行力，以及客戶對我們 AI 工廠平台策略的強勁採用動能。在公司層面，我們達成創紀錄的淨銷售額，且每股盈餘（EPS）顯著高於先前預期。在優異第三季表現的基礎上，我們再次上調全年淨銷售額與 EPS 展望。我們所有事業單位表現皆佳。

Growth was outstanding in our AI-driven businesses. In Q3, our AI-driven businesses represented 74% of total company net sales and grew 104% year-over-year. These businesses consist of integrated memory and non-hyperscale AI infrastructure solutions. In these businesses, AI-driven demand continued to outpace net sales growth, contributing to a growing backlog. This gives us confidence that the AI opportunity is expanding as enterprises increasingly adopt agentic AI workloads powered by inference at scale.

我們 AI 驅動業務的成長表現非常亮眼。在第三季，我們的 AI 驅動業務占公司總淨銷售額的 74%，並較去年同期成長 104%。這些業務包括整合式記憶體與非超大規模（non-hyperscale）的 AI 基礎設施解決方案。在這些業務中，AI 驅動的需求持續超越淨銷售額成長，帶動在手訂單（backlog）增加。這讓我們更有信心，隨著企業日益採用由大規模推論（inference at scale）所驅動的代理式 AI（agentic AI）工作負載，AI 機會正在擴大。

Our results this quarter demonstrate that Penguin Solutions is evolving into a leading AI factory platform company. We believe we are still in the early stages of a significant long-term profitable growth opportunity. Before discussing our performance in more detail, I want to address our finance leadership transition. As announced on June 1, Nate Olmstead will step down as Chief Financial Officer on July 8 to pursue an opportunity in a different industry. Nate has been an important partner during a meaningful period of transformation for Penguin Solutions.

本季的成果顯示，Penguin Solutions 正在演進為領先的 AI 工廠平台公司。我們相信，我們仍處於一個重大、長期且具獲利性的成長機會的早期階段。在更詳細討論我們的表現之前，我想先談談財務領導團隊的交接。如 6 月 1 日所宣布，Nate Olmstead 將於 7 月 8 日卸任財務長，以追求不同產業的機會。在 Penguin Solutions 重要的轉型期間，Nate 一直是關鍵的合作夥伴。

His leadership helped strengthen our financial and operational foundation, and I want to thank him for his contributions and wish him well. I am also pleased that Aaron Johnson, our Vice President of Finance and Accounting, will serve as Interim CFO effective July 9. Aaron brings more than 16 years of public company experience in the technology sector and deep understanding of our business. We have also initiated a search for a permanent CFO. This transition does not change our operating priorities, financial discipline or focus on execution.

他的領導協助我們強化財務與營運基礎；我在此感謝他的貢獻，並祝福他未來一切順利。我也很高興宣布，我們的財務與會計副總裁 Aaron Johnson 將自 7 月 9 日起擔任代理財務長（Interim CFO）。Aaron 在科技產業擁有超過 16 年的上市公司經驗，並對我們的業務有深刻理解。我們也已啟動永久財務長的遴選作業。此次交接不會改變我們的營運優先事項、財務紀律或對執行力的專注。

Today, I'll cover four key topics before reviewing our third quarter performance. First, the market environment as AI moves into production scale inference and agentic AI. Second, how our AI factory platform is positioned to address this opportunity. Third, the customer and partner momentum that validates our strategy and fourth, how we are executing across product innovation, operations and go-to-market. Since our April earnings call, the demand environment has strengthened as AI continues to transition from early prompt and response experimentation to production scale inference and agentic AI.

今天在回顧第三季表現之前，我將先涵蓋四個重點主題。第一，隨著 AI 進入量產規模推論與代理式 AI 的市場環境。第二，我們的 AI 工廠平台如何定位以掌握此一機會。第三，客戶與合作夥伴的動能如何驗證我們的策略；第四，我們如何在產品創新、營運與市場推進（go-to-market）方面落實執行。自我們 4 月的財報電話會議以來，隨著 AI 持續從早期的提示與回應（prompt and response）實驗，轉向量產規模推論與代理式 AI，需求環境已進一步轉強。

A simple way to think about the shift is that early AI answered questions while agentic AI performs work. In the early phase of AI adoption, many workloads were transactional. A user asked a question, AI generated an answer and the session ended. Agentic AI is different. Agents are persistent, context-rich and task-oriented.

一個簡單的方式來理解這個轉變：早期的 AI 主要是回答問題，而代理式 AI 則是執行工作。在 AI 採用的早期階段，許多工作負載屬於交易型（transactional）。使用者提出問題，AI 生成答案，然後該次互動就結束。代理式 AI 則不同。代理（agents）是持續運作、具豐富情境（context-rich）且以任務為導向。

They can operate continuously across workflows, applications and data sources, moving AI from an adviser to an operator. For example, in software development, each engineer can now have multiple agents that write, test, review, document and monitor code. In business operations, agents can monitor customer activity, analyze supply chain risk, prepare follow-ups and update workflows.

它們可以在工作流程、應用程式與資料來源之間持續運作，讓 AI 從顧問角色轉變為操作者。例如在軟體開發中，每位工程師現在都可以擁有多個代理，負責撰寫、測試、審查、文件化以及監控程式碼。在企業營運方面，代理可以監控客戶活動、分析供應鏈風險、準備後續跟進並更新工作流程。

As inference workload scale and agent AI deployments accelerate, infrastructure requirements for production AI environments continue to expand across full AI data center technology stack. Demand is increasing not only for GPUs and accelerator attached high-bandwidth memory or HBM, but also for general purpose compute, including CPU as well as memory storage and networking.

隨著推論工作負載規模與代理式 AI 部署加速，量產 AI 環境的基礎設施需求，正持續在完整的 AI 資料中心技術堆疊上擴大。需求增加的不僅是 GPU 與加速器所搭配的高頻寬記憶體（HBM），也包括通用運算（general purpose compute），涵蓋 CPU，以及記憶體、儲存與網路。

Every GPU deployment depends on a surrounding layer of general purpose compute and memory to feed data, coordinate workflows, manage context and connect agents to enterprise applications. We believe this trend is strengthening demand for our memory solutions. These persistent context-rich workloads require more memory capacity, faster access to context and better orchestration. As AI moves to inference at scale, the industry is increasingly recognizing that memory, not compute alone is becoming one of the primary bottlenecks for large context AI inference performance. We designed our memory AI appliances specifically to address this bottleneck and improve both inference performance and token economics.

每一個 GPU 部署都仰賴周邊的通用運算與記憶體層來提供資料、協調工作流程、管理情境（context），並將代理連結至企業應用程式。我們相信這一趨勢正在強化對我們記憶體解決方案的需求。這些持續運作且情境豐富的工作負載，需要更大的記憶體容量、更快的情境存取，以及更好的協同調度（orchestration）。隨著 AI 走向大規模推論，產業日益認知到：影響大型情境 AI 推論效能的主要瓶頸之一，正逐漸是記憶體，而不僅僅是運算。我們專為解決此瓶頸並改善推論效能與 token 經濟性（token economics）而設計了 MemoryAI 記憶體 AI 設備（appliances）。

We believe that for enterprises, sovereign AI initiatives and new cloud customers, AI factories are becoming essential for optimizing time to first token performance and token economics for inference. These developments reinforce the strategic premise behind Penguin Solutions. Production scale AI infrastructure requires a full stack AI factory platform approach. Our platform connects AI infrastructure, memory, operations software and operational execution to help customers deploy and operate at scale.

我們相信，對企業、主權 AI（sovereign AI）計畫以及新的雲端客戶而言，AI 工廠正成為優化「首個 token 時間」（time to first token）表現與推論 token 經濟性的關鍵。這些發展進一步強化了 Penguin Solutions 背後的策略前提。量產規模的 AI 基礎設施需要採用全堆疊（full stack）的 AI 工廠平台方法。我們的平台串聯 AI 基礎設施、記憶體、營運軟體與營運執行，協助客戶進行大規模部署與營運。

Our second topic today is how Penguin is becoming a leading AI factory platform company at the intersection of memory and AI infrastructure. Our platform combines five core elements with our partner ecosystem. First, ClusterWareAI, operating system software for AI factories. Second, MemoryAI and integrated memory solutions; third, advanced computing systems under our ComputeAI brand; fourth, OriginAI factory architectures; and fifth, end-to-end design, build, deploy and managed services. We believe our platform differentiation comes from combining these proprietary products and services into an integrated offering.

