GSI Technology Inc (GSIT) 2026 Q3 法說會逐字稿

Welcome to GSI Technology's third-quarter fiscal 2026 results conference call. (Operator Instructions)

歡迎參加GSI Technology 2026財年第三季業績電話會議。 （操作說明）

Before we begin today's call, the company has requested that I read the following Safe Harbor statement. The matters discussed in this conference call may include forward-looking statements regarding future events and the future performance of GSI Technology that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties are described in the company's Form 10-K filed with the Securities and Exchange Commission.

在今天的電話會議開始之前，公司要求我宣讀以下「安全港聲明」。本次電話會議討論的事項可能包含有關未來事件和GSI Technology未來績效的前瞻性陳述，這些陳述涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。這些風險和不確定性已在公司向美國證券交易委員會提交的10-K表格中進行了描述。

Additionally, I have also been asked to advise you that this conference call is being recorded today, January 29, 2026, at the request of GSI Technology. Lee-Lean Shu, the company's Chairman, President and Chief Executive Officer, will be hosting the call today; with him are Douglas Schirle, Chief Financial Officer; and Didier Lasserre, Vice President of Sales.

此外，我還奉命通知各位，應GSI Technology的要求，本次電話會議（2026年1月29日）將會錄音。公司董事長、總裁兼執行長李立安先生將主持本次電話會議；與他一同出席的還有財務長道格拉斯·希爾勒先生和銷售副總裁迪迪埃·拉塞爾先生。

I would now like to turn the conference over to Mr. Shu. Please go ahead, sir.

現在我將大會交給舒先生。請您開始吧，先生。

Good afternoon, and thank you for joining us to review our third quarter fiscal 2026 results. I am encouraged by our overall progress this quarter. Revenue in the third quarter increased by 12% year-over-year and 28.5% on a fiscal year-to-date basis. Demand for SRAM products remains solid. And we expect strong sales from our largest customers in the first half of calendar 2026.

下午好，感謝各位蒞臨本次會議，共同回顧我們2026財年第三季的業績。我對本季的整體進展感到鼓舞。第三季營收年增12%，年初至今成長28.5%。市場對SRAM產品的需求依然強勁。我們預計，2026年上半年，來自我們最大客戶的銷售額將保持強勁成長。

After completing our financing in 2025, we we advanced our APU road map. We began play to hardware development after purchasing the required IP. We have also added counter-engineers to support our hardware design team, keeping us on track to tape-out Plato in early 2027. We finalized the agreement with G2 Tech that is a base AI company for our recently announced proof of concept. We are partnering with G2 Tech on Sentinel program for autonomous parameters security using drones and cameras.

在2025年完成融資後，我們推進了APU路線圖的發展。在收購了所需的智慧財產權後，我們開始著手硬體開發。此外，我們也增聘了工程師來支援硬體設計團隊，確保Plato晶片在2027年初順利流片。我們與G2 Tech公司最終敲定了合作協議，該公司是我們近期公佈的概念驗證專案的基礎人工智慧公司。我們正與G2 Tech公司合作進行Sentinel項目，該項目旨在利用無人機和攝影機實現自主參數安全防護。

The project is backed by the US Department of War and foreign government agencies. This government funding will offset our cost to build a software stack and the liabilities needed for this project. Didier will share more details shortly. Another recent milestones is Gemini-II time-to-first-token benchmark around in the press release earlier today. For those who have not reviewed it, please see today's press release for the full detail on the benchmark result and the methodology.

該計畫得到了美國戰爭部和外國政府機構的支持。這筆政府資金將用於抵消我們建立軟體堆疊的成本以及專案所需的負債。 Didier 稍後將分享更多細節。另一個近期里程碑是 Gemini-II 首個代幣發行時間基準測試，相關內容已在今天稍早的新聞稿中公佈。如果您尚未查看，請參閱今天的新聞稿，以了解基準測試結果和方法的完整詳情。

Accordingly, we reported three to second time-to-first-token TTFT performance for MLLM with text and video input, consuming approximately 30 watts of system power. Compared to third-party testing of competitive graph, Gemini-II TTFT delivered up to 3 times faster first token at lower power than the competitive chip on the same workload. We believe these test results validate Gemini-II's fast response for edge use cases that need low power and low latency.

