Everspin Fireside Chat Summary Company Overview - **Company Name**: Everspin Technologies - **Ticker Symbol**: MRAM - **Industry**: Semiconductor Manufacturing, specifically focusing on magnetic-based memory solutions [1][4] Core Points and Arguments - **Technology and Product Offerings**: - Everspin specializes in MRAM (Magnetoresistive Random Access Memory), which offers faster read and write speeds compared to traditional NOR flash memory, with read/write times in nanoseconds versus microseconds [6][7] - The company has shipped over 200 million units since its inception in 2008, serving over 2,000 customers globally [5] - Product categories include: - **Persist**: Performance memories for systems, suitable for extreme temperatures [12][13] - **UNESYS**: Unified data and code for systems, enhancing FPGA configurations [14] - **Agilus**: Agile memories targeting future applications like AI [12][13] - **Market Applications**: - Key applications include industrial automation, automotive (battery management systems), casino gaming, and aerospace/defense [9][25][26] - Everspin's MRAM is positioned as a solution for mission-critical applications, particularly in environments where data integrity is essential [18][52] - **Business Model**: - Revenue streams include product sales, licensing and royalty agreements, and government contracts [17][20] - The company has a diversified customer base, including major corporations like Siemens, IBM, and Schneider [23][54] Growth Opportunities - Everspin anticipates growth in sectors where traditional NOR flash memory is limited, particularly in high-density applications [26][52] - The total addressable market (TAM) for Everspin's products is projected to be approximately $4.3 billion by 2029 [52] - The company is focusing on expanding its product offerings to include higher density MRAM solutions, targeting densities from 256 megabits to 2 gigabits [28][52] Competitive Landscape - Everspin's primary competitor is NetSol, which offers a limited range of MRAM products [30][31] - Everspin differentiates itself with a broader product range and a focus on various applications, including aerospace and defense [32] Market Trends - The memory industry is shifting away from NOR flash due to scaling limitations, creating opportunities for MRAM [33] - The low earth orbital (LEO) market is emerging, with a projected increase in satellite deployments, where Everspin's radiation-tolerant MRAM can be advantageous [34] - The rise of AI applications in data centers presents further opportunities for MRAM, as it can replace traditional SRAM and NOR flash with faster, non-volatile memory solutions [36][38] Financial Performance - Everspin reported a solid financial quarter, exceeding guidance with revenues of $13.2 million and a non-GAAP EPS of $0.03 [45][46] - The company is seeing a recovery in order growth after a period of inventory overbuild [46][47] Strategic Vision - The CEO envisions MRAM as the future of memory technology, emphasizing its versatility and reliability across various applications [55][56] - Everspin aims to reduce power consumption and improve efficiency in memory solutions, particularly in the context of increasing demands from AI applications [56][57]

Everspin (MRAM) Q2 2025 Earnings Call August 06, 2025 05:00 PM ET Speaker0Good afternoon, and welcome to Everspin Technologies Second Quarter twenty twenty five Financial Results Conference Call. At this time, all participants are in a listen only mode. At the conclusion of management's prepared remarks, instructions will be provided for the question and answer session. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Monica Gold, Investor Relations for ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37900 Everspin Technologies, Inc. (Exact name of Registrant as specified in its Charter) Delaware 26-2640654 (S ...

Exhibit 99.1 Everspin Reports Unaudited Second Quarter 2025 Financial Results Chandler, AZ, August 6, 2025 — Everspin Technologies, Inc. (NASDAQ: MRAM), the world's leading developer and manufacturer of magnetoresistive random access memory (MRAM) persistent memory solutions, today announced preliminary unaudited financial results for the second quarter ended June 30, 2025. "Our consistent financial performance reflects the strength of our product portfolio and ramping design wins," said Sanjeev Aggarwal, P ...

