GSI 테크놀로지(GSIT) 2027 회계연도 2분기 실적 발표 콘퍼런스 콜: 마진 압박과 플라토 진척 상황

GSI 테크놀로지(NASDAQ: GSIT)가 2027 회계연도 2분기 매출 600만 달러, 순손실 700만 달러를 기록했다고 발표했다. 제조 제약이 출하량과 매출총이익률에 부담으로 작용한 반면, 회사는 제미나이-II(Gemini-II) 상용화, GRINN 소프트웨어 플랫폼 및 차세대 플라토(Plato) APU에 대한 투자를 지속했다.

핵심 요약

• 2027 회계연도 2분기 매출은 600만 달러로 경영진의 가이던스 범위 내에는 부합했으나, 재고 부족과 제조 리드타임 연장으로 일부 출하가 지연되면서 중간값은 소폭 밑돌았다.
• 매출총이익률은 주로 웨이퍼, 외주 조립, 번인(burn-in) 및 테스트 비용 증가로 인해 48.5%로 떨어져 회사 가이던스인 53%~55%를 하회했다.
• GSI는 700만 달러(희석 주당 0.18달러)의 순손실을 기록했다. 영업비용은 플라토 개발 비용과 비경상적 법률 및 전문 용역 수수료를 포함해 1,040만 달러로 증가했다.
• 2027 회계연도 3분기 가이던스로 경영진은 매출 500만~600만 달러, 매출총이익률 약 38%~40%를 제시했다.
• 분기 마감 후 대만 ‘스마트 가디언 아이(Smart Guardian Eye)’ 1단계(Phase I)의 초기 단계 사업이 인수 승인되었다. 제미나이-II 기반의 이 시스템은 약 20대의 카메라를 통해 실시간 AI 영상 모니터링과 사건·사고 보고를 제공하고 있다.
• 플라토는 2027년 3월 테이프아웃(tape-out) 예정이며, 2027년 늦여름 초도 생산 반도체의 초기 샘플링을 목표로 하고 있다. 이 반도체는 10와트 미만의 전력으로 AI 추론을 실행하도록 설계되었다.

주요 재무 데이터

군사 및 방위 부문 고객 비중은 2분기 출하량의 46.7%를 차지해 전 분기의 31.3%, 전년 동기의 28.9%에서 상승했다. 순매출 중 KYEC의 비중은 19.7%로 1분기의 16.1% 대비 늘어난 반면, 이번 분기 케이던스(Cadence)향 출하는 없었다.

사업 및 운영 실적

제미나이-II 및 스마트 가디언 아이

인수 승인된 대만 ‘스마트 가디언 아이’ 1단계 사업의 초기 단계는 약 20대의 카메라를 대상으로 한다. 이 플랫폼은 영상 판독, 이상 상황 감지 및 자연어 처리 기능을 결합해 공공안전 모니터링과 사건·사고 대응을 지원한다.

경영진은 카메라 배치를 약 80대로 확대하고 자동 음성 인식을 추가할 예정인 2단계(Phase II) 추진을 계획하고 있다. 다만 모든 추가 사업은 정부의 경쟁 조달 입찰 절차와 해당 현의 최종 결정에 따라 결정된다.

GSI는 완료된 개념증명(PoC)과 초기 구축 성과를 레퍼런스 애플리케이션으로 삼아 유사한 보안 감시 및 스마트 인프라 사업 기회 전반에 소프트웨어와 엔지니어링을 재활용할 방침이다.

GRINN 소프트웨어 플랫폼

GSI는 자사의 AI 지원 소프트웨어 개발 키트(SDK)를 ‘신경망용 GSI 런타임 인프라’의 약자인 GRINN으로 명명했다. 경영진은 GRINN을 통해 허깅페이스(Hugging Face), 깃허브(GitHub) 등의 플랫폼에 있는 일부 기존 모델을 몇 시간 만에 APU에 맞게 적용할 수 있다고 밝혔다.

과거 약 1인년(person-year)이 소요되던 개발 작업이 이미 1개월 미만으로 단축되었다. 모델과 애플리케이션의 복잡도에 따라 소요 시간은 달라질 수 있으나, 일부 작업은 이제 1주일 이내에 완료할 수 있다.

