Gsi Technology Stock Price, News & Analysis

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.

GSI Technology reported a net loss of $4.0 million for Q1 FY2023, with revenues of $8.9 million. Despite a slight revenue increase compared to $8.8 million in Q1 FY2022, the net loss per share improved to $0.16 from $0.17 year-over-year. The company achieved a gross margin of 60.2%, up from 54.4% a year earlier. Operating expenses rose to $9.3 million, while R&D costs amounted to $6.6 million. GSI forecasts Q2 FY2023 revenues between $8.5 million and $9.5 million, with a gross margin of 61% to 63%. The company maintains a strong balance sheet with no debt and $41.5 million in cash.

GSI Technology, Inc. (Nasdaq: GSIT) will announce its first quarter fiscal year 2023 financial results on July 28, 2022, after market close. The announcement will precede a conference call at 1:30 p.m. PST to discuss the results and provide guidance for the second quarter. GSI focuses on high-performance memory solutions and recently introduced its Gemini Associative Processing Unit (APU), optimized for AI and parallel computing. This architecture aims to enhance performance and efficiency in various applications, including image detection and speech recognition.

GSI Technology, Inc. (NASDAQ: GSIT) revised its financial results for the fourth quarter and fiscal year ended March 31, 2022. The revision led to a reduction of approximately $1.3 million in selling, general, and administrative expenses, decreasing the contingent consideration liability. Fiscal year revenue grew over 20% to $33.4 million, with a gross margin of 55.5%. The company reported a net loss of $(16.4 million) for the year, an improvement from $(21.5 million) in the previous year. For Q1 fiscal 2023, expected revenues are between $8.5 million and $9.5 million, with a gross margin of 60%-62%.

GSI Technology, Inc. (NASDAQ: GSIT) reported its financial results for Q4 and FY 2022, highlighting a revenue increase of over 20% year-over-year to $33.4 million. Q4 revenue rose by 8% to $8.7 million, with gross margin improving to 58.6%, up from 50.2% a year prior. Despite a net loss of $(4.3 million) in Q4, the company's operating loss narrowed to $(4.3 million) from $(5.3 million) last year. The company anticipates Q1 FY 2023 net revenues between $8.5 million and $9.5 million, with a gross margin of 60% to 62%. GSI maintains a strong balance sheet with $44 million in cash and no debt.

GSI Technology, Inc. (Nasdaq: GSIT) will announce its financial results for the fourth quarter of fiscal 2022 on May 5, 2022, after market close. The announcement will be followed by a conference call at 1:30 PM PT to discuss the financial results and the first-quarter outlook for fiscal 2023. GSI specializes in high-performance memory solutions and AI processing units, recently launching radiation-hardened memory products for extreme environments. Investors can participate in the call by dialing specific numbers or accessing it online through their website.