GSI Technology, Inc. Reports First Quarter Fiscal 2023 Results

About this update from Gsi Technology, Inc.

[{"type":"text","content":"SUNNYVALE, Calif., July 28, 2022 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (NASDAQ: GSIT) today reported financial results for its first fiscal quarter ended June 30, 2022. Summary Financial Results Table (in thousands, except per share amounts) Three Months Ended June 30, 2022March 31, 2022June 30, 2021Net revenues$8,909 $8,731 $8,791 Gross margin (%)60.2%58.6%54.4%Operating expenses$9,307 $8,059 $9,143 Operating loss($3,942)($2,943)($4,361)Net loss($3,976)($3,011)($4,209)Net loss per share, diluted($0.16)($0.12)($0.17) Lee-Lean Shu, Chairman and Chief Executive Officer, commented, \"Our legacy SRAM business remains stable and continues to fund our APU hardware and software R&D. In the first quarter of fiscal 2023, our gross profit increased by 12% on modest revenue growth compared to the first quarter of fiscal 2022. The rise in gross margin to 60.2% reduced our operating loss from the same quarter a year ago, and, as a result, we narrowed our net loss for the quarter.” “The team continues to advance APU opportunities on several fronts. Searchium.ai, our SaaS platform that runs on our LEDA boards, is expected to be launched in August for alpha users and is on-track to go live later in calendar 2022. Searchium.ai accelerates Elasticsearch and OpenSearch workloads by 6x and can scale to a billion-vector dataset without losing accuracy. The platform also offers fast vector search, providing high-speed, accurate searches of large vectorized databases of text, images, video and audio. In addition, our pipeline of defense and military POCs and engagements continues to grow. Currently, we have numerous early-stage projects that are in the initial discussions phase. Several of the larger opportunities are with new contacts that arose from our first place win in the MoSIAC challenge.” “Our current expectations for the second fiscal quarter are net revenues in a range of $8.5 million to $9.5 million, with gross margin of approximately 61% to 63%. We maintain an attractive balance sheet with a surplus of cash and no debt.\" First Quarter Fiscal Year 2023 Summary Financials The Company reported a net loss of $(4.0 million), or $(0.16) per diluted share, on net revenues of $8.9 million for the first quarter of fiscal 2023, compared to a net loss of $(4.2 million), or $(0.17) per diluted share, on net revenues of $8.8 million for the first q...

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