我們今天的第二個主題，是 Penguin 如何在記憶體與 AI 基礎設施的交會點上，成為領先的 AI 工廠平台公司。我們的平台結合五大核心要素與合作夥伴生態系。第一，ClusterWareAI：AI 工廠的作業系統軟體。第二，MemoryAI 與整合式記憶體解決方案；第三，ComputeAI 品牌下的先進運算系統；第四，OriginAI 工廠架構；第五，端到端的設計、建置、部署與代管服務。我們相信，我們的平台差異化來自於將這些專有產品與服務整合為一體化的解決方案。

Customers increasingly need more than just AI hardware procurement. They need architecture that performs in production at scale, an accelerated deployment path and an operating model that helps them generate profitable revenue or deliver operational efficiencies. In production AI, time to production deployment is directly tied to time to revenue, and our platform is designed to compress both. Customers need the ROI and superior token economics that our Penguin AI factory platform can provide.

客戶日益需要的不僅僅是採購 AI 硬體。他們需要能在量產環境中以規模化方式運作的架構、加速的部署路徑，以及能協助其創造可獲利營收或帶來營運效率的營運模式。在量產 AI 中，導入量產部署的時間與實現營收的時間直接相關，而我們的平台旨在同時壓縮這兩者。客戶需要我們的 Penguin AI 工廠平台所能提供的投資報酬率（ROI）與更優異的 token 經濟效益。

Turning to our third topic, customer and partner momentum. With our land-and-expand go-to-market strategy, we continue to add new customer logos and deepen engagements with existing customers. In Q3 '26, we added four new AI infrastructure customer logos. New logo acquisitions are important in part because they often lead to repeat business. For example, across four trailing quarters from Q3 '25 to Q2 '26, we added 13 new AI infrastructure logos and seven of those customers have already increased their business with us.

接著談第三個主題：客戶與合作夥伴動能。透過我們的「先落地、再擴張」（land-and-expand）上市策略，我們持續新增新客戶標誌（logos），並加深與既有客戶的合作。在 2026 會計年度第三季（Q3 '26），我們新增了四個 AI 基礎設施客戶標誌。取得新標誌之所以重要，部分原因在於它們往往會帶來重複性業務。例如，在截至 2026 會計年度第二季（Q2 '26）為止、從 2025 會計年度第三季（Q3 '25）起的連續四個季度中，我們新增了 13 個 AI 基礎設施標誌，其中已有 7 位客戶擴大了與我們的業務往來。

New customer engagements can involve longer sales cycles, but they also support deeper customer relationships, repeat business and more durable long-term growth. Deepgram is a strong example of the power of our partner model and technical differentiation. Penguin designed and deployed an optimized inference environment built with Dell infrastructure and NVIDIA technology to support enterprise Voice-AI workloads. In Q3, we expanded our engagement with Deepgram to support additional production capacity as its business scales. And Deepgram also acquired our ClusterWare product and additional services.

新的客戶合作案可能涉及較長的銷售週期，但也能支持更深的客戶關係、重複性業務，以及更具韌性的長期成長。Deepgram 是我們合作夥伴模式與技術差異化力量的強力例證。Penguin 設計並部署了一個以 Dell 基礎設施與 NVIDIA 技術打造的最佳化推論環境，用以支援企業級 Voice-AI 工作負載。在第三季，我們擴大了與 Deepgram 的合作，以在其業務擴張之際支援額外的量產產能。此外，Deepgram 也採購了我們的 ClusterWare 產品與額外服務。

In Q3, we also expanded our previously disclosed engagement with a Tier 1 financial institution. This expansion includes our Compute Express Link or CXL-powered MemoryAI KV Cache server, ClusterWareAI software and services with Dell providing AI compute. Deployments such as Haein in South Korea, which provides local neocloud CPU-as-a-Service, continue to demonstrate our ability to support AI infrastructure requirements across a range of customer environments. So does our recent Q3 customer win with a leading quantitative trading firm. Another important proof point is Spectra, a new sovereign deployment.

在第三季，我們也擴大了先前已揭露與一家第一級（Tier 1）金融機構的合作。此次擴張包含我們的 Compute Express Link（CXL）驅動的 MemoryAI KV Cache 伺服器、ClusterWareAI 軟體與服務，並由 Dell 提供 AI 運算資源。例如韓國的 Haein 部署案（提供在地 neocloud 的 CPU-as-a-Service），持續展現我們能在多樣化客戶環境中支援 AI 基礎設施需求的能力。我們在第三季與一家領先的量化交易公司取得的客戶勝利亦是如此。另一個重要的佐證是 Spectra，一個新的主權（sovereign）部署案。

This supercomputer system was built and deployed through our collaboration with Sandia National Laboratories and NextSilicon. For Penguin, Spectra demonstrates our ability to design and deploy a complex system in a demanding national security environment. In our memory business across trailing four quarters from Q3 '25 to Q2 '26, we added 16 new logos and five of those customers subsequently increased their business with us. We also saw continued expansion with a Generative AI customer that is purchasing our CXL memory expansion cards to support inference workload solutions. These relationships validate our land-and-expand strategy.

這套超級電腦系統是透過我們與 Sandia National Laboratories 及 NextSilicon 的合作建置並部署。對 Penguin 而言，Spectra 展現了我們在要求嚴苛的國家安全環境中設計與部署複雜系統的能力。在我們的記憶體業務方面，於截至 2026 會計年度第二季（Q2 '26）為止、從 2025 會計年度第三季（Q3 '25）起的連續四個季度中，我們新增了 16 個新標誌，其中有 5 位客戶後續擴大了與我們的業務往來。我們也看到一位生成式 AI 客戶持續擴張，該客戶正在採購我們的 CXL 記憶體擴充卡，以支援推論工作負載解決方案。這些關係驗證了我們的「先落地、再擴張」策略。

Once a customer experiences the value, performance and ROI of our AI factory platform, we have an opportunity to deepen and scale our relationships. Finally, our partner ecosystem continued to recognize Penguin's capabilities. We were recently named an NVIDIA AI factory Specialized Partner, a recognition of our expertise in designing, building and deploying and managing full stack NVIDIA-based AI factory infrastructure. We were also recognized this quarter as the 2026 Dell Technologies Global Alliances Americas AI Partner of the Year.

一旦客戶體驗到我們 AI 工廠平台的價值、效能與投資報酬率（ROI），我們就有機會深化並擴大彼此關係。最後，我們的合作夥伴生態系也持續肯定 Penguin 的能力。我們近期獲選為 NVIDIA AI 工廠專業化合作夥伴（Specialized Partner），此為對我們在設計、建置、部署與管理完整堆疊（full stack）NVIDIA 架構 AI 工廠基礎設施專業能力的肯定。本季我們也獲頒 2026 Dell Technologies Global Alliances 美洲區 AI 年度合作夥伴。

Finally, let me share some insights into our product operations and go-to-market execution. In our product portfolio, we continue to invest in the areas where we see potential for durable differentiation, including our memory AI products, our ClusterWareAI operating system software and our OriginAI reference architectures. MemoryAI is focused on addressing the memory bottleneck that emerges as AI inference workloads become contextually larger, more concurrent and more latency sensitive.

最後，讓我分享一些我們在產品營運與上市執行方面的洞見。在產品組合上，我們持續投資於我們認為具備長期差異化潛力的領域，包括我們的 MemoryAI 產品、ClusterWareAI 作業系統軟體，以及 OriginAI 參考架構。MemoryAI 著重於解決當 AI 推論工作負載在情境（context）上變得更大、並發更高且對延遲更敏感時所浮現的記憶體瓶頸。

Our CXL-based memory AI KV Cache server is designed to keep large context inference closer to the workload, allowing large language models to respond faster without needing to reprocess entire data sets for every prompt. MemoryAI KV Cache can dramatically improve AI factory efficiency by enabling superior token economics for inference and agentic AI workloads, delivering: first, up to 2 times higher inference performance; second, up to 8 times lower time to first token latency; and third, expanded memory capacity beyond GPU HBM by leveraging CXL memory that is approximately 4 times to 5 times more cost effective than GPU HBM.

我們基於 CXL 的 MemoryAI KV Cache 伺服器旨在讓大情境推論更貼近工作負載，使大型語言模型能更快回應，而無需針對每個提示（prompt）重新處理整個資料集。MemoryAI KV Cache 可透過為推論與代理式（agentic）AI 工作負載提供更優異的 token 經濟效益，顯著提升 AI 工廠效率，帶來：第一，推論效能最高可提升至 2 倍；第二，首 token 延遲（time to first token latency）最高可降低至 8 倍；第三，透過採用成本效益約為 GPU HBM 的 4 倍至 5 倍的 CXL 記憶體，將記憶體容量擴展至超越 GPU HBM。

The Tier 1 financial services customer we added in Q2 purchased additional MemoryAI KV Cache servers in Q3 for their on-prem AI factory, which is initially focused on inference and agentic AI for code generation using open-weight LLMs. We see AI-assisted code generation as a common use case for inference-focused on-premise AI factories, where the right architecture can deliver superior token economics.

