Q4 2024 GSI Technology Inc Earnings Call
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Operator: Ladies and gentlemen, thank you for standing by, and welcome to the GSI Technologies' fourth quarter fiscal 2024 financial results conference call. At this time, all participants are in a listen-only mode.
Ladies and gentlemen, and thank you for standing by and welcome to the GSI Technology's fourth quarter fiscal 2024 financial results Conference call.
Operator: At this time all participants are in a listen only mode.
Operator: Later, we will conduct a question and answer session, and we'll provide instructions for those interested in entering the queue for the Q&A. Before we begin today's call, the company has requested that I read the following safe hardware statements. 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.
Operator: Later, we will conduct a question and answer session and we will provide instructions for those interested in entering the queue for the Q&A.
Operator: Before we begin today's call. The company has requested that I read the following safe Harbor statement.
Operator: Matters discussed in this conference call May include forward looking statements regarding future events and the future performance of GSI technology.
Operator: Bonefish illustrated these they could cause actual results to differ materially from those anticipated.
Operator: These risks and uncertainties are described in the company's forums Denki filed with Securities and Exchange Commission.
Operator: Additionally, I've been advised to advise you that this conference call is being recorded today, May 2nd, 2024, at the request of GSI. Hosting the call today is Li-Lin Hsu, the company's chairman, president, and chief executive officer. With him are Douglas Schirle, Chief Financial Officer, and Didier Lasserre, Vice President of CFI. Now, I would like to turn the conference over to Mr. Hsu. Go ahead.
Operator: Additionally, I've been advice advice you that this conference call is being recorded today may 2nd 2024 at the request of GSI technology.
Li-Lin Hsu: Hosting the call today is Lee lean shoe, the company's chairman, President and Chief Executive Officer.
Operator: With him are Douglas Shirley Chief Financial Officer, and a deal this area Vice president of sales.
Li-Lin Hsu: I would like to turn the conference over to Mr. Hu. Please go ahead Sir.
Li-Lin Hsu: Good afternoon, and thank you for joining us today. Let's start with some highlights from our first quarter activity. During the quarter and subsequently, we achieved significant milestones across all key initiatives. First, we launched two high-capacity, low-power 1U and 2U servers integrated with the powerful Gemini One APU designed specifically for SAR and the fast vector search application.
Li-Lin Hsu: Good afternoon, and thank you for joining us today.
Li-Lin Hsu: Let's start with some highlights from our fourth well the activities.
Li-Lin Hsu: During the quarter and subsequently.
Li-Lin Hsu: Achieved significant milestones.
Li-Lin Hsu: All key initiative.
Li-Lin Hsu: But we launch to high capacity low power one you until you were so good.
Li-Lin Hsu: Integrated with the powerful Jimmy not one Apu.
Li-Lin Hsu: It's a great civic duty.
Li-Lin Hsu: For Sop and the fast Victor social applications.
Li-Lin Hsu: This service can enable mobile applications, such as the plane and the satellite, and will offer enterprise-level processing as a. In addition, we now have a benchmark on A&16 leaderboards for SAR, providing crucial tools for our follow-up efforts with SAR customers, and SAR targets over the past year. We are finalizing marketing materials and plan to begin sales promotion, targeting the customers by the end of the second quarter. They can get into your course.
Li-Lin Hsu: This silver can enable mobile applications.
Li-Lin Hsu: What's your footprint.
Li-Lin Hsu: And this authorized.
Li-Lin Hsu: We'll offer enterprises they were processing H.
Li-Lin Hsu: In addition, we now have a benchmark, okay and so it shouldn't be double.
Speaker Change: So Paul if I didnt crucial tools for our follow up efforts with customers.
Li-Lin Hsu: Customers stopped targets over the past year.
Li-Lin Hsu: We are finalizing our marketing materials and plan to begin sales for motion.
Li-Lin Hsu: To target the customers by the end of second quarter.
Li-Lin Hsu: They can get into your Europe with it.
Li-Lin Hsu: Yeah.
