← Penguin Solutions, Inc.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income (loss) | ($7.8m) | $119.5m | $51.3m | ($1.1m) | $22.5m | $68.6m | ($185.7m) | ($49.9m) | $28.8m | |
| Net income (loss) from continuing operations | — | — | — | — | ($42.0m) | $24.4m | $9.7m | ($41.8m) | $28.8m | |
| Net loss from discontinued operations | — | — | — | — | $64.5m | $44.2m | ($195.4m) | ($8.1m) | $0 | |
| Depreciation expense and amortization of intangible assets | $33.2m | $26.2m | $29.2m | $36.4m | $49.1m | $64.9m | $71.6m | $65.7m | $56.2m | |
| Amortization of debt issuance costs | — | — | — | — | — | $10.3m | $4.1m | $3.7m | $3.5m | |
| Amortization (Notes 6, 7, & 8) | $1.9m | $1.8m | $1.8m | $1.8m | $1.8m | $1.8m | $1.8m | $1.9m | $1.9m | |
| Non-cash lease amortization and accretion (Note 13) | — | — | — | — | — | $752k | $683k | $353k | $235k | |
| Amortization of deferred gain on sale of aircraft | ($104k) | ($155k) | $0 | — | — | — | — | — | — | |
| Deferred income taxes, net | — | — | ($719k) | ($2.1m) | ($3.0m) | ($689k) | ($63.6m) | ($11.0m) | ($14.1m) | |
| Impairment of goodwill | — | — | — | — | $0 | $0 | $19.1m | $0 | $16.1m | |
| Loss on extinguishment debt | $16.6m | ($186k) | $0 | $6.8m | $0 | $653k | $15.9m | $22.8m | $2.9m | |
| Interest Expense | $4k | ($59k) | ($17k) | ($21k) | $14k | $36k | $121k | $549k | $487k | |
| Income Tax Expense | $73k | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — | |
| Stock-based compensation expense | $5.4m | $10.6m | $18.2m | $18.7m | $33.9m | $40.1m | $39.2m | $43.2m | $41.2m | |
| Change in fair value of contingent consideration | — | ($3.0m) | ($2.7m) | $0 | $32.4m | $41.3m | $29.0m | $0 | $0 | |
| Other | ($3k) | — | $81k | $404k | ($921k) | ($3.8m) | ($6.3m) | ($582k) | $0 | |
| Accounts receivable | ($40.4m) | ($55.3m) | $35.2m | ($12.3m) | ($51.4m) | ($97.5m) | $162.5m | ($32.5m) | ($56.2m) | |
| Inventories | ($21.9m) | ($42.4m) | $102.1m | ($51.8m) | ($137.9m) | $39.7m | $95.2m | $23.8m | ($101.6m) | |
| Other assets | — | — | ($1.6m) | $5.8m | ($17.5m) | ($1.4m) | $6.8m | $9.1m | $7.7m | |
| Accounts payable and accrued expenses and other liabilities | — | — | ($64.2m) | $70.6m | $215.0m | ($61.7m) | ($256.1m) | $54.3m | $131.0m | |
| Payment of acquisition-related contingent consideration | — | — | — | — | $0 | $0 | ($28.1m) | ($21.0m) | $0 | |
| Net cash paid for settlement and purchase of capped calls | — | — | — | — | $0 | $0 | ($4.3m) | ($16.3m) | $0 | |
| Payment of premium in connection with convertible note exchange | — | — | — | — | $0 | $0 | ($14.1m) | $0 | $0 | |
| Proceeds from issuance of convertible preferred stock, net of issuance costs | — | — | — | — | — | — | $0 | $0 | $191.2m | |
| Proceeds from borrowing under line of credit | $457.8m | $429.4m | $254.5m | $103.0m | $172.5m | $84.0m | $0 | $0 | $100.0m | |
| Fees paid for revolving line of credit financing | ($3.2m) | ($768k) | — | — | — | — | $0 | $0 | ($3.3m) | |
| Net loss | — | ($7.0m) | $3.8m | ($6.0m) | ($3.1m) | ($6.7m) | ($5.5m) | ($9.1m) | ($2.3m) | |
| Accretion expense (recovery) (Note 14) | — | — | $2k | $2k | ($404) | $2k | $2k | ($2k) | ($1k) | |
| Foreign exchange (gain) loss | — | — | — | — | $157 | ($14k) | ($25k) | $659k | ($297k) | |
