Q2 2023 GSI Technology Inc Earnings Call
Ladies and gentlemen, thank you for standing by and welcome to GSI Technology's second quarter fiscal 2023 results conference call. At this time all participants are in a listen only mode. Later, we will conduct a question and answer session at that time, we'll provide instructions for those interested in entering the queue.
For Q&A.
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.
Additionally, I advise you that this conference call is being recorded today October 27th 2022 at the request of GSI.
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Hosting the call today is Lee lunch. It is the company's chairman President and Chief Executive Officer with him are Douglas Shirley Chief Financial Officer, Andy Dan It looks there.
So I would now like to turn the conference over to Mr. Shane. Please go ahead Sir.
Yeah.
Good afternoon, and thank you for joining us to review our second quarter physical 2010, you see financial results.
Revenue in the second quarter or physical year, 2023 grew year over year by nearly 15%.
Two nine points of your meeting.
The midpoint of our guidance range.
Revenue growth was primarily due to increased sales of <unk>.
Excellent.
And the schuman of radiation hardened issuance in the quarter.
We also resolved our gross margin rose by 100 basis points.
Year over year to 62, 6%.
Higher gross margin along with the fried operating expense year over year.
Two a low lower operating loss for the quarter.
Net loss for the second quarter there too.
Two or 3.2 meeting.
So that's sort of a September 32022, she has that technology.
Cash balance, which includes cash and cash equivalents.
Well its short and long term investments was $38 $9 million.
We have a long list of items in the file with Gemini one by all team is a primary focus right now on developing tools to market for the Apu.
First is synthetic aperture radar Oh, sorry, Amy.
Image processing solutions.
And the second use of Fox Victor or dual Soc.
Optimized for big data applications.
Let me help you understand why these two markets up and prioritizing it.
At the end of September we announced that Austin said, Rachel radar image processing ourselves rushing system using gsi's Apu.
It was approved.
For use by the old Huh.
<unk> is already aerospace industries.
It's a chance to showcase the technological superiority of all a V U N.
And will open future opportunities for GSI in the few of US are rating saw image formation, we used to do customers.
The officials.
That make all saia image processing ourselves with your.
System solutions area attractive.
Oh, one scalability.
Two low power consumption.
C portability.
First with respect to scalability.
The scalable Apu architecture.
Allow it opinion to Malibu's long service for AD performance and redundancy, we saw especially when I speak.
The Apu platform has the capability to stack silvers, together and Windier real time capability to pan consuming compute intensive process.
Second with respect to lower and lower power consumption GSI has demonstrated using a large area.
Sorry image process, you can once they come in higher resolution scenarios.
Amy you use Oh, my average, 88% less power CPU or GPU systems.
Andrew class significantly fewer servers.
And so with respect to pull the BTT all solution uses one tenths the lumber silvis Benishi V or GPU system, Mickey small enough to be installed on Uavs and its own.
DSS stock and support a broad range of Python.
500 meters Cabos, two 750 kilometers south of that.
That's the wireless data center deployment.
The soft market you said.
Turkey market, where we have existing relationships with prospective targets.
<unk> will elaborate on the on the go to market. How did you want to start application in his comments to follow.
I'll first Victor or neuro.
All search product, which I would refer to close all SBS Paula.
Suppose on Prem.
Hi, Brett.
Call users.
The F. B S parking can be used by customers who are on prem.
They may have a hybrid storage and processing in the call.
For completely cloud based customers.
The searching our website is the life and the available for Spyros.
We currently have about two users you can pull in the platform.
We used to use as a primary data scientists evaluating searches capability.
Oh class issues.
Meaning they loaded database and create the foundation for the teams to Soc.
The compelling features of the <unk>.
P S product.
Combined with a small how our footprint and lower operating power consumption.
Compared to traditional large platforms used for search in arch Congress database.
We still have work to do and in developing pizza this opportunity for the F. B S Potter.
Building the business.
The Tam for this the basic social market. We are pursuing is a very large market.
<unk> has estimated that more than $300 billion.
We used the loss due to social abandonment each year in the U S alone.
