GSI Technology

The grade, in three tenses

Headline 4.4 out of ten, 8 of 9 metrics filed and 1 estimated: past 2.7 out of ten, present 4.1 out of ten, future 6.4 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 4.6 out of ten. 1 warning event since 2017; the latest 2017-09-14. 46th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 1.3 out of ten. -7% a year over 10 filed years; profitable in 1 of 10. 13th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 2.7 out of ten. CrossAssetData estimate 2.7/10, confidence 35 of 100 (one part). 27th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Financial health (present): 3.7 out of ten. ROE -16%: lost 16¢ per shareholder dollar. Leverage 17%: owes 17¢ per asset dollar. 37th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 2.3 out of ten. bottom 22% of 97 in its family; net margin -52.7%. 22nd percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 7.5 out of ten. top 25% of 66 in its family for leadership; chief executive since 2007. 75th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 6.8 out of ten. top 32% of 94 in its family for room to expand. 68th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 5.4 out of ten. top 46% of 93 in its family for growth drivers. 54th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 7.2 out of ten. top 28% of 88 in its family for expectations against reality. 72nd percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-06-05 for the period ended 2026-03-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-11 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-07-30 (on EDGAR). Newest filing: Form 4, 2026-09-10. Filings on record since 2004. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-06-05.

The people

Lee-Lean Shu co-founded GSI Technology in March 1995 and has been its president, chief executive and a director ever since, and chairman since October 2000. Before that he designed SRAM chips at Sony Microelectronics, ending as its director of SRAM design. He beneficially owns 9.0% of the shares; the directors and executive officers together own 16.6%. [1, 2, 3, 4]

The management team is unusually long-serving. Douglas Schirle has been chief financial officer since August 2000, Didier Lasserre vice president of sales since July 2002, Bor-Tay Wu head of Taiwan operations since January 1997 and Ping Wu head of US operations since September 2006. Patrick Chuang, senior vice president of memory design, came with Sony's SRAM product line in July 2009, and Avidan Akerib, who runs associative computing, came with the purchase of MikaMonu Group in November 2015; he is named inventor on more than 50 patents in parallel and in-memory associative computing. [5, 6, 7, 8, 9, 10, 11]

The board has five members: Shu; Elizabeth Cholawsky (since September 2019), the lead independent director and chief executive of HG Insights from April 2018 to June 2024; Haydn Hsieh (since August 2008), chairman and chief strategy officer of WNC, formerly Wistron NeWeb; Ruey L. Lu (since October 2000), president of eMPIA Technology, which he founded; and Ronald R. Steger (since August 2025), an audit partner at KPMG until 2013. WNC builds GSI's APU boards, and the proxy discloses about $223,000 of engineering and manufacturing services bought from it in fiscal 2026. [12, 13, 14, 15, 16, 17, 18, 19, 20]

At March 31, 2026 GSI had 125 full-time employees, including 90 engineers, 56 of them in research and development and 40 with PhD or MS degrees; 11 people work in sales and marketing, 9 in administration and 49 in manufacturing. By site, 38 are in Sunnyvale, 44 in Taiwan and 36 in Israel. None belong to a union. In August 2024 it cut its global workforce by about 16%. [21, 22, 23]

How it operates

GSI Technology is fabless, meaning it designs chips and hires others to make them, and it runs two businesses. The established one sells high-speed synchronous SRAM, a fast memory chip, in four families (SyncBurst, NBT, SigmaQuad and SigmaDDR) spanning about 10,000 part numbers, for networking and telecom gear, test and measurement equipment and military, defense and aerospace systems, including radiation-hardened parts for satellites and missiles. Substantially all revenue comes from these SRAMs, and the company says they fund the second business: the associative processing unit (APU), a chip that computes inside its own memory, sold as the first-generation Gemini and its successor Gemini-II for AI and search at the edge. APU revenue has not been material. [24, 25, 26, 27, 28, 29, 30]

It sells mostly through distributors, 93.3% of revenue in fiscal 2026, above all Avnet Logistics, which alone accounted for 63.7%; Holystone took 14.2% and Nexcomm 8.9%. The buying decision sits with the equipment makers behind them. KYEC was the largest end user, at about 14% of revenue, followed by Cadence Design Systems at 12% and Nokia at 6%, down from 21% two years earlier. Other makers that bought more than $500,000 of its SRAMs in the year include BAE Systems, General Dynamics, IBM and Rockwell. [31, 32, 33, 34, 35, 36, 37, 38]

