Analogy 1: Think of GSI Technology as the **Micron** for specialized, high-performance SRAM (memory) chips, particularly for demanding applications like satellites, military systems, and high-end industrial equipment.

Analogy 2: A **fabless semiconductor company** (like **NVIDIA**) that focuses solely on designing highly specialized, robust SRAM (memory) for critical aerospace, military, and industrial systems.

• SyncBurst SRAMs: Semiconductor memory products optimized for microprocessor cache and general purpose applications.
• No Bus Turnaround SRAMs: Semiconductor memory products specifically designed for networking and telecom applications.
• SigmaQuad SRAMs: High-density SRAMs engineered for high random transaction rate requirements in networking and telecom.
• SigmaDDR SRAMs: High-density SRAMs providing high random transaction rates for networking and telecom applications.
• Radiation-Hardened and Radiation-Tolerant SRAMs: Specialized SRAM products developed for aerospace and military applications in harsh radiation environments.

Based on the provided company description, GSI Technology (GSIT) is a fabless semiconductor company that sells its memory solutions primarily to other companies (B2B model) for integration into their end products. The description does not list specific names of major customer companies or their stock symbols.

However, the company description clearly identifies the following major customer categories and applications where its products are utilized:

• Networking and Telecommunications: Customers in this sector develop equipment such as 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: Customers include those developing applications such as radar and guidance systems, as well as satellites.
• Medical: Companies manufacturing medical applications like ultrasound and CAT scan equipment.
• Industrial and Other Specialized Applications: This broad category encompasses customers in professional audio (sound mixing systems), test and measurement (high-speed testers), and automotive (smart cruise control).

• Taiwan Semiconductor Manufacturing Company Limited (TSM)
• Advanced Semiconductor Engineering, Inc. (ASX)
• King Yuan Electronics Co., Ltd. (2444.TW)
• Integrated Micro-Electronics, Inc. (IMI)

Lee-Lean Shu, President and Chief Executive Officer

Lee-Lean 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 inception. In October 2000, he also became Chairman of the Board. Before 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 there from July 1990 to January 1995. He holds a B.S. in Electrical Engineering from Tatung Institute of Technology and an M.S. in Electrical Engineering from the University of California, Los Angeles. In 2017, Mr. Shu was named the 40th Annual Inventor of the Year by the Silicon Valley Intellectual Property Law Association (SVIPLA).

Douglas Schirle, Chief Financial Officer and Corporate Secretary

Douglas Schirle has served as GSI Technology's Chief Financial Officer since August 2000. Prior to this role, he was the Corporate Controller for GSI Technology from June 1999 to August 2000. His experience also includes serving as 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 was formerly a certified public accountant.

Didier Lasserre, Vice President, Sales

Didier Lasserre has been GSI Technology's Vice President, Sales since July 2002. Before this, he served as the company's Director of Sales for the Western United States and Europe from November 1997 to July 2002. His prior experience includes working as an account manager at Solectron Corporation from July 1996 to October 1997, and as a field sales engineer at Cypress Semiconductor from June 1988 to July 1996.

Bor-Tay Wu, Vice President, Taiwan Operations

Bor-Tay Wu has served as GSI Technology's Vice President, Taiwan Operations since January 1997. From January 1995 to December 1996, he held the position of design manager at Atalent, an IC design company based in Taiwan.

Ping Wu, Vice President, U.S. Operations

Ping Wu has served as GSI Technology's Vice President, U.S. Operations since September 2006, a role he also held from February 2004 to April 2006. Between these periods, from April 2006 to August 2006, he was Vice President of Operations at QPixel Technology. Earlier in his career at GSI Technology, he was Director of Operations from July 1999 to January 2004. From July 1997 to June 1999, Mr. Wu served as Vice President of Operations at Scan Vision, a semiconductor manufacturer.

• Securities Class-Action Lawsuit: GSI Technology is currently under investigation by a global investor rights firm concerning allegations that the company may have issued materially misleading business information. This probe, announced on February 28, 2026, could lead to a securities class-action lawsuit, potentially exposing the company to substantial legal costs and financial penalties. Such litigation could also significantly erode investor confidence, which might negatively impact the company's stock price and corporate reputation.
• Strategic Transition and Persistent Unprofitability: GSI Technology is in a deep strategic transition, shifting from its legacy Very Fast SRAM products to next-generation Associative Processing Units (APUs) such as Gemini-II and Plato. This pivotal shift, while crucial for the company's future, carries clear near-term financial and operational risks. The company has been operating at a loss, reporting a net loss of ($10.6) million for the fiscal year ended March 31, 2025. Furthermore, revenue has experienced a significant contraction over several years, and persistent profitability struggles and cash burn remain a concern. The success of this transition and the monetization of its APU products are critical, but the company faces execution challenges in this new technology paradigm.
• Customer Concentration: GSI Technology faces risks associated with customer concentration. For instance, Nokia was identified as the company's largest customer in fiscal years 2020, 2021, and 2022. A significant portion of the company's net revenues has also come from direct sales to contract manufacturers and consignment warehouses, as well as foreign and domestic distributors.