We are providing an accelerator for existing search pie films, such as open search and you'd ask yourself, a sell rate of Soc with lower power and less hardware.
Rather than just adding more traditional computation capability.
But give me and I'm talking U Penn search capability.
On tax and does he faso, using a simple approximated U S labor.
Okay, and then Victor similarity search.
Did you just give me that one sweet spot in performance and an idea of application for the technology.
We are ready for potash in supporting customer.
On Prem or hybrid solutions.
Thursday.
A lot F E S pas customer to try all father prior to committing their workloads all puts you assume call it.
You also support.
Carl bass customers using the open source database.
We have a long search and diarrhea, and a chunk more than 500 visitors and not walking with a dozen opportunities.
We'll have <unk>.
Well you'd obviously associated libraries.
We still see potential customer Soc to grow this market.
On Prem hybrid and call. We are confident that week, we can see revenue from N V. S caught us in cut into 2023.
Now, let me give an update on the competitive stack.
We released the first version of the full stack El Paso comparator for if you're co development for our users.
We plan to migrate a few application I believe over the next few quarters.
Currently Cabo is still even offer more used to use equal CBD for internal development.
We are targeting an end of phase II DS and expect the compiler to be broadly available this calendar year.
Is there a longer timeline than we have the original anticipated, but we are building a farce.
Fishing tool for use in the whole person.
Ravi coach and emissions.
We believe the additional development on where you are basically outcome.
Now I will hand, the call over to Didier who will discuss the offices almost a further.
Please go ahead D D.
Thank you Didier in.
In the second quarter, we shipped Rad hard shifts to a U S prime contractor, who use them and prototyping a new program this year.
As a one off sale and we do not have visibility for follow on order from this customer at this time.
However, if a few of the recent prototypes we've shipped moved to production it could add incrementally to the fiscal years 2023 and 2020 for revenues.
As Ilene mentioned earlier, we have finalized the Saar POC with IHI Slash altera.
Ken we have finalized all the sales and marketing materials needed for customers, including benchmarking technical papers and an online demo.
So early stages of developing this market for Gemini one, but we have a great solution that is extremely flexible and can support a large variety of use cases.
Typically soar applications are very specific but Jim and I, one can be used in a wide range of altitude resolution and image sizes.
Also due to the small footprint our solution can be deployed in small drones or satellites. As a result, we are confident we can successfully build a customer base with this application.
Let me switch now to customer and product breakdowns for the second quarter.
In the second quarter of fiscal 2023 sales to Nokia were $1 2 million or $13 six of net revenues compared to $1 9 million or 23, 8% of revenues in the same period, a year ago, and $1 3 million or 14, 7% of net revenues in the prior quarter.
Military defense sales were 22, 4% of second quarter shipments compared to 27, 4% of shipments in the comparable period a year ago.
And 22, 3% of shipments in the prior quarter.
Sigma quiet sales were 58, 1% of second quarter shipments.
Her to 52, 4% in the second quarter of fiscal 2022, and 44, 8% the previous quarter.
We remain confident we can fulfill the orders that we have in hand for the upcoming quarters for SRAM customers and that we have to see.
Sufficient capacity to meet the demand.
I'd like to hand, the call over to Doug Doug go ahead. Please.
Thank you T D.
We reported a net loss of $3 $2 million or <unk> 13 per diluted share on.
Net revenues of $9 million for the second quarter of fiscal 'twenty 'twenty three compared to a net loss of $4 $6 million for 19 cents per diluted share.
And that represents a seven eight in line with second quarter of fiscal 2022.
Net loss of $4 million or 16 cents per diluted share.
Brokers it quite 9 billion for the first quarter of fiscal 2023.
Gross margin was 62, 6% compared to 53, 6% in the car or your crude.
And 62% in the preceding first quarter.
The changes in gross margin were primarily due to changes in product mix sold the three periods.
Yeah.
Total operating expenses for the second quarter of fiscal 2023.
Perfect put $7 million from the second quarter of fiscal 'twenty to 'twenty two.
$9 $3 million from the prior quarter.
Research and development expenses were $6 $4 million.
