GSI Technology Announces Financial Results

GSI Technology (NASDAQ:GSIT), semiconductor company that creates memory products for artificial intelligence applications announced US$11.74 million in net revenues for its second quarter earnings and 55.9 percent gross margins. Despite both figures dropping marginally year-over-year, results came within company expectations.

As quoted in the press release:

In the second quarter of fiscal 2020, sales to Nokia were $5.3 million, or 45.2% of net revenues compared to $6.0 million, or 46.6% of net revenues, in the same period a year ago and $6.0 million, or 45.7% of net revenues in the prior quarter. Military/defense sales were 23.4% of second quarter shipments compared to 16.4% of shipments in the comparable period a year ago and 21.0% of shipments in the prior quarter. SigmaQuad sales were 63.5% of second quarter shipments compared to 66.4% in the second quarter of fiscal 2019 and 67.9% in the prior quarter.

Total operating expenses in the second quarter of fiscal 2020 were $8.5 million, compared to $8.4 million in the second quarter of fiscal 2019 and $8.5 million in the prior quarter. Research and development expenses were $5.8 million, compared to $5.8 million in the prior year period and up from $5.6 million in the prior quarter. Selling, general and administrative expenses were $2.7 million in the quarter ended September 30, 2019 compared to $2.7 million in the prior year quarter, and down from $2.9 million in the previous quarter.

Click here to read the full press release.