Financial Data and Key Metrics Changes - Revenue for Q4 2025 increased by 14% year-over-year and 9% sequentially to $5,900,000 driven by strong demand for SRAM chips [4] - Annual revenue for fiscal year 2025 declined by 6% compared to the prior year, with a net loss reduced by 47% from $20,100,000 in 2024 to $10,600,000 [5][25] - Gross margin for Q4 2025 was 56.1%, up from 51.6% in Q4 2024, primarily due to higher revenue and product mix [20] - Total operating expenses in Q4 2025 were $5,600,000, down from $7,200,000 in Q4 2024 [21] - Cash and cash equivalents as of March 31, 2025, were $13,400,000 compared to $14,400,000 a year earlier [25] Business Line Data and Key Metrics Changes - Sales to KYEC were $1,700,000 or 29.5% of net revenues in Q4 2025, compared to $544,000 or 10.6% in the same period a year ago [18] - Military defense sales accounted for 30.7% of Q4 shipments, down from 35.5% in the comparable period a year ago [18] - SigmaQuad sales were 39.3% of Q4 shipments, compared to 42.4% in Q4 2024 [19] Market Data and Key Metrics Changes - Demand for high-density SRAM is driven by critical systems in chip manufacturing, particularly from a leading GPU provider [11] - The company anticipates continued demand from this customer in fiscal year 2026 at similar levels to 2025 [11] Company Strategy and Development Direction - The company plans to build on the progress of APU development and drive continued growth in sales while maintaining operational efficiency [9] - There is a focus on securing funding to support the next phase of development, particularly for AI strategy [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the initial order for radiation-hardened SRAM, which carries a higher gross margin than traditional SRAM [12] - The company is actively working to secure heritage status for its radiation-hardened SRAM to enhance market acceptance [12] - Management highlighted the strategic interest in the PLATO chip due to its new capabilities for AI applications [8] Other Important Information - The company reported a gain on the sale of assets of $5,800,000 from the sale of its headquarters building [23] - The ongoing SBIR programs have generally received payments totaling $1,600,000, with an additional $1,000,000 anticipated upon program completion [7] Q&A Session Summary Question: Market size and scaling for PLATO and GEMINI II chips - Management has not released TAM numbers yet but indicated that GEMINI II is an extension for edge applications, while PLATO targets the LLM market at the edge [27][28][30] Question: Interest in GEMINI II from commercial companies - Most early interest has come from military defense applications, with some companies looking for chip-only solutions for drones or satellites [36][38] Question: Details on Needham's contributions - Management stated that nothing is off the table regarding potential contributions from Needham, including asset sales or funding opportunities [40] Question: Cash flow from operations and CapEx - Cash used in operating activities for the year was about $12,900,000, with minimal CapEx of approximately $45,000 [49][50]