我們在第二季新增的第一級（Tier 1）金融服務客戶，於第三季為其內部部署（on-prem）AI 工廠採購了額外的 MemoryAI KV Cache 伺服器；該 AI 工廠初期聚焦於推論與代理式 AI，用於以開放權重（open-weight）LLM 進行程式碼生成。我們認為 AI 輔助程式碼生成是以推論為主的內部部署 AI 工廠的常見使用案例，而合適的架構能帶來更優異的 token 經濟效益。

Our early investment in Celestial AI, a pioneer in photonic fabric technology reflects our long-standing focus on memory architecture innovation. We continue to advance our MemoryAI Photonic Memory appliance or PMA, through our continued partnership with Celestial AI team, now part of Marvell. This appliance is designed to extend memory capacity and bandwidth for large context AI inference environments.

我們早期投資 Celestial AI（光子互連（photonic fabric）技術的先驅）反映了我們長期以來對記憶體架構創新的專注。我們持續透過與 Celestial AI 團隊（現已成為 Marvell 旗下的一部分）的合作，推進我們的 MemoryAI 光子記憶體設備（Photonic Memory appliance，PMA）。該設備旨在為大情境 AI 推論環境擴展記憶體容量與頻寬。

Together, our CXL memory expansion cards, CXL-based memory AI KV Cache server appliance and MemoryAI PMA appliance reinforce our innovation agenda and long-term vision for AI memory infrastructure. ClusterwareAI addresses another critical need, managing and orchestrating complex AI infrastructure across heterogeneous environments.

綜合而言，我們的 CXL 記憶體擴充卡、基於 CXL 的 MemoryAI KV Cache 伺服器設備，以及 MemoryAI PMA 設備，共同強化了我們在 AI 記憶體基礎設施上的創新藍圖與長期願景。ClusterwareAI 則滿足另一項關鍵需求：在異質環境中管理並協調複雜的 AI 基礎設施。

Clusterware AI is a hardware vendor-agnostic operating system for AI infrastructure in the data centers. It acts as a unified control plane across GPUs, CPUs, memory and networking, allowing the infrastructure to operate as a single cluster while reducing manual configuration and supporting faster time to production. We recently introduced a new AI factory operations agent, which provides data center administrators with a conversational natural language interface for operational insights. This is the first in a planned family of agents designed to simplify and automate cluster operations and increase administrator productivity with a human-in-the-loop approach.

Clusterware AI 是一套在資料中心用於 AI 基礎設施、與硬體供應商無關（vendor-agnostic）的作業系統。它可在 GPU、CPU、記憶體與網路之間提供統一的控制平面（control plane），使基礎設施能以單一叢集運作，同時降低人工設定、並支援更快導入量產（time to production）。我們近期推出一個新的 AI 工廠營運代理（operations agent），為資料中心管理員提供以對話式自然語言介面取得營運洞察。這是我們規劃中的一系列代理的第一個，旨在以人類在迴路（human-in-the-loop）的方式簡化並自動化叢集營運，並提升管理員生產力。

OriginAI brings these technologies into validated reference architectures that can reduce deployment complexity and risk. Faster deployment can mean faster time to revenue for our customers. We recently introduced OriginAI inference solutions. Together, these solutions are designed to leverage Penguin Solutions' 4 billion hours of GPU runtime experience. They also draw on more than 30 years of expertise delivering advanced memory and AI infrastructure solutions.

OriginAI 將這些技術整合進經驗證的參考架構中，可降低部署複雜度與風險。更快的部署意味著客戶更快實現營收。我們近期推出了 OriginAI 推論解決方案。這些解決方案共同設計用以運用 Penguin Solutions 累積 40 億小時的 GPU 執行時間經驗。同時也汲取我們超過 30 年在先進記憶體與 AI 基礎設施解決方案交付方面的專業。

As our deployments continue to scale across enterprise, sovereign AI and new cloud customers, our focus is on increasing repeatability. This includes architectures, software, services and operations. Over time, this can strengthen both customer outcomes and platform economics.

隨著我們的部署持續在企業、主權 AI 與新雲端客戶間擴大規模，我們的重點是提升可重複性。這涵蓋架構、軟體、服務與營運。長期而言，這能同時強化客戶成果與平台經濟效益。

Within Penguin, we are applying agentic AI across our own operations with a focus on measurable business outcomes that support our profitable growth plans. This includes AI-assisted software development, often referred to as vibe coding, and AI-powered productivity tools designed to accelerate our product cycles, improve time to market and make our supply chain more scalable and responsive. We are also managing supply chain, working capital and growth investments with discipline as we scale to meet AI-driven demand.

在 Penguin 內部，我們正將代理式 AI 應用於自身營運，並聚焦於可衡量的商業成果，以支持我們的獲利成長計畫。這包括 AI 輔助軟體開發（常被稱為 vibe coding），以及 AI 驅動的生產力工具，旨在加速產品週期、改善上市時間（time to market），並使供應鏈更具可擴展性與回應速度。隨著我們擴大規模以滿足 AI 驅動的需求，我們也以紀律管理供應鏈、營運資金與成長投資。

Turning to our third quarter performance, we delivered record quarterly net sales of $479 million, up 48% year-over-year and 40% sequentially. Non-GAAP operating income was a third quarter record at $64 million, up 67% from the year ago quarter, demonstrating the strong operating leverage in our model as we scale. AI-driven demand continued to drive growth in integrated memory and in the non-hyperscale AI infrastructure business within advanced computing. Together, these two businesses represented 74% of total company net sales and grew 104% year-over-year. Advanced computing net sales totaled $138 million, representing 29% of total company and growing 4% year-over-year.

談到我們第三季的表現，我們創下單季淨銷售額新高，達 4.79 億美元，年增 48%，季增 40%。非 GAAP 營業利益亦創第三季新高，達 6,400 萬美元，較去年同期成長 67%，顯示我們在擴張規模時模型具備強勁的營運槓桿。AI 驅動的需求持續帶動整合式記憶體，以及先進運算中非超大規模（non-hyperscale）AI 基礎設施業務的成長。合計而言，這兩項業務占公司總淨銷售額的 74%，並年增 104%。先進運算淨銷售額合計 1.38 億美元，占公司總額的 29%，並年增 4%。

Demand and customer engagement of our AI infrastructure business within advanced computing remains very strong across enterprise, sovereign AI and new cloud customers. Our non-hyperscale AI infrastructure business is scaling rapidly with third quarter net sales up 81% year-over-year.

我們在先進運算領域的 AI 基礎設施業務之需求與客戶參與度，於企業、主權 AI 以及新雲端客戶之間仍然非常強勁。我們的非超大規模（non-hyperscale）AI 基礎設施業務正快速擴張，第三季淨銷售額年增 81%。

In Q3, this non-hyperscale AI infrastructure business represented 58% of total advanced computing net sales versus 33% in the third quarter of last year. The shift to inference at scale with agentic AI aligns directly with Penguin's AI factory platform strategy and the differentiated role we play at the intersection of memory and compute infrastructure.

在第三季，該非超大規模 AI 基礎設施業務占先進運算總淨銷售額的 58%，相較去年第三季的 33% 明顯提升。隨著代理式 AI（agentic AI）推動大規模推論（inference at scale）的轉移，這與 Penguin 的 AI 工廠平台策略直接一致，也凸顯我們在記憶體與運算基礎設施交會點所扮演的差異化角色。

Our memory AI appliance continues to gain traction. It generated both revenue and new bookings this quarter. The pipeline also continues to strengthen across enterprise, sovereign AI and new cloud customers.

我們的記憶體 AI 一體機（appliance）持續獲得市場動能。本季同時帶來營收與新增訂單（bookings）。在企業、主權 AI 與新雲端客戶方面，商機管線也持續強化。

Memory business net sales were outstanding at $275 million, up more than 111% year-over-year, supported by both higher volume and pricing. Our strong results reflect a fundamental shift. Agentic AI is driving sustained structural demand for memory. Reinforcing our view that this AI-driven demand is more durable than a traditional cyclical memory upturn. We are anchoring our memory business on data center market, where demand is driven by agentic AI, we are growing our engagements across networking, hyperscale infrastructure and enterprise computing customers for the data center products. We exited the third quarter with a very strong backlog.

