GSI Technology (GSIT) Provides Updated 3Q19 Financial Outlook

GSI Technology, Inc. (NASDAQ: GSIT) reported that it will meet with investors today at the Needham Growth Conference at the Lotte New York Palace Hotel in New York City. In conjunction with this event, the Company is announcing its preliminary financial results for the third quarter fiscal year 2019 and providing an update on the APU.

“Our preliminary third quarter results are stronger than anticipated due to design wins for our high-end SRAM line, and increased sales to our largest networking and telecommunications customer,” stated Lee-Lean Shu, GSI Technology Chairman and Chief Executive Officer. “We’re focusing our R&D investment on the development of the APU, our in-place associative processing solution for Artificial Intelligence applications. Currently, we are testing packaged units of the first silicon wafers. Our hardware and software teams are working on demo boards with the APU for testing by our select alpha customers, which we anticipate shipping in the first half of calendar 2019.”

The GSI Technology presentation at the Needham Growth Conference is scheduled to begin at 9:20 a.m. Eastern time and will be webcast live. The Company’s group presentation will be available for the public to access at http://wsw.com/webcast/needham89/gsit/. The webcast will be archived and available for at least 30 days.

Preliminary Financial Results for the Third Quarter Fiscal Year 2019:

Today the Company is announcing that, on the basis of preliminary financial results, it expects to report net revenues in the range of $14.6 million to $14.8 million, with gross margin of approximately 66% to 68% for its third fiscal quarter ended December 31, 2018, compared to guidance of net revenues in a range of $12.8 million to $13.8 million, with gross margin of approximately 62% to 64%, that the Company provided in its October 25, 2018 earnings press release. The Company cautioned that these results are preliminary and subject to change.

The Company expects to announce financial results for its third quarter fiscal 2019 ended December 31, 2018 after the market close on Thursday, January 31, 2019. Management will also conduct a conference call to review the Company's third quarter financial results and its current outlook for the fourth quarter at 1:30 p.m. Pacific (4:30 p.m. Eastern) on that same day.

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