Everspin: Fiscal 1Q24 Financial Results

Everspin Technologies, Inc. announced preliminary unaudited financial results for the first quarter ended March 31, 2024.

“Our first quarter revenue came in near the high end of our expectations while our GAAP net income came in below our expectations,” said Sanjeev Aggarwal, president and CEO. “We are very pleased with some of our recent wins, most notably with IBM for our PERSYST STT-MRAM solution, which will be used in their FCM4 FlashCore Module, and we are entering into an agreement with a commercial customer to provide foundry services. Looking ahead, we expect our Toggle and STT-MRAM design wins to ramp in the second half of 2024.”

1FQ24 Results

• Total revenue of $14.4 million, compared to $14.8 million in 1FQ23.

• MRAM product sales, which includes both Toggle and STT-MRAM revenue, of $10.9 million, compared to $13.8 million in 1FQ23.

• Licensing, royalty, patent, and other revenue of $3.6 million, compared to $1.1 million in 1FQ23.

• Gross margin of 56.5%, compared to 56.8% in 1FQ23.

• GAAP operating expenses of $8.8 million, compared to $7.7 million in 1FQ23.

• GAAP net loss of $0.2 million, or $(0.01) per diluted share, compared to net income of $0.8 million, or $0.04 per diluted share, in 1FQ23.

• Adjusted EBITDA of $1.9 million, compared to $2.3 million in 1FQ23.

“We are pleased to end the quarter with a strong balance sheet and solid gross margin,” said Anuj Aggarwal, CFO. “We are encouraged by the traction our products have had, as evidenced by our recent design wins, and we remain confident in our ability to scale the business and convert those design wins to revenue.”

Business Outlook
For 2FQ24, the company expects total revenue in a range of $10.0 million to $11.0 million and GAAP net loss per basic share to be between $(0.14) and ($0.09).