GSI Technology(US:GSIT)2024-07-25 20:05Financial Performance - First quarter fiscal 2025 net revenues were $4.7 million, a decrease from $5.6 million in the same period last year and $5.2 million in the prior quarter[13] - Net income for the first quarter was $1.1 million, or $0.04 per diluted share, compared to a net loss of $(5.1) million, or $(0.21) per diluted share, in the first quarter of fiscal 2024[5] - Gross margin for the first quarter of fiscal 2025 was 46.3%, down from 54.9% in the first quarter of fiscal 2024[24] - Current expectations for the upcoming fiscal second quarter are net revenues in a range of $4.2 million to $4.8 million, with gross margin of approximately 44% to 46%[24] Cash and Expenses - Cash on hand at June 30, 2024, was $21.8 million, up from $14.4 million at March 31, 2024[26] - Total operating expenses in the first quarter were $6.8 million, compared to $8.2 million in the first quarter of fiscal 2024[14] Sales and Contracts - Sales to Nokia were $998,000, representing 21.4% of net revenues, down from $1.9 million, or 33.5% of net revenues, in the same period a year ago[4] - Military/defense sales accounted for 31.9% of first quarter shipments, compared to 33.8% in the same period last year[4] - The company is targeting $6 million in contracts through its Department of Defense SBIR proposal pipeline[13] Product Development - The company plans to begin customer sampling of Gemini-II software in early calendar 2025, with firmware and software library development expected to be finalized by December 2024[13]