SUNNYVALE, Calif., April 18, 2024 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (Nasdaq: GSIT), developer of the Gemini ® Associative Processing Unit (APU) for AI and high-performance parallel computing (HPPC) and a leading provider of high-performance memory solutions for networking, telecommunications and military markets, will announce financial results for its fiscal fourth quarter and year end 2024 ended March 31, 2024 after the market close on Thursday, May 2, 2024. Management will also conduct a conferenc ...

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Financial Position - The company reported cash and cash equivalents of $21.6 million as of December 31, 2023, with no debt[101]. - Cash and cash equivalents as of December 31, 2023 were $21.6 million, down from $30.6 million as of March 31, 2023[126]. - The company believes existing cash balances and expected cash flow will be sufficient for working capital and capital expenditures for at least the next 12 months[131]. - The company sold 133,000 shares at an average price of $4.20, resulting in proceeds of $542,000 after offering costs of $389,000 during Q3 2023[133]. - As of December 31, 2023, the company had $4.2 million in purchase obligations, with $3.3 million due within the next twelve months[133]. - The contingent consideration liability related to the acquisition of MikaMonu was accrued at $495,000, payable through December 31, 2025, contingent on revenue targets[133]. - The company reported cash and cash equivalents of $21.6 million as of December 31, 2023, primarily invested in money market funds[138]. Revenue and Sales Performance - Sales to networking and telecommunications OEMs accounted for 32% to 53% of net revenues over the last three fiscal years, with Nokia being the largest customer, representing approximately 23% of net revenues in the nine months ended December 31, 2023[107]. - Net revenues decreased by 17.5% from $6.4 million in Q4 2022 to $5.3 million in Q4 2023, and by 31.8% from $24.3 million in the nine months ended December 31, 2022 to $16.6 million in the same period in 2023[116]. Expenses and Costs - Research and development expenses included a charge of $2.4 million for a pre-production mask set for the APU-2 during the quarter ended December 31, 2023[110]. - Research and development expenses increased by 26.2% from $5.5 million in Q4 2022 to $7.0 million in Q4 2023, primarily due to increased pre-production mask costs for the APU-2 product[120]. - Selling, general and administrative expenses decreased by 9.5% from $3.0 million in Q4 2022 to $2.7 million in Q4 2023, while increasing by 1.8% from $8.1 million in the nine months ended December 31, 2022 to $8.2 million in the same period in 2023[121]. - The company has been impacted by supply chain constraints and inflation, leading to increased costs in wafer fabrication and assembly operations[108]. Profitability and Loss - Gross profit decreased by 19.7% from $3.7 million in Q4 2022 to $3.0 million in Q4 2023, and by 37.5% from $14.7 million in the nine months ended December 31, 2022 to $9.2 million in the same period in 2023[118]. - Net loss was $6.6 million in Q4 2023 compared to $4.8 million in Q4 2022, and $15.8 million in the nine months ended December 31, 2023 compared to $12.0 million in the same period in 2022[125]. Future Outlook - The company expects continued fluctuations in revenues due to changes in customer buying patterns and economic conditions, including inflation and energy price fluctuations[98]. - The company anticipates that overall average selling prices will increase in the coming quarters due to a shift towards higher price, higher density products[104]. - The company expects that selling, general, and administrative expenses will increase in absolute dollars as it expands its sales force[111]. Internal Controls and Compliance - There was a material weakness in internal control over financial reporting identified as of March 31, 2023, which has not been remediated as of December 31, 2023[140]. - Management has implemented a detailed plan to remediate the identified material weakness, focusing on enhancing review controls over forecasts used for contingent consideration calculations[142]. - The company does not have any off-balance sheet arrangements or relationships with unconsolidated entities as of December 31, 2023[135]. Risk Factors - Foreign currency exchange risks are minimal, as revenues and expenses are primarily denominated in U.S. dollars[137]. - The company does not currently enter into forward exchange contracts or derivative financial instruments for hedging or speculative purposes[137]. - A hypothetical 100 basis point change in interest rates is not expected to materially affect the fair value of the company's interest-sensitive financial instruments[138].

