[Financial Highlights](index=1&type=section&id=Financial_Highlights) GSI Technology reported a decline in net revenues and gross margin for both the fourth quarter and the full fiscal year 2024 compared to the prior year, consequently widening the company's net loss for both periods, reflecting challenges in product mix and the impact of lower revenue on fixed costs [Fourth Quarter Fiscal Year 2024 Results](index=1&type=section&id=Fourth_Quarter_Fiscal_Year_2024_Results) In Q4 FY2024, net revenues were **$5.2 million**, a slight decrease from **$5.4 million** in Q4 FY2023, with net loss widening to **$4.3 million** from **$4.0 million** year-over-year, and gross margin contracting to **51.6%** from **55.9%** due to product mix and lower revenue Q4 FY2024 Key Financial Metrics | Metric | Q4 2024 | Q3 2024 | Q4 2023 | | :--- | :--- | :--- | :--- | | Net Revenues | $5.2M | $5.3M | $5.4M | | Gross Margin | 51.6% | 55.9% | 55.9% | | Operating Loss | $(4.5)M | $(6.7)M | $(3.9)M | | Net Loss | $(4.3)M | $(6.6)M | $(4.0)M | | Net Loss per Share | $(0.17) | $(0.26) | $(0.16) | - The decrease in gross margin was primarily attributed to product mix and the effect of lower revenue on the fixed costs within the cost of revenues[7](index=7&type=chunk) Q4 2024 Sales Mix | Category | Q4 2024 (% of Net Revenues) | Q4 2023 (% of Net Revenues) | Q3 2024 (% of Net Revenues) | | :--- | :--- | :--- | :--- | | Sales to Nokia | 13.5% ($0.7M) | 21.8% ($1.2M) | 15.2% ($0.8M) | | Military/Defense Sales | 35.5% | 44.2% | 28.2% | | SigmaQuad Sales | 42.4% | 46.3% | 46.9% | [Fiscal Year 2024 Results](index=1&type=section&id=Fiscal_Year_2024_Results) For the full fiscal year 2024, net revenues decreased to **$21.8 million** from **$29.7 million** in FY2023, with net loss increasing significantly to **$20.1 million** from **$16.0 million**, and gross margin declining to **54.3%** from **59.6%** Fiscal Year 2024 Key Financial Metrics | Metric | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Net Revenues | $21.8M | $29.7M | | Gross Margin | 54.3% | 59.6% | | Operating Loss | $(20.4)M | $(15.8)M | | Net Loss | $(20.1)M | $(16.0)M | | Net Loss per Share | $(0.80) | $(0.65) | - Total operating expenses decreased slightly to **$32.3 million** in FY2024 from **$33.5 million** in FY2023, driven by a reduction in R&D expenses from **$23.6 million** to **$21.7 million**[5](index=5&type=chunk) [Management Commentary and Outlook](index=1&type=section&id=Management_Commentary_and_Outlook) Management highlighted significant operational milestones, including the launch of new Gemini-I APU integrated servers and progress on the Gemini-II chip, while selling its Sunnyvale property to strengthen its financial position, with Q1 FY2025 revenues projected between **$4.6 million** and **$5.2 million** - Key achievements include: - Launched two high-capacity, low-power 1U and 2U servers integrated with the Gemini-I APU for SAR and Fast Vector Search applications - Made notable progress in testing and debugging the Gemini-II chip, aiming for a second spin in Q3 FY2025 and subsequent customer sampling[2](index=2&type=chunk) - The company entered an agreement to sell its Sunnyvale property for **$11.9 million** in cash to fortify its financial standing and extend its operational runway[2](index=2&type=chunk) Q1 Fiscal 2025 Outlook | Metric | Expected Range | | :--- | :--- | | Net Revenues | $4.6M - $5.2M | | Gross Margin | 52% - 54% | [Strategic and Operational Developments](index=2&type=section&id=Strategic_and_Operational_Developments) The company initiated a broad strategic review, overseen by a special committee, to maximize stockholder value, exploring options like financing, asset sales, or a company sale, prompted by the board's belief that the market has not recognized the progress of its APU technology, into which it has invested approximately **$150 million** over eight years - The company has initiated a broad strategic review to maximize stockholder value, administered by a special committee of the board[3](index=3&type=chunk) - A wide range of options are being considered, including equity or debt financing, divestiture of assets, technology licensing, or other strategic arrangements, including the sale of the company[3](index=3&type=chunk) - The company has invested approximately **$150 million** of internally generated capital over the last eight years to develop its novel associated processor (APU) architecture[3](index=3&type=chunk) - Needham & Company, LLC has been hired as a strategic and financial advisor for this process, with no timetable set for the completion of the review[3](index=3&type=chunk) [Financial Statements](index=5&type=section&id=Financial_Statements) This section provides the detailed, unaudited condensed consolidated financial statements for the periods ended March 31, 2024, including Statements of Operations detailing revenue and expenses leading to net loss, and Balance Sheets showing significant