Free cash flow remains deeply negative at -$5.6M in 2026Q4, reflecting a fundamental disconnect where operating cash flow trails net income due to erratic working capital outflows.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 |
|---|
| Cash from Operations | -15.92M | -12.97M | -17.35M | -16.84M | -13.83M | -15.25M | -4.68M | 3.01M | 1.06M | 2.05M | 460K | 1.12M | 8.45M | 14.71M | 16.96M | 13.35M | 13.7M | 16.2M | 18.83M | -4.74M | 5.17M | 8.22M | -2.25M | -1.31M |
| Operating CF Margin % | -63.38% | -63.24% | -79.72% | -56.73% | -41.41% | -55% | -10.8% | 5.84% | 2.5% | 4.26% | 0.87% | 2.1% | 14.42% | 22.28% | 20.55% | 13.65% | 20.28% | 26.08% | 35.41% | -8.15% | 11.98% | 17.98% | -6.34% | -6.23% |
| Operating CF Growth % | -22.72% | 25.22% | -3% | -21.84% | 9.35% | -225.83% | -255.72% | 182.25% | -48.12% | 346.3% | -58.97% | -86.73% | -42.58% | -13.25% | 27.05% | -2.58% | -15.41% | -13.96% | 497.09% | -191.76% | -37.18% | 466.21% | -71.71% | - |
| Net Income | -13.25M | -10.64M | -20.09M | -15.98M | -16.37M | -21.5M | -10.34M | 163K | -4.51M | -115K | -2.17M | -4.98M | -6.19M | 3.85M | 6.76M | 18.88M | 10.38M | 9.29M | 6.77M | 7.43M | 4.25M | 4.78M | -670K | -7.44M |
| Depreciation & Amortization | 628K | 665K | 927K | 1.01M | 1M | 1.21M | 2.04M | 1.45M | 1.25M | 1.53M | 1.46M | 1.63M | 1.98M | 2.38M | 2.61M | 2.79M | 2.2M | 1.36M | 1.53M | 836K | 893K | 926K | 1.01M | 2.08M |
| Stock-Based Compensation | 2.8M | 2.26M | 2.84M | 2.47M | 2.99M | 2.85M | 0 | 2.27M | 2.07M | 1.88M | 1.85M | 2.08M | 2.23M | 2.28M | 2.1M | 1.71M | 1.48M | 1.33M | 1.46M | 1.22M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 218K | 0 | 589K | 0 | 0 | 0 | 0 | 0 | 1.22M | 1.22M | -127K | 557K | -1.34M | -299K | 591K | -211K | 40K | -734K | -1.29M | 0 | 2.49M |
| Other Non-Cash Items | -4.52M | -4.55M | -154K | -1.1M | -682K | 598K | 2.89M | 1.2M | 1.59M | 666K | 1.38M | 428K | 2.95M | 1.72M | 1.95M | 1.95M | -339K | 1.54M | 721K | 283K | 1.27M | 150K | 1.64M | -211K |
| Working Capital Changes | -1.59M | -715K | -874K | -3.47M | -773K | 998K | 719K | -2.08M | 662K | -1.91M | -2.06M | 737K | 6.25M | 4.62M | 2.99M | -10.64M | 281K | 2.08M | 8.55M | -14.55M | -510K | 3.66M | -4.23M | 1.78M |
| Change in Receivables | -1.17M | -53K | 369K | 1.07M | -814K | 2.63M | 1.03M | -2.1M | 1.11M | 1.13M | 782K | -11K | 2.01M | 322K | 4.47M | -5.8M | -3.6M | 1.85M | -1.09M | -2M | 0 | 0 | 0 | 0 |
| Change in Inventory | -489K | 781K | 1.26M | -1.99M | -714K | -527K | 1.06M | -1.33M | 2.1M | -2.63M | 66K | -1.29M | 3.54M | 2.14M | 3.96M | -7.08M | -1.13M | 3.77M | 7.79M | -12M | -1.67M | 2.74M | -8.09M | 5.18M |
| Change in Payables | 2.64M | 306K | -355K | -383K | -127K | 383K | -680K | 48K | 189K | -887K | -441K | -1.92M | 1.07M | -1.61M | -17K | -760K | 3.4M | -1.32M | -578K | -512K | 0 | 0 | 0 | 0 |
| Cash from Investing | -486K | 11.35M | 2.76M | 6.68M | 4.2M | 3.29M | 8.97M | -3.47M | 2.81M | 4.82M | 935K | 23.21M | -8.21M | -2.55M | -6.52M | -17.53M | -3.83M | -16.23M | -37.93M | -2.03M | -2.23M | -3.24M | -481K | -1.95M |
