GSI Technology, Inc. Reports Third Quarter Fiscal 2020 Results

About this update from Gsi Technology, Inc.

[{"type":"text","content":"SUNNYVALE, Calif., Jan. 30, 2020 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (NASDAQ:GSIT) today reported financial results for its third fiscal quarter ended December 31, 2019.\n Summary Financial Results Table (in thousands, except per share amounts) Three Months EndedNine Months Ended Dec. 31, 2019Sept. 30, 2019Dec. 31, 2018Dec. 31, 2019Dec. 31, 2018Net revenues$10,049 $11,740 $14,702 $34,808 $38,800 Gross margin (%) 60.2% 55.9% 68.3% 59.9% 61.5%Operating expenses$10,792 $8,491 $7,803 $27,755 $23,675 Operating income (loss)$(4,743)$(1,923)$2,236 $(6,895)$183 Net income (loss)$(4,620)$(1,768)$2,262 $(6,513)$265 Net income (loss) per share, diluted$(0.20)$(0.08)$0.10 $(0.28)$0.01 Lee-Lean Shu, Chairman and Chief Executive Officer, commented, “We anticipate 2020 to be the year of design wins for Gemini-1™ for several similarity search applications, including signal and object identification and classification, facial recognition, drug discovery for new drug development, and visual search for ecommerce. In 2019, we made significant progress on Gemini-1™. Looking ahead, in March we anticipate completing the benchmarking of our Gemini-1™ chip against industry standard benchmarks for similarity search using FAISS and ANN industry standards with databases up to a billion items. We expect to publish our results in summer of 2020, followed by the qualifications for Gemini-1™, which we anticipate to be completed in the second half of 2020. Our AI team is finalizing the software libraries and algorithms for Gemini-1™ in preparation for customer workshops. I appreciate our AI team’s hard work to bring Gemini-1™ to market, and the consistent performance from our legacy business team that has allowed us to fund the development of our Gemini-1™ AI processor. GSI is bringing a revolutionary approach to AI with our in-memory processing technology, unique to our device and ultimately what we anticipate will be a game-changer for speed, power and scale in AI.” Commenting on third quarter results and the outlook for GSI’s fourth quarter of fiscal 2020, Mr. Shu stated, “Third quarter results were within the range of guidance provided in our last earnings release for net revenues in a range of $9.7 million to $10.7 million, with gross margin of approximately 60% to 62%. Our current expectations for the upcoming quarter are net revenues in a range of $...

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