Company: GSIT
Filing Date: 2025-05-01
Form Type: 8-K
Source: 0001171843-25-002691
Chunk: 3

Company: GSI TECHNOLOGY INC
Filing Date: 2025-05-01
Form: 8-K
Item: Item 8.01
Chunk 3
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Item 8.01. Other Events.

On May 1, 2025, the Corporation announced financial results for its fourth fiscal quarter and fiscal year ended March 31, 2025, which included net revenues of $5.9 million for the fourth quarter of fiscal 2025 and net revenues of $20.5 million for the full fiscal year. Net revenue increased 14% year-over-year and 9% from the third fiscal quarter, reflecting stronger demand for the Corporation’s SRAM chips. The Corporation’s gross margin was 56.1% in the fourth quarter of fiscal 2025 compared to 51.6% in the fourth quarter of fiscal 2024 and 54.0% in the preceding third quarter of fiscal 2025. The increase in gross margin from the third fiscal quarter was primarily due to higher revenue and product mix. The Corporation’s gross margin was 49.4% for fiscal 2025 compared to 54.3% in fiscal 2024. The decrease in gross margin for fiscal 2025 was primarily due to product mix and the effect of lower revenue on the fixed costs in the Corporation’s cost of revenues. The Corporation also announced that it had secured an initial order for the Corporation’s radiation-hardened SRAM from a North American prime contractor, and that follow-on orders were expected in fiscal 2026. The Corporation has continued to meet milestones for its Gemini-II SBIR programs with the Space Development Agency (SDA) and US Air Force Research Laboratory (AFRL). The Corporation delivered a server with a Leda-2 board to AFRL and will soon ship a Gemini-II card to SDA. The Corporation reported that in the fourth quarter of fiscal 2025, sales to KYEC were $1.7 million, or 29.5% of net revenues, compared to $544,000, or 10.6% of net revenues, in the same period a year ago and $1.2 million, or 22.7% of net revenues, in the prior quarter. The Corporation reported that in the fourth quarter of fiscal 2025, sales to Nokia were $444,000, or 7.5% of net revenues, compared to $694,000, or 13.5% of net revenues, in the same period a year ago and $239,000, or 4.4% of net revenues, in the prior quarter. The Corporation’s fourth quarter fiscal 2025 operating loss was $(