Li-Lin Hsu: Second, we made considerable progress with shifts from the first spring of Gemini 2, which is currently undergoing rigorous testing and debarking. The results showcase during the testing what's significant for the integration of the chip onto a board. Having the chip mounted on the wall has enabled a comprehensive performance assessment. The chip can perform the basic functions in the processing core and is able to move data within the processing array and the AL1 and AL2 local memories. It did verify that the instruction can be successfully executed on the embedding processor and that the data path is also working. So far, we are pleased with the result, which has been better than we anticipated.
Li-Lin Hsu: Second we made considerable progress with chips from the first to bring of Gemini two.
Speaker Change: Great any undergoing rigorous testing ended the parking.
Li-Lin Hsu: That'd be tall showcased during the testing.
Li-Lin Hsu: Well the integration of the chip.
Li-Lin Hsu: Yeah.
Li-Lin Hsu: It isn't a chip Mondi open the poll has enabled comprehensive performance assessment.
Li-Lin Hsu: The chip can performing the basic functions in the processing coal.
Li-Lin Hsu: Able to move data.
Li-Lin Hsu: We think the processing only and a O N E O two local memories.
Li-Lin Hsu: Bayside.
Li-Lin Hsu: <unk> can be successfully executed.
Li-Lin Hsu: Two the engaging processes.
Li-Lin Hsu: And there are policies also walking.
Li-Lin Hsu: So far we are pleased the way the chips of Utah, which has it been better than we anticipated.
Li-Lin Hsu: We aim to conclude the phase by the end of calendar Q2, and then proceed with the second spin. We anticipate receiving the next trip by 4, and initiate the benchmarking shortly afterward. This could allow us to begin preliminary customer sampling with the expectation of starting alpha testing with target customers before year end, along with further software development and the writing of libraries, due to the huge model size requirement introduced by large language models. There are many aphids in the AI industry to reduce model size. Low the body, binary renal divert, and the pit lat.
Li-Lin Hsu: We aim to conclude the phase by the end of a calendar Q2.
Li-Lin Hsu: And then close.
Li-Lin Hsu: Close to that with a second screen.
Li-Lin Hsu: We anticipate receiving the next trip before he initiated benchmarking shortly after this.
Li-Lin Hsu: This could allow us to begin preliminary customer standpoint.
Li-Lin Hsu: With the expectation of starting all of our testing with targeted customers before year end along with a further for the software development.
Li-Lin Hsu: Alrighty overnight.
Li-Lin Hsu: Due to the huge model sides requirements introduced biologic language models.
Li-Lin Hsu: There are many ahus.
Li-Lin Hsu: In the EDA industry to reduce the motto side.
Li-Lin Hsu: The Vod.
Li-Lin Hsu: Even though they will end up.
Li-Lin Hsu: Those algorithms reduce the model weight to 1 bit or 1.58 bit and install a 16-bit and 8-bit interpreter model. The reduced weight size relieves the memory storage requirement and simplifies the computation. Thus simplified computation is especially beneficial to APU architectures over the traditional GPU architecture, because GPU architectures are based on high-resolution matrix modification. For computation, that is good for high-resolution model size. However, Bit.ly and the BNN require Boolean operation and integer addition or computation instead of matrix multiplication.
Li-Lin Hsu: Most of all the reasons you reduce the model ways.
Li-Lin Hsu: Two 1 billion or $1 <unk> AP.
Li-Lin Hsu: You can still buy so simple and.
Li-Lin Hsu: A bit in the pace of modules.
Li-Lin Hsu: The reduced waste sites redeemed the memory storage requirement.
Li-Lin Hsu: This inquiry freighter computation.
Li-Lin Hsu: Does that provide the competition you see basically beneficial to Apu architecture.
Li-Lin Hsu: So additional GPU architecture.
Li-Lin Hsu: GPU architecture appraisal high resolution may see modification.
Li-Lin Hsu: Computation days are good for hardware solution model site.
Li-Lin Hsu: However.
Li-Lin Hsu: And the P M.
Li-Lin Hsu: The crowd, putting operation and the individual efficient more computation you.
Li-Lin Hsu: Silver may assume RTP location.
Li-Lin Hsu: APU Architecture has a pooling operation and an integer addition as the basic building block. That means that the APU is well-suited for this kind of operation and offers advantages for higher performance and lower power. Our plan with Gemini 2 is to target this algorithm and demonstrate to users of BMN and the BitLight that APU can fit the small model entirely into the chip for aging applications. We expect to begin this demonstration early next calendar year once the next spring of the trip becomes available.