Company Overview & Technology - Everspin is a leading provider of MRAM technology and products for mission-critical applications[6] - The company has shipped over 150 million MRAM units[7] - MRAM combines the performance of memory with the persistence of storage[19] - MRAM is suitable for harsh environments due to its radiation and temperature resistance[37] Market Opportunity & Products - The total addressable market (TAM) for MRAM is projected to exceed $4.3 billion by 2029[10] - In 2024, PERSYST products serve a market of $1.1 billion[21] - UNISYST products address NOR Flash and Embedded Compute markets[22] - Everspin offers a range of MRAM products including Toggle-MRAM, STT-xSPI, and STT-DDRx[15] Financial Performance - In FY24, Everspin's revenue was $56.5 million[59] - Everspin's gross margin in FY24 was 51.8%[59] - Everspin's free cash flow in FY24 was $4.0 million[59]

Financial Data and Key Metrics Changes - The company reported first quarter revenue of $13.1 million, exceeding the guidance range of $12 million to $13 million, driven by stronger than expected product revenue [5][14] - Non-GAAP EPS for the first quarter was $0.02, above the guidance range of a non-GAAP net loss of $0.05 to breakeven [16] - GAAP gross margin was 51.4%, slightly up from 51.3% in the previous quarter but down from 56.5% in Q1 2024 [15] - Non-GAAP net income was $400,000, compared to $1.5 million in Q1 2024 [16] Business Line Data and Key Metrics Changes - MRAM product sales in Q1 were $11 million, consistent with Q4 2024 and slightly up from $10.9 million in Q1 2024 [14][15] - Licensing, royalty, patent, and other revenue decreased to $2.1 million from $3.6 million in Q1 2024, attributed to lower revenue from the Front Grade project [15] Market Data and Key Metrics Changes - The company continues to see strong engagement in the automotive sector, with MRAM technology being utilized by five companies for data capture [6] - The company attended Embedded World in Germany, marking its largest presence since 2017, indicating strong interest in its products [10] Company Strategy and Development Direction - The company is focused on scaling its business and converting design wins into revenue, with expectations for a stronger second half of 2025 due to typical seasonality [18][19] - New products announced include the Persist EM064LX HR and EM128LX HR, designed for automotive applications, with engineering samples available in June 2025 [11] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 to be weighted more heavily towards the second half, reflecting typical seasonality and no significant impact from tariffs [14][18] - There are signs of cyclical recovery in the industrial segment, with improvements in backlog and traction on STT products [30][42] Other Important Information - The company maintains a strong balance sheet with cash and cash equivalents of $42.2 million, up from $42.1 million in the previous quarter [17] - The company is involved in projects with the Department of Defense and other strategic partners, indicating a focus on high-reliability applications [9][13] Q&A Session Summary Question: Impact of tariffs on products going to China - Management indicated that direct sales to China are not significant, and tariffs would primarily affect the importer, not the company directly [22][24][26] Question: Signs of cyclical recovery in industrial business - Management confirmed improvements in backlog and traction on STT products, indicating a positive trend in the industrial segment [30][32][42] Question: Commentary on second quarter guidance and revenue split - Management expects overall revenue to increase, but did not provide specific guidance on the split between product and licensing revenue [32][34] Question: Dynamics of gross margins - Management stated that gross margins are expected to remain consistent around 51% for the rest of the year [38] Question: Expectations for operating expenses - Management anticipates operating expenses to remain in the same range throughout the year, with some increases due to product development work [48]

Revenue Performance - Total revenue decreased by $1.3 million, or 9.0%, from $14.4 million in Q1 2024 to $13.1 million in Q1 2025, primarily due to a decrease in licensing, royalty, patent, and other revenue of $1.5 million[83] - Product sales accounted for $11.0 million, or 84% of total revenue in Q1 2025, compared to $10.9 million, or 75% in Q1 2024[79] - Licensing, royalty, patent, and other revenue decreased by $1.5 million, or 40.8%, from $3.6 million in Q1 2024 to $2.1 million in Q1 2025[83] - The company generated 60% and 71% of its revenue from products sold to distributors in Q1 2025 and Q1 2024, respectively[80] Profitability - Gross margin decreased from 56.5% in Q1 2024 to 51.4% in Q1 2025, attributed to a shift in product mix and decreased FAB loadings[86] - Adjusted net income for Q1 2025 was $411,000, compared to $1.5 million in Q1 2024, reflecting a significant decline[77] Expenses - Research and development expenses remained consistent at $3.4 million in both Q1 2025 and Q1 2024, representing 26% and 24% of revenue respectively[88] - General and administrative expenses decreased by $0.2 million, or 4.9%, from $4.0 million in Q1 2024 to $3.8 million in Q1 2025[91] - Sales and marketing expenses increased by $0.2 million, or 14.2%, from $1.3 million in Q1 2024 to $1.5 million in Q1 2025[92] Cash Flow - Cash provided by operating activities was $1.4 million in Q1 2025, compared to cash used of $1.3 million in Q1 2024, reflecting a turnaround in operational cash flow[97] - Non-cash charges in Q1 2025 