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 ...

Financial Data and Key Metrics Changes - The company reported record annual revenue of $63.8 million for 2023, a 6% increase year-over-year [10][34] - Fourth quarter revenue was $16.7 million, exceeding guidance of $15.4 million to $16.4 million [10][34] - Gross margin for Q4 2023 was 58.1%, up from 51.4% in Q4 2022, while the full year gross margin was 58.4%, an increase from 56.6% in 2022 [10][36] - Net income for 2023 was $9.1 million, with Q4 net income at $2 million or $0.09 per diluted share, compared to $0.6 million or $0.03 per diluted share in Q4 2022 [34][38] - The company ended the year with a cash balance of $36.9 million, the highest in its history [10][39] Business Line Data and Key Metrics Changes - MRAM product sales in Q4 2023 were $12.4 million, down from $14.6 million in Q4 2022 [35] - Licensing royalties and other revenue increased to $4.3 million in Q4 2023, compared to $1.1 million in Q4 2022 [35] Market Data and Key Metrics Changes - The company noted weakness in the industrial and automotive sectors, particularly in APAC regions like Japan and China [15][21] - The first half of 2024 is expected to be muted due to economic challenges in China and inventory digestion among customers [15][40] Company Strategy and Development Direction - The company aims to maintain its leadership in MRAM technology, focusing on design wins and new product qualifications [12][42] - A key focus is on distributed MRAM (DMRAM), which is expected to enhance energy efficiency and scaling [14] - The company is optimistic about the second half of 2024, anticipating revenue growth from design wins in STT and Toggle MRAM products [25][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties while maintaining profitability [38][42] - The company expects to recognize revenue from design wins in the second half of 2024, despite a slower start to the year [33][41] Other Important Information - The company achieved positive cash flow from operations, totaling $13.1 million for the full year, up from $9.5 million in 2022 [39] - The company has entered into new radiation hard program agreements to develop reliability models and license technology for strategic applications [13] Q&A Session Summary Question: About the gross margin number in the fourth quarter - The management provided insights on the year-over-year change in gross margin and discussed the sequential decline despite strong licensing revenue [45][46] Question: Weakness in industrial automation in China - Management confirmed that challenges in the industrial and automotive sectors persisted, particularly in APAC regions, affecting revenue guidance [20][21][24] Question: Guidance for revenue across segments - The company expects Q1 revenue to be between $13.5 million and $14.5 million, with a strong outlook for licensing but a decline in product revenue due to APAC challenges [23][24]

[Financial Highlights and Overview](index=1&type=section&id=Financial%20Highlights%20and%20Overview) Everspin Technologies achieved strong, record-breaking financial performance in Q4 and full year 2023, marked by increased revenue, profitability, and cash reserves [Q4 2023 and Full Year 2023 Performance Summary](index=1&type=section&id=Q4%202023%20and%20Full%20Year%202023%20Performance%20Summary) Everspin Technologies achieved strong, record-breaking financial performance in Q4 and full year 2023, marked by increased revenue, profitability, and cash reserves - The company's Q4 2023 performance exceeded expectations across the board, primarily driven by strong product and RAD Hard revenue[2](index=2&type=chunk) - Full year 2023 achieved **record revenue and profitability**, with improved gross margin through operational excellence[2](index=2&type=chunk) - The company achieved its **11th consecutive profitable quarter**, maintaining a strong financial position with no debt and a **record-high cash balance**[5](index=5&type=chunk) [Q4 2023 Highlights](index=1&type=section&id=Q4%202023%20Highlights) In Q4 2023, the company exceeded guidance for total revenue and diluted EPS, achieved a significant increase in gross margin, and reached a record-high cash balance Key Financial Metrics for Q4 2023 | Metric | Q4 2023 (USD) | Q4 2022 (USD) | Change (YoY) | | :-------------------------------- | :--------------- | :--------------- | :---------- | | Total Revenue | $16.7 million | $15.7 million | +6% | | Diluted EPS (GAAP) | $0.09 | $0.03 | +200% | | Gross Margin | 58.1% | 51.4% | +6.7 pp | | Adjusted EBITDA | $3.6 million | $2.1 million | +71.4% | | Cash and Cash Equivalents (End of Period) | $36.9 million | - | Record High | - MRAM product sales were **$12.4 million**, compared to $14.6 million in Q4 2022[4](index=4&type=chunk) - Licensing, royalties, patent, and other revenue totaled **$4.3 million**, up from $1.1 million in Q4 2022[4](index=4&type=chunk) [Full Year 2023 Highlights](index=1&type=section&id=Full%20Year%202023%20Highlights) For the full year 2023, the company achieved growth in both revenue and profitability, with significant improvements in gross margin and Adjusted EBITDA, alongside 