Li-Lin Hsu: <unk> architecture is supporting operation.
Li-Lin Hsu: The individual edition of the basic building blocks.
Li-Lin Hsu: That means that <unk> is well suited for this kind of <unk>.
Li-Lin Hsu: Kind of operation and also with the venue for higher performance and lower power.
Li-Lin Hsu: Our plan was excuse me out too is to target the Aqua resources.
Li-Lin Hsu: In 10 months to users or P M and a bit less than.
Li-Lin Hsu: If you could fit the small model entirety into the chip.
Li-Lin Hsu: So Asia applications.
Li-Lin Hsu: We expect to begin this demonstration of <unk> okay.
Li-Lin Hsu: During the year once the mix being of the chip becomes available.
Li-Lin Hsu: Okay.
Li-Lin Hsu: Another important development since the close of Q4 is the sale and dispatch of our headquarters in Sunnyvale, California. The sale, expected to close in early June, will provide additional funding to support the finalization of Gemini 2 and other R&D projects. Thus, our ongoing engagement with the hyperscales continues to show promise. We have received great feedback on what we need to focus on as we start to discuss the design and application for Gemini 3.
Li-Lin Hsu: Another important development since the close of Q4 due to the sale and leaseback of our headquarters here. So let me Peel, California.
Li-Lin Hsu: The sale expected to close in early June would provide additional funding to support the finalization of Gemini two.
Li-Lin Hsu: And the other on the projects.
Li-Lin Hsu: Lastly, our ongoing engagement with the hyper scale continue to show promise.
Li-Lin Hsu: We have received great feedback, while we used to call we need to focus on those.
Li-Lin Hsu: So should we start to discuss the design and application for forgive me nicely.
Li-Lin Hsu: We are seeking a technical partner for Gemini 3. We are pleased with the progress we have made in our conversations with some potential partners who could provide technology to support the functionality of GMA-3 with high-bandwidth memory. Now, I will hand the call over to Didier, who will discuss our business performance further. Please go ahead, Didier. Thank you.
Li-Lin Hsu: We asked the Cumulus technical panel for Jimmy and I see.
Didier: We are pleased with the progress we have made you can all conversations.
Didier: With some potential partners.
Didier: Biotechnology to support humanity of Jim Mercy with hybrid memory.
Didier: Now I will hand, the call over to Dr. <unk>.
Didier: Who will discuss our business performance further.
Didier: Critical <unk>. Thank you.
Didier: You leave.
Didier Lasserre: Starting with fiscal year 2025, I would like to highlight several strategic goals and initiatives we will work on with each of the APU generations. First, we aim to sustain our legacy sales at the current run rate, and now with two APU servers available, we're primed to pursue... Gemini 1 sales, particularly focused on the SAR-SAF solution. It's our intention to achieve the first sales of Gemini 1 in the second half of fiscal 2025.
Didier: With fiscal year 2025, I would like to highlight several strategic goals and initiatives still work on with each of the Apu generation.
Didier Lasserre: First we aim to sustain our legacy sales at the current run rate and now with two Apu servers available we're trying to pursue.
Didier Lasserre: Gemini one sales, particularly focused on Saar SaaS solution, it's our intention to achieve the first sales of Gemini one in the second half of fiscal 2025.
Didier Lasserre: With Gemini 2, we are actively writing libraries to develop new applications on the edge or near the edge. The second generation of our APU brings significant performance enhancements with more than ten times the processing power and eight times the memory density compared to Gemini 1. Gemini 2 offers substantial processing capabilities, being suitable for both low-power data center expansion and enabling data center functions at the edge. This empowers the local execution of computationally intensive tasks, increasing the edge application capabilities like advanced driver assistance systems for automobiles and HPC in delivery drones, autonomous robots, unmanned aerial vehicles, and satellites. Additionally, GemIIni 2's memory can hold a small database, a potential door opener for enhanced performance in several applications. One example could be an off-the-shelf facial recognition solution, potentially in hardware with on-premise software or SAS.