회사는 2026년 12월 말 이전에 초기 고객을 대상으로 GRINN을 출시하고, 이어 2027년 상반기에 상용 버전을 출시할 예정이다. 경영진은 고객사와 시스템 통합업체(SI)가 GSI의 제한된 내부 엔지니어링 리소스에 의존하지 않고 모델을 개발할 수 있도록 지원하는 데 이 플랫폼이 핵심적인 역할을 할 것으로 보고 있다.

방위 및 우주 프로그램

G2 테크와의 센티넬(Sentinel) 프로그램에 따라 GSI는 초기 단계의 반도체 및 소프트웨어 납품을 완료했다. 젬마-3 12B(Gemma-3 12B) 모델에 대한 실험실 테스트에서 첫 토큰 생성 시간(TTFT)은 약 2.4초를 기록했다. G2 테크가 주도하는 현장 실증은 파트너사 및 참여 방위 기관의 일정에 따라 2027년 상반기에 진행될 수 있다.

또한 GSI는 미 육군 1단계 SBIR 과제 수주에 따라 내구성을 강화한 제미나이-II 기반 엣지 AI 노드를 개발 중이며, 2027년 여름 완료를 목표로 하고 있다.

우주개발국(SDA) 프로그램과 관련해 회사는 표준 제미나이-II 소자에 대한 방사선 테스트를 완료했다. 경영진은 예비 단일사건 래치업(SEL) 결과가 내방사선성을 나타내어 고무적이라고 평가했으나, 총 이온화선량(TID) 결과에 대한 최종 분석은 아직 계류 중이다.

플라토 개발

플라토는 2027년 3월 테이프아웃 예정이며, 2027년 늦여름 초도 생산 반도체의 초기 샘플링을 목표로 하고 있다. 이 APU는 배터리 구동 카메라, 소형 자율 드론, 이동 로봇, 원격 산업용 센서 등의 애플리케이션을 위해 10와트 미만의 전력으로 로컬 AI 추론을 제공하도록 설계되었다.

경영진은 잠재적 전략적 파트너들이 플라토에 관심을 표명했다고 밝혔다. 이러한 파트너십은 하드웨어 및 소프트웨어 개발 리소스와 함께 현재 GSI가 독자적으로 대응하지 못하는 시장에 대한 접근성을 제공할 수 있다. 다만 실적 발표 콘퍼런스콜 당시 체결된 계약은 없었다.

경영진 가이던스

경영진은 제조 비용 압박과 제품 믹스가 3분기 매출총이익률에 계속 부담을 줄 것이라고 말했다. GSI는 신규 주문에 대해서는 즉시, 기존 수주잔고에 대해서는 1월 1일부터 가격을 인상할 계획이다. 회사는 이러한 조치와 재고 수급 개선에 힘입어 2027 회계연도 4분기부터 매출과 매출총이익률이 회복세를 보일 것으로 기대하고 있다.

플라토 관련 외부 설계 비용은 계획된 2027년 3월 테이프아웃까지 지속될 것으로 예상된다. 분기별 현금 사용액은 개발 마일스톤 및 기타 프로그램 활동에 따라 변동될 수 있다.

리스크 요인 및 주시 분야

• 재고 부족과 웨이퍼, 기판, 조립, 번인 및 테스트의 리드타임 연장으로 고객 출하가 지연되고 있다.
• 대형 고객사들이 수주 주문을 충분히 앞서서 꾸준히 발주하지 않아 대량 생산 제품의 불확실성이 커지고 있다.
• 제조 비용 압박은 2027 회계연도 3분기에도 지속되어 38%~40%로 전망되는 매출총이익률의 요인으로 작용할 전망이다.
• 스마트 가디언 아이 2단계 사업은 정부 경쟁 조달 절차와 해당 현의 최종 사업자 선정 결정에 달려 있다.
• 센티넬 현장 실증은 G2 테크 및 참여 방위 기관의 일정에 좌우되며, 향후 자금 지원과 주문은 후속 프로그램 결정이 필요하다.
• 초기 플라토 실리콘에는 소프트웨어 우회 조치가 필요할 수 있으며, 경영진은 상용 생산 전에 추가적인 반도체 개정(리비전)이 필요할지 여부는 여전히 불확실하다고 밝혔다.