Financial Data and Key Metrics Changes - The company reported a net loss of $6.6 million, or $0.26 per diluted share, on net revenues of $5.3 million for Q3 fiscal 2024, compared to a net loss of $4.8 million, or $0.20 per diluted share, on net revenues of $6.4 million for the same period last year [41] - Gross margin was 55.9%, down from 57.5% in the prior-year period, primarily due to changes in product mix and volume sold [42] - Total operating expenses increased to $9.7 million from $8.5 million in Q3 fiscal 2023 [43] Business Line Data and Key Metrics Changes - Sales to Nokia were $807,000, representing 15.2% of net revenues, down from $1.3 million or 20% in the same period a year ago [24] - Military/defense sales accounted for 28.2% of third-quarter shipments, up from 26.2% year-over-year [24] - SigmaQuad sales were 46.9% of third-quarter shipments, compared to 45.2% in the same quarter of fiscal 2023 [24] Market Data and Key Metrics Changes - The company shipped over $600,000 of prototype radiation-hardened SRAM to two different customers for satellite programs [49] - The company is engaged with several satellite companies for radiation-tolerant APUs, indicating strong market interest [28] Company Strategy and Development Direction - The company is focusing on strategic partnerships to support the launch of Gemini-II and development of Gemini-III, which is expected to require significant capital investment [18] - The architecture of the APU is designed to address critical needs in data centers and emerging applications, aiming to lower power consumption and reduce inference costs for GenAI end users [21][30] - The company is exploring opportunities for joint ventures and potential equity investments to fund future growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market potential for their APU architecture, particularly for inference workloads [20] - The company anticipates starting initial alpha deployment of Gemini-II with select customers in the second half of calendar 2024 [29] - Management highlighted the importance of prudent expense management and actions to increase financial flexibility to support growth [19] Other Important Information - The company completed radiation-hardened testing on the Gemini-I APU, confirming its suitability for compute-in-space applications [28] - A recent research paper from Cornell University demonstrated the Gemini-I APU's performance benefits for genomic applications, showcasing its market opportunities [36] Q&A Session Summary Question: What is the structure of a joint venture partner's capital investment in GSIT? - The investment could be either an upfront milestone payment or an equity investment, with a focus on customer funding for Gemini-III [10] Question: Can you explain the $2.4 million charge for a pre-production mask? - This charge is a one-time expense related to a new process technology and will not recur frequently [57][58] Question: What is the outlook for Nokia and the router sold into? - Nokia's revenue is expected to stabilize around $1 million to $1.1 million per quarter, as they are currently burning through inventory [66] Question: What is the appraisal value of the building owned by the company? - The building is estimated to be worth between $10 million to $13 million [61] Question: Will the company receive provenance from the evaluation parts shipped? - There is a chance that one of the recently shipped prototypes could be deployed quickly, but specifics are still being determined [65]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33387 GSI Technology, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...

GSI Technology, Inc. (NASDAQ:GSIT) Q2 2024 Earnings Conference Call October 26, 2023 4:30 PM ET Company Participants Lee-Lean Shu - Chairman, President and CEO Didier Lasserre - VP of Sales Douglas Schirle - CFO Conference Call Participants Brett Reiss - Janney Montgomery Scott Orin Hirschman - AIGH Investment Partners Operator Ladies and gentlemen, thank you for standing by. Welcome to GSI Technology's Second Quarter Fiscal 2024 Results Conference Call. [Operator Instructions] Before we begin today's cal ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33387 GSI Technology, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpor ...

GSI Technology, Inc. (NASDAQ:GSIT) Q1 2024 Earnings Conference Call July 27, 2023 4:30 PM ET Company Participants Lee-Lean Shu - Chairman, President and CEO Douglas Schirle - CFO Didier Lasserre - VP of Sales Conference Call Participants Nick Doyle - Needham and Company Jeff Bernstein - TD Cowen Operator Ladies and gentlemen, thank you for standing by. Welcome to GSI Technology's First Quarter Fiscal 2024 Results Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33387 GSI Technology, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorp ...

GSI Technology, Inc. (NASDAQ:GSIT) Q4 2023 Earnings Conference Call May 16, 2023 4:30 PM ET Company Participants Lee-Lean Shu - Chairman, President and CEO Didier Lasserre - VP of Sales Douglas Schirle - CFO Conference Call Participants Nick Doyle - Needham Jeff Bernstein - TD Cowen Orin Hirschman - AIGH Investment Partners Operator Greetings, and thank you for standing by. Welcome to the GSI Technology's Fourth Quarter and Fiscal 2023 Results Conference Call. [Operator Instructions] Before we begin today's ...