included stock-based compensation of $1.6 million and depreciation and amortization of $0.8 million, contributing to the positive cash flow from operations despite a net loss of $1.2 million[98] - Cash used in investing activities was $1.4 million in Q1 2025, primarily for $0.9 million in manufacturing equipment and $0.5 million in intangible assets, compared to $1.2 million in Q1 2024 for manufacturing equipment purchases[100] - Cash provided by financing activities was $0.01 million in Q1 2025, a decrease from $0.4 million in Q1 2024, reflecting lower proceeds from employee stock options[101] Liquidity and Capital Requirements - As of March 31, 2025, the company had $42.2 million in cash and cash equivalents, a slight increase from $42.1 million as of December 31, 2024, indicating sufficient liquidity for anticipated capital requirements over the next 12 months[95] - The company anticipates future capital requirements will depend on growth rate, research and development spending, and new product introductions[96] Changes in Assets and Liabilities - Changes in net operating assets and liabilities in Q1 2025 included a $1.1 million increase in accounts payable and deferred revenue, offset by a $1.9 million increase in inventory[98] Accounting and Market Risk - The company has not made any changes to critical accounting policies that would materially impact financial statements since the last annual report[104] - There were no significant market risk disclosures required for the company as a smaller reporting entity[105] Other Income - Other income increased by $0.4 million, or 1,046.3%, from a net expense of $0.04 million in Q1 2024 to a net income of $0.4 million in Q1 2025, primarily due to a strategic award for aerospace and defense manufacturing services[94] - Interest income remained consistent at $0.4 million during Q1 2025 and Q1 2024[93]

Financial Data and Key Metrics Changes - The company reported revenue of $13.1 million for Q1 2025, exceeding the guidance range of $12 million to $13 million, driven by stronger-than-expected product revenue [5][14] - Non-GAAP EPS was $0.02, above the guidance range of a non-GAAP net loss of $0.05 to breakeven [16] - GAAP gross margin was 51.4%, slightly up from 51.3% in Q4 2024 but down from 56.5% in Q1 2024 due to a lower mix of high-margin licensing revenue [15][16] - The company ended the quarter with cash and cash equivalents of $42.2 million, a slight increase from $42.1 million in the previous quarter [17] Business Line Data and Key Metrics Changes - MRAM product sales, including both Toggle and STT MRAM revenue, were $11 million, consistent with Q4 2024 and slightly up from $10.9 million in Q1 2024 [14][15] - Licensing, royalty, patent, and other revenue decreased to $2.1 million from $3.6 million in Q1 2024, attributed to lower revenue from the Front Grade project [15] Market Data and Key Metrics Changes - The company is experiencing increased interest in its products, as evidenced by strong customer engagement at the Embedded World event in Germany [10] - The company anticipates that product revenue from ongoing projects will remain consistent for the remainder of the year [6] Company Strategy and Development Direction - The company is focused on scaling its business and converting design wins into revenue while maintaining financial discipline [19] - Everspin is committed to advancing its MRAM technology, with ongoing projects in various sectors, including automotive and aerospace [6][13] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 to be weighted more heavily towards the second half of the year due to typical seasonality [14][18] - The company does not anticipate a direct material impact from tariffs on its results, as direct sales to China are not significant [22][24] Other Important Information - The company is entering the second phase of its project with Front Grade Technologies to develop a custom radiation-hardened STT MRAM macro [7] - Everspin has partnered with Blue Origin for a lunar mission and is involved in projects with AstroDigital for deep space missions [13] Q&A Session Summary Question: Impact of tariffs on products manufactured in the U.S. and shipped to China - The company indicated that while some wafers are sourced from GlobalFoundries, direct sales to China are not significant, thus minimizing tariff risk [22][24] Question: Signs of cyclical recovery in the industrial segment - Management noted an improvement in backlog and traction on STT products, indicating signs of cyclical recovery [30][40] Question: Guidance for second quarter revenue split between products and licensing - The company expects overall revenue to move upward but did not provide specific guidance on the split [33] Question: Commentary on gross margins and expectations for the rest of the year - Management stated that gross margins are expected to remain consistent at around 51% for the rest of the year [37] Question: Expectations for operating expenses throughout the year - Operating expenses are expected to remain in the same range, with some increases due to product development work [46]

Exhibit 99.1 Everspin Reports Unaudited First Quarter 2025 Financial Results Chandler, AZ, April 30, 2025 — Everspin Technologies, Inc. (NASDAQ: MRAM), the world's leading developer and manufacturer of magnetoresistive random access memory (MRAM) persistent memory solutions, announced preliminary unaudited financial results for the first quarter ended March 31, 2025. "Our recent design wins showcase the strength of our solutions for mission critical applications, as evidenced by our recent contract with Ast ...