By where it ships, the United States brought in 12.3 million dollars, 48.9% of revenue in the fiscal year that ended in March 2026, up 50.8%; Germany 4.6 million, 18.3%; China 4.2 million, 16.8%, down 20.6%; Singapore 2.2 million, 8.9%; the Netherlands 575.0 thousand; and the rest of the world 1.2 million. [39]

TSMC makes all of its SRAM and APU wafers under individual purchase orders, with no long-term supply contract. The APUs use 28 and 16 nanometer processes; most SRAMs use 0.13 micron to 40 nanometer processes. ASE in Taiwan tests and packages most of its wafers, Wistron NeWeb in Taiwan builds the APU boards, and Silicon Turnkey Solutions near Sunnyvale assembles and tests the radiation-hardened parts. A master die method lets one mask set yield several product families, so a common pool of wafers can be finished to order. [40, 41, 20, 42, 43]

The specifics

GSI was incorporated in California in 1995 as Giga Semiconductor, took its present name in December 2003 and reincorporated in Delaware in June 2004. It bought Sony's SRAM product line in July 2009 and, in November 2015, MikaMonu Group, a developer of in-memory computing and storage technology co-founded by Akerib. It sold its Sunnyvale headquarters building and leased it back in June 2024. In fiscal 2026 it raised about $50 million in a registered direct offering and $14.3 million through at-the-market share sales, ending the year with $67.2 million in cash and no debt. [44, 9, 10, 45, 46, 47, 48, 49]

It holds 147 US patents, 59 on memory and 88 on associative computing. It names NVIDIA and new, well-funded entrants as its principal competitors in associative computing, and Infineon Technologies, Integrated Silicon Solution and Renesas Electronics in SRAM, some of which run their own fabs. It says it is the only SRAM maker offering monolithic 288Mb densities. The networking market for external SRAM is shrinking as equipment makers build more memory into their own chips, and the filing believes Nokia is replacing GSI's SRAM with memory of its own design. [50, 51, 52, 53, 54, 55]

Defense is a growing part of its story. Four Department of Defense research contracts, with the Space Development Agency, the Air Force Research Laboratory through AFWERX and two with the US Army, pay for APU work for military and space uses; in March 2025 a North American prime contractor placed a first production order for its radiation-hardened SRAM; and it is working with G2 Tech, an Israeli AI company, on Sentinel, a perimeter security system backed by the US Department of War and a foreign government agency. Some of its products may be classed as dual-use under the Export Administration Regulations or, depending on use, the International Traffic in Arms Regulations. [56, 57, 58, 59, 60, 61, 62, 63]

What drives growth, line by line

SRAM products. Substantially all of revenue. Net revenues rose 22.4% to $25.1 million in fiscal 2026 as the average selling price of units shipped rose 16.3% and units shipped 5.7%. The filing credits strong SRAM sales to chip design and simulation customers: purchases by Cadence Design Systems rose to $3.1 million from $1.6 million, while KYEC's fell to $3.6 million from $4.6 million and Nokia's to $1.5 million from $2.5 million. Test and measurement rose to 38% of shipments; networking and telecommunications fell to 16%. [28, 64, 65, 66, 67]

APU products. Revenue from the APU has not been material. Its sales remain in research and academic settings and move through proof-of-concept stages that take time; the first-generation Gemini is in full production and Gemini-II in pre-production, with boards and chips delivered. Government money helps pay for it: the defense research contracts paid about $1.6 million in fiscal 2026, up from $557,000, though none has yet led to a production contract. [30, 68, 29, 69]

Gross margin widened to 54.5% from 49.4%, which the filing ties to the mix of products and customers and to fixed overhead spread over more shipments. Research and development rose 24.6% to $19.9 million, including $3.2 million for intellectual property bought for Plato, the next-generation APU, and the net loss widened to $13.2 million from $10.6 million. [70, 71, 72, 73]

What comes next, in the company's own words: follow-on orders for the radiation-hardened SRAM are expected in fiscal 2027, a sale with a significantly higher gross margin than its traditional SRAM; Plato is sized for applications under 20 watts such as humanoid robots, delivery vehicles and drones; and a local government agency in Taiwan awarded it the first phase of a smart city project, its first such deployment of Gemini-II. It expects sales to Nokia, KYEC and Cadence to keep fluctuating significantly from quarter to quarter. [61, 74, 75, 76]

