GSI Technology, Inc. (NASDAQ: GSIT) today reported
financial results for its second fiscal quarter ended September 30,
2023.
Summary Financial Results Table (in thousands, except
per share amounts)
|
Three Months Ended |
Six Months Ended |
|
Sept. 30,2023 |
June 30, 2023 |
Sept. 30, 2022 |
Sept. 30, 2023 |
Sept. 30, 2022 |
Net revenues |
$5,708 |
$5,587 |
$8,953 |
$11,295 |
$17,862 |
Gross margin (%) |
54.7% |
54.9% |
62.6% |
54.8% |
61.4% |
Operating expenses |
$7,214 |
$8,208 |
$8,807 |
$15,422 |
$18,114 |
Operating loss |
($4,093) |
($5,139) |
($3,205) |
($9,232) |
($7,147) |
Net loss |
($4,055) |
($5,110) |
($3,228) |
($9,165) |
($7,204) |
Net loss per share, diluted |
($0.16) |
($0.21) |
($0.13) |
($0.37) |
($0.29) |
|
|
|
|
|
|
Lee-Lean Shu, Chairman, and Chief Executive Officer, commented,
“In recent months, we reached two significant milestones. First,
the successful launch of the alpha version of our Copperhead
compiler suite, a Python-based tool that fully harnesses the
remarkable associative, massively parallel, non-Von-Neumann
bit-processing capabilities of the Gemini APU. Second, we completed
the tape-out for Gemini-II, putting us on track to have the chip
back in our hands early next calendar year, with sampling scheduled
for the second half of the year.”
Mr. Shu continued, “Turning to our financial results for the
second quarter of fiscal 2024, revenue of $5.7 million was at the
high end of our guidance. Also, it is worth noting that our
second-quarter fiscal year 2023 revenue was boosted by inventory
builds with several key customers, which presents a challenging
year-over-year comparison. During the second quarter of fiscal
2024, we furthered our objectives to buildout our product offerings
for Gemini-I. We are finalizing the plugin for Fast Vector Search,
a promising development. Moreover, our successful benchmarking of a
Synthetic Aperture Radar (SAR) customer’s database has progressed
our engagement with this key customer. In addition, Gemini’s
attributes of low power consumption and radiation tolerance
position it as the ideal choice for delivering computational
capabilities in future space satellites.”
Mr. Shu concluded, “In addition to our near-term activities to
buildout our Gemini-I product offerings, our ongoing conversations
with a key hyperscale partner are progressing. We have gained
valuable insights into the requirements for Gemini-III that would
align with their needs. Through this collaborative effort, we are
identifying the types of partners required and the financial and
engineering resources necessary to successfully design,
manufacture, and launch Gemini-III. This version of the APU will
boast an architecture that exceeds our performance expectations,
thereby unlocking the complete capabilities of our in-memory
computing for Generative of AI applications.”
Commenting on the outlook for GSI's third quarter of fiscal
2024, Mr. Shu stated, "Our current expectations for the upcoming
third quarter are net revenues in a range of $5.4 million to $6.2
million, with gross margin of approximately 55% to 57%."
Second Quarter Fiscal Year 2024 Summary
Financials
The Company reported a net loss of $(4.1 million), or $(0.16)
per diluted share, on net revenues of $5.7 million for the
second quarter of fiscal 2024, compared to a net loss of $(3.2
million), or $(0.13) per diluted share, on net revenues of
$9.0 million for the second quarter of fiscal 2023 and a net
loss of $(5.1 million), or $(0.21) per diluted share, on net
revenues of $5.6 million for the first quarter of fiscal 2024.
Gross margin was 54.7% compared to 62.6% in the prior year period
and 54.9% in the preceding first quarter. The changes in gross
margin were primarily due to changes in product mix sold in the
three periods.
In the second quarter of fiscal 2024, sales to Nokia were $1.2
million, or 20.3% of net revenues compared to $1.2 million, or
13.6% of net revenues, in the same period a year ago and $1.9
million, or 33.5% of net revenues in the prior quarter.
Military/defense sales were 34.8% of second quarter shipments
compared to 22.4% of shipments in the comparable period a year ago
and 33.8% of shipments in the prior quarter. SigmaQuad sales were
55.8% of second quarter shipments compared to 58.1% in the second
quarter of fiscal 2023 and 58.6% in the prior quarter.
Total operating expenses in the second quarter of fiscal 2024
were $7.2 million, compared to $8.8 million in the second quarter
of fiscal 2023 and $8.2 million in the prior quarter. Research and
development expenses were $4.7 million, compared to $6.4 million in
the prior year period and $5.2 million in the prior quarter.
Selling, general and administrative expenses were $2.5 million in
the quarter ended September 30, 2023, compared to $2.4 million in
the prior year quarter, and $3.0 million in the previous
quarter.
Second quarter fiscal 2024 operating loss was $(4.1 million)
compared to $(3.2 million) in the prior year period and $(5.1
million) in the prior quarter. Second quarter fiscal 2024 net loss
included interest and other income, net of $71,000 and a tax
provision of $33,000, compared to interest and other income, net of
$14,000 and a tax provision of $37,000, for the same period a year
ago. In the preceding first quarter, net loss included interest and
other income, net of $80,000 and a tax provision of $51,000.
Total second quarter pre-tax stock-based compensation expense
was $676,000 compared to $661,000 in the comparable quarter a year
ago and $820,000 in the prior quarter.