| Capital Expenditures | -486K | -45K | -645K | -316K | -774K | -203K | -331K | -2.09M | -1.32M | -219K | -1.16M | -481K | -761K | -385K | -1.68M | -4.3M | -6.02M | -674K | -3.34M | -2.03M | -1.39M | -233K | -473K | -1.95M |
| CapEx % of Revenue | 1.93% | 0.22% | 2.96% | 1.06% | 2.32% | 0.73% | 0.76% | 4.06% | 3.1% | 0.45% | 2.2% | 0.9% | 1.3% | 0.58% | 2.03% | 4.4% | 8.91% | 1.09% | 6.28% | 3.5% | 3.22% | 0.51% | 1.34% | 9.3% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -3.49M | 0 | 0 | 0 | 7.34M | -4.36M | 0 | 0 | 0 | 0 | 0 | -6.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 11.39M | 0 | 0 | 0 | 3.49M | 0 | 750K | 1.23M | -7.34M | -2.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 0 | 159K | -8K | -8K | 0 |
| Cash from Financing | 70.19M | 633K | 1.81M | 402K | 2.37M | 4.69M | 4.72M | 2.72M | 2.63M | -5.1M | -6.21M | -29.07M | 168K | -2.68M | -4.76M | 5.48M | 2.19M | -3.27M | 30.73M | -456K | 46K | 50K | 65K | 76K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.62M | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 70.19M | 633K | 153K | 402K | 2.37M | 4.69M | 4.15M | 3.81M | 3.49M | -7.11M | -7.03M | -30.03M | -2.88M | -2.77M | -4.83M | 4.6M | 1.58M | -3.55M | 30.72M | 124K | 46K | 50K | 65K | 76K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -103K | 0 | -7.11M | -7.03M | -30.03M | -2.88M | -3.63M | -6.34M | 0 | -58K | -4.09M | -739K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 1.65M | 0 | 0 | 0 | -428K | -1.08M | -862K | 2.01M | 818K | 952K | 3.05M | 92K | 75K | 882K | 612K | 280K | 13K | -580K | 0 | 0 | 0 | 0 |
| Net Change in Cash | 53.78M | -995K | -12.78M | -9.76M | -7.26M | -7.27M | 8.01M | 2.25M | 6.5M | 1.77M | -4.81M | -4.74M | 400K | 9.49M | 5.68M | 1.29M | 12.06M | -3.3M | 11.62M | -7.23M | 2.98M | 5.03M | -2.66M | -3.18M |
| Free Cash Flow | -16.41M | -13.02M | -18M | -17.16M | -14.6M | -15.46M | -5.01M | 916K | -255K | 1.83M | -698K | 640K | 7.69M | 14.33M | 15.28M | 9.05M | 7.68M | 15.52M | 15.49M | -6.77M | 3.78M | 7.99M | -2.72M | -3.26M |
| FCF Margin % | -65.32% | -63.46% | -82.68% | -57.8% | -43.73% | -55.74% | -11.56% | 1.78% | -0.6% | 3.81% | -1.32% | 1.2% | 13.12% | 21.7% | 18.51% | 9.25% | 11.37% | 24.99% | 29.13% | -11.65% | 8.76% | 17.47% | -7.68% | -15.54% |
| FCF Growth % | -26.03% | 27.65% | -4.86% | -17.54% | 5.53% | -208.36% | -647.16% | 459.22% | -113.9% | 362.75% | -209.06% | -91.67% | -46.35% | -6.24% | 68.88% | 17.81% | -50.53% | 0.23% | 328.62% | -279.3% | -52.73% | 393.93% | 16.6% | - |
| FCF per Share | -0.52 | -0.51 | -0.72 | -0.70 | -0.60 | -0.65 | -0.22 | 0.04 | -0.01 | 0.09 | -0.03 | 0.03 | 0.28 | 0.51 | 0.52 | 0.30 | 0.28 | 0.55 | 0.54 | -0.30 | 0.17 | 0.35 | -0.48 | -0.61 |
| FCF Conversion (FCF/Net Income) | 1.20x | 1.22x | 0.86x | 1.05x | 0.84x | 0.71x | 0.45x | 18.44x | -0.24x | -17.85x | -0.21x | -0.23x | -1.36x | 3.83x | 2.51x | 0.71x | 1.32x | 1.74x | 2.78x | -0.64x | 1.22x | 1.72x | 3.35x | 0.18x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 203K | 256K | 389K | 155K | 26K | 858K | 0 | 11K | 39K | 1.34M | 78K | 2.39M | 2K | 2.25M | 3.26M | 4.83M | 1.23M | 2.73M | 2.78M | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Burn