217 design wins Key Financial Metrics for Full Year 2023 | Metric | Full Year 2023 (USD) | Full Year 2022 (USD) | Change (YoY) | | :-------------------------------- | :----------- | :----------- | :---------- | | Total Revenue | $63.8 million | $60.0 million | +6% | | Diluted EPS (GAAP) | $0.42 | $0.29 | +44.8% | | Gross Margin | 58.4% | 56.6% | +1.8 pp | | Adjusted EBITDA | $15.3 million | $11.8 million | +29.7% | - **217 design wins** were achieved for the full year 2023[2](index=2&type=chunk) - MRAM product sales were **$53.1 million**, compared to $55.0 million in 2022[4](index=4&type=chunk) - Licensing, royalties, patent, and other revenue totaled **$10.6 million**, up from $5.0 million in 2022[4](index=4&type=chunk) [Detailed Financial Results](index=1&type=section&id=Detailed%20Financial%20Results) This section provides a comprehensive breakdown of Everspin's financial performance for Q4 and full year 2023, highlighting key revenue and profitability metrics [Fourth Quarter 2023 Results](index=1&type=section&id=Fourth%20Quarter%202023%20Results) In Q4 2023, Everspin achieved year-over-year growth in total revenue, significant improvements in gross margin and net income, and a substantial increase in Adjusted EBITDA Q4 2023 Financial Data | Metric | Q4 2023 (Millions USD) | Q4 2022 (Millions USD) | Change (YoY) | | :-------------------------------- | :-------------------------- | :-------------------------- | :---------- | | Total Revenue | 16.7 | 15.7 | +6% | | MRAM Product Sales | 12.4 | 14.6 | -15.1% | | Licensing, Royalties & Other Revenue | 4.3 | 1.1 | +290.9% | | Gross Margin | 58.1% | 51.4% | +6.7 pp | | GAAP Operating Expenses | 8.1 | 7.5 | +8% | | GAAP Net Income | 2.0 | 0.6 | +233.3% | | Diluted EPS (GAAP) | 0.09 | 0.03 | +200% | | Adjusted EBITDA | 3.6 | 2.1 | +71.4% | - Cash and cash equivalents balance reached a **record $36.9 million** at the end of Q4 2023[4](index=4&type=chunk) [Full Year 2023 Results](index=1&type=section&id=Full%20Year%202023%20Results) For the full year 2023, Everspin demonstrated robust growth in total revenue and net income, alongside notable enhancements in gross margin and Adjusted EBITDA, reflecting improved operational efficiency Full Year 2023 Financial Data | Metric | Full Year 2023 (Millions USD) | Full Year 2022 (Millions USD) | Change (YoY) | | :-------------------------------- | :-------------------- | :-------------------- | :---------- | | Total Revenue | 63.8 | 60.0 | +6% | | MRAM Product Sales | 53.1 | 55.0 | -3.5% | | Licensing, Royalties & Other Revenue | 10.6 | 5.0 | +112% | | Gross Margin | 58.4% | 56.6% | +1.8 pp | | GAAP Operating Expenses | 31.4 | 27.7 | +13.4% | | GAAP Net Income | 9.1 | 6.1 | +49.2% | | Diluted EPS (GAAP) | 0.42 | 0.29 | +44.8% | | Adjusted EBITDA | 15.3 | 11.8 | +29.7% | [Business Outlook](index=2&type=section&id=Business%20Outlook) Everspin provides its financial guidance for Q1 2024 and includes cautionary statements regarding the inherent risks and uncertainties of forward-looking statements [Q1 2024 Guidance](index=2&type=section&id=Q1%202024%20Guidance) Everspin projects Q1 2024 total revenue to range between $13.5 million and $14.5 million, with diluted earnings per share expected to be between break-even and $0.05 Q1 2024 Performance Guidance | Metric | Q1 2024 Guidance | | :--------------------- | :------------------- | | Total Revenue | $13.5 million - $14.5 million | | Diluted EPS (GAAP) | Break-even - $0.05 | - This outlook is based on Everspin's current expectations and may be influenced by external conditions[6](index=6&type=chunk) [Cautionary Statement Regarding Outlook](index=2&type=section&id=Cautionary%20Statement%20Regarding%20Outlook) The company advises investors that forward-looking statements involve risks and uncertainties, with actual results potentially differing materially from expectations due to various external factors - The outlook relies on Everspin's current expectations and may be impacted by external conditions such as COVID-19 and its variants, supply chain disruptions, the military conflict in Ukraine, Middle East instability, market volatility, and a semiconductor industry downturn[6](index=6&type=chunk) - Actual results may differ materially from forward-looking statements due to risk factors described in the company's 10-K and 10-Q reports filed with the SEC[13](index=13&type=chunk) - Everspin undertakes no obligation to update or revise these forward-looking statements in the future, except as required by law[13](index=13&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) This section defines Adjusted EBITDA as a non-GAAP financial metric, explaining its calculation and management's use for performance evaluation and planning [Adjusted EBITDA Reconciliation and Definition](index=2&type=section&id=Adjusted%20EBITDA%20Reconciliation%20and%20Definition) Everspin utilizes Adjusted EBITDA as a non-GAAP financial metric to assess operational performance, trends, and for budgeting and planning, derived by adjusting net income for specific non-cash and non-operating items - Adjusted EBITDA is defined as net income adjusted for interest expense, taxes, depreciation