Everpure's Expanding Business Model Fuels New Long-Term Outlook

"Everpure is at an inflection point as we expand our horizons to managing data in the enterprise and solutions for hyperscalers," said Charlie Giancarlo, Chairman and Chief Executive Officer at Everpure. "A decade of committed investment in an integrated, extensible architecture has created a structurally higher growth baseline in our core business.  This same core IP has unlocked three distinct, incremental markets—allowing us to expand our opportunity, drive significant operating leverage, and provide enhanced visibility into our long-term financial trajectory."

Sustained R&D Innovation

Over the past five years, Everpure has consistently dedicated on average 19% of annual revenue to R&D¹. Everpure's focused R&D investments on a single, unified platform is a superior use of invested capital versus fragmenting resources across multiple legacy architectures. This disciplined strategy has fueled both the durability of Everpure's core business, demonstrated by eight consecutive quarters of accelerating revenue growth, and its expansion into new high growth markets. Building upon a track record of consistent market share gains across both inflationary and deflationary cycles, Everpure expects its strong R&D leadership to extend its product velocity while accelerating penetration into new growth markets.

Four Strategic Growth Vectors

By leveraging its proprietary intellectual property and extensible architecture, Everpure has unlocked multiple new distinct market opportunities alongside its core foundation. The company outlined four strategic growth vectors:

• Core and Core AI: Includes FlashBlade, Flash Array, and Evergreen//One subscriptions, both CPU- and GPU-attached.
• Modern Data Software: Includes Everpure Data Intelligence, Everpure Data Stream, Portworx, Everpure Resilience, and Everpure Cloud.
• Scale AI: Includes FlashBlade//EXA solutions tailored for neoclouds and AI-native providers.
• Hyperscale Solutions: Includes DirectFlash technology designed specifically for hyperscalers.

Core and Core AI is projected to continue to gain market share, and the three new growth vectors—Modern Data Software, Scale AI, and Hyperscale Solutions—are expected to represent approximately 20% of total revenue by fiscal year 2030.

Financial Outlook and Capital Management

"Everpure's financial profile is durably resetting to higher levels of growth and profitability," said Tarek Robbiati, Chief Financial Officer at Everpure. "We have demonstrated over the past decade-plus that we can profitably grow and take share in our core business across inflationary and deflationary cycles. This has been made possible by our unique differentiated IP which is now enabling a sustained level of financial performance well above Rule of 40."

To support this trajectory, Everpure maintains a disciplined capital management framework centered on funding organic investment, strengthening the balance sheet, pursuing strategic mergers and acquisitions, completing share buybacks to offset dilution from stock-based compensation, and executing additional select buybacks to return excess capital. Today's new framing preserves flexibility to fund a much larger opportunity set than the company has ever had.

The company re-affirmed its fiscal year 2027 revenue and operating income guidance provided on its second quarter fiscal year 2027 earnings call, and provided a preliminary outlook for fiscal year 2028.

These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements.

Additional Resources

• Executive Commentary: Read additional insights on Everpure's market expansion and differentiated value for hyperscalers.
• Webcast Replay and Presentation Slides: The Financial Analyst Meeting webcast replay and presentation slides will be available in the Events & Presentations section of Everpure's Investor Relations website.

About Everpure

Everpure (NYSE: P) allows organizations to take control of their data with an industry-leading, ever-evolving storage and data management platform. We help companies unleash the power of their data by ensuring it is accessible, intelligent, and ready to perform in the AI era. We make data management effortless while simultaneously scaling performance and significantly reducing energy consumption. With one of the highest Net Promoter Scores for over a decade, Everpure is the choice of the world's most innovative organizations. For more information, visit www.everpuredata.com.

The release timing of any discussed functionality remains at Everpure's sole discretion. The information provided is not a commitment to deliver discussed functionality based on any timeline.

Investors and others should note that we announce material business and financial information through our investor relations website at investor.everpuredata.com, SEC filings, public conference calls and webcasts, and press releases, including earnings press releases. We also announce business and financial information through our newsroom website (https://www.everpuredata.com/company/newsroom.html), blog (http://blog.everpuredata.com), LinkedIn (linkedin.com/company/everpure-data), X (x.com/EverpureData), Facebook (@purestorage), Instagram (@purestorage) and YouTube (@everpure-data). It is possible that the information we post on these channels could be deemed to be material information. Therefore, we encourage investors to follow these channels, in addition to our SEC filings, public conference calls and webcasts, and press releases.

Forward Looking Statements

This press release contains forward-looking statements regarding our products, business, operations and financial performance, including but not limited to our views relating to our future period financial and business results, our expectations regarding rule of 40, and the expected contribution to our revenue from modern data software, scale AI, and hyperscale products; our capital allocation priorities, including research and development investment, strategic mergers and acquisitions and the return of excess capital; our total addressable and serviceable addressable market estimates and our expectations regarding market growth and continued market share gains, including Core and Core AI; the expected mix of core and new product revenue; demand for our products and subscription and consumption offerings, including Evergreen//One, and the related sales mix; our sales pipeline and the timing and magnitude of large orders, including sales to hyperscalers and large enterprises; our technology and product strategy and roadmap, including DirectFlash, FlashBlade//EXA, the Enterprise Data Cloud and our expansion into data intelligence; our market opportunities in modern data software, scale AI and hyperscale environments, our ability to meet hyperscalers' performance, price and other requirements, to expand with existing and land new hyperscale customers, and the timing and amount of hyperscale revenue; our ability to manage supply chain disruptions and procure sufficient flash and other components; the impact of component cost increases and NAND pricing cycles on our pricing, gross margin and share gains; the anticipated effects of our acquisition of 1touch; our expectations regarding product and technology differentiation, sustainability and energy savings for customers, new investments and partnerships; and the impact of inflation, currency fluctuations, tariffs or other adverse economic conditions.

Actual results may differ materially from the results predicted. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investors.everpuredata.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the fiscal year ended February 1, 2026. All information provided in this release and in the attachments is as of September 23, 2026, and Everpure undertakes no duty to update this information unless required by law.

Non-GAAP Financial Measures

To supplement its guidance, Everpure has provided forward-looking guidance on non-GAAP operating income and the related year-over-year growth rate for fiscal year 2027 and, on a preliminary basis, for fiscal year 2028. Everpure has also provided average non-GAAP research and development expense as a percentage of revenue for the five fiscal years ended February 1, 2026. Non-GAAP research and development expense excludes certain expenses such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, expenses for severance and termination benefits related to workforce realignment, and duplicate lease costs during the transition of our corporate headquarters. For a reconciliation of average non-GAAP research and development expense as a percentage of revenue for the five fiscal years ended February 1, 2026 as a percentage of revenue for the same period, please see the table at the end of this press release.

Everpure uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Everpure's performance by excluding certain expenses that may not be indicative of its ongoing core business operating results, and that both management and investors benefit from referring to these non-GAAP financial measures in assessing performance and when planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP, and Everpure's non-GAAP measures may be different from non-GAAP measures used by other companies.

Everpure has not reconciled its guidance for non-GAAP operating income and the related year-over-year growth rate to their most directly comparable GAAP measures because certain items that impact these measures are not within Everpure's control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort.

Everpure calculates the Rule of 40 as year-over-year revenue growth rate + non-GAAP operating margin.

Reconciliation from GAAP research and development expense results to the comparable non-GAAP measures (in thousands except percentages, unaudited):

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SOURCE Everpure