GSIT - Earnings call transcript Q4 2022

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the GSI Technology’s Fourth Quarter and Fiscal 2022 Results Conference Call. [Operator Instructions] Before we begin today’s call, the company has requested that I read the following Safe Harbor statements. The matters discussed in the 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 have also been asked to advise you that this call is being recorded today, May 5, 2022 at the request of GSI Technology. is Officer. the today and Chairman, call Executive Chief the Lee-Lean company’s Shu, President Hosting are Schirle, him President With Douglas of Lasserre, and Sales. Vice Didier Chief Financial Officer Mr. turn I like the conference would to over now to Shu. go sir. Please ahead,

Lee-Lean Shu

Good afternoon us our XXXX fourth fiscal year for and full results. to the review quarter financial thank and you joining

new in Our fourth year by effective margin supply increase manage points the improved the revenue categories fourth sales attractive by increased in year-over-year a mix product was XXXX, to reflecting price ability chain basis growth quarter XXX challenges in for in and business And December XXXX. our higher-margin quarter of XX%. and revenue Gross projects, quarter increased due the and year-over-year, to XX%. all more grew fiscal the expanded The full by costs.

result, a equivalents loss short-term XX%. We we the year-over-year cash by operating lowered $XX and cash, ended As million investments. with year our

software budget of Our project, cash use ongoing X a launch is projects, the biggest two of The upcoming software compiler of remains R&D large Gemini-I stack. one Version funding and development the R&D. are

is design to second Gemini-II budget, portion R&D of we a the most project, year-end. major the the The representing intended calendar complete significant by that of hardware

software the the loss future Other when budget for ongoing that. current hardware due We R&D will incur to a platform. onetime and that, foreseeable for than to the need rate charge development commitment run our we continuously pay will at the our remain advancing

and markets because resource to impressive in component with crucial of success effective content, will across AI. in has this in Nearest on several enabled wins for one And team This Gemini-I in improved several the software pursuing. tools achieved July Search software valuable armed in Version work libraries. talented has competitions. The top our one significant reasons is as and Challenge spots we We market. took application our R&D GSI portion increase of Billion-Scale to the our is team outcomes produce it. team that of the the has are a especially challenges. a engagement their Python software will are the which to budget been first the the track be customer highly X a a compiler efficient various two We of which algorithms, exciting in be entirely our is This resulted in release we category commit to team on coding high-profile Neighbor on with perform technology place in leaders the Approximate and par stack to GSI

And agencies addition agencies defense contest Recently, in biggest we is announced great other win rates and market PR, U.S. sectors MAFAT GSI’s such and Challenge the to the first and and in the our this the object the of most military person or the the benefit related by organizations differentiate that profile classify and key objects of pistol knife between software as judged carrying. interest taking categories. accuracy algorithms like speed humans. automatically load and and a rifle, GSI identify human successfully, could track and that for might plus males weapons, to with it greater how as government females and detect, be defense In and such as security.

working the Department under capability most of real-time This one. a Defense the GSI the and exposure from moving high-profile The HD was diverse are at contacts from from among agency, challenges. MAFAT the our image Nearest on business, to and sourced other including defense agency also fiscal conditions the the organizations, the in EMEA. we Irregular the we opportunities most Challenge gives many in new prominent and industry GSI XXXX, leading fastest military Using Search and challenge applications video additional market. Technical par Neighbor accurate Support Israeli and American in In may pursue Warfare year win and technology security military global wins could the defense offer. aggressively the Directory. Billion-Scale U.S. software with to had the as Our performing using in leaders proved Challenge Approximate the lighting software in various has perform distance was large to that leader. APU and We

how participating we our performance. and the we in teach work to on lot a addition this industry contest how exposure, can need In also improve us to about

GSI. win Our in challenge first quest MAFAT the to valuable benefits several in resulted

relation a is SAR our funding a Elta, APU was POC technology. as image on processing First system with which

