Q1 2024 GSI Technology Inc Earnings Call
[music].
Ladies and gentlemen, thank you for standing by.
Welcome to GSI Technology's first quarter fiscal 'twenty 'twenty four 'twenty 'twenty four results conference call at this time, all the things I didn't listen only mode. Later, we will conduct a question and answer session.
At that time, we will provide instructions for those interested in aintree the queue for the Q&A.
Before.
Before we begin today's call. The company has requested that I read the following.
Safety high both statement.
The matters discussed in this conference call May include forward looking statements regarding future events and the ctrip their funds off of GSI technology.
That involves risks and uncertainties that could cause actual results did you say it materially from those anticipated these risks and uncertainties I'd describe it intercompany Form 10-K filed that we.
The Securities and Exchange Commission. Additionally, I have also been a sketch I just like to you that this conference call is being written.
Quarter to date July 27, and 22 weak.
At the request of GSI technology.
Hosting the call today E untrue.
The company Chauvin, President and Chief Executive Officer.
We had the Heene Adobe less Shirley.
Shifts in Nashville Austin.
And he looked yeah.
President Akshay.
I would like now.
To turn the conference over to Mr. Hu. Please go ahead Sir.
Good day, everyone and welcome to our first quarter fiscal year 'twenty 'twenty four earnings call.
We are happy to update you Omar achievement of milestone.
Mark do you want me to.
Enquiries.
After the Christmas and focus.
That's allowed us to make.
Clark with do it off first quarter, all physical 2024.
Let's stop we saw progress or defensive Oh cool innovation objectives.
You know we saw commitment to give me that one customer.
We have moved forward with the 10 months with two O soft pocket.
Additionally, we added new.
Diesel to address the fast fixes search market.
All products for these applications.
Tissue.
Video woke up at more more color on this.
It's coming.
Additionally, I'm pleased.
To share that.
Well, it's been cool off all El Paso comparator stack is on track.
How do these two beta customers.
They'll do stomach.
This marks a significant step.
All in all cause allomap.
Enabling us to deliver cutting edge solutions.
And so that customer satisfaction.
El Paso is designed to make it easy for Arthur T Field force to contribute in <unk>.
Of course the software.
The appeal El Paso is that.
It can be useful in different operating system like windows.
Windows, Linux and Mac OS.
The reason, we all personally so fast.
Because he performance optimization.
So high level and narrow label.
It means you try to make the call more efficient before running it.
Additionally, you'll pass them a lawful easy customization.
The different ways that you can convert to cope with.
Which can be used for specific D. Okay.
Not only say El Paso Boston Festival.
Okay.
Also usable for other applications.
And we believe we could really create the ecosystem beyond the Apu.
We are closing in on successfully completing the tee ball oxy a minute too.
Kristin Peck.
We finalized and signed over to T. S. M C.
Excuse me.
This table you said major chimney.
Okay.
<unk> commitment to push the boundaries of where you're actually picking.
Honestly.
Get them out to you say too many complex chip.
The successful completion of Nashville.
Well, that's a testament to all the teams hard work and expertise.
We anticipate sampling solution during the second half of calendar year 2024.
We remain focused on driving innovation.
Everybody exceptional quarter in there.
You can also send.
To foster strategic partnership there with cold coffee all company for.
This strategic addition to walking reinforce our commitment to growth.
Hospital in partnership.
Three very innovative solution.
Talk to our customers.
We are excited about the opportunities.
Opportunities in.
The value of these ingredients with Greenwald graduation.
With a dedicated team to position us for Costar.
For success I.
Oh understand all employees.
Customer and shareholders for their unwavering support and commitment.
Together, we will continue to do a bright future for all countries.
Now I will hand, the call over to Didier who will discuss the awkwardness to fill me.
And sales activities.
Chris go ahead.
Thank you Lee lean I wanted to start by addressing a point mentioned earlier by Lilly.
We have strengthened our team with the addition of two highly skilled professionals, who will play pivotal roles and developing strategic partnerships with hyperscale and establishing our presence in the fast Victor search market.
