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GSI Technology, Inc. Reports Third Quarter Fiscal 2025 Results
GSITGSI Technology(GSIT) GlobeNewswire·2025-01-30 21:05

Core Viewpoint - GSI Technology, Inc. reported a slight increase in net revenues for the third fiscal quarter of 2025, driven by a rebound in customer orders and strengthening core SRAM sales, particularly from a key customer in the AI chip manufacturing sector [4][5]. Financial Performance - Net revenues for the third quarter of fiscal 2025 were 5.4million,a25.4 million, a 2% increase year-over-year and a 19% increase sequentially [4][5]. - Gross margin was 54.0%, down from 55.9% in the same quarter last year but up from 38.6% in the previous quarter [5]. - Operating expenses totaled 7.0 million, a decrease from 9.7millionintheprior−yearperiod[7].−Theoperatinglossforthethirdquarterwas9.7 million in the prior-year period [7]. - The operating loss for the third quarter was (4.1) million, an improvement from (6.7)millioninthesamequarterlastyear[8].−Netlosswas(6.7) million in the same quarter last year [8]. - Net loss was (4.0) million, or (0.16)perdilutedshare,comparedtoanetlossof(0.16) per diluted share, compared to a net loss of (6.6) million, or (0.26)perdilutedshare,forthesameperiodlastyear[9].SalesandCustomerInsights−SalestoNokiaaccountedfor(0.26) per diluted share, for the same period last year [9]. Sales and Customer Insights - Sales to Nokia accounted for 239,000, or 4.4% of net revenues, a significant decrease from 807,000,or15.2807,000, or 15.2% of net revenues, in the same period a year ago [6]. - Military/defense sales represented 30.0% of third-quarter shipments, up from 28.2% year-over-year [6]. Research and Development - The development of APU technology is progressing, with the Gemini-II chip on track for a February tape-out and expected availability in May [4]. - The latest version of Gemini-II aims to enhance AI capabilities by integrating advanced neural networks with radar imaging technology [4]. Outlook - The company anticipates fourth-quarter net revenues to be in the range of 5.4 million to 6.2million,withagrossmarginofapproximately556.2 million, with a gross margin of approximately 55% to 57% [4]. Balance Sheet Highlights - As of December 31, 2024, the company had 15.1 million in cash and cash equivalents, an increase from 14.4millionattheendofMarch2024[10].−Stockholders′equitydecreasedto14.4 million at the end of March 2024 [10]. - Stockholders' equity decreased to 29.9 million from $36.0 million at the end of the previous fiscal year [10][22].