Second The these after algorithms. is with product. go containing SAR algorithm. GSI We the a product allow will sell the exclusive perpetual FASTA to market Elta this SAR system entire license to plan of as the

made The contact assuming fiscal Elta In into segments. XXXX, successful. the third market benefit credit is is and year APU deploy new decisive the increased to is volume, POC the customer for that engagement we

we of launch working numerous and to to to select starting software platform further version the early the marketplaces OpenSearch engagement In competitors. with the stage year AWS in with our fiscal are We XXXX, plan our our POCs certain with expect sector of search. on

inputs at Our et cetera. model with is platform like good OpenSearch search image, text, that software can particularly market multiple search voice,

in hardware partners performs in held the search [indiscernible] called with to Berlin, Germany. with multi-model accelerations We June on The OpenSearch. software build that our a and being multilingual software platform APU AWS conference based factor platform in are working

Ideally, of platform, and the servers in platform targeting work by calendar platform the our to support clients are can with where the the having place building We OpenSearch available have download the XXXX. fully third and use website of process. of the for functioning client we goal now independently a the quarter

then customers be layout to team the data chip. has us goal a been working will will version for of important U.S. easily. building Another This the allow product same The move APU enable the stream towards to funnel with Gemini-II of the of build competitor and new out center work to cost design the APU. future using more for on taking revenue and the and finalized the the the

attend Gemini-II addressable a and how could We dramatically could very cost. with Gemini-II performance our are lower intense much excited deliver. market about simple

great a and I appreciate have hard team, their work. We and dedication

from this all the of I goal year have CEO GSI and to to determined from that make shareholders aligned for of contribution the the shareholders value made lot achieve for as are them. support We I the successful. input our and motivation AV and you and thank a the the many the feedback and

will Didier. call Now who go will the ahead, further. to Didier, Please I our hand performance over business discuss

Didier Lasserre

Lee-Lean. you, Thank

on me radiation-hardened update with Let an our start Rad-Hard or business.

increased withstand in we XXXX, shipped Rad-Hard separate these of to prototypes and fiscal that the seen traction first We In customers. area, All are this conditions. year the require customers X have harsh Rad-Hard anticipated XXXX, to quarter we testing fiscal in year same chips systems year. for this to currently from X first the fiscal ship which be our radiation-hardened prototype have last revenue all another This fiscal is of magnitude year. prime major in half order program a prototype, contractor the as orders with a of potentially could the

revenue. a profit production, to As prototypes years a and incrementally product. a XXXX could move it few And these of fiscal Rad-Hard add reminder, to XXXX if is high-growth

terms brand our awareness getting the of and we are building of for technology right creating the in right In APU a known now, pipeline places.

upcoming to efforts. and from encouraged that systems production engineering incoming the The year. we company meaning fronts interest these the progress received We tools sales from these is evolving are getting the response we are stage, have a for I’m the the how by on to optimistic fiscal place and can in the in the modifying work build and APU. culture we we

in quarter were prior in fourth fourth were net year XXXX net compared quarter Military of breakdowns in prior the or XX.X% product In to and of million of the quarter. or customer of the XX.X% defense $X.X the million fiscal SigmaQuad fiscal in in quarter. quarter revenues the shipments fourth to XX.X% period to shipments XXXX, for XX.X% shipments sales now shipments compared the net were switch $X.X of sales the and XX.X% revenues quarter me to period XX.X% million compared $X.X in of a of XX.X% the to XX.X% ago, a and quarter. quarter. comparable fourth sales Let year fourth same Nokia ago or prior and revenues of of XX.X%

chain of China out to supply the the want on lockdowns I suppliers moved potential or limit cause. year currently China supply We the substrate to comment situation. current last the in Lastly, our any chip could of COVID-related by majority damage

the supply that passed are potentially situation remains chain order We actively our our increases the most of were successfully XXXX. but from fulfillment, Overall, cost December fluid. in customers on of addressing impact to suppliers our could variances

by constrained order future. use for APU our large the We watching the change the Since costs could industry constrained FPGAs. as evaluating to of we we in closely if whole need FPGAs if potentially a a are platform. receive are we GSI and be availability on leaderboard, an we and prices