애널리스트 Q&A 주요 내용

경영진은 공급 제약의 원인으로 기판 및 조립 리드타임 연장과 대형 고객사의 사전 주문 부족이 복합적으로 작용한 점을 꼽았다. 소규모 고객사들은 대체로 수주 주문을 넣었으나, 물량이 많은 제품군일수록 불확실성에 더 크게 노출되어 있다.

전략적 파트너십과 관련해 경영진은 현재 GSI가 단독으로 진입할 수 없는 시장에 진출하기 위한 협의가 진행 중이라고 밝혔다. 파트너사는 하드웨어 시스템과 소프트웨어 개발 지원을 모두 제공할 수 있다. 회사는 2026년 말이나 2027년 초에 계약이 도출될 가능성이 있다고 언급했으나, 아직 체결된 계약은 없다고 강조했다.

경영진은 고객사와 시스템 통합업체가 GSI 내부 팀에 의존하지 않고 자체 알고리즘과 모델을 개발할 수 있게 되므로 GRINN이 제미나이-II의 상용화 확대에 필수적이라고 설명했다.

플라토의 경우 배터리 구동 기기, 산업용 PC, 엔터프라이즈 서버 및 데이터센터 전반에서 관심을 보이고 있다고 전했다. GSI는 독자적으로 애플리케이션을 개발할 리소스가 부족한 대규모 시장을 겨냥해 파트너를 모색하고 있다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good day, and welcome to GSI Technology's Second Quarter Fiscal Year 2027 Results Conference Call. [Operator Instructions]

Before we begin today's call, GSI Technology 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, November 5, 2026, at the request of GSI Technology. Lee-Lean Shu, the company's Chairman, President and Chief Executive Officer, will be hosting the call today.

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

Thank you, operator, and thank you all for joining us today. In the second quarter of fiscal 2027, we made progress on our projects and plan to bring our APU technology to market. We recently announced that the initial stage of our Smart Guardian Eye Phase I project in Taiwan was accepted. The system is now providing live AI video monitoring and incident reporting, confirming Gemini-II can perform in real-world applications. We plan to leverage these projects into repeatable business and revenue.

In addition to securing design wins for Gemini-II, we are advancing 2 important initiatives to grow our APU business: our AI-assisted software development kit, or SDK, and the Plato, our next-generation APU. Our team continues to test and improve our AI-assisted SDK, and I will update you on that progress.

Plato, our next-generation APU, remains on schedule for tape-out in March 2027. We expect to have the first-spin chips ready for initial sampling by late summer of calendar 2027. Plato is designed to run AI inference at less than 10 watts of power. We believe its low-power capability will open new market opportunities for GSI. We are also seeing interest from potential strategic partners who could help us to expand our capabilities to enter new markets.

For the remainder of fiscal 2027, we have 3 main goals. We plan to pursue Phase II of the Smart Guardian Eye project, finalize our AI-assisted SDK for commercial release in the first half of calendar 2027, and complete Plato's tape-out by seeking strategic partners as we prepare to bring it to market.

Didier will now provide more detail on our business and technology progress, followed by Doug, who will review our financial results and outlook. Afterwards, we will be happy to answer your questions. Didier over to you.

Didier Lasserre

Thank you, Lee-Lean. As we discussed on our last call, our Gemini-II commercialization strategy is to focus our resources on a small number of proof of concepts and early deployment programs. Our goal is to turn these projects into reference applications and apply the software and engineering work to similar opportunities. This approach will allow us to pursue new applications more efficiently without significantly expanding our internal engineering resources.

I'll begin with Smart Guardian Eye in Hsinchu County, Taiwan, where shortly after the quarter end in early October, we achieved our first most visible commercial milestone to date. As Lee-Lean mentioned, the county accepted the initial stage of Phase I, and the system is now providing live AI video monitoring and incident reporting.

As a reminder, the Phase I program covers approximately 20 cameras and demonstrates that Gemini-II can support real-world applications where timely detection and response are crucial to public safety.

Our next opportunity in this project will be Phase II, which is expected to expand the deployment to approximately 80 cameras and introduce automatic speech recognition. We are preparing to submit a proposal once the government issues its quote request. Any additional work we receive on this project will depend on the competitive procurement process and the county's final decision.

The Smart Guardian Eye platform combines image interpretation, event detection, and natural language capabilities that identify relevant activity and help operators respond more rapidly. We are pursuing opportunities to apply these capabilities to other surveillance and smart infrastructure applications, leveraging the software and integration work developed for this project.