year-over-year decreases in cash, total assets, and stockholders' equity [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed_Consolidated_Statements_of_Operations) The income statement details revenues of **$21.8 million** for fiscal year 2024, down from **$29.7 million** in the prior year, with total operating expenses of **$32.3 million** resulting in an operating loss of **$20.4 million** and a net loss of **$20.1 million** for the fiscal year, also providing a breakdown of stock-based compensation Detailed Statement of Operations (FY 2024 vs FY 2023, in thousands) | Line Item | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Net revenues | $21,765 | $29,691 | | Gross profit | $11,823 | $17,681 | | Research & development | $21,689 | $23,550 | | Selling, general and administrative | $10,565 | $9,938 | | Total operating expenses | $32,254 | $33,488 | | Operating loss | $(20,431) | $(15,807) | | Net loss | $(20,087) | $(15,977) | Total Stock-Based Compensation (in thousands) | Period | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Total Expense | $2,838 | $2,469 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed_Consolidated_Balance_Sheets) As of March 31, 2024, the company's balance sheet showed cash and cash equivalents of **$14.4 million**, a sharp decline from **$27.2 million** a year prior, with total assets decreasing to **$42.5 million** from **$59.9 million**, and stockholders' equity falling to **$36.0 million** from **$51.4 million** over the same period Key Balance Sheet Items (in thousands) | Account | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $14,429 | $27,212 | | Short-term investments | $0 | $3,363 | | Total Assets | $42,464 | $59,876 | | Total Liabilities | $6,494 | $8,504 | | Stockholders' Equity | $35,970 | $51,372 | - Working capital decreased to **$19.1 million** as of March 31, 2024, from **$34.7 million** at March 31, 2023[13](index=13&type=chunk)

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 ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

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]

[PART I — FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Unaudited financial statements for Q3 2023 show decreased assets and equity, increased net losses, and declining revenues, with improved operating cash flow [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Sep 30, 2023 | Mar 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $24,669 | $27,212 | ($2,543) | | Total current assets | $35,239 | $41,875 | ($6,636) | | Total assets | $53,100 | $59,876 | ($6,776) | | Total current liabilities | $6,402 | $7,202 | ($800) | | Total liabilities | $7,735 | $8,504 | ($769) | | Total stockholders' equity | $45,365 | $51,372 | ($6,007) | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Three Months Ended September 30, (in thousands, except per share) | Metric | 2023 | 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Net revenues | $5,708 | $8,953 | -36.2% | | Gross profit | $3,121 | $5,602 | -44.3% | | Loss from operations | ($4,093) | ($3,205) | +27.7% | | Net loss | ($4,055) | ($3,228) | +25.6% | | Diluted net loss per share | ($0.16) | ($0.13) | +23.1% | Six Months Ended September 30, (in thousands, except per share) | Metric | 2023 | 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Net revenues | $11,295 | $17,862 | -36.8% | | Gross profit | $6,190 | $10,967 | -43.6% | | Loss from operations | ($9,232) | ($7,147) | +29.2% | | Net loss | ($9,165) | ($7,204) | +27.2% | | Diluted net loss per share | ($0.37) | ($0.29) | +27.6% | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Six Months Ended September 30, Cash Flow Summary (in thousands) | Cash Flow Activity | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | ($6,295) | ($8,373) | +$2,078 | | Net cash provided by investing activities | $2,126 | $4,026 | ($1,900) | | Net cash provided by financing activities | $1,626 | $179 | +$1,447 | | Net decrease in cash and cash equivalents | ($2,543) | ($4,168) | +$1,625 | | Cash and cash equivalents at end of period | $24,669 | $32,803 | ($8,134) | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue recognition, balance sheet components, and key disclosures including SRAM product concentration, Nokia as a major customer, and a new Space Development Agency agreement - Substantially all revenue is derived from sales of SRAM products, accounting for approximately **98% of total revenues** in the first six months of fiscal 2024[47](index=47&type=chunk) - Nokia is the largest customer, representing **27% of net revenues** in the six months ended September 30, 2023, up from 14% in the same period of 2022[48](index=48&type=chunk) - In June 2023, the company entered into a prototype agreement with the Space Development Agency, which includes milestone payments totaling an estimated **$1.25 million**. The company recognized **$260,000** as a reduction to R&D expense in the quarter[91](index=91&type=chunk)[92](index=92&type=chunk) Revenue