For sales, fulfill have for quarters we to SRAM supply have we to that implemented some our can chain the orders upcoming changes that hand management in our ensure for SRAM we customers.

capacity that demand. to this turn like meet ahead, are go Doug. optimistic We sufficient we to to now the Doug. have over I’d Please call

Douglas Schirle

for benefit was reported to a or in compared of XXXX. net XXXX quarter. XXXX price million mix to $X.X development $X.XX prior prior in preceding in compared loss operating of improvement $X.X of fourth the XX.X% $X.X million XXXX fiscal investments million the in quarter. million the equity GSI $XXX,XXX XXXX, and quarter Selling, prior the and $X.X in operating year in Fourth in million the quarter – interest short-term an share in million the XX, in per to million general $XX XX, compared was quarter on year-ended cash, and $X sold expenses $XX.X $X.X a in quarter. diluted XX, $XXX,XXX tax company or Gross other quarter. pretax quarter $XX,XXX of March net to compared XXXX, the XXXX at $X.X same long-term $X.X XXXX the million gross prior at year for quarter Research of $XX.X XXXX. operating loss $XX,XXX The fiscal the quarter the $XX,XXX the compared the $X.XX to and a stock-based the the of cash, the a Didier. XX.X% fiscal revenues ended quarter in million with million compared $X.X increases and as and prior XXXX. margin quarter quarter to the an ago. of diluted fiscal fiscal the million of loss $XX million share loss Working million changes a prior in XXXX $X.XX as and in expense share interest quarter to and expense million fiscal fourth loss of margin to loss million XXXX and in net of expense of versus compared XXXX $X.X on million $XX,XXX a expenses capital to $XXX,XXX was $XX,XXX. million period were period fourth year $X $XXX,XXX compared of XX.X% to of XXXX. $X.X million provision fiscal effective Fourth compared was $X.X net and million prior income and in operating revenues expenses of of XX, million investments of $X.X was other on no XX, period loss were $XX preceding quarter million and and provision March $X.X you, period for XXXX, a $X.X Total $X.X prior and previous of included in March $XX.X the and year net of was March in a in million short-term $X.X were for Thank year fourth Total million primarily to the net of investments fiscal revenues compared third quarter. loss quarter cash XX, the equivalents XXXX equivalents March and XXXX, net $X.X due of At and March March administrative quarter. Stockholders’ in $X of net in products fourth in third per and quarter, tax cash million the had or In fiscal other the fourth debt. in included year of comparable of or of million ago compensation interest and million diluted tax third December XX, as per the

in operating profit. XXXX the $XX.X the an related net fiscal loss interest a of $X.XX loss revenue XXXX, $XX.X fiscal $XXX,XXX the of a or Gross $XX,XXX increase due increase March the net loss XX.X% in in for $XX.X compared year million and were XXXX other in other to the will to interest fiscal operating tax was year we revenues open increase the of was to of to income development net year. The Selling, compared to this an call were improvement operating For and loss the million operating development the million expense prior share in of for XXXX, was XX, on were expenses to Research on expenses and X.X% a per and March the to The per XXXX $XX.X compared a year-ended of The $XX.X of XX, fiscal fiscal Operator, administrative XXXX. $X.XX prior loss million point, The Total year. $XX.X diluted fiscal of million XX.X% $XX.X to prior gross $XX.X share compared from year-ended Gemini-II. compared a we diluted and compared of and million research margin million expense in million XXXX. in was general – $XX.X million included and tax reported in fiscal year. $XX,XXX or primarily million to ago. in $XX,XXX $XX.X XXXX. and in at of Q&A. $XX.X prior fiscal million provision net fiscal benefit revenues million primarily net expenses $XX.X development loss in