記憶體業務淨銷售額表現亮眼，達 2.75 億美元，年增超過 111%，同時受惠於出貨量提升與價格上揚。我們的強勁成果反映出一項根本性的轉變。代理式 AI 正推動記憶體的持續性結構需求。這也強化我們的觀點：此一 AI 驅動的需求，比傳統記憶體景氣循環式回升更具持久性。我們將記憶體業務的重心錨定在資料中心市場；該市場需求由代理式 AI 驅動。我們也正擴大在網路、超大規模基礎設施與企業運算客戶上的合作，以推動資料中心產品。我們在第三季結束時擁有非常強勁的在手訂單（backlog）。

This reflects robust data center-focused AI demand. This demand continues to outpace net sales growth. giving us a strong backlog entering the fourth quarter. Just as important, we are broadening that growth across a wide set of memory customers. This is creating a more durable customer base.

這反映出以資料中心為核心的 AI 需求相當強勁。該需求持續超越淨銷售額的成長，使我們在進入第四季時擁有強勁的在手訂單。同樣重要的是，我們正將這股成長擴展到更廣泛的記憶體客戶群。這正在打造更具持久性的客戶基礎。

This momentum reinforces the expanding reach of our data center-focused memory solutions. It also highlights the strength of the opportunity ahead. Our CXL memory expansion cards continue to gain traction, generating both revenue and new bookings this quarter, while our customer pipeline continues to strengthen.

這股動能進一步印證我們以資料中心為核心的記憶體解決方案之觸及範圍正在擴大。同時也凸顯未來機會的強度。我們的 CXL 記憶體擴充卡持續獲得市場採用，本季同時帶來營收與新增訂單，而客戶商機管線也持續強化。

Our LED business also performed well this quarter with Q3 net sales totaling $66 million, up 7% year-over-year. Our strategic priorities remain centered on memory and AI infrastructure within Advanced Computing. At the same time, LED continues to be managed with discipline. It generates positive cash flow and continues to execute against its innovation road map.

我們的 LED 業務本季表現亦佳，第三季淨銷售額合計 6,600 萬美元，年增 7%。我們的策略重點仍聚焦於先進運算中的記憶體與 AI 基礎設施。同時，LED 業務仍以嚴謹紀律進行管理。該業務帶來正向現金流，並持續依其創新藍圖推進。

On June 1, we announced an improved financial outlook. At that time, we expected full year fiscal 2026 net sales and diluted EPS to be at the high end of our previously issued ranges. Today, based on our third quarter results and supported by strong AI driven demand, we are further increasing our fiscal 2026 outlook for both net sales and diluted EPS. Nate will provide more details in a moment.

6 月 1 日，我們宣布上調財務展望。當時，我們預期 2026 會計年度全年淨銷售額與稀釋每股盈餘（EPS）將落在先前發布區間的高端。今日，基於第三季業績並受強勁 AI 驅動需求支撐，我們進一步上調 2026 會計年度淨銷售額與稀釋 EPS 的展望。Nate 稍後將提供更多細節。

Looking ahead, we intend to continue balancing growth investments with operational discipline. Our priorities are clear: first, invest in differentiated software, AI memory and compute infrastructure solutions. Second, execute with discipline and speed. Third, add new logos and deepen existing customer relationships; fourth, grow our partner ecosystem and diversify our customer base.

展望未來，我們將持續在成長投資與營運紀律之間取得平衡。我們的優先事項很明確：第一，投資於具差異化的軟體、AI 記憶體與運算基礎設施解決方案。第二，以紀律與速度執行。第三，新增新客戶（new logos）並深化既有客戶關係；第四，擴大合作夥伴生態系並分散客戶基礎。

Together, these actions are designed to support more consistent and predictable, profitable growth. In closing, AI is entering a production phase. This phase is reshaping both architecture and economics of data centers as agentic AI makes inference more persistent and demanding, several capabilities are becoming more essential. These include memory orchestration full stack integration and operational discipline.

綜合而言，這些行動旨在支持更一致、更可預測且具獲利性的成長。最後，AI 正進入生產（production）階段。隨著代理式 AI 使推論更為持續且需求更高，這一階段正在重塑資料中心的架構與經濟性，若干能力正變得更加關鍵。這些能力包括記憶體協同調度（memory orchestration）、全堆疊整合（full stack integration）以及營運紀律。

We believe we are strategically positioned at the intersection of memory and AI infrastructure to lead the next phase of AI, inference at scale powering agentic AI workloads. We are still in the early innings of a very large growth opportunity. Thank you to our employees, customers and partners. Our teams are energized by the opportunity ahead. And we appreciate their continued focus on execution and customer delivery.

我們相信，我們在記憶體與 AI 基礎設施的交會點具備策略性定位，可引領 AI 的下一階段：以大規模推論驅動代理式 AI 工作負載。我們仍處於一個極大型成長機會的早期階段。感謝我們的員工、客戶與合作夥伴。我們的團隊對前方的機會充滿動能。也感謝大家持續專注於執行與客戶交付。

With that, I will turn the call over Nate for a closer look at our financial results and outlook.

接下來，我把電話會議交給 Nate，請他更深入說明我們的財務結果與展望。

Thanks, Kash. I will focus my remarks on our non-GAAP results, which are reconciled to GAAP in our earnings release tables and in the investor materials available on our website. With that, let me now turn to our third quarter performance. In the quarter, both net sales and profits were significantly higher than expected, driven primarily by accelerating AI driven demand for our memory products and continued adoption of AI infrastructure solutions which drove a 40% sequential increase in our overall net sales and 42% sequential increase in our non-GAAP operating income. For Q3 FY26, total Penguin Solutions net sales were a record $479 million, up 48% year-over-year.

謝謝你，Kash。我將把重點放在我們的非 GAAP 結果；相關數字已在我們的財報新聞稿表格以及網站上的投資人資料中，與 GAAP 進行調節（reconciled）。接著，我來談談第三季的表現。本季淨銷售額與獲利均顯著高於預期，主要受我們記憶體產品的 AI 驅動需求加速，以及 AI 基礎設施解決方案持續被採用所帶動，進而推動整體淨銷售額季增 40%，非 GAAP 營業利益季增 42%。2026 會計年度第三季，Penguin Solutions 總淨銷售額創下 4.79 億美元新高，年增 48%。

Non-GAAP gross margin came in at 28.1% above our expectations and down 3.6-percentage-points versus Q3 last year. Non-GAAP operating margin was 13.4%, up 1.5-percentage-points versus last year and non-GAAP diluted earnings per share were $0.84, up 79% year-over-year and up 62% versus last quarter. In the third quarter of fiscal 2026. Our overall product net sales were $414 million, representing 87% of total company net sales and growing 60% versus the prior year. Services net sales totaled $65 million or 13% of total net sales and were down 1% versus the prior year.

非 GAAP 毛利率為 28.1%，高於我們的預期，較去年第三季下降 3.6 個百分點。非 GAAP 營業利益率為 13.4%，較去年上升 1.5 個百分點；非 GAAP 稀釋每股盈餘為 0.84 美元，年增 79%，較上季成長 62%。在 2026 會計年度第三季，我們整體產品淨銷售額為 4.14 億美元，占公司總淨銷售額 87%，較前一年成長 60%。服務淨銷售額合計 6,500 萬美元，占總淨銷售額 13%，較前一年下降 1%。

Net sales by business segment were as follows: In Advanced Computing, Q3 net sales were $138 million, representing 29% of total company net sales and grew 4% year-over-year and 19% sequentially. This sales increase reflects stronger AI infrastructure sales to enterprise customers, which more than offset reduced sales to hyperscale customers. Within Advanced Computing, our non-hyperscale AI infrastructure business continues to scale rapidly with net sales up 81% year-over-year in the quarter. In addition to accelerating growth in this part of our business, we continue to make good progress on diversifying our net sales to new customer categories.

依業務部門劃分的淨銷售額如下：在先進運算（Advanced Computing）方面，第三季淨銷售額為 1.38 億美元，占公司總淨銷售額 29%，年增 4%，季增 19%。此一銷售成長反映企業客戶的 AI 基礎設施銷售更強勁，足以抵銷對超大規模客戶的銷售下滑。在先進運算內，我們的非超大規模 AI 基礎設施業務持續快速擴張，本季淨銷售額年增 81%。除了該業務加速成長外，我們也持續在將淨銷售額分散至新的客戶類別方面取得良好進展。

In Q3, the nonhyperscale AI infrastructure business represented 58% of total Advanced Computing net sales versus 33% in the third quarter of last year. We continue to see strong demand from enterprise, neocloud and sovereign AI customers and expect these customer categories to represent an increasing share of our Advanced Computing net sales over time. In Integrated Memory, Q3 net sales were $275 million representing 57% of total company net sales, up 111% year-over-year and 60% sequentially.

