Revenue has remained essentially flat between $4.5M and $6.4M while gross margin peaked at 58.1% in 2026Q1 before easing to 53.4% in 2027Q1, and net losses persist in eight of the ten reported quarters with a latest net margin of -75.9%.
GSI Technology, Inc. (GSIT) annual income statement — 24-year revenue, gross profit & net income history
| Metric | TTM | 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 |
|---|
| Sales/Revenue | 24.73M | 25.12M | 20.52M | 21.77M | 29.69M | 33.38M | 27.73M | 43.34M | 51.49M | 42.64M | 48.18M | 52.74M | 53.5M | 58.58M | 66.01M | 82.54M | 97.76M | 67.56M | 62.11M | 53.17M | 58.16M | 43.14M | 45.74M | 35.42M | 20.98M |
| Revenue Growth % | 2.92% | 22.44% | -5.73% | -26.7% | -11.06% | 20.39% | -36.02% | -15.82% | 20.74% | -11.49% | -8.64% | -1.42% | -8.67% | -11.26% | -20.02% | -15.57% | 44.71% | 8.77% | 16.81% | -8.58% | 34.81% | -5.67% | 29.13% | 68.81% | - |
| Cost of Goods Sold | 11.93M | 11.43M | 10.38M | 9.94M | 12.01M | 14.85M | 14.51M | 18M | 19.86M | 20.22M | 21.76M | 26M | 28.38M | 32.47M | 37.43M | 45.89M | 53.01M | 38.34M | 35.55M | 31.85M | 36.04M | 29.23M | 30.71M | 26.62M | 18.48M |
| COGS % of Revenue | - | 45.49% | 50.58% | 45.68% | 40.45% | 44.47% | 52.34% | 41.53% | 38.57% | 47.41% | 45.17% | 49.3% | 53.04% | 55.43% | 56.69% | 55.6% | 54.22% | 56.75% | 57.24% | 59.9% | 61.97% | 67.75% | 67.16% | 75.15% | 88.07% |
| Gross Profit | 12.8M | 13.7M | 10.14M | 11.82M | 17.68M | 18.54M | 13.22M | 25.34M | 31.63M | 22.43M | 26.42M | 26.74M | 25.12M | 26.11M | 28.59M | 36.65M | 44.75M | 29.22M | 26.56M | 21.32M | 22.12M | 13.91M | 15.02M | 8.8M | 2.5M |
| Gross Margin % | 51.76% | 54.51% | 49.42% | 54.32% | 59.55% | 55.53% | 47.66% | 58.47% | 61.43% | 52.59% | 54.83% | 50.7% | 46.96% | 44.57% | 43.31% | 44.4% | 45.78% | 43.25% | 42.76% | 40.1% | 38.03% | 32.25% | 32.84% | 24.85% | 11.93% |
| Gross Profit Growth % | - | 35.06% | -14.24% | -33.13% | -4.62% | 40.25% | -47.85% | -19.87% | 41.03% | -15.1% | -1.2% | 6.42% | -3.78% | -8.67% | -22% | -18.11% | 53.18% | 10.02% | 24.54% | -3.59% | 58.98% | -7.38% | 70.69% | 251.44% | - |
| Operating Expenses | 37.73M | 31.17M | 20.98M | 32.25M | 33.49M | 34.89M | 34.48M | 36.15M | 31.81M | 26.9M | 26.94M | 29.76M | 31.16M | 31.92M | 25.17M | 29.99M | 21.35M | 18.6M | 15.03M | 13.83M | 11.16M | 10.17M | 10.56M | 9.65M | 10.71M |
| OpEx % of Revenue | - | 124.08% | 102.23% | 148.19% | 112.79% | 104.51% | 124.35% | 83.39% | 61.78% | 63.07% | 55.92% | 56.43% | 58.25% | 54.5% | 38.13% | 36.34% | 21.84% | 27.54% | 24.2% | 26.01% | 19.19% | 23.58% | 23.09% | 27.25% | 51.03% |
| Selling, General & Admin | 12.7M | 11.22M | 10.76M | 10.56M | 9.94M | 10.22M | 11.14M | 10.92M | 10.46M | 9.9M | 11.14M | 17.66M | 19.25M | 18.81M | 13.7M | 19.36M | 10.72M | 9.53M | 9.29M | 9.46M | 6.21M | 4.8M | 5.76M | 4.15M | 4.5M |
| SG&A % of Revenue | - | 44.68% | 52.46% | 48.54% | 33.47% | 30.61% | 40.16% | 25.2% | 20.31% | 23.21% | 23.12% | 33.49% | 35.98% | 32.12% | 20.75% | 23.45% | 10.97% | 14.11% | 14.97% | 17.8% | 10.68% | 11.12% | 12.59% | 11.72% | 21.45% |