Operator

you. Bernstein is Thank [Operator from with go first Instructions] Our question Jeff ahead. Cowen. Please

Jeff Bernstein

wanted an just to I get guys. update. Hi,

What’s supposed you you parts now? were so I legacy. could a on that Rad-Hard the that get ride space get some schedule think to satellite point at for here

Didier Lasserre

question. Jeff. Great This is Didier,

last year last – yes, out shipped or some was that So time year.

to XXXX with this And components other was, be contractor, calendar to very been so some waiting XXXX for of said, as end they it for were supposed you contact of are they that calendar was beginning We’ve up. constant it going go or prime still satellite. in and

know way lead out know, everything. the are you now sure you I’m semiconductor times right – As for

are there they some have received. so And components not still

And has not so yet. the been launched satellite

Jeff Bernstein

that Any when visibility on happen? might

Didier Lasserre

– what to in feel certainly that. components missing They They are much the summertime telling No. should But it’s too are and the going not be time have not they telling when. us about are they us components. some that the all

Jeff Bernstein

Got it.

on? the Okay. And then What just is curious, what’s the cost of the XX-nanometer process is mask set that Gemini-II? what part? for a that Is Or node it?

Lee-Lean Shu

Yes. or talking about the Well, the... you’re process

Didier Lasserre

process, XX. the Yes,

process the XX-nanometer. Jeff, is So

Lee-Lean Shu

The node. process

Didier Lasserre

And cost? as that the set Yes, far mask XX-nanometer. process node, would what as

Lee-Lean Shu

About $X.X million.

Jeff Bernstein

it. Got

visibility I And fiscal of kind about Nokia Okay. you have was ‘XX. curious with in what

of because better had constraints, visibility last now? of have I year think you supply all partly What you etcetera. kind this the do visibility

Didier Lasserre

Same.

XX-month – a So we have sorry.

a same. right the have so We remained rolling XX-month that’s now forecast and

So the is constant. visibility

visibility. good pretty have still we So

Jeff Bernstein

Got it.

a lower A year? flat A what? year? year indicating What Nokia? that’s so with And kind of

Didier Lasserre

a question. flat right but will maybe looks now constant. it’s to touchdown, It pretty Good be it

Jeff Bernstein

Got it.

there? curious, the you in Europe potentially And talked mosaic there potential Okay. I’m the figured might applications have are cockpit the in monitoring U.S. and to about large of be had legislated driver the and suggests kind this, monitoring What when very we out guys in that then and application going be here that

Didier Lasserre

ongoing process. an still It’s

are So of closer be going Gemini-II there to we there are Other could to it’s more some and be to areas play. a think a we fit. think edge, have areas the

board that goes it As the an Gemini-I, you FPGA. on has know, with a

don’t we those have constraints. Gemini-II, the With

Gemini-I, of opportunity edge it, an a because but think the So we’re require application, is lot think Gemini-II. I more We there still certainly it’s looking will with of into some it.

Jeff Bernstein

Got it.

brand you getting right What you then mentioned the places? And known Okay. right the in that the think is places. are

Didier Lasserre

we as some with Certainly, the SAR announcements we’re going with we MAFAT initiative I Elta. of after, certainly, original markets the have won. we right? out that Challenge mean, POC have. made And we’ve So mentioned, the the recently Lee-Lean that came

very without able with be we’re to got we what projection relationship, or access algorithm, customers. for we’re use now going any to so SAR doing anything which is fast to other And license that any back a

we are all together to marketing address so, package sales to a the to that putting other SAR And able players. be

in inroads We the giving win it’s also, some latest DoD this us Mosaic, of with into programs.

areas certainly, we’re what need where the search. And type a we’re markets of certainly going – that so certainly after, the there for is our fast

Jeff Bernstein

Got it.

