The panic report names a .kext — what do I do?

Search that kext name; it usually belongs to a VPN, antivirus or virtualization app. Update or uninstall that app.

Is a one-off panic a problem?

A single isolated panic after which everything is stable is usually not worth chasing. Repeated panics are.

The screen dims and a message says the computer restarted because of a problem.
Repeated restarts, sometimes in a loop, with a panic report offered afterwards.
Panics cluster around a specific action — sleep, connecting a dock, launching an app.

Third-party kernel or system extensions (VPN, antivirus, virtualization, audio drivers).
Faulty RAM or a failing external device or hub.
A corrupt system volume or an interrupted macOS update.
Incompatible or outdated software after a macOS upgrade.

Unplug every non-essential peripheral, then start in Safe Mode (Intel: hold Shift at boot; Apple silicon: hold the power button → Options → hold Shift while choosing the disk).
Remove third-party kernel/system extensions and outdated drivers, and update the apps that install them; check System Settings → General → Login Items & Extensions.
Run Apple Diagnostics (Intel: hold D at boot; Apple silicon: power button → keep holding → Diagnostics) and, if panics persist, reinstall macOS from Recovery.

log show --predicate 'eventMessage contains "panic"' --last 1d

Run in Terminal after a panic to view the recent panic log and any driver names it references.

How to confirm the fix: The Mac runs normally in and out of sleep for a full day with all your usual devices connected.

Keep macOS and low-level utilities updated, and remove kernel extensions you no longer use before major upgrades.