GSIT · GSI Technology, Inc.

GSI Technology's fiscal 2026 results showed revenue growth of 22% to $25.1 million, primarily from strong SRAM sales to chip design and simulation customers, with gross margin expanding to 54.5% due to a favorable product mix weighted toward higher-margin SRAM products. Operating expenses rose to $31.2 million from $21.0 million, driven by increased R&D spending of $19.9 million related to the Plato chip design launch, partially offset by $1.0 million in SBIR funding. This led to a wider operating loss of $17.5 million and net loss of $13.2 million, or $(0.42) per share, despite $4.1 million in interest and other income including warrant adjustments. In Q4, revenue grew 7.4% year-over-year to $6.3 million on sustained SRAM demand, though gross margin dipped to 52.4% from product mix shifts; military/defense sales rose to 45.7% of shipments. Operating expenses increased to $8.5 million, mainly R&D, resulting in a $5.2 million operating loss and $4.8 million net loss. Balance sheet strengthened with $67.2 million cash, no debt, up from $13.4 million prior year, bolstered by October 2025 offering proceeds. Management highlighted progress on Gemini-II, including POC completion and planned June 2026 drone demo, plus post-quarter U.S. Army SBIR Phase II (~$2M) and Phase I smart city project. Q1 FY2027 guidance projects $5.9-6.7 million revenue and 54-56% gross margin, signaling stable SRAM foundation amid AI product advancement.