Gsi Technology Stock Price, News & Analysis

GSI Technology, Inc. (NASDAQ: GSIT) reported its third quarter fiscal 2023 results, revealing net revenues of $6.4 million, down from $8.1 million a year earlier. Gross margin increased to 57.5% but operating loss widened to $4.8 million. The company anticipates fourth quarter revenues between $5.0 million and $5.6 million, with a gross margin forecast of 49% to 51%. Significant cost reduction initiatives aim for $7 million in annual savings. As of December 31, 2022, cash and equivalents were $35.2 million, showing a decline from the previous period.

GSI Technology, Inc. (Nasdaq: GSIT) will announce its financial results for Q3 FY 2023, ended December 31, 2022, after market close on January 26, 2023. A conference call to discuss these results and the outlook for Q4 FY 2023 is scheduled for 1:30 PM PT (4:30 PM ET) on the same day. GSI Technology specializes in semiconductor memory solutions and has recently introduced radiation-hardened memory products and the Gemini Associative Processing Unit (APU), designed for AI and high-performance applications.

GSI Technology, Inc. (Nasdaq: GSIT) announced plans to implement cost reduction initiatives aimed at decreasing operating expenses by approximately $7 million annually. This will involve a 15% reduction in workforce and targeted cuts in research and development spending, while still prioritizing the launch of the Gemini-I chip and ongoing development of the Gemini-II APU. The company anticipates incurring around $850,000 in termination costs by March 31, 2023, to facilitate these changes. Despite the cuts, core APU development will remain unaffected.

GSI Technology (NASDAQ: GSIT) reported its fiscal Q2 results for 2023, revealing net revenues of $9.0 million, a 15% year-over-year increase, mainly driven by high-performance SRAM sales. Gross margin improved to 62.6%, up from 53.6% last year. The operating loss narrowed to ($3.2 million), compared to ($4.5 million) in the same quarter last year. Total operating expenses remained stable at $8.8 million. The cash balance was $38.9 million. Outlook for Q3 is projected revenues between $6.3 million and $7.3 million.

GSI Technology, Inc. (GSIT) plans to announce its second quarter fiscal year 2023 financial results on October 27, 2022, after market close. The company will also hold a conference call at 1:30 p.m. Pacific Time to discuss these results and provide an outlook for the third quarter. Participants can join the call by dialing the provided numbers or through the company's website. GSI Technology specializes in high-performance memory solutions and recently launched its Gemini® Associative Processing Unit for AI and parallel computing.

On September 27, 2022, GSI Technology (GSIT) announced that its Synthetic Aperture Radar (SAR) image processing acceleration system, utilizing its Gemini^® Associative Processing Unit (APU) technology, has been approved for use by IAI/Elta System Ltd, a subsidiary of Israeli Aerospace Industries. The system passed all quality and performance tests and achieved a processing time reduction from minutes to seconds, operating with 88% less power compared to traditional CPU/GPU systems. This recognition enhances GSI's position in defense technology and expands its market opportunities.