Compared to $5 million in the prior year period.
$6 $6 million from the prior quarter.
Selling general and administrative expenses were $2 $4 million.
The quarter ended September 32022.
$2 million in the prior year quarter, and $2 $7 million in the previous quarter.
Yeah.
Second quarter fiscal 2023, operating loss was $3 $2 million compared to $45 million in the prior year period, and $3 $9 million in the prior quarter.
Second quarter fiscal 2023 net loss included interest and other expense net of $14000 and a tax provision of $37000.
Compared to interest income and other expense net $3000.
The tax provision of $42000 for the same period a year ago.
In the preceding first quarter net loss included interest and other expense of $26000 and attach provision was $60000.
Total second quarter pretax stock based compensation expense was 666 $661000.
British $716000 in the comparable quarter a year ago.
$638000 in the prior quarter.
At September 32022, the company had $32 million in cash cash equivalents and short term investments.
$620000 long term investments.
Compared to 44 million in cash cash equivalents.
In short term investments are quite similar.
And long term investments at March 31, 2022.
Working capital was $42 $2 million as of September 30th.
Two versus $45 8 million at March 31, 2022.
No debt.
Stockholders' equity as of September 30th 2022 50.
58.7 million.
We had $64 5 million as the fiscal year ended March 31 2022.
Given our current cash burn we remain confident that we have sufficient funds to cover further R&D.
Keep your platform as we approach breakeven.
We're also looking at opportunities to monetize other assets on our balance sheet and additional cash be needed.
Given the current global economic environment, our current expectation for the upcoming third quarter, our net revenues in the range of $6 $3 million to some quite familiar with.
With gross margin of approximately 53% to 55%.
Operator at this point, we'll open the call for Q&A.
Okay.
At this time, we'll be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You May press star two if he would like to remove your question from the queue.
For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
One moment please poll for questions.
Yeah.
Our first question comes from Mike Mork with Mork Capital Management. Please proceed with your question.
Hi, I'm good.
Good break out there.
Mike.
Excuse me Mike.
Excuse me My question is are you.
Your revenues are $35 million to $37 million, but you're spending $25 million in R&D that seems is exceptionally high and obviously.
Youre going to get some good products out of that but are you going to keep that at that 25 million or is it going to come down it's going to go up with revenues and when do you think it will be at a breakeven point.
Yes, so we are looking into it and.
We will talk about it in the next quarter, but I think that we will we will.
Sure.
And but we want to keep the product going so well.
We are indeed.
Okay.
Okay.
Yeah.
Okay.
Mike you still there yes.
Yes, I'm here.
Yeah, sorry, there their response was that.
It does we will be reviewing our the R&D cost over this quarter and it'll be there'll be some kind of an announcement by the next call.
Okay.
And how about a breakeven do you have any guess where that was at one two years out or what.
Oh, we could break even in a couple of years or so it really all depends on what.
What we see from a Rad hard Rad tolerant revenue and eight P referenced they both have a very high gross margins and the bet that once we start shipping mobile will lead to breakeven and profitability.
Okay, well thank you.
Thanks, Mark our next our next question comes from Tony. Please proceed with your question.
Hi, I'm back for another call.
Question about the Alpha deal you also got confirmation I guess, all the testing went well for that.
Wondering what the timeline is for the initial revenue and then.
Yes, you'll have a roadmap for expanding into other our SAR client through that platform.
Yeah, Great question. So so we delivered the.
The initial system, the POC system to them in the summertime and theyre going through their their testing and trials now.
And so they're looking at.
Possibly ordering two more systems are slightly different in the first half of calendar 2023, and I see slightly different because they have many use cases, which I, which I talked about in my script.
As far as other Sars, absolutely so they're they're all going to have a slightly different approach I'm sure, but the meat of what we've done for alto will be certainly usable for other SAR manufacturers as I mentioned, we have everything in line now we wanted to make sure we had everything available before we put.
Too much Hardcourt press on them and so that is done as I mentioned, all the collateral we've done all the benchmarking versus Cpus and Gpus are we have all the collateral all the technical data and then very recently, we added a demo on our search him website that allows customers.
