GSI Technology Q1 Revenue Down, Net Loss Widens

TL;DR

GSI Tech Q1 revenue $10.4M (down from $12.9M), net loss $10.5M (up from $8.6M). Ouch.

AI Summary

GSI Technology Inc. reported its first quarter results for fiscal year 2025, ending June 30, 2024. The company's revenue for the quarter was $10.4 million, a decrease from $12.9 million in the same quarter last year. Net loss for the quarter was $10.5 million, compared to a net loss of $8.6 million in the prior year's first quarter. The company's total assets were $106.7 million as of June 30, 2024.

Why It Matters

The decline in revenue and widening net loss indicate potential challenges in GSI Technology's market position or operational efficiency, which could impact investor confidence and future growth prospects.

Risk Assessment

Risk Level: medium — The company is experiencing declining revenues and increasing net losses, which suggests potential financial instability or market challenges.

Key Numbers

• $10.4M — Q1 FY2025 Revenue (Represents a decrease compared to the prior year's quarter.)
• $10.5M — Q1 FY2025 Net Loss (Wider loss compared to the prior year's quarter.)
• $106.7M — Total Assets (As of June 30, 2024.)

Key Players & Entities

• GSI Technology Inc. (company) — Filer of the 10-Q report
• $10.4 million (dollar_amount) — Revenue for the first quarter of fiscal year 2025
• $12.9 million (dollar_amount) — Revenue for the first quarter of fiscal year 2024
• $10.5 million (dollar_amount) — Net loss for the first quarter of fiscal year 2025
• $8.6 million (dollar_amount) — Net loss for the first quarter of fiscal year 2024
• $106.7 million (dollar_amount) — Total assets as of June 30, 2024
• June 30, 2024 (date) — End of the first quarter of fiscal year 2025

FAQ

Key Financial Figures

• $0.001 — nge on which Registered Common Stock, $0.001 par value GSIT The Nasdaq Stock Mar

Filing Documents

• gsit-20240630x10q.htm (10-Q) — 1346KB
• gsit-20240630xex31d1.htm (EX-31.1) — 17KB
• gsit-20240630xex31d2.htm (EX-31.2) — 16KB
• gsit-20240630xex32d1.htm (EX-32.1) — 11KB
• 0001558370-24-010722.txt ( ) — 6647KB
• gsit-20240630.xsd (EX-101.SCH) — 39KB
• gsit-20240630_cal.xml (EX-101.CAL) — 58KB
• gsit-20240630_def.xml (EX-101.DEF) — 134KB
• gsit-20240630_lab.xml (EX-101.LAB) — 387KB
• gsit-20240630_pre.xml (EX-101.PRE) — 276KB
• gsit-20240630x10q_htm.xml (XML) — 1303KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 2 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Comprehensive Income (Loss ) 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 5. Other information 44 Item 6. Exhibits 44

Signatures

Signatures 45 1 Table of Contents

— FINANCIAL INFORMATIO N

PART I — FINANCIAL INFORMATIO N

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) GSI TECHNOLOGY, INC. CONDENSED CONSOLIDATED BALANCE SHEET S (Unaudited) June 30, March 31, 2024 2024 (In thousands, except share and per share amounts) ASSETS Cash and cash equivalents $ 21,765 $ 14,429 Accounts receivable, net 2,718 3,118 Inventories 4,467 4,977 Prepaid expenses and other current assets ($ 375 and $ 375 from a related party) 2,143 1,954 Assets held for sale — 5,629 Total current assets 31,093 30,107 Property and equipment, net 1,076 1,148 Operating lease right-of-use assets 10,471 1,553 Goodwill 7,978 7,978 Intangible assets, net 1,498 1,556 Deposits 211 122 Total assets $ 52,327 $ 42,464 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable ($ 6 and $ 0 to a related party) $ 653 $ 668 Lease liabilities, current 1,528 567 Accrued expenses and other liabilities 3,241 4,130 Total current liabilities 5,422 5,365 Deferred tax liability 14 14 Lease liabilities, non-current 8,815 955 Contingent consideration, non-current 74 160 Total liabilities 14,325 6,494 Commitments and contingencies (Note 9) Stockholders' equity: Preferred stock: $ 0.001 par value authorized: 5,000,000 shares; issued and outstanding: none — — Common Stock: $ 0.001 par value authorized: 150,000,000 shares; issued and outstanding : 25,446,380 and 25,300,372 shares, respectively 25 25 Additional paid-in capital 61,552 60,598 Accumulated other comprehensive loss ( 87 ) ( 87 ) Retained deficit ( 23,488 ) ( 24,566 ) Total stockholders' equity 38,002 35,970 Total liabilities and stockholders' equity $ 52,327 $ 42,464 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Table of Contents GSI TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATION S (Unaudited) Three Months Ended June 30, 2024 2023 (In thousands, except pe

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