As reported in recent financial filings, GSI Technology's operating cash flow consistently trails net income, with the OCF/NI ratio reaching 1.13 in 2026Q4, suggesting that accounting losses are being compounded by cash-based working capital outflows rather than mitigated by non-cash accruals or depreciation benefits.
The persistent gap between net income and operating cash flow indicates that the company's reported losses are not merely accounting artifacts but reflect actual cash depletion. Investors should monitor this trend, as the inability to generate positive cash flow from operations suggests that the business model remains structurally dependent on external capital to fund its ongoing R&D initiatives.
Based on the provided cash flow data, GSI Technology's free cash flow margin deteriorated to -88.7% in 2026Q4, highlighting a persistent inability to achieve self-sustaining operations despite the company's ongoing efforts to commercialize its proprietary associative processing unit architecture within the competitive semiconductor landscape.
The trajectory of free cash flow underscores the high-risk nature of the company's current R&D-heavy strategy, which continues to consume liquidity at an accelerating rate. This trend suggests that the company is effectively trading its cash reserves for future growth potential, a strategy that warrants extreme caution until a clear path to positive cash generation emerges.
According to quarterly cash flow statements, working capital changes have been highly erratic, swinging from a $918.0K inflow in 2026Q2 to a $2.1M outflow in 2026Q4, which indicates significant instability in the company's ability to manage its inventory and accounts receivable cycles effectively.
This volatility in working capital suggests that the company's operational efficiency is highly sensitive to the timing of project-based billings and inventory procurement. Such fluctuations may indicate that the company lacks the scale to smooth out cash requirements, potentially exacerbating the pressure on its cash reserves during periods of low demand.
Analysis of recent SEC filings reveals that stock-based compensation, which reached $823.0K in 2026Q4, serves as a significant non-cash add-back that obscures the true extent of the company's cash burn by artificially inflating the reported operating cash flow figures in the face of persistent net losses.
While stock-based compensation is a standard industry practice, its role in the company's cash flow statement suggests that the true cost of talent acquisition is not being fully reflected in the cash burn metrics. Investors should adjust their analysis to account for this dilution, as it represents a real economic cost that is currently being excluded from the primary cash flow narrative.
Quick answers to the most common questions about buying GSIT stock.
GSI Technology, Inc. (GSIT) generated $-15.9M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
GSI Technology, Inc. (GSIT) reported negative free cash flow of $16.4M in 2026, indicating capital requirements exceeded cash from operations.
GSI Technology, Inc. (GSIT) spent $0.5M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.