GSI Technology delivered a solid start to fiscal 2026 with a quarterly net revenue of $6.283 million, up 35% year over year and 7% sequentially, driven by robust demand for SRAM products in AI-related markets. The gross margin expanded to 58.11% (up 200 basis points sequentially; up more than 1,100 basis points year over year), reflecting favorable product mix and the leverage of higher revenue on fixed costs. While operating and net income remained negative (net loss of $2.218 million, or $0.08 per diluted share), the company achieved meaningful cost controls with R&D and SG&A spending declines contrasted with stronger top-line performance. The balance sheet remains solid with a cash balance of $22.7 million, and the company accessed $11 million in net proceeds from ATM financing, contributing to a healthy cash position and liquidity to fund Gemini-II development and software expansion. Management emphasized progress on Gemini-II, including the resolution of the Gemini-II spin, production readiness, and deployment of the Leda-2 board for defense-related proofs-of-concept, underscoring a clear path to edge AI and satellite market opportunities. Near-term uncertainties center on supply-chain lead times (notably Taiwan back-end capacity) which have caused backlog delays, alongside a revenue mix that remains concentrated among a few customers. The company provided Q2 2026 net revenue guidance of $5.9–$6.7 million and a gross margin target of 56–58%, signaling disciplined execution while navigating macro and supply-chain headwinds.