These individuals bring a wealth of knowledge and extensive experience in their respective fields.
One of our new team members, who will assume the senior data scientist role will lead our team on various projects and offload some of the workload from our division in Israel.
With this team we will transfer some functions to the U S, including developing software applications functions and undertaking government related projects that require a collaboration with U S based employees.
Our U S data science team will play a crucial role in assisting customers with the compiler and conducting benchmarks across different platforms.
Our new data science scientists will collaborate with this team to optimize our plug in for fast vector search paving the way for the successful deployment of this business line for our company.
Our second new resource brings a wealth of experience from the semiconductor sector, having worked for the leading FPGA companies.
His background has afforded him extensive industry connections, which way, which will be invaluable as we strive to engage and formed partnerships with our top hyperscale.
He will lead the building of our platform to I'm sorry, He will lead the building of our platform to explore strategic partners for our Apu technology to develop service and licensing revenue resources to fund future a few development.
On the last call. We mentioned, we were working with a major hyperscale or based on Gemini architecture for in France of large language models is.
This relationship holds great potential for our growth and we recently added additional resources to this team.
We have conducted a feasibility study exploring Gemini architecture, and I am delighted to say that we are making great progress in this prospect.
This study specifically focuses on G. P T in France, utilizing our future Apu, we found that the Apu when compared to existing technologies can achieve significantly enhanced performance levels, while utilizing the same process technology.
G. P. T is the memory intensive applications. It requires a very large and very fast memory hierarchy from external storage memory, all the way to the internal processors working memory.
And then she and the G. P. T 175 billion model 175, gigabyte fast memory is required to store. The model's parameters. This can be accomplished by incorporating a processor die and several H b M, which are of high bandwidth memories.
And it'll be there'll be put on a two and a half day substrate. It also requires large internal memory and very fast internal memory next to the processor core as a working memory to support the large matrix multiplication performed by the processor core.
A P. You architecture has inherently large built in memory and large memory bandwidth that not only provides memory throughput, but also supports a very high performance computation.
Jim and I can achieve similar peak tops per watt as state of the art Gpus on the same process technology node, however, with our massive L. One size and large bandwidth the apu can sustain average tops nearly the same as peak tops. Unlike a GPU.
And a single module composed of a five nanometer Gemini die plus six H B M. Three die we have calculated that we could achieve more than 0.6 token per second per watt with the input size of 32 tokens to generate a context of 64 tokens and G. P. T 175.
Model.
This output is more than 60 times the performance that could be delivered by a state of the art GPU in a slightly better technology node.
The study was done in conjunction with laying out the development roadmap for Gemini three to move further into generative AI territory.
Yes.
The Apu holds a distinctive advantage in delivering low power consumption at peak performance levels given the in memory processing capability as we have seen generated AI applications like chat G. P T.
Becoming more capable with each generation.
Raving force behind this improvement capability as the number of parameters used by the large language model that power them.
More parameters require more computation, leading to higher energy usage and a much larger carbon footprint.
To help combat the carpet carbon footprint growth researchers are exploring new ways to compress data to reduce memory requirements.
These are tradeoffs between the formats are researchers are investigating to navigate these tradeoffs they need a flexible solution. Unfortunately gpus.
And Cpus lack this flexibility and are limited to a small fixed set of data formats.
GSI Technology's Apu technology provides the flexibility to explore new methods by allowing computation to be performed at the bid level computation can be performed in any size data element with a resolution is fine as a single bit.
This will allow innovative solutions to be developed and reduce energy by optimizing the number of usable bids for each data transfer.
Work with potential strategic licensing partners, we can increase the awareness of our capabilities to solve some of <unk> biggest challenges.
Regarding our work on Gemini one solution. We have made notable progress with two of our SAR targets underscoring our commitment to expanding our presence in this market. We have set a goal of closing a sale in FY 'twenty 'twenty four with one of these customers.
As I mentioned, we recently added resources to support our beta fast Victor search customers.
With additional resources in place, we anticipate building a SaaS revenue source with customized solution for fast Victor search customers before the end of this fiscal year.