在第三季，非超大規模 AI 基礎設施業務占先進運算總淨銷售額的 58%，相較去年第三季的 33%。我們持續看到來自企業、新型雲端（neocloud）與主權 AI 客戶的強勁需求，並預期這些客戶類別將隨時間推移占先進運算淨銷售額更高比重。在整合式記憶體（Integrated Memory）方面，第三季淨銷售額為 2.75 億美元，占公司總淨銷售額 57%，年增 111%，季增 60%。

And in Optimized LED, Q3 net sales were $66 million, representing 14% of total company net sales and were up 7% versus the same quarter last year. Non-GAAP gross margin for Penguin Solutions in the third quarter was 28.1%, down 3.6-percentage-points year-over-year and down 3.1-percentage-points sequentially, primarily attributable to the ongoing wind down of our Penguin Edge business and a shift in the overall mix of sales across our business units.

在最佳化 LED（Optimized LED）方面，第三季淨銷售額為 6,600 萬美元，占公司總淨銷售額 14%，較去年同期成長 7%。Penguin Solutions 第三季非 GAAP 毛利率為 28.1%，年減 3.6 個百分點、季減 3.1 個百分點，主要歸因於我們 Penguin Edge 業務持續縮減，以及各事業單位銷售組合的整體變化。

These factors were partially offset by AI-driven demand which supported favorable pricing in our Integrated Memory business during the quarter. Non-GAAP operating expenses for the third quarter were $70 million, up 9% year-over-year and up 14% versus last quarter. The increase in operating expenses sequentially is due to normal seasonality, increased investments in R&D, including for our ClusterWareAI software and memory AI solutions and higher variable compensation as a result of our strong net sales and profit performance.

這些因素部分被 AI 驅動的需求所抵銷，該需求在本季支撐了我們整合式記憶體業務的有利定價。第三季非 GAAP 營業費用為 7,000 萬美元，年增 9%，較上季增加 14%。營業費用的季增主要由正常季節性、增加研發投資（包括我們的 ClusterWareAI 軟體與記憶體 AI 解決方案），以及因我們強勁的淨銷售與獲利表現而提高的變動薪酬所致。

Q3 non-GAAP operating income was $64 million, a third quarter record, up 67% year-over-year and up 42% sequentially. Operating margins were up 1.5-percentage-points versus the prior year and 0.2 points sequentially driven by strong operating leverage. Non-GAAP diluted earnings per share for the third quarter were $0.84, up 79% versus Q3 last year and up 62% versus the prior quarter. Adjusted EBITDA for the third quarter was $68 million, up 51% year-over-year and up 34% versus the prior quarter.

第三季非 GAAP 營業利益為 6,400 萬美元，創第三季新高紀錄，年增 67%，季增 42%。在強勁的營運槓桿帶動下，營業利益率較去年同期提高 1.5 個百分點，較上季提高 0.2 個百分點。第三季非 GAAP 稀釋每股盈餘為 0.84 美元，較去年第三季增加 79%，較前一季增加 62%。第三季調整後 EBITDA 為 6,800 萬美元，年增 51%，較前一季增加 34%。

Turning to the balance sheet. For working capital, our net accounts receivable totaled $704 million compared to $293 million a year ago, with the increase primarily driven by significantly higher memory sales volumes and prices. Days sales outstanding remained healthy at 53 days, up from 47 days a year ago and up from 50 days last quarter. Inventory totaled $498 million at the end of the third quarter, up from $184 million a year ago, reflecting increased memory costs, growth in our memory and AI infrastructure businesses and strategic purchases to maximize supply for anticipated future memory demand.

接著看資產負債表。就營運資金而言，我們的應收帳款淨額合計 7.04 億美元，較一年前的 2.93 億美元增加，增幅主要由記憶體銷售量與價格顯著提高所帶動。應收帳款週轉天數維持健康水準為 53 天，高於一年前的 47 天，也高於上季的 50 天。第三季末存貨為 4.98 億美元，高於一年前的 1.84 億美元，反映記憶體成本上升、我們記憶體與 AI 基礎設施業務成長，以及為因應預期未來記憶體需求、最大化供應而進行的策略性採購。

Days of inventory were 42 days, up from 36 days a year ago and down from 51 days last quarter, primarily due to the timing of receipts and shipments. Accounts payable were $736 million at the end of the quarter, up from $272 million a year ago, due primarily to higher memory costs, growth in our memory and AI infrastructure businesses and the timing of purchases and payments. Days payable outstanding were 62 days compared to 53 days last year and 63 days last quarter. The year-over-year and quarter-over-quarter movements were due to the timing of purchases and payments. Despite the significant growth in our net working capital, our cash conversion cycle remained within our typical range at 33 days, an improvement of five days compared to Q2 and up three days versus last year due to the timing of purchases and payments.

存貨天數為 42 天，高於一年前的 36 天，較上季的 51 天下滑，主要因收貨與出貨時點所致。本季末應付帳款為 7.36 億美元，高於一年前的 2.72 億美元，主要因記憶體成本上升、我們記憶體與 AI 基礎設施業務成長，以及採購與付款時點所致。應付帳款週轉天數為 62 天，去年為 53 天，上季為 63 天。年增與季比變動主要由採購與付款時點所致。儘管我們的淨營運資金顯著成長，我們的現金轉換週期仍維持在典型區間為 33 天，較第二季改善 5 天，較去年增加 3 天，原因同樣在於採購與付款時點。

Consistent with past practice, days sales outstanding, days payables outstanding and inventory days are calculated on a gross sales and gross cost of goods sold basis, which were $1.22 billion and $1.09 billion, respectively, in the third quarter. As a reminder, the difference between gross and net sales is primarily related to our memory businesses, logistics services, which are accounted for on an agent basis meaning that we only recognize the net profit on logistics services as net sales. Cash, cash equivalents and short-term investments totaled $440 million at the end of the third quarter, down $295 million from Q3 last year and down $49 million sequentially.

依照過往慣例，應收帳款週轉天數、應付帳款週轉天數與存貨天數係以總銷售額與銷貨成本總額為基礎計算；第三季分別為 12.2 億美元與 10.9 億美元。提醒一下，總銷售額與淨銷售額之差異主要與我們的記憶體業務中的物流服務有關；該等物流服務以代理人基礎入帳，亦即我們僅將物流服務的淨利認列為淨銷售額。第三季末現金、約當現金及短期投資合計 4.40 億美元，較去年第三季減少 2.95 億美元，較上季減少 4,900 萬美元。

The year-over-year decrease was primarily due to proceeds from the issuance of preferred shares in Q2 of last year offset by debt repayments for our term loan in Q4 of last year. Sequentially, the cash decrease was primarily due to investments in working capital to fund our growth and partially offset by approximately $40 million received from proceeds from the disposition of our 19% equity investment in Zilia Technologies. Third quarter cash flows used for operating activities totaled $75 million compared to $97 million provided by operating activities in the prior year quarter. The decrease in cash flow in the quarter versus last year was due primarily to investments in net working capital to support the significant growth in our memory and AI infrastructure businesses. For those of you tracking capital expenditures and depreciation, capital expenditures were $3 million in the quarter and depreciation was $5 million for the quarter.

年減主要是因去年第二季發行特別股的募資款項，部分被去年第四季償還定期貸款債務所抵銷。就季比而言，現金減少主要因為為支應成長而投入營運資金，並部分被處分我們在 Zilia Technologies 之 19% 股權投資所取得約 4,000 萬美元款項所抵銷。第三季營業活動使用之現金流量合計 7,500 萬美元，相較去年同期營業活動提供之現金流量為 9,700 萬美元。本季相較去年現金流量下降，主要因投資於淨營運資金以支撐我們記憶體與 AI 基礎設施業務的顯著成長。對於關注資本支出與折舊的各位，本季資本支出為 300 萬美元，本季折舊為 500 萬美元。

Wrapping up our cash flow activities, we spent $9 million to repurchase approximately 466,000 shares in the third quarter under our stock repurchase program. As of May 29, 2026, an aggregate of $56 million remained available for the repurchase of our common stock under our current authorizations.