This is the model we intend to use: develop a solution for a specific application, demonstrate its performance in the field, and reuse the technology across future deployments.

Let me switch gears now to talk about the AI-assisted SDK that we are now calling GRINN. GRINN. GRINN which stands for GSI Runtime Infrastructure for Neural Networks, is expected to play an important role in our Gemini-II commercialization strategy.

Our software engineers are now using GRINN for model and algorithm development. They can take existing models from open source platforms such as Hugging Face and GitHub and adapt them to run on the APU within hours. GRINN is designed to support a broad range of neural networks, significantly reducing engineering efforts previously required to bring models onto our architecture.

On our last call, we reported that GRINN had reduced development work previously requiring approximately 1 man-year to less than a month. Since then, we have made further improvements, with some development tasks now completed in less than a week. While development times vary depending on the complexity of the model application, these improvements demonstrate GRINN's growing capabilities.

Beyond reducing development time, GRINN has developed an ability to understand the APU architecture and apply that knowledge to optimize how AI models are implemented on our chip. We believe that this hardware-aware approach is an important differentiator from conventional software development tools.

By simplifying model adaptation and reducing engineering effort, GRINN should make it easier and faster for customers and system integrators to evaluate Gemini-II, while allowing GSI to support more simultaneous evaluations. Our development team is incorporating feedback from internal users to further refine GRINN's performance. We expect to release it to initial customers before the end of December 2026, followed by a commercial release in the first half of calendar '27.

Turning to our Sentinel program with G2 Tech. We have completed our chip and software deliverables for the early phase of the project. Laboratory testing demonstrated a fast first to -- I'm sorry, time to first token of approximately 2.4 seconds for the Gemma-3 12B model, meeting the low latency and power efficiency requirements of this drone and perimeter security applications.

The next step is a field demonstration under G2 Tech's leadership. The timing depends on our partner and the participating defense agencies. We currently anticipate that this demonstration could take place in the first half of calendar 2027. A successful demonstration would represent another important validation of Gemini-II, along further funding and commercial orders will depend on subsequent program decisions.

We also continue to advance our government-funded Small Business Innovation Research, or SBIR programs. Under the U.S. Army Phase I SBIR award, we are developing a ruggedized Gemini-II-based Edge AI node designed for demanding military environments. This program is valuable because government funding supports the development of the hardware and software that could potentially be adapted by us for other defense applications.

It also allows us to demonstrate the APU's capabilities and systems that operate reliably under difficult field conditions. We expect this project to be completed in summer 2027. In our work with the Space Development Agency, we completed radiation testing on a standard off-the-shelf Gemini-II device. We received and reviewed the single event latch-up test results and are awaiting the final interpretation of the total ionizing dose results.

The preliminary findings based on the single event latch-up test results are very encouraging and indicate that Gemini-II is radiation tolerant. This implies that an off-the-shelf Gemini-II chip can be suitable for certain space and harsh environment applications. We look forward to sharing the information once the final reports are available.

As Lee mentioned, Plato remains on schedule for tape-out in March 2027. We are targeting our first-spin chips for initial sampling by late summer of calendar '27. Plato is designed to deliver AI inference at less than 10 watts, making it suitable for AI processing that takes place locally with limited power, cooling, or access to electricity.

Examples would include battery-powered cameras, small autonomous drones, mobile robots, and remote industrial sensors. To put that into perspective, Plato utilizes about the same amount of power as an LED bulb in a desk lamp. We believe this combination of low power consumption and fast response times would open up a large market for GSI in autonomous systems, robotics, intelligent cameras, and other edge AI applications.

As we experienced with Gemini-II, initial silicon may be suitable for evaluation with software workarounds while additional testing and refinement continue. However, it remains to be seen whether a subsequent chip revision will be necessary before commercial production.

Plato's preliminary performance and power efficiency targets are also attracting interest from potential strategic partners. Partnerships are an important part of our commercialization strategy for Plato. They could provide the resources, software expertise, and market access to pursue new opportunities that we cannot address independently today.

In summary, our recent progress provides further evidence that Gemini-II can perform in real-world customer applications. Going forward, our focus remains on completing existing programs, turning successful projects into additional commercial opportunities, and delivering GRINN to support a broader ecosystem for customers and system integrators. At the same time, we are keeping Plato's development program on schedule and pursuing strategic partners to support its commercialization.

