51 unchanged sentences
Our quarterly and annual revenues, expenses and operating results have varied significantly and are likely to vary in the future.
−Removed: For example, in the nine fiscal quarters ended June 30, 2024, we recorded net revenues of as much as $9.0 million and as little as $4.7 million, and in eight of those quarters, operating losses from $3.2 million to $6.7 million.
+Added: For example, in the ten fiscal quarters ended September 30, 2024, we recorded net revenues of as much as $9.0 million and as little as $4.6 million, and in nine of those quarters, operating losses from $3.2 million to $6.7 million.
We therefore believe that period-to-period comparisons of our operating results are not a good indication of our future performance, and you should not rely on them to predict our future performance or the future performance of our stock price.
22 unchanged sentences
Nokia, our largest customer, purchases our products directly from us and through contract manufacturers and distributors.
−Removed: Purchases by Nokia represented approximately 21%, 21%, 17% and 29% of our net revenues in the three months ended June 30, 2024 and in fiscal 2024, 2023 and 2022, respectively.
+Added: Purchases by Nokia represented approximately 20%, 21%, 17% and 29% of our net revenues in the six months ended September 30, 2024 and in fiscal 2024, 2023 and 2022, respectively.
We expect that our operating results in any given period will continue to depend significantly on orders from our key OEM customers, particularly Nokia, and our future success is dependent to a large degree on the business success of this customer over which we have no control.
8 unchanged sentences
The process of reviewing potential strategic alternatives may be time consuming, distracting and disruptive to our business operations.
−Removed: In addition, given that the exploration of strategic alternatives may eventually result in a potential sale, merger or other strategic transaction, any perceived uncertainty regarding our future operations or employment needs may limit our ability to retain or hire qualified personnel and may contribute to unplanned loss of highly
−Removed: skilled employees through attrition, and result in the loss of customers, suppliers and other key business partners.
+Added: In addition, given that the exploration of strategic alternatives may eventually result in a potential sale, merger or other strategic transaction, any perceived uncertainty regarding our future operations or employment needs may limit our ability to retain or hire qualified personnel and may contribute to unplanned loss of highly skilled employees through attrition, and result in the loss of customers, suppliers and other key business partners.
We may ultimately determine that no transaction is in the best interest of our stockholders.
−Removed: Speculation regarding any developments associated with our review of strategic alternatives and any perceived uncertainties related to the Company or its business could cause the price of our shares to fluctuate significantly.
+Added: Speculation regarding
+Added: any developments associated with our review of strategic alternatives and any perceived uncertainties related to the Company or its business could cause the price of our shares to fluctuate significantly.
While we currently depend upon the sale of our Very Fast SRAMs for most of our revenues, we are in the process of transforming the focus of our business to the sale of in-place associative computing products and services, and if there is a downturn in demand for Very Fast SRAMs or we are unable to achieve our revenue goals for our new in-place associative computing products and services, we may experience cash shortfalls that would harm our business and our future prospects.
17 unchanged sentences
Our quarterly revenues have been flat and trended downward in the past year due to the decline in the global economic environment that has resulted in less demand for our products.
−Removed: We expect that a continued rise in interest rates, continued inflationary pressures, the evolving conflict in the Middle East , continued uncertainties in
−Removed: the business climate caused by the military conflict in Ukraine and related fluctuations in energy prices will adversely impact demand for new and existing products, and to impact the mindset of potential commercial partners to launch new products using GSI’s technology.
+Added: We expect that a continued rise in interest rates, continued inflationary pressures, the evolving conflict in the Middle East , continued uncertainties in the business climate caused by the military conflict in Ukraine and related fluctuations in energy prices will adversely impact demand for new and existing products, and to impact the mindset of potential commercial partners
+Added: to launch new products using GSI’s technology.
The resulting decline in the global economic environment is expected to have an adverse impact on our business and financial condition.
22 unchanged sentences
If the carrying value of a material asset is determined to be impaired, it will be written down to fair value by a charge to operating earnings.
−Removed: As of March 31, 2024 and June 30, 2024, we had a goodwill balance of $8.0 million and intangible assets of $1.6 million and $1.5 million at March 31, 2024 and June 30, 2024, respectively, from the MikaMonu acquisition.
−Removed: change in market conditions, including a sustained decline in our stock price, loss of significant customers, or a weakened demand for our products could be considered to be an impairment triggering event.
−Removed: If such change has the effect of changing one of our critical assumptions or estimates, a change to the estimation of fair value could result in an impairment charge to our goodwill or intangible assets, which would negatively impact our operating results and harm our business.
+Added: As of March 31, 2024 and September 30, 2024, we had a goodwill balance of $8.0 million and intangible assets of $1.6 million and $1.4 million at March 31, 2024 and September 30, 2024, respectively, from the MikaMonu acquisition.
+Added: An adverse change in market conditions, including a sustained decline in our stock price, loss of significant customers, or a weakened demand for our products could be considered to be an impairment triggering event.
