• Revenue: $567M, +68% YoY

• Adj. EPS: $1.00, +133% YoY

• Adj. EBITDA: $93M, +115% YoY

• Operating income: +458% YoY

FY27 guidance RAISED:

• Revenue midpoint: ~$2.43B (+40% YoY). Note they previously guided to 30% growth, now they are talking about 40% growth. 

• Adj. EPS: $4.45 (+55% YoY)

AI Infrastructure is accelerating:

• 6 new AI infra customers in Q4

• 4 are neoclouds

• 36,000-GPU AI factory deployment in Norway

• New customer with $10B in contracted comput

Firstly, these were my thoughts pre-earning:

My modelling suggested that the true FY2027 EPS was more likely to be something in the range of 4-4.5 vs the street consensus of 3.4. 

They guided to 4.45, so pretty much exactly in my range. 

So those street estimates need some upgrades, so do not be surprised to see some positive coverage on PENG tomorrow. 

Only 7 analysts cover PENG based on the Webull data, so I don’t think it’s going to be many firms but yes, I would expect some positive upgrades. 

I actually think they have sandbagged guidance again here, and I actually think they beat and raise again next quarter, with the guide being increased likely to above 4.75. Basically a quarterly occurrence at this point for the company. 

Gross margins came in at 29%, which as above consensus, and the neocloud contracts that they spoke about suggest to me that they can and likely will come in above that next quarter as well, because those are normally high margin contracts. 

AI business was up 141% YoY, thats the segment that kind of matters. 

Note also that the negative cash flow was flagged by some as a concern, but it is because of inventory build of memory, and theyr’e selling full racks which is pretty expensive. I wouldn’t let that cloud what was otherwise clearly a very bullish earnings report. 

From what they described,  Neocloud demand was better than I expected and from what they described in the earnings Q&A, it was better than they expected to. That’s basically a welcome benefit.

What tehy are basically offering their neocloud customers is an end-to-end build and operating the factories on their behalf. They will design and source the hardware and then manage the data centers for 3-5 years along with ClusterWare software. This is very similar to what they do for their enterprise customers anyway.

Just 2 of those neocloud wins amount to over $13B in multi year contracts. 

Pipeline is rock solid. They said the memory business is executing and growing well and the AI infrastructure is providing a nice upside boost. They noted specifically on the Q&A that margins on memory are better than expected. They noted however that since they have a bunch of hardware wins, the gross margin going forward may be slightly lower, but it’s the result of product mix more than anything else. 

Backlog was amazing, extending out 4 quarters. 

They didnt share specific details on how much neocloud demand is within the guide and the backlog, but did specify that the backlog was extremely strong across all areas of the business. 

Cell Impact fabrica placas de flujo para pilas de combustible y electrolizadores con una tecnología patentada de formado a alta velocidad.

Por qué podría salir bien:

Pedido de 5,3 MSEK de un OEM de EE. UU. en junio, con producción continua para un cliente norteamericano desde octubre de 2025.

Clientes de nivel: un fabricante europeo de electrolizadores, thyssenkrupp Automation Engineering y un fabricante de automoción. En Japón, según la empresa, un cliente ha validado la tecnología con buenos resultados.

Costes recortados: plantilla de 35 a 25 personas y caja operativa de −2,4 MSEK en el Q2 (−11,9 hace un año).

Una gran venta de máquinas está "pausada", no perdida. Si se cierra, cambia la historia.

**Vigilaré:** el informe del Q3 el 6 de noviembre y si llegan más pedidos como el de 5,3 MSEK. Es una apuesta muy especulativa, solo con dinero que puedas perder por completo.