take What think input which talk about that interesting and language with Okay. correct? it language you search, And symbolic what’s do can And natural about here. then is multiple OpenSearch Is and the that? for this very you your pictures just angle new searching. talked that objective sounds

Lee-Lean Shu

Yes.

customer a the the that do visibility I can going but software mean, we’re good Just means software everything right come a to query the service, I are a large search lot OE to see software working coming on this do the query. you OpenSearch. we customer. mean, you the mean large is learn – require really in-store some a so for and software proprietary OpenSearch we the we now, do And even have together voice, lot OpenSearch And the is and which has parking, I that’s can – the in behind to software requires especially it, text, which as for search I of model, of okay? image platform to mentioned, the the don’t Customers bases customer doesn’t search. all it. with have I margin now the a have search. website a or mean the

is with we installed in all base excited about, that customer industry. So the are how the

after. go big that’s marketplace can so And a we

Jeff Bernstein

search and picture a somebody its end, you to the want bicycle understand, could I back in your has if software on in take say, bicycle so button search mobile color. I of inputs, doing a allow and picture would a so website, with to plug and search. take say, different person’s between a in put functionality two into this just Lee, lot plug So that retailer the search their be a the voice, and the And And lifting? search to without able heavy would those be come essentially out they algorithm able of and a

Lee-Lean Shu

too. the can they in rage And price talk Exactly.

color. can bicycle. then the You $XXX want the the you to And of want have picture $X,XXX. say you And then you a

You exact for. merchandise will get looking you’re

Jeff Bernstein

it. Got

by own you could search? a APU those the their that And kind on, is won be boards to go it would and was? cloud then would provider APU be you cloud where business accessible sell Okay. so as just a queries boards to caught this it or Or would whoever retailer of the you

Lee-Lean Shu

– yes, the provide service for can we on-premise provide they cloud Yes, can we either the applications. can or hardware

Jeff Bernstein

That’s thank great, Got much. it. you very

Douglas Schirle

Thanks, Jeff.

Operator

next ahead. question Investor. is Private go James from Our Please Poko,

James Poko

Hi, burn of the APU. regarding couple and questions What what’s Gemini fiscal and cash of for year the is and I development the budgeted the expectations? XXXX the II

Douglas Schirle

I the expect going now, Right into to would similar something year, fiscal XXXX.

James Poko

that? what’s And

Douglas Schirle

less. something Probably

James Poko

Approximately?

Douglas Schirle

I don’t $XX $XX know, million, million.

James Poko

Gemini-I, And and XXXX past Yes. the statements, compiler have company according of supposed repeated development stack in available it delays. also was faced to to been the regarding

we’re looking so Now at long? why that’s then. even me done Could July, taking if it tell we get you

Lee-Lean Shu

library the Well, software. compiler our Gemini is software. the the okay, two – rate. we One drive of of library, have functional the portion software, portion has – one processing which That’s can the

okay? chip in the instruction or now, The on it which sheet have the for we completed library. functional is part data the coprocessor console, for use the the And a compiler flow So a portion side, coprocessor. can insertion we processor the embedded we right embedded the have microcode, flow, and the other we the is call

to library. and and a the for compiler everything, So sheet a are want do Python use Like if the I I we functional high-level talking for the we can customer for available for two, right, language do for level, APU. coprocessor about the So program the like the use to the coprocessor have okay? version can use a Python compiler they

Okay.

need is step it. – really we to stack that’s an go to just not compiler full a delay, So a it’s have extra for

James Poko

How many are How Gemini-I the customers? testing people APU? many

Didier Lasserre

You’re saying customers? about

James Poko

using Yes, how how many potential are it? – right many now

Didier Lasserre

Some right, people on multilevel. so – it’s

have pro people some some have who we for boards So purchased typing.

