GSI Technology, Inc. Announces Fourth Quarter and Fiscal Year 2026 Results
Rhea-AI Summary
GSI Technology (NASDAQ: GSIT) reported fiscal 2026 revenue of $25.1M (up 22% vs. FY2025) and gross margin of 54.5%. Fiscal 2026 operating loss was $17.5M and net loss $13.2M ($(0.42) per diluted share). Quarter-end cash was $67.2M with no debt. Subsequent awards include a ~$2M U.S. Army SBIR and a Phase I smart city project; company expects Q1 FY2027 revenue of $5.9M–$6.7M and gross margin ~54%–56%.
Positive
- Revenue +22% to $25.1M in fiscal 2026
- Gross margin expanded to 54.5% in fiscal 2026
- Quarter-end cash $67.2M with no debt
- Awarded ~ $2M U.S. Army SBIR Phase II (non-dilutive)
- Over $5.0M total non-dilutive funding to date
Negative
- Operating loss of $17.5M in fiscal 2026
- Net loss $13.2M, $(0.42) per diluted share for fiscal 2026
- R&D expense increased to $19.9M, raising cash burn
News Market Reaction – GSIT
In the May 8 session, GSIT gained 3.81%, reflecting a moderate positive market reaction. Argus tracked a peak move of +7.0% during that session. Argus tracked a trough of -15.5% from its starting point during tracking. Our momentum scanner triggered 37 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Oct 30 | Q2 FY2026 earnings | Positive | -17.8% | Revenue up 42%, gross margin 54.8%, larger cash balance plus $50M raise. |
| Jul 31 | Q1 FY2026 earnings | Positive | -13.8% | Strong revenue and margin gains with Gemini-II progress and higher cash. |
| May 01 | Q4/FY2025 earnings | Neutral | +6.7% | Mixed FY2025 results, Q4 growth, building cost controls and initial SRAM wins. |
| Jan 30 | Q3 FY2025 earnings | Neutral | -4.1% | Modest revenue growth, 54% margin, ongoing Gemini-II development milestones. |
| Oct 24 | Q2 FY2025 earnings | Negative | -1.2% | Revenue and margin declines, larger loss despite planned cost savings. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings events have historically skewed negative, with an average move of -6.04% and several selloffs following otherwise constructive updates.
Recent news for GSIT has blended investor outreach, defense-focused AI contracts, and strategic decisions. Events such as the conclusion of the strategic alternatives review and multiple conference participations framed the story around Gemini-II commercialization and balance sheet strengthening. Historically, earnings releases (with improving margins and new funding) often saw share price pressure despite operational progress. Today’s FY2026/Q4 2026 results continue themes of SRAM-driven revenue growth, margin expansion, and a much stronger cash position heading into Gemini-II and Plato execution.
Key Terms
sbir regulatory
registered direct offering financial
pre-funded warrants financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Subsequent to Fourth Quarter End, GSI Awarded Phase One of a Smart City Project
SUNNYVALE, Calif., May 07, 2026 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (NASDAQ: GSIT) today reported financial results for its fourth fiscal quarter and fiscal year ended March 31, 2026.
Summary Comments for Fiscal Year 2026 (all financial comparisons are to fiscal year 2025)
- Revenue increased
22% to$25.1 million , driven by strong SRAM sales to chip design and simulation customers - Gross margin expanded to
54.5% from49.4% , reflecting a favorable product mix weighted toward higher-margin SRAM products - Completed software deliverables for a defense agency-funded POC, supporting a planned June 2026 demonstration of the G2 Tech Sentinel drone powered by Gemini-II
Summary Comments for Fourth Quarter Fiscal Year 2026 (all financial comparisons are to Fourth Quarter Fiscal Year 2025)
- Revenue rose
7.4% on continued demand from top SRAM customers - Increase in operating expense year-over-year is related to ongoing Plato chip design, with R&D expense partially offset by SBIR awards, reducing cash burn
- Quarter-end cash balance of
$67.2 million in cash and no debt, providing a strong balance sheet to support ongoing initiatives through Gemini-II commercialization - Subsequent to quarter end, announced a ~
$2 million U.S. Army SBIR contract for non-dilutive R&D funding and secured a Phase I smart city project.