PART I [Business](index=6&type=section&id=Item%201.%20Business) Everspin Technologies, a pioneer in MRAM, reported reduced revenue and net income in FY2024, operating a hybrid manufacturing model and serving a concentrated customer base Fiscal Year 2024 vs 2023 Financial Highlights | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | $50.4 million | $63.8 million | | Gross Margin | 51.8% | 58.4% | | Net Income | $0.8 million | $9.1 million | - The company is a leading supplier of discrete MRAM components and also generates revenue through licensing its technology and intellectual property[17](index=17&type=chunk) - Everspin's product portfolio includes: - **Toggle MRAM:** In production since 2008, used in industrial, medical, automotive, and data center markets - **STT-MRAM:** Targets DRAM, SRAM, and NOR Flash replacement, with applications in SSDs, persistent memory, and FPGAs - **TMR Sensors:** 3D magnetic field sensors for consumer electronics[21](index=21&type=chunk)[22](index=22&type=chunk)[27](index=27&type=chunk) - The company utilizes a hybrid manufacturing strategy, performing back-end-of-line (BEOL) processing at its 200mm facility in Chandler, AZ, and partnering with GLOBALFOUNDRIES for full-flow 300mm STT-MRAM production[19](index=19&type=chunk)[39](index=39&type=chunk) - A significant portion of revenue comes from a concentrated customer base. In 2024, the two largest end customers accounted for **37% of total revenue**, with one customer representing more than 10%. In 2023, the two largest customers accounted for **32% of revenue**[36](index=36&type=chunk) - As of December 31, 2024, the company held **563 issued patents** and had **131 pending patent applications**[56](index=56&type=chunk) [Risk Factors](index=18&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from the cyclical semiconductor industry, supply chain dependencies, intense competition, customer concentration, and cybersecurity threats - The business is subject to the highly cyclical nature of the semiconductor industry, which can lead to significant fluctuations in product demand, capacity, and pricing[65](index=65&type=chunk) - Everspin relies on third parties for manufacturing, packaging, and testing, particularly a single foundry, GLOBALFOUNDRIES, for higher-density products. This exposes the company to risks of capacity constraints, price fluctuations, and reduced control over production[69](index=69&type=chunk)[70](index=70&type=chunk) - The loss of one or several major customers could significantly harm financial results, as a large portion of revenue is derived from a small group of customers[88](index=88&type=chunk)[89](index=89&type=chunk) - The company's ability to use its net operating loss (NOL) carryforwards is limited. As of Dec 31, 2024, federal NOLs were approximately **$89.2 million**. A 2016 ownership change under IRC Section 382 is expected to cause **$43.8 million** of these federal NOLs to expire unutilized[133](index=133&type=chunk)[134](index=134&type=chunk) - Cybersecurity threats, including ransomware and data breaches, pose a significant risk to operations, intellectual property, and sensitive data, both within the company's systems and those of its third-party service providers[119](index=119&type=chunk)[121](index=121&type=chunk)[125](index=125&type=chunk) [Unresolved Staff Comments](index=46&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[154](index=154&type=chunk) [Cybersecurity](index=46&type=section&id=Item%201C.%20Cybersecurity) Everspin implements a cybersecurity risk management program, overseen by its board and managed by a dedicated team, to identify, assess, and mitigate threats to its information systems - The company implements processes to identify, assess, and manage material risks from cybersecurity threats to its information systems and data[155](index=155&type=chunk) - A Cybersecurity Team, led by the Senior Director of IT and involving internal functions and external service providers, manages cybersecurity risks[156](index=156&type=chunk)[159](index=159&type=chunk) - The board of directors oversees the cybersecurity risk management process, receiving periodic reports from management on significant threats and mitigation efforts[162](index=162&type=chunk)[165](index=165&type=chunk) [Properties](index=48&type=section&id=Item%202.%20Properties) The company leases all its facilities, including headquarters and manufacturing in Arizona and a design facility in Texas, deemed adequate for operations - The company leases office and manufacturing space in Chandler, Arizona, and a design facility in Austin, Texas[166](index=166&type=chunk) - Lease terms for its main facilities extend to 2027, 2028, and 2029, with options to renew[167](index=167&type=chunk) [Legal Proceedings](index=48&type=section&id=Item%203.