因此，我們報告了在支援文字和視訊輸入的 MLLM 系統中，首令牌回應時間 (TTFT) 為 3 到 3 秒，系統功耗約為 30 瓦。與第三方對同類晶片的測試相比，Gemini-II 在相同工作負載下，首令牌響應速度比同類晶片快 3 倍，且功耗更低。我們相信，這些測試結果驗證了 Gemini-II 在需要低功耗和低延遲的邊緣應用場景中的快速反應能力。

In his comments, Didier will expand on the benchmark results. We are making steady progress advancing playthrough, continuing to improve Gemini-II performance, and completing the Sentinel project. We are also pursuing early proof-of-concept and prototyping opportunities for Gemini-II in systems in the defense programs, including drones and unmanned systems, and in selected commercial edge deployments. In parallel, we continue to pursue non-diluted R&D funding through government defense programs and strategic partners.

迪迪埃將在發言中詳細闡述基準測試結果。我們在推進測試流程、持續提升「雙子星二號」效能以及完成「哨兵」專案方面取得了穩步進展。我們也正在積極尋求「雙子星二號」在國防計畫（包括無人機和無人系統）以及部分商業前沿部署中的早期概念驗證和原型開發機會。同時，我們繼續透過政府國防計畫和戰略合作夥伴爭取不受稀釋的研發資金。

With that, I hand the call over to Didier.

於是，我把電話交給了迪迪耶。

Thank you, Lee-Lean. I'll start by expanding on some of Lee-Lean's comments. On the Sentinel POC, we expect to receive more than $1 million in government funding. We will record this as an offset to R&D expenses. We plan to use it to complete key software milestones for the projects, including software development for Gemma-3 12B on our Gemini-II, ahead of the planned demonstration to the government agencies later this year. Our POC partner, G2 Tech, is receiving additional funds to develop the drone platform for this demo.

謝謝Lee-Lean。我先補充Lee-Lean的一些觀點。關於Sentinel概念驗證項目，我們預計將獲得超過100萬美元的政府資助。我們將把這筆資金計入研發費用抵扣項。我們計劃用這筆資金完成專案的關鍵軟體里程碑，包括為我們的Gemini-II無人機上的Gemma-3 12B開發軟體，以便在今年稍後向政府機構進行演示。我們的概念驗證合作夥伴G2 Tech公司也將獲得額外資金，用於開發此演示所需的無人機平台。

I’m pleased to share that G2 Tech conducted a competitive evaluation, and GSI was selected based on Gemini-II’s performance, delivering the lowest TTFT at 30 watts. If the government evaluation later this year is successful, it could lead to a potential Gemini-II design win with G2 Tech, and we would move to pursue additional opportunities to other drone and unmanned system customers beyond the POC sponsors.

我很高興地宣布，G2 Tech 進行了一項競爭性評估，並憑藉 Gemini-II 的卓越性能脫穎而出，其在 30 瓦功率下實現了最低的 TTFT。如果今年稍後的政府評估取得成功，G2 Tech 預計將贏得 Gemini-II 的設計合同，屆時我們將著手為除概念驗證贊助商之外的其他無人機和無人系統客戶提供更多機會。

Turning to today's press release. Our Gemini-II TTFT benchmarks, we discussed preliminary results showing a 3-second time-to-first-token for a multimodal model at the edge using video and text inputs at approximately 30 watts of power -- of system power. TTFT is how long it takes the system to produce the first response, which is critical for drones and unmanned systems.

接下來談談今天的新聞稿。在我們的 Gemini-II TTFT 基準測試中，我們討論了初步結果，該結果顯示，在邊緣使用視訊和文字輸入的多模態模型，在約 30 瓦的系統功耗下，首次響應時間 (TTFT) 為 3 秒。 TTFT 指的是系統產生首次反應所需的時間，這對於無人機和無人系統至關重要。

The threshold for a useful TTFT in video surveillance to ensure nothing is missed is 3 seconds. That means we are sampling the video image every 3 seconds. If the TTFT is 10 seconds, it takes too long, so the surveillance video could miss something.

