Everspin Technologies(MRAM)

Search documents
Everspin Technologies(MRAM) - 2024 Q1 - Earnings Call Transcript
2024-05-02 00:10
Financial Data and Key Metrics Changes - The company reported revenue of $14.4 million for Q1 2024, slightly down from $14.8 million in Q1 2023, but near the high end of the guidance range of $13.5 million to $14.5 million [7][48] - Adjusted EBITDA was $1.9 million compared to $2.3 million in Q1 2023 [8] - GAAP gross margin was 56.5%, relatively flat compared to 56.8% in Q1 2023 [75] - Operating expenses increased to $8.8 million from $7.7 million in Q1 2023, resulting in a net loss of $0.2 million or $0.01 per diluted share, compared to a net income of $0.8 million or $0.04 per diluted share in Q1 2023 [75] Business Line Data and Key Metrics Changes - MRAM product sales, including both Toggle and STT-MRAM revenue, were $10.9 million, down from $13.8 million in Q1 2023 [51] - Licensing, royalty, patent, and other revenue increased to $3.6 million from $1.1 million in Q1 2023 [51] Market Data and Key Metrics Changes - The company noted continued economic weakness in the Asia Pacific region, impacting customer demand and project schedules [6][72] - The STT data center product bookings in 2024 are expected to exceed those of 2023, indicating a positive trend in this segment [15] Company Strategy and Development Direction - The company expects a ramp in Toggle and STT-MRAM design wins in the second half of 2024, with revenue recognition anticipated from these design wins [5][30] - The company is pursuing funding under the CHIPS and Science Act to enhance its manufacturing capabilities for Toggle and STT-MRAM products [73] - The company is focused on growing its Toggle, MRAM, and DRAM products while recognizing revenue from STT-MRAM technology [76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of 2024, expecting to recognize revenue from design wins despite a slower start to the year due to macroeconomic challenges [6][30] - The company is encouraged by recent traction and leads generated from industry events, indicating potential growth opportunities [50] Other Important Information - The company ended the quarter with cash and cash equivalents of $34.8 million, down from $36.9 million in the previous quarter, attributed to investments in new products and facilities [8] - The company is currently engaged in two radiation hard programs using STT-MRAM technology, with expectations for continued revenue recognition from these projects [49] Q&A Session Summary Question: What gives confidence on the second half ramp? - Management noted that bookings for STT data center products are expected to exceed 2023 levels, contributing to confidence in the second half ramp [15] Question: What drove the miss in Q2 guidance? - The decline in guidance was attributed to lower RAD-Hard revenue not being incorporated into Q2, as no new RAD-Hard projects have been signed yet [35] Question: Can you elaborate on the Toggle MRAM reliability project? - Management confirmed that they expect to continue the project in Q2, pending funding from the US government agency [60] Question: What is the visibility on product gross margins? - Management indicated that product gross margins have been healthy, with expectations for improvement as new products ramp up [90] Question: Are lead times back to pre-pandemic levels? - Lead times have returned to pre-pandemic levels, approximately 26 to 27 weeks [108]
Everspin Technologies(MRAM) - 2024 Q1 - Quarterly Results
2024-05-01 20:12
Financial Performance - Q1 2024 revenue was $14.4 million, close to the high end of guidance, compared to $14.8 million in Q1 2023[6] - MRAM product sales totaled $10.9 million, down from $13.8 million in the same quarter last year[6] - Licensing, royalty, patent, and other revenue increased to $3.6 million from $1.1 million in Q1 2023[6] - Gross margin for Q1 2024 was 56.5%, slightly down from 56.8% in Q1 2023[6] - GAAP net loss was $0.2 million, or $(0.01) per diluted share, compared to net income of $0.8 million, or $0.04 per diluted share, in Q1 2023[6] - The company reported an Adjusted EBITDA of $1.9 million, down from $2.3 million in Q1 2023[6] Future Outlook - For Q2 2024, Everspin expects total revenue between $10.0 million and $11.0 million, with a GAAP net loss per share between $(0.14) and $(0.09)[4] - Everspin has secured design wins with IBM for its PERSYST STT-MRAM solution, expected to ramp in the second half of 2024[2] Assets and Liabilities - Total current assets decreased to $56.4 million as of March 31, 2024, from $57.9 million at the end of 2023[16] - Total liabilities decreased to $10.4 million as of March 31, 2024, from $13.4 million at the end of 2023[16]
Everspin Technologies(MRAM) - 2023 Q4 - Annual Report
2024-02-29 21:13
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Washington, D.C. 20549 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) (State or other jurisdicti ...
Everspin Technologies(MRAM) - 2023 Q4 - Earnings Call Transcript
2024-02-28 23:52
Everspin Technologies, Inc. (NASDAQ:MRAM) Q4 2023 Earnings Conference Call February 28, 2024 5:00 PM ET Company Participants Sanjeev Aggarwal - President & Chief Executive Officer Anuj Aggarwal - Chief Financial Officer Conference Call Participants Neil Young - Needham & Company Operator Good afternoon, and welcome to the conference call to discuss Everspin Technologies Fourth Quarter and Full Year 2023 Financial Results. At this time, all participants are in a listen-only mode. At the conclusion of today’s ...
Everspin Technologies(MRAM) - 2023 Q4 - Annual Results
2024-02-28 21:09
Exhibit 99.1 Everspin Reports Unaudited Fourth Quarter and Full Year 2023 Financial Results Q4'23 revenue of $16.7 million and EPS of $0.09 exceeded guidance Achieved record annual revenue and profitability in 2023 Chandler, AZ, February 28, 2024 — Everspin Technologies, Inc. (NASDAQ: MRAM), the market leader in MRAM, today announced preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2023. "We are pleased that our fourth quarter results exceeded our expectations ...
Everspin Technologies(MRAM) - 2023 Q3 - Quarterly Report
2023-11-02 19:44
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 September 30, 2023 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 26-26406 ...
Everspin Technologies(MRAM) - 2023 Q3 - Earnings Call Transcript
2023-11-02 00:17
Everspin Technologies, Inc. (NASDAQ:MRAM) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET Company Participants Sanjeev Aggarwal - President & Chief Executive Officer Anuj Aggarwal - Chief Financial Officer Conference Call Participants Shadi Mitwalli - Craig-Hallum Nick Doyle - Needham Orin Hirschman - AIG Operator Good afternoon, and welcome to the conference call to discuss Everspin Technologies Third Quarter 2023 Financial Results. At this time, all participants are in a listen-only mode. At ...
Everspin Technologies(MRAM) - 2023 Q2 - Quarterly Report
2023-08-03 17:45
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, 2023 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 ...
Everspin Technologies(MRAM) - 2023 Q2 - Earnings Call Transcript
2023-08-03 01:57
Everspin Technologies, Inc. (NASDAQ:MRAM) Q2 2023 Earnings Conference Call August 2, 2023 5:00 PM ET Company Participants Sanjeev Aggarwal - President, CEO & Director Anuj Aggarwal - CFO Conference Call Participants Nicolas Doyle - Needham & Company Shadi Mitwalli - Craig-Hallum Operator Good afternoon, and welcome to the conference call to discuss Everspin Technologies' Second Quarter 2023 Financial Results. [Operator Instructions]. As a reminder, this conference call is being recorded today, Wednesday, Au ...
Everspin Technologies(MRAM) - 2023 Q1 - Quarterly Report
2023-05-04 18:47
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 March 31, 2023 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 ( ...