Let me switch now to the customer and product breakdown for the first quarter.
In the first quarter of fiscal 'twenty 'twenty four sales to Nokia were $1 $9 million.
Or 33% of net revenues compared to $1 3 million or 14% of net revenues in the same period, a year ago and one point to our 21.8 of net revenues in the prior quarter.
Military defense sales were 33, 8% of first quarter shipments compared to 22, 3% of shipments in the comparable period, a year ago, and 44, 2% of shipments in the prior quarter.
Sigma Quad sales were 58, 6% of first quarter shipments compared to $44 eight in the first quarter of fiscal 'twenty 23, and $46 three in the prior quarter.
And now I'd like to hand, the call over to Doug. Please go ahead Doug.
Thank you T D.
Just I reported a net loss of $5 $1 million or 21 cents per diluted share.
Net revenues of $5.6 million for the first quarter of fiscal 2024.
Pair to a net loss of $4 million or 16 cents per diluted share.
Revenues of $8 9 billion for the first quarter fiscal 2023.
Net loss of 4 million or 16 cents per diluted share on net revenues of $5 4 million for the fourth quarter fiscal 2023.
Gross margin was 54, 9% in the first quarter of fiscal 'twenty 'twenty four compared to 62% in the prior year period, and 55, 9% in the preceding fourth quarter.
The year over year decrease in gross margin in the first quarter of fiscal 'twenty 'twenty four it was primarily due to the impact of fixed manufacturing costs and our cost of goods onboard revenue.
Total operating expenses in the first quarter of fiscal 'twenty 'twenty four for $8 2 million compared to $9 3 million in the first part of fiscal 2023 at $6 9 million from the prior quarter.
Research and development expenses were $5 $2 million compared to $6 $6000 in the prior year period and $5 million in the prior quarter.
Selling general and administrative expenses were $3 million in the quarter ended June 30th 2023, compared to $2 $7 million in the prior year quarter, and one $9 million from the previous quarter.
We estimate that through June 30, 2023 we have incurred research and development spending.
In excess of $140 million on our Apu product offering.
First quarter fiscal 'twenty 'twenty, four operating loss was $5 $5 $1 billion.
Compared to an operating loss of $3 $9 million in the prior year period.
And then operating loss of $3 $9 billion in the prior quarter.
First quarter fiscal 'twenty 'twenty four net loss.
Interest and other income of $80000.
A tax provision of $51000 compared to $26000 in interest.
The other expense.
The tax provision was $60000 for the same period a year ago.
In the preceding fourth quarter net loss included interest and other income of $101000 and a tax provision of $191000.
Total first quarter pretax stock based compensation expense was $820000 compared to $638000 from the comparable quarter, a year ago and $515000 in the prior quarter.
At June 30th 2023.
Company had $27 $7 million of cash cash equivalents and short term investments.
Pair to $36 million of cash cash equivalents and short term investments at March 31 2023.
Working capital was 32 for $1 billion as of June 32023.
Paired with 34 7 million at March 31, 2023 with no debt.
Stockholders' equity as of June 32023, it was $48.6 million compared to $51.4 million as of the fiscal year ended March 31 2023.
During the June quarter, the company filed a registration statement on form S. Three so that the company would be in a position to quickly access the markets and raise capital if the opportunity arises.
Operator at this point, we will open the call for Q&A.
Yeah.
Thank you we will now be conducting a question and answer session.
And would you like to ask a question. Please press star one on New York telephone to keep at a confirmation of Dawn will indicate your line is in the question queue.
You May press Star two.
Would like to remove your question from the Q4, but she points using speaker equipment. It may be necessary to pick up your handset before pressing the star key.
One moment, please why do we pull for questions.
Okay.
Okay.
Okay.
Okay.
Yeah.
Our first question came from Nicky dial it in.
<unk> and company. Please go ahead.
Yeah.
Nicked off Needham Thanks for taking my questions.
Just first could you expand on the drivers behind the gross margin this quarter and next quarter. So when you see a little bit of a decline this quarter and you expect it to increase next quarter could you just expand on you know.
