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SGH Reports First Quarter Financial Results

MILPITAS, Calif. — SMART Global Holdings, Inc. (“SGH”) reported financial results for the first quarter of fiscal 2023. Per share measures for all periods reflect the effect of the February 2022 two-for-one share split.

 

First Quarter Fiscal 2023 Highlights

  • Net sales of $465 million, up 6.3% versus the prior quarter
  • GAAP gross margin of 25.4%, up 170 basis points versus the prior quarter
  • Non-GAAP gross margin of 27.8%, up 320 basis points versus the prior quarter
  • GAAP EPS of $0.10 versus $0.40 in the prior quarter
  • Non-GAAP EPS of $0.79 versus $0.80 in the prior quarter
  • Closed acquisition of Stratus Technologies on August 29, 2022

“We are pleased with our financial results for the first quarter of fiscal 2023, highlighted by record non-GAAP gross margins of 27.8%, reflecting our focus on higher quality revenue, combined with the hard work of our dedicated employees,” commented CEO Mark Adams. “Looking ahead, we expect to continue to strategically invest in our business while managing our operations in a prudent manner as we navigate a challenging economic environment.”

Quarterly Financial Results

Business Outlook
As of January 3, 2023, SGH is providing the following financial outlook for its second quarter of fiscal 2023:

 

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