GSI Technology, Inc., a fabless semiconductor company, designs, develops, and markets semiconductor memory solutions to networking, industrial, medical, aerospace, and military customers in the United States, China, Singapore, Germany, the Netherlands, and internationally. It offers static random access memory (SRAM) products, such as SyncBurst for microprocessor cache and other applications; No Bus Turnaround SRAMs to address the needs of networking and telecom applications; SigmaQuad and SigmaDDR products for density and random transaction rate requirements of networking and telecom applications; and radiation-hardened and radiation-tolerant SRAMs for aerospace and military applications, such as networking satellites and missiles. Its products are used in a range of networking and telecommunications equipment, including core routers, multi-service access routers, universal gateways, enterprise edge routers, service provider edge routers, optical edge routers, fast Ethernet switches, wireless base stations, and network access equipment; military and aerospace applications, such as radar and guidance systems and satellites; professional audio applications comprising sound mixing systems; test and measurement applications consisting of high-speed testers; and automotive applications, such as smart cruise control; and medical applications, including ultrasound and CAT scan equipment. The company markets its products through a network of independent sales representatives and distributors. GSI Technology, Inc. was incorporated in 1995 and is headquartered in Sunnyvale, California.
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Here are 1-2 brief analogies for GSI Technology (GSIT):
- A niche Micron Technology for high-performance SRAM and CAM chips.
- A specialized NVIDIA for AI acceleration, focusing on ultra-fast search and pattern recognition.
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- High-Performance SRAM: These are specialized static random-access memory chips providing very fast data access for demanding applications like networking, industrial, and medical systems.
- Radiation-Hardened SRAM: These specialized memory devices are designed to withstand harsh radiation environments, primarily used in aerospace and defense applications such as satellites.
- Gemini-I AI Processor: This is a dedicated artificial intelligence accelerator chip designed to speed up complex neural network computations for edge inference applications.
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GSI Technology (GSIT) Major Customers
GSI Technology (GSIT) operates primarily as a business-to-business (B2B) company, supplying high-performance memory products (SRAM) and specialized processors for artificial intelligence (APU) to other companies for integration into their products.
According to GSI Technology's annual reports (10-K filings), no single customer accounted for more than 10% of its net revenues in recent fiscal years (including fiscal years 2023, 2022, and 2021). This indicates that GSI Technology has a diversified customer base and does not rely on a few "major" customers for a significant portion of its revenue, and therefore does not disclose specific individual customer names as "major" customers.
While specific customer names are not disclosed due to this diversification, GSI Technology's products are sold to Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) across various industries. The primary categories of companies that purchase GSI Technology's products include:
- Networking and Telecommunications Companies: Manufacturers of networking infrastructure, telecommunications equipment, routers, and switches.
- Military and Aerospace Companies: Producers of defense systems, avionics, radar systems, and satellite communications equipment.
- Medical and Industrial Companies: Developers of medical imaging devices, diagnostic equipment, industrial automation systems, and control applications.
- Data Center, High-Performance Computing, and Artificial Intelligence (AI) Companies: Integrators and developers of servers, supercomputers, and AI acceleration platforms, leveraging GSI Technology's specialized processors.
- Automotive Companies: Primarily for advanced driver-assistance systems (ADAS) and in-vehicle computing applications.
These categories represent the broad range of companies that integrate GSI Technology's components into their end products.
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Lee-Lean Shu, President and Chief Executive Officer
Mr. Shu co-founded GSI Technology in March 1995 and has served as its President and Chief Executive Officer and as a member of its Board of Directors since its inception. He became Chairman of the Board in October 2000. Prior to co-founding GSI Technology, Mr. Shu was Director of SRAM Design at Sony Microelectronics Corporation from January 1995 to March 1995, and a design manager at the same company from July 1990 to January 1995. He also held various management positions in SRAM and DRAM designs at Sony Microelectronics Corp and AMD from July 1980 to March 1995.
Douglas Schirle, Chief Financial Officer and Corporate Secretary
Mr. Schirle has served as the Chief Financial Officer of GSI Technology since August 2000. Before this role, he was the Corporate Controller for GSI Technology from June 1999 to August 2000. His previous experience includes serving as the Corporate Controller at Pericom Semiconductor Corporation from March 1997 to June 1999, and as Vice President, Finance (November 1996 to February 1997) and Controller (December 1993 to October 1996) for Paradigm Technology. Mr. Schirle is a former certified public accountant.
Didier Lasserre, Vice President, Sales
Mr. Lasserre has held the position of Vice President, Sales since July 2002. From November 1997 to July 2002, he was GSI Technology's Director of Sales for the Western United States and Europe. Before joining GSI Technology, he was an account manager at Solectron Corporation from July 1996 to October 1997, and a field sales engineer at Cypress Semiconductor from June 1988 to July 1996.
Bor-Tay Wu, Vice President, Taiwan Operations
Mr. Wu has served as the Vice President, Taiwan Operations since January 1997. Prior to this, he was a design manager at Atalent, an IC design company in Taiwan, from January 1995 to December 1996.
Ping Wu, Vice President, U.S. Operations
Mr. Wu has served as Vice President, U.S. Operations since September 2006, a role he also held from February 2004 to April 2006. His career includes serving as Vice President of Operations at QPixel Technology from April 2006 to August 2006. He was also GSI Technology's Director of Operations from July 1999 to January 2004, and Vice President of Operations at Scan Vision from July 1997 to June 1999.