Why that's happening.
Yeah, it's really related to product mix.
We do our best effort at forecasting what we believe the revenues are going to be during a quarter, but obviously with only about a third or so of the quarter are booked at the beginning of the quarter, we have to estimate where the revenues are going to come from it's.
Strictly tied to product mix nothing more.
Okay.
Just tell US you know what part of the mix was higher this quarter, that's that's driving the lower margin.
Yes. It is the biggest thing that impacts the margin as we have quite a bit of a military business and that has the highest margin alka.
Alcatel Lucent revenues or I'm, sorry, Nokia revenues are generally are at a reasonable level.
And that also has good margin. So it really is dependent on you know probably the biggest factor is military sales at this point.
Okay, Great makes sense.
So you talked about how you tested your Apu, which can basically sustained higher tops and drive better performance per watt with the specific G. P. T application can you just expand on how that Don how your Apu differentiates from Cpus and Gpus on the market.
Is it entirely to do with the belly ability to do computation that a bit level. That's that was my understanding yeah any detail there would be great.
Yeah, well first of all GPU has a very very small cash.
And I think he is it good for the graphic processing, but where you talked about the huge huge pardon me.
In the larger Lindsay mouse model.
Only to the fraction of what it can do from the top point of view.
And Oh Gee, we have a huge huge memory inside the chip and and we calculate the top two clear from the how we can support.
The processing with all memory, Okay. That's how we come out with the tough so that's why we have averages.
I'll pick the top.
Okay. So I hope I answered your question.
Okay. If I could just sneak one more I think in the past you've talked about the cost of Gemini two is about $2 5 million.
Is that still the case and is that entire tape out costs behind us or it's still ongoing.
So that's cool.
Just I guess the sense of Paypal called the two and a half million has a tape out costs. So we will have oh.
Tape out expense could hit later this quarter or the early part of the October quarter, but yeah that that's just the tape out quarter, Joe we've incurred as we said in our comments.
Probably in excess of about $140 billion are developing this product line and that's what she wanted you to.
Yeah.
Great. Thanks.
Just a just a one comment we publish a white paper.
Website.
And we have a further discussion on the you know why.
If he was a good four that allowed you to include your model. So if you're interested look at www dot just that technology dot com.
Okay.
Just to remind you if you'd like to ask a question. Please press star one on your telephone keypad.
Hello.
Why do we pull for questions.
Our next question came from Luke Boy and then.
<unk> invested there.
Please go ahead.
Thanks.
So in terms of that study that you mentioned that that was projecting.
A five nanometer architecture.
<unk>.
Yeah for the study about comparing with Gpus in MP performance.
Correct.
Okay.
I suppose in based on your understanding of the engineering physics of your Apu architecture that you projected that is feasible and is that the case and can you project, even further to say that.
Yes, there is a limit that's lower than.
In terms of reducing to yes, you mean more dense and more dense architecture. Yeah. We peaked either because at this moment the sale process that is either as a file for Nam either.
So we won't do happen you know.
Apple to Apple comparison in both the peak of the five nanometer.
Stock based of course, if we want to implement a new chip I think what we want to do it even more.
With events technology, So just things everybody else.
Okay. Yeah. So that is the the tentative plan is to make the leap basically from your current I think you said 16. This is.
Gemini two all the way to the five for Gemini.
Yes.
Excellent.
I'm, sorry, Jim and I see we used to.
It doesn't mean, we pig fan I don't mean that just because everybody else is talking about that either so it's always a fair comparison right. So yes.
Just just for a comparison for the study because that's what <unk> just said that's what the Gpus are on five nanometers. So we wanted to do a straight comparison on technology that does not mean Gemini three would be on that technology, it could be something more aggressive.
Oh, Okay, yeah, so not a limit point.
Correct.
Excellent.
And in terms of the yeah, you're all having larger memory cache.
All the other advantages of flexibility.
Yeah, remember fucking body in the memory that I read about the white paper.
How does that.
Fly to comparing the Apu to Gpus in machine vision.
