GSI Technology : 2021 Annual Report and Proxy Statement –

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Fiscal 2021 Annual Report

and Proxy Statement

July 19, 2021

To Our Stockholders:

Fiscal Year 2021 was a year of new opportunities in the face of a global pandemic that impacted all of us, including our employees and customers. Throughout the unforeseen events that occurred during the year, we remained focused on our key objectives of bringing Gemini-I to market and increase awareness of our groundbreaking Associative Processing Unit (“APU”) technology. There were also several positive developments in our legacy SRAM business.

The COVID-19 pandemic broadly impacted our SRAM business during fiscal 2021, but by the fourth quarter we announced improving sales and gross margin. Revenue from our largest customer, Nokia, has been slowly improving in the past two quarters, and we anticipate that business with Nokia will be stable this year. In May, we received our first purchase order for Radiation-Tolerant synchronous SRAMs. These chips will go into demonstration satellites anticipated to launch in late 2021 or early 2022. Ultimately, we hope this opportunity will expand to a satellite constellation. With the launch of the demonstration satellite, our SRAMs will have “heritage” in space, a catalyst for developing the market for these products.

A few victories to highlight for the APU and our software development capabilities include winning the MAFAT Challenge, led by our Lead AI Scientist, Daphna Idelson. This contest was a Radar Spectrogram Classification challenge hosted by the Israeli Ministry of Defense R&D directorate. We faced significant competitors from the top global AI companies, which made this victory even sweeter. Our software team has demonstrated its capability in numerous applications and finding innovative ways to improve the performance of Gemini-I and the Leda board.

I was also pleased with the announcement in April 2021 of our first NASA contract, a Phase 1 contract to develop a real-time Sorting Inference Processing Unit, also known as an IPU, for Earth Observation Missions. The board will feature a Radiation Tolerant Gemini APU, the predominant technology of the IPU for satellite applications. We chose to reference “inference” in the NASA proposal rather than search. This inference designation offers the broadest potential scope for a NASA project. This Phase 1 contract is the first step to getting the Gemini APU into space.

Increasingly, news on semiconductors highlights the “system bottleneck” that limits performance improvements and new solutions to address the problem. This structural bottleneck has become a critical problem facing Big Data as the data sets rapidly increase in size. However, we do not believe that any of these new solutions address the actual problem. We believe that the only way to truly eliminate the bottleneck is with our APU, that removes the bottleneck. The APU computes in a new model with multi-thread, massive parallel data processing, and search in place directly in the memory array. We have received over 50 patents on our APU hardware and software.

Though it has taken longer than we had anticipated, especially with the restrictions caused by the COVID-19 pandemic, we see increased momentum in customer engagements. In 2021, we began Gemini-I demonstrations with large data-centric companies, military and defense contractors, and smaller niche applications.

Responses to Gemini-I have been positive. Several early engagements have advanced to sampling our boards and exploring our software in their specific applications, and using our data center in Sunnyvale, California.

Recently, a third-party validated that Gemini-I significantly accelerates search with the Elastic Stack from Elastic. Elastic’s goal is to enable every organization globally to utilize the power of search across their data to find relevant insights and act instantly. Using k-nearest neighbors algorithm (k-NN) search would be ideal for working with these types of massive databases. The limitations of GPU or CPU cores makes using the compute-intensivek-NN algorithm challenging. Elasticsearch, k-NN, and Gemini acceleration convergence provides less latency, more queries per second, and reduced power consumption. I find this convergence very exciting, and we are engaging with potential customers in the SaaS vector search space who recognize the advantages of APU technology.

As we return to the office, our Sunnyvale data center is being used by alpha and beta customers to run applications on Gemini-I and discover the scope of our software. It’s still early, but we can see that bringing people to our facility and allowing them to work with Gemini will accelerate the learning curve. Now, with the Gemini-I and the Leda board ready for mass production, we have begun our internal qualifications.

Letter Stockholders

We are seeing growing interest, and the number of addressable applications is also growing. The ability for the Sunnyvale data center to provide remote access to the Gemini-I will increase the ability to reach potential customers.

ESG and the growing awareness of sustainability are provoking debate in the media, boardrooms, and public markets. In ever-growing data centers, where AI and Big Data are rapidly increasing power consumption, there is a heightened focus on finding a better solution to reduce power consumption. It is estimated that data center energy usage will double by 2030. Electricity for computation resources will likely continue as the primary source of data center energy consumption.

We have repeatedly demonstrated dramatic reductions in power consumption with the Gemini APU for numerous search applications. The aerospace and defense workshop that we hosted in February 2021 compared Synthetic Aperture Radar, or SAR, image search over a similar area, size, resolution, and time. Looking at an operating power cost over five years, the Gemini APU used 93% less power on average, a significant reduction from the comparable CPU-based solution. Our Leda boards can be installed in a small portable server cabinet instead of a room of server cabinets. Such a small cabinet can be placed directly in an aircraft. Gemini not only delivers low power consumption but lowers the overall system cost, reduces the total cost of ownership, and provides new market use cases such as mobile use.

Another exciting example where Gemini shines is improving upon traditional facial recognition systems, which use a server with a CPU and GPU to search data and send facial vectors to the cloud. From the cloud, the search and the final rating occur in the CPU, which identifies the image. The Gemini APU greatly simplifies this process. Placing the Gemini APU with the CPU or GPU allows search to take place on the Gemini APU, eliminating the need to send data to the cloud and allowing matches to be found more rapidly. With the Gemini APU, fewer CPUs and GPUs are required while reducing latency and using significantly less power.

Our SRAM products continue to be essential for military, defense and telecommunications and networking customers. We have seen increased excitement and interest in Gemini-I’s potential. As GSI Technology’s CEO and largest shareholder, my interests are aligned with other shareholders. Our goal is to build a pipeline for Gemini-I and bring our next-generation Gemini to the market in 2023. I appreciate our shareholders’ continued commitment and support as we execute on achieving our vision for GSI Technology.


Lee-Lean Shu

Chairman, President, and Chief Executive Officer

July 19, 2021

Dear Stockholder:

You are cordially invited to attend the 2021 Annual Meeting of Stockholders of GSI Technology. Inc. to be held at 2:00 p.m. PDT, on Thursday, August 26, 2021. This year, the Annual Meeting will be held virtually via audio webcast. You will be able to attend and participate in the meeting by visiting, where you will be able to listen to the meeting live, submit questions, and vote.

The Notice of Annual Meeting of Stockholders and a Proxy Statement, which describe the formal business to be conducted at the meeting, follow this letter. A copy of GSI Technology’s Annual Report to Stockholders is also enclosed for your information.

After reading the Proxy Statement, please promptly mark, sign, date and return the enclosed proxy card in the accompanying prepaid envelope. Alternatively, you may vote your shares via the Internet or by telephone. Instructions regarding these methods of voting are provided on the proxy card.

Whether or not you plan to attend the annual meeting, we urge you to sign, date and return the enclosed proxy card or vote via the Internet or by telephone at your earliest convenience. We look forward to your online attendance at the annual meeting.

Sincerely yours,

Lee-Lean Shu

President, Chief Executive Officer and Chairman

Statement Proxy



GSI Technology Inc. published this content on 19 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 July 2021 20:55:10 UTC.

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