by Customer Type (Six Months Ended Sep 30, in thousands) | Customer Type | 2023 | 2022 | | :--- | :--- | :--- | | Contract manufacturers | $3,274 | $3,206 | | Distribution | $7,970 | $14,118 | | OEMs | $51 | $538 | | **Total** | **$11,295** | **$17,862** | Revenue by Geographic Area (Six Months Ended Sep 30, in thousands) | Region | 2023 | 2022 | | :--- | :--- | :--- | | United States | $6,035 | $8,601 | | China | $481 | $1,198 | | Singapore | $952 | $3,510 | | Netherlands | $1,955 | $1,457 | | Germany | $1,550 | $2,452 | | Rest of the world | $322 | $644 | | **Total** | **$11,295** | **$17,862** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses revenue decline due to economic factors and buffer stock, focusing on new APU product development, cost reduction, and maintaining a debt-free balance sheet [Overview](index=33&type=section&id=Overview) - The company is a leading provider of semiconductor memory solutions (SRAMs) and is developing in-place associative computing (APU) products for AI and HPC markets[94](index=94&type=chunk) - Revenues have been negatively impacted by the global economic environment, including inflationary pressures and rising interest rates, as well as customers working through buffer stock purchased during prior supply chain shortages[95](index=95&type=chunk) - In June 2023, the company received a prototype agreement award from the Space Development Agency (SDA) for the development of its next-generation APU2, with milestone payments totaling an estimated **$1.25 million**[96](index=96&type=chunk) - Cost reduction measures announced in November 2022, including a **15% workforce reduction**, were implemented to reduce annualized operating expenses by approximately **$7.0 million** and focus resources on APU technology[100](index=100&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Comparison of Results of Operations (Three Months Ended Sep 30) | Metric | 2023 (in thousands) | 2022 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Net Revenues | $5,708 | $8,953 | -36.2% | | Gross Profit | $3,121 | $5,602 | -44.3% | | Gross Margin | 54.7% | 62.6% | -7.9 p.p. | | R&D Expenses | $4,700 | $6,400 | -26.6% | | SG&A Expenses | $2,500 | $2,400 | +4.6% | Comparison of Results of Operations (Six Months Ended Sep 30) | Metric | 2023 (in thousands) | 2022 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Net Revenues | $11,295 | $17,862 | -36.8% | | Gross Profit | $6,190 | $10,967 | -43.6% | | Gross Margin | 54.8% | 61.4% | -6.6 p.p. | | R&D Expenses | $9,900 | $13,000 | -24.0% | | SG&A Expenses | $5,500 | $5,100 | +8.4% | - The decrease in net revenues was attributed to the current economic environment and customers working through buffer stock purchased during prior supply chain constraints[115](index=115&type=chunk) - The decrease in gross margin was primarily due to changes in the mix of products and customers, with the prior year period benefiting from higher-margin radiation hardened SRAM shipments[118](index=118&type=chunk) - Research and development expenses decreased significantly due to cost reduction measures implemented in November 2022 and were partially offset by funding from the SDA award[119](index=119&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) - As of September 30, 2023, principal sources of liquidity were cash, cash equivalents, and short-term investments totaling **$25.3 million**, down from **$30.6 million** at March 31, 2023[125](index=125&type=chunk) - Net cash used in operating activities for the six months ended September 30, 2023, was **$6.3 million**, an improvement from **$8.4 million** used in the prior-year period[126](index=126&type=chunk) - Net cash provided by financing activities was **$1.6 million**, primarily from the issuance of common stock under employee plans and an At-the-Market (ATM) offering[129](index=129&type=chunk) - The company believes existing cash and expected cash flow will be sufficient to meet working capital and capital expenditure needs for at least the next 12 months[130](index=130&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces minimal foreign currency exchange risk and immaterial interest rate risk due to USD-denominated transactions and a short-term investment portfolio - The company has relatively little exposure to currency exchange risks as revenues and most expenses are denominated in U.S. dollars. It does not currently use hedging instruments[137](index=137&type=chunk) - Interest rate sensitivity is considered not material due to the short-term nature of the **$25.3 million** in cash, cash equivalents, and short-term investments. A **100 basis point** change in interest rates is not expected to materially affect the portfolio's fair value[138](index=138&type=chunk)[140](index=140&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were ineffective as of September 30, 2023, due to an un-remediated material weakness in reviewing forecasts for contingent consideration