“Fiscal 2026 marked a year of meaningful progress for GSI, highlighted by improved SRAM revenue, third-party validation of our APU’s performance-per-watt advantage, and initial customer engagements for Gemini-II,” stated Lee-Lean Shu, Chairman and Chief Executive Officer. “During the fourth quarter, we completed the software platform for the G2 Tech proof of concept and entered Fiscal 2027 with continued momentum. Subsequent to year-end, we were awarded a Phase I smart city deployment and announced a U.S. Army SBIR Phase II contract valued at approximately
Mr. Shu continued, “We remain disciplined in managing our resources as we advance Gemini-II toward commercialization. Our SRAM business continues to provide a stable financial foundation, and we have been awarded, to date, over
Commenting on the outlook for GSI's first quarter of fiscal 2027, Mr. Shu stated, "Our current expectation for the upcoming first quarter of fiscal 2027 is for net revenues in the range of
Fiscal Year 2026 Summary Financials
The Company reported net revenues of
Total operating expenses were
Research and development expenses offset in fiscal 2026 and fiscal 2025 were
The operating loss for fiscal 2026 was
Net loss for fiscal 2026 was
Fourth Quarter Fiscal Year 2026 Summary Financials
The Company reported net revenues of
Below is a breakdown of the fourth quarter of fiscal 2026 sales compared to the fourth quarter of fiscal 2025 and the third quarter of fiscal 2026:
- KYEC represented
$1.4 million , or22.3% of net revenues, compared to$1.7 million , or29.5% of net revenues, in the same period a year ago and$1.1 million , or17.9% of net revenues, in the prior quarter. - There were no shipments to Cadence Design Systems in the fourth quarter of fiscal 2026, compared to
$642,000 , or10.9% of net revenues, in the same period a year ago and$233,000 , or3.8% of net revenues, in the prior quarter. - Nokia represented
$113,000 , or1.8% of net revenues, compared to$444,000 , or7.5% of net revenues, in the same period a year ago and$675,000 , or11.1% of net revenues, in the prior quarter.
The following is the breakdown of shipments in the fourth quarter of fiscal 2026 compared to the fourth quarter fiscal 2025 and the third quarter of fiscal 2026:
- Military/defense sales were
45.7% of fourth-quarter shipments, compared with30.7% in the comparable period a year ago and28.5% in the prior quarter. - SigmaQuad sales were
32.6% of fourth quarter shipments compared to39.3% in the fourth quarter of fiscal 2025 and41.7% in the prior quarter.
Total operating expenses in the fourth quarter of fiscal 2026 were
Fourth quarter fiscal 2026 operating loss was
Net loss in the fourth quarter of fiscal 2026 was
Total fourth quarter pre-tax stock-based compensation expense was
The table below has been provided to complement the condensed consolidated statement of cash flows included in our Forms 10-Q and 10-K.
Cash flows for the quarter ended March 31, 2026 (in thousands of dollars):
| Cash and cash equivalents as of December 31, 2025 | $ | 70,672 | ||
| Net cash used in operating activities | (5,452 | ) | ||
| Net cash used by investing activities | (150 | ) | ||
| Net cash provided by financing activities | 2,142 | |||
| Cash and cash equivalents as of March 31, 2026 | $ | 67,212 | ||
Cash and cash equivalents as of December 31, 2025, primarily reflects
At March 31, 2026, the Company had
Conference Call
Management will conduct a conference call to review the Company's financial results for the fourth quarter and fiscal year 2026 and its current outlook for the first quarter of fiscal 2027 at 1:30 p.m. Pacific time (4:30 p.m. Eastern Time) today.
To participate in the call, please dial 1-844-826-3035 in the U.S. or 1-412-317-5195 for international approximately 10 minutes prior to the above start time and provide Conference ID 10208819. The call will also be streamed live via the internet at www.gsitechnology.com.
A replay will be available from May 7, 2026, at 7:30 p.m. Eastern Time through May 14, 2026, at 11:59 p.m. Eastern Time by dialing 1-844-512-2921 in the U.S. or 1-412-317-6671 for international and providing Conference ID 10208819. A webcast of the call will be archived on the Company’s investor relations website under the Events and Presentations tab.
About GSI Technology
GSI Technology is at the forefront of the AI revolution with our groundbreaking APU technology, designed for unparalleled efficiency in billion-item database searches and high-performance computing. GSI’s innovations, Gemini-I® and Gemini-II®, offer scalable, low-power, high-capacity computing solutions that redefine edge computing capabilities.
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. These forward-looking statements include, among others, statements regarding our product roadmap and commercialization milestones for Gemini-II and Plato; our pursuit of initial design wins in defense and select commercial edge deployments, including smart city projects; the planned June 2026 demonstration of the G2 Tech Sentinel drone powered by Gemini-II; anticipated benefits from government proof-of-concept engagements, SBIR awards and related non-dilutive funding; our ability to leverage a repeatable development platform to reduce incremental development time and cost across applications; our expectations regarding revenue, gross margin, demand for our SRAM solutions, and customer mix, including our guidance for the first quarter of fiscal 2027; our expectations for fiscal 2027, including converting engagements into design wins and progressing towards initial Gemini-II revenue; and the interpretation and applicability of third-party benchmark results and energy/performance characteristics of our products. 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 risk that proof-of-concepts, pilot programs, smart city deployments, or benchmark validations do not translate into design wins, purchase orders, or revenue; the comparability and generalizability of third-party benchmark results and energy/performance metrics across different configurations and use cases; intensive competition; the availability, timing and continuity of government funding opportunities, including SBIR awards and other non-dilutive funding programs; delays or unanticipated costs that may be encountered in the development of new products based on our in-place associative computing technology (including Gemini-II and Plato) and the establishment of new markets and customer and partner relationships for the sale of such products; risks associated with municipal and government procurement cycles, funding availability, and project execution for smart city and defense-related engagements; the sufficiency of our cash resources to fund operations, product development, and commercialization activities; 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, policy unpredictability, the imposition of tariffs and other trade barriers, military conflicts, particularly in relation to Taiwan, and challenges 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 IR
Kim Rogers
385-831-7337
kim@haydenir.com
Media Relations:
Finn Partners for GSI Technology
Ricca Silverio
415-348-2724
gsi@finnpartners.com
Company:
GSI Technology, Inc.
