Artificial Intelligence
GSI Technology, Inc. Reports Third Quarter Fiscal 2020 Results
SUNNYVALE, Calif., Jan. 30, 2020 (GLOBE NEWSWIRE) — GSI Technology, Inc. (NASDAQ:GSIT) today reported financial results for its third fiscal quarter ended December 31, 2019.
Summary Financial Results Table (in thousands, except per share amounts)
Three Months Ended | Nine Months Ended | ||||||||||||||
Dec. 31, 2019 |
Sept. 30, 2019 |
Dec. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Net revenues | $ | 10,049 | $ | 11,740 | $ | 14,702 | $ | 34,808 | $ | 38,800 | |||||
Gross margin (%) | 60.2 | % | 55.9 | % | 68.3 | % | 59.9 | % | 61.5 | % | |||||
Operating expenses | $ | 10,792 | $ | 8,491 | $ | 7,803 | $ | 27,755 | $ | 23,675 | |||||
Operating income (loss) | $ | (4,743 | ) | $ | (1,923 | ) | $ | 2,236 | $ | (6,895 | ) | $ | 183 | ||
Net income (loss) | $ | (4,620 | ) | $ | (1,768 | ) | $ | 2,262 | $ | (6,513 | ) | $ | 265 | ||
Net income (loss) per share, diluted | $ | (0.20 | ) | $ | (0.08 | ) | $ | 0.10 | $ | (0.28 | ) | $ | 0.01 |
Lee-Lean Shu, Chairman and Chief Executive Officer, commented, “We anticipate 2020 to be the year of design wins for Gemini-1™ for several similarity search applications, including signal and object identification and classification, facial recognition, drug discovery for new drug development, and visual search for ecommerce. In 2019, we made significant progress on Gemini-1™. Looking ahead, in March we anticipate completing the benchmarking of our Gemini-1™ chip against industry standard benchmarks for similarity search using FAISS and ANN industry standards with databases up to a billion items. We expect to publish our results in summer of 2020, followed by the qualifications for Gemini-1™, which we anticipate to be completed in the second half of 2020. Our AI team is finalizing the software libraries and algorithms for Gemini-1™ in preparation for customer workshops. I appreciate our AI team’s hard work to bring Gemini-1™ to market, and the consistent performance from our legacy business team that has allowed us to fund the development of our Gemini-1™ AI processor. GSI is bringing a revolutionary approach to AI with our in-memory processing technology, unique to our device and ultimately what we anticipate will be a game-changer for speed, power and scale in AI.”
Commenting on third quarter results and the outlook for GSI’s fourth quarter of fiscal 2020, Mr. Shu stated, “Third quarter results were within the range of guidance provided in our last earnings release for net revenues in a range of $9.7 million to $10.7 million, with gross margin of approximately 60% to 62%. Our current expectations for the upcoming quarter are net revenues in a range of $8.5 million to $9.5 million, with gross margin of approximately 50% to 52%.”
Third Quarter Fiscal Year 2020 Summary Financials
The Company reported a net loss of $(4.6 million), or $(0.20) per diluted share, on net revenues of $10.0 million for the third quarter of fiscal 2020, compared to net income of $2.3 million, or $0.10 per diluted share, on net revenues of $14.7 million for the third quarter of fiscal 2019 and a net loss of $(1.8) million, or $(0.08) per diluted share, on net revenues of $11.7 million in the second quarter of fiscal 2020. Gross margin was 60.2% compared to 68.3% in the prior year period and 55.9% in the preceding second quarter. The change in gross margin was primarily due to changes in product mix sold in the three periods.
In the third quarter of fiscal 2020, sales to Nokia were $2.6 million, or 26.3% of net revenues compared to $6.6 million, or 45.2% of net revenues, in the same period a year ago and $5.3 million, or 45.2% of net revenues in the prior quarter. Military/defense sales were 18.9% of third quarter shipments compared to 16.7% of shipments in the comparable period a year ago and 23.4% of shipments in the prior quarter. SigmaQuad sales were 62.0% of third quarter shipments compared to 69.7% in the third quarter of fiscal 2019 and 63.5% in the prior quarter.
