00:00Revenue grew 68% in the quarter. Operating cash flow went the other way.
00:06Across fiscal 2026, Penguin used about $152 million of cash in operations.
00:13A year earlier, it generated $109 million. The fourth quarter alone used $163 million.
00:21That is more than the full year, which means the first nine months were roughly break-even
00:27by our arithmetic. The reason is on the same statements. Inventories consumed about $494
00:34million of cash over the year, and the balance sheet shows inventories rising from $255 million
00:42to $749 million. A fast-growing hardware and infrastructure business can consume working
00:49capital for good reasons. Stock gets built and deployed before customers pay. These figures
00:55alone do not show the model is broken. But it is the line that has to turn. Orders become
01:02deployments, deployments become payments, and payments become positive operating cash flow.
01:08That is the test for the next few quarters.