%20Legal%20Proceedings) The company is not aware of any legal proceedings that would materially adversely affect its financial position or operations - The company is not aware of any legal matters that will have a material adverse effect on its financial condition[169](index=169&type=chunk) [Mine Safety Disclosures](index=48&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[170](index=170&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=49&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Everspin's common stock trades on Nasdaq under 'MRAM'; the company has never paid dividends and plans to retain earnings for growth - The company's common stock trades on the Nasdaq Global Market under the symbol "MRAM"[172](index=172&type=chunk) - Everspin has never declared or paid cash dividends and does not currently plan to, intending to retain earnings for growth[174](index=174&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=50&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2024, revenue and net income declined significantly due to lower product sales and gross margin, resulting in an operating loss, despite an improved cash position Results of Operations (in thousands) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Total revenue | $50,402 | $63,765 | | Gross profit | $26,126 | $37,245 | | (Loss) income from operations | $(7,091) | $5,885 | | Net income | $781 | $9,052 | Revenue Breakdown (in thousands) | Revenue Type | 2024 | 2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Product sales | $42,203 | $53,123 | $(10,920) | (20.6)% | | Licensing, royalty, etc. | $8,199 | $10,642 | $(2,443) | (23.0)% | | **Total revenue** | **$50,402** | **$63,765** | **$(13,363)** | **(21.0)%** | Adjusted EBITDA Reconciliation (in thousands) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Net income | $781 | $9,052 | | Depreciation and amortization | $1,731 | $1,205 | | Stock-based compensation | $6,713 | $5,005 | | Interest expense | $— | $63 | | Income tax benefit | $(40) | $(16) | | **Adjusted EBITDA** | **$9,185** | **$15,309** | - Gross margin decreased from **58.4% in 2023 to 51.8% in 2024**, attributed to a shift in product mix, decreased FAB loadings, and lower licensing revenue, partially offset by yield improvements[191](index=191&type=chunk) - Research and development expenses increased by **16.2% to $13.7 million in 2024**, mainly for the development of the new xSPI family of STT-MRAM products[193](index=193&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Cash provided by operating activities | $7,099 | $13,128 | | Cash used in investing activities | $(3,060) | $(1,385) | | Cash provided by (used in) financing activities | $1,112 | $(1,592) | [Quantitative and Qualitative Disclosures About Market Risk](index=64&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not required as Everspin is a smaller reporting company - Not required for a smaller reporting company[225](index=225&type=chunk) [Financial Statements and Supplementary Data](index=65&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited financial statements for 2024 and 2023, including the auditor's unqualified opinion and critical audit matters, along with detailed notes [Report of Independent Registered Public Accounting Firm](index=66&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Ernst & Young LLP issued an unqualified opinion on the financial statements, highlighting critical audit matters related to inventory accounting and a strategic award - The auditor, Ernst & Young LLP, issued an unqualified (clean) opinion on the financial statements[231](index=231&type=chunk) - Critical Audit Matters identified were: - **Accounting for Inventory:** Challenging due to high transaction volume and multiple data sources, including third-party suppliers - **Accounting for the strategic award:** Challenging due to the complex and judgmental nature of evaluating its terms and applying accounting guidance by analogy[236](index=236&type=chunk)[238](index=238&type=chunk) [Financial Statements](index=68&type=section&id=Financial%20Statements) Financial statements show asset growth and increased cash in 2024, despite a significant decline in net income and revenue compared to 2023 Balance Sheet Highlights (in thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $42,097 | $36,946 | | Total current assets | $64,201 | $57,879 | | Total assets | $77,789 | $67,303 | | Total current liabilities | $9,914 | $8,778 | | Total liabilities | $15,196 | $13,382 | | Total stockholders' equity | $62,593 | $53,921 | Income Statement Highlights (in thousands) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Total revenue | $50,402 | $63,765 | | Gross profit | $26,126 | $37,245 | | (Loss) income from operations | $(7,091) | $5,885 | | Net income | $781 | $9,052 | | Diluted EPS | $0.04 | $0.42 | [Notes to Financial Statements](index=72&type=section&id=Notes%20to%20Financial%20Statements) Notes detail accounting policies, revenue disaggregation, a significant strategic award, debt repayment, and limitations on substantial NOL carryforwards - In August 