Total operating expenses in the third quarter of fiscal 2020 were $10.8 million, compared to $7.8 million in the third quarter of fiscal 2019 and $8.5 million in the prior quarter. Research and development expenses were $8.2 million, compared to $5.2 million in the prior year period and $5.8 million in the prior quarter. The increase in R&D expenses reflects a charge of $2.7 million during the third quarter of fiscal 2020 for purchased intellectual property that will be incorporated into the next generation of our Gemini™ chips. Selling, general and administrative expenses were $2.6 million in the quarter ended December 31, 2019 compared to $2.6 million in the prior year quarter, and down from $2.7 million in the previous quarter.
Third quarter fiscal 2020 operating loss was $(4.7 million) compared to operating income of $2.2 million in the prior year period and an operating loss of $(1.9 million) in the prior quarter. Third quarter fiscal 2020 net loss included interest and other income of $207,000 and a tax provision of $84,000, compared to $96,000 in interest and other income and a tax provision of $70,000 for the same period a year ago. In the preceding second quarter, net loss included interest and other income of $210,000 and a tax provision of $55,000.
Total third quarter pre-tax stock-based compensation expense was $629,000 compared to $592,000 in the comparable quarter a year ago and $642,000 in the prior quarter.
At December 31, 2019, the Company had $68.3 million in cash, cash equivalents and short-term investments and $5.3 million in long-term investments, compared to $61.8 million in cash, cash equivalents and short-term investments and $9.0 million in long-term investments at March 31, 2019. Working capital was $71.8 million as of December 31, 2019 versus $68.6 million at March 31, 2019, with no debt. Stockholders’ equity as of December 31, 2019 was $92.2 million compared to $93.2 million as of the fiscal year ended March 31, 2019.
Conference Call
GSI Technology will review its financial results for the quarter ended December 31, 2019 and discuss its current business outlook during a conference call at 1:30 p.m. Pacific (4:30 p.m. Eastern) today, January 30, 2020. To listen to the teleconference, please call toll-free 1-888-394-8218 approximately 10 minutes prior to the above start time and provide Conference ID 5688373. You may also listen to the teleconference live via the Internet at www.gsitechnology.com, where it will be archived.
About GSI Technology
Founded in 1995, GSI Technology, Inc. is a leading provider of semiconductor memory solutions. GSI’s resources are currently focused on bringing new products to market that leverage existing core strengths, including radiation-hardened memory products for extreme environments and Gemini-1™, the associative processing unit designed to deliver performance advantages for diverse artificial intelligence applications. GSI Technology is headquartered in Sunnyvale, California and has sales offices in the Americas, Europe and Asia. For more information, please visit www.gsitechnology.com.
Forward-Looking Statements
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding GSI Technology’s expectations, beliefs, intentions, or strategies regarding the future. All forward-looking statements included in this press release are based upon information available to GSI Technology as of the date hereof, and GSI Technology assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a variety of risks and uncertainties, which could cause actual results to differ materially from those projected. These risks include those associated with the normal quarterly and fiscal year-end closing process. Examples of risks that could affect our current expectations regarding future revenues and gross margins include those associated with fluctuations in GSI Technology’s operating results; GSI Technology’s historical dependence on sales to a limited number of customers and fluctuations in the mix of customers and products in any period; the rapidly evolving markets for GSI Technology’s products and uncertainty regarding the development of these markets; the need to develop and introduce new products to offset the historical decline in the average unit selling price of GSI Technology’s products; the challenges of rapid growth followed by periods of contraction; intensive competition; and delays or unanticipated costs that may be encountered in the development of new products based on our in-place associative computing technology and the establishment of new markets and customer relationships for the sale of such products. Further information regarding these and other risks relating to GSI Technology’s business is contained in the Company’s filings with the Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in such filings.
Source: GSI Technology, Inc.
