GSI Technology Inc (NASDAQ: GSIT) is a semiconductor company that designs and sells static RAM (SRAM) memory products and associative processing units (APUs) for AI and high-performance computing applications. Revenue is transactional, generated by selling chips to OEM customers directly and through distributors and sales representatives, with transfer of control occurring at shipment. The SRAM business serves network and telecom OEMs, test equipment makers, and military and aerospace customers, including BAE Systems and Northrup Grumman, who purchased more than $480,000 of SRAM products each in the fiscal year ended March 31, 2025. The APU product line, built on in-place associative computing architecture and branded as Gemini-II, targets AI similarity search, natural language processing, computer vision, and synthetic aperture radar applications. As of March 31, 2025, the company held $13.4 million in cash and equivalents with no debt. Lee-Lean Shu serves as Principal Executive Officer. The company is headquartered in Sunnyvale, California, where it completed a sale-leaseback of its 1213 Elko Drive property in June 2024 for net proceeds of $11.2 million.

Revenue model

Transactional product sales of SRAM chips and APU chips to OEM customers, sold directly through an internal sales force and indirectly through domestic and international distributors and sales representatives. Revenue is recognized at shipment when title and risk of ownership transfer to the customer.

Products and services

Very Fast SRAMs for networking, telecom, test equipment, and military and aerospace applications; radiation-hardened and radiation-tolerant SRAM variants; Gemini-II APU (associative processing unit) for AI similarity search, fast vector search, natural language processing, computer vision, and synthetic aperture radar; APU2 product in development on a 16-nanometer SRAM process technology as of FY2024.

Customers and end markets

OEM customers in network and telecom equipment, test equipment, and military and aerospace sectors. Named OEM customers purchasing more than $480,000 of SRAM products in the fiscal year ended March 31, 2025 include BAE Systems and Northrup Grumman. A portion of sales flows through contract manufacturers that assemble equipment on behalf of OEM customers. The U.S. Army selected GSI for a potential contract of up to $250,000 under the DoD SBIR program announced January 2025 for edge computing AI development using Gemini-II.

Value-chain role

Fabless semiconductor designer. GSI designs chips and relies on third-party foundries for wafer supply and manufacturing. Products are sold to OEMs and their contract manufacturers for integration into networking, telecom, test, and defense systems.

Geographic exposure

Headquarters in Sunnyvale, California. Products sold through domestic and international sales representatives and distributors. Specific country-level revenue breakdown not disclosed in the excerpts.

Competitors

NVIDIA Corporation, Intel Corporation, Infineon Technologies AG, Integrated Silicon Solution, Renesas Electronics Corporation

Source: SEC 10-K, filed 2025-06-18

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