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of Contents](#TOC)\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n​\n\n**FORM****10-K**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n☒\n\n**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the fiscal year ended****March 31, 2026******\n\n​\n\n**or**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the transition period from            to**\n\n​\n\n**Commission File Number ****001-33387**\n\n​\n\n**GSI Technology, Inc.**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n**Delaware**\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n​\n\n**77-0398779**\n\n(IRS Employer\n\nIdentification No.)\n\n​\n\n**1213 Elko Drive**\n\n**Sunnyvale****,****California********94089**\n\n(Address of principal executive offices, zip code)\n\n​\n\n**(****408****) ****331-8800**\n\n(Registrant’s telephone number, including area code)\n\n​\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n**Title of Each Class**\n\n**Trading Symbol(s)**\n\n**Name of Each Exchange on which Registered**\n\nCommon Stock, $0.001 par value\n\nGSIT\n\nThe Nasdaq Stock Market LLC\n\n​\n\nSecurities registered pursuant to Section 12(g) of the Act: **None**\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐    No ☒\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐    No ☒\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒    No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):\n\nLarge accelerated filer ☐\n\n \n\nAccelerated filer ☐\n\n \n\nNon-accelerated filer ☒\n\n​\n\nSmaller reporting company ☒\n\n​\n\nEmerging growth company ☐\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐    No ☒\n\nThe aggregate market value of the registrant’s voting stock held by non-affiliates of the registrant, based upon the closing sale price of the common stock on September 30, 2025, as reported on the Nasdaq Global Market, was approximately $96.2 million. Shares of the registrant’s common stock held by each officer and director and each person who owns 10% or more of the outstanding common stock of the registrant have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.****As of May 31, 2026, there were 38,246,573 shares of the registrant’s common stock issued and outstanding.\n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\nPortions of the registrant’s definitive proxy statement for its 2026 annual meeting of stockholders are incorporated by reference into Part III hereof.\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**GSI TECHNOLOGY, INC.**\n\n**2026 FORM 10-K ANNUAL REPORT**\n\n**TABLE OF CONTENTS**\n\n​\n\n​\n\n​\n\n[PART I](#PARTI_654293)\n\n**Page**\n\n[Item 1.](#Item1Business_743857)\n\n[Business](#Item1Business_743857)\n\n3\n\n[Item 1A.](#Item1ARiskFactors_494466)\n\n[Risk Factors](#Item1ARiskFactors_494466)\n\n19\n\n[Item 1B.](#Item1BUnresolvedStaffComments_72796)\n\n[Unresolved Staff Comments](#Item1BUnresolvedStaffComments_72796)\n\n40\n\n[Item 1C.](#Item1CCybersecurity_3139)\n\n[Cybersecurity](#Item1CCybersecurity_3139)\n\n40\n\n[Item 2.](#Item2Properties_402335)\n\n[Properties](#Item2Properties_402335)\n\n42\n\n[Item 3.](#Item3LegalProceedings_994375)\n\n[Legal Proceedings](#Item3LegalProceedings_994375)\n\n42\n\n[Item 4.](#Item4MineSafetyDisclosures_501413)\n\n[Mine Safety Disclosures](#Item4MineSafetyDisclosures_501413)\n\n42\n\n​\n\n​\n\n​\n\n[PART II](#PARTII_420010)\n\n​\n\n43\n\n[Item 5.](#Item5MarketforRegistrantsCommonEquityRel)\n\n[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#Item5MarketforRegistrantsCommonEquityRel)\n\n43\n\n[Item 6.](#Item6SelectedFinancialData_227241)\n\n[Reserved](#Item6SelectedFinancialData_227241)\n\n43\n\n[Item 7.](#Item7ManagementsDiscussionandAnalysisofF)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item7ManagementsDiscussionandAnalysisofF)\n\n44\n\n[Item 7A.](#Item7AQuantitativeandQualitativeDisclosu)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#Item7AQuantitativeandQualitativeDisclosu)\n\n52\n\n[Item 8.](#Item8.FinancialStatementsandSupplementar)\n\n[Financial Statements and Supplementary Data](#Item8.FinancialStatementsandSupplementar)\n\n53\n\n[Item 