For the Fracs like real World vision talking about Evs autonomous vehicles and kind of referencing.
The Tesla earnings call, saying that they're buying as many Nvidia gpus as they can get their hands on.
And you're always earlier references of you being able to apply the apu to that market as well as you have more of the.
Yes more of the abstract machine vision drug discovery and genetic medicine things like that.
Are you seeing still similar advantages yeah. So I mean do you yes. The answer is our.
Jim and I won we understood was not a fit for what you talked about eight as Jim.
Jim and I to we anticipate to be a better fit.
Just because of the lack of an FPGA on the board with the with the Gemini two.
The fundamental unique architecture is going to be the same which is the fact that we are doing the computation or the search on the memory bit line in place and so we're not going off chip to <unk>.
The data and then going back and rewriting the data so that's the fundamental.
Rental.
Unique architecture that we have is and regardless of the market and it is available or.
They're with Gemini, one and Gemini two.
Awesome.
Just wanted to get that clarification about because since that yeah, we talked about the performance.
<unk> been kind of Hereford Gpus being app for visual processing.
So I wanted to get that clarification about that then.
The more broader kind of machine vision visual processing.
Yep markets there.
Oh, Yeah, that's that's great.
I think I have one more question.
Yeah definitely a part of the all four yeah getting them.
Moving forward with.
The SaaS and yeah, Victor for Becker searched because there've been so many announcements recently about the value of our large vector search MLP.
The neural networks broadly and seeing how much.
You have that Tam you all can address.
Yeah, it's definitely good.
Good to hear that you're putting a more attraction to that pathway.
And one just kind of funny curiosity I've noticed the named Gemini associated with.
Accelerated computing.
Most recently most prominently with Google.
Always made sense to me in terms of the parallel processing.
Yes, the name Gemini and historical reference, but wondering yeah spend Q and Google have now also adopt the Gemini I'm wondering if that is at all a encroachment on yours.
Intellectual trademark.
Or if you find that to just be.
Kind of a humorous affirmation since you are the first Gemini.
No we definitely looked into it and issue we have is that that.
Our trademark as for our hardware devices semiconductor device and Google is software related so there's no overlapping.
Hum.
Okay that makes sense.
Uh huh.
Okay.
Is there anything shifted.
I'm not sure if you've actually crunch numbers, but in terms of.
You have your Tam.
Yes, Sam and these new focuses on.
The large language models.
Yeah, how do you see kind of a concrete.
So your concrete addressable market projections.
Update it at this point in terms of timeline and in size.
Yeah. So we're still working on those terms for that and you know and there is different segments right you have the.
Retrieval and you had the generative and so those are two different areas that we can certainly.
Dress the retrieval now with Gemini, one and Gemini two and we certainly feel for the generator side, it's going to be more with Gemini three but but yeah. We're working on those Tam sand now theyre just not available yet.
Yeah, Yeah, I know, it's a hard thing to value, which is reflecting in yeah, all over their analyst side of things.
Yeah, Yeah that's.
That's all I've got thank you.
Luke.
Our next question came from Jeff Bernstein did your colon.
Please go ahead.
Yeah, Hi, guys.
Couple of questions for you.
One just just on that the last answer you were talking about Gemini, one and Gemini two addressing retrieval. So you mean queries, there and and when you say addressing generative are you talking about.
Training or just clarify that a little bit.
Bonds right. So yes. So you are retrieving the data and that's something we do very well now, but it's really generating the response.
So that requires.
Very very high memory bandwidth, which were which we have in very very high memory cash in general and we that's why we talked about pairing up with H P. M. Three for that and so that's and that's more on the generative site.
Okay. So so training.
No no no no no.
Yeah, it's still in France, yes, its not trading.
Okay.
Okay and then.
As long as you were talking about the potential for our five nanometer or more aggressive.
Gemini three.
Line with what is the permit tape out cost.
For so I know that youre not a process or are you more like a normal yourself it might be less expensive, but what do you think a tape out cost of five nanometer would be now.
Uh-huh mass cost yourself about 15 million dollar.
One five.
