10-K · June 5, 2026
GSI Technology reported a challenging fiscal period with a net loss of $13.2 million in FY2026, a 24% increase from the previous year's loss of $10.6 million, as revenues grew to $25.1 million driven primarily by their…
Earnings analysis · 10-Q
GSIT earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
GSI Technology generated $6.312 million of revenue and diluted EPS of negative $0.13 in the quarter; gross margin was 58.1%, but operating margin remained negative at 34.6%. Liquidity was supported by $77.0 million of…
Read full summary
GSI Technology generated $6.312 million of revenue and diluted EPS of negative $0.13 in the quarter; gross margin was 58.1%, but operating margin remained negative at 34.6%. Liquidity was supported by $77.0 million of cash and cash equivalents and approximately $9.6 million of May 2026 ATM proceeds, but the company continues to incur losses and may require additional funding. The filing emphasizes material concentration in Avnet Logistics and key customers, dependence on TSMC and Taiwan manufacturing, and execution risks surrounding Gemini-II and Plato commercialization.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.13
What stood out
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Revenue Stable; Gross Margin Improved
Revenue was $6.312 million, approximately $0.3 million above the prior-period $6.0 million, while gross margin improved to 58.1% from 56.1%.
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Cash Balance Remains Strong
Cash and cash equivalents totaled $77.0 million at June 30, 2026, primarily invested in money market funds for working capital.
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Controls Evaluated as Effective
Management stated that disclosure controls and procedures were effective as of June 30, 2026, and reported no material changes in internal control over financial reporting during the quarter.
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Additional Capital Raised
The company raised approximately $9.6 million in gross proceeds through its May 2026 at-the-market offering, following approximately $50 million raised in October 2025.
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No Goodwill Impairment Indicators
There were no goodwill impairment indicators at June 30, 2026 or March 31, 2026; goodwill was $8.0 million at both dates.
What to watch
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Persistent Losses and Negative Margins
The company reported a diluted EPS loss of $0.13 and an operating margin of negative 34.6%, while it disclosed net losses of $13.2 million in fiscal 2026 versus $10.6 million in fiscal 2025.
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High Customer and Distributor Concentration
Avnet Logistics accounted for 63.7% of fiscal 2026 net revenue, while KYEC, Nokia and Cadence Design Systems represented 14%, 6% and 12%, respectively; one customer represented 62% of accounts receivable at June 30, 2026.
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Single-Source Manufacturing Exposure
The company depends on TSMC for most wafers and ASE for most packaging, has no supply agreements with either supplier, and stated that it may increase inventory levels and place orders further in advance, increasing working-capital needs and obsolescence risk.
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APU Commercialization and Talent Risk
Commercialization of Gemini-II and development of Plato require continuing substantial effort during fiscal 2027; management identified a risk of missing Plato’s anticipated tape-out date in early calendar 2027 if engineering staffing is inadequate.
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Elevated Product Development Costs
The company disclosed that it incurred $3.2 million of intellectual-property charges for the Plato project in the third quarter of fiscal 2026, with similar expenses expected as it transitions products to smaller-geometry processes.
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Geopolitical and Export-Control Risk
The company reported that 51.1% of fiscal 2026 revenue was shipped outside the United States, with substantial manufacturing and testing in Taiwan and software development in Israel, exposing operations to geopolitical, trade and export-control disruption.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q; outlook was deferred to the earnings press release/call.
Earlier filings 4
10-Q · February 6, 2026
GSI Technology reported Q3 revenue of $6,076,000, up $662,000 (+12.2%) year-over-year, with gross profit of $3,200,000 (52.7% gross margin). GAAP diluted EPS improved to a loss of $0.09 per share from a loss of $0.16 a…
10-Q · February 10, 2025
GSI reported quarterly revenue of $5,414,000, up modestly from $5,318,000 a year earlier, with gross margin roughly flat at 54.0% versus ~56.0% prior-year. The company narrowed its quarterly net loss to $4,029,000 (EPS…
10-K · June 13, 2024
GSI Technology (GSIT) is transitioning from a legacy high-speed synchronous SRAM vendor toward commercializing its Gemini APU compute-in-memory product family for AI/HPC and edge applications. Fiscal 2024 showed…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.