2024, the company received a strategic award to develop a manufacturing plan for aerospace and defense, potentially worth **$14.6 million** over 2.5 years. In 2024, **$6.1 million** was recognized as other income from this award[321](index=321&type=chunk)[323](index=323&type=chunk) - The company's credit facility was paid in full in March 2023, and there was no outstanding debt as of December 31, 2024[339](index=339&type=chunk) - As of Dec 31, 2024, the company has federal NOL carryforwards of **$89.2 million** and state NOLs of **$48.3 million**. Utilization is limited by IRC Section 382 due to a 2016 ownership change[365](index=365&type=chunk)[366](index=366&type=chunk) - The company has a joint development agreement (JDA) with GLOBALFOUNDRIES for STT-MRAM technology, which grants GF exclusive manufacturing rights for a defined period[357](index=357&type=chunk)[358](index=358&type=chunk) Revenue by Geography (in thousands) | Region | 2024 | 2023 | | :--- | :--- | :--- | | Hong Kong | $16,220 | $10,748 | | United States | $9,968 | $14,599 | | Germany | $7,168 | $9,767 | | Japan | $5,974 | $12,216 | | All other | $11,072 | $16,435 | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=105&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[372](index=372&type=chunk) [Controls and Procedures](index=105&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2024, with no material changes reported - The CEO and CFO concluded that disclosure controls and procedures were effective as of December 31, 2024[375](index=375&type=chunk) - Management concluded that internal control over financial reporting was effective as of December 31, 2024, based on the COSO framework[377](index=377&type=chunk) [Other Information](index=107&type=section&id=Item%209B.%20Other%20Information) This section discloses an amended employment agreement for the CFO and a Rule 10b5-1 trading plan adopted by the CEO - On February 26, 2025, the company entered into an amended Executive Employment Agreement with CFO William Cooper, specifying severance benefits upon termination without cause or resignation for good reason[380](index=380&type=chunk) - CEO Sanjeev Aggarwal adopted a Rule 10b5-1 trading plan on December 6, 2024, for the potential sale of up to **100,000 shares** of common stock[385](index=385&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=109&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[386](index=386&type=chunk) PART III Part III incorporates information on directors, executive compensation, security ownership, and related party transactions by reference from the 2025 Proxy Statement [Directors, Executive Officers and Corporate Governance](index=110&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information required by this item is incorporated by reference from the company's 2025 Proxy Statement - Information regarding directors, executive officers, and corporate governance will be included in the definitive proxy statement for the 2025 Annual Meeting of Stockholders and is incorporated herein by reference[388](index=388&type=chunk) [Executive Compensation](index=110&type=section&id=Item%2011.%20Executive%20Compensation) Information required by this item is incorporated by reference from the company's 2025 Proxy Statement - Information regarding executive compensation is incorporated by reference from the 2025 Proxy Statement[391](index=391&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=110&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information required by this item is incorporated by reference from the company's 2025 Proxy Statement - Information regarding security ownership is incorporated by reference from the 2025 Proxy Statement[392](index=392&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=110&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information required by this item is incorporated by reference from the company's 2025 Proxy Statement - Information regarding related party transactions and director independence is incorporated by reference from the 2025 Proxy Statement[393](index=393&type=chunk) [Principal Accountant Fees and Services](index=110&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information required by this item is incorporated by reference from the company's 2025 Proxy Statement - Information regarding principal accountant fees and services is incorporated by reference from the 2025 Proxy Statement[394](index=394&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=112&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with or incorporated by reference into the Form 10-K report - This section lists all financial statements, schedules, and exhibits filed with the report[396](index=396&type=chunk)[397](index=397&type=chunk)[398](index=398&type=chunk) [Form 10-K Summary](index=125&type=section&id=Item%2016.%20Form%2010-K%20Summary) A Form 10-K summary was not provided in this report - Not provided[417](index=417&type=chunk)