GSI Technology reports Q3 EPS (26c) vs (20c) last year

Reports Q3 revenue $5.32M vs. $6.45M last year…Lee-Lean Shu, Chairman and Chief Executive Officer, commented, “GSI achieved several key milestones this past quarter. First, radiation testing performed in November showed Gemini-I can meet the radiation tolerance needs of satellite compute-in-space applications. We are pursuing several opportunities in this market. Second, we completed the Gemini-II tape out and will evaluate the initial spin soon. Sampling is targeted for the second half of calendar year 2024, with potential alpha deployments by year-end. Third, we shipped radiation-hardened SRAMs for two new programs, and finally, we received a second SBIR Direct-to-Phase II contract in the amount of $1.1 million for Gemini-II.” Mr. Shu continued, “Recently published research by Cornell University demonstrated the unique efficiency of our Gemini-I APU for accelerating location filtering in DNA mapping. Leveraging the APU’s massively parallel in-memory scalable architecture in a server, researchers achieved up to 6X faster processing than a CPU. These results highlight the potential of our technology to transform genomics and other data-intensive applications, such as medical data analysis, search, security, and more. The versatility of our APU architecture has the potential to unlock multi-billion-dollar market opportunities across industries that rely on rapid bit-wise data matching and comparisons.” Commenting on the third quarter results and fourth quarter of fiscal 2024 outlook, Mr. Shu stated, “Third quarter revenue was at the low end of our guidance, and gross margin was at the mid-point of our guidance. An infrequent $2.4 million charge for a pre-production mask set for Gemini-II increased operating expenses for the quarter and contributed to a higher operating loss compared to the second quarter of fiscal 2024.