| Loss on disposal of assets and lease modifications | — | — | — | $0 | $0 | ($12k) | $0 | $135k | $7k | |
| Remeasurement of convertible debentures (Note 11) | — | — | — | — | — | $0 | $0 | $297k | $5.4m | |
| Change in non-cash working capital balances (Note 22) | $829k | ($858k) | ($1.5m) | $626k | $14k | $1.8m | ($1.3m) | $1.9m | ($4.3m) | |
| Prepaid Long-term insurance | — | — | — | — | $0 | $0 | ($12k) | $0 | $0 | |
| Items not affecting cash | — | — | — | — | $2.1m | $3.8m | $619k | $5.1m | $3.5m | |
| Proceeds from stock options and restricted Stock Units | — | — | — | — | $0 | $0 | $4k | $0 | $66k | |
| Repayment of lease obligations (Note 13) | ($37k) | ($40k) | ($160k) | ($181k) | ($151k) | ($28k) | $0 | ($360k) | ($566k) | |
| Proceeds from short-term investments (Note 3) | — | — | $76k | $3.4m | ($209k) | $550k | $0 | $0 | ($350k) | |
| Net proceeds from Rights Offering (Note 15) | $2.0m | $0 | $0 | — | $0 | $216k | $0 | $0 | — | |
| Other Operating Expense | — | — | — | — | $404 | $2k | $2k | — | — | |
| Other Non-Cash Items (CF) | — | — | — | — | $811k | $752k | $683k | — | — | |
| Share issuance costs for Geothermal (Note 15) | — | — | $0 | $0 | ($43k) | $0 | $0 | — | — | |
| Acquisition of intellectual property (Note 8) | — | — | $0 | $0 | ($65k) | $0 | $0 | — | — | |
| Non-cash Lease Costs | — | — | ($12k) | ($12k) | ($12k) | ($8k) | — | — | — | |
| Unrealized Foreign Exchange (gain) Loss | $0 | ($45k) | $64k | $35k | $157 | $14k | — | — | — | |
| Aro Liabilities Settled (note 13) | $0 | $0 | ($7k) | ($809) | $0 | $0 | — | — | — | |
| Proceeds from Stock Issuance | $36k | $5k | $0 | $0 | $43k | $0 | — | — | — | |
| Shares Purchased And Retired (note 16) | — | — | ($1.3m) | $0 | $0 | — | — | — | — | |
| Non-Operating Income (Expense) | $1k | ($30k) | $2k | $2k | — | — | — | — | — | |
| Non-cash lease and interest (Note 25) | $0 | ($155k) | ($171k) | ($171k) | — | — | — | — | — | |
| Deferred rent | ($3k) | ($3k) | $0 | $0 | — | — | — | — | — | |
| Total | $829k | ($858k) | ($1.5m) | $626k | — | — | — | — | — | |
| Net funds used in targeted issuer bid (Note 15) | $0 | $0 | ($1.3m) | $0 | — | — | — | — | — | |
| Comprehensive income (loss) for the year | ($9.0m) | ($7.0m) | $3.8m | — | — | — | — | — | — | |
| Settlement of payable with shares | $95k | $0 | $0 | — | — | — | — | — | — | |
| Valuation allowance of Bolivian Tax Credits | $208k | $0 | $0 | — | — | — | — | — | — | |
| Gain on settlement of liabilities and deferred rent | ($3k) | ($189k) | $0 | — | — | — | — | — | — | |
| Cost of equity-based transaction with non-employee | ($6k) | $0 | $0 | — | — | — | — | — | — | |
| Total Non-cash Items | $3.5m | $900k | $405k | $2.6m | $2.1m | $3.8m | — | — | — | |
| Net cash provided by operating activities from continuing operations | ($933k) | $67.9m | $169.7m | $87.2m | $122.8m | $38.9m | $63.7m | $105.5m | $113.2m | |
| Net cash used for operating activities from discontinued operations | ($933k) | $67.9m | $169.7m | $87.2m | $30.5m | $66.1m | $40.7m | ($28.3m) | ($4.1m) | |
| Net cash provided by operating activities | ($933k) | $67.9m | $169.7m | $87.2m | $153.3m | $104.9m | $104.4m | $77.2m | $109.1m | |
| Net Cash from Operating Activities | ($933k) | $67.9m | ($2k) | $21k | ($798k) | ($720k) | ($740k) | ($365k) | ($241k) | |
