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GSI Technology, Inc. Reports First Quarter Fiscal 2024 Results
SUNNYVALE, Calif., July 27, 2023 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (NASDAQ: GSIT), developer of the Gemini ® Associative Processing Unit (APU) for AI
About this update from Gsi Technology, Inc.
[{"type":"text","content":"SUNNYVALE, Calif., July 27, 2023 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (NASDAQ: GSIT), developer of the Gemini ® Associative Processing Unit (APU) for AI and high-performance parallel computing (HPPC) and a leading provider of high-performance memory solutions for the networking, telecommunications and military markets, today reported financial results for its first fiscal quarter ended June 30, 2023. Summary Financial Results Table (in thousands, except per share amounts) Three Months Ended June 30, 2023Mar. 31, 2023June 30, 2022Net revenues$5,587 $5,381 $8,909 Gross margin (%) 54.9% 55.9% 60.2% Operating expenses$8,208 $6,879 $9,307 Operating loss$(5,139) $(3,872) $(3,942) Net loss$(5,110) $(3,962) $(3,976) Net loss per share, diluted$(0.21) $(0.16) $(0.16) Lee-Lean Shu, Chairman and Chief Executive Officer, commented, “During the first quarter, we advanced our growth and innovation objectives. In line with our commitment to land Gemini-I customers, we have progressed on the demos with two of our SAR targets. Additionally, we added new resources to address the Fast Search market and hone the product for this application. Recently, we announced two APU wins for space-based capabilities that we intend to leverage into future solutions to address processing in space. A crucial step in our product roadmap is our compiler, which remains on track for release to beta customers by the end of the September quarter. Mr. Shu continued, “Notably, we are on track to complete the taping out of Gemini-II in the September quarter, a milestone that we believe will firmly establish our presence at the forefront of the AI semiconductor market. Looking ahead into fiscal year 2024, our focus is on pursuing and cultivating strategic partnerships for Gemini-II with the goal of securing IP licensing agreements. Moreover, our engagement with a major hyper scaler is progressing well, prompting us to allocate further resources to support its development.” Commenting on the outlook for GSI’s second quarter of fiscal 2024, Mr. Shu stated, “Current expectations for the upcoming fiscal second quarter are net revenues in a range of $5.2 million to $6.0 million, with gross margin of approximately 56% to 58%.” First Quarter Fiscal Year 2024 Summary Financials The Company reported a net loss of $(5.1 million), or $(0.21) per diluted share, on net revenues of...