| Research & Development | 25.03M | 19.95M | 16M | 21.69M | 23.55M | 24.67M | 23.34M | 25.22M | 21.36M | 17M | 15.8M | 12.1M | 11.92M | 13.11M | 11.47M | 10.64M | 10.63M | 9.07M | 5.74M | 4.37M | 4.95M | 5.38M | 4.8M | 5.5M | 6.21M |
| R&D % of Revenue | - | 79.4% | 78% | 99.65% | 79.32% | 73.9% | 84.19% | 58.19% | 41.48% | 39.86% | 32.8% | 22.93% | 22.28% | 22.38% | 17.38% | 12.89% | 10.88% | 13.42% | 9.24% | 8.21% | 8.51% | 12.46% | 10.5% | 15.53% | 29.58% |
| Other Operating Expenses | 0 | 0 | -5.79M | 0 | 0 | 0 | 0 | 0 | -221K | -12K | 166K | -97K | 64K | -49K | 9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -24.93M | -17.48M | -10.84M | -20.43M | -15.81M | -16.35M | -21.26M | -10.8M | -182K | -4.47M | -527K | -3.02M | -6.04M | -5.81M | 3.42M | 6.66M | 23.4M | 10.61M | 11.52M | 7.49M | 10.96M | 3.74M | 4.46M | -852K | -8.2M |
| Operating Margin % | -100.84% | -69.57% | -52.81% | -93.87% | -53.24% | -48.98% | -76.69% | -24.92% | -0.35% | -10.48% | -1.09% | -5.73% | -11.29% | -9.93% | 5.18% | 8.06% | 23.94% | 15.71% | 18.55% | 14.09% | 18.84% | 8.66% | 9.75% | -2.41% | -39.09% |
| Operating Income Growth % | - | -61.3% | 46.97% | -29.25% | 3.34% | 23.1% | -96.85% | -5835.16% | 95.93% | -748.39% | 82.56% | 49.99% | -3.9% | -270% | -48.62% | -71.56% | 120.48% | -7.91% | 53.78% | -31.61% | 193.12% | -16.21% | 623.59% | 89.61% | - |
| EBITDA | -24.43M | -16.85M | -10.17M | -19.5M | -14.79M | -15.35M | -20.05M | -9.37M | 1.27M | -3.22M | 1M | -1.56M | -4.41M | -3.83M | 5.79M | 9.27M | 26.19M | 12.81M | 12.89M | 8.68M | 11.79M | 4.63M | 5.39M | 157K | -7.12M |
| EBITDA Margin % | -98.82% | -67.07% | -49.57% | -89.61% | -49.82% | -45.98% | -72.31% | -21.61% | 2.47% | -7.54% | 2.09% | -2.96% | -8.24% | -6.54% | 8.78% | 11.23% | 26.79% | 18.96% | 20.75% | 16.33% | 20.28% | 10.73% | 11.78% | 0.44% | -33.95% |
| EBITDA Growth % | -120.55% | -65.67% | 47.86% | -31.86% | 3.63% | 23.45% | -114.03% | -836.48% | 139.55% | -420% | 164.34% | 64.56% | -15% | -166.14% | -37.47% | -64.62% | 104.5% | -0.6% | 48.44% | -26.39% | 154.65% | -14.03% | 3331.21% | 102.2% | - |
| D&A (Non-Cash Add-back) | 499K | 628K | 665K | 927K | 1.01M | 1M | 1.21M | 1.43M | 1.45M | 1.25M | 1.53M | 1.46M | 1.63M | 1.98M | 2.38M | 2.61M | 2.79M | 2.2M | 1.36M | 1.19M | 836K | 893K | 926K | 1.01M | 1.08M |
| EBIT | -13.35M | -17.48M | -16.63M | -20.43M | -17.71M | -16.35M | -21.26M | -10.8M | -182K | -4.47M | -527K | -3.02M | -6.04M | -5.81M | 3.42M | 6.66M | 23.4M | 10.61M | 11.52M | 7.49M | 10.96M | 3.74M | 4.46M | -852K | -8.2M |
| Net Interest Income | 753K | 926K | 445K | 541K | 308K | 71K | 295K | 783K | 671K | 421K | 312K | 307K | 324K | 387K | 455K | 541K | 673K | 894K | 1.46M | 1.7M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 753K | 926K | 445K | 541K | 308K | 71K | 295K | 783K | 671K | 421K | 312K | 307K | 324K | 387K | 455K | 541K | 673K | 894K | 1.46M | 1.7M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 682K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 5.13M | 4.1M | 326K | 414K | 202K | -60K | 94K | 712K | 450K | 409K | 478K | 210K | 388K | 338K | 464K | 525K | 461K | 1.97M | 1.36M | 1.78M | 728K | 682K | 164K | 182K | 144K |
