GSI Technology
GSI Technology's revenue rose 22.4% to $25 million in fiscal 2026. Its operating margin was −69.6%, down from −52.8% a year earlier. Free cash flow was −$16 million. The diluted share count rose 24.9%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What GSI Technology does
GSI Technology designs memory and AI chips and has them made by outside factories. Its older business is high-speed synchronous SRAM, a kind of fast memory, sold mainly for test and measurement equipment, networking and telecommunications gear, and military, defense and aerospace uses. Its newer one is the associative processing unit, or APU, a chip that does computing inside the memory to run AI and search tasks at low power at the edge, meaning close to where data is collected.
The SRAM business pays for APU development. Revenue from the APU has not been material so far. GSI relies on a few large customers for SRAM, including KYEC, Nokia and Cadence Design Systems. It has also won four U.S. Department of Defense small business research contracts to try the APU in military and space uses. They have not yet led to follow-on production contracts.
In its 2026 fiscal year, GSI says net revenue rose 22%, driven by SRAM sales to chip design and simulation customers. It is based in Sunnyvale, California, with operations in Taiwan and Israel.
Its biggest risks, as it describes them
- Its future depends on new associative computing chips, including Gemini-II and Plato, being developed and adopted.
- A few large customers, including KYEC, Nokia and Cadence Design Systems, account for a significant share of sales.
- It relies on U.S. government funding, and government shutdowns could hurt it.
- Tariffs, export controls and trade disputes could hurt its business.
- It has lost money and may keep losing money.
Income statement
GSI Technology lost money in fiscal 2026: a net loss of $13 million.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | 44 | 31 | — | 13 | 67 |
| Debt incl. finance leases | — | — | — | — | — |
| Net debt (negative means net cash) | — | — | — | — | — |
| Net debt to EBITDA | — | — | — | — | — |
| Debt to equity | — | — | — | — | — |
| Interest coverage | — | — | — | — | — |
| Current ratio | 6.2x | 5.8x | 5.6x | 3.3x | 8.6x |
| Quick ratio | 5.7x | 4.9x | 4.7x | 2.8x | 8.2x |
Cash flow
Projections
Project GSI Technology's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of GSI Technology reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY24 | FY25 | FY26 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | −109.4% | −69.2% | −42.9% |
| Altman Z'' | 4.52 | 0.11 | 7.18 |
| Accruals ratio | −5.3% | 5.5% | 3.8% |
The nine F-score tests
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | Fail | Fail | Fail |
| Cash from operations is positive | Fail | Fail | Fail |
| Return on assets rose | Fail | Pass | Fail |
| Cash from operations exceeds net income | Pass | Fail | Fail |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | Fail | Fail | Pass |
| Share count didn't rise | Fail | Fail | Fail |
| Gross margin rose | Fail | Fail | Pass |
| Revenue rose relative to assets | Fail | Pass | Pass |
| F-score | — | — | — |
Compare
Put GSI Technology side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| GSI Technology | FY26 | 22.4% | −69.6% | −65.3% | — | — | — | |
| NVE | FY26 | 1.8% | 60.5% | 55.0% | — | — | — | Compare |
| Blaize | FY25 | 2,386.0% | −268.8% | −192.9% | — | — | — | Compare |
| Navitas Semiconductor | FY25 | −44.9% | −234.7% | −96.6% | −36.3% | — | 1 | Compare |
| Everspin Technologies | FY25 | 9.5% | −11.8% | 5.7% | −20.4% | — | 3 | Compare |
10 years of figures
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 48 | 43 | 52 | 43 | 28 | 33 | 30 | 22 | 20 | 25 |
| Revenue growth | −8.6% | −11.5% | 20.7% | −15.8% | −36.0% | 20.4% | −11.1% | −26.7% | −5.7% | 22.4% |
| Gross profit | 26 | 22 | 32 | 25 | 13 | 18 | 18 | 12 | 10 | 14 |
| Research and development | 16 | 17 | 21 | 25 | 23 | 25 | 24 | 22 | 16 | 20 |
| Operating income | −0 | −4 | −0 | −11 | −21 | −16 | −16 | −20 | −11 | −18 |
| Net income | −0 | −4 | 0 | −10 | −22 | −16 | −16 | −20 | −11 | −13 |
| Diluted EPS (US$) | −0.01 | −0.21 | 0.01 | −0.45 | −0.91 | −0.67 | −0.65 | −0.80 | −0.42 | −0.42 |
| Diluted shares (millions) | 21 | 21 | 23 | 23 | 24 | 24 | 25 | 25 | 26 | 32 |
| Cash flow | ||||||||||
| Cash from operations | 2 | 1 | 3 | −5 | −15 | −14 | −17 | −17 | −13 | −16 |
| Capital expenditure | 0 | 1 | 2 | 0 | 0 | 1 | 0 | 1 | 0 | 0 |
| Free cash flow | 2 | −0 | 1 | −5 | −15 | −15 | −17 | −18 | −13 | −16 |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share buybacks | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | 2 | 2 | 2 | 3 | 3 | 3 | 2 | 3 | 2 | 3 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 34 | 40 | 42 | 52 | 54 | 44 | 31 | — | 13 | 67 |
| Debt incl. finance leases | — | — | — | — | — | — | — | — | — | — |
| Total assets | 103 | 100 | 106 | 103 | 88 | 76 | 60 | 42 | 43 | 98 |
| Total liabilities | 16 | 13 | 13 | 13 | 12 | 12 | 8 | 6 | 15 | 16 |
| Shareholders' equity | 86 | 87 | 93 | 90 | 76 | 64 | 51 | 36 | 28 | 82 |
| Margins and ratios | ||||||||||
| Gross margin | 54.8% | 52.6% | 61.4% | 58.5% | 47.7% | 55.5% | 59.5% | 54.3% | 49.4% | 54.5% |
| Operating margin | −1.1% | −10.5% | −0.3% | −24.9% | −76.7% | −49.0% | −53.2% | −93.9% | −52.8% | −69.6% |
| Net margin | −0.2% | −10.6% | 0.3% | −23.9% | −77.5% | −49.0% | −53.8% | −92.3% | −51.9% | −52.7% |
| Free cash flow margin | 3.8% | −0.6% | 1.8% | −11.6% | −55.7% | −43.7% | −57.8% | −82.7% | −63.5% | −65.3% |
| Rule of 40 (growth + FCF margin) | −4.8% | −12.1% | 22.5% | −27.4% | −91.8% | −23.3% | −68.9% | −109.4% | −69.2% | −42.9% |
| Return on capital | — | — | — | — | — | — | — | — | — | — |
| Return on equity | −0.1% | −5.2% | 0.2% | −11.3% | −26.0% | −23.4% | −27.6% | −46.0% | −33.1% | −24.1% |
| Return on assets | −0.1% | −4.5% | 0.2% | −9.9% | −22.6% | −20.0% | −23.4% | −39.3% | −24.8% | −18.8% |
| Net debt to EBITDA | — | — | — | — | — | — | — | — | — | — |