+Added: such change has the effect of changing one of our critical assumptions or estimates, a change to the estimation of fair value could result in an impairment charge to our goodwill or intangible assets, which would negatively impact our operating results and harm our business.
In the fiscal year ended March 31, 2023, we identified sustained declines in our stock price that resulted in our market capitalization being below the carrying value of our stockholders’ equity.
1 unchanged sentence
The results of the quantitative goodwill impairment assessments that we performed indicated the fair value of our sole reporting unit exceeded its carrying value as of December 31, 2022, February 28, 2023 and March 31, 2023 .
−Removed: There were no impairment indicators at March 31, 2024 or June 30, 2024.
+Added: There were no impairment indicators at March 31, 2024 or September 30, 2024.
We are dependent on a number of single source suppliers, and if we fail to obtain adequate supplies, our business will be harmed and our prospects for growth will be curtailed.
56 unchanged sentences
A significant percentage of our sales are made to distributors and to contract manufacturers who incorporate our products into end products for OEMs.
−Removed: For example, in the three months ended June 30, 2024 and in fiscal 2024, 2023 and 2022, our largest distributor Avnet Logistics accounted for 36.8%, 50.6%, 48.1% and 38.0%, respectively, of our net revenues.
+Added: For example, in the six months ended September 30, 2024 and in fiscal 2024, 2023 and 2022, our largest distributor Avnet Logistics accounted for 42.9%, 50.6%, 48.1% and 38.0%, respectively, of our net revenues.
Avnet Logistics and our other existing distributors may choose to devote greater resources to marketing and supporting the products of other companies.
33 unchanged sentences
A small number of customers generally account for a significant portion of our accounts receivable in any period, and if any one of them fails to pay us, our financial position and operating results will suffer.
−Removed: At June 30, 2024, four customers accounted for 26%, 22%, 19% and 14% of our accounts receivable, respectively.
+Added: At September 30, 2024, four customers accounted for 28%, 27%, 17% and 13% of our accounts receivable, respectively.
If any of these customers do not pay us, our financial position and operating results will be harmed.
116 unchanged sentences
Proof of concept customers for our SAR imagine processing acceleration system are also based in Israel.
−Removed: We are closely monitoring developments in the evolving military conflict with Hamas that began on October 7, 2023, including potential impacts to our business, customers, employees and operations in Israel.
+Added: We are closely monitoring the evolving military conflict in Israel that began on October 7, 2023, including potential impacts to our business, customers, employees and operations in Israel.
At this time, the impact on GSI Technology is uncertain and subject to change given the volatile nature of the situation, but adverse changes in the military conditions in Israel could harm our business and our stock price could decline.
7 unchanged sentences
Our international business exposes us to additional risks.
−Removed: Products shipped to destinations outside of the United States accounted for 66.5%, 47.3%, 51.4% and 53.5% of our net revenues in the three months ended June 30, 2024 and in fiscal 2024, 2023 and 2022, respectively.
−Removed: Moreover, a substantial portion of our products is manufactured and tested in Taiwan, and the software development for our associative computing products occurs in Israel where there is an evolving military conflict with Hamas.
+Added: Products shipped to destinations outside of the United States accounted for 62.6%, 47.3%, 51.4% and 53.5% of our net revenues in the six months ended September 30, 2024 and in fiscal 2024, 2023 and 2022, respectively.
+Added: Moreover, a substantial portion of our products is manufactured and tested in Taiwan, and the software development for our associative computing products occurs in Israel where there is an growing military conflict.
We intend to continue expanding our international business in the future.
66 unchanged sentences
Our executive officers, directors and entities affiliated with them hold a substantial percentage of our common stock.
−Removed: As of July 29, 2024 , our executive officers, directors and entities affiliated with them beneficially owned approximately 34% of our outstanding common stock.
+Added: As of October 28, 2024 , our executive officers, directors and entities affiliated with them beneficially owned approximately 27% of our outstanding common stock.
As a result, these stockholders will be able to exercise substantial influence over, and may be able to effectively control, matters requiring stockholder approval, including the election of directors and approval of significant corporate transactions, which could have the effect of delaying or preventing a third party from acquiring control over or merging with us.
16 unchanged sentences
Since November 2008, we have repurchased and retired an aggregate of 12,004,779 shares of our common stock at a total cost of $60.7 million, including 3,846,153 shares repurchased at a total cost of $25.0 million pursuant to a modified “Dutch auction” self-tender offer that we completed in August 2014 and additional shares repurchased in the open market pursuant to our stock repurchase program.
−Removed: At June 30, 2024, we had outstanding authorization from our Board of Directors to purchase up to an additional $4.3 million of our common stock from time to time under our repurchase program.
+Added: At September 30, 2024, we had outstanding authorization from our Board of Directors to purchase up to an additional $4.3 million of our common stock from time to time under our repurchase program.
Although our Board has determined that these repurchases are in the best interests of our stockholders, they expose us to certain risks including:
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.