GSI Technology Inc (GSIT) Reports Q2 Fiscal 2024 Results
Net revenues for Q2 2024 were $5.7 million, compared to $8.9 million for Q2 2023.
Operating loss for Q2 2024 was $4.1 million, compared to $3.2 million for Q2 2023.
Net loss per share, diluted, was $0.16 for Q2 2024, compared to $0.13 for Q2 2023.
Company's cash, cash equivalents, and short-term investments stood at $25.3 million as of September 30, 2023.
On October 26, 2023, GSI Technology Inc (NASDAQ:GSIT) released its financial results for the second fiscal quarter ended September 30, 2023. The company reported net revenues of $5.7 million, a decrease from $8.9 million in the same period last year. The operating loss for the quarter was $4.1 million, compared to $3.2 million in Q2 2023. The net loss per share, diluted, was $0.16, compared to $0.13 in the same period last year.
Company Performance and Milestones
Despite the financial losses, the company achieved significant milestones during the quarter. Lee-Lean Shu, Chairman, and Chief Executive Officer, stated,
In recent months, we reached two significant milestones. First, the successful launch of the alpha version of our Copperhead compiler suite...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.
Financial Highlights
The company's gross margin for Q2 2024 was 54.7%, a decrease from 62.6% in Q2 2023. Total operating expenses were $7.2 million, compared to $8.8 million in the same period last year. The company's net loss included interest and other income, net of $71,000 and a tax provision of $33,000.
Balance Sheet Overview
As of September 30, 2023, GSI Technology Inc (NASDAQ:GSIT) had $25.3 million in cash, cash equivalents, and short-term investments, compared to $30.6 million as of March 31, 2023. The company's working capital was $28.8 million, with no debt. Stockholders equity was $45.4 million, compared to $51.4 million as of the fiscal year ended March 31, 2023.
Outlook for Q3 2024
Looking ahead, 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%."
Conclusion
Despite the financial losses, GSI Technology Inc (NASDAQ:GSIT) remains optimistic about its future, citing significant milestones achieved during the quarter and ongoing conversations with a key hyperscale partner. The company is also making strides in its product offerings and is well-positioned to deliver computational capabilities in future space satellites.
Explore the complete 8-K earnings release (here) from GSI Technology Inc for further details.
This article first appeared on GuruFocus.