| Pretax Income | -19.8M | -13.38M | -10.51M | -20.02M | -15.61M | -16.41M | -21.17M | -10.09M | 268K | -4.06M | -49K | -2.81M | -5.65M | -5.48M | 3.88M | 7.18M | 23.86M | 12.58M | 12.89M | 9.28M | 11.69M | 4.42M | 4.63M | -670K | -8.06M |
| Pretax Margin % | -80.1% | -53.25% | -51.22% | -91.97% | -52.56% | -49.16% | -76.35% | -23.28% | 0.52% | -9.53% | -0.1% | -5.33% | -10.57% | -9.35% | 5.88% | 8.7% | 24.41% | 18.62% | 20.75% | 17.45% | 20.09% | 10.25% | 10.11% | -1.89% | -38.41% |
| Income Tax | -148K | -132K | 130K | 70K | 372K | -45K | 335K | 247K | 105K | 453K | 66K | -641K | -675K | 713K | 38K | 425K | 4.99M | 2.19M | 3.6M | 2.5M | 4.25M | 171K | -155K | 0 | -620K |
| Effective Tax Rate % | 0.75% | 0.99% | -1.24% | -0.35% | -2.38% | 0.27% | -1.58% | -2.45% | 39.18% | -11.15% | -134.69% | 22.8% | 11.94% | -13.02% | 0.98% | 5.92% | 20.89% | 17.45% | 27.92% | 27% | 36.38% | 3.87% | -3.35% | 0% | 7.69% |
| Net Income | -19.66M | -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 |
| Net Margin % | -79.5% | -52.73% | -51.85% | -92.29% | -53.81% | -49.03% | -77.55% | -23.85% | 0.32% | -10.59% | -0.24% | -4.11% | -9.3% | -10.57% | 5.83% | 8.19% | 19.31% | 15.37% | 14.96% | 12.74% | 12.78% | 9.85% | 10.45% | -1.89% | -35.45% |
| Net Income Growth % | -68.57% | -24.5% | 47.04% | -25.72% | 2.39% | 23.89% | -108.04% | -6441.72% | 103.61% | -3826.09% | 94.7% | 56.41% | 19.57% | -260.92% | -43.07% | -64.21% | 81.8% | 11.78% | 37.15% | -8.89% | 74.96% | -11.11% | 813.43% | 90.99% | - |
| Net Income (Continuing) | -12.64M | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | - | -0.42 | -0.42 | -0.80 | -0.65 | -0.67 | -0.91 | -0.45 | 0.01 | -0.21 | -0.01 | -0.10 | -0.20 | -0.23 | 0.14 | 0.23 | 0.64 | 0.38 | 0.33 | 0.24 | 0.32 | 0.19 | 0.21 | -0.12 | -1.39 |
| EPS Growth % | 20.88% | 0% | 47.5% | -23.08% | 2.99% | 26.37% | -102.22% | - | 103.33% | - | 94.17% | 52% | 13.04% | -264.29% | -39.13% | -64.06% | 68.42% | 15.15% | 37.5% | -25% | 68.42% | -9.52% | 275% | 91.37% | - |
| EPS (Basic) | - | -0.42 | -0.42 | -0.80 | -0.65 | -0.67 | -0.91 | -0.45 | 0.01 | -0.21 | -0.01 | -0.10 | -0.20 | -0.23 | 0.14 | 0.24 | 0.67 | 0.38 | 0.33 | 0.25 | 1.04 | 0.54 | 0.63 | -0.12 | -1.39 |
| Diluted Shares Outstanding | 0 | 31.84M | 25.55M | 25.14M | 24.59M | 24.3M | 23.67M | 22.97M | 23.35M | 21.09M | 20.65M | 22.59M | 25.03M | 27.5M | 28.08M | 29.5M | 29.68M | 27.69M | 28.39M | 28.62M | 22.84M | 22.59M | 22.56M | 5.66M | 5.33M |
| Basic Shares Outstanding | 0 | 31.84M | 25.55M | 25.14M | 24.59M | 24.3M | 23.67M | 22.97M | 23.35M | 21.09M | 20.65M | 21.7M | 24.89M | 26.91M | 27.12M | 28.5M | 28.01M | 27.11M | 27.73M | 27.54M | 6.25M | 6.15M | 6.11M | 5.66M | 5.33M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying GSIT stock.
