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GSI Technology, Inc. Reports Fourth Quarter and Fiscal Year 2023 Results
SUNNYVALE, Calif., May 16, 2023 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (NASDAQ: GSIT), developer of the Gemini® Associative Processing Unit (APU) for AI and
About this update from Gsi Technology, Inc.
[{"type":"text","content":"SUNNYVALE, Calif., May 16, 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 fourth fiscal quarter and fiscal year ended March 31, 2023. Fourth Quarter and Fiscal Year 2023 Summary Financial Results Table (in thousands, except per share amounts) Three Months EndedTwelve Months Ended Mar. 31, 2023Dec. 31, 2022Mar. 31, 2022Mar. 31, 2023Mar. 31, 2022Net revenues$5,381$6,447$8,731$29,691$33,384Gross margin (%)55.9%57.5%58.6%59.6%55.5%Operating expenses$6,879$8,495$8,059$33,488$34,890Operating loss$(3,872)$(4,789)$(2,943)$(15,807)$(16,353)Net loss$(3,962)$(4,812)$(3,011)$(15,977)$(16,368)Net loss per share, diluted$(0.16)$(0.20)$(0.12)$(0.65)$(0.67) Lee-Lean Shu, Chairman and Chief Executive Officer, commented, “Our focus for Gemini-I has been sharpened to prioritize near-term opportunities for applications, such as SAR and satellites, where we have a superior solution, an understanding of the market, and know whom we can support and help with our offering. Another near-term focus is vector search engines, where our APU plug-in has demonstrated enhanced performance. To this end, we have dedicated more resources and prioritized the target customers that are interested in leveraging our solution. Additionally, we are improving Searchium AI's SaaS platform to support our go-to-market strategy for search and also advancing our L-Python compiler stack to expand future Gemini-I opportunities. Our L-Python software stack is designed to provide both Python's development advantages and C's high performance. Although our priority opportunities do not require a compiler, we have a beta version in use and are on track to release a production-ready version later this year.” Mr. Shu continued, “We are on track to complete the tape-out for Gemini-II this summer and evaluate the first silicon chip by the end of 2023. We aim to bring this solution to market in the second half of 2024, offering exceptional performance improvements with reduced power consumption and latency. These features will expand the addressable market for the APU to larger markets such as edge appl...