What the desk infers (inferred, not filed)

• The chip design and simulation customers behind fiscal 2026's growth are, above all, Cadence Design Systems: it was the only one of the three largest end users whose purchases rose. Because: The filing credits the year's revenue growth to strong SRAM sales to chip design and simulation customers. [65] Purchases by Cadence Design Systems rose to $3.1 million from $1.6 million, while KYEC's and Nokia's each fell by $1.0 million. [66] Cadence's share of revenue rose to about 12% from 8%. [36] Confidence 70 of 100. Wrong if: A filing naming another customer as the main source of the chip design and simulation sales, or showing that Cadence buys the SRAMs for some other use.
• The SRAM business has moved from networking gear to a few niche buyers, test equipment, chip-design hardware and defense, whose orders swing sharply from year to year, so revenue turns on the timing of a handful of programs rather than on a broad market. Because: The filing says networking demand for external SRAM has been declining as makers embed more SRAM in their own chips. [54] Test and measurement made up 38% of shipments and networking and telecommunications only 16%. [67] KYEC went from about 3% of revenue to 23% and then 14% in three years, and Nokia from 21% to 6%. [35, 37] Its larger buyers include the defense makers BAE Systems, General Dynamics and Rockwell. [38] Confidence 70 of 100. Wrong if: Two years in a row in which no end user's share moves by more than a few points and networking regains the lead in shipments.
• The SRAM business no longer pays for the APU on its own: operations have used cash every year on the record, and share sales, not SRAM profits, now fund the APU's development. Because: Operating cash flow was negative in every fiscal year from 2021 to 2026, with 15.9 million dollars used in fiscal 2026. [77] The filing says the legacy SRAM business funds the APU's development. [24] In fiscal 2026 financing brought in $49.7 million from new shares and warrants and $14.3 million from at-the-market share sales. [48] APU revenue has not been material. [30] Confidence 85 of 100. Wrong if: A fiscal year in which operating cash flow turns positive while APU revenue is still immaterial.