總結我們的現金流活動，第三季我們依據庫藏股回購計畫支出 900 萬美元，回購約 466,000 股。截至 2026 年 5 月 29 日，依現行授權可用於回購本公司普通股的剩餘總額為 5,600 萬美元。

And now turning to our outlook. Given our solid performance over the first nine months and an improved Q4 outlook for our memory business, we are raising our full company net sales and non-GAAP diluted EPS outlook for the year. which at the midpoint now calls for 22% net sales growth and $2.60 of non-GAAP diluted EPS, up from our previous outlook of 12% net sales growth and $2.15 of non-GAAP diluted EPS.

接著談我們的展望。鑑於我們在前九個月的穩健表現，以及記憶體業務第四季展望改善，我們上調公司全年淨銷售額與非 GAAP 稀釋每股盈餘（EPS）展望；以中位數計，現預期淨銷售額成長 22%，非 GAAP 稀釋 EPS 為 2.60 美元，高於先前預期的淨銷售額成長 12% 與非 GAAP 稀釋 EPS 2.15 美元。

As a reminder, our full year outlook assumes that we will continue to diversify our customer sales mix and does not include any Advanced Computing AI hardware sales to hyperscale customers. And also consistent with our assumptions from last quarter, our FY26 financial outlook reflects the ongoing wind down of our high-margin Penguin Edge business. We expect sales from this business to essentially cease by the end of fiscal 2026. The combined effect of these two assumptions reduces our FY26 growth outlook by approximately 14-percentage-points at the total company level year-over-year and approximately 30-percentage-points within Advanced Computing.

提醒一下，我們的全年展望假設將持續分散客戶銷售組合，且不包含任何對超大規模（hyperscale）客戶的先進運算 AI 硬體銷售。同樣延續上季的假設，我們 FY26 財務展望反映我們高毛利的 Penguin Edge 業務持續縮減。我們預期該業務的銷售將在 2026 會計年度末前基本停止。上述兩項假設合併影響，使我們 FY26 的成長展望在公司整體層面較去年同期約減少 14 個百分點，並在先進運算部門內約減少 30 個百分點。

With that said, our full year net sales outlook reflects the following full year growth ranges by segment. For Advanced Computing, we are improving our full year outlook compared with our previous outlook and now expect net sales to decline 15% to 20% year-over-year. As it has previously, this outlook reflects the Penguin Edge and hyperscale hardware sales impacts mentioned earlier.

在此基礎上，我們的全年淨銷售額展望反映各部門全年成長區間如下。就先進運算而言，我們相較先前展望有所改善，現預期淨銷售額將年減 15% 至 20%。如同先前一樣，此展望反映前述 Penguin Edge 與超大規模硬體銷售的影響。

For Memory, we are increasing our full year outlook, and we now expect net sales to grow between 90% and 95% year-over-year, driven by continued AI-related demand and a favorable memory market environment. And for LED, we are also improving our full year outlook and now expect net sales to decline approximately 5% year-over-year. Our non-GAAP gross margin outlook for the full year is now 28.5%, plus or minus 0.5-percentage-points. We adjusted our gross margin outlook up by 0.5-percentage-point to account for favorable memory pricing which helped our Q3 gross margins.

就記憶體而言，我們上調全年展望，現預期淨銷售額將年增 90% 至 95%，主要由持續的 AI 相關需求與有利的記憶體市場環境所帶動。至於 LED，我們也改善全年展望，現預期淨銷售額將年減約 5%。我們對全年非 GAAP 毛利率的展望現為 28.5%，上下浮動 0.5 個百分點。為反映有利的記憶體定價對第三季毛利率的助益，我們將毛利率展望上調 0.5 個百分點。

Our Q4 outlook assumes less pricing favorability than we experienced in Q3, and we therefore expect some downward pressure on gross margins as we exit the year. Our full year expectation for total non-GAAP operating expenses has increased to $260 million, plus or minus $5 million. For the full year FY26, we now expect a non-GAAP diluted share count of approximately 56 million shares, up from our prior outlook, primarily reflecting the expected dilutive impact from our convertible debt as a result of higher share prices. As a result of this dilutive impact, we expect our non-GAAP diluted share count in Q4 FY26 to be approximately 62 million shares.

我們對第四季的展望假設定價有利程度低於第三季，因此預期在年度結束時毛利率將面臨一些下行壓力。我們對全年非 GAAP 營業費用總額的預期已提高至 2.60 億美元，上下浮動 500 萬美元。就 FY26 全年而言，我們現預期非 GAAP 稀釋後加權平均股數約為 5,600 萬股，高於先前展望，主要反映因股價較高而使可轉換債務帶來的預期稀釋影響。由於此稀釋影響，我們預期 FY26 第四季的非 GAAP 稀釋後股數約為 6,200 萬股。

Our non-GAAP full year diluted earnings per share is now expected to be approximately $2.60 plus or minus $0.05, our forecasted FY26 non-GAAP tax rate is now 20%, down from 22%, reflecting increased pretax income in jurisdictions to lower tax rates. Note, our Q3 non-GAAP tax rate was 17.3%, which reflects the year-to-date true-up of this new lower full year tax rate. While we expect to use this normalized non-GAAP tax rate throughout FY26 and beyond, the long-term non-GAAP tax rate may be subject to changes for a variety of reasons, including the rapidly evolving global and U.S. tax environment, significant changes in our geographic earnings mix or changes to our strategy or business operations.

我們目前預期非 GAAP 全年稀釋後每股盈餘約為 2.60 美元，上下浮動 0.05 美元；我們預測的 FY26 非 GAAP 稅率目前為 20%，由 22% 下調，反映稅前所得在較低稅率司法管轄區的占比提高。請注意，我們第三季非 GAAP 稅率為 17.3%，反映截至目前為止針對這個新的較低全年稅率所做的年度累計調整（true-up）。雖然我們預期在 FY26 及其後期間採用此常態化的非 GAAP 稅率，但長期非 GAAP 稅率可能因多種原因而變動，包括全球與美國稅務環境快速演變、我們地理區域獲利組合的重大變化，或我們策略或營運的變更。

Given the strength of current AI-driven demand trends, we want to give some preliminary color on our initial expectations for net sales and non-GAAP EPS growth in fiscal 2027. Based on our current customer signals and our expectations about ongoing AI-driven demand, our preliminary fiscal 2027 view contemplates both total company net sales growth and non-GAAP EPS growth of approximately 30% from the midpoint of our full year FY26 outlook. The EPS outlook factors in the higher share count beginning in Q4 '26 that I mentioned earlier.

鑑於目前 AI 驅動的需求趨勢強勁，我們想就 2027 會計年度淨銷售與非 GAAP EPS 成長的初步預期提供一些初步說明。根據我們目前從客戶端收到的訊號，以及我們對 AI 驅動需求持續性的預期，我們對 2027 會計年度的初步看法，是以 FY26 全年展望中點為基準，整體公司淨銷售成長與非 GAAP EPS 成長皆約為 30%。該 EPS 展望已納入我先前提到自 26 年第四季開始較高的流通股數。

This is an initial planning view, and we expect to provide a full FY27 outlook on our next earnings call. Our outlook for fiscal year 2026 and our preliminary view of FY27, are based on the current environment and our current assumptions, including, among other things, assumptions relating to customer demand, the global macroeconomic environment, ongoing supply chain constraints, and supply costs, especially as they relate to our Advanced Computing and Integrated Memory businesses.

這是一個初步的規劃觀點，我們預期在下一次財報電話會議上提供完整的 FY27 展望。我們對 2026 會計年度的展望以及對 FY27 的初步看法，係基於目前環境與我們當前的假設，其中包括（但不限於）與客戶需求、全球總體經濟環境、持續的供應鏈限制與供應成本相關的假設，特別是與我們的先進運算（Advanced Computing）與整合式記憶體（Integrated Memory）業務相關的部分。

This includes extended lead times for certain components that are incorporated into our overall solutions impacting how quickly we can ramp existing and new customer projects and fulfill customer orders. Our outlook also contemplates the industry-wide higher cost for memory, which may slow customer demand for our products and solutions and may lower our gross margins in our Advanced Computing and Memory businesses. We believe the combination of accelerating AI-related demand and expanding enterprise, neocloud and sovereign AI customer base and our disciplined operating model positions Penguin well for continued profitable growth.

