GSI Technology, Inc. Reports Second Quarter Fiscal 2022 Results

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[{"type":"text","content":"SUNNYVALE, Calif., Oct. 28, 2021 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (NASDAQ: GSIT) today reported financial results for its second fiscal quarter ended September 30, 2021. Summary Financial Results Table (in thousands, except per share amounts) Three Months EndedSix Months Ended Sept. 30, 2021June 30, 2021Sept. 30, 2020Sept. 30, 2021Sept. 30, 2020Net revenues$7,797 $8,791 $6,659 $16,588 $13,280Gross margin (%) 53.6% 54.4% 46.7% 54.0% 46.4%Operating expenses$8,694 $9,143 $8,265 $17,837 $17,010Operating loss$(4,517) $(4,361) $(5,153) $(8,878) $(10,848)Net loss$(4,567) $(4,209) $(5,231) $(8,776) $(11,307)Net loss per share, diluted($0.19) $(0.17) $(0.22) ($0.36) $(0.48) Lee-Lean Shu, Chairman, and Chief Executive Officer, commented, \"Sales to Nokia, our largest SRAM customer, have stabilized year-to-date and, despite ongoing supply chain constraints, we achieved second quarter revenue of $7.8 million, at the high end of our guidance range provided earlier in the quarter. Higher revenue and gross profit combined with a modest increase in operating expenses reduced our net loss year-over-year. We continue to advance our key initiatives with ongoing APU and radiation tolerant opportunities. For both categories, we are progressing in the current customer engagements and have added a few new beta customer engagements for the APU.” \"To best allocate our resources and prioritize our focus, we defined the total addressable market (TAM) for the APU,” continued Mr. Shu. “We believe that the TAM for APU search applications is approximately $137 billion in 2021, growing at a compound annual growth rate (CAGR) of 20% to $287 billion by 2025, and that the Serviceable Available Market (SAM) is $4.5 billion in 2021, anticipated to grow at a CAGR of 21% to $10 billion by 2025. The search market segments reflected in this analysis include computer vision, synthetic aperture radar, drug discovery, cybersecurity, and service markets such as NoSQL, elasticsearch, and OpenSearch, which we plan to support with a SaaS solution. These are market segments where we currently have ongoing customer engagements.” Commenting on the outlook for GSI's third quarter of fiscal 2022, Mr. Shu stated, \"the impact of the supply chain constraints is having a modest impact on our ability to fulfill all our orders. While there has been some improvement, the situat...

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