Sources

1. GSI Technology, Form 10-K filed 2026-06-05: “Lee-Lean Shu co-founded our company in March 1995 and has served as our President and Chief Executive Officer and as a member of our Board of Directors since inception. Since October 2000, Mr. Shu has also served as Chairman of our Board.”
2. GSI Technology, Form 10-K filed 2026-06-05: “From January 1995 to March 1995, Mr. Shu was Director, SRAM Design at Sony Microelectronics Corporation, a semiconductor company and a subsidiary of Sony Corporation, and from July 1990 to January 1995, he was a design manager at Sony Microelectronics Corporation.”
3. GSI Technology, Form DEF 14A filed 2026-07-16: “Lee-Lean Shu(4) 3,543,989 9.0”
4. GSI Technology, Form DEF 14A filed 2026-07-16: “All executive officers and directors as a group (11 persons)(11) 6,806,685 16.6”
5. GSI Technology, Form 10-K filed 2026-06-05: “Douglas Schirle has served as our Chief Financial Officer since August 2000.”
6. GSI Technology, Form 10-K filed 2026-06-05: “Didier Lasserre has served as our Vice President, Sales since July 2002.”
7. GSI Technology, Form 10-K filed 2026-06-05: “Bor-Tay Wu has served as our Vice President, Taiwan Operations since January 1997.”
8. GSI Technology, Form 10-K filed 2026-06-05: “Ping Wu has served as our Vice President, U.S. Operations since September 2006.”
9. GSI Technology, Form 10-K filed 2026-06-05: “Patrick Chuang has served as our Senior Vice President, Memory Design since we acquired substantially all of the assets related to the SRAM memory device product line of Sony Corporation in July 2009.”
10. GSI Technology, Form 10-K filed 2026-06-05: “Avidan Akerib has served as our Vice President, Associative Computing since MikaMonu Group Ltd. was acquired in November 2015.”
11. GSI Technology, Form 10-K filed 2026-06-05: “Dr. Akerib is the inventor of more than 50 patents related to parallel and In Memory Associative Computing.”
12. GSI Technology, Form DEF 14A filed 2026-07-16: “The Board of Directors’ nominees for election at the annual meeting are Elizabeth Cholawsky, Haydn Hsieh, Ruey L. Lu, Lee-Lean Shu and Ronald R. Steger. All five of the nominees currently serve on the Board of Directors.”
13. GSI Technology, Form DEF 14A filed 2026-07-16: “Elizabeth Cholawsky has served as a member of our Board of Directors since September 2019 and is currently lead independent director.”
14. GSI Technology, Form DEF 14A filed 2026-07-16: “From April 2018 to June 2024, Dr. Cholawsky served as the Chief Executive Officer and a member of the Board of Directors of HG Insights Inc.”
15. GSI Technology, Form DEF 14A filed 2026-07-16: “Haydn Hsieh has served as a member of our Board of Directors since August 2008. Mr. Hsieh has served as the Chief Strategy Officer of WNC (formerly Wistron NeWeb Corp.), a manufacturer of wireless communications products, since December 2017, its Chief Executive Officer from June 2000 through December 2017, its Vice Chairman from June 2000 through June 2014, and its Chairman since June 2014.”
16. GSI Technology, Form DEF 14A filed 2026-07-16: “Ruey L. Lu has served as a member of our Board of Directors since October 2000. Mr. Lu is the President of eMPIA Technology Corp., a semiconductor solutions company, which he founded in January 2002.”
17. GSI Technology, Form DEF 14A filed 2026-07-16: “Ronald R. Steger has served as a member of our Board of Directors since August 2025.”
18. GSI Technology, Form DEF 14A filed 2026-07-16: “Until December 31, 2013, Mr. Steger worked as an Audit Partner for KPMG LLP”
19. GSI Technology, Form DEF 14A filed 2026-07-16: “GSI Technology incurred non-recurring engineering service expense and manufacturing services of approximately $223,000 and $140,000 during the fiscal years ended March 31, 2026 and March 31, 2025, respectively, from WNC in connection with the design, development and manufacture of single-APU PCIe production boards, to be used in the Company’s in-place associative computing product. Mr. Hsieh, a member of the Board of Directors, is the Chairman and Chief Strategy Officer of WNC.”
20. GSI Technology, Form 10-K filed 2026-06-05: “All of our manufactured wafers, including wafers for our APU products, are tested for electrical compliance and most are packaged at Advanced Semiconductor Engineering (“ASE”) which is located in Taiwan. Wistron Neweb Corporation in Taiwan manufactures the boards for our APU product line.”
21. GSI Technology, Form 10-K filed 2026-06-05: “As of March 31, 2026, we had 125 full-time employees, including 90 engineers, of which 56 are engaged in research and development and 40 have PhD or MS degrees, 11 employees in sales and marketing, 9 employees in general and administrative capacities and 49 employees in manufacturing. Of these employees, 38 are based in our Sunnyvale facility, 44 are based in our Taiwan facility and 36 are based in our Israel facility.”
22. GSI Technology, Form 10-K filed 2026-06-05: “Our employees are not represented by any collective bargaining unit, and we have never experienced a work stoppage.”
