GSI raises $50M, pivots to edge AI, but SRAM customers decline and losses widen

Filed June 5, 2026 · Period ending March 31, 2026 · Compared to 10-K Jun 18, 2025 · ~2 min read

Key Changes

• high

  Completed $50M registered direct offering in October 2025 at $10/share, boosting cash from $13.4M to $67.2M and extending runway for APU development despite widening net loss to $13.2M.

  MD&A: Capital Raise verify on EDGAR →
• high

  Strategic pivot to physical AI at the edge: Gemini-II now targets real-time vision-language models for robotics and defense, abandoning prior database-search and SaaS positioning. Plato roadmap disclosed for sub-20W autonomous applications.

  Business: APU Positioning verify on EDGAR →
• high

  SRAM revenue grew 22% to $25.1M, but top customer KYEC declined from 23% to 14% of revenue, Nokia fell from 12% to 6% (attributed to in-house memory development), and Cadence emerged at 12%.

  Business: Customer Concentration verify on EDGAR →