其中包括某些納入我們整體解決方案的零組件交期延長，影響我們提升既有與新客戶專案產能爬坡速度以及履行客戶訂單的能力。我們的展望亦納入全產業記憶體成本上升，這可能放緩客戶對我們產品與解決方案的需求，並可能壓低我們先進運算與記憶體業務的毛利率。我們相信，加速成長的 AI 相關需求、擴大的企業、neocloud 與主權 AI 客戶基礎，以及我們嚴謹的營運模式相結合，使 Penguin 具備持續獲利成長的良好定位。

Please refer to the non-GAAP financial information section and the reconciliation of GAAP to non-GAAP measures tables in our earnings release and the investor materials on our website for further details. With that, operator, we are ready for Q&A.

更多細節請參閱我們新聞稿中的非 GAAP 財務資訊章節，以及我們網站投資人資料中的 GAAP 與非 GAAP 指標調節表。接下來，接線員，我們準備進入問答。

(Operator Instructions) Katherine Murphy, Goldman Sachs.

(接線員指示) 高盛的 Katherine Murphy。

It was great to see the Integrated Memory guidance raised up to 90% to 95% for the full year after the strong results of the quarter. Can you talk about how much of this is driven by the higher pricing environment versus demand for new products that you talk to the CXL cards?

很高興看到在本季強勁表現之後，整合式記憶體全年指引上調至 90% 到 95%。你們能談談這當中有多少是由較高的定價環境所驅動，相較於你們提到的 CXL 卡等新產品需求所驅動嗎？

And then to ask my follow-up now. You also discussed the broadening customer set for your Memory products to hyperscale. Can you elaborate on what exactly you're shipping into that market? And how much of this contributes to the preliminary outlook for 30% growth in total company sales for fiscal '27?

接著我現在問追問。你們也提到你們的記憶體產品客戶群正在擴大到超大規模（hyperscale）客戶。你們能更具體說明你們在該市場到底出貨哪些產品嗎？以及這部分對你們 27 會計年度整體公司銷售成長 30% 的初步展望貢獻有多少？

Thank you, Katherine. So at the high level, for our Memory business, the higher outlook takes into consideration both the volumes as well as the pricing. And this is for the overall business. CXL is a part of our business. It's a new product line that is growing, but it is a part of the business versus majority of the business is the data center focused products.

謝謝你，Katherine。就高層次而言，對我們的記憶體業務來說，上調後的展望同時考量了出貨量與價格。而這是針對整體業務。CXL 是我們業務的一部分。它是一條正在成長的新產品線，但它只是業務的一部分；相較之下，業務的大多數仍是以資料中心為主的產品。

And these are the products we create specialized memory modules for data center products for our OEM customers.

這些產品是我們為 OEM 客戶的資料中心產品打造的專用記憶體模組。

And to answer your second question, one of the customer is a hyperscaler, and we provide memory module for their data center product for this but it is a portion of the overall business in terms of having multiple customers, having multiple product, and it's one of the customers that we serve with our Memory business.

至於你的第二個問題，其中一位客戶是超大規模業者（hyperscaler），我們為其資料中心產品提供記憶體模組；但就整體業務而言，這只是一部分，因為我們有多個客戶、也有多種產品，而它只是我們記憶體業務所服務的其中一位客戶。

Yes. Kate, let me just add to that. For the FY27 view that we gave, it's really not a significant piece of that. This is not some multi-hundred million dollar hyperscale customer. It's just a portion of the portfolio, and it's kind of consistent with the run rate we had in FY26.

是的。Kate，我再補充一下。就我們給出的 FY27 觀點而言，這並不是其中很重要的一塊。這不是某個數億美元規模的超大規模客戶。它只是產品組合中的一部分，而且與 FY26 的既有運行水準大致一致。

Brian Chin with Stifel.

Stifel 的 Brian Chin。

Best wishes to you, Nate. Maybe for the first question, I appreciate, firstly, you're providing a preliminary fiscal '27 guide for top line overall and EPS. I understand you may not want to hone in too much at this stage, but if we kind of look at your implied fiscal 4Q '26 maybe Memory revenue, it could approach, let's say, $300 million quarterly.

祝你一切順利，Nate。第一個問題是，我很感謝你們提供了 27 會計年度整體營收與 EPS 的初步指引。我理解你們此階段可能不想講得太細，但如果我們看你們隱含的 26 會計年度第四季記憶體營收，可能接近每季 3 億美元。

If I just kind of flatline that, and it probably grows on pricing, et cetera, next year. That just could easily grow sort of mid-30%, maybe more percent year-over-year, so above sort of that baseline. But to say LED maybe is not super growthy in your assumption set for next year. Can you put some guardrails maybe on what the Advanced Computing growth could be in fiscal '27?

如果我把它大致視為持平，且明年可能在價格等因素帶動下成長，那它很容易年增到 30% 中段，甚至更高，會高於那個基準。但 LED 在你們對明年的假設中可能不是特別高成長。你們能否就 27 會計年度先進運算（Advanced Computing）的成長提供一些大致的區間或護欄？

Yes. Brian, it is preliminary, right? We're just kind of -- we're in the middle of our own planning for next year. We have pretty good visibility, I'd say, into the first half at this point with backlog and customer conversations that we're having. But I would say for Advanced Computing, probably mid-teens, something like that be kind of the starting point.

可以。Brian，這確實是初步的，對吧？我們目前正處於內部明年規劃的中段。我會說，就目前的在手訂單（backlog）以及我們與客戶的對話，我們對上半年有相當不錯的能見度。但我會說，先進運算大概以年增中十位數（mid-teens）左右作為起點。

Of course, we're still -- we still have some of the impact year-over-year from the wind down of the Edge business and kind of the transition away from Meta, but a lot of that would have been lead. So what you're starting to see next year in Advanced Computing is more of the growth coming through from the non-hyperscale AI infrastructure business?

當然，我們仍然有一些來自 Edge 業務收尾以及逐步轉離 Meta 的年對年影響，但其中很多影響應該已經反映在前期。因此你明年在先進運算看到的，會更多是來自非超大規模（non-hyperscale）AI 基礎設施業務的成長動能。

Great. That's very helpful. And then I think Kash and you both referenced a little bit about the dynamic of the order to revenue cycle and Advanced Computing extending somewhat. That's new customers, it's also components -- key components perhaps. I guess how much of a swing factor do you think that could be in fiscal '27?

很好。這非常有幫助。另外，我想 Kash 和你們都稍微提到先進運算的「接單到認列營收」週期有些拉長的動態。這包含新客戶，也包含零組件——可能是關鍵零組件。我想問，你們認為這在 27 會計年度可能會是多大的變動因素（swing factor）？

Are you being pretty conservative about that in terms of anticipating some continued scarcity of memory or other key components to grow those key segments next year?

在預期明年這些關鍵區塊成長時，你們是否在這方面採取相當保守的假設，例如預期記憶體或其他關鍵零組件仍將持續短缺？

I think the perspective from the overall business, if you look at our Advanced Computing, especially in non-hyperscale AI infrastructure business, some of the advantage we are going to have going into the next year is the bookings for, let's say, AI infrastructure business will deliver the revenues or the net sales going into the first half.

我認為從整體業務的角度來看，如果你看我們的先進運算，特別是非超大規模 AI 基礎設施業務，我們明年將具備的一些優勢在於：例如 AI 基礎設施業務的接單（bookings）將在上半年轉化為營收或淨銷售。

So that would be the advantage. As we discussed in the last earnings call, our bookings to revenue is for that part of the business, AI infrastructure business within Advanced Computing is between three to six months. So that obviously provides us an advantage going into the next year. And we see, at least for the first half, same time frame in terms of bookings to revenue lag of about three to six months.

這會是優勢。如同我們在上次財報電話會議中討論的，先進運算中的 AI 基礎設施業務，其接單到營收的週期約為三到六個月。因此這顯然讓我們在進入明年時具備優勢。而且我們看到，至少在上半年，接單到營收的落後期仍大致維持在約三到六個月。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Congrats on all, and thanks for taking the question. I guess just two, if I could, I'll ask them at the same time. On Advanced Solutions and the broadening customer base, what are you seeing in terms of engagement from services capability perspective? I mean, what are the -- what are you doing increasing for across the new broader customer base, are you seeing people move towards more of agentic usage.

恭喜各位，也感謝讓我提問。我想就兩個問題，如果可以的話，我會一起問。關於先進解決方案以及客戶基礎的擴大，從服務能力的角度來看，你們在客戶互動/參與度方面看到了什麼？我的意思是，面對更廣泛的新客戶群，你們在提升哪些方面？你們是否看到客戶正轉向更多的代理式（agentic）使用方式？

And then the second question is just as memory gets -- as the memory business gets bigger and you guys are playing hooking into the ecosystem and increasing role, are you guys having to do anything different with the business as you go to market as it becomes more strategic and any broader context. And that's it for me. And Nate, great working with you again. I'm sure we'll work together again at some point.