couple testing a us, amount as physical doing out are not have their the cloud. of We but boards are And of that hardware, with folks a loaners. over fair then with

facility. talked a center have And Sunnyvale, And we facility, setup in up that as we CoreSite search. here have so we the we’ve then also in at past, for set OpenSearch in Israeli our have, data the about the our California Elastic

folks have doing there. we so testing And their

we’re about many? And how so, Right talking dozens. now,

Lee-Lean Shu

Well, we developing mentioned the have, like a multiyear the in just partner mentioned have I also – we call, the marketing I search. earnings just

the the development that’s and going be be conference. and going to So that’s in presented – to that’s also

So that’s us. the also behind customer

the So algorithm he hardware. promote APU can with the

Didier Lasserre

little And a just color. Right. to take more bit

integrators. working the their with some customers integrators single We with a end. multiple but also would itself, are entity have begun And on working they be

many more via touch So it’s hard customers these to how we determine integrators.

James Poko

not look a bottom. And on the Why the to level. that’s But then if for share it and respect don’t that’s doing kind improve price at multiple and do quite with low shares of think are gain Gemini-I the closed any they what to company’s What year rock sits is APU try II? at you you chart, I’m at there position what management’s sitting that today. low. a sure a because

Douglas Schirle

TAM biggest lot SAM We couple think is, I the terms of I visibility to and what Well, the going of think data revenue understand stream in put not people is be. of… out don’t there a well some thing is is yet. that that

James Poko

Yes, you pretty on large you numbers billion $X.X did. got and some SAM, there.

small company. We a are

have of sales about, now? an million hundred A of value what, million would impact. enterprise $XX in huge couple We make a right

So, how does that…?

Douglas Schirle

we opportunity. believe a have there from in Lee-Lean any volumes of we But revenue lead as of and a is Didier that that today believe that of there is lot and traction so to is And on, terms revenue customers will There we growth. large a have going said, talked forecast. here put about and quantities input so of on. don’t haven’t lot Didier As lot a activity we

James Poko

regarding another X.X I up there? or wasn’t hope there coming happening And what’s so. AWS,

Didier Lasserre

X.X. yet. you as say, AWS not has Correct. – released That’s it’s And it

James Poko

that? When is expectations the for

Didier Lasserre

March. was up supposed supposed then was and current it It this running, just we hasn’t we don’t it to release to Well, of was last it X.X. supposed are still be yet. on working control year, come I version to year but March everything and be the out the to of mean get be

And I the that. what is know release so don’t of projection the latest on

James Poko

Anything else shareholders enterprise to value. add you the can at shares help million is because what for like the $XX sitting understand are APU potential It’s pretty disappointing.

Douglas Schirle

Well, in hopefully, where are lot to design we commitments a on. price. so from think will have I more and benefit the say wins going the customers, terms we see of And to that’s stock to

James Poko

that the when Is that’s And correct? get July. done Stack Compiler you in

Didier Lasserre

will combination This the it Compiler even step The process the of and initial the C+ that to Stack release make Compiler in the started of I first next mentioned – that depending mean simpler. Stack make is on process. so Python easier. the February the certainly had that Lee-Lean only the

So, is everything in Python.

certainly we – are But that even outside customers. working helps ecosystem. So, the build we are that, with working of

after where I not As we Compiler the areas the to much strictly POCs and larger Compiler algorithm other really the going tied to other – The some writing. are these us we the Stack issues to that that involved these SAR in level Stack. or some get of mentioned aren’t of is are broader, a applications

James Poko

you July for you that holding accountable Well, that get And I date mentioned. need we to done. am guys that

Didier Lasserre

Yes.

James Poko

my and for Very I all my all taking questions. your Alright. Thank calls appreciate and you time Thanks you. good.

Didier Lasserre

you. Thank

Operator

is ahead. go from [Operator Luke Instructions] Gabeni Our Private next Investor. [ph], question Please

Luke Gabeni

Hi. Can you hear all me?

Didier Lasserre

Yes.