Actually run our datasets I should say our data says run a pre loaded dataset of SAR images. So that you can see how it works and so that's all done now and we've actually have already started the outreach to these customers and have already gotten responses and are setting up meetings now. So so yes. This is going to start to happen.
Very quickly.
That's excellent thank you.
Any other insight into the Saar market thinking about.
You said there are multiple different sorry applications or kind of heterogeneous are wondering about the timeline of turnover that you know about the legacy systems and windows are due to be out of date and hope you're looking to upgrade with you or somebody else. So oh, what about that maybe the total yes our market.
A quick search looks like about three and a half maybe four yeah. Yeah. Yeah. So so what I meant when I mentioned, we have flexible system. So the POC. We did can put these and put our solution on a quadcopter. It could put on a satellite you can have different images.
Sizes from a kilometer or two you know 10-K by 10-K images and and so yeah. It's very flexible in what we can do so most of the folks we're going to deal with are gonna what one wants a very specific altitude with one specific image size and so that's what I. That's why it is.
Gonna be.
We're hoping a little simpler with the guys going forward compared to what we did with the POC with Alcatel, which was a very broad widespread a POC.
Okay.
It's good that you got that work satisfy them.
Yes, do you think you'll be able to or do you have any kind of rough estimate of what percentage of the southern market you all can possibly address.
We should have a better feel for it by the next call as I mentioned, we've done the hardcore outreach very recently and we have started setting up the meetings and so it's early right now for me to make that that assessment, but by our by the next call. We should have more much more data.
Okay.
Kind of reminds me of a broad question, we're not a broad question, but I'm kind of a general question about whether Gemini two will vastly increase the performance of Gemini one or Kevin I wanted it seems like to me is like sufficiently.
Sufficiently representing them the power of Gemini for prospective clients and customers that are testing it out.
Gemini two will be a would be a trustee E pools perform a thought secret and poof. Okay. So we are looking at the maybe Oh, maybe I need to.
Performance improvement.
But the more important is we had.
At present Gemini one has a P J O.
And the Gemini two we thought leader so from the cost point of view, it's about one quarter of the call given out to over Gemini one so if you combine.
Four months in the calls.
And and those with a footprint in the gym at too because of our performance.
Much less caught them that give me that one so if you look at the performance power footprint.
And of course, we are talking about the more than two O. The mako knee to improvement over Gemini one.
And give me on that one right now we are very limited on the AG application.
The West Gemini two you know we.
Can he really involved.
Into the age of application. So that's that's that's a very exciting prospect called the Gemini two and.
But we are very excited about it.
Excellent Yeah I'm here.
And.
Yes, that's fair liver would be a higher profit margin and higher performance.
Yeah, I was making sure that you all have currently with you yes. It seems like the platforms you're starting up.
Yeah, the software as a service platform and all.
Any other questions.
Are you a platform that was it seems like you all are partnering with them.
Yeah that you all are using the Gemini water able to represent different game.
Respective client, let's say.
The strength of Gemini they can extrapolate into what's possible.
Yeah, and then potentially start building into this person here now.
Uh huh.
Yeah, absolutely. So yeah, that's kind of a question.
Thinking out loud.
Okay, Great and do you have any anything to share about the new I felt the video on the website.
But didn't get a clear.
Yes, that's what all going on in the background and what your relationship is with it.
Relationship with who.
With.
Uh huh.
Okay.
Yeah, Yeah. Okay. So that's so you're right now they are the video you're referring to the the multimodal.
Video, yes, so we have been doing some work with them.
And that was the first demo in the first program or project I should say, we worked with them and and like you said it was certainly a very interesting.
No.
Kind of product solution, we'll be able to go with that and we're looking to expand that to do other types of applications as well, but yes.
That has that started.
And kind of in the summer time, and we plan to expand among that relationship.
Okay.
Excellent.
Yeah.
Our next question is from James Pokal. Please proceed with your question.
Hi, Thanks for taking my questions today.
I had a couple of questions regarding the software that Mr. Hu I talked about that.
I believe it was due in July .
