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Penguin Solutions, Inc. reports company developments across high-performance computing, AI infrastructure, memory and LED technology businesses. Recurring updates include ICE ClusterWare software for AI and HPC cluster management, Stratus ztC Endurance fault-tolerant computing platforms, SMART Modular memory and storage products, and Cree LED intellectual-property and licensing activity.
News also covers financial results, strategic AI data center collaborations, convertible preferred equity financing, and product compliance milestones such as CXL memory add-in card interoperability. The company’s operating focus spans accelerated computing infrastructure, high-availability enterprise systems, integrated memory solutions, solid-state drives, hybrid storage products and LED chips and components.
SMART Global Holdings (SGH) will announce its financial results for Q2 FY21 on April 6, 2021, after market closure. A conference call is scheduled at 1:30 PM PT to discuss these results and provide a business outlook. The call can be accessed domestically at (844) 912-3896 and internationally at (236) 714-3344, using access code 8075139. Investors can also access a live webcast and a replay of the call on SGH's investor website, which will be available for one year.
SMART Global Holdings, Inc. (SGH) announced the grant of 34,009 time-based restricted share units to Thierry Pellegrino, appointed on March 8, 2021, as Senior Vice President and President of Specialty Computing. This grant was approved by the independent Compensation Committee as an inducement for Pellegrino's employment, in compliance with Nasdaq Listing Rules. The shares will vest over four years, with 25% vesting on April 20, 2022. SGH focuses on designing and manufacturing electronic products in computing, memory, and LED lighting technologies.
SMART Global Holdings (SGH) has appointed Thierry Pellegrino as Senior Vice President and President of its Specialty Computing business in Fremont, California. Pellegrino, who brings over 22 years of experience from Dell Technologies, will oversee the shift towards application-specific computing solutions for both on-premise and cloud deployments. His leadership aims to integrate the businesses of Penguin Computing, SMART Embedded Computing, and SMART Wireless Computing, focusing on innovation and expansion into new customer segments.
SMART Global Holdings (SGH) has announced the approval of restricted share units totaling 794,640 ordinary shares to 519 non-executive employees resulting from the acquisition of Cree, Inc.'s LED Products business unit, finalized on March 1, 2021. Additionally, Claude Demby, who will lead Cree LED, received 98,419 time-based restricted share units and performance-based awards totaling 15,000 shares. The vesting of these shares is contingent on employment and specific financial performance targets, promoting long-term commitment and alignment with company goals.
SMART Global Holdings (SGH) has finalized its acquisition of Cree, Inc.'s Cree LED Products business unit for an undisclosed amount, marking a significant step in SGH's growth strategy. This acquisition enhances SGH's portfolio in specialty lighting, leveraging Cree LED's strong customer relationships and R&D capabilities, supported by over 2,000 patents. The deal is anticipated to improve margins and cash flow, contributing positively to non-GAAP EPS. Claude Demby will lead the new Cree LED business unit within SGH, focusing on specialty lighting solutions.
SMART Modular Technologies, a subsidiary of SMART Global Holdings (NASDAQ: SGH), has launched a new DDR5 module product family aimed at enhancing memory performance and efficiency. DDR5 technology offers double the performance of DDR4 with data rates between 4.8 Gbps and 6.4 Gbps, improved power efficiency, and higher memory efficiency. The introduction includes RDIMMs, UDIMMs, and SODIMMs with capacities from 16GB to 64GB, effectively supporting sectors like HPC, AI, and edge computing.
SMART Global Holdings (NASDAQ: SGH) announced the grant of inducement awards to its new CFO, Ken Rizvi, effective February 15, 2021. The awards include 49,857 time-based restricted share units (RSUs) and performance-based restricted share units (PRSUs) with stock price appreciation conditions of 150% and 200%. The RSUs will vest over four years, while the PRSUs will vest annually over the same period, contingent on the stock price meeting specified thresholds. These grants align with NASDAQ rules and are part of the SMART Global Holdings 2021 Inducement Plan.
SMART Modular Technologies, a subsidiary of SMART Global Holdings (NASDAQ: SGH), has launched the SMART ARC™ anti-vibration retention clamp. This innovative product secures memory modules in harsh environments, enhancing reliability and performance. Key benefits include compatibility with standard single board computers, cost-effectiveness, and the ability to withstand high-vibration conditions with a shock level requirement of 30G. Available now, the SMART ARC is sold as part of kits with DDR4 memory modules designed for extreme conditions. The move aligns with growing data needs, ensuring memory modules remain secured for demanding applications.
SMART Global Holdings (SGH) announces the appointment of Ken Rizvi as Senior Vice President and Chief Financial Officer, effective February 15, 2021. Rizvi joins from UTAC Holdings, bringing over 20 years of experience in the technology sector. His transition allows current CFO Jack Pacheco to concentrate on his roles as Chief Operating Officer and President of SMART Modular Technologies. CEO Mark Adams expressed confidence in Rizvi’s financial expertise, which is expected to positively impact SGH's strategic growth and diversification efforts.
SMART Global Holdings, Inc. (NASDAQ: SGH) reported its Q1 fiscal 2021 results, showing net sales of $291.7 million, a 7.2% increase year-over-year. The GAAP net income rose to $2 million or $0.08 per share, compared to $0.2 million or $0.01 per share last year. Non-GAAP net income was $19.6 million or $0.78 per share, reflecting a significant growth of 46.4% from the prior year. Additionally, Adjusted EBITDA reached $29.5 million, up 25.4% year-over-year.