GSI Technology, Inc. (NASDAQ: GSIT) today reported
financial results for its third fiscal quarter ended December 31,
2024.
Summary Financial Results Table (in thousands, except
per share amounts)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
Dec. 31, 2024 |
|
Sept. 30, 2024 |
|
Dec. 31, 2023 |
|
Dec. 31, 2024 |
|
Dec. 31, 2023 |
|
Net revenues |
$ |
5,414 |
|
|
$ |
4,550 |
|
|
$ |
5,318 |
|
|
$ |
14,635 |
|
|
$ |
16,613 |
|
| Gross margin (%) |
|
54.0 |
% |
|
|
38.6 |
% |
|
|
55.9 |
% |
|
|
46.7 |
% |
|
|
55.2 |
% |
| Operating expenses |
$ |
6,978 |
|
|
$ |
7,341 |
|
|
$ |
9,660 |
|
|
$ |
15,400 |
|
|
$ |
25,082 |
|
| Operating loss |
$ |
(4,055 |
) |
|
$ |
(5,584 |
) |
|
$ |
(6,685 |
) |
|
$ |
(8,559 |
) |
|
$ |
(15,917 |
) |
| Net loss |
$ |
(4,029 |
) |
|
$ |
(5,458 |
) |
|
$ |
(6,601 |
) |
|
$ |
(8,409 |
) |
|
$ |
(15,766 |
) |
| Net loss per share,
diluted |
$ |
(0.16 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.63 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lee-Lean Shu, Chairman and Chief Executive Officer, stated, "In
the third quarter, revenue reached $5.4 million, up 2%
year-over-year and 19% sequentially. Our core SRAM sales are
strengthening as customer orders rebound due to normalized
inventory levels and increasing demand from a key customer whose
systems are integral to manufacturing leading AI chips. We
anticipate this customer to become our largest revenue contributor
in fiscal 2025."
Mr. Shu concluded, "The development of our APU
technology is progressing steadily. The Gemini-II chip is on track
for a February tape-out with availability in May, aligning with a
milestone with the Space Development Agency SBIR. The latest
version of Gemini-II takes AI to the next level by combining
advanced neural networks with cutting-edge radar imaging
technology, like Synthetic Aperture Radar (SAR), designed to tackle
important challenges in defense and aerospace. We can leverage
Gemini-II’s architecture to accelerate the development of Plato,
our next-generation chip, with a cost-effective, faster-to-market
strategy. Plato’s ultra-low-power design will target rapidly
growing markets for edge AI and large language model solutions.
Additionally, increased operational efficiency and SRAM sales
improvement position us for stability as we continue to evaluate
strategic alternatives."
Commenting on the outlook for GSI's fourth
quarter of fiscal 2025, Mr. Shu stated, "Our current expectations
for the upcoming fourth quarter is for net revenues in a range of
$5.4 million to $6.2 million, with gross margin of approximately
55% to 57%."
Third Quarter Fiscal Year 2025 Summary
Financials
The Company reported net revenues of $5.4
million for the third quarter of fiscal 2025, compared to $5.3
million for the third quarter of fiscal 2024 and $4.6 million for
the second quarter of fiscal 2025. Gross margin was 54.0% in the
third quarter of fiscal 2025 compared to 55.9% in the third quarter
of fiscal 2024 and 38.6% in the preceding second quarter of fiscal
2025. The sequential increase in gross margin in the third quarter
of fiscal 2025 was primarily due to higher revenue, product mix and
severance costs associated with manufacturing workforce reductions
in the prior quarter.
In the third quarter of fiscal 2025, sales to
Nokia were $239,000, or 4.4% of net revenues, compared to $807,000,
or 15.2% of net revenues, in the same period a year ago and
$812,000, or 17.8% of net revenues, in the prior quarter.
Military/defense sales were 30.0% of third quarter shipments
compared to 28.2% of shipments in the comparable period a year ago
and 40.2% of shipments in the prior quarter. SigmaQuad sales were
39.1% of third quarter shipments compared to 46.9% in the third
quarter of fiscal 2024 and 38.6% in the prior quarter.
Total operating expenses in the third quarter of
fiscal 2025 were $7.0 million, compared to $9.7 million in the
third quarter of fiscal 2024 and $7.3 million in the prior quarter.
Research and development expenses were $4.0 million in the third
quarter of fiscal 2025, compared to $7.0 million in the prior-year
period and $4.8 million in the prior quarter. Selling, general and
administrative expenses were $3.0 million in the quarter ended
December 31, 2024, compared to $2.7 million in the prior-year
period and $2.6 million in the previous quarter.
Third quarter fiscal 2025 operating loss was
$(4.1) million compared to an operating loss of $(6.7) million in
the prior-year period and $(5.6) million in the prior quarter.
Third quarter fiscal 2025 net loss included interest and other
income of $70,000 and a tax provision of $44,000, compared to
$155,000 in interest and other income and a tax provision of
$71,000 for the same period a year ago. In the preceding second
quarter, net loss included interest and other income of $149,000
and a tax provision of $23,000.