It was pushed out to what date now.
Yeah.
So.
Are you referring to the compiler yeah copper had oh, okay. Yeah, Yeah right now we are playing to our you know the.
So early next year.
Yes, so we can promoted to a customer and the general availability. So yeah. We are very close to it now.
Uh huh.
Why do you why why didn't we get it done in July well, what's the reasoning why it's now it's now at least.
I guess some calendar year early 'twenty three now what what happened could you explain to us what's going on.
So it actually is being used right now so it's being used internally. So all of our algorithms that we're developing now or converting are being used on copper ahead. So it is being used internally and we do have a few alpha customers. We just we are just wanted to make sure that there was it was bug free and all the documentation was rare.
Before we released it to beyond that group. So the answer is it's it is here now it's being used now it's just not released to the general public yet.
Well, it's the first caller said he said you guys are burning through a lot of cash and right now it's at $39 million.
That's that's not a limit you know what I'm, saying, especially when you went out and generating more cash.
Hey could you tell me more about this rad hard prototypes.
And how they could add incremental sales in 'twenty, three and 'twenty four how old how likely is that.
So we've.
We have already shipped out product too.
About I'm trying to think the exact number are about eight different entities and a few of the entities have ordered them for multiple programs and so theyre all prototypes and so there you know obviously they need to take the parts. Some of them are going to be actually launched if you recall we shipped some are first rad hard was in.
June of last year and at the time, we were told that the satellite would be launched at the end of last year beginning of this year, which would have given us a heritage and it has still has not been launched and that is obviously completely out of our control and so the answer is.
You know these once they do the proof of concept in the prototyping that it's real then that's when they go into the production phase and we don't have that visibility yet on those programs, but certainly we anticipate that some of these programs will certainly go into production.
When that is.
So good question again, it's you know when we.
When you think coffee, we need more sales and you know we're burning through cash where we had delays in the end it's.
Development of the Apu, which actually sounds like its unique technology based on what you said and I read the marketing pieces online about the Sars Martin He said that's tremendous but you know we have a share price that's trading at or below liquidation value.
You know stocks don't get at those levels for no reason.
Usually that's when there's poor execution by the no strategy by the management team.
So I guess my point is wish they're trading at liquidation values, we're not getting any valuation from the Apu.
Or even that legacy business it looks like it too.
What can we do about that to get investors to recognize the.
The benefits of this Apu and the technology, we have maybe get some exercise.
Does it it doesn't seem to be we don't seem to be getting any traction in that area.
Yeah, if you use the new partners are coming to the market. So.
So it does take a little time now fund designed to you know to depart at the revenue generation I know you've been taken.
Uh huh.
But.
That value so the bay area that new device that we have to we have to go through and.
We do have some learning curve going through and.
Hopefully we.
Yeah Yeah.
That's where it out one other thing I would like to make a comment about a N.
Alright, 'twenty to 'twenty, two the largest institutional investor in the company are made.
Made some recommendations to the company.
I don't believe any of them have been implemented at least one and his recommendation was.
He wrote a letter to the board recommended a need for a new leadership.
It was better qualified to execute and lead the company right now we haven't taken any action on.
His recommendations and we have a stock trading at like basically liquidation value.
I I I highly suggest that the board of directors and Mr. Zhu considered that.
I think the company could use a little boost of some sort.
Are these.
Very exciting technology, that's the a T M because right now I don't see it happening.
And we are running out of resources, we need to protect that resource.
We can get to the next level.
Thank you for your time.
Thanks, Jay Thank you.
As a reminder, if you would like to ask a question. Please press <unk>.
Star one on your telephone keypad.
Yeah.
Yes.
Yeah.
Okay.
Our next question comes from George Gaspar. Please proceed with your question. Thank you could you zero in on his commentary on the expectation of a lower revenue stream and the existing corridor that you're in now.
Can you tell us where the lower revenue.
Coming from where where where are you going to have lower revenue as to what product line within there.
So the first one was we shipped a fair amount of revenue associated with that Rad hard prototype that I talked about and as we mentioned that was a one off sale until they can go into production. So that was certainly some of that.
