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GSI Technology, Inc. Reports First Quarter Fiscal 2025 Results
SUNNYVALE, Calif., July 25, 2024 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (Nasdaq: GSIT), the inventor of the Associative Processing Unit (APU), a paradigm
About this update from Gsi Technology, Inc.
[{"type":"text","content":"SUNNYVALE, Calif., July 25, 2024 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (Nasdaq: GSIT), the inventor of the Associative Processing Unit (APU), a paradigm shift in AI and HPC processing providing true compute-in-memory technology, today reported financial results for its first fiscal quarter ended June 30, 2024. Summary Financial Results Table (in thousands, except per share amounts) Three Months Ended June 30, 2024Mar. 31, 2024June 30, 2023Net revenues$4,671 $5,152 $5,587 Gross margin (%) 46.3% 51.6% 54.9%Operating expenses$6,818 $7,172 $8,208 Operating loss$(4,657)$(4,514)$(5,139)Net income (loss)$1,078 $(4,321)$(5,110)Net income (loss) per share, diluted$0.04 $(0.17)$(0.21) Lee-Lean Shu, Chairman and Chief Executive Officer commented, “First quarter revenue of $4.7 million was within our guidance range despite lower sales of SigmaQuad SRAM and lower sales of our SRAM products to military prime contractors. To reverse this revenue decline, achieve financial stability and ultimately return to growth, we are focused on introducing new business lines with Gemini-I and Gemini-II. Cash on hand at June 30, 2024, which includes the net proceeds from the sale and leaseback transaction completed in June, was $21.8 million compared to $14.4 million at March 31, 2024.” Mr. Shu continued, \"Our new GXL platform for Fast Vector Search, based on Gemini-I, will be available as a cloud-based or on-prem solution. We have identified potential partners for this innovative low-power solution, which speeds up the indexing process in fast vector search, allowing quicker database updates. We are also expanding our Department of Defense (“DOD”) SBIR proposal pipeline, targeting contracts totaling $6 million. We are successfully meeting our milestones on Phase I and Phase II SBIRs, which are on track for completion in calendar 2025, and recently received confirmation of winning a third SBIR contract with a large division of the DOD. Additionally, we are on track to begin customer sampling of Gemini-II software in early calendar 2025. We aim to finalize Germini-II’s firmware and software library development by December 2024.\" Commenting on GSI’s second quarter of fiscal 2025 outlook, Mr. Shu stated, “Current expectations for the upcoming fiscal second quarter are net revenues in a range of $4.2 million to $4.8 million, with gross margin of approximat...