GSI TECHNOLOGY INC Leases Disclosure
NOTE 8—LEASES
The Company has operating leases for corporate offices, and research and development facilities. The Company’s leases have remaining lease terms of 5 months to 98 months, some of which include options to extend for up to 10 years.
On June 6, 2024, the Company completed a sale and leaseback transaction pursuant to a previously executed purchase and sale agreement (the “Agreement”) with an unrelated party, as purchaser, for the sale of the Company’s 1213 Elko Drive property in Sunnyvale, California (the “Sunnyvale Property”) for a purchase price, net of closing and other expenses payable by the Company, of $11.3 million in cash. Concurrent with the sale, the Company entered into a lease agreement (the “Lease”) to lease all of the Sunnyvale Property that it occupied from the purchaser for an initial term of ten years from the closing of the sale of the Sunnyvale Property. The Company has the option to renew the term of the Lease for two additional five-year periods. Pursuant to the Lease, the Company is responsible for base rent initially at a rate of approximately $90,768 per month and the monthly operational expenses, such as maintenance, insurance, property taxes and utilities. The rental rate will increase three percent (3%) per year beginning on the first anniversary of the closing. The transaction was accounted for as a sale and leaseback and operating lease accounting classification. The Company recorded a gain of $5.7 million which was recorded in the gain from sale of assets in the Consolidated Statements of Operations in the quarter ended June 30, 2024.
Supplemental balance sheet information related to leases was as follows:
As of | As of | |||||
March 31, 2026 | | March 31, 2025 | ||||
(In thousands) | ||||||
Operating Leases | ||||||
Operating lease right-of-use assets | $ | 8,264 | $ | 9,547 | ||
Lease liabilities-current | $ | 1,488 | $ | 1,642 | ||
Lease liabilities-non-current | 6,978 | 8,001 | ||||
Total operating lease liabilities | $ | 8,466 | $ | 9,643 | ||
The following table provides the details of lease costs:
Year Ended March 31, | ||||||
2026 | | 2025 | ||||
(In thousands) | ||||||
Operating lease cost | $ | 1,873 | $ | 1,607 | ||
Short-term lease cost | 28 | 33 | ||||
$ | 1,901 | $ | 1,640 | |||
The following table provides other information related to leases:
Year Ended March 31, | ||||||
2026 | | 2025 | ||||
(In thousands) | ||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||
Operating cash flows from operating leases | $ | 1,745 | $ | 1,471 | ||
Right-of-use assets obtained in exchange for lease obligations | ||||||
Operating leases | $ | — | $ | 9,092 | ||
Weighted-average remaining lease term (years): | ||||||
Operating leases | 7.84 | 8.58 | ||||
Weighted-average discount rate: | ||||||
Operating leases | 6.32% | 6.24% | ||||
The following table provides the maturities of the Company’s operating lease liabilities as of March 31, 2026:
Operating Lease | |||
Liabilities | |||
Fiscal Year | (In thousands) | ||
2027 | $ | 1,528 | |
2028 | 1,192 | ||
2029 | 1,220 | ||
2030 | 1,257 | ||
2031 | 1,294 | ||
Thereafter | 4,358 | ||
Total undiscounted future cash flows | 10,849 | ||
Less: Imputed interest | (2,383) | ||
Present value of undiscounted future cash flows | $ | 8,466 | |
Presentation on statement of financial position | |||
Current | $ | 1,488 | |
Non-current | $ | 6,978 | |
Want the next GSI TECHNOLOGY INC leases disclosure the moment it drops?
Set a Sentinel and we'll alert you the moment GSI TECHNOLOGY INC's next filing hits EDGAR. No credit card, your email never gets sold.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Jun 5, 2026 | Showing above |
| 2025 | Jun 18, 2025 | |
| 2024 | Jun 13, 2024 | |
| 2023 | Jun 28, 2023 | |
| 2022 | Jun 29, 2022 | |
| 2021 | Jun 4, 2021 | |
| 2020 | Jun 5, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.