Ladies and gentlemen, thank you for standing by. Welcome to GSI Technology's Fourth Quarter and Fiscal Year 2021 Results Conference Call. 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 Forms 10-Q and 10-K filed with the Securities and Exchange Commission. Many of these risks are currently amplified by and will continue to be amplified by or in the future may be amplified by the COVID-19 global pandemic. Additionally, I have been asked to advise you that this conference call is being recorded today, May 6, 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 Doug 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.

Good afternoon and thank you for joining us today to review our fourth quarter and fiscal year 2021 results. I will cover some highlights from the year and give an update on our APU products, followed by Didier Lasserre with comments on products and the sales breakdown. Afterward, Doug Schirle will review in detail our fourth quarter and full year fiscal 2021 financial results. Fiscal year 2021 brought several unforeseen challenges to our business. We faced a global pandemic and slowing sales from our largest customer. With that said, we stay focused on our key objective of bringing Gemini-I to market and increasing awareness of our groundbreaking technology. We made good progress on both of these fronts. Despite the challenges presented by COVID over the past year, we launched remote cloud-based data centers in Israel and the US for customers to test and demo Gemini-I. The Gemini APU is receiving more media coverage, highlighting its unique advantages and benefits. We have also received third-party validation of Gemini for certain applications, including our Elasticsearch profit, which Didier will discuss in this section. Including the system bottleneck problem facing big data instigating heightened attention, several leading semiconductor companies have recently introduced others. They have positioned a solution to eliminate system bottleneck. The system bottleneck will refer to the Von Neumann bottleneck caused by the separate memory and the CPU in the Von Neumann architecture. The Von Neumann architecture requires a CPU to fetch data for every operation it performs. We don't believe that any of the new solutions address the actual problem. The only way to truly eliminate the bottleneck is to break the Von Neumann model. This is how the Gemini APU does. We remove the limitation of the Von Neumann architecture. With the Gemini APU, we break the Von Neumann model and show a new architecture that puts processing in the memory. Today we are working on numerous applications with our customers and are demonstrating how our revolutionary architecture can reduce latency, reduce power consumption, and offer scalable, traceable solutions. When we look at the trends that favor Gemini and APU architecture, ESG and the growing awareness of sustainability will be significant trends that favor us. ESG and power consumption are increasingly topics on the radar, in the press, in the ballroom, and with investors. Enable growing data centers where AI and big data are rapidly increasing power consumption, that is a heightened focus on finding a better solution to use less power. The Gemini APU has demonstrated a dramatic reduction in power consumption for critical applications in search. One exciting example is from our aerospace and defense workshop which we held in February where we compared synthetic aperture radar (SAR) images search of a similar area size resolution and times. Looking at the operating power costs over five years, the Gemini APU used 93% less power on average and can be installed in a small portable server cabinet. This is a significant reduction from the CPU or GPU-based solution. Additionally, this solution requires much greater hardware investment. Gemini not only delivered low power consumption but also lowers the overall system cost, decreasing the total cost of ownership. Another compelling comparison is the traditional facial recognition system that uses a DLH server with the CPU and GPU to search data. The same feature vector goes to the back-end cloud CPU and memory found. Here the trend model searches and the final rating incurs in the GPU, and the match is identified. With the Gemini APU, this process is simplified. When the Gemini APU is installed along with the CPU or GPU, the search takes place on the Gemini APU, eliminating the need to send data to the cloud and allowing the match to be found more rapidly. This means fewer CPUs and GPUs are required, latency is reduced, and again, less power is used. On previous calls, I have highlighted our software capability. We have finalized Gemini-I with the Leda board for mass production, and we are on track to begin qualification soon. The software team at GSI has demonstrated their capability in numerous applications and is always finding new ways to improve our offerings and capabilities. Our technology will make a difference in how search is found. With last year's search using k-NN search could be ideal for working with very large databases, such as those at bidding scale entries and above. Because k-NN is compute-intensive, it has been a challenge to use Elasticsearch due to the constraints of moving the database within GPU or CPU calls. With the APU, the storage itself becomes the processor. Instead of a massive array of processing cores with cache memory close by, the APU is differentiated by performing the processing in the memory directly. The convergence of Elasticsearch, k-NN, and APU acceleration provides less latency, more queries per second, and reduced power consumption. As this is very exciting, we are engaging with potential customers in the SaaS vector search space who are recognizing the strength of APU technology. Overall, this was a year of surprises, and we lost to the challenge. COVID is still restricting business in many ways, but we are continually advancing our technology and bringing the Gemini APU to the world's attention. Today, GSI has 190 engineers worldwide, and we have received over 100 US patents, with 51 of them for the APU. I’m grateful for all of our employees' commitment to delivering excellence in products, service, and support during these challenging times. Along with my team, we are bringing all revolutionary solutions to our existing customers. The solution is also offering many doors for us with potential new customers, creating excitement about our progress on Gemini-I at GSI. Our SRAM products continue to be essential for military and defense customers as well as telecommunication and networking customers. Doug will comment on our second fiscal quarter outlook in his prepared remarks. Now, I will hand the call over to Didier, who will highlight the sales and marketing progress on the Gemini-I and review our business segment performance. Please go ahead, Didier.