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The accelerated development and market dominance of high-performance general-purpose AI accelerators, particularly graphics processing units (GPUs) from companies like NVIDIA and AMD, alongside the increasing sophistication and deployment of custom AI application-specific integrated circuits (ASICs) by hyperscale cloud providers (e.g., AWS Inferentia/Trainium, Google TPUs, Microsoft Maia/Athena), pose a clear emerging threat to GSI Technology. These solutions offer powerful and rapidly evolving alternatives for the AI inference workloads, including similarity search and vector processing, that GSI Technology's specialized Associative Processing Unit (APU) targets. The expansive ecosystems, continuous performance improvements, and deep integration into cloud platforms by these dominant players challenge GSIT's ability to gain significant market adoption for its niche hardware solution.
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GSI Technology (GSIT) addresses several markets with its main products and services:
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Associative Processing Units (APUs):
- The drone AI processor market is projected to reach $2.7 billion by 2030, globally.
- The broader edge AI processor market is projected to reach $9.6 billion by 2030, globally.
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Static Random-Access Memory (SRAM) Products:
- The global Static Random-Access Memory market was valued at USD 0.7 billion in 2023 and is expected to grow to USD 1.11 billion by 2032.
- Another estimate places the global Static Random Access Memory market size at USD 1.71 billion in 2025, forecast to reach USD 2.25 billion by 2030.
- The global Static Random Access Memory (SRAM) market is also projected to grow from USD 712.3 million in 2025 to USD 1,182.5 million by 2035.
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Radiation-Hardened SRAMs:
- The global Radiation Hardened Static Random Access Memory (SRAM) market was valued at US$ 312 million in 2024 and is projected to reach US$ 520 million by 2031.
- The broader Radiation-Hardened Memory market was valued at $1.2 billion in 2024 and is projected to reach $2.3 billion by 2033, globally.
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Custom ASIC Solutions: Information regarding the specific addressable market size for GSI Technology's custom ASIC solutions is not available.
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IT/Technology Services: GSI Technology provides IT/Technology services to Department of Defense and Federal agencies in the United States. However, specific addressable market sizes for these services as offered by GSI Technology are not readily available.
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GSI Technology (GSIT) is poised for future revenue growth over the next 2-3 years, driven by its strategic advancements in artificial intelligence (AI) processing units and continued demand for its specialized memory solutions. Key drivers include:
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Increased Adoption of Gemini-II APU in Edge AI and Defense Markets: GSI Technology's Gemini-II Associative Processing Unit (APU) is a significant driver, targeting high-growth edge AI markets such as drones, defense, robotics, and mobile platforms. The Gemini-II delivers GPU-class performance with substantially lower power consumption, making it ideal for power and size-constrained environments. The company has a defined edge strategy, with the drone market alone projected to reach $2.7 billion by 2030. Initial testing and delivery to an offshore defense contractor, along with prototyping approval for Synthetic Aperture Radar (SAR) applications in drones, signal growing market penetration.
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Launch and Commercialization of the Plato Chip for On-Device Large Language Models (LLMs): GSI Technology's roadmap includes the development of Plato, a next-generation APU specifically designed for even lower-power edge capabilities, targeting on-device Large Language Model (LLM) applications. This strategic pivot aims to capitalize on the burgeoning edge AI market for LLMs. Management anticipates a development timeline of 12 to 18 months, with funding pursuits underway.
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Sustained Demand for High-Performance SRAM Products in AI Sectors: Despite the strong focus on APUs, the company continues to see robust demand for its high-performance SRAM (Static Random-Access Memory) chips. This demand is fueled by strong market momentum, particularly from leading AI processors. GSI Technology anticipates continued order activity from its SRAM customers as inventory levels normalize across the industry.
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Expansion into New Geographical Markets for Radiation-Hardened Memory: GSI Technology's expansion into new geographical markets for its specialized radiation-hardened (Rad-Hard) memory products is another expected revenue driver. A significant milestone was the announced Rad-Hard shipment for a European Space Agency (ESA) mission, marking the company's first non-U.S.-based mission. This provides GSI Technology with increased exposure and potential for growth within the ESA community.
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Share Repurchases
- Through March 31, 2025, GSI Technology repurchased and retired a total of 12,004,779 shares under its repurchase program.
- The repurchase program authorizes the company to buy back shares on the open market or in private transactions, with specific timing and amounts subject to market conditions and other factors.
Share Issuance
- In October 2025, GSI Technology announced a registered direct offering for approximately $50 million, involving the sale of 1,508,462 shares of common stock at $10.00 per share and pre-funded warrants for 3,491,538 shares at $9.99 each.
- Net proceeds from the sale of common stock through an At-the-Market (ATM) offering amounted to $10.8 million during the three months ended June 30, 2025.
- As of July 31, 2025, GSI Technology had 29,090,626 shares of common stock outstanding.
Inbound Investments
- In October 2025, GSI Technology secured a $50 million equity raise from a single institutional investor, with the net proceeds intended for general corporate purposes, including the development of the Gemini APU product line.
- This $50 million equity raise at $10 per share is anticipated to provide the company with approximately $70 million in cash, extending its cash runway for about 7 years at current burn rates.
Capital Expenditures
- Capital expenditures were approximately $0.03 million for the three months ended June 30, 2025, and $0.05 million for the full fiscal year 2025.
- In the three months ended June 30, 2024, the company's investment activities primarily included the purchase of property and equipment totaling $32,000.
- A primary focus of capital allocation is the ongoing development of the Gemini APU product line, including Gemini-II and the launch of Plato.