Luke Gabeni

could of this reiterate also to quarters you competition competition all in but had seemed very the and and gain just the within the will with bit esoteric category trying you investors some main about that were some understand quarter. But that participated great I the a tested. and being deal this the – also it big or am of actual I neighbor few networking things now. to if other into that little the who there up I yes, and with other just a in there going aren’t of from that really sub-competitions can’t difficult possibly past participants, a curious as involved common picture in complexity, Yandex. that But yes, resolution call curious nearest unpack Facebook for well field components bigger a maybe zoom to There and landscape could operations remember be the as your it like like. questions about,

Didier Lasserre

Specific to competition? that

Luke Gabeni

Yes, just trying little And online. to is there very get little information competition myself publicly into a bit. that available

different of curious place first So, components when this, who competed the highly, yes. are what like for say are like. kind somewhat ranked big the you like competitions And players these with the one against sub resources large and of well in low

for feel all? So, looks and curious how that you

Didier Lasserre

Sure.

So, I It’s to little have a think back bit this. on been while. a little

competition the via we introduced to were So, Microsoft.

written subject. had one had read of the our that blogs on So, we they

we But they and wanted X, category. we And may And custom be a of were Track were so participate. on you were top again, this we is said, there my so we – had I was they a sure. silicon said, to this. if head, I on little had say which tracks, asked the to the off off And as And want few the And one – as by Yandex and Search. FAISS, the baseline and Similarity none AI there there access used folks. of And there, to we a what those was six – I had supplied had were no us did databases in was was total. all were it but And Facebook, beforehand. Facebook of Microsoft remember us they and some can’t else databases who

time. for So, the state-of-the quite that some was kind of baseline, which art was the

to and it – baseline both so a you is would hardware solution, Face. which was now of And that your and software try better test a solution,

by of were Nvidia and so not a were we there improve course, participants single the by there a upon our Intel baseline. many the and entries entry. And entries that entered then, And few then many many, few challenge could and had

why the And our the dropped only able which baseline, to is were out. ones that the presented data, other they were better so we folks

were only to we that beat six that. the the we we – databases, was highlights the ran on of and baseline were do the of one all One and actually

researchers focused able on improve limited of didn’t at We the the other we entries external our And them who that us, several a team for was folks. was also you out “winners,” company, do the to just software the as said, there it other four were And others. to it of go were when The at the handful Again, our Israeli team. algorithm with Compiler had this write there databases had came groups release first the recognize to on we two three Stack. like and done. they all in you down universities this the helping or with had six hand it or folks, you very were compared engineers of of was look and and were When of before – them. a And a all competition.

a it’s effort so code this coding level, a do microcode, which all And larger in high folks level done much micro few and in there was familiar it a to are with out microcode. versus

were proud the of So, results. again, we

we real-life going algorithms And the resources baseline the were we the kind to with team cases. So, these be of for for upon of with we certainly we of and like in forward, Stack, we improve the all develop able six use had competitions feel introduction the Compiler the databases. faster had, and able to much will

Luke Gabeni

Excellent.

Goliath, and like the versatility, said, competitors. phenomenal David you that’s all performance, versus other So, you phenomenal

where door maximize getting would on out. the would to be help build So, to operate and R&D knocks you you well that would as it to as expedite like seem

in choosing in, large kind are investment pitches to extent XX% company you theory, the would, at corporation the path getting is what from who an rather down And you buying where independent other of like So just so anything you stake on lending curious the taking like something are just Microsoft a chatter for curious, your or or that? money than interested be a that are turning that in door? partnerships say, resources and

Douglas Schirle

certainly shareholders, consider it. company the to is Well, time, made along obviously this if would benefited at to and come that there something nothing talk and to sense were but the do about we

Luke Gabeni

an Okay. could I you as that know incredible feeling fully have independent.

