Business
GSI Technology, Inc. Reports Revised Fourth Quarter and Fiscal Year 2022 Results
SUNNYVALE, Calif., June 29, 2022 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (NASDAQ: GSIT) is issuing this press release to revise the reporting of its
About this update from Gsi Technology, Inc.
[{"type":"text","content":"SUNNYVALE, Calif., June 29, 2022 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (NASDAQ: GSIT) is issuing this press release to revise the reporting of its financial results for its fourth fiscal quarter and fiscal year ended March 31, 2022. After issuing the original earning release, GSI Technology re-evaluated the methodologies and procedures involved in developing forecasts used to calculate its contingent consideration liability and used in the recoverability test over intangible assets. This re-evaluation of forecasting methodologies and procedures resulted in a reduction of approximately $1.3 million in selling, general and administrative expense with a corresponding decrease in the contingent consideration liability, which impacted other amounts on the consolidated statement of operation and consolidated balance sheet. The revised release reads as follows: Fourth Quarter and Fiscal Year 2022 Summary Financial Results Table (in thousands, except per share amounts) Three Months Ended Twelve Months Ended Mar. 31, 2022Dec. 31, 2021Mar. 31, 2021Mar. 31, 2022Mar. 31, 2021Net revenues$8,731 $8,065 $7,686 $33,384 $27,729 Gross margin (%)58.6% 55.3% 50.2% 55.5% 47.7% Operating expenses$8,059 $8,994 $9,123 $34,890 $34,481 Operating loss$(2,943) $(4,532) $(5,265) $(16,353) $(21,264) Net loss$(3,011) $(4,581) $(4,982) $(16,368) $(21,505) Net loss per share, diluted$(0.12) $(0.19) $(0.21) $(0.67) $(0.91) Lee-Lean Shu, Chairman and Chief Executive Officer, commented, “We finished fiscal year 2022 on a strong note, growing year-over-year revenue by more than 20% to $33.4 million as a result of new projects and expanded business in all our categories, particularly, military and defense. Our gross margin improved by 780 basis points and operating expenses rose by only 1%, which helped to narrow our net loss for the year. For the fourth quarter, we delivered an 8% rise in revenue and gross margin improvement of 330 basis points compared to the prior quarter, which, combined with modest growth in operating expenses, narrowed our net loss for the quarter. Mr. Shu continued, “The majority of our R&D is dedicated to the tape-out of Gemini-II, which we anticipate completing by the end of calendar 2022, and ongoing software development, including the upcoming launch of version 2 of the Gemini-I compiler stack that is expected to be released in July. T...