Douglas M. Schirle
Chief Financial Officer
408-331-9802
| GSI TECHNOLOGY, INC. | ||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| March 31, | Dec. 31, | March 31, | March 31, | March 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | 2026 | 2025 | ||||||||||||||||
| Net revenues | $ | 6,319 | $ | 6,076 | $ | 5,883 | $ | 25,122 | $ | 20,518 | ||||||||||
| Cost of goods sold | 3,008 | 2,876 | 2,584 | 11,427 | 10,378 | |||||||||||||||
| Gross profit | 3,311 | 3,200 | 3,299 | 13,695 | 10,140 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research & development | 5,625 | 7,457 | 2,966 | 19,947 | 16,005 | |||||||||||||||
| Selling, general and administrative | 2,894 | 2,649 | 2,609 | 11,225 | 10,763 | |||||||||||||||
| Gain from sale of assets | - | - | - | - | (5,793 | ) | ||||||||||||||
| Total operating expenses | 8,519 | 10,106 | 5,575 | 31,172 | 20,975 | |||||||||||||||
| Operating loss | (5,208 | ) | (6,906 | ) | (2,276 | ) | (17,477 | ) | (10,835 | ) | ||||||||||
| Interest and other income, net | 408 | 3,635 | 52 | 4,099 | 326 | |||||||||||||||
| Loss before income taxes | (4,800 | ) | (3,271 | ) | (2,224 | ) | (13,378 | ) | (10,509 | ) | ||||||||||
| Provision (benefit) for income taxes | 24 | (251 | ) | 6 | (132 | ) | 130 | |||||||||||||
| Net loss | ($ | 4,824 | ) | ($ | 3,020 | ) | ($ | 2,230 | ) | ($ | 13,246 | ) | ($ | 10,639 | ) | |||||
| Net loss per share, basic | ($ | 0.13 | ) | ($ | 0.09 | ) | ($ | 0.09 | ) | ($ | 0.42 | ) | ($ | 0.42 | ) | |||||
| Net loss per share, diluted | ($ | 0.13 | ) | ($ | 0.09 | ) | ($ | 0.09 | ) | ($ | 0.42 | ) | ($ | 0.42 | ) | |||||
| Weighted-average shares used in | ||||||||||||||||||||
| computing per share amounts: | ||||||||||||||||||||
| Basic | 36,294 | 34,510 | 25,604 | 31,839 | 25,498 | |||||||||||||||
| Diluted | 36,294 | 34,510 | 25,604 | 31,839 | 25,498 | |||||||||||||||
| Stock-based compensation included in the Condensed Consolidated Statements of Operations: | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| March 31, | Dec. 31, | March 31, | March 31, | March 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | 2026 | 2025 | ||||||||||||||||
| Cost of goods sold | $ | 68 | $ | 61 | $ | 42 | $ | 231 | $ | 199 | ||||||||||
| Research & development | 346 | 358 | 263 | 945 | 1,010 | |||||||||||||||
| Selling, general and administrative | 409 | 364 | 207 | 1,627 | 1,053 | |||||||||||||||
| $ | 823 | $ | 783 | $ | 512 | $ | 2,803 | $ | 2,262 | |||||||||||
| GSI TECHNOLOGY, INC. | |||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| (in thousands) | |||||||||||
| (Unaudited) | |||||||||||
| March 31, 2026 | March 31, 2025 | ||||||||||
| Cash and cash equivalents | $ | 67,212 | $ | 13,434 | |||||||
| Accounts receivable | 4,237 | 3,169 | |||||||||
| Inventory | 4,079 | 3,891 | |||||||||
| Other current assets | 3,659 | 2,961 | |||||||||
| Net property and equipment | 883 | 808 | |||||||||
| Operating lease right-of-use assets | 8,264 | 9,547 | |||||||||
| Other assets | 9,619 | 9,507 | |||||||||
| Total assets | $ | 97,953 | $ | 43,317 | |||||||
| Current liabilities | $ | 9,196 | $ | 7,074 | |||||||
| Long-term liabilities | 6,996 | 8,017 | |||||||||
| Stockholders' equity | 81,761 | 28,226 | |||||||||
| Total liabilities and stockholders' equity | $ | 97,953 | $ | 43,317 | |||||||