Net loss in the third quarter of fiscal 2025 was
$(4.0) million, or $(0.16) per diluted share, compared to a net
loss of $(6.6) million, or $(0.26) per diluted share, for the third
quarter of fiscal 2024 and a net loss of $(5.5) million, or $(0.21)
per diluted share, for the second quarter of fiscal 2025.
Total third quarter pre-tax stock-based compensation expense was
$429,000 compared to $649,000 in the comparable quarter a year ago
and $663,000 in the prior quarter.
At December 31, 2024, the Company had $15.1
million in cash and cash equivalents, compared to $14.4 million at
March 31, 2024. Working capital was $17.9 million as of December
31, 2024 versus $19.1 million at March 31, 2024. Stockholders’
equity as of December 31, 2024 was $29.9 million, compared to $36.0
million as of the fiscal year ended March 31, 2024.
Conference Call
Management will conduct a conference call to
review the Company's financial results for the third quarter of
fiscal year 2025 and its current outlook for the fourth quarter of
fiscal 2025 at 1:30 p.m. Pacific time (4:30
p.m. Eastern Time) today.
To participate in the call, please dial 1-877-407-3982 in the
U.S. or 1-201-493-6780 for international approximately 10 minutes
prior to the above start time and provide Conference ID 13751185.
The call will also be streamed live via the internet at
www.gsitechnology.com.
A replay will be available from January 30,
2025, at 7:30 p.m. Eastern Time through February 6, 2025, at 11:59
p.m. Eastern Time by dialing toll-free for the U.S. 1-844-512-2921
or international 1-412-317-6671 and entering pin number 13751185. A
webcast of the call will be archived on the Company’s investor
relations website under the Events and Presentations tab.
About GSI Technology
Founded in 1995, GSI Technology, Inc. is a
leading provider of semiconductor memory solutions. GSI's resources
are focused on bringing new products to market that leverage
existing core strengths, including radiation-hardened memory
products for extreme environments and Gemini-I, the associative
processing unit designed to deliver performance advantages for
diverse artificial intelligence applications. GSI Technology is
headquartered in Sunnyvale, California, and has sales offices in
the Americas, Europe, and Asia. For more information, please visit
www.gsitechnology.com.
Forward-Looking Statements
The statements contained in this press release
that are not purely historical are forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, including statements regarding GSI Technology’s
expectations, beliefs, intentions, or strategies regarding the
future. All forward-looking statements included in this press
release are based upon information available to GSI Technology as
of the date hereof, and GSI Technology assumes no obligation to
update any such forward-looking statements. Forward-looking
statements involve a variety of risks and uncertainties, which
could cause actual results to differ materially from those
projected. These risks include those associated with the normal
quarterly and fiscal year-end closing process. Examples of risks
that could affect our current expectations regarding future
revenues and gross margins include those associated with
fluctuations in GSI Technology’s operating results; GSI
Technology’s historical dependence on sales to a limited number of
customers and fluctuations in the mix of customers and products in
any period; global public health crises that reduce economic
activity; the rapidly evolving markets for GSI Technology’s
products and uncertainty regarding the development of these
markets; the need to develop and introduce new products to offset
the historical decline in the average unit selling price of GSI
Technology’s products; the challenges of rapid growth followed by
periods of contraction; intensive competition; delays or
unanticipated costs that may be encountered in the development of
new products based on our in-place associative computing technology
and the establishment of new markets and customer and partner
relationships for the sale of such products; and delays or
unexpected challenges related to the establishment of customer
relationships and orders for GSI Technology’s radiation-hardened
and tolerant SRAM products. Many of these risks are currently
amplified by and will continue to be amplified by, or in the future
may be amplified by, economic and geopolitical conditions, such as
changing interest rates, worldwide inflationary pressures, military
conflicts and declines in the global economic environment. Further
information regarding these and other risks relating to GSI
Technology’s business is contained in the Company’s filings with
the Securities and Exchange Commission, including those factors
discussed under the caption “Risk Factors” in such filings.
Source: GSI Technology, Inc.
Contacts:
Investor Relations:
Hayden IRKim Rogers385-831-7337kim@haydenir.com
Media Relations:
Finn Partners for GSI TechnologyRicca
Silverio415-348-2724gsi@finnpartners.com
Company:
GSI Technology, Inc.Douglas M. SchirleChief Financial
Officer408-331-9802
| GSI
TECHNOLOGY, INC. |
| CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
| (in
thousands, except per share data) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
|
Nine Months Ended |
| |
|
|
|
Dec.
31, |
|
Sept.
30, |
|
Dec.
31, |
|
Dec.
31, |
|
Dec.