and impairment testing - Management concluded that disclosure controls and procedures were **not effective** as of September 30, 2023[142](index=142&type=chunk) - The ineffectiveness is due to a material weakness, first identified in fiscal 2022 and still un-remediated, related to inadequate controls over the review of forecasts used to calculate contingent consideration liability and test goodwill and intangible assets for impairment[143](index=143&type=chunk) - A remediation plan is underway, which includes enhancing management's review controls over the forecasts. The material weakness will not be considered remediated until the new controls operate effectively for a sufficient period[144](index=144&type=chunk) [PART II — OTHER INFORMATION](index=49&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from unpredictable operating results, heavy customer reliance, global economic and geopolitical instability, internal control weaknesses, single-source suppliers, and new product development challenges [Risks Related to Our Business and Financial Condition](index=53&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Financial%20Condition) - Operating results fluctuate unpredictably, with quarterly net revenues ranging from **$5.4 million to $9.0 million** and operating losses from **$2.9 million to $5.1 million** in the last ten fiscal quarters[158](index=158&type=chunk) - The company's largest customer, Nokia, accounted for **27% of net revenues** in the six months ended September 30, 2023. A reduction in purchases from Nokia would significantly harm operating results[165](index=165&type=chunk) - A material weakness in internal control over financial reporting related to the review of forecasts remains un-remediated as of September 30, 2023, which could impair the ability to produce timely and accurate financial statements[171](index=171&type=chunk) - The business is expected to be materially and adversely affected by rising interest rates, worldwide inflation, the conflict in Israel, and the decline in the global economic environment[166](index=166&type=chunk) [Risks Related to Manufacturing and Product Development](index=72&type=section&id=Risks%20Related%20to%20Manufacturing%20and%20Product%20Development) - The company is dependent on single-source suppliers for key components, most significantly obtaining wafers for its SRAM and APU products from a single foundry, **TSMC**[179](index=179&type=chunk) - Difficulties in transitioning to smaller geometry process technologies could result in reduced manufacturing yields, product delivery delays, and increased expenses[221](index=221&type=chunk) - Complex products may contain design or manufacturing defects, which could lead to loss of revenues, significant warranty costs, and harm to customer relationships[225](index=225&type=chunk) [Risks Related to Our International Business and Operations](index=74&type=section&id=Risks%20Related%20to%20Our%20International%20Business%20and%20Operations) - Software development for APU products occurs in Israel, and the evolving military conflict with Hamas that began on October 7, 2023, could harm the business, customers, and operations[226](index=226&type=chunk) - A significant portion of manufacturing and testing is conducted in Taiwan, making the business vulnerable to political, social, and economic changes, including potential conflicts involving the People's Republic of China[227](index=227&type=chunk) - International business, which accounted for **46.6% of net revenues** in the first six months of fiscal 2024, exposes the company to risks such as political instability, tariffs, trade barriers, and foreign exchange fluctuations[230](index=230&type=chunk)[233](index=233&type=chunk) [Risks Relating to Our Common Stock and the Securities Market](index=78&type=section&id=Risks%20Relating%20to%20Our%20Common%20Stock%20and%20the%20Securities%20Market) - The trading price of the company's common stock is subject to significant fluctuation and volatility[239](index=239&type=chunk) - As of October 31, 2023, executive officers, directors, and their affiliates beneficially owned approximately **32%** of the outstanding common stock, allowing them to exercise substantial influence over corporate matters[242](index=242&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=83&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased under the company's authorized stock repurchase program during the quarter ended September 30, 2023 - The company did not repurchase any of its shares under its authorized stock repurchase program during the quarter ended September 30, 2023[248](index=248&type=chunk) [Item 6. Exhibits](index=83&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - The exhibits filed with the report include CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act, as well as various Inline XBRL data files[249](index=249&type=chunk)

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 ...