| Capital expenditures and deposits on equipment | ($18.7m) | ($25.7m) | ($33.4m) | ($32.4m) | ($47.6m) | ($38.2m) | ($39.4m) | ($19.4m) | ($9.0m) | |
| Acquisition of business, net of cash acquired | — | ($42.3m) | ($76.1m) | $0 | ($35.7m) | $0 | ($213.1m) | $0 | $0 | |
| Purchases of held-to-maturity investment securities | — | — | — | — | $0 | $0 | ($25.0m) | ($19.5m) | ($59.1m) | |
| Purchases of non-marketable investments | — | — | — | — | — | $0 | ($4.2m) | ($11.0m) | $0 | |
| Proceeds from sales and maturities of investment securities | — | — | — | — | — | — | $0 | $39.4m | $66.4m | |
| Net cash used for investing activities from continuing operations | ($18.0m) | — | — | — | ($53.5m) | ($21.2m) | ($281.2m) | ($11.8m) | ($3.4m) | |
| Net cash provided by investing activities from discontinued operations | — | — | — | — | ($30.7m) | ($17.7m) | ($17.4m) | $119.4m | $28.4m | |
| Net cash provided by investing activities | ($18.0m) | ($67.7m) | ($109.4m) | ($32.0m) | ($84.2m) | ($39.0m) | ($298.6m) | $107.6m | $25.0m | |
| Proceeds from debt | — | — | — | $243.1m | $11.4m | $278.7m | $295.3m | $192.7m | $0 | |
| Proceeds from Debt Issuance | — | — | $0 | $0 | $0 | $0 | $3.5m | $4.7m | $0 | |
| Repayments of debt | — | — | ($6.8m) | ($213.4m) | $0 | ($127.1m) | ($21.6m) | ($351.3m) | ($300.0m) | |
| Repayment of long-term debt (Note 12) | — | — | — | — | $1.0m | ($65k) | ($111k) | ($111k) | ($111k) | |
| Proceeds from issuance of common stock | — | $0 | $7.4m | $5.5m | $14.9m | $12.1m | $43.0m | $9.8m | $8.8m | |
| Payments to acquire common stock | — | — | ($520k) | ($749k) | ($48.5m) | ($57.2m) | ($24.7m) | ($21.3m) | ($52.3m) | |
| Distribution to noncontrolling interest | — | — | — | $0 | $0 | ($3.8m) | ($2.0m) | ($1.5m) | $0 | |
| Payment of preferred stock cash dividends | — | — | — | — | — | — | $0 | $0 | ($7.9m) | |
| Net cash provided by (used for) financing activities from continuing operations | ($17.0m) | — | — | — | ($14.7m) | $60.6m | $237.2m | ($209.5m) | ($63.5m) | |
| Net cash used for financing activities from discontinued operations | — | — | — | — | $17.6m | $13.2m | ($805k) | ($606k) | $0 | |
| Net cash provided by (used for) financing activities | ($17.0m) | $7.9m | $100k | $12.6m | $2.8m | $73.9m | $236.4m | ($210.1m) | ($63.5m) | |
| Net Cash from Financing Activities | $0 | $9.2m | $0 | $0 | $0 | $0 | $1.6m | $0 | $2.8m | |
| Effect of changes in currency exchange rates | ($28k) | ($331k) | $588k | ($15.1m) | $154k | $239k | $4.8m | ($1.3m) | $0 | |
| Effect of Exchange Rate on Cash | — | $25k | $26k | ($117k) | — | — | — | — | — | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | ($36.0m) | $7.8m | $60.9m | $52.7m | $72.2m | $140.1m | $47.0m | ($26.6m) | $70.6m | |
| Net increase (decrease) in cash and cash equivalents | ($324k) | $173k | $2.5m | ($168k) | — | — | — | — | — | |
| Cash, cash equivalents and restricted cash at beginning of period | $29.5m | $37.2m | $98.1m | $150.8m | $223.0m | $363.1m | $410.1m | $383.5m | $454.1m | |
| Cash And Cash Equivalents, Beginning Of The Year | $490k | $167k | $340k | $2.9m | $2.7m | — | — | — | — | |
| Cash Interest Paid (received) | — | — | ($17k) | ($21k) | $14k | $36k | — | — | — |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.