Didier Lasserre: But Jim and I to we are actively writing libraries to develop new applications on the edge or near edge.
Didier Lasserre: The second generation of our Apu brings significant performance enhancements with more than 10 times the processing power with eight times the memory density compared to Gemini one.
Didier Lasserre: Jim and I to offer substantial processing capabilities being suitable for both low power data center expansion and enabling data center functions at the edge.
Didier Lasserre: This empowers local execution of computational intensive task increasingly edge application capabilities like advanced driver assistance systems for automobiles, and HTC and delivery drones autonomous robots unmanned aerial vehicles and satellites.
Didier Lasserre: Additionally, Jim and I choose memory can hold a small database of potential door opener for enhanced performance in several applications. One example could be an off the shelf facial recognition solution potentially in hardware with on Prem software or SaaS.
Didier Lasserre: This fiscal year, we are highly committed to further engaging with potential Gemini 3 partners, including customers for the chip and technology partners for HBM integration. Getting partner funding for GemIIni 3 development is also a key priority. In addition, I am pleased to share that we are shipping parts for a new prototype for a European Space Agency robotic space mission to intercept a comet.
Didier Lasserre: This fiscal year, we are highly committed to further engaging with potential Gemini three partners, including customers for the chip and technology partners for HBM integration.
Didier Lasserre: Getting partner funding for Gemini three development is also a key priority.
Didier Lasserre: In addition, I am pleased to share that we shipped parts for a new prototype for our European Space Agency Robotics space mission to intercept to comment.
Didier Lasserre: Before I conclude, I'd like to emphasize the key objectives that the GSI team and I are actively pursuing. First, securing sales for Gemini 2. Secondly, advancing Gemini, sorry, securing sales for Gemini 1, advancing Gemini 2 for its second iteration, which will enable us to commence customer sampling later this year, and then lastly, actively seeking strategic partnerships for Gemini 3. Achieving these objectives will build awareness of the APU brand, improve our financial standing, and position us to enter large, high-growth markets related to AI.
Didier Lasserre: Before I conclude I'd like to emphasize the key objectives. The GSA the GSI team and I are actively pursuing first securing sales for Gemini two secondly, advancing Jim.
Didier Lasserre: I'm sorry, so curious sales for Gemini one invest in Jimmy Choo for its second iteration, which will enable us to commence customer sampling later this year and then lastly actively seeking strategic partnerships for <unk> III.
Didier Lasserre: Achieving these objectives will build awareness of the Apu brand improve our financial standing and positioned us to enter large high growth markets related to AI.
Didier Lasserre: Let me close with the customer and product breakdown for the fourth quarter of fiscal 2024. Sales to Nokia were $694,000, or 13.5% of revenues compared to $1.2 million or 21.8% of revenues in the same period a year ago and $807,000 or 15.2% of net revenues in the prior quarter. Military defense sales were 35.5% of fourth quarter shipments compared to 44.2% of shipments in the comparable period a year ago and 28.2% of shipments in the prior quarter. Assuming cost sales were 42.4% of fourth quarter shipments compared to 46.3% in the fourth quarter of fiscal 2023 and 46.9% in the prior quarter.
Didier Lasserre: Let me close with the customer and product breakdown for the first quarter fiscal 2024.
Didier Lasserre: Sales to Nokia were 694000, or 13, 5% of revenues compared to $1 2 million or <unk> 28, 21, 8% of revenues in the same period, a year ago, and 807000 or 15, 2% of net revenues in the prior quarter.
Didier Lasserre: Military defense sales were $35.
Didier Lasserre: 35, 5% of fourth quarter shipments compared to 44, 2% of shipments in the comparable period, a year ago, and 28, 2% of shipments in the prior quarter.
Didier Lasserre: <unk> sales were 42, 4% of fourth quarter shipments compared to 46, 3% in the fourth quarter of fiscal 2023.
Didier Lasserre: And 46, 9% in the prior quarter.
Doug: I'd like to hand the call over to Doug. Doug, go ahead, please. Thank you.
Didier Lasserre: I'd like to hand, the call over to Doug go ahead. Please.