With that, I'll turn it over to Doug. Doug, go ahead, please.

Douglas Schirle

Thank you, Didier. In my comments, I will provide additional context around the second quarter financial results included in the earnings release we issued today after the market close. Revenue for the second quarter of fiscal 2027 was $6 million, within our guidance range but slightly below the midpoint.

During the quarter, some inventory levels were insufficient to fulfill certain customer orders, and extended manufacturing lead times made it more difficult to replenish inventory. As a result, some customer shipments have been delayed, which is also affecting our revenue outlook for the third quarter.

Overall, our SRAM revenue has remained relatively stable over the past 6 quarters, although customer ordering patterns have become more variable in this fiscal year. As we have discussed previously, these fluctuations in customer order patterns can affect quarterly revenue and gross margin.

For example, we had no shipments to Cadence during the second quarter, while sales to KYEC represented 19.7% of net revenues compared to 16.1% in the preceding quarter. Despite the variability in quarterly orders, we continue to anticipate shipments to our customers supporting AI chip design and semiconductor manufacturing.

Shipments to military and defense customers accounted for 46.7% of total shipments in the second quarter, compared with 28.9% in the year-ago quarter and 31.3% in the preceding quarter. This proportion is consistent with historical levels before the recent increase in sales to customers supporting AI chip design and semiconductor manufacturing.

Second quarter gross margin was 48.5%, below our guidance range of 53% to 55%, primarily reflecting higher manufacturing costs related to constraints affecting wafers and outsourced assembly, burn-in, and testing. These cost pressures are continuing into the third quarter. Together with the anticipated product mix, they are affecting our gross margin outlook.

As stated in today's earnings release, we currently anticipate third quarter fiscal 2027 revenue of $5 million to $6 million with gross margin of approximately 38% to 40%. To address higher manufacturing costs, we plan to implement customer price increases immediately on new orders and effective January 1 on existing backlog. We're also working with our manufacturing partners to improve inventory availability, while the replenishment will take time given current manufacturing lead times. We anticipate that these measures will support a recovery in revenue and gross margin beginning in the fourth quarter of fiscal 2027.

Turning to operating expenses. Total operating expenses increased to $10.4 million compared with $6.7 million in the year-ago quarter and $8.8 million in the preceding quarter. Two factors contributed to this increase. The year-over-year increase in R&D this quarter was primarily driven by external design services related to Plato.

As I've stated on our prior earnings calls, we expect these development costs to continue through the planned tape-out in March 2027. The increase in R&D expenses was partially offset by higher government funding under our SBIR programs. These offsets totaled $556,000 during the quarter compared with $279,000 a year ago and $336,000 in the preceding quarter.

As a reminder, SBIR funding offsets certain development expenses and varies quarterly based on project milestones and the timing of reimbursements. Our software development costs can also be affected by fluctuations in the Israeli shekel relative to the U.S. dollar.

The second factor affecting operating expenses this quarter was an increase in selling, general and administrative expense, primarily related to approximately $2 million of non-routine legal and professional fees associated with an internal assessment of certain vendor matters within our foreign operations. These fees were partially offset by a $600,000 gain from assets received in the vendor settlement, resulting in a net impact of approximately $1.4 million. The internal assessment was concluded during the quarter, and we do not expect significant additional expenses related to these matters.

Further information is included in our earnings release and SEC filings. Operating loss for the second quarter was $7.4 million compared to $5.4 million in the preceding quarter. Our net loss was $7 million, or $0.18 per diluted share.

Turning to the balance sheet, our cash and our cash flow. We ended the quarter with $69.2 million in cash and cash equivalents compared with $77 million at June 30, 2026. Net cash used in operating activities was approximately $8 million during the quarter, reflecting spending on Plato development, Gemini-II commercialization, and the internal assessment discussed earlier. You can find the detail of the cash flow in today's earnings release.

Our operating cash usage this quarter exceeded our previously discussed expectation of approximately $4.0 million per quarter, primarily for the reasons I just reviewed. Despite the higher cash usage this quarter and based on our current operating plan, we continue to anticipate quarterly cash usage of approximately $4 million, or $16 million annually, as we complete Gemini-II software development and advance Plato toward tape-out. Actual cash usage may vary depending on the timing of development milestones and other program activities.

