Penguin Solutions Inc (PENG) shares are popping in extended trading Monday after the company announced a CFO transition and gave an upbeat update on its full-year outlook.

CFO Transition

Nate Olmstead, senior vice president and CFO, will step down on July 8 to pursue another opportunity in a different industry. Aaron Johnson, the company's vice president of finance and accounting, will take over as interim CFO while Penguin searches for a permanent replacement. The company has hired a leading executive search firm to help find the next CFO.

Stronger Outlook

Penguin Solutions reaffirmed its previously issued financial guidance for fiscal 2026 but now expects both earnings and revenue to come in at the high end of its prior ranges. The reason? "Very strong" agentic AI-driven demand.

"Our business momentum remains strong as enterprises accelerate adoption of inference and agentic AI workloads, and demand for memory and AI infrastructure continues to grow," said Kash Shaikh, president and CEO of Penguin Solutions. "We continue to execute with focus and discipline on our AI Factory Platform strategy, supported by very strong agentic AI-driven customer demand across our Integrated Memory and AI Infrastructure businesses."

Penguin Solutions is scheduled to report fiscal third-quarter results on July 7.

Price Action

Penguin Solutions shares were up 6.68% in after-hours trading Monday, changing hands at $63.70 at the time of publication.