Doug: Before I cover the fourth quarter and full year fiscal 2024 results, I want to reference the business update that was in the earnings release issued today after the market closed. In the press release, we announced that we have initiated a broad, strategic review to maximize shareholder value. The review will be administered by a special committee of the Board of Directors to bring focus on strategic alternatives while the company's management focuses on the development of its family of compute-in-memory solutions for high-performance computing and artificial intelligence. The company plans to consider a wide range of options, including equity or debt financing.
Doug: Thank you Judy.
Doug: Before I cover the fourth quarter and full year fiscal 2024 results I want to reference to the business update there was an earnings release issued today after the market closed.
Doug: In the press release, we announced that we have initiated a broad strategic review to maximize stockholder value.
Doug: <unk> will be administered.
Doug: A special committee of the board of directors to <unk> focus on strategic alternatives for the <unk>.
Doug: Management focuses on the development, which families compute and memory solutions for high performance computing and artificial intelligence.
Doug: The company plans to consider a wide range of options, including equity or debt financing the rest.
Doug: Diversity of Assets, Technology Licensing, or other strategic arrangements, including the sale of the company. Over the course of the last eight years, the company has invested approximately $150 million of internally generated capital to develop its novel associative processor architecture and build a team of approximately 80 engineers in hardware and software development. The company's board of directors is of the opinion that the market has yet to recognize the progress and promise of the company's position.
Doug: The trip assets technology licensing or other strategic arrangements, including the sale of the company over.
Doug: Over the course of the last eight years, the triplet has invested approximately $150 million.
Doug: The internally generated capital to develop its novel associative.
Doug: <unk> processor architecture and build a team of approximately approximately 80 engineers and hardware and software development.
Doug: The company's board of directors. So this trend in.
Doug: But the market has yet to recognize the progress and progress with our company's position.
Doug: Any actions taken as a result of this strategic review will be directed at driving shareholder value. The company has retained Niedermann Company, LLC, as its strategic and financial advisor in addressing these alternatives. There can be no assurance that this strategic review process will result in the completion of any transaction. The company has not set a timetable for completion of the strategic review process at this time.
Doug: Any actions taken as a result of the strategic review.
Doug: Directed at driving shareholder value.
Doug: The company has retained Needham <unk> company, LLC, as our strategic and financial adviser and addressing these alternatives.
Doug: There can be no assurance that the strategic review process will result in the completion for every transaction.
Doug: The company is not.
Doug: Table for completion of the strategic review process at this time.
Doug: Getting to the fourth quarter results. We reported a net loss of $4.3 million, or $0.17 per diluted share, on net revenues of $5.2 million for the fourth quarter of fiscal 2024, compared to a net loss of $4 million, or $0.16 per diluted share of net revenues of $5.4 million for the fourth quarter of fiscal 2023, and a net loss of $6.6 million, or $0.26 per diluted share, on net revenues of $5.3 million for the third quarter of fiscal 2024.
Doug: Turning to the fourth quarter results we.
Doug: We reported a net loss of $4 3 million or <unk> <unk> per diluted share on.
Doug: Net revenues of $5 2 million for the fourth quarter of fiscal 2044.
Doug: Compared to a net loss of $4 billion.
Doug: Or <unk> <unk> per diluted share our net revenues of $5 4 million for the fourth quarter of fiscal 'twenty credit story.
Doug: And a net loss of $6 6 million or 26 per diluted share on net revenues of $5 3 billion for the third quarter of fiscal 2020 or 44.
Doug: Gross margin was 51.6% in the fourth quarter of fiscal 2024, compared to 55.9% in both prior year-end and the preceding third quarter. The decrease in gross margin in the fourth quarter of 2024 was primarily related to product mix and the effect of lower revenue on fixed costs and our cost of revenues.
Doug: Gross margin was 51, 6% in the fourth quarter.
Doug: Fiscal 2024 compared to 55, 9% in both prior year and are appreciating third quarter.
Doug: The decrease in gross margin in the fourth quarter of 2024.
Doug: Primarily related due to product mix with respect to Florida revenue, where the fixed costs at our cost of revenues.