or you whether Yes, thinking if anything yes, have about get general. quick to to there about able say am just you question in curious, Just were was another not I have gotten and there the great industry better they – combination. research and Rad-Hard eagerness up processing Gemini satellite there. that I the gathered in have aerospace get showing are to industry is the some

And has if in that the you effect? that mid-fiscal wondering open – with so, for enough development a year motivated all channel to for the

Didier Lasserre

Absolutely.

hit so the And head. you on it

harshness at other certainly they So, look out there, don’t of the well radiation if space. there to lend – is themselves you of technologies some the

actually just when have we the it so beam did put I ago, was X.X online the been it beam. coming under years – to could say the back about longer, And was want it. And actually we Gemini-I we

which to to of we rad-tolerant, the it able so intensity up great. below but far a were the Rad-Hard only and was take the certain And above part beam level, something as as did

up the further do want all where along want to to going to we am And levels. is board getting the A&M a way do SEL. I right radiation And hard testing. – SCE, to the beam because then so we – we full also with we take and go to to tests, we back together And the sorry, Texas are are additional it are now

is presenting some interest we some space the tremendous of you We there a to full been part SEFI to folks are so having that like testing and and the some have going can are well have in But we mean in spectrum attended processing. to can space that ours and testing do area. we this get the conferences, do enter required right. SCU I as

So, radiation we from getting data these working all tests. the of actively are on

Luke Gabeni

correct? Gur quick on Kimchi your another Is project? APU is still point. the Yes, adviser that only Excellent.

Didier Lasserre

Is Gur the adviser? only

Lee-Lean Shu

You are asking about who?

Didier Lasserre

It’s your now? only adviser right

Lee-Lean Shu

Yes, He right. technical APU. adviser is only the in

Luke Gabeni

Okay. if thinking. seeking all very curious are forward to any Yes. he – gotten advisers accomplished, I or for interest is further him? other you know or very And have join

Lee-Lean Shu

will definitely it. look technical some come into yes, Yes, greater technical – if adviser we along,

Luke Gabeni

you of Yes. play. with like next have yes, like you you do or how the for, proper that healthy – XX coexistence Excellent. And am for for Photonics. coming X neck basically differentiation applications. see final is there yes, is just all curious you and Okay. And into with intimidate seems are neck It already years, I great the there, years? was competition kind

Didier Lasserre

of sounds I and out, correct? competition are am in little are and anything sorry, Is but seeing. talking it kind you you like that are So, about we

Luke Gabeni

Photonics in specifically Yes, and quantum computing. sort – of into the gateway this

So, specific your wondering how differentiating you all see yourselves coexisting in with that applications? and

Didier Lasserre

Yes.

is the say we that’s are been mean competition there, of anything are certainly it and end external And not having is, our out doing on it what’s un-human the certainly it’s cloud there. what to there in have out. still mean announcements where So, seeing addressed. are bottleneck, doing what it, it But they we coming is is fetching – that. have don’t – and What which back. I addressing that’s this memory. place. are data some And are data they of in that looking And the of day, we access we are is, point at have what’s bringing at recently. are we But advantage processing used place there they issue is we computing, at after the to we and I faster the think I remains the have the

and are So, we writing going not forth, fetching back and data.

sure we technology. that done and to area, – unique portfolio that’s So, anybody our not protect we have seeing certainly we on that work where building in patent make that’s are extensive

Luke Gabeni

it. future. you And appreciate questions. have Yes. for Very my portfolio. patent That’s Excellent. all impressive excited very I strong

Operator

at questions this further no are time. there And

with continue your may or You closing presentation remarks.

Lee-Lean Shu

you. we with first results. report Thank Thank our We when you you forward fiscal quarter again to for XXXX all look speaking joining us.

Operator

your disconnect and lines. And call great that conclude We all does participation your please day, that thank kindly Have today. the ask for conference everyone. for you a you

GSI Technology (GSIT) 8 May 222022 Q4 Earnings call transcript