Thank you, Lee-Lean. I want to address two topics in my comments: the third-party validation of the GSI plug-in for Elasticsearch and the recently announced Phase 1 contract with NASA. To provide some context for those unfamiliar with Elasticsearch, it's currently the leading search engine. Its popularity stems from two key factors: first, it's open-source and free software; and second, it organizes documents with searchable references, which allows for efficient searching and retrieval, as well as enabling visualization tools for visual search. Elasticsearch has become the preferred solution for scalable real-time search due to its flexibility and functionality. Recently, a third-party assessed our Elasticsearch plug-in powered by the Gemini APU and found it achieved the fastest vector query speed on a one million item search compared to four other methods. With a response time of 92.6 milliseconds, the Gemini APU was 82% faster than the next-best solution and 94% faster than the slowest option. Additionally, unlike the alternatives, Gemini supports batch queries. These performance results are remarkable, and it's encouraging to have them validated by an independent source. Now regarding the NASA contract, we announced earlier this month that we were awarded, in collaboration with prime contractor Space Micro, a Phase 1 contract to develop a real-time sorting Inference Processing Unit, or IPU board, for earth observation missions. The board will use a radiation-tolerant Gemini APU, which is essential to the IPU for satellite applications. By utilizing inference instead of search, the project has a broader potential, which is reflected in their references to the APU as IPU. This Phase 1 contract marks a significant step towards expanding Gemini's applications in space, as it provides us access to the mission. The primary objective of Phase 1 is to refine the product portfolio and demonstrate hardware usability across various platforms for its potential applications. Typically, Phase 1 lasts six months. We're also excited that the board will incorporate a radiation-tolerant chip. Following portfolio optimization, we plan to transition to Phase 2, during which we expect to receive NRE funds for design and qualification. We anticipate 18 to 24 months for testing and qualification before launching the product. On a related note, I’m happy to share that we received a purchase order for our Rad-Tolerant SRAM product earlier this week. This order is for demonstration satellites scheduled to launch later this year or early next year, ultimately contributing to a satellite constellation. We hope to share more details in upcoming quarters. Now, moving to our sales performance for the fourth quarter of fiscal 2021, sales to Nokia amounted to $2.8 million, representing 36.5% of net revenues, up from $2.4 million or 28.3% of net revenues during the same period last year, and $2.8 million or 42% of net revenues in the prior quarter. Nokia sales have shown steady improvement over the last two quarters, and we expect our business with Nokia to stabilize this year. Military and defense sales constituted 22.5% of our fourth-quarter shipments, down from 30.9% last year and 26% in the previous quarter. SigmaQuad remains our top-performing product category, accounting for 52.9% of fourth-quarter shipments, compared to 44.7% in the same quarter last year and 62% in the preceding third quarter. Now, I’ll hand the call over to Doug. Please proceed, Doug.

