Q1 2025 GSI Technology Inc Earnings Call Transcript
Key Points
- GSI Technology Inc (GSIT) reported first-quarter revenue of $4.7 million, which was within their guidance range.
- The company is focused on launching the GXL platform for fast vector search, which promises significant improvements in processing speed for GenAI and e-commerce applications.
- GSI Technology Inc (GSIT) is expanding its Department of Defense SBIR proposals pipeline, with contracts ranging from $75,000 to over $2 million.
- The company successfully mounted the Gemini-II chip onto a board, allowing for continued firmware and software development.
- GSI Technology Inc (GSIT) has increased its cash and cash equivalents to $21.8 million as of June 30, 2024, up from $14.4 million at the end of the previous quarter.
- First-quarter revenue declined from $5.6 million in the same period last year, primarily due to lower SigmaQuad sales and reduced sales to military prime contractors.
- Gross margin decreased to 46.3% from 54.9% in the year-ago quarter, affected by product mix and lower revenue impacting fixed costs.
- The company reported an operating loss of $4.7 million for the first quarter of fiscal 2025.
- Sales to Nokia decreased significantly, contributing to a decline in net revenues.
- The company is still in discussions for strategic partnerships and has not finalized any major funding or development routes for Gemini-III.
Ladies and gentlemen, thank you for standing by. Welcome to the GSI Technology's first-quarter fiscal 2025 results conference call. (Operator Instructions)
Before we begin today's call, the company has requested that I read the following Safe Harbor statement. The matters discussed in this conference call may include forward-looking statements regarding future events and the future performance of GSI Technology that involves risks and uncertainties that would cause actual results to differ materially from those anticipated. These risks and uncertainties are described in the company's Form 10-K filed with the Securities and Exchange Commission. Additionally, I have also been asked to advise you that this conference call is being recorded today, July 25, 2024, at the request of GSI Technology.
Hosting the call today is Lee-Lean Shu, the company's Chairman, President, and Chief Executive Officer. With him are Douglas Schirle, Chief Financial Officer; and Didier Lasserre, Vice President of Sales.
I would now like to turn the call over to Mr. Shu. Please go ahead, sir.
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