While enterprise storage defined much of our history, our strategic evolution beyond this single market inspired our recent name change. Core storage remains a resilient, highly profitable business for us—one we expect to lead well ahead of the broader enterprise storage market’s projected 12% growth. Our foundation is solid, our performance is accelerating, and we believe we are positioned to continue taking share in our core market.
But we are now expanding our growth opportunities beyond just enterprise storage. The technology and intellectual property we have spent more than 15 years developing for our core now allow us to compete in three additional markets:
- Scale AI
- Modern Data Software
- Hyperscale Solutions
At different stages of development, each of these areas is expected to become a meaningful revenue contributor over the next three years, giving us the opportunity to grow beyond our core, capture share in new high growth adjacent markets and durably reset our long-term financial profile.
One Architecture, Four Markets
The underlying economics stem from a decision we made many years ago: we have always believed storage is high technology, not a commodity, and we invested in it accordingly. Rather than spreading R&D across multiple architectures, we concentrated our investment on one.
That focus enabled us to innovate faster and build a highly leveraged operating model that has allowed us to consistently take share through both inflationary and deflationary NAND cycles. Today, that unified architecture gives us another structural advantage: we can pursue significantly larger revenue opportunities across adjacent markets by leveraging our existing core technology, IP and R&D investments.
To be clear: we are not funding four separate technology foundations to compete in four markets. We are extending years of investment across a much larger opportunity set. As these businesses scale, we expect revenue to grow faster than the investments required to support it—expanding our operating leverage and driving long-term profitability.
Scale AI
AI has created a new class of infrastructure buyers: neoclouds and AI-native companies building infrastructure specifically for massive model training and inference. We call this opportunity Scale AI. These customers must continuously feed increasingly large GPU environments while optimizing for performance, reliability, density and power at scale. Rather than building a separate technology foundation, we have extended our proven architecture into this market.
We project this market will grow approximately 55% annually through CY30. More importantly, we are already converting that market demand into revenue, giving us an opportunity to establish and grow share in a market that historically sat outside our core.
Modern Data Software
Our second growth vector is Modern Data Software, driven by two simultaneous market shifts: AI is dramatically increasing the value of enterprise data, while application modernization is changing how that data must be managed.
While AI elevates the value of enterprise data, it also exposes how complex that data is to govern and utilize. Everpure has invested heavily in R&D for a world where enterprises organize around data and process. That is the premise behind Data Primacy and why, with our history of market leadership, we expect growing demand for Everpure Data Intelligence—software that automates discovery, understanding, and governance of enterprise data.
At the same time, enterprises are modernizing applications and reconsidering legacy virtualization architectures. They need new ways to store, move, manage and protect data across on-premises, cloud and cloud-native environments.
Our investments in container data management, cloud, data mobility, protection and enterprise data intelligence position us across both transitions. Together, these capabilities expand our opportunity beyond traditional storage and into a broader market for managing enterprise data.
Hyperscale Solutions
Hyperscale represents a business opportunity we are already scaling today.
Here, our primary competition are SSD, and eventually HDD, providers rather than traditional storage system vendors. The world’s largest data centers need substantially more storage capacity and performance—while facing acute power, space and cooling constraints.
Our DirectFlash Modules (DFMs) change the equation by reducing storage space, power and cooling requirements by 80–90%, with the potential to reduce total data center energy and space requirements by up to 20%.
We have secured design wins with two of the top-five hyperscalers, validating the repeatability of our model and creating the potential for deployments measured in tens of exabytes.
This success opens a significant new market for Everpure’s DirectFlash architecture and software. Rather than building a new technology foundation, we are bringing over 15 years of proven flash engineering to help hyperscalers expand their infrastructure to support AI and traditional computing at massive scale—turning our core technology advantage into a long-term growth engine.
We have established an important foothold and are making significant inroads into a market that historically sat outside our addressable opportunity. As a result, we expect Hyperscale Solutions revenue to be a meaningful contributor to Everpure’s growth. It is also an early example of the model we intend to replicate: extend our core technology into large adjacent markets, capture share and scale revenue without replicating the underlying technology investment.
The New Growth Equation
Put these pieces together, and the broader opportunity becomes clear.
Our core remains a strong, profitable foundation—one we expect will continue outperforming the enterprise storage market and capture share. Our performance is accelerating beyond the core.
Together, we expect these businesses to support total company revenue of approximately $5.05 billion in FY27, to $7.0-7.3 billion in FY28, representing a 38-41% CAGR from FY26.
That growth will reflect increasing contributions from Scale AI, Modern Data Software and Hyperscale—businesses that are emerging as new sources of revenue for Everpure.
That is a structural change.
Our long-term growth thesis does not depend on the traditional storage market suddenly accelerating. The equation is fundamentally different: solid and growing core, three additional high growth markets where we intend to capture share, and one highly leveraged technology foundation supporting all four.
We expect that combination to support FY26 to FY27 year-over-year growth of 50%, and FY27 to FY28 year-over-year growth of 80-100% in non-GAAP operating income
That combination of accelerating growth, and increasing operating leverage, is why we believe our long-term financial profile is resetting durably.
Beyond FY28, we believe that our Financial Profile will be well above Rule of 40 (defined as the sum of the Revenue growth rate percentage and non-GAAP operating margin percentage), in the 50-70 range.
That is the inflection point. And that is why the Everpure growth equation has changed.
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For more on the opportunity ahead and our financial outlook, see our 2026 Financial Analyst Meeting presentation.
Forward Looking Statements
This article 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, 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; expected demand for Everpure Data Intelligence; the expected mix of core and new product revenue; demand for our products and subscription and consumption offerings; our market opportunities in modern data software, scale AI and hyperscale and environments, our ability to expand sales with hyperscale customers; and our expectations regarding product and technology differentiation, sustainability and energy savings for customers, new investments and partnerships.
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 investor.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.
Use of Non-GAAP Financial Measures
This article includes non-GAAP research and development expense, non-GAAP operating income and non-GAAP operating margin.
Everpure uses these non-GAAP measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Everpure’s management believes that these non-GAAP financial measures provide meaningful information regarding the company’s performance and liquidity by excluding certain expenses such as stock-based compensation expense, payroll tax expense related to stock-based activities, amortization of acquired intangible assets, and certain other items. Everpure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the company’s performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. These non-GAAP financial measures are not prepared in accordance with, and are not an alternative to, financial measures prepared in accordance with generally accepted accounting principles (GAAP).
This article also contains forward-looking non-GAAP financial measures. Everpure has not reconciled these forward-looking non-GAAP measures to the most directly comparable GAAP measures because items such as stock-based compensation expense and payroll tax expense related to stock-based activities that impact these measures are not within the company’s control and/or cannot be reasonably predicted. Accordingly, reconciliations of these forward-looking non-GAAP financial measures are not available without unreasonable effort.
A reconciliation of each historical non-GAAP financial measure to its most directly comparable GAAP measure is available in the Appendix to the Everpure Financial Analyst Day presentation, which is available at: https://investor.everpuredata.com/news-and-events/events-and-presentations/default.aspx
