GSI Technology(GSIT) - 2026 Q3 - Quarterly Results

Financial Performance - In the third quarter of fiscal 2026, GSI Technology reported net revenues of $6.1 million, a 12% increase year-over-year from $5.4 million in the same quarter of fiscal 2025[4]. - Gross margin for the third quarter of fiscal 2026 was 52.7%, down from 54.0% in the same quarter of the previous year, primarily due to product mix[4]. - Operating loss for the third quarter of fiscal 2026 was $(6.9) million, compared to an operating loss of $(4.1) million in the prior-year period[8]. - Net loss for the third quarter of fiscal 2026 was $(3.0) million, or $(0.09) per diluted share, an improvement from a net loss of $(4.0) million, or $(0.16) per diluted share, in the same quarter of fiscal 2025[9]. Cash and Assets - Cash and cash equivalents increased to $70.7 million as of December 31, 2025, up from $13.4 million at the end of March 2025, reflecting $46.9 million in net proceeds from a Registered Direct Offering[12]. - Total assets increased to $98,460 million as of December 31, 2025, compared to $43,317 million on March 31, 2025[22]. - Cash and cash equivalents rose significantly to $70,672 million from $13,434 million[22]. - Stockholders' equity improved to $83,620 million, up from $28,226 million[22]. - Current liabilities increased slightly to $7,613 million from $7,074 million[22]. - Long-term liabilities decreased to $7,227 million from $8,017 million[22]. - Accounts receivable decreased to $2,832 million from $3,169 million[22]. - Inventory remained relatively stable at $3,876 million compared to $3,891 million[22]. - Operating lease right-of-use assets decreased to $8,590 million from $9,547 million[22]. - Other current assets decreased to $1,933 million from $2,961 million[22]. - Other assets increased slightly to $9,654 million from $9,507 million[22]. Research and Development - Research and development expenses for the third quarter of fiscal 2026 were $7.5 million, up from $4.0 million in the prior-year period, driven by the development of new technologies[6]. - GSI Technology expects net revenues for the upcoming fiscal fourth quarter to be in the range of $5.7 million to $6.5 million, with gross margin anticipated to be approximately 54% to 56%[3]. - The company is advancing its APU roadmap and pursuing initial design wins for Gemini-II in defense-oriented programs and select commercial edge deployments[3]. - GSI Technology announced a proof-of-concept with G2 Tech and two government agencies, expecting roughly $1 million in government funding[6]. Sales Performance - Sales to KYEC were $1.1 million, representing 17.9% of net revenues, while sales to Nokia increased to $675,000, or 11.1% of net revenues, compared to the same period last year[5].