Takeaways from Virtual Investor Meeting with Everpure's CTO Rob Lee

研报英文原文证据摘录

Takeaways from Virtual Investor Meeting with Everpure's CTO Rob Lee

TD Cowen Everpure

Global Research June 30, 2026

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

Unencumbered by legacy hardware (i.e., disk-based systems), PSTG is a pure-play all-flash ■ Long-horizon agents adopted in

array provider with a differentiated approach to NAND flash management (DirectFlash) and Enterprises at scale

hardware subscription services (Evergreen Storage). These attributes should sustain PSTG's ■ Continued growth in international market

industry-leading GMs and high double-digit revenue growth, and drive long-term profitability. (25% growth in CY25 vs US at 12%)

We think the company’s multiple should expand as PSTG remains in the early innings of ■ A second hyperscale win (potentially

transforming its portfolio toward a higher-margin, recurring revenue, software-centric model. second half C2026 event)

Base Case Assumptions Upside Scenario Downside Scenario

■ 16% revenue CAGR CY25-30 ■ A 2nd hyperscale win (not priced in as of ■ Share losses in North America All-Flash

■ 24% operating margins by CY30 up from early 2026) ■ Operating margins remaining at < 20%

18.4% in CY26 ■ R&D operating leverage kicking in CY27 beyond CY26

■ Run-rate of $150M annual revenues from

Meta

Price Performance Company Description

PSTG is an all-flash enterprise storage infrastructure provider, serving on-premise and

$110

hybrid cloud end markets. The company's products include all-flash storage arrays and

hyperconverged solutions, supported by its data management OS, Purity, that manages and

optimizes raw NAND flash memory for cutting edge performance needed for AI workloads.

90 Additionally, PSTG provides a data management software infrastructure that facilitates