31, |
| |
|
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
|
Net revenues |
$ |
5,414 |
|
|
$ |
4,550 |
|
|
$ |
5,318 |
|
|
$ |
14,635 |
|
|
$ |
16,613 |
|
|
Cost of goods sold |
|
2,491 |
|
|
|
2,793 |
|
|
|
2,343 |
|
|
|
7,794 |
|
|
|
7,448 |
|
| |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
2,923 |
|
|
|
1,757 |
|
|
|
2,975 |
|
|
|
6,841 |
|
|
|
9,165 |
|
| |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Research & development |
|
4,037 |
|
|
|
4,788 |
|
|
|
6,976 |
|
|
|
13,039 |
|
|
|
16,871 |
|
| |
Selling, general and administrative |
|
2,997 |
|
|
|
2,553 |
|
|
|
2,684 |
|
|
|
8,154 |
|
|
|
8,211 |
|
| |
Gain from sale of assets |
|
(56 |
) |
|
|
- |
|
|
|
- |
|
|
|
(5,793 |
) |
|
|
- |
|
| |
|
|
Total
operating expenses |
|
6,978 |
|
|
|
7,341 |
|
|
|
9,660 |
|
|
|
15,400 |
|
|
|
25,082 |
|
| |
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(4,055 |
) |
|
|
(5,584 |
) |
|
|
(6,685 |
) |
|
|
(8,559 |
) |
|
|
(15,917 |
) |
| |
|
|
|
|
|
|
|
|
|
|
Interest and other income, net |
|
70 |
|
|
|
149 |
|
|
|
155 |
|
|
|
274 |
|
|
|
306 |
|
| |
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
(3,985 |
) |
|
|
(5,435 |
) |
|
|
(6,530 |
) |
|
|
(8,285 |
) |
|
|
(15,611 |
) |
|
Provision for income taxes |
|
44 |
|
|
|
23 |
|
|
|
71 |
|
|
|
124 |
|
|
|
155 |
|
|
Net loss |
$ |
(4,029 |
) |
|
$ |
(5,458 |
) |
|
$ |
(6,601 |
) |
|
$ |
(8,409 |
) |
|
$ |
(15,766 |
) |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic |
$ |
(0.16 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.63 |
) |
|
Net loss per share, diluted |
$ |
(0.16 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.63 |
) |
| |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in |
|
|
|
|
|
|
|
computing per share amounts: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Basic |
|
25,546 |
|
|
|
25,467 |
|
|
|
25,256 |
|
|
|
25,463 |
|
|
|
25,094 |
|
|
Diluted |
|
25,546 |
|
|
|
25,467 |
|
|
|
25,256 |
|
|
|
25,463 |
|
|
|
25,094 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Stock-based
compensation included in the Condensed Consolidated Statements of
Operations: |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
|
Nine Months Ended |
| |
|
|
|
Dec.
31, |
|
Sept.
30, |
|
Dec.
31, |
|
Dec.
31, |
|
Dec.
31, |
| |
|
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
$ |
50 |
|
|
$ |
51 |
|
|
$ |
51 |
|
|
$ |
157 |
|
|
$ |
175 |
|
|
Research & development |
|
121 |
|
|
|
336 |
|
|
|
325 |
|
|
|
747 |
|
|
|
1,080 |
|
|
Selling, general and administrative |
|
258 |
|
|
|
276 |
|
|
|
273 |
|
|
|
846 |
|
|
|
890 |
|
| |
|
|
|
$ |
429 |
|
|
$ |
663 |
|
|
$ |
649 |
|
|
$ |
1,750 |
|
|
$ |
2,145 |
|
| |
|
|
|
|
|
|
|
|
|
| GSI
TECHNOLOGY, INC. |
| CONDENSED
CONSOLIDATED BALANCE SHEETS |
| (in
thousands) |
|
(Unaudited) |
| |
|
|
|
|
| |
|
Dec. 31, 2024 |
|
March 31, 2024 |
|
Cash and cash equivalents |
$ |
15,085 |
|
$ |
14,429 |
|
Accounts receivable |
|
3,583 |
|
|
3,118 |
|
Inventory |
|
3,885 |
|
|
4,977 |
|
Other current assets |
|
1,267 |
|
|
1,954 |
|
Assets held for sale |
|
- |
|
|
5,629 |
|
Net property and equipment |
|
883 |
|
|
1,148 |
|
Operating lease right-of-use assets |
|
9,858 |
|
|
1,553 |
|
Other assets |
|
9,572 |
|
|
9,656 |
|
Total assets |
$ |
44,133 |
|
$ |
42,464 |
| |
|
|
|
|
|
Current liabilities |
$ |
5,900 |
|
$ |
5,365 |
|
Long-term liabilities |
|
8,300 |
|
|
1,129 |
|
Stockholders' equity |
|
29,933 |
|
|
35,970 |
|
Total liabilities and stockholders' equity |
$ |
44,133 |
|
$ |
42,464 |
| |
|
|
|
|
GSI Technology (NASDAQ:GSIT)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025
GSI Technology (NASDAQ:GSIT)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025
