Turning to the fourth quarter results. We reported a net loss of $4.3 million, or $0.17 per diluted share on net revenues of $5.2 million for the fourth quarter of fiscal 2024, compared to a net loss of $4 million, or $0.16 per diluted share on net revenues of $5.4 million for the fourth quarter of fiscal 2023, and a net loss of $6.6 million, or $0.26 per diluted share on net revenues of $5.3 million for the third quarter of fiscal 2024. Gross margin was 51.6% in the fourth quarter fiscal 2024, compared to 55.9% in both prior year end and the appreciating third quarter. The decrease in gross margin in the fourth quarter of 2024 was primarily related due to product mix and the effect of lower revenue on the fixed costs and our cost of revenues.
Total operating expenses in the fourth quarter of fiscal 2024 were $7.2 million compared to $6.9 million in the fourth quarter fiscal 2023 and $9.7 million in the prior quarter. Research and development expenses were $4.8 million, compared to $5 million in the prior year period and $7 million in the prior quarter. Selling, general and administrative expenses were $2.4 million in the quarter ended March 31, 2024, compared to $1.9 million in the prior year quarter and $2.7 million in the previous quarter. Fourth quarter fiscal 2024 operating loss was $4.5 million, compared to an operating loss of $3.9 million in the prior year period, and an operating loss of $6.7 million in the prior quarter. Fourth quarter fiscal 2024 net loss included interest and other income of $108,000 and a tax benefit of $85,000, compared to $101,000 in interest and other income and a tax provision of $191,000 for the same period a year ago.
In the preceding third quarter, net loss included interest and other income of $155,000 and a tax provision of $71,000.Total fourth quarter pre-tax stock-based compensation expense was $693,000 compared to $515,000 in the comparable quarter a year ago at $649,000 in the prior quarter. For the fiscal year ended March 31, 2024, we reported a net loss of $20.1 million, or $0.80 per diluted share and net revenues of $21.8 million, compared to a net loss of $16 million, or $0.65 per diluted share, on net revenues of $29.7 million in the fiscal year ended March 31, 2023. Gross margin for fiscal 2024 was 54.3% compared to 59.6% in the prior year. The decrease in gross margin was primarily due to product mix and the effect of lower revenue on the fixed costs and the cost of revenues.
Total operating expenses were $32.3 million in fiscal 2024 compared to $33.5 million in fiscal 2023. Research and development expenses were $21.7 million compared to $23.6 million in the prior fiscal year. Selling, general and administrative expenses were $10.6 million compared to $9.9 million in fiscal 2023. The decline in research and development expenses was primarily due to cost reduction measures announced by the company in November 2022. Total operating loss for fiscal 2024 was $20.4 million compared to operating loss of $15.8 million in the prior year. The fiscal 2024 net loss included interest and other income of $414,000 and a tax provision of $70,000 compared to $202,000 in interest and other income, the tax provision of $372,000 in the prior year.
At March, we had $14.4 million in cash and cash equivalents compared to $30.6 million in cash, cash equivalents and short-term investments at March 31, 2023. Working capital was $19.1 million as of March 31, 2024 versus $34.7 million at March 31, 2023 with no debt. Stockholders’ equity as of March 31, 2024 was $36 million compared to $51.4 million as of the end of the fiscal year ended March 31, 2023. Concluding with the outlook for the first quarter of fiscal 2025, we anticipate net revenues in the range of $4.6 million to $5.2 million with gross margin of approximately 52% to 54%. Operator, at this point, we’d like to open the call to Q&A.
Operator: Thank you, presenters. [Operator Instructions] And presenters, I don’t see any questions at this time. I would now like to turn the call to CEO, Lee-Lean Shu for closing.
Lee-Lean Shu: Thank you all for joining us. Please check out my recent published article in Forbes, The Untold Story of AI’s Huge Carbon Footprint. You can find it on the Forbes website at forbes.com. We look forward to speaking with you again when we report our first quarter fiscal 2025 results. Thank you.
Operator: Thank you so much. Ladies and gentlemen, this concludes today’s conference call. Thank you for listening. You may now disconnect. Have a great day.
