1. The second-to-last version of a document, software, or product before the final version is released
The penultimate version of the software contained several bugs that were fixed in the final release.
A versão penúltima do software continha vários bugs que foram corrigidos no lançamento final.
2. A draft or iteration that comes immediately before the ultimate or final version
We reviewed the penultimate version of the manuscript before sending it to print.
Revisamos a versão penúltima do manuscrito antes de enviá-lo para impressão.