GSI Technology, Inc.
- Open
- 6.99
- Day high
- 7.70
- Day low
- 6.99
- Prev close
- 6.85
- Volume
- 1.2M
- Mkt cap
- $280M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.4
- P/S
- 11.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$3.8M over the last 3 months (0 open-market buys, 12 sales)
- 🏛Institutions accumulating (13F)
GSI Technology, Inc. (GSIT) is a Technology company listed on NASDAQ. The stock is up 124% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 12 sales (SEC Form 4).
GSI Technology, Inc. (GSIT) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GSIT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.19 | $-0.13 | +31.6% | $6M | -13.4% |
| Jan 29, 2026 | — | $-0.09 | — | $6M | — |
| Oct 30, 2025 | — | $-0.11 | — | $6M | — |
| Jul 31, 2025 | — | $-0.08 | — | $6M | — |
| Jun 18, 2025 | — | $-0.09 | — | $6M | — |
| Jan 30, 2025 | — | $-0.16 | — | $5M | — |
| Oct 24, 2024 | — | $-0.21 | — | $5M | — |
| Jul 25, 2024 | — | $-0.14 | — | $5M | — |
| May 2, 2024 | — | $-0.17 | — | $5M | — |
| Jan 25, 2024 | — | $-0.26 | — | $5M | — |
| Oct 26, 2023 | — | $-0.16 | — | $6M | — |
| Jul 27, 2023 | — | $-0.21 | — | $6M | — |
GSIT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 27, 2026 | Wu Ping Takofficer: VP, U.S. Operations | Sell | 30,000 | $11.01 |
| May 27, 2026 | Wu Ping Takofficer: VP, U.S. Operations | Option | 30,000 | $4.99 |
| May 26, 2026 | Wu Bor-Tayofficer: VP, Taiwan Operations | Sell | 20,000 | $10.93 |
| May 26, 2026 | Wu Bor-Tayofficer: VP, Taiwan Operations | Option | 20,000 | $2.27 |
| May 22, 2026 | Lasserre Didierofficer: VP, Sales | Sell | 30,000 | $9.31 |
| May 22, 2026 | Lasserre Didierofficer: VP, Sales | Option | 30,000 | $4.99 |
| May 14, 2026 | Shu Lee-Leandirector, 10 percent owner, officer: Pres., CEO and Chairman | Option | 10,313 | $7.26 |
| May 14, 2026 | Wu Ping Takofficer: VP, U.S. Operations | Sell | 11,763 | $10.80 |
| May 14, 2026 | Shu Lee-Leandirector, 10 percent owner, officer: Pres., CEO and Chairman | Sell | 10,313 | $12.51 |
| May 14, 2026 | Schirle Douglasofficer: CFO | Option | 40,000 | $4.99 |
| May 14, 2026 | Schirle Douglasofficer: CFO | Sell | 40,000 | $11.32 |
| May 13, 2026 | CHUANG PATRICK Tofficer: Senior VP, Memory Design | Sell | 40,000 | $10.68 |
| May 13, 2026 | Akerib Avidanofficer: VP, Associative Computing | Option | 347 | $6.16 |
| May 13, 2026 | CHUANG PATRICK Tofficer: Senior VP, Memory Design | Option | 40,000 | $6.70 |
| May 13, 2026 | Akerib Avidanofficer: VP, Associative Computing | Option | 19,653 | $6.16 |
Source: GSIT SEC Form 4 filings, latest May 27, 2026. For informational purposes only — not investment advice.
See the full GSIT insider & 13F page →GSI Technology, Inc. company profile
Overview
GSI Technology, Inc. (NASDAQ:GSIT) is a fabless semiconductor company founded in 1995 and headquartered in Sunnyvale, California. The company went public in 2007 and has evolved from a traditional memory chip manufacturer into a developer of advanced associative processing technologies. GSI operates in two primary business segments: legacy Static Random Access Memory (SRAM) products serving networking and telecommunications markets, and innovative Associative Processing Unit (APU) technologies targeting artificial intelligence and high-performance computing applications.
Business
GSI Technology operates in the semiconductor industry, specifically focusing on memory solutions and specialized processing chips. The company's business is divided into two main segments: **Legacy SRAM Business (Traditional Memory Products):** This segment produces Static Random Access Memory chips, which are high-speed memory components used in electronic devices. SRAM differs from regular computer memory (DRAM) in that it doesn't need to be constantly refreshed to retain data, making it faster but more expensive. GSI's SRAM products include SyncBurst memory for microprocessor caches, specialized networking memory like SigmaQuad and SigmaDDR for telecommunications equipment, and radiation-hardened memory for aerospace and military applications like satellites and missile guidance systems. This legacy business currently generates the majority of GSI's revenue, with military/defense sales representing approximately 25-40% of shipments and SigmaQuad products accounting for roughly 35-40% of shipments. **APU Technology (Next-Generation Processing):** GSI's newer focus involves Associative Processing Units, which are specialized chips designed for artificial intelligence and similarity search applications. Unlike traditional processors that move data back and forth between memory and processing units, APUs perform computations directly within the memory itself (compute-in-memory architecture). This approach dramatically reduces power consumption and latency for AI workloads. The company has developed multiple generations including Gemini-I, Gemini-II, and is working on Plato for edge AI applications. These chips target applications like computer vision, drug discovery, cybersecurity, synthetic aperture radar processing, and large language model inference. While this segment currently generates minimal revenue, it represents GSI's strategic future and primary growth opportunity.