在視訊監控中，為確保不遺漏任何訊息，有效的TTFT閾值應為3秒。這意味著我們每3秒對視訊影像進行一次採樣。如果TTFT為10秒，則採樣時間過長，監視器影片可能會遺漏某些內容。

In preparation for the Sentinel demo, we will continue improving TTFT over the next 5 months to further reduce Gemini-II's first time to response. What's exciting for GSI about these Gemini-II preliminary benchmark results is that they demonstrate what compute and memory can provide for physical AI, faster time-to-first-token and materially lower chip power. This will help enable a broader set of viable cost-effective deployments.

為了準備 Sentinel 演示，我們將在未來 5 個月內繼續改進 TTFT，以進一步縮短 Gemini-II 的首次回應時間。 Gemini-II 的初步基準測試結果令 GSI 感到振奮，因為它們顯示了運算和記憶體能為實體 AI 帶來哪些優勢，例如更快的首次代幣產生時間和顯著降低的晶片功耗。這將有助於實現更廣泛的、經濟高效的部署方案。

For added color, at CES 2026 there was a clear shift towards edge AI and physical AI systems that must make real-time decisions under tight power constraints. In that context, Intel noted that tops the number of operations per second doesn't tell the whole story. What matters more than edge AI and physical AI is real-world load -- I'm sorry, workload performance and efficiency. That is the takeaway for us as well.

為了更清晰地展現這一點，在 CES 2026 上，我們明顯看到了邊緣人工智慧和實體人工智慧系統的興起，這些系統必須在嚴格的功耗限制下做出即時決策。英特爾指出，每秒運算次數並不能說明全部。比邊緣人工智慧和實體人工智慧更重要的是實際應用場景下的負載——抱歉，更準確地說是工作負載的效能和效率。這也是我們得出的結論。

For edge inference, performance per watt and responsiveness matter more than peak training metrics. We are confident that our computer memory APU architecture designed to reduce data movement is well suited for power-constrained edge inference. Our near focus is to continue validating this with additional benchmarks and customer proof of concepts and convert that progress into design wins for Gemini-II. And to be clear, we are not trying to compete with folks at training and data centers. Our goal is to be a strong option for fast low-power edge AI applications.

對於邊緣推理而言，每瓦性能和反應速度比峰值訓練指標更為重要。我們相信，我們專為減少資料傳輸而設計的電腦記憶體APU架構非常適合功耗受限的邊緣推理應用。我們近期的重點是繼續透過更多基準測試和客戶概念驗證來驗證這一點，並將這些進度轉化為Gemini-II的設計訂單。需要明確的是，我們並非要與訓練中心和資料中心的企業競爭。我們的目標是成為快速低功耗邊緣AI應用的有力選擇。

Switching to the customer and product sales breakdown in the third quarter of fiscal 2026. Sales to KYEC were $1.1 million or 17.9% of net revenues compared to $1.2 million or 22.7% of net revenues in the same period a year ago and $802,000 or 12.5% of net revenues in the prior quarter. Sales to Nokia were $675,000 or 11.1% of net revenues compared to $239,000 or 4.4% of net revenues in the same period a year ago, and $200,000 or 3.1% of net revenues in the prior quarter.

接下來是2026財年第三季的顧客和產品銷售明細。對KYEC的銷售額為110萬美元，佔淨收入的17.9%，而去年同期為120萬美元，佔淨收入的22.7%，上一季為80.2萬美元，佔淨收入的12.5%。對諾基亞的銷售額為67.5萬美元，佔淨收入的11.1%，而去年同期為23.9萬美元，佔淨收入的4.4%，上一季為20萬美元，佔淨收入的3.1%。

Sales to Cadence Design Systems were $233,000 or 3.8% of net revenues compared to $971,000 or 17.9% of net revenues in the same period a year ago and $1.4 million or 21.6% of net revenues in the prior quarter. Military Defense sales were 28.5% of third quarter shipments compared to 30% of shipments in the comparable quarter a year ago and 28.9% of shipments in the prior quarter. SigmaQuad sales were 41.7% of third quarter shipments in fiscal 2026 compared to 39.1% in the third quarter of fiscal 2025 and 50.1% in the prior quarter.

