GSI Technology, Inc. Announces Third Quarter Fiscal 2026 Results

Core Insights - GSI Technology reported a revenue of $6.1 million for the third quarter of fiscal 2026, representing a 12% increase year-over-year, driven by sustained demand for SRAM solutions [3][4][7] - The company achieved significant milestones in the development of its Gemini-II technology, including a successful proof-of-concept for an autonomous perimeter security system [3][7] - GSI's gross margin for the quarter was approximately 52.7%, a decrease from 54.0% in the same quarter last year, attributed to product mix changes [4][6] Financial Performance - Net revenues for the third quarter of fiscal 2026 were $6.1 million, compared to $5.4 million in the same quarter of fiscal 2025 and $6.4 million in the previous quarter [4][10] - The operating loss for the third quarter was $(6.9) million, compared to $(4.1) million in the prior-year period [9][10] - The net loss for the quarter 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 last year [10][21] Cash Flow and Balance Sheet - The company ended the quarter with a cash balance of $70.7 million, significantly up from $13.4 million at the end of the previous fiscal year [12][13] - Total operating expenses for the quarter were $10.1 million, an increase from $7.0 million in the same quarter last year, primarily due to higher research and development costs [6][9] - Cash used in operating activities was $(7.9) million, reflecting investments in the development and commercialization of Gemini-II and Plato [12][13] Customer and Market Insights - Sales to KYEC were $1.1 million, accounting for 17.9% of net revenues, while sales to Nokia increased to $675,000, representing 11.1% of net revenues [5] - Military and defense sales constituted 28.5% of third-quarter shipments, slightly down from 30.0% in the same period last year [5] - The company is pursuing initial design wins for Gemini-II in defense-oriented programs and select commercial edge deployments [3][7]