Everpure (P) Conference Susquehanna 15th Annual Technology summary

Forward-looking statements and business model evolution

• Management emphasized forward-looking statements and noted actual results may differ due to various factors.

• Hyperscaler revenue is expected to ramp significantly in FY2027, mainly in the second half, with most shipments to a single lead customer.

• The business model for hyperscalers has shifted from software royalties to a standardized model where hyperscalers procure NAND and servers, while the company supplies other components.

• This new model is expected to deliver gross margins in the 75-85% range, depending on configuration.

Demand drivers and market trends

• Robust, broad-based demand was observed across enterprise, commercial, and public sector segments, with AI as a growing but still small driver.

• Infrastructure modernization and AI adoption are accelerating, with FlashBlade solutions supporting KV cache for inference workloads.

• Neocloud service providers are emerging as key partners, offering flexible infrastructure for diverse customer needs.

• The company’s flexible technology is resonating with Neoclouds and enterprises seeking adaptable storage solutions.

Growth outlook and strategic levers

• FY2027 revenue guidance nearly doubled compared to initial FY2026 outlook, reflecting significant acceleration in both core and new markets.

• Growth is being driven by expanding the portfolio, intelligent control plane, and larger enterprise deals, with $5M+ deals up 80% YoY.

• Hyperscaler business is growing ahead of expectations and is a major focus area.

• Management prioritizes sustainable growth and operating profit dollar growth over chasing inflection points.