GSI Technology, Inc. |
Hayden IR
Kim Rogers
Managing Director
385-831-7337
[email protected]
GSI TECHNOLOGY, INC. | ||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
Dec. 31, | Sept. 30, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
Net revenues | $ | 10,049 | $ | 11,740 | $ | 14,702 | $ | 34,808 | $ | 38,800 | ||||||||
Cost of goods sold | 4,000 | 5,172 | 4,663 | 13,948 | 14,942 | |||||||||||||
Gross profit | 6,049 | 6,568 | 10,039 | 20,860 | 23,858 | |||||||||||||
Operating expenses: | ||||||||||||||||||
Research & development | 8,208 | 5,833 | 5,171 | 19,636 | 15,773 | |||||||||||||
Selling, general and administrative | 2,584 | 2,658 | 2,632 | 8,119 | 7,902 | |||||||||||||
Total operating expenses | 10,792 | 8,491 | 7,803 | 27,755 | 23,675 | |||||||||||||
Operating income (loss) | (4,743 | ) | (1,923 | ) | 2,236 | (6,895 | ) | 183 | ||||||||||
Interest and other income, net | 207 | 210 | 96 | 564 | 264 | |||||||||||||
Income (loss) before income taxes | (4,536 | ) | (1,713 | ) | 2,332 | (6,331 | ) | 447 | ||||||||||
Provision for income taxes | 84 | 55 | 70 | 182 | 182 | |||||||||||||
Net income (loss) | $ | (4,620 | ) | $ | (1,768 | ) | $ | 2,262 | $ | (6,513 | ) | $ | 265 | |||||
Net income (loss) per share, basic | $ | (0.20 | ) | $ | (0.08 | ) | $ | 0.10 | $ | (0.28 | ) | $ | 0.01 | |||||
Net income (loss) per share, diluted | $ | (0.20 | ) | $ | (0.08 | ) | $ | 0.10 | $ | (0.28 | ) | $ | 0.01 | |||||
Weighted-average shares used in | ||||||||||||||||||
computing per share amounts: | ||||||||||||||||||
Basic | 23,096 | 22,975 | 21,979 | 22,894 | 21,798 | |||||||||||||
Diluted | 23,096 | 22,975 | 22,769 | 22,894 | 23,139 | |||||||||||||
Stock-based compensation included in the Condensed Consolidated Statements of Operations: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
Dec. 31, | Sept. 30, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
Cost of goods sold | $ | 77 | $ | 52 | $ | 71 | $ | 184 | $ | 185 | ||||||||
Research & development | 347 | 397 | 330 | 1,143 | 974 | |||||||||||||
Selling, general and administrative | 205 | 193 | 191 | 595 | 527 | |||||||||||||
$ | 629 | $ | 642 | $ | 592 | $ | 1,922 | $ | 1,686 | |||||||||
GSI TECHNOLOGY, INC. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(in thousands) | |||||||||||
(Unaudited) | |||||||||||
Dec. 31, 2019 | March 31, 2019 | ||||||||||
Cash and cash equivalents | $ | 47,971 | $ | 42,495 | |||||||
Short-term investments | 20,343 | 19,346 | |||||||||
Accounts receivable | 5,398 | 7,339 | |||||||||
Inventory | 4,521 | 5,685 | |||||||||
Other current assets | 2,548 | 2,500 | |||||||||
Net property and equipment | 8,355 | 9,001 | |||||||||
Long-term investments | 5,322 | 8,997 | |||||||||
Other assets | 11,453 | 10,860 | |||||||||
Total assets | $ | 105,911 | $ | 106,223 | |||||||
Current liabilities | $ | 9,014 | $ | 8,733 | |||||||
Long-term liabilities | 4,650 | 4,335 | |||||||||
Stockholders’ equity | 92,247 | 93,155 | |||||||||
Total liabilities and stockholders’ equity | $ | 105,911 | $ | 106,223 | |||||||
Artificial Intelligence
Synthetik Applied Technologies LLC announces development of UrbanScale – a modeling platform for the prediction, characterization, and quantification of extreme urban heat
AUSTIN, Texas and LONDON, April 30, 2024 /PRNewswire/ — Synthetik Applied Technologies announces the development of UrbanScale, a tool to model and predict effects of extreme heat in urban areas, through a project funded by the National Oceanic and Atmospheric Association (NOAA). The physical characteristics of urban areas amplify heat effects resulting in what are known as urban heat islands — areas where surface temperatures are much higher than their surroundings. The UrbanScale tool addresses this climate peril with sophisticated analytic tools based on physics informed neural networks and cutting-edge machine learning to predict urban heat and help better understand and mitigate the risks associated with these extreme heat events. As a result of climate change, these events are expected to increase, impacting both the people that live in urban areas and the infrastructure on which they depend.
