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GSI Technology Inc. (GSIT-0.95%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a slight increase in net revenues to $5.4 million from $5.3 million in the same quarter the previous year. However, net revenues for the nine months ended December 31, 2024, decreased to $14.6 million from $16.6 million in the same period the previous year.
Cost of revenues for the quarter was $2.5 million, representing 46% of sales, compared to 44% in the same quarter of the previous year. The increase in cost ratio is attributed to a rise in the provision for excess and obsolete inventories.
The company reported a gross profit of $2.9 million for the quarter, compared to $3.0 million in the previous year, with the decline attributed to a decrease in the average selling prices of products.
Research and development expenses decreased to $4.0 million from $7.0 million in the same quarter of the previous year, primarily due to reduced pre-production mask costs and payroll expenses.
Selling, general, and administrative expenses increased to $3.0 million from $2.7 million, mainly due to increased professional fees.
Net loss for the quarter was $4.0 million, down from $6.6 million in the previous year. The decrease in net loss is attributed to a reduction in operating expenses.
Cash used in operating activities was $11.3 million, while cash provided by investing activities was $11.4 million, primarily from the sale of the company's headquarters building.
GSI Technology had cash and cash equivalents of $15.1 million as of December 31, 2024. The company continues to focus on developing its in-place associative computing products and managing its cost structure.
The filing also details various risk factors, including geopolitical tensions, potential disruptions in supply chains, and the cyclical nature of the semiconductor industry.
GSI Technology does not anticipate cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GSI Technology Inc. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.