Doug: Total operating expenses in the fourth quarter of fiscal 2024 were $7.2 million, compared to $6.9 million in the fourth quarter of fiscal 2023 and $9.7 million in the prior quarter. Research and development expenses were $4.8 million, compared to $5 million in the prior year period and $7 million in the prior quarter. Selling, general, and administrative expenses were $2.4 million in the quarter ended March 31, 2024 compared to $1.9 million in the prior quarter and $2.7 million in the previous quarter.
Doug: Total operating expenses in the fourth quarter of fiscal 'twenty 'twenty four for $7 2 million compared to $6 9 million over the fourth quarter fiscal 2043, and $9 7 million from the prior quarter.
Doug: Research and development expenses were $4 8 million compared to $5 for the prior year period, and 7 million the prior quarter.
Doug: Selling general and administrative expenses were $3 4 billion in the.
Doug: Quarter ended March 31, 234, compared to <unk> 9 billion for the prior year quarter, and $2 7 million from the previous quarter.
Doug: Fourth quarter fiscal 2024 operating loss was $4.5 million, compared to an operating loss of $3.9 million in the prior year period and an operating loss of $6.7 million in the prior quarter. Fourth quarter fiscal 2024 net loss included interest and other income of $108,000 and a tax benefit of $85,000, compared to $101,000 in interest and other income and a tax provision of $191,000 for the same period a year ago. In the preceding third quarter, the net loss included interest and other income of $155,000 and a tax provision of $71,000.
Doug: Fourth quarter fiscal 2024 operating loss was $4 $5 billion.
Doug: Compared to an operating loss of $3 9 million the prior year period.
Doug: And an operating loss of $6 7 million from the prior quarter.
Doug: Fourth quarter fiscal 2000 credit for net loss included interest and other income of $108000 pre tax benefit of $85000.
Doug: Compared to 101 stores from interest and other income and a tax provision of $191000 for the same period a year ago.
Doug: In the preceding third quarter net loss included interest and other income of $155000 and the tax provision of $71000.
Doug: Total fourth quarter pretax stock based compensation expense was $693000 compared to $515000.
Doug: Comparable quarter, a year ago at $649000 in the prior quarter.
Doug: Total fourth-quarter pre-tax stock-based compensation expense was $693,000 compared to $515,000 in the comparable quarter a year ago and $649,000 in the prior quarter. We reported a net loss of $20.1 billion, or $0.80 per dividend share. Net revenues of $21.8 million, compared to a net loss of $16 million, or $0.65 per diluted share, on net revenue of $29.7 million in the fiscal year ended March 31, 2023.
Doug: For the fiscal year ended March 31, 2024, we.
Doug: We reported a net loss of $21 million or <unk> per diluted share.
Doug: Net revenues were 21 8 million.
Doug: Compared to net loss of $16 million or <unk> 65 per diluted share on net revenue was 29 7 million in the fiscal year ended March 31 2023.
Doug: Gross margin for fiscal 2024 was 54.3%, compared to 59.6% in the prior year. The decrease in gross margin was primarily due to product mix and the effect of lower revenue on fixed costs and our cost of revenues.
Doug: Gross margin for fiscal 2024 was $54 three prepared.
Doug: Per cent compared to 59, 6% in the prior year.
Doug: Victory to decrease in gross margin was primarily due to product mix and the specter of lower revenue on our fixed costs of our cost of revenues.
Doug: Total operating expenses were $32.3 million in fiscal 2024 compared to $33.5 million in fiscal 2023. Research and development expenses were $21.7 million, compared to $23.6 million in the prior fiscal year. Selling General and Administrative Expenses were $10.6 million, compared to $9.9 million in fiscal 2023. The decline in research and development expenses was primarily due to cost reduction measures announced by the company in November 2022. Total operating loss for fiscal 2024 was $20.4 million, compared to an operating loss of $15.8 million in the prior year. The fiscal 2024 net loss included interest and other income of $414,000 and a tax provision of $70,000, compared to $202,000 in interest and other income and a tax provision of $372,000 in the prior year.
Doug: Total operating expenses were $32 3 million in fiscal 2024 compared to $33 5 billion in fiscal 2023.
Doug: Research and development expenses were $27 million.
Doug: Third to $23 6 million from the prior fiscal year.
Doug: Selling general and administrative expenses were <unk> 6 million compared to $9 9 million in fiscal 2023.