向 Cadence Design Systems 的銷售額為 23.3 萬美元，佔淨收入的 3.8%，而去年同期為 97.1 萬美元，佔淨收入的 17.9%，上一季為 140 萬美元，佔淨收入的 21.6%。軍工防務銷售額佔第三季出貨量的 28.5%，去年同期為 30%，上一季為 28.9%。 SigmaQuad 的銷售額佔 2026 財年第三季出貨量的 41.7%，而 2025 財年第三季為 39.1%，上一季為 50.1%。

I'd now like to hand the call over to Doug. Go ahead, please.

現在我想把電話交給道格。請你接聽。

We reported net revenues of $6.1 million for the third quarter of fiscal 2026, compared to $5.4 million for the third quarter of fiscal 2025 at $6.4 million for the second quarter of fiscal 2026. Gross margin was 52.7% in the third quarter of fiscal 2026, compared to 54% in the third quarter of fiscal 2025 and 54.8% in the preceding second quarter of fiscal 2026. The decrease in gross margin in the third quarter of 2026 was primarily due to product mix.

我們公佈2026財年第三季淨收入為610萬美元，而2025財年第三季為540萬美元，2026財年第二季為640萬美元。 2026財年第三季毛利率為52.7%，而2025財年第三季為54%，2026財年第二季為54.8%。 2026財年第三季毛利率下降的主要原因是產品組合的變化。

Total operating expenses in the third quarter of fiscal 2026 were $10.1 million, compared to $7 million in the third quarter fiscal 2025 and $6.7 million in the prior quarter. Research and development expenses were $7.5 million, compared to $4 million in the prior year period and $3.8 million in the prior quarter. The increase in research and development spending compared to the prior quarter is primarily due to the purchase of IP for the development of Plato and associated consulting expenses. Selling, general and administrative expenses were $2.6 million in the quarter ended December 31, 2025, compared to $3 million in the prior year quarter and $3 million in the previous quarter.

2026財年第三季總營運支出為1,010萬美元，而2025財年第三季為700萬美元，上一季為670萬美元。研發支出為750萬美元，而上年同期為400萬美元，上一季為380萬美元。研發支出較上一季增加的主要原因是為開發Plato而購買了知識產權以及相關的諮詢費用。截至2025年12月31日止季度，銷售、一般及行政費用為260萬美元，而上年同期及上一季均為300萬美元。

Third quarter fiscal 2026 operating loss was $6.9 million compared to an operating loss of $4.1 million in the prior year period and an operating loss of $3.2 million in the prior quarter. Third quarter fiscal 2026 net loss included interest and other income of $3.6 million, reflecting a noncash accounting adjustment of $6.2 million for the change in fair value of the prefunded warrants and issuance costs of $2.8 million for the recent registered direct offering and a tax benefit of $251,000 compared to $70,000 in interest and other income and a tax provision of $44,000 for the same period a year ago.

2026財年第三季營業虧損為690萬美元，而去年同期營業虧損為410萬美元，上一季營業虧損為320萬美元。 2026財年第三季淨虧損包括360萬美元的利息及其他收入，其中620萬美元為預付認股權證公允價值變動產生的非現金會計調整，280萬美元為近期註冊直接發行產生的發行成本，以及25.1萬美元的稅收優惠。相較之下，上年同期利息及其他收入為7萬美元，稅項準備為4.4萬美元。

In the preceding second quarter, net loss included interest and other income of $43,000 and a tax revision of $41,000. Net loss in the third quarter of fiscal 2026 was $3 million or $0.09 per diluted share compared to a net loss of $3.2 million or $0.11 per diluted share for the second quarter of fiscal 2026. For the prior year fiscal quarter of 2025, net loss was $4 million or $0.16 per diluted share. Total third quarter pretax stock-based compensation expense was $783,000 compared to $429,000 in the comparable quarter a year ago and $856,000 in the prior quarter.