Also do programs that did a buildup of inventory from them from two separate customers that were significant customers for us.
And the backlog isn't there for this quarter, so we've talked to them and certainly the.
Alex are healthy they're they just have gotten into an inventory position and so that's really the three main areas and they were you know they were significant.
Hey, good if with that being the case.
There you you can't see or are they looking for very much of any kind of actual net revenue in this quarter from what you're trying to apply into that Gemini market right now correct.
Correct.
Oh, that's okay I'll make sure I have the question correct. So youre asking if if this quarter if the revenue has any apu and it correct correct.
So it has minimal minimal revenue. So we do have to customers that we will be shipping our system to and that's for them to do their trials and so it will have minimal revenues just it's really their demo systems for them to evaluate for future production purposes.
I see so there's just no I'm at all and then of course.
So the outlook is.
Going forward beyond this quarter that we're probably looking at more and to what like.
The second calendar quarter of next year before.
Something can really jump.
Develop and and the Gemini one in terms of revenue streams solid revenue stream.
We don't have a timeline exact because again we've had the we've had systems in.
Multiple companies hands and they're doing their evaluations they havent give us indication on when that would progress beyond that so to say second quarter next year.
I don't know it could be it may take a little longer I see okay can you ask and answer. This question there relative differential between chairman I wanted to.
Now that you're working forward and Gemini two.
Do you think that this might deter your potential customers from.
Jumping in and testing and going for actual purchases Gemini one until Gemini take two weeks out there where they could compare it with Jim and I Wonder.
Can you just explain that a little bit sure. So and this is going to expand what Ilene said Gemini two is actually going to really help us more on the edge I mean can and do everything Gemini one can yes, but what we're using Gemini one for now is sufficient.
It's you know the performance is exceptional what were what it lacks Gemini one was again going back to <unk> comment because of the F. P. G. A that was on the leader board with Gemini one right at it.
The cost of the solution was higher the power because of that P. J was higher the form factor is higher with Gemini too we don't need that FPGA. So now the edge application, which was a very challenging.
If not impossible edge solution with our part and so now with Gemini to what we'll be able to address those edge applications that Jim and I wouldn't just was not a good fit for it. So it's really we're trying to address a different market.
With with the Gemini two.
C J I should say a different application really it's the edge application.
Okay, Alright, and then the lastly.
As far as the total cost structure associated with the stock that's issued too.
Staff.
Can you compare the last quarter.
With the previous quarter and and what how many shares are we talking about that you're that are being cased into staff.
On a quarterly basis at this point in time and considering the fact that the prices down so far now.
How are you going to handle that.
Well.
The most recent quarter and you know a quarter ago I think it was several hundred thousand shares it wasn't that much in <unk> and for the most part that is somewhat typical.
If you looked at the 10-Q, you can see the activity.
For the most recent quarter you know the mark.
The June quarter, and you can also look to the 10-K, it's got all the activity there.
That should be somewhat somewhat are.
Reasonable estimation of what the future might be hold.
Alright, well yeah yeah.
Specifically with the price and.
Where it is now versus what the average prices for the 700000 shares that you're talking about that were issued in the last quarter does this suggest that you're despite their ear outlay of shares will be a lot more going forward based on the fact that prices lower.
No. We don't issue shares based on the price we have a structure within the company based on.
Person seniority and position and and so on.
So that kind of position the price has no bearing on it.
Gotcha, Okay alright.
Thanks for that explanation. Thank you.
Yeah.
Our next question comes from Chris Mckay. Please proceed with your question.
Yeah. Thanks for taking my call in light of the cash balance are you expecting a share dilution, possibly within the next 12 months.
Thanks.
Or we anticipate issuing more shares not at this time.
Okay. Thanks.
Ladies and gentlemen, we've reached the end of the question and answer session and I would now like to turn the call back over to Mr. Shaw for closing remarks.
Thank you all for joining US we look forward to speaking with you again, when we do put our third quarter fiscal 2020 cities off.
Thank you.
This concludes today's conference you may disconnect your lines at this time. Thank you for your participation.
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