GSI Technology(GSIT) - 2025 Q2 - Quarterly Results

Financial Performance - GSI Technology reported net revenues of $4.6 million for Q2 FY2025, down from$ 5.7 million in Q2 FY2024 and $4.7 million in Q1 FY2025[2] - Gross margin decreased to 38.6% in Q2 FY2025 from 54.7% in Q2 FY2024 and 46.3% in Q1 FY2025, primarily due to product mix and severance costs[2] - Operating loss for Q2 FY2025 was$ (5.6) million, compared to an operating loss of $(4.1) million in the prior-year period and operating income of$ 1.1 million in the prior quarter[5] - Net loss for Q2 FY2025 was $(5.5) million, or$ (0.21) per diluted share, compared to a net loss of $(4.1) million, or$ (0.16) per diluted share, in Q2 FY2024[5] - Total operating expenses in Q2 FY2025 were $7.3 million, compared to$ 7.2 million in Q2 FY2024 and $1.1 million in the prior quarter, which included a one-time gain of$ 5.7 million[4] Revenue Sources - Sales to Nokia accounted for $812,000, or 17.8% of net revenues in Q2 FY2025, down from$ 1.2 million, or 20.3% in the same period a year ago[3] - Military/defense sales represented 40.2% of second quarter shipments, up from 34.8% in the comparable period a year ago[3] Future Outlook - GSI Technology anticipates Q3 FY2025 net revenues in the range of $4.7 million to$ 5.5 million, with gross margin expected to be approximately 50% to 52%[1] - The company expects to achieve annual savings of $3.5 million from strategic cost-cutting measures implemented in Q2 FY2025[1] Cash Position - GSI Technology had$ 18.4 million in cash and cash equivalents as of September 30, 2024, compared to $14.4 million at March 31, 2024[6]