第二個問題是，隨著記憶體業務規模變大、你們在生態系中扮演更深的串接與更重要的角色，當它變得更具策略性、以及在更廣泛的背景下，你們在市場推進（go-to-market）上是否需要對這項業務做任何不同的作法？我就這些。另外，Nate，很高興再次與你合作。我相信我們之後某個時候還會再一起合作。

Yes. So for our AI infrastructure business within Advanced Computing, services is a strategic advantage for us. So as opposed to alternatives where customers may procure hardware and then they have to stitch it together. The value we provide to our customers, we provide full system integration of both our products as well as other products that would include the full AI factories or AI data centers for those customers, including design, build, deploy and manage.

是的。就我們先進運算（Advanced Computing）中的 AI 基礎設施業務而言，服務對我們來說是一項策略性優勢。相較於其他方案，客戶可能採購硬體後還得自行把各部分拼接整合。我們為客戶提供的價值，是對我們的產品以及其他產品進行完整的系統整合，為客戶打造完整的 AI 工廠或 AI 資料中心，涵蓋設計、建置、部署與管理。

So that becomes an advantage for us. In some cases, we are also managing these factories for the customers for three to five years. Which, again, is an advantage for the customers to be able to get the ROI from solution we delivered. In terms of Memory business, in terms of our strategic direction, one of the things we have done in the last, I'd say, three months and increasingly going forward, focusing it on the data centers, right? And the data centers is where the demand is exploding, especially both obviously accelerated compute and then now the general purpose compute and memory because of agentic AI driving the demand.

因此，這成為我們的優勢。在某些情況下，我們也會為客戶管理這些工廠三到五年。這同樣讓客戶能從我們交付的解決方案中取得投資報酬（ROI），因此對客戶而言是一項優勢。就記憶體業務與我們的策略方向而言，我們在過去大約三個月做的一件事、且未來會更聚焦的方向，是把重心放在資料中心，對吧？而資料中心正是需求爆發的地方，尤其是加速運算，接著現在也包括通用運算與記憶體，因為代理式 AI（agentic AI）正在推動需求。

So strategically, we are focusing on the data center at the high level in terms of the strategy.

因此在策略上，我們在高層次上將重點放在資料中心。

Rustam Kanga, Citizens.

Rustam Kanga，Citizens。

Congrats on the strong set of results and improved outlook and Nate, sad to see you go, but it sounds like you're certainly going on a high note. My question is on the enhancements to the ClusterWare with the AI factory operations agent. So as these capabilities increasingly are able to sort of simplify foster operations and increase the administrator's productivity, Kash, could you maybe just talk about the relationship between the customer uptake and services adoption?

恭喜你們繳出一組強勁的成果並上調展望；Nate，很遺憾看到你離開，但聽起來你確實是在高點告別。我的問題是關於 ClusterWare 搭配 AI 工廠營運代理（AI factory operations agent）的強化。隨著這些能力愈來愈能簡化並促進營運、提升管理員的生產力，Kash，你能否談談客戶採用（uptake）與服務採用（services adoption）之間的關係？

And as these capabilities evolve from more conversational LLM towards more agentic capabilities? Is there a potential for sort of further monetization on that ClusterWare portion of the business?

以及當這些能力從較偏對話式的 LLM 演進到更具代理式（agentic）的能力時，在 ClusterWare 這部分業務上，是否存在進一步變現（monetization）的可能性？

Yes. So the AI agent that we introduced is a first agent, is the family of the agents. And the way to think about it is obviously helping our services differentiate in terms of providing a software that can create automation for both monitoring -- deployment and monitoring of the infrastructure so that further provides them the value through our services and we discuss services and advantage for our customers when we provide both product and services.

是的。我們推出的 AI 代理是第一個代理，也是代理家族的一部分。可以這樣理解：它顯然能協助我們的服務形成差異化，提供可為基礎設施的部署與監控等建立自動化的軟體，進而透過我們的服務帶來更多價值；我們也談過，當我們同時提供產品與服務時，服務對客戶而言是一項優勢。

And in terms of creating the agentic experiences with ClusterWareAI, the benefit we are going to have is in cases where we have not fully deployed our solution or in an existing data center or an AI factory, we can have the ClusterWareAI provided to the customer, so that the customer can start managing their existing data center or an AI factory and realized efficiency that they may not be getting with the traditional deployment. So that creates additional opportunity for us to increase our software revenues over time.

至於透過 ClusterWareAI 建立代理式體驗，我們將獲得的好處是：在某些情況下，即使我們尚未完整部署我們的解決方案，或是在既有的資料中心或 AI 工廠中，我們也可以把 ClusterWareAI 提供給客戶，讓客戶開始管理其既有資料中心或 AI 工廠，並實現傳統部署可能無法取得的效率提升。因此，這為我們隨時間推進增加軟體營收創造了額外機會。

Matthew Calitri, Needham & Company.

Matthew Calitri，Needham & Company。

Nate, I'll echo my regards. It's been great working with you and best of luck. I'm curious if you guys saw any change in trends in the memory pricing and supply environment over the last quarter? And if there's any color you can share on like how much of the quarterly performance was driven by pricing? And if customers -- if enterprise customers are starting to balk at prices at all?

Nate，我也表達我的致意。與你合作很愉快，祝你一切順利。我想了解你們在過去一季是否看到記憶體定價與供需環境的趨勢有任何變化？以及你能否分享一些資訊，例如本季表現有多少是由價格所驅動？另外，客戶——尤其是企業客戶——是否開始對價格有所卻步？

So the demand continues to increase. So while the prices are going up, and it may stabilize at some point, but we see increased demand. And it is, as we discussed earlier, is a combination of -- if you look at the total demand between the backlog and the revenue that we were able to ship the demand is increasing and our backlog is increasing.

需求持續增加。因此即使價格在上升，且可能在某個時間點趨於穩定，但我們看到需求增加。而且如同我們先前討論的，如果你看總需求（包含積壓訂單與我們能出貨認列的營收），需求正在增加，我們的積壓訂單也在增加。

Okay. That's great to hear. And then was there any change to the guidance philosophy with Nate's departure? And is there any update on where you are in the CFO search or what sort of qualities you're looking for in a successor?

好的。這很高興聽到。另外，Nate 離任後，你們的財測指引（guidance）理念是否有任何改變？以及在 CFO 搜尋方面目前進度如何，或你們在尋找接任者時看重哪些特質？

So first of all, no change in our operating model or our strategy as a result of the transition. We have a very strong finance team and accounting team. And we are fortunate to have Aaron Johnson be our interim CFO, while we look for the permanent CFO and he's been with the company and he's been with Nate and been working with me. So that provides the continuity to the business, and we are doing a formal search with an executive search firm where we are looking at both internal and external candidates.

首先，因為這次交接，我們的營運模式或策略沒有任何改變。我們有非常強的財務團隊與會計團隊。我們也很幸運由 Aaron Johnson 擔任臨時 CFO，在我們尋找正式 CFO 期間；他在公司任職已久，也一直與 Nate 共事並與我合作。因此能為業務提供延續性；同時我們也透過一家高階人才搜尋公司進行正式招募，內外部候選人都會評估。

So the philosophy will be primarily how do we have the continued focus and disciplined execution as we have had in Q3 and before and how we look at our business in terms of being very mindful of delivering on our commitments. So Nate, no change in strategy and pretty smooth transition from my perspective.

因此，我們的理念主要是：如何持續保持專注並以紀律執行，就像我們在第三季以及之前所做的那樣；以及我們如何看待業務，並非常謹慎地確保履行我們的承諾。所以 Nate，策略沒有改變；以我的角度來看，交接會相當順暢。

Yes, I definitely expect a very smooth transition with Aaron. He's been my right hand person for the last two years and worked very closely with me on all elements of finance. So I expect things to be very smooth.

是的，我確實預期在 Aaron 的協助下會非常順利地交接。過去兩年他一直是我的得力助手，並在財務各個面向與我密切合作。所以我預期一切都會非常順暢。

This concludes the Q&A. We will now hand the conversation over for closing remarks to Kash.

問答環節到此結束。接下來我們將把會議交給 Kash 作結語。

Thank you, operator. Our third quarter results demonstrate strong execution in a market with durable AI-driven demand. We are excited about the opportunity ahead. Thank you.

謝謝，接線員。我們第三季的結果展現了在 AI 驅動、需求具持續性的市場中，我們強勁的執行力。我們對未來的機會感到振奮。謝謝。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。