上一財年第二季度，淨虧損包括利息及其他收入4.3萬美元以及稅項修正4.1萬美元。 2026財年第三季淨虧損為300萬美元，即每股攤薄虧損0.09美元，而2026財年第二季淨虧損為320萬美元，即每股攤薄虧損0.11美元。 2025財年上一財年同期淨虧損為400萬美元，即每股攤薄虧損0.16美元。第三季稅前股權激勵費用總額為78.3萬美元，去年同期為42.9萬美元，上一季為85.6萬美元。

Beginning this quarter, GSI is expanding the cash disclosures in its quarterly earnings release process to help investors understand the company's cash consumption and cash generation. Going forward, we will disclose the beginning cash balance net cash used by operating activities, net cash used by investing activities and net cash provided by financing activities. This will complement the condensed consolidated statement of cash flows included in our Forms 10-K and 10-Q.

從本季開始，GSI將擴大季度獲利報告揭露流程中的現金資訊範圍，以幫助投資者了解公司的現金消耗和現金產生。今後，我們將揭露期初現金餘額、經營活動所用現金淨額、投資活動所用現金淨額以及籌資活動產生的現金淨額。這將補充我們10-K表和10-Q表中包含的簡明合併現金流量表。

Cash flows for the quarter ended December 31, 2025, and thousands of dollars. Cash and cash equivalents as of September 30, 2025 were $25.3 million, Net cash used in operating activities was $7.9 million. Net cash used in investing activities was $296,000, and net cash provided by financing activities were $53.5 million. Cash and cash equivalents as of December 31, 2025 were $70.7 million. The increase in cash and cash equivalents as of December 31, 2025, primarily reflects $46.9 million in net proceeds from the company's October 22, 2025 registered direct offering.

截至2025年12月31日止季度的現金流量（單位：千美元）。截至2025年9月30日，現金及現金等價物為2,530萬美元，經營活動所用現金淨額為790萬美元，投資活動所用現金淨額為29.6萬美元，籌資活動產生的現金淨額為5,350萬美元。截至2025年12月31日，現金及現金等價物為7,070萬美元。截至2025年12月31日，現金及現金等價物增加，主要反映了公司於2025年10月22日進行的註冊直接發行所獲得的4,690萬美元淨收益。

Cash used in operation activities include spending for the development and commercialization of Gemini-II and Plato. December 31, 2025, we had $70.7 million in cash, cash equivalents compared to $13.4 million at March 31, 2025. Working capital was $71.7 million as of December 31, 2025, versus $16.4 million of March 31, 2025. Stockholders' equity as of December 31, 2025, was $83.6 million compared to $28.2 million as of the fiscal year ended March 31, 2025.

經營活動所用現金包括用於Gemini-II和Plato專案開發和商業化的支出。截至2025年12月31日，本公司持有現金及現金等價物7,070萬美元，截至2025年3月31日為1,340萬美元。截至2025年12月31日，營運資金為7,170萬美元，截至2025年3月31日為1,640萬美元。截至2025年12月31日，股東權益為8,360萬美元，而截至2025年3月31日財政年度結束時為2,820萬美元。

Before I hand the call over to the operator for Q&A, I'd like to provide the fourth quarter fiscal 2026 outlook. Current expectations for the upcoming fiscal fourth quarter of net revenues in the range of $5.7 million to $6.5 million with gross margin of approximately 54% to 56%.

在將電話轉交給接線員進行問答環節之前，我想先介紹一下2026財年第四季的展望。目前預計即將到來的第四季淨收入將在570萬美元至650萬美元之間，毛利率約為54%至56%。

Operator, at this point, we will open the call to Q&A.

操作員，現在我們將開啟問答環節。

(Operator Instructions)

（操作說明）

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

Hi, guys. This is Robert Aguanno, on for Quinn here. Congrats on all of the progress on Gemini-II. I just wanted to ask, you also announced during the quarter partnership with G2 Tech as well, and that application for defense. Maybe how important is kind of the defense applications for Gemini-II? How does that establish the capabilities of Gemini in sort of real-world applications? And can you speak to potential commercial uses beyond kind of drones and defense and how this may impact the business going forward?

大家好，我是羅伯特·阿瓜諾，替奎因發言。恭喜雙子星二號計畫的進展。我想問一下，你們在本季也宣布了與G2 Tech的合作，以及該計畫在國防領域的應用。雙子星二號的國防應用究竟有多重要？它如何體現雙子星在實際應用上的能力？除了無人機和國防領域，雙子星二號還有哪些潛在的商業用途？這些用途將如何影響公司未來的業務發展？

Sure. Sure. So certainly, the mil and defense area have been the sectors that we've had our early successes in. We've talked about it in the past. We've had some of the SBIR wins with entities under the DoD or DoW as it's called today, specifically with the Air Force Space Development Agency and US Army. So we certainly have had some successes there and in getting the message out.