We ended the quarter with no debt and a cash balance of $69.2 million, above the $67.2 million we reported as of the end of fiscal 2026. Our debt-free balance sheet provides the financial resources to continue our planned investments in Gemini-II commercialization, including software development and ongoing development of Plato, while maintaining a disciplined approach to capital allocation. This concludes our prepared remarks.

Operator, at this point, please open the call to Q&A.

Operator

[Operator Instructions] Our first question will come from David Williams of Needham.

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David Williams

I guess maybe first, maybe around the constraints that you mentioned and maybe some of the order patterns. And if you can maybe give us a little more color around where you're seeing the constraints and the magnitude of those and where you think you might have an opportunity to overcome some of that in the next couple of quarters?

Douglas Schirle

Well, we have issues with customers, particularly the larger customers, that as much as we tell them that they need to place backlog given the manufacturing constraints that we're seeing and lead times we're seeing, that hasn't happened yet. A lot of our smaller customers have placed backlog, and that's probably okay. But the real issue has been with the larger customers with the higher volume products.

Didier Lasserre

Yes. And that also is coupled with the extension on the lead times, substrate lead times, assembly lead times have all gone out as well. So it's between those 2, it's affected -- that's the constraint.

David Williams

Okay. Great. And then maybe, Didier, I think you had mentioned the strategic partners in your script. And just wonder if you can elaborate a bit more on those strategic partners, what that could look like and maybe when you expect to be able to announce something more solid there.

Didier Lasserre

That's a good question. We can't discuss anything yet because nothing is signed at this point. We are having discussions and as we discussed, it would be to bring us into a market or markets that we are currently not addressing ourselves.

And so it's certainly interesting for us for that to have somebody else do the development, both on the hardware system side along with the software to support those. And so we've been negotiating for some time now. There might be something by the end of this year or into early next year.

David Williams

Okay. Great. And then maybe just any color on the SDK, like the GRINN, I believe, is what you've named that. But maybe just talk about that expectation. Obviously, it's doing better today. You said 1 week versus a month in terms of how quickly that's accelerating. But it seems like that platform opens a lot of opportunities and really gets you close to that commercialization. And one, I guess, is that fair? And then what maybe are you most encouraged by from -- that you've seen from GRINN so far?

Didier Lasserre

Yes, absolutely. We need the software tools. Up until now, we've been completely reliant on our Israeli team for all of the models and algorithm development. And as you guys know, it's -- we have limited resources within the company. And so in that respect, it limits what we can do. And so what we're doing now, and we kind of discussed this, is to try and different POCs.

We've done a drone. We're in a smart city. We're looking at other POCs. And that shows that we're viable for a certain market. But then in order to attract customers and integrators to really address all the customers within those markets, they're going to need the tools.

And so with GRINN, it's going to allow them to develop their own algorithms and models without us helping them. And because, again, we just can't scale that way the way we're doing it now. So GRINN is going to be critical for us to be able to build the ecosystem for all the customers along the markets.

David Williams

Great. Fantastic. And then maybe just lastly, you talked a little bit about seeing some interest in Plato. Can you talk a little bit about the different platforms and where you're seeing the interest between Gemini and Plato and maybe just the size of the magnitude of that interest today? And that's all for me.

Lee-Lean Shu

Yes. We -- we are seeing all kind of use cases for Plato from the battery operator, operation to industrial PC to enterprise server, even to the data center. So we can almost see the whole spectrum of the AI application with Plato. That's why we are talking about we are talking to strategic partners to take part in some of those larger markets because we don't have that much resource to go into each market to develop the application for that, yes. So pretty much that's what we are seeing right now.

Operator

[Operator Instructions] This concludes our question-and-answer session. I'd like to turn the call over to Lee-Lean Shu for any closing remarks.

Lee-Lean Shu

Our goals for the coming quarter -- upcoming quarter are straightforward: execute on the customer programs now underway, continue advancing GRINN development, and deliver the next milestones in the road map while pursuing the strategic partnership that can support its commercialization. We appreciate the continued support of our shareholders and look forward to reporting on our progress.

One final note, I'd like to remind listeners that Didier will attend the Roth Technology Conference on November 18. Please contact your ROTH representative to book a meeting. We are also participating in the annual Needham Growth Conference in January 2027, and we encourage you to reach out to your Needham representative to book one-on-one meetings. Thank you again for joining us today and for your continued interest in GSI Technology.

Operator

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.