We have a design and army.
Though we probably $200 million for the design.
So while we are doing I know you said.
Looking for a partner.
We have not presented to yourself so yeah. So.
Okay.
Yeah, Okay, and then I just.
Wanted to talk about the capital.
Uh huh.
Situations.
Got it.
<unk> now got a registration statement in place.
Fortunately you missed the big run up.
In the stock.
Why wouldn't you preferentially.
We sell and lease back the headquarters for funds and then have some more tangible progress to show.
Before we started talking about raising equity.
Well, we have looked into the a sale of a building in.
We haven't decided to do that yet, but that's still isn't option.
Property values are are cyclically higher than when we purchased the building building many years ago and it is an opportunity that we have considered and we've discussed it with the board, but no decision as of yet has been made to sell the building.
Gotcha, Okay, and then just on the Nokia business.
Got it.
If I remember correctly you guys were in.
Now at this point that pretty old Nokia 70, 970, and 70 950.
Routers.
Not even see any any reference anymore.
To the 50.
What's going on there.
Much lead time would you get if they were were end of life ing that would there be some kind of lucrative end of life.
Revenue.
You might get out of that.
Etcetera, just give us a little feeling for your your understanding of where you are with the Nokia business.
Sure Yes.
As you said, it's in the 70 750, and $79 50 platforms, there and they have extremely long life cycles.
We've been seeing we get a 12 month rolling forecast.
From Nokia and in so far and that's as far as they go into 12 months still looks healthy.
They did do a while back is a data what's called at midlife kicker to try and give a little bit more.
Performance to those existing systems and what that meant for us is that.
It went from a 72 megabit density into a 144 megabit density part for that midlife kicker and so the asps are obviously higher on the larger Jesse part. So what we saw is even though some of the volumes have come down over time.
It's been fairly flat on the revenue side just because the.
Kris in the Asp's offset the decrease in the and in the quantities. So at this point, it's still going we still have the 12 month forecast it looks healthy and that's as much visibility as we get.
Gotcha, and then obviously there was some movement around the chip shortages in packaging shortages and that kind of thing or are we now to a more normalized.
Great.
Here going forward.
So the lead times have become more normalize the pricing or the costs have not so the price increases that were subjected to us which in turn.
Forced us to raise prices to our customers, they're still there and so we've kept our asp's up.
We will keep them there until there's any kind of movement.
From TSMC or you know already the substrate folks that raise their prices, but at this point the real changes the lead times lead times have come down to a more normalized.
Area.
Got it but just in terms of inventories.
Or we should be at a more normal.
Kind of inventory situations.
Going forward here.
Yes, yes, that's what we fully believe in.
Our inventories have dropped in the last quarter or two and we expect them to drop the next couple of quarters or so.
Great. Thank you.
One moment, please why do we pull for questions.
Our next question comes from George Gasper Private Investor. Please go go ahead.
Thank you George Gaspar.
Just again I'd like to add.
Do you and the financing situation.
Based on your current cash position.
And looking at your current development progress profile.
What do you see.
Is this your forward view and the need to exercise.
Financing requirement.
Yeah.
Well at this point given the materials, we've discussed with the board.
This fiscal year will certainly burned some cash and maybe $12 million to $13 million or if the.
The revenue numbers hold up in.
And if the revenue numbers hold up next year.
We could start turning the corner and actually having more cash at the end of fiscal 2025 and at the end of fiscal 'twenty four.
I see so what youre, saying is that.
It is based on the way you're moving along.
You're you're present.
Our cash position is.
Sufficient for what you're talking about.
Your targets are in development that you see over the next year.
Currently that's true special situations.
Okay alright, thank you.
Thank you.
Yes.
Okay.
Yes.
Thank you there is no further question at this time I would like now to turn the floor back over to Mr to foreclose. It for closing comments. Please Sir go ahead.
Thank you all for joining US we look forward to speaking with you again, when we report our second quarter physical 2024 retail. Thank you.
Okay.
This concludes today's teleconference. You may disconnect your lines at this time.
Thank you for your participation.
Okay.
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