At September 30, 2023, the Company had $25.3 million in cash,
cash equivalents and short-term investments, compared to $30.6
million in cash, cash equivalents, and short-term investments at
March 31, 2023. Working capital was $28.8 million as of September
30, 2023, versus $34.7 million at March 31, 2023, with no debt.
Stockholders’ equity as of September 30, 2023, was $45.4 million
compared to $51.4 million as of the fiscal year ended March 31,
2023.
Conference Call
Management will conduct a conference call to review the
Company's financial results for the second quarter of fiscal year
2024 and its current outlook for the third quarter of fiscal 2024
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 13742035.
The call will also be streamed live via the internet at
www.gsitechnology.com.
A replay will be available from October 26, 2023 at 7:30 p.m.
Eastern Time through November 2, 2023 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 13742035. 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; GSI Technology’s
ability to successfully implement its cost- reduction initiatives;
the impact of GSI Technology’s cost-reduction initiatives on its
business and operations and the failure to realize the anticipated
benefits of its cost-reduction initiatives; 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
rising interest rates, worldwide inflationary pressures, military
conflicts, significant fluctuations in energy prices 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 |
|
Six Months
Ended |
|
Sept.
30, |
June
30, |
Sept.
30, |
|
Sept.
30, |
Sept.
30, |
|
2023 |
2023 |
2022 |
|
2023 |
2022 |
|
|
|
|
|
|
|
Net revenues |
$5,708 |
|
$5,587 |
|
$8,953 |
|
|
$11,295 |
|
$17,862 |
|
Cost of goods sold |
2,587 |
|
2,518 |
|
3,351 |
|
|
5,105 |
|
6,895 |
|
|
|
|
|
|
|
|
Gross profit |
3,121 |
|
3,069 |
|
5,602 |
|
|
6,190 |
|
10,967 |
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research & development |
4,691 |
|
5,204 |
|
6,395 |
|
|
9,895 |
|
13,014 |
|
Selling, general and administrative |
2,523 |
|
3,004 |
|
2,412 |
|
|
5,527 |
|
5,100 |
|
Total operating expenses |
7,214 |
|
8,208 |
|
8,807 |
|
|
15,422 |
|
18,114 |
|
|
|
|
|
|
|
|
Operating loss |
(4,093 |
) |
(5,139 |
) |
(3,205 |
) |
|
(9,232 |
) |
(7,147 |
) |
|
|
|
|
|
|
|
Interest and other income, net |
71 |
|
80 |
|
14 |
|
|
151 |
|
40 |
|
|
|
|
|
|
|
|
Loss before income taxes |
(4,022 |
) |
(5,059 |
) |
(3,191 |
) |
|
(9,081 |
) |
(7,107 |
) |
Provision for income taxes |
33 |
|
51 |
|
37 |
|
|
84 |
|
97 |
|
Net loss |
($4,055 |
) |
($5,110 |
) |
($3,228 |
) |
|
($9,165 |
) |
($7,204 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic |
($0.16 |
) |
($0.21 |
) |
($0.13 |
) |
|
($0.37 |
) |
($0.29 |
) |
Net loss per share, diluted |
($0.16 |
) |
($0.21 |
) |
($0.13 |
) |
|
($0.37 |
) |
($0.29 |
) |
|
|
|
|
|
|
|
Weighted-average shares used in |
|
|
|
|
|
|
computing per share amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
25,161 |
|
24,866 |
|
24,554 |
|
|
25,014 |
|
24,538 |
|
Diluted |
25,161 |
|
24,866 |
|
24,554 |
|
|
25,014 |
|
24,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation included in the Condensed Consolidated Statements of
Operations: |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
Sept.
30, |
June
30, |
Sept.
30, |
|
Sept.
30, |
Sept.
30, |
|
2023 |
2023 |
2022 |
|
2023 |
2022 |
|
|
|
|
|
|
|
Cost of goods sold |
$57 |
|
$67 |
|
$49 |
|
|
$124 |
|
$109 |
|
Research & development |
369 |
|
386 |
|
390 |
|
|
755 |
|
741 |
|
Selling, general and administrative |
250 |
|
367 |
|
222 |
|
|
617 |
|
449 |
|
|
$676 |
|
$820 |
|
$661 |
|
|
$1,496 |
|
$1,299 |
|
|
|
|
|
|
|
|
GSI
TECHNOLOGY, INC. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(in
thousands) |
(Unaudited) |
|
|
|
|
|
Sept. 30, 2023 |
March 31, 2023 |
Cash and cash equivalents |
$24,669 |
|
$27,212 |
Short-term investments |
|
651 |
|
|
3,363 |
Accounts receivable |
|
3,084 |
|
|
3,471 |
Inventory |
|
5,577 |
|
|
6,415 |
Other current assets |
|
1,258 |
|
|
1,414 |
Net property and equipment |
|
7,060 |
|
|
7,423 |
Other assets |
|
10,801 |
|
|
10,578 |
Total assets |
$53,100 |
|
$59,876 |
|
|
|
|
Current liabilities |
$6,402 |
|
$7,202 |
Long-term liabilities |
|
1,333 |
|
|
1,302 |
Stockholders' equity |
|
45,365 |
|
|
51,372 |
Total liabilities and stockholders' equity |
$53,100 |
|
$59,876 |
GSI Technology (NASDAQ:GSIT)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
GSI Technology (NASDAQ:GSIT)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024