23. GSI Technology, Form 10-K filed 2026-06-05: “In August 2024, the Company implemented strategic cost-cutting measures. These initiatives consisted of workforce reductions across all departments and enhanced operational efficiencies. The cost reduction initiatives included an approximate 16% reduction in the Company’s global workforce.”
24. GSI Technology, Form 10-K filed 2026-06-05: “We fund this development through our established legacy business designing and selling high-speed synchronous static random access memory (“SRAM”) products, primarily for the networking and telecommunications, test and measurement, and military/defense and aerospace markets. We operate under a fabless manufacturing model and are headquartered in Sunnyvale, California, with additional operations in Taiwan and Israel.”
25. GSI Technology, Form 10-K filed 2026-06-05: “Our growth strategy centers on the commercialization of our proprietary associative processing unit (“APU”) technology, which enables high-performance, low-power, compute-in-memory processing for artificial intelligence, high-performance computing, and search applications at the edge.”
26. GSI Technology, Form 10-K filed 2026-06-05: “We offer four families of high-speed synchronous SRAMs – SyncBurst™, NBT™, SigmaQuad™, and SigmaDDR™. All four families feature high density, high transaction rates, high data bandwidth, low latency, and low power consumption, and together provide the basis for approximately 10,000 individual part numbers”
27. GSI Technology, Form 10-K filed 2026-06-05: “We have introduced and continue to market radiation-hardened, or “RadHard”, and radiation-tolerant, or “RadTolerant”, SRAMs for military/defense and aerospace applications, including satellite networking and missile systems.”
28. GSI Technology, Form 10-K filed 2026-06-05: “Substantially all of our revenues are derived from sales of our Very Fast SRAM products.”
29. GSI Technology, Form 10-K filed 2026-06-05: “Our APU technology is implemented in the Gemini series of AI chips. The Gemini-I part is in full production, and the Gemini-II device is in pre-production and already in the market with sales delivery of PCIe boards and chips. There have not been substantial sales of Gemini-I parts to date.”
30. GSI Technology, Form 10-K filed 2026-06-05: “Revenue from our APU line has not been material to date.”
31. GSI Technology, Form 10-K filed 2026-06-05: “Sales to foreign and domestic distributors accounted for 93.3%, 91.7% and 76.3% of our net revenues for fiscal 2026, 2025 and 2024, respectively.”
32. GSI Technology, Form 10-K filed 2026-06-05: “For example, in fiscal 2026, 2025 and 2024, our largest distributor Avnet Logistics accounted for 63.7%, 49.6% and 50.6%, respectively, of our net revenues.”
33. GSI Technology, Form 10-K filed 2026-06-05: “Distributors: Avnet Logistics 63.7 49.6 50.6 Holystone 14.2 22.6 2.5 Nexcomm 8.9 9.8 9.3”
34. GSI Technology, Form 10-K filed 2026-06-05: “In the case of sales of our products to distributors, the decision to purchase our products is typically made by the OEM customers.”
35. GSI Technology, Form 10-K filed 2026-06-05: “KYEC was our largest end user customer in fiscal 2026 and 2025. Nokia was our largest end user customer in fiscal 2024. KYEC purchases product through contract manufacturers and distributors. Based on information provided to us by KYEC’s contract manufacturers and distributors, purchases by KYEC represented approximately 14%, 23% and 3% of our net revenues in fiscal 2026, 2025 and 2024, respectively.”
36. GSI Technology, Form 10-K filed 2026-06-05: “Based on information provided to us by Cadence Design Systems contract manufacturers and distributors, purchases by Cadence Design Systems represented approximately 12%, 8% and 8% of our net revenues in fiscal 2026, 2025 and 2024, respectively.”
37. GSI Technology, Form 10-K filed 2026-06-05: “Based on information provided to us by Nokia’s contract manufacturers and distributors, purchases by Nokia represented approximately 6%, 12% and 21% of our net revenues in fiscal 2026, 2025 and 2024, respectively.”
38. GSI Technology, Form 10-K filed 2026-06-05: “The following is a representative list of our OEM customers that directly or indirectly purchased more than $500,000 of our SRAM products in the fiscal year ended March 31, 2026: BAE Systems Cadence Design Systems General Dynamics IBM KYEC Nokia Rockwell”
39. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
40. GSI Technology, Form 10-K filed 2026-06-05: “Currently, all of our SRAM and APU wafers are manufactured by TSMC under individually negotiated purchase orders. We do not currently have a long-term supply contract with our foundry”
41. GSI Technology, Form 10-K filed 2026-06-05: “Our APU products are manufactured at TSMC using 28 nanometer and 16 nanometer process technology. The majority of our current SRAM products are manufactured using 0.13 micron, 90 nanometer, 65 nanometer and 40 nanometer process technologies on 300 millimeter wafers at TSMC.”