當然，當然。軍工和國防領域確實是我們早期成功的領域。我們之前也談過這一點。我們與國防部（現在稱為國防部）下屬機構，特別是空軍航太發展局和美國陸軍，在小型企業創新研究計劃（SBIR）中取得了一些成功。所以，我們在推廣理念方面確實取得了一些成功。

We’ve also talked about a SAR application on board that we sent out to an offshore defense contractor for LEO satellite for SAR, in which they’re doing their evaluation now. So certainly, this is the area that has adopted our technology most quickly. And as you mentioned, with G2 Tech, it’s a nice partnership because they’re able to actually bring a product using our subsystem APU to create a true product, in this case, like you said, a drone and camera surveillance system. Can you repeat the last part of the sentence or the question, though?

我們也談到了我們發送給一家海外國防承包商的用於低地球軌道衛星的SAR應用，他們目前正在進行評估。所以，這無疑是我們技術應用最快速的領域。正如您所提到的，與G2 Tech的合作非常成功，因為他們能夠利用我們的子系統APU來打造真正的產品，就像您說的，一個無人機和攝影機監控系統。您能重複這句話或問題的最後一部分嗎？

Yeah. I guess --

是啊，我想——

So a good point. So the effort we're doing right now with this POC, this time-to-first-token and the whole Gemma-3 12B lends itself to other applications outside of drones and unmanned vehicles, things like smart cities, things like robotics. And so certainly, we will be able to leverage all the work we're doing now for this current POC with G2 Tech for these other markets as well.

你說得對。我們目前在概念驗證、首枚代幣發行以及整個Gemma-3 12B專案上所做的努力，不僅適用於無人機和無人駕駛車輛，也適用於智慧城市、機器人等其他應用領域。因此，我們當然可以將目前與G2 Tech合作的概念驗證工作成果應用到其他市場。

For sure. And just one more on -- you mentioned the government funding as a catalyst for 2026. Can you talk through maybe potential time lines? When do you expect this funding to come in? And any other details that you have on that front would be great.

當然。還有一個問題－您提到政府撥款是2026年計畫的催化劑。您能否談談可能的進度安排？您預計這筆資金何時到位？如果您掌握這方面的任何其他細節，那就太好了。

Yes. So for SBIRs, we have a continuous pipeline of submittals. So we have a handful right now that have already been submitted, and we’re waiting for word on whether we’ve been awarded or not, and we have others that we are putting together. This is an ongoing process, and there are different levels. They fall under the classic SBIRs.

是的。對於SBIR項目，我們有一個持續的申請流程。目前我們已經提交了一些項目，正在等待是否獲得資助的消息，還有一些項目正在準備中。這是一個持續的過程，而且有不同的層次。它們都屬於經典的SBIR項目範疇。

There’s also other areas like BAA, which stands for Broad Agency Announcement, I believe, STRATFI. There are other programs where other fundings are involved. And we’re active in all those areas. Again, the benefit of this funding is it’s non-dilutive first. And secondly, it allows us to get more exposure within the DoD elements for future business.

還有其他領域，例如 BAA（即 Broad Agency Announcement，我記得是這個縮寫）和 STRATFI。還有其他一些項目涉及其他資金。我們在所有這些領域都很活躍。再次強調，這項資金的優勢首先在於它不會稀釋股權。其次，它能讓我們在未來的業務中獲得更多國防部內部的曝光機會。

(Operator Instructions)

（操作說明）

Seems like there’s no more questions from the investor. So thank you all for joining us. We look forward to speaking with you again. We’re ready for our fourth quarter and the full year fiscal 2026 results. Thank you.

看來投資者方面沒有其他問題了。感謝各位的參與。我們期待再次與您交流。我們已準備好發布2026財年第四季和全年業績。謝謝。

Thank you. This concludes today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。您可以斷開線路了，感謝您的參與。