Company: GSIT
Filing Date: 2025-07-31
Form Type: 8-K
Source: 0001171843-25-004920
Chunk: 4

Company: GSI TECHNOLOGY INC
Filing Date: 2025-07-31
Form: 8-K
Item: Item 8.01
Chunk 4
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Item 8.01. Other Events.

On July 31, 2025, the Corporation announced financial results for its first quarter of fiscal year 2026, which included quarterly net revenues of $6.3 million. Net revenue increased 35% year-over-year and 7% from the fourth quarter of fiscal year 2025, reflecting strong market momentum for leading AI processors using the Corporation’s SRAM chips. The Corporation’s gross margin was 58.1% in the first quarter of fiscal 2026 compared to 46.3% in the first quarter of fiscal 2025 and 56.1% in the preceding fourth quarter of fiscal 2025. The increase in gross margin in the first quarter of 2026 was primarily due to product mix and the effect of higher revenue on the fixed costs in the Corporation’s cost of revenues. The Corporation also announced that its quarter-end cash balance of $22.7 million, up from $13.4 million at the end of the fourth quarter of fiscal year 2025, which included proceeds from the “at the market” (ATM) program. The Corporation delivered an APU Leda-2 board to an offshore defense contractor, as planned, for proof-of-concept development. The Corporation is currently developing a multi-modal LLM that targets edge applications, with benchmark results available by fall 2025.

The Corporation reported that in the first quarter of fiscal 2026, sales to KYEC were $267,000, or 4.3% of net revenues, compared to $1.0 million, or 21.9% of net revenues, in the same period a year ago and $1.7 million, or 29.5% of net revenues, in the prior quarter. The Corporation reported that in the first quarter of fiscal 2026, sales to Nokia were $536,000, or 8.5% of net revenues, compared to $998,000, or 21.4% of net revenues, in the same period a year ago and $444,000, or 7.5% of net revenues, in the prior quarter. The Corporation reported that in the first quarter of fiscal 2026, sales to Cadence Design Systems were $1.5 million, or 23.9% of net revenues, compared to $0, or 0% of net revenues, in the same period a year ago and $642,000, or 10.9% of net