For fiscal year 2026, GSI Technology, Inc. (GSIT) reported total revenue of $25.1M. This represents a 19.7% increase compared to $21.0M in 2003.
GSI Technology, Inc. (GSIT) reported a net loss of $13.2M for the fiscal year ending 2026.
GSI Technology, Inc. (GSIT) reported an operating income of $-17.5M, resulting in an operating profit margin of -69.6%. This margin reflects the operational efficiency of the business before interest and taxes.
GSI Technology, Inc. (GSIT) generated $13.7M in gross profit for the year, representing a gross profit margin of 54.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and volatile revenue
Metrics are mathematically derived from official filings.
Revenue Flat Despite Sequential Swings
Based on reported figures, GSIT's quarterly revenue has oscillated between roughly $4.5M and $6.4M over ten quarters, with year-over-year growth of just 0.5% in the latest quarter, indicating no durable acceleration.
The revenue series shows a rebound from the $4.5M trough in 2025Q2 to $6.3M in 2027Q1, but the latest year-over-year growth of 0.5% suggests the recovery has plateaued rather than compounded. Investors should monitor whether the 2026 uplift reflects product cycle timing or a sustained demand shift, as the data does not isolate volume versus pricing contributions.
Gross Margin Recovery Fails to Hold
As reported in the income statement, GSIT's gross margin peaked near 58.1% in 2026Q1 before easing to 53.4% in 2027Q1, while the 2025Q2 trough of 38.6% shows meaningful sensitivity to product mix or pricing.
Gross margins have ranged widely, suggesting limited pricing power and exposure to mix or inventory effects typical of fabless semiconductor suppliers. The recent drift lower from the 2026 high may indicate competitive pressure, though the data alone cannot confirm the cause, so this warrants further investigation.
Operating Losses Widen Relative to Gross Profit
According to the reported statements, GSIT's operating margin ranged from -122.7% to +23.1% over the period, and the latest quarter's -85.3% margin reflects R&D of $5.9M consuming nearly twice the gross profit of $3.4M.
Operating income has not scaled with gross profit, as R&D spend remains the dominant cost driver and sits well above gross profit in most quarters. This pattern suggests negative operating leverage, where incremental revenue has not yet covered the fixed investment base, and the trend is worth tracking against future revenue growth.
Net Losses Track Operating Results Closely
Based on the supplied figures, GSIT's net income closely mirrors operating income with minimal divergence, and diluted EPS of -0.13 in 2027Q1 reflects stock-based compensation of $887K within a loss-making base.
The close alignment between operating and net income suggests few material non-operating items distorting reported results, which supports the reliability of the operating loss picture. Stock-based compensation is a recurring and rising cost component, and its contribution to the loss profile should be weighed when assessing true cash burn.
Persistent Losses Challenge the Turnaround Thesis
The strongest challenge to the narrative is that GSIT has posted net losses in eight of the ten reported quarters, with the most recent three quarters showing net margins below -49%.
Repeated operating losses and the absence of a sustained margin trajectory suggest the company has not yet demonstrated a durable path to profitability. Short-side analysis would focus on whether R&D intensity can be reduced without impairing product competitiveness, and on the risk that flat revenue growth leaves the cost base unabsorbed.