The UrbanScale platform shows significant promise to provide data on the severity of heat islands and their effects to better understand how they impact human health, energy use and damage to physical infrastructure. This information will provide a step-change in capability for government agencies, urban planners, and transportation authorities to direct efforts for mitigation and intervention. In particular, inclusion of demographic information into data pipelines will allow understanding of how urban heat effects may impact vulnerable or disadvantaged populations. Integration with climate forecasts and models will also provide unprecedented capabilities for forecasting risk associated with climate change.
Josh Hatfield, Director of Research and Development at Synthetik, said:
‘We are extremely grateful for the opportunity to study such an important issue. Extreme heat is already the largest cause of weather-related fatalities in the US, and climate change will only increase the importance of understanding heat in urban environments. Helping to meet that challenge fits directly into Synthetik’s mission.’
Synthetik COO Tim Brewer commented:
‘The UrbanScale tool will allow both our government and insurance partners to better characterize the risk of extreme heat in urban centers and promises to deliver critical insight on the way these events impact energy demands. We look forward to exploring its wide-ranging applications.’
Synthetik plans further development of UrbanScale with NOAA and other partners in the public and private sector.
For all inquiries: Contact Synthetik Applied Technologies PR [email protected]
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Artificial Intelligence
GLiNTECH – a Valiantys company, wins Atlassian Partner of the Year 2023 Services (APAC) award. Valiantys and GLiNTECH declared Finalists for Team Excellence and ITSM Solutions
PARIS, April 30, 2024 /PRNewswire/ — Atlassian announced today that GLiNTECH – a Valiantys company has won the Atlassian Partner of the Year 2023 Services (APAC) award. Valiantys and GLiNTECH were further declared finalists for the Team Excellence and ITSM Solutions awards, respectively.
This is an acknowledgement of their outstanding work for Atlassian customers during the calendar year 2023. This includes exceptional efforts in developing new business and driving innovative solutions for customer success.
“Our industry leading partners play a vital role in our customers’ continued success. We’re honored to highlight our top partners as award finalists this year, reflecting their ongoing commitment to delivering innovative solutions and unparalleled Atlassian services globally,” said Ko Mistry, Atlassian’s Head of Global Channels.
“We are delighted to be named as finalists for these awards from Atlassian, and we are particularly proud to celebrate GLiNTECH’s achievement in winning the Services (APAC) award.” said Emmanuel Benoit, Global Chief Executive Officer, Valiantys. “At Valiantys, embracing diversity of thought and challenging the ways our teams work has always provided Valiantys with a competitive edge to consistently deliver tangible results and value. We look to the future with unwavering determination and confidence as we continue to drive innovation and unlock potential for our customers around the globe.”
“We dedicate our IT Consulting Services and Custom Solutions to fulfilling our customers’ needs for success,” commented Dimitri Spyridopoulos, Chief Executive Officer GLiNTECH – a Valiantys company. “It’s an honor to be recognized by Atlassian as a finalist in two categories that reflect these efforts: Services and ITSM Solutions, and to be declared as winner for the Services award (APAC).”