Thank you, Didier. For the fiscal year ended March 31, 2021, we reported a net loss of $21.5 million or $0.91 per diluted share, with net revenues of $27.7 million, compared to a net loss of $10.3 million or $0.45 per diluted share, with net revenues of $43.3 million in the fiscal year ended March 31, 2020. Gross margin for fiscal 2021 was 47.7% compared to 58.5% in the prior year. Total operating expenses were $34.5 million in fiscal 2021, a decrease of 4.6% from $36.1 million in fiscal 2020. Research and development expenses were $23.3 million compared to $25.2 million in the prior fiscal year. Selling, general, and administrative expenses were $11.1 million compared to $10.9 million in fiscal 2020. The decrease in research and development expense was primarily due to a charge of $2.7 million during the third quarter of fiscal 2020 for purchased intellectual property that is being incorporated into our next-generation of Gemini chips. Fiscal 2021 operating loss was $21.3 million compared to an operating loss of $10.8 million in the prior year. The increase in operating loss is primarily due to the decrease in revenue and gross profit. Fiscal 2021's net loss included interest and other income of $94,000 and a cash provision of $335,000 compared to $712,000 of interest and other income and a tax provision of $247,000 a year ago. The company reported a net loss of $5 million or $0.21 per diluted share and net revenues of $7.7 million for the fourth quarter of fiscal 2021, compared to a net loss of $3.8 million or $0.16 per diluted share and net revenues of $8.5 million for the fourth quarter of fiscal 2020 and a net loss of $5.2 million or $0.22 per diluted share and net revenues of $6.8 million in the third quarter of fiscal 2021. Gross margin was 50.2% compared to 52.5% in the prior year period and 47.3% in the preceding third quarter. The change in gross margin was primarily due to changes in the mix of products sold and the negative impact of manufacturing overhead and reduced revenues. Total operating expenses in the fourth quarter of fiscal 2021 were $9.1 million compared to $8.4 million in the fourth quarter in fiscal 2020 and $8.3 million in the prior quarter. Research and development expenses were $6.1 million compared to $5.6 million in the prior year period and $5.7 million in the prior quarter. Selling, general, and administrative expenses were $3 million in the quarter ended March 31, 2021, compared to $2.8 million in the prior year quarter and $2.6 million in the previous quarter. Fourth quarter fiscal 2021 operating loss was $5.3 million compared to an operating loss of $3.9 million in the prior year period and an operating loss of $5.2 million from the prior quarter. Fourth quarter fiscal 2021 net loss included interest and other expense of $21,000 and a tax benefit of $304,000 compared to $148,000 in interest and other income and a tax provision of $65,000 for the same period a year ago. In the preceding third quarter, net loss included interest and other income of $25,000 and a tax provision of $90,000. Total fourth quarter pre-tax stock-based compensation expense was $753,000 compared to $644,000 in the comparable quarter a year ago and $693,000 in the prior quarter. At March 31, 2021, we had $54 million in cash, cash equivalents, and short-term investments and $5.8 million in long-term investments, compared to $66.6 million in cash, cash equivalents, and short-term investments and $4.1 million in long-term investments at March 31, 2020. Working capital was $56 million at March 31, 2021, compared to $70.9 million at March 31, 2020, with no debt. Stockholders' equity as of March 31, 2021, was $75.6 million compared to $89.6 million as of the fiscal year ended March 31, 2020. Fourth quarter net revenues and gross margin were within the range of guidance provided in our last earnings release for net revenue in the range of $6.8 million to $7.8 million, with gross margin above the range of approximately 48% to 52%. Our current expectations for the upcoming quarter are net revenues in the range of $8.1 million to $9.1 million, with gross margin of approximately 54% to 56%. Our Board of Directors has authorized us to repurchase, at management's discretion, shares of our common stock. Under the repurchase program, we may repurchase shares from time to time on open market or in private transactions. The timing and amount of the repurchases will be dependent on market conditions, security law limitations, and other factors. The repurchase program may be suspended or terminated at any time without prior notice. To date, we have repurchased a total of 12,004,779 shares, including 3.8 million shares acquired for purchase at a price of $6.50 per share under a modified Dutch auction self-tender offer completed in August 2014. Our repurchases have been at an average cost of $5.06 per share for a total cost of $60.7 million, compared to net proceeds of approximately $30 million in our IPO in March 2007. On March 31, 2021, management was authorized to repurchase additional shares of our common stock with a value of up to $4.3 million under the repurchase program. We have continuously had active programs to repurchase shares, but our repurchase price has been too low to purchase shares. Given the uncertainty in the economy, rising manufacturing prices, and the uncertainty of when Gemini APU and Rad-Hard, Rad-Tolerant products will generate significant revenues, we are in a cash conservation mode. Operator, at this point, we will open the call to Q&A.

Thank you. Our first question will come from Kurt Caramanidis with Carl M. Hennig.

Thank you. Is the NASA win being counted as a Gemini win? I understood that it was primarily for Rad-Tolerant, but now it seems to be related to the Gemini board. Does that mean it serves as a double solution?

Correct. So it is the Gemini solution, but it will be a Rad-Tolerant version of our Gemini chip. I think if you recall, I spent some time, we did some radiation testing on the Gemini. It's been about 1.5 years and the results came back very promising. And so, we certainly took the testing beyond Rad-Tolerant, but short of Rad-Hard. So we feel very comfortable that the solution will work at Rad-Tolerant levels.

Okay. What is your level of confidence in a design win for Gemini, whether it's facial recognition? At one point you were talking about signaling and then some other things. Now, let's say for calendar 2021, is there anything close, warm, hot?

Yes. So as Lee-Lean spoke about in his script, we certainly have a lot of customers we're talking to in different market segments. It's premature to say when some of those might hit. Is there a chance they could hit in calendar 2021? Possibly. Could it get pushed out? Hard to say. Right now, we're still in that design phase, so it's hard to predict when some revenues may occur.

Okay. If you are not able to secure design wins, is there a possibility that you might consider partnering with a licensee, or how do we approach the situation? Should we continue pursuing this until something materializes, or is there a stage where you might decide to bring in additional support for sales, and what are your thoughts on that?

We had a very productive meeting with the customer, and I feel confident about the situation. I'm hopeful we will secure more concrete use cases along with the ones that already show clear results. We are in discussions with customers regarding licensing, and if it makes sense for us, we will definitely consider it. However, in terms of marketing, we are not yet in the demo phase. That said, if there’s a significant opportunity with a major customer, we will certainly pursue it.

Okay. Doug, I apologize, I might have missed that. Did you extend or expand the buyback, or then I heard you say cash conservation, can you restate that? I apologize.

Yes. We still have $4.3 million available to repurchase shares, and we'll be opportunistic with it.

Okay. So that's kind of unchanged?

Yes.

Yes. Okay. Thanks a lot. Wait, I have one more question. Am I still on?

Sure.

The Rad-Hard, have you reached heritage yet? Have you had any launches, or is that still in wait?

So as we've talked about, Rad-Hard is kind of a difficult area for us now because of the shutdowns. As we've recalled, most if not all the Rad-Hard opportunities are some kind of a national asset that require face-to-face meetings, which we're unable to do right now. The Rad-Tolerant, however, as I mentioned, we just got the PO two days ago for a demonstration satellite that's going to ultimately be part of a constellation. That will be Rad-Tolerant, but we're hoping that that happens by the very end of this year or the beginning of next year, and that will give us an elusive heritage that you're talking about.

Okay. Great. Okay. Thanks a lot.

Thanks, Kurt.

At this time, there are no further questions. I'll now turn the conference back over to you.

Thank you all for joining us. We look forward to speaking with you again when we report our first quarter fiscal 2022 results. Thank you.

Thank you. That does conclude today's conference. We do thank you for your participation. Have an excellent day.