GSI Technology reports Q1 EPS (4c) vs. (17c) last year

Reports Q1 revenue $4.67M vs. $5.2M last year..Lee-Lean Shu, Chairman and Chief Executive Officer commented, “First quarter revenue of $4.7 million was within our guidance range despite lower sales of SigmaQuad SRAM and lower sales of our SRAM products to military prime contractors. To reverse this revenue decline, achieve financial stability and ultimately return to growth, we are focused on introducing new business lines with Gemini-I and Gemini-II. Cash on hand at June 30, 2024, which includes the net proceeds from the sale and leaseback transaction completed in June, was $21.8 million compared to $14.4M at March 31 .”Mr. Shu continued, “Our new GXL platform for Fast Vector Search, based on Gemini-I, will be available as a cloud-based or on-prem solution. We have identified potential partners for this innovative low-power solution, which speeds up the indexing process in fast vector search, allowing quicker database updates. We are also expanding our Department of Defense SBIR proposal pipeline, targeting contracts totaling $6 million. We are successfully meeting our milestones on Phase I and Phase II SBIRs, which are on track for completion in calendar 2025, and recently received confirmation of winning a third SBIR contract with a large division of the DOD. Additionally, we are on track to begin customer sampling of Gemini-II software in early calendar 2025. We aim to finalize Germini-II’s firmware and software library development by December 2024.” Commenting on GSI’s second quarter of fiscal 2025 outlook, Mr. Shu stated, “Current expectations for the upcoming fiscal second quarter are net revenues in a range of $4.2 million to $4.8M with gross margin of approximately 44% to 46%.”