For more information regarding this Press Release, contact: [email protected]
About Valiantys
Valiantys is a leading global consulting and services firm dedicated to Atlassian. The company accelerates business transformation by digitizing processes and modernizing teamwork, using the best agile methods and tools. Its Atlassian technical expertise is unparalleled and Valiantys supports its customers across the entire spectrum of projects on those platforms. As a recognized Agile at Scale, ITSM, and Cloud Specialized Partner, Valiantys help organizations accelerate time to value with Agile at scale, cloud, and ITSM implementations. Because teamwork requires more than just tools, the firm bridges the gap between applications and strategic practices such as SAFe® and ITIL. Over the last 15 years, Valiantys has helped more than 5,000 customers achieve their desired business outcomes at a reduced time to value, through improved team collaboration. More information about Valiantys can be found at https://www.valiantys.com/
About GLiNTECH – a Valiantys Company
GLiNTECH is a renowned Atlassian Platinum Partner headquartered in Australia and is the preferred choice for over 300 leading brands. The company has amassed more than 20 years of experience servicing enterprise clients across the Asia Pacific region, earning Atlassian Partner of the Year five times, including most recently for Professional Services. GLiNTECH is recognized as a Specialized Atlassian Cloud and ITSM partner. The company offers deep expertise in Licensing, Training, Support, Managed Services, Consulting, and Agile methodologies and has a proven record in providing reliable solutions while driving success within the Atlassian ecosystem. More information about GLiNTECH can be found here: https://www.glintech.com/
GLiNTECH was acquired by Valiantys in February 2024.
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Artificial Intelligence
Nillion is pleased to announce that Dwinity, a team pioneering decentralized AI has joined as an ecosystem partner
ZUG, Switzerland and MUNICH, April 30, 2024 /PRNewswire/ — With huge amounts of personal data being collected every day, privacy concerns are escalating as the impact of data breaches become more costly. The need to address the problems created by the existing data economy have never been greater. By empowering users to reclaim control, Dwinity aims to unlock an enormous amount of potential for personal data to enhance various industries like healthcare, insurance, and finance.
About Dwinity
Dwinity’s mission is to give power back to users and to create a thriving data economy in which information asymmetry is finally removed. Dwinity enables a decentralized data economy as well as creates a data ownership driven ecosystem for storage, analysis, exchange, and commercialization of sensitive personal data.
The three components of Dwinity are:
Data control: Decentralized data spaces for decentralized data storage which provides true data sovereignty and enables users to decide with whom data is shared.Data Gold: Decentralized AI tools for each data space have the capability to unlock the full potential of data via sophisticated analysis.Data Cash: A fair marketplace with automated data value analysis, allowing for tangible income for data owners at lower costs and completely anonymous.Dwinity is presently closing its initial seed round at USD 3 MN – funds which will be used for the development of the initial prototypes to hit the market already in 2024.
About Nillion
Nillion is humanity’s first Blind Computer. It is powered by a decentralized network of nodes that enables “Blind Computation” through the coordination and orchestration of privacy enhancing technologies (PETs) such as multi-party computation (MPC), fully homomorphic encryption (FHE) and zero-knowledge proofs (ZKP). Nillion believes Blind Computation will become the internet’s base layer for all private data as PETs continue to mature. Nillion has attracted a notable initial cohort of Blind Computation builders across AI, DeFi, medical data, custody, wallets, global identity, messaging and more.
The Nillion development company, Nilogy, was incubated by CoinList’s seed program. Nilogy’s Founding CTO was the Founding Engineer of Uber (Conrad Whelan), the Chief Strategy Officer was the Founding CMO of Hedera Hashgraph (Andrew Masanto), the Chief Business Officer is the Founder of Indiegogo (Slava Rubin), the General Counsel was the Associate General Counsel of Coinbase (Lindsay Danas Cohen), along with builders hailing from Consensys, LayerZero, Polygon and Google.
“This is a major step on our way to building the leading ecosystem for sensitive data together with one of the top players in the market for the handling of such valuable data. We are looking forward to the cooperation which will add significant trust and competence to both initiatives”, said Peter Koenig, CEO of Dwinity.
Picture is available at AP
Contact for this publication: Christian Mangold [email protected]
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