<SEC-DOCUMENT>0001349123-25-000009.txt : 20251016
<SEC-HEADER>0001349123-25-000009.hdr.sgml : 20251016
<ACCEPTANCE-DATETIME>20251016160449
ACCESSION NUMBER:		0001349123-25-000009
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251014
FILED AS OF DATE:		20251016
DATE AS OF CHANGE:		20251016

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Adams Mark
		CENTRAL INDEX KEY:			0001349123
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38102
		FILM NUMBER:		251397651

	MAIL ADDRESS:	
		STREET 1:		C/O PENGUIN SOLUTIONS, INC.
		STREET 2:		39870 EUREKA DRIVE
		CITY:			NEWARK
		STATE:			CA
		ZIP:			94560

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Penguin Solutions, Inc.
		CENTRAL INDEX KEY:			0001616533
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				365142687
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0830

	BUSINESS ADDRESS:	
		STREET 1:		1390 MCCARTHY BLVD
		CITY:			MILPITAS
		STATE:			CA
		ZIP:			95035
		BUSINESS PHONE:		(510) 623-1231

	MAIL ADDRESS:	
		STREET 1:		1390 MCCARTHY BLVD
		CITY:			MILPITAS
		STATE:			CA
		ZIP:			95035

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMART Global Holdings, Inc.
		DATE OF NAME CHANGE:	20140813
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wk-form4_1760645086.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-10-14</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001616533</issuerCik>
        <issuerName>Penguin Solutions, Inc.</issuerName>
        <issuerTradingSymbol>PENG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001349123</rptOwnerCik>
            <rptOwnerName>Adams Mark</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PENGUIN SOLUTIONS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>45800 NORTHPORT LOOP WEST</rptOwnerStreet2>
            <rptOwnerCity>FREMONT</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94538</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and CEO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-10-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>107958</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1041937</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-10-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>54822</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>22.32</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>987115</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>29640</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>The Adams Family Trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">On September 26, 2022, the reporting person was granted performance-based restricted stock units (&quot;PSUs&quot;), the vesting of which was (i) tied to the achievement of total stockholder return goals relative to the performance of the median company in the Russell 2000 Index following the end of a given three-year performance period, and (ii) subject to the reporting person's continued employment through the date of certification of performance by the Compensation Committee of the Issuer's Board of Directors (the &quot;Committee&quot;). On October 14, 2025, the Committee certified the performance goal achievement and determined that 107,958 PSUs were earned by the reporting person and vested as of such date.</footnote>
        <footnote id="F2">Reflects shares surrendered to the Issuer to satisfy tax withholding obligations in connection with vesting of PSUs. No shares were sold.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Anne Kuykendall as attorney-in-fact for Mark Adams</signatureName>
        <signatureDate>2025-10-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
