GSI Technology, Inc. specializes in high-speed SRAM memory products and innovative associative computing solutions for AI, space, defense, and high-performance processing markets, with ongoing product development and government contracts.

# Company Overview: GSI Technology, Inc.

## Business Focus
- **Primary Products:**
  - High-performance semiconductor memory solutions, mainly **Very Fast SRAMs** operating at speeds less than 10 nanoseconds.
  - **In-place associative computing products** (APU family) optimized for applications involving similarity search, Boolean processing, and large-scale data retrieval.
  
- **Markets Served:**
  - **Networking & Telecommunications:** Equipment like routers, switches, wireless base stations, network infrastructure.
  - **Military, Defense & Aerospace:** Radiation-hardened and radiation-tolerant SRAMs for space and defense applications, SAR image processing.
  - **High-Performance Computing & AI:** Focus on natural language processing, computer vision, similarity search, and big data acceleration.
  - **Additional Markets:** Test & measurement, medical devices (ultrasound, CAT scans), automotive (e.g., smart cruise control).

## Key Technology
- **Memory Technologies:**
  - Synchronous SRAMs: Monolithic densities up to 288Mb, high transaction rates (up to 1866 MT/s).
  - Radiation-hardened SRAMs for harsh environments including space.
- **Computing Solutions:**
  - **APU (Associative Processing Unit) Family:** Designed for similarity search, multimodal vector search, real-time SAR image processing, and accelerating AI applications.
  - **Gemini Chips:** 
    - Gemini-I (in full production)
    - Gemini-II (delivery began in January 2024, expected general market release in mid-2025)
  - Software stack for application development, API support, and compilers.

## Customers & Revenue
- **Major Customers:**
  - KYEC (largest end user, ~23% of revenue in FY2025)
  - Nokia (largest in FY2024 and 2023)
  - Other OEMs include Airbus, BAE Systems, Lockheed Martin, Northrop Grumman, and more.
- **Distribution & Contract Manufacturers:**
  - 91.7% of revenues from distributors; 7.9-20.5% from contract manufacturers.
- **Financial Highlights (FY2025):**
  - **Revenue:** $20.5 million (decreased 6% from FY2024)
  - **Net Loss:** $10.6 million (improved from $20.1 million in FY2024)
  - **Employees:** Approximately 121 full-time employees (divided among R&D, sales, admin, manufacturing)
  - **Cash & Equivalents:** $13.4 million as of March 31, 2025
  - **Market Capitalization:** Approximately $62.5 million (as of September 30, 2024, market value based on Nasdaq stock price)
  - **Outstanding Shares:** 27,872,119 as of May 31, 2025

## Recent & Ongoing Initiatives
- Sale & leaseback of Sunnyvale headquarters (completed June 2024)
- Strategic review for potential sale or strategic alternatives (initiated May 2024)
- Development of **APU2** for U.S. Space Force (funded by SBIR program, milestone payments)
- Contracts with U.S. Department of Defense (Air Force, Army) for advanced AI and space applications.
- Near-market debut of Gemini-II chip, enhanced performance targeted for mid-2025 deployment.

## Summary
GSI Technology specializes in high-speed SRAM memory products and innovative associative computing solutions aimed at AI, space, defense, and high-performance processing markets. The company is transitioning from primarily SRAM sales to more advanced AI and space-compatible solutions, with notable government contracts and product development milestones. It has about 121 employees, significant OEM customers like KYEC and Nokia, and reported FY2025 revenues of roughly $20.5 million with a net loss of about $10.6 million.

GSI Technology, Inc. develops advanced computing solutions with a focus on associative computing technologies for high-performance applications.

# Company Overview: GSI Technology, Inc.

## Business Focus
GSI Technology, Inc. specializes in developing in-place associative computing solutions aimed at high-growth markets, including artificial intelligence (AI), high-performance computing (HPC), natural language processing, and computer vision. The company's key product family is the Associative Processing Unit (APU), which enhances applications utilizing similarity search and flexible Boolean processing. 

### Key Applications:
- **Similarity Search**: Used in ecommerce, drug discovery, cybersecurity, and NoSQL services like Elasticsearch and OpenSearch.
- **High-Performance Memory**: Involves high-speed synchronous static random access memory (SRAM) products for networking, telecommunications, military, and aerospace markets, including radiation-hardened SRAM for space applications.

## Financial Performance
- **Fiscal Year 2024 Net Revenue**: Decreased by 27% compared to fiscal 2023, amounting to approximately $20 million.
- **Gross Margin**: Decreased by 5.3%, primarily influenced by product mix and lower revenue leading to higher fixed costs.
- **Losses**: GSI recorded net losses of $20.1 million, $16.0 million, and $16.4 million in fiscal 2024, 2023, and 2022, respectively.
- **Revenue Sources**: The majority of GSI's revenue is derived from the sale of its Very Fast SRAM products while transitioning toward the revenue generation from in-place associative computing products.

## Market Presence and Strategy
- **Total Addressable Market (TAM)**: Estimated to be around $232 billion in 2024 for APU search applications, with a projected growth rate of 13% CAGR, reaching $380 billion by 2027.
- **Customer Base**: Serves significant OEMs, including notable industry leaders such as Nokia, Ciena, Northrop Grumman, BAE Systems, and Raytheon. During fiscal 2024, Nokia accounted for approximately 21% of GSI's total net revenues.
- **Employee Count**: GSI employs 148 full-time staff, including 101 engineers with expertise mainly in SRAM and APU design.
- **Sales Channels**: The company sells products through a network of independent sales representatives, distributors, and direct sales to OEMs, with significant sales to contract manufacturers.

## Operational Model
GSI operates under a fabless business model, outsourcing the manufacturing of its SRAM and APU products primarily to Taiwan Semiconductor Manufacturing Company (TSMC). This approach enables the company to focus resources on research, product development, and marketing, while minimizing capital investments and fixed costs.

## Recent Developments
1. **Prototype Agreement**: Awarded a prototype agreement with the Space Development Agency for developing the Next-Generation APU.
2. **Strategic Alternatives Review**: Currently exploring strategic alternatives, including potential divestitures or technology licensing, to maximize shareholder value.
3. **Sale/Leaseback Agreement**: Completed the sale of its headquarters in Sunnyvale, California, with a simultaneous leasing agreement to continue operations in the facility.

## Summary
GSI Technology, Inc. is positioned at the nexus of advanced memory solutions and transformative computing technology for AI and high-performance applications, aiming to innovate while addressing significant market demands and challenges. Through ongoing development, customer engagement, and strategic partnerships, the company seeks to establish a strong foothold in both the SRAM and APU markets.

GSI TECHNOLOGY INC

10-K / June 18, 2025

10-K / June 13, 2024

10-K / June 18, 2025

Company Overview: GSI Technology, Inc.

Business Focus

Key Technology

Customers & Revenue

Recent & Ongoing Initiatives

Summary