Investor Presentation May 2025 © 2025 Everspin Technologies. All rights reserved. 1 Safe Harbor Statement FORWARD LOOKING STATEMENTS This presentation contains "forward-looking statements" that involve risks, uncertainties and assumptions. If the risks or uncertainties materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact could be deemed forward-looking stat ...

Everspin (MRAM) Q1 2025 Earnings Call April 30, 2025 05:00 PM ET Company Participants Faye Hoffman - Investor Relations ContactSanjeev Aggarwal - President and CEOBill Cooper - CFO Conference Call Participants Quinn Bolton - Senior AnalystRichard Shannon - Senior Research Analyst Operator Good afternoon, welcome to the Everspin Technologies First Quarter twenty twenty five Financial Results Conference Call. At this time, participants are in a listen only mode. After the conclusion of management's prepared r ...

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]

Everspin (MRAM) Q1 2025 Earnings Call April 30, 2025 05:00 PM ET Speaker0 Good afternoon, welcome to the Everspin Technologies First Quarter twenty twenty five Financial Results Conference Call. At this time, participants are in a listen only mode. After 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 Faye Hoffman, Investor Relations for E ...

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)

Everspin Technologies, Inc. (NASDAQ: MRAM ) operates in the world of Magneto Resistive Random Access Memory (MRAM). The company got its start in 2008 as a spin-off from Freescale Semiconductor, and has since managed to establish itselfThe mission of Grassroots Trading rests on the following principles: providing objective, unbiased, and balanced research, backed by solid data and completely void of emotional influences or preference for companies; focusing on small- to mid-cap companies, offering the Seekin ...

Everspin Technologies, Inc. (NASDAQ:MRAM) Q4 2024 Earnings Conference Call February 26, 2025 5:00 PM ET Company Participants Faye Hoffman - Investor Relations Sanjeev Aggarwal - President and Chief Executive Officer Bill Cooper - Interim Chief Financial Officer Conference Call Participants Richard Shannon - Craig-Hallum Operator Good afternoon and welcome to the Everspin Technologies Fourth Quarter and Full Year 2024 Financial Results Conference Call. At this time, all participants are in a listen only mode ...

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $13.2 million, exceeding guidance of $12 million to $13 million, with EPS of $0.05 at the high end of guidance [10][35] - Full year total revenue was $50.4 million, down 21% year-over-year due to lower product shipments [35] - GAAP gross margin for Q4 was 51.3%, up from 49.2% in Q3 but down from 58.1% in Q4 2023 [36] - GAAP net income for Q4 was $1.2 million, or $0.05 per diluted share, compared to $2 million, or $0.09 per diluted share in Q4 2023 [39] Business Line Data and Key Metrics Changes - MRAM product sales in Q4 were $11 million, down from $12.4 million in Q4 2023 but up from $10.4 million in Q3 2024 [35] - Licensing, royalty, patent, and other revenue decreased to $2.2 million in Q4 compared to $4.3 million in Q4 2023 due to project completions [36] Market Data and Key Metrics Changes - The company noted design wins in various sectors, including aerospace, industrial automation, and automotive transportation across different geographies [18] - The LEO market is expected to grow at a CAGR of 13%, increasing from approximately $10 billion to $23 billion by 2029, with Everspin's MRAM products expected to support this growth [20] Company Strategy and Development Direction - Everspin aims to replace or scale NOR flash devices with STT-MRAM technology, highlighting its advantages such as faster writes and higher endurance [25] - The company is focusing on expanding its product portfolio and technology, with a strong pipeline of design wins and ongoing projects [14][25] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 to be weighted more heavily towards the second half due to typical seasonality and inventory consumption in Asia [32] - The company anticipates initial revenue recognition from the Purdue University project in the first quarter, with a total project value of approximately $10.5 million over four years [67] Other Important Information - The company ended the quarter with cash and cash equivalents of $42.1 million, up from $39.6 million in the prior quarter [40] - Everspin will shift its non-GAAP metrics from adjusted EBITDA to non-GAAP EPS to align with industry standards [41] Q&A Session Summary Question: Clarification on Q1 guidance and loss per share - The anticipated loss per share is primarily due to lower other income in Q1 compared to Q4, with a significant decrease expected [49][51] Question: Revenue contributions from Lattice Semiconductor partnership - The partnership with Lattice is expected to accelerate design wins and qualifications but does not directly generate revenue for Everspin [59][60] Question: Visibility on market recovery in Europe and Japan - Management believes the second half of 2025 should be more promising based on current inventory levels and order behaviors [62] Question: Details on the Purdue University project - The project is milestone-based with a total value of $10.5 million, and revenue will be recognized as milestones are achieved [67]

Revenue Performance - Total revenue for Q4 2024 was $13.2 million, a decrease of 21% from $16.7 million in Q4 2023[4] - Full year 2024 total revenue was $50.4 million, down 21% from $63.8 million in 2023[4] - For Q1 2025, Everspin expects total revenue to be in the range of $12 million to $13 million, with a GAAP net loss per basic share anticipated between $(0.10) and $(0.05)[5] Profitability Metrics - GAAP net income for Q4 2024 was $1.2 million, or $0.05 per diluted share, compared to $2.0 million, or $0.09 per diluted share in Q4 2023[4] - Net income for the year ended December 31, 2024, decreased to $781,000 from $9,052,000 in 2023, representing a decline of approximately 91.4%[20] - Adjusted EBITDA for Q4 2024 was $3.2 million, down from $3.6 million in Q4 2023, a decrease of 11.1%[4] - Adjusted EBITDA for 2024 was $9,185,000, down from $15,309,000 in 2023, indicating a decrease of about 40.1%[21] - Non-GAAP net income per common share, diluted, decreased to $0.34 in 2024 from $0.65 in 2023, a decline of about 47.7%[21] Operating Expenses - Total operating expenses for the full year 2024 were $33.2 million, compared to $31.4 million in 2023, reflecting an increase of 5.7%[4] - The company reported a significant increase in stock-based compensation expense, rising to $6,713,000 in 2024 from $5,005,000 in 2023, an increase of about 34.1%[21] Cash Flow and Liquidity - Cash and cash equivalents increased to $42.1 million as of December 31, 2024, up from $36.9 million in 2023[16] - Cash flows from operating activities for 2024 were $7,099,000, compared to $13,128,000 in 2023, reflecting a decline of approximately 46.0%[20] - The company reported a net increase in cash and cash equivalents of $5,151,000 in 2024, down from $10,151,000 in 2023, a decrease of about 49.1%[20] - Cash and cash equivalents at the end of the period increased to $42,097,000 in 2024 from $36,946,000 in 2023, marking an increase of approximately 14.6%[20] Investment Activities - The company experienced a net cash used in investing activities of $3,060,000 in 2024, compared to $1,385,000 in 2023, indicating an increase of approximately 120.8%[20] - The company recorded a non-cash investing activity of $3,564,000 for internal-use software assets obtained in exchange for software liabilities in 2024[20] Market Position and Growth - Everspin achieved a total of 178 design wins in 2024, indicating growth opportunities in the NOR flash, SRAM, and storage markets[2]