GSI Technology Reports FY24 Revenue of $25.3M

TL;DR

GSI Tech FY24 revenue up slightly to $25.3M. Full 10-K details financials.

AI Summary

GSI Technology Inc. filed its 10-K for the fiscal year ending March 31, 2024, reporting total revenue of $25.3 million. The company's fiscal year 2024 saw a slight increase in revenue compared to the $24.7 million reported in fiscal year 2023. The filing details the company's financial position, including retained earnings and additional paid-in capital as of March 31, 2024.

Why It Matters

This 10-K filing provides investors with a comprehensive overview of GSI Technology's financial performance and position for the fiscal year ended March 31, 2024, crucial for understanding the company's stability and growth prospects.

Risk Assessment

Risk Level: medium — The company's revenue is relatively small, and the filing does not provide enough detail to assess significant risks or growth catalysts.

Key Numbers

• $25.3B — Revenue FY2024 (Total revenue for the fiscal year ending March 31, 2024.)
• $24.7B — Revenue FY2023 (Total revenue for the fiscal year ending March 31, 2023.)

Key Players & Entities

• GSI TECHNOLOGY INC (company) — Filer
• 20240331 (date) — Fiscal Year End
• $25,300,372 (dollar_amount) — Total Revenue FY2024
• $24,685,059 (dollar_amount) — Total Revenue FY2023

FAQ

Key Financial Figures

• $0.001 — nge on which Registered Common Stock, $0.001 par value GSIT The Nasdaq Stock Mar
• $1.25 million — ilestone payments totaling an estimated $1.25 million upon the successful completion of prede
• $297,000 — n of predetermined milestones, of which $297,000 was received in the quarter ended Septe
• $138,000 — he quarter ended September 30, 2023 and $138,000 was received in the quarter ended Decem
• $1.1 million — t-to-Phase II contract in the amount of $1.1 million to demonstrate high-data computation us
• $11.65 million — e, California. The final sales price is $11.65 million in cash. As part of the sale, we agreed
• $90,768 — nt initially at a rate of approximately $90,768 per month and the monthly operational e
• $232 billion — n determined by GSI to be approximately $232 billion in 2024, and growing at a compound annu
• $380 billion — d annual growth rate ("CAGR") of 13% to $380 billion by 2027. GSI has similarly determined t
• $7.1 billion — PU search applications is approximately $7.1 billion in 2024, and anticipated to grow at a C
• $12.8 billion — anticipated to grow at a CAGR of 16% to $12.8 billion by 2027. The search market segments inc

Filing Documents

• gsit-20240331x10k.htm (10-K) — 2643KB
• gsit-20240331xex4d1.htm (EX-4.1) — 17KB
• gsit-20240331xex21d1.htm (EX-21.1) — 2KB
• gsit-20240331xex23d1.htm (EX-23.1) — 4KB
• gsit-20240331xex31d1.htm (EX-31.1) — 12KB
• gsit-20240331xex31d2.htm (EX-31.2) — 13KB
• gsit-20240331xex32d1.htm (EX-32.1) — 12KB
• gsit-20240331xex97d1.htm (EX-97.1) — 25KB
• 0001558370-24-009139.txt ( ) — 12632KB
• gsit-20240331.xsd (EX-101.SCH) — 66KB
• gsit-20240331_cal.xml (EX-101.CAL) — 80KB
• gsit-20240331_def.xml (EX-101.DEF) — 274KB
• gsit-20240331_lab.xml (EX-101.LAB) — 676KB
• gsit-20240331_pre.xml (EX-101.PRE) — 494KB
• gsit-20240331x10k_htm.xml (XML) — 2772KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 35 Item 1C. Cybersecurity 35 Item 2.

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 37 Item 4. Mine Safety Disclosures 37 PART II 38 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38 Item 6. Reserved 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 48 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86 Item 9A.

Controls and Procedures

Controls and Procedures 86 Item 9B. Other Information 87 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 87 PART III 88 Item 10. Directors, Executive Officers and Corporate Governance 88 Item 11.

Executive Compensation

Executive Compensation 88 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 88 Item 13. Certain Relationships and Related Transactions, and Director Independence 88 Item 14. Principal Accountant Fees and Services 88 PART IV 89 Item 15. Exhibits and Financial Statement Schedules 89 Item 16. Form 10-K Summary 93

SIGNATURES

SIGNATURES 94 2 Table of Contents

Forward-looking Statements

Forward-looking Statements In addition to historical information, this Annual Report on Form 10-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements involve risks and uncertainties. Forward-looking statements are identified by words such as "anticipates," "believes," "expects," "intends," "may," "will," and other similar expressions. In addition, any statements which refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, including those set forth in this report under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors," those described elsewhere in this report, and those described in our other reports filed with the Securities and Exchange Commission ("SEC"). We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this report, and we undertake no obligation to update these forward-looking statements after the filing of this report. You are urged to review carefully and consider our various disclosures in this report and in our other reports publicly disclosed or filed with the SEC that attempt to advise you of the risks and factors that may affect our business. PART I

Business

Item 1. Business Overview GSI provides in-place associative computing solutions for applications in high growth markets such as artificial intelligence ("AI") and high-performance computing ("HPC"), including natural language processing and computer vision. Our associative processing unit ("APU") family of products are focused on applications using similarity search and very flexible Boolean processing. Similarity search is used in search queries for ecommerce, computer vision, drug discovery, cyber security and service markets such as NoSQL, Elasticsearch, and OpenSearch. Our extensive historical experience in developing high speed synchronous static random access memory, or SRAM, facilitated our ability to transform the focus of our business to the development of reliable hardware AI products and solutions. Even as we expand our offering of in-place associative computing solutions, we continue to be committed to the synchronous SRAM market, by making available exceedingly high density performance memory products for incorporation into high-performance networking and telecommunications equipment, such as routers, switches, wide area network infrastructure equipment, wireless base stations and network access equipment. Our position in the synchronous SRAM market is well established and we have long-term supplier relationships with many of the leading original equipment manufacturer, or OEM, customers including Nokia. The revenue generated by these sales of high-speed synchronous SRAM products is being used to finance the development of our new in-place associative computing solutions and new types of SRAM products. We also serve the ongoing needs of the military/defense and aerospace markets by offering robust high-quality radiation-tolerant and radiation-hardened space grade SRAMs in addition to new in-place associative computing solutions for the military/defense and aerospace markets such as synthetic aperture radar ("SAR") image processing. We utilize a

View Full Filing

View this 10-K filing on SEC EDGAR