42. GSI Technology, Form 10-K filed 2026-06-05: “Our radiation-hardened products are assembled and tested at Silicon Turnkey Solutions Inc., located near our Sunnyvale, California headquarters facility.”
43. GSI Technology, Form 10-K filed 2026-06-05: “Our master die methodology enables multiple product families, and variations thereof, to be manufactured from a single mask set so that we are able to maintain a common pool of wafers that incorporate all available master die, allowing rapid fulfillment of customer orders and reducing costs.”
44. GSI Technology, Form 10-K filed 2026-06-05: “We were incorporated in California in 1995 under the name Giga Semiconductor, Inc. We changed our name to GSI Technology in December 2003 and reincorporated in Delaware in June 2004 under the name GSI Technology, Inc.”
45. GSI Technology, Form 10-K filed 2026-06-05: “From July 2011 to November 2015, Dr. Akerib served as co-founder and chief technologist of MikaMonu Group Ltd, a developer of computer in-memory and storage technologies.”
46. GSI Technology, Form 10-K filed 2026-06-05: “Gain from sale of assets includes the gain from the sale of our headquarters building located at 1213 Elko Drive in Sunnyvale, California. The sale and leaseback transaction was completed on June 6, 2024.”
47. GSI Technology, Form 10-K filed 2026-06-05: “The gross proceeds to us from the Registered Direct Offering were approximately $50 million, before deducting offering expenses payable of approximately $3.1 million.”
48. GSI Technology, Form 10-K filed 2026-06-05: “Cash provided by financing activities in fiscal 2026 primarily consisted of the proceeds from the issuance of common stock and warrants of $49.7 million, proceeds from the sale of common stock pursuant to an At-the-Market offering of $14.3 million and the proceeds from the sale of common stock pursuant to our employee stock plans of $6.2 million.”
49. GSI Technology, Form 10-K filed 2026-06-05: “As of March 31, 2026, we had cash and cash equivalents of $67.2 million, with no debt.”
50. GSI Technology, Form 10-K filed 2026-06-05: “We currently hold 147 United States patents, including 59 memory patents and 88 associative computing patents, and have in excess of a dozen patent applications pending.”
51. GSI Technology, Form 10-K filed 2026-06-05: “Our principal competitors include NVIDIA Corporation and new well-funded entrants for our in-place associative computing solutions and Infineon Technologies AG, Integrated Silicon Solution and Renesas Electronics”
52. GSI Technology, Form 10-K filed 2026-06-05: “Unlike us, some of our principal competitors maintain their own semiconductor fabs, which may, at times, provide them with capacity, cost and technical advantages.”
53. GSI Technology, Form 10-K filed 2026-06-05: “GSI is well positioned to serve these markets as the only SRAM manufacturer to offer monolithic 288Mb densities and the highest truly random transaction rate in the industry at 1,866 million transactions per second (MT/s).”
54. GSI Technology, Form 10-K filed 2026-06-05: “Demand for high-speed synchronous SRAMs in the networking and telecommunications market has been declining, and is expected to continue to decline, as the industry embeds increasing amounts of SRAM into each successive generation of ASICs and controllers, reducing the need for external memory.”
55. GSI Technology, Form 10-K filed 2026-06-05: “For example, we believe that Nokia, which has been one of our largest end user customers, is incorporating internally developed alternative memory solutions into certain of its next-generation products in place of the Company’s SRAM products that were included in prior versions of such products.”
56. GSI Technology, Form 10-K filed 2026-06-05: “We have been awarded four contracts under the U.S. Department of Defense Small Business Innovation Research (“SBIR”) program to develop and demonstrate applications of our APU compute-in-memory architecture for military and space customers.”
57. GSI Technology, Form 10-K filed 2026-06-05: “Space Development Agency — SBIR Direct to Phase II (Prototype Agreement) — $2.0 million.”
58. GSI Technology, Form 10-K filed 2026-06-05: “AFWERX / U.S. Air Force Research Laboratory (“AFRL”) — SBIR Direct to Phase II”
59. GSI Technology, Form 10-K filed 2026-06-05: “U.S. Army (DoD SBIR) — SBIR Phase II — Up to $250,000.”
60. GSI Technology, Form 10-K filed 2026-06-05: “U.S. Army — xTech SBIR Phase II — $2.0 million.”
61. GSI Technology, Form 10-K filed 2026-06-05: “In March 2025, we secured an initial production order for our radiation-hardened SRAM from a North American prime contractor, with follow-on orders expected in fiscal 2027. This sale carries a significantly higher gross margin than our traditional SRAM chips.”
62. GSI Technology, Form 10-K filed 2026-06-05: “GSI is partnering with G2 Tech, an Israel Deep tech AI company, on Sentinel, a program to develop an autonomous perimeter security system that manages drones and cameras in real time for advanced monitoring, detection, and response. The project is jointly backed by the U.S. Department of War (“DoW”), formerly known as the Department of Defense (“DoD”), and a foreign government agency.”
