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GSI Technology, Inc. (GSIT) CEO Lee-Lean Shu on Q1 2022 Results - Earnings Call Transcript

Aug. 01, 2021 6:17 AM ETGSI Technology, Inc. (GSIT)
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GSI Technology, Inc. (NASDAQ:GSIT) Q1 2022 Earnings Conference Call July 29, 2021 4:30 AM ET

Company Participants

Lee-Lean Shu - Chairman, President & Chief Executive Officer

Didier Lasserre - Vice President of Sales

Douglas Schirle - Chief Financial Officer

Conference Call Participants

Jeff Bernstein - Cowen


Good day ladies and gentlemen and thank you for standing by. Welcome to GSI Technology's First Quarter Fiscal 2022 Results Conference Call. [Operator Instructions] Before we begin today's call the company has requested that I read the following safe harbor statement. The matters discussed in this 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 conference call is being recorded today July 29, 2021 at the request of GSI technology.

Hosting the call today is; Lee-Lean Shu, the company's Chairman President and Chief Executive Officer. With him are, Douglas Schirle, Chief Financial Officer; and Didier Lasserre, Vice President of Sales. I would now like to turn the conference over to Mr. Shu. Please go ahead, sir.

Lee-Lean Shu

Good afternoon everyone and thank you for joining us to review our first quarter 2022 financial results. First quarter revenue improved year-over-year and sequentially due to a higher sales to Nokia our largest customer. There was increased demand for all SigmaQuad products which improved gross margin and narrowed our operating loss.

We ended the quarter with over $55 million of liquid assets more than sufficient funds to achieve our goals of building successful business for new products. The net revenues from our legacy SRAM business

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