Revenue model
GSI Technology generates revenue through direct product sales of semiconductor chips to original equipment manufacturers (OEMs). The company operates as a fabless semiconductor business, meaning it designs chips but outsources manufacturing to third-party foundries, then sells the finished products to customers who integrate them into their own systems. The legacy SRAM business sells memory chips to manufacturers of networking equipment (routers, switches), telecommunications infrastructure, military/aerospace systems, medical devices, and automotive applications. Customers include major networking companies like Nokia, defense contractors, and various industrial equipment manufacturers. Revenue from this segment has been declining as the overall SRAM market matures and faces pricing pressure. The emerging APU business model involves selling specialized processing chips and potentially software-as-a-service (SaaS) solutions. GSI is developing a platform called Searchium.ai and exploring licensing opportunities for its technology. The company is also pursuing government contracts through Small Business Innovation Research (SBIR) programs, which provide development funding and potential future procurement opportunities. Several factors influence GSI's profitability margins. **Positive factors** include the company's focus on specialized, high-performance applications that command premium pricing, particularly in military and aerospace markets where radiation-hardened components can achieve gross margins exceeding 90%. The shift toward AI applications could expand addressable markets significantly. **Negative factors** include intense competition in the commodity SRAM market, cyclical demand patterns in telecommunications and networking, inventory management challenges as customers adjust their purchasing patterns, and the substantial R&D investment required to develop next-generation APU technologies without immediate revenue generation.
Competitive moat
GSI Technology's competitive moat is relatively narrow and primarily technical in nature. The company's strongest defensive position lies in its radiation-hardened memory products for aerospace and military applications, where stringent qualification requirements and long design cycles create switching costs for customers. However, this represents a small portion of the overall business. In the traditional SRAM market, GSI faces significant competitive pressure from larger semiconductor companies with greater manufacturing scale and cost advantages. The company's products are largely commoditized, with limited differentiation beyond specific technical specifications. This market is mature and declining, offering little protection against competition. GSI's potential future moat rests on its APU technology and compute-in-memory architecture. The company claims significant performance advantages in AI workloads, particularly for similarity search and vector processing applications. If successful, this could create a first-mover advantage in specialized AI processing markets. However, this moat remains unproven, as the technology is still in development and faces potential competition from major semiconductor companies, hyperscale cloud providers developing custom chips, and emerging AI chip startups with substantial funding. The company's intellectual property portfolio provides some protection, but semiconductor technology evolves rapidly, and maintaining a technological edge requires continuous substantial investment. GSI's relatively small size and limited financial resources compared to industry giants like NVIDIA, Intel, or AMD make it vulnerable to being outpaced by competitors with deeper pockets and larger R&D teams. The company's survival likely depends on successfully commercializing its APU technology and finding strategic partners or niche markets where its specialized capabilities provide sustainable competitive advantages.
Risks & safety
GSI Technology presents moderate financial risk with declining cash reserves and ongoing losses, though the company maintains reasonable liquidity. **Overall Assessment:** The company has adequate short-term liquidity but faces sustainability concerns due to consistent cash burn and limited revenue growth. **Cash and Liquidity:** - Cash and short-term investments: $15.1 million (Q3 2025) - Current ratio: 4.04 (strong short-term liquidity) - Quick ratio: 3.38 (excellent liquidity position) - Free cash flow: -$3.6 million quarterly (improving from -$4.3 million in Q1) **Debt and Solvency:** - Debt-to-equity ratio: 0.33 (low debt burden) - Total debt minimal relative to assets - No immediate solvency concerns given current cash position **Valuation Metrics:** - Price-to-book ratio: 2.58 (reasonable for tech company) - Enterprise value negative due to cash exceeding market cap - Graham net-net ratio: 0.22 (trading below liquidation value) **Other Considerations:** - Annual cash burn approximately $14-17 million based on recent trends - Current cash provides roughly 12-18 months of runway at current burn rate - Revenue decline in core SRAM business creates pressure on cash generation - Strategic review ongoing with Needham & Company as financial advisor
Recent development
Over the past few years, GSI Technology has undergone a significant strategic transformation from a traditional memory chip company to an AI-focused technology developer. The company's most significant development has been the advancement of its APU (Associative Processing Unit) technology through multiple chip generations. **APU Technology Evolution:** GSI has progressed from Gemini-I to Gemini-II chips, with the latter offering 8x performance improvement and 8x more embedded memory while reducing costs to a quarter of the previous generation. The company successfully completed first silicon testing of Gemini-II and is preparing for a second silicon spin for mass production. Most recently, GSI introduced Plato, a new ultra-low-power APU specifically designed for edge AI applications and large language model inference, representing a $50 million development program. **Government and Defense Initiatives:** GSI has significantly expanded its presence in government markets through SBIR (Small Business Innovation Research) contracts. The company is working on multiple projects including contracts with the U.S. Air Force Research Labs ($1.25 million), Space Development Agency ($1.1 million), and recently secured a new Phase 1 contract with the U.S. Army ($250,000). These initiatives focus on developing YOLO algorithms for real-time object detection and exploring synthetic aperture radar (SAR) applications. **Strategic Partnerships and Market Positioning:** The company has been actively pursuing strategic partnerships with hyperscalers and technology companies. GSI launched servers incorporating Gemini-I APUs and developed the Searchium.ai platform for vector search applications. The company has also been working with customers on SAR applications and secured a new SRAM design win with a significant AI chip customer expected to become a top customer. **Cost Management and Strategic Review:** Recognizing the need for financial sustainability, GSI implemented strategic cost-cutting measures including workforce reductions across departments, targeting $3.5 million in annualized savings. The company engaged Needham & Company as a financial advisor to conduct a comprehensive strategic review, exploring options including equity financing, asset divestiture, technology licensing, and potential strategic alternatives.
GSIT company profile · for informational purposes only — not investment advice.
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