63. GSI Technology, Form 10-K filed 2026-06-05: “We are subject to U.S. export controls and economic sanctions laws and regulations, and certain of our offerings may be classified as dual-use technologies under the Export Administration Regulations or, depending on application, the International Traffic in Arms Regulations.”
64. GSI Technology, Form 10-K filed 2026-06-05: “Net revenues increased by 22.4% from $20.5 million in fiscal 2025 to $25.1 million in fiscal 2026. The overall average selling price of all units shipped in fiscal 2026 increased by 16.3% in fiscal 2026 compared to the prior fiscal year. Units shipped increased by 5.7% in fiscal 2026 compared to fiscal 2025.”
65. GSI Technology, Form 10-K filed 2026-06-05: “GSI’s fiscal year 2026 net revenue increased by 22% compared to net revenue in fiscal year 2025, reflecting strong SRAM sales to chip design and simulation customers.”
66. GSI Technology, Form 10-K filed 2026-06-05: “Direct and indirect sales to KYEC decreased by $1.0 million from $4.6 million in fiscal 2025 to $3.6 million fiscal 2026. Direct and indirect sales to Nokia decreased by $1.0 million from $2.5 million in fiscal 2025 to $1.5 million fiscal 2026. Direct and indirect sales to Cadence Design Systems increased by $1.5 million from $1.6 million in fiscal 2025 to $3.1 million in fiscal 2026.”
67. GSI Technology, Form 10-K filed 2026-06-05: “The test and measurement markets represented 38% and 32% of shipments in fiscal 2026 and in fiscal 2025, respectively. The networking and telecommunications markets represented 16% and 19% of shipments in fiscal 2026 and in fiscal 2025, respectively.”
68. GSI Technology, Form 10-K filed 2026-06-05: “Sales of APU products continue to be in the research and academic areas and our commercialization efforts proceed through proof of concept stages that take time.”
69. GSI Technology, Form 10-K filed 2026-06-05: “Aggregate payments received under these contracts totaled approximately $557,000 and $1.6 million in fiscal 2025 and 2026, respectively. While these contracts validated the performance of our APU architecture in defense applications, they have not yet resulted in follow-on production contracts or material commercial revenues from the underlying technology.”
70. GSI Technology, Form 10-K filed 2026-06-05: “Gross margin increased from 49.4% in fiscal 2025 to 54.5% in fiscal 2026. The change in gross profit is primarily related to the change in net revenues discussed above. The increase in gross margin was primarily related to change in the mix of products and customers and also reflects the impact of fixed overhead on higher shipment levels compared to the prior year.”
71. GSI Technology, Form 10-K filed 2026-06-05: “Research and development expenses increased 24.6% from $16.0 million in fiscal 2025 to $19.9 million in fiscal 2026. The increase in research and development spending was primarily related to charges of $3.2 million for intellectual property rights that we purchased for our Plato project during the quarter ended December 31, 2025”
72. GSI Technology, Form 10-K filed 2026-06-05: “GSI is rapidly taking advantage of this insight via the design of the next generation APU internally named Plato.”
73. GSI Technology, Form 10-K filed 2026-06-05: “Net loss was $10.6 million in fiscal 2025 compared to a net loss of $13.2 million in fiscal 2026.”
74. GSI Technology, Form 10-K filed 2026-06-05: “In May 2026, we announced that we were awarded Phase I of a Smart City project by a local government agency in Taiwan. The completion of Phase I will mark our first smart city deployment of the Gemini-II APU.”
75. GSI Technology, Form 10-K filed 2026-06-05: “This processing sizing is done to support sub-20W applications which will efficiently provide context awareness for autonomous mobile robotics such as humanoid robots, delivery vehicles, and drones.”
76. GSI Technology, Form 10-K filed 2026-06-05: “We expect that future direct and indirect sales to Nokia, KYEC and Cadence Design Systems will continue to fluctuate significantly on a quarterly basis.”
77. The record on this page: the filed annual figures (EDGAR's company facts)

Where the revenue comes from

By geography: United States 49%, Germany 18%, China 17%, Singapore 9%, Rest of World 5%, Netherlands 2%. As tagged in its annual report (Form 10-K, filed 2026-06-05).

Who runs it

Shu, Lee-Lean (Pres., CEO and Chairman); Schirle, Douglas (CFO); Liao, I-Chi (VP, Taiwan Operations); Wu, Bor-Tay (VP, Taiwan Operations); Akerib, Avidan (VP, Associative Computing); Chuang, Patrick T (Senior VP, Memory Design); Lasserre, Didier (VP, Sales); Wu, Ping Tak (VP, U.S. Operations); Hsieh, Hong-Po (director); Cholawsky, Elizabeth (director); and 3 more. 13 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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