Doug: The decline in research and development expenses was primarily due to cost reduction measures announced by the company in November 2022.
Doug: Total operating loss for fiscal 2024 was $12 4 billion compared to an operating loss of 50 predictability from the prior year.
Doug: The fiscal 2024 net loss included interest and other income of $414000.
Doug: And a tax provision of $70000.
Doug: Compared to $202000 in interest and other income the tax provision of $372000 in the prior year.
Doug: At March 31, we had $14.4 million in cash equivalents compared to $30.6 million in cash equivalents in short-term investments at March 31, 2023. Working capital is $19.1 million as of March 31st, 2024, versus $34.7 million on March 31st, 2023, with no debt. Stockholders' equity as of March 31, 2024 was $36 million, compared to $51.4 million as of the end of the fiscal year, March 31, 2023, and concluding with the outlet for the first quarter of fiscal 2025.
Doug: At March we had 14 portfolio fortunate part familiar with cash and cash equivalents compared to 36 million in cash cash equivalents and short term investments at March 31 20.
Doug: 23.
Doug: <unk> capital's nitrogen per $1 million as of March 31, two.
Doug: 24 versus <unk> 30 footprint pretty appropriate.
Doug: Settlement at March 31, 2000 credits free with no debt.
Doug: Stockholders' equity as of March 31, 2024, or $36 million compared to 51 formula.
Doug: As of the end of the <unk> at March as of March 31, 2023.
Doug: Concluding with your outlook for the first quarter of fiscal 2025.
Doug: We anticipate net revenues in the range of $4.6 million to $5.2 million and gross margin of approximately 52% to 54%. Operator, on this call, we'd like to open the call to Q&A. Thank you presenters, and ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the number one on your touch-down phone.
Doug: We anticipate net revenues in the range of corporate six to.
Doug: So $5 2 million with gross margin of approximately 52% to 54%.
Speaker Change: Operator at this call we'd like to open the call to Q&A.
Operator: Thank you, presenters, and ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the number one on your touch-down phone. You will hear a prompt that your hand has been raised, and should you wish to decline from the polling process, please press the star followed by the number two. And if you're using a speakerphone, please lift the handset before pressing any key.
Doug: Thank you presenters, ladies and gentlemen, we will now begin the question and answer session should you have a question. Please press the star followed by the number one on your Dutch Dawn phone, you'll hear a prompt that Johan has been raised and should you wish to decline from the polling process. Please press the star followed by the number too.
Operator: And one moment, please, for your first question. And again, if you would like to ask a question, please press star 1. And presenters, I don't see any questions at this time. I would now like to turn the call over to our CEO, Lee Lin Hsu, for closing remarks.
Speaker Change: If youre using a speaker phone please lift the handset before pressing any and.
Speaker Change: One moment. Please for your first question.
Operator: Yeah.
Operator: Yeah.
Operator: Yeah.
Speaker Change: And again, if you would like to ask a question. Please press star one.
Operator: Okay.
Operator: Okay.
Operator: Yeah.
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Operator: Yes.
Operator: Okay.
Speaker Change: And presenters I don't see any questions at this time I would now like to turn the call to AC L. D E Shaw for closing remarks.
Li-Lin Hsu: Thank you all for joining us. Please check out my recent published article in Forbes, The Untold Story of the Area-Huge Carbon Footprint. You can find it on the Forbes website at www.forbes.com. We look forward to speaking with you again when we report our first Quasi-Physical 2025 results.
Speaker Change: Thank you all for joining us with check all my recent published article in fourth.
Li-Lin Hsu: Post <unk> of Adi huge carbon footprint you can finally open though <unk> web site at <unk> Dot com.
Speaker Change: Look forward to speaking with you again.
Speaker Change: When we do put our first quarter fiscal 2025 years old.
Speaker Change: Thank you.
Li-Lin Hsu: <unk>.
Operator: Thank you so much, ladies and gentlemen. This concludes today's conference call. Thank you for listening. You may now disconnect. Have a great day.
Speaker Change: Thank you so much ladies and gentlemen. This concludes today's conference call. Thank you for listening you may now disconnect have a great day.
Operator: Okay.
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Operator: [music].
Operator: Thanks.
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