GSI Technology (GSIT) primarily designs, develops, and markets semiconductor memory solutions, with a focus on various types of Static Random Access Memory (SRAM) products, including radiation-hardened and radiation-tolerant SRAMs. These products cater to networking, industrial, medical, aerospace, and military sectors.

Addressable Market Sizes for GSI Technology's Main Products:

• Global Static Random Access Memory (SRAM) Market: The global SRAM market was valued at approximately USD 712.3 million in 2025 and is projected to reach USD 1.18 billion by 2035, growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period. Another estimate places the global SRAM market at USD 718 million in 2025, expected to reach USD 1.16 billion in 2035, with a CAGR of 4.9%.
• Global Radiation Hardened Static Random Access Memory (SRAM) Market: This more specialized segment, directly relevant to GSI Technology's offerings for aerospace and military applications, was estimated to be worth US$ 335 million in 2025 and is projected to reach US$ 555 million by 2032, growing at a CAGR of 7.6% from 2026 to 2032.
• Global Radiation Tolerant Memory Market: A broader category encompassing radiation-hardened SRAM, this market was valued at USD 818 million in 2024 and is projected to reach USD 1.14 billion by 2034, exhibiting a CAGR of 5.0%.
• Global Radiation Hardened Electronics Market: GSI Technology's radiation-hardened SRAMs are a component within this larger market. This market size was valued at USD 1.81 billion in 2024 and is expected to grow at a CAGR of 6.5% during 2025–2034. Memory is identified as a component within this market. North America accounted for 41.54% of this market in 2024.
• Global Memory for Military and Aerospace Applications: The global market for memory and processors for military and aerospace applications was valued at USD 6.97 billion in 2024 and is projected to reach USD 16.67 billion by 2031, with a robust CAGR of 11.50%. The non-volatile memory segment, which includes SRAM, held a 41% share of this market in 2024. The memory segment is also expected to hold the largest share of the global semiconductor in military and aerospace market, which is projected to grow from USD 6.02 billion in 2023 to USD 15.01 billion by 2033.

1. Increased demand for SRAM products driven by AI and HPC applications: GSI Technology anticipates continued strong momentum in its Static Random Access Memory (SRAM) chip business. This growth is fueled by the expanding needs of artificial intelligence (AI) workloads, including generative AI and large model training, which require high-performance memory solutions. The company has observed consistent quarterly growth in SRAM sales, supported by orders from key industry players.
2. Commercialization and adoption of the Gemini-II Associative Processing Unit (APU) in Edge AI markets: The Gemini-II APU is a significant anticipated driver for future revenue. This next-generation product is designed for high-growth AI and high-performance computing (HPC) markets, particularly at the edge. GSI Technology has completed successful evaluations and pilot shipments of the Gemini-II chip, with third-party studies validating its performance and energy efficiency for AI applications.
3. Expansion into defense and aerospace sectors with APU and specialized SRAM products: GSI Technology is strategically focusing on high-growth AI edge processor markets, including defense systems, drones, robotics, and mobile platforms. The company is leveraging its unique APU architecture, which offers advantages in power efficiency and performance for these applications. This strategy includes establishing proof-of-concept engagements with government entities and offshore defense contractors.
4. Development and future launch of the Plato chip: The planned Plato chip represents another new product driver for GSI Technology. The company is actively investing in the development of this next-generation product, acquiring necessary intellectual property and building its software team to accelerate its time to market. The Plato chip is also targeting high-growth areas within edge AI and defense applications.

Share Repurchases

No significant share repurchases have been made or authorized by GSI Technology over the last 3-5 years.

Share Issuance

• GSI Technology's cash reserves increased significantly due to a direct offering in October 2025.
• Insiders have been involved in share issuances and sales through option exercises, including a filing to sell 40,000 shares via option exercise on March 13, 2026, and an SVP exercising options and selling 20,000 shares on March 2, 2026.
• Shareholders have experienced substantial dilution over the past year.

Inbound Investments

• A direct offering in October 2025 bolstered the company's cash reserves, increasing them from $13.4 million in March 2025 to $70.7 million.
• The Galloway group acquired a 5.02% stake in GSI Technology, which included 1,048,450 shares of common stock and 770,500 shares underlying call options, between April 2025 and February 2026.

Capital Expenditures

• Capital expenditures in the most recent quarter (Q4 2025) totaled -$0.296 million USD.
• GSI Technology's cash from investing activities ranged from a high of $11.3 million in Q2 2024 to a low of -$2.8 million during Q4 2021, with Q4 2025 at -$296,000.
• Capital expenditures are primarily focused on the development and commercialization of new technologies such as the Gemini-I and Gemini-II Associative Processing Units (APUs) and radiation-hardened memory products.