and amortization, stock-based compensation expense, and restructuring costs, if any[7](index=7&type=chunk) - Management and the Board of Directors use Adjusted EBITDA to understand and evaluate operating performance and trends, prepare and approve annual budgets, and develop short-term and long-term operating and financing plans[8](index=8&type=chunk) - Adjusted EBITDA is a non-GAAP financial measure, intended to supplement, not substitute, GAAP net income, and its definition may vary across companies, limiting comparability[8](index=8&type=chunk) [Company Information](index=2&type=section&id=Company%20Information) This section provides an overview of Everspin Technologies as a leading MRAM provider and details for the upcoming analyst and investor conference call [About Everspin Technologies](index=2&type=section&id=About%20Everspin%20Technologies) Everspin Technologies is a leading global provider of Magnetoresistive Random Access Memory (MRAM), offering high-performance non-volatile memory solutions for critical applications - Everspin Technologies, Inc. is the **world's leading provider of Magnetoresistive Random Access Memory (MRAM)**[11](index=11&type=chunk) - Everspin MRAM offers the most robust and highest-performance non-volatile memory for industrial IoT, data centers, and other mission-critical applications where data persistence is crucial[11](index=11&type=chunk)[12](index=12&type=chunk) - Headquartered in Chandler, Arizona, the company provides commercial MRAM solutions to a broad and diverse customer base[12](index=12&type=chunk) [Conference Call and Investor Relations](index=2&type=section&id=Conference%20Call%20and%20Investor%20Relations) Everspin will host an analyst and investor conference call on February 28, 2024, providing details for dial-in, webcast access, and investor relations contacts - Everspin will host an analyst and investor conference call on **February 28, 2024, at 5:00 PM ET**[9](index=9&type=chunk) - A live webcast of the conference call will be accessible on the company's website at investor.everspin.com, with an archived replay available approximately two hours after the live broadcast for twelve months[10](index=10&type=chunk) - Investor Relations contact: Monica Gould, The Blueshirt Group, Phone: 212-871-3927, Email: ir@everspin.com[14](index=14&type=chunk) [Unaudited Financial Statements](index=4&type=section&id=Unaudited%20Financial%20Statements) This section presents Everspin's unaudited balance sheets, income statements, cash flow statements, and Adjusted EBITDA reconciliation for the specified periods [Balance Sheets](index=4&type=section&id=Balance%20Sheets) As of December 31, 2023, Everspin's balance sheet shows significant growth in cash and cash equivalents, an increase in total assets and stockholders' equity, and a decrease in total liabilities Key Balance Sheet Data (As of December 31, in thousands USD) | Metric | 2023 | 2022 | Change (YoY) | | :----------------------- | :------- | :------- | :---------- | | Cash and Cash Equivalents | 36,946 | 26,795 | +37.9% | | Total Current Assets | 57,879 | 44,747 | +29.3% | | Total Assets | 67,303 | 55,333 | +21.6% | | Total Current Liabilities | 8,778 | 10,875 | -19.3% | | Total Liabilities | 13,382 | 16,669 | -19.7% | | Total Stockholders' Equity | 53,921 | 38,664 | +39.4% | [Statements of Income and Comprehensive Income](index=5&type=section&id=Statements%20of%20Income%20and%20Comprehensive%20Income) In 2023, Everspin experienced growth in total revenue, gross profit, and net income, with a notable increase in diluted earnings per share, reflecting enhanced profitability Key Statements of Income and Comprehensive Income Data (As of December 31, in thousands USD) | Metric | 2023 | 2022 | Change (YoY) | | :-------------------------------- | :------- | :------- | :---------- | | Product Sales | 53,123 | 55,032 | -3.5% | | Licensing, Royalties & Other Revenue | 10,642 | 4,953 | +114.9% | | Total Revenue | 63,765 | 59,985 | +6.3% | | Cost of Sales | 26,520 | 26,040 | +1.8% | | Gross Profit | 37,245 | 33,945 | +9.7% | | Operating Expenses | 31,360 | 27,718 | +13.1% | | Operating Income | 5,885 | 6,227 | -5.5% | | Net Income | 9,052 | 6,129 | +47.7% | | Diluted EPS | 0.42 | 0.29 | +44.8% | - Stock-based compensation expense totaled **$5,005 thousand** in 2023, up from $4,408 thousand in 2022[18](index=18&type=chunk) [Statements of Cash Flows](index=6&type=section&id=Statements%20of%20Cash%20Flows) In 2023, Everspin saw a significant increase in cash flow from operating activities, reduced cash outflow from investing activities, and a substantial rise in net cash and cash equivalents Key Statements of Cash Flows Data (As of December 31, in thousands USD) | Metric | 2023 | 2022 | Change (YoY) | | :--------------------------- | :------- | :------- | :---------- | | Net Cash from Operating Activities | 13,128 | 9,493 | +38.3% | | Net Cash Used in Investing Activities | (1,385) | (2,586) | -46.4% | | Net Cash Used in Financing Activities | (1,592) | (1,521) | +4.7% | | Net Increase in Cash & Equivalents | 10,151 | 5,386 | +88.5% | | Cash and Cash Equivalents, End of Period | 36,946 | 