9.](#Item9Changes_574090)\n\n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#Item9Changes_574090)\n\n91\n\n[Item 9A.](#Item9AControlsandProcedures_158066)\n\n[Controls and Procedures](#Item9AControlsandProcedures_158066)\n\n91\n\n[Item 9B.](#Item9BOtherInformation_181237)\n\n[Other Information](#Item9BOtherInformation_181237)\n\n92\n\n[Item 9C.](#Item9CDisclosureRegardingForeignJurisdic)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#Item9CDisclosureRegardingForeignJurisdic)\n\n92\n\n​\n\n​\n\n​\n\n[PART III](#PARTIII_657868)\n\n​\n\n93\n\n[Item 10.](#Item10DirectorsExecutiveOfficersandCorpo)\n\n[Directors, Executive Officers and Corporate Governance](#Item10DirectorsExecutiveOfficersandCorpo)\n\n93\n\n[Item 11.](#Item11ExecutiveCompensation_638658)\n\n[Executive Compensation](#Item11ExecutiveCompensation_638658)\n\n93\n\n[Item 12.](#Item12SecurityOwnershipofCertainBenefici)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#Item12SecurityOwnershipofCertainBenefici)\n\n93\n\n[Item 13.](#Item13CertainRelationshipsandRelatedTran)\n\n[Certain Relationships and Related Transactions, and Director Independence](#Item13CertainRelationshipsandRelatedTran)\n\n93\n\n[Item 14.](#Item14PrincipalAccountantFeesandServices)\n\n[Principal Accountant Fees and Services](#Item14PrincipalAccountantFeesandServices)\n\n93\n\n​\n\n​\n\n​\n\n[PART IV](#PARTIV_706092)\n\n​\n\n94\n\n[Item 15.](#Item15ExhibitsandFinancialStatementSched)\n\n[Exhibits and Financial Statement Schedules](#Item15ExhibitsandFinancialStatementSched)\n\n94\n\n[Item 16.](#Item16Form10KSummary_188717)\n\n[Form 10-K Summary](#Item16Form10KSummary_188717)\n\n97\n\n​\n\n​\n\n[SIGNATURES](#SIGNATURES_630534)\n\n98\n\n​\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\n**Forward-looking Statements**\n\n*In addition to historical information, this Annual Report on Form 10-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements involve substantial risks, uncertainties and potentially inaccurate assumptions. Forward-looking statements are identified by words such as “will,” “may,” “could,” “likely,” “ongoing,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “assume,” “target,” “forecast,” “guidance,” “goal,” “objective,” “aim,” “seek,” “potential,” “hope” and other similar expressions. In addition, any statements which refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, including those set forth in this report under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors,” those described elsewhere in this report, and those described in our other reports filed with the Securities and Exchange Commission (“SEC”). Such factors may include, without limitation: our ability to commercialize our APU (as defined below) roadmap, including Gemini-II and development of Plato; reliance on sales of Very Fast SRAM (as defined below); evolving artificial intelligence regulation in the U.S., EU and other jurisdictions that could increase compliance costs, delay deployment or limit use cases; U.S. export controls and sanctions and dual-use or defense classifications; dependence on U.S. government funding and related risks from appropriations lapses or shutdowns; intense competition from substantially larger and better-resourced AI hardware providers; uncertainty in our addressable market estimates; single-source wafer supply from TSMC and reliance on outsourced assembly and testing; inflationary pressures and fluctuations in wafer, assembly and test costs; long sales and evaluation cycles; talent attraction and retention constraints; cybersecurity, data protection and systems issues affecting us or our partners; international geopolitical, trade and regulatory risks; natural disasters; and liquidity and capital needs. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this report, and we undertake no obligation to update these forward-looking statements after the filing of this report. You are urged to review carefully and consider our various disclosures in this report and in our other reports publicly disclosed or filed with the SEC that attempt to advise you of the risks and factors that may affect our business.*\n\nPART I"}