$GSIT

GSI TECHNOLOGY INC

CIK:0001126741|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 6,312,000	$ 6,283,000
Cost of revenues ($4 and $16 to a related party)	2,943,000	2,632,000
Gross profit	3,369,000	3,651,000
Operating expenses:
Research and development	5,899,000	3,097,000
Selling, general and administrative	2,855,000	2,730,000
Total operating expenses	8,754,000	5,827,000
Loss from operations	(5,385,000)	(2,176,000)
Interest income, net	520,000	66,000
Other expense, net	(3,000)	(53,000)
Loss before income taxes	(4,868,000)	(2,163,000)
Provision (benefit) for income taxes	(76,000)	54,000
Net loss	$ (4,792,000)	$ (2,217,000)
Net loss per share:
Basic	$ (0.13)	$ (0.08)
Diluted	$ (0.13)	$ (0.08)
Weighted average shares used in per share calculations:
Basic	37,346	26,967
Diluted	37,346	26,967

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (4,792,000)	$ (2,217,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for credit losses and (recoveries)	(9,000)	(20,000)
Provision for excess and obsolete inventories	124,000	70,000
Non-cash lease expense	331,000	315,000
Depreciation and amortization	173,000	149,000
Stock-based compensation	887,000	341,000
Changes in assets and liabilities:
Accounts receivable	1,739,000	1,602,000
Inventories	(587,000)	58,000
Prepaid expenses and other assets	(2,157,000)	(67,000)
Accounts payable	497,000	(231,000)
Accrued expenses and other liabilities	(64,000)	(1,712,000)
Net cash used in operating activities	(3,858,000)	(1,712,000)
Cash flows from investing activities:
Purchases of property and equipment	(358,000)	(21,000)
Net cash used in investing activities	(358,000)	(21,000)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock plans	4,770,000	226,000
Net cash provided by financing activities	14,049,000	11,024,000
Net increase in cash and cash equivalents	9,833,000	9,291,000
Cash and cash equivalents at beginning of the period	67,212,000	13,434,000
Cash and cash equivalents at end of the period	77,045,000	22,725,000
Supplemental cash flow information:
Cash paid (received) for income taxes	(52,000)	10,000
At the market offering
Cash flows from financing activities:
Proceeds from issuance of common stock	$ 9,279,000	$ 10,798,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
ASSETS
Cash and cash equivalents	$ 77,045	$ 67,212
Accounts receivable, net	2,507	4,237
Inventories	4,542	4,079
Prepaid expenses and other current assets ($301 and $281 from a related party)	5,698	3,659
Total current assets	89,792	79,187
Property and equipment, net	1,126	883
Operating lease right-of-use assets	7,933	8,264
Goodwill	7,978	7,978
Intangible assets, net	1,031	1,089
Deferred tax asset	443	329
Other assets	227	223
Total assets	108,530	97,953
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable ($24 and $87 to a related party)	4,111	3,614
Lease liabilities, current	1,359	1,488
Accrued expenses and other liabilities	4,331	4,094
Total current liabilities	9,801	9,196
Deferred tax liability	18	18
Lease liabilities, non-current	6,806	6,978
Total liabilities	16,625	16,192
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock: $0.001 par value authorized: 5,000,000 shares; issued and outstanding: none
Common Stock: $0.001 par value authorized: 150,000,000 shares; issued and outstanding: 38,372,073 and 36,602,040 shares, respectively	38	37
Additional paid-in capital	145,197	130,262
Accumulated other comprehensive loss	(87)	(87)
Retained deficit	(53,243)	(48,451)
Total stockholders' equity	91,905	81,761
Total liabilities and stockholders' equity	$ 108,530	$ 97,953