A forensic read on Gsi Technology Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
7.2
Distress distance
5
Forensic signals
-24.1%
ROE
22.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Gsi Technology Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 7.2, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-62.3%
FY2026
Return on invested capital.Return on invested capital is -62.3% in the latest fiscal year, against -71.2% in FY2024, having run between -71.2% and -37.6% across FY2024–FY2026 with no direction held. After-tax operating profit was ($16M) in FY2024 and ($14M) in FY2026, with operating income at -93.9% of revenue in FY2024, -52.8% in FY2025 and -69.6% in FY2026. The capital base behind it went from $23M in FY2024 to $22M in FY2026 (-2%), while the revenue it carried went from $22M to $25M.
+12.5%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +27% over the last 2 years to FY2026 (+12.5%/yr). The count is growing — 25.1M shares in FY2024, 31.8M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~12.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~21%.
11% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 11% of revenue in FY2026 — about $0.09 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 12.5% a year across FY2024–FY2026 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
-$46.2M
FY2024–FY2026
Cash burn vs. reported loss.Over FY2024–FY2026, the company reported a cumulative net loss of $44.0M against operating cash flow of -$46.2M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
62d DSO
FY2025→FY2026
Receivables vs revenue.Days sales outstanding moved from 56 to 62 days FY2025→FY2026 (receivables +34% vs revenue +22%). Receivables are creeping up relative to sales. Across FY2024–FY2026 the day count ran 52 → 56 → 62 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 3 consecutive quarters (Mar 2026 +12, Jun 2026 +13, Sep 2026 +32 days). In the latest of them the receivable balance grew +125% against sales -7%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2025's opening balance is on file, but across the 3 fiscal years read here (FY2024–FY2026) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
Key fundamentals
Latest Revenue$25.1M
Revenue Growth YoY+22.4%
Revenue CAGR (2yr)+7.4%
Net Margin-52.7%
Free Cash Flow-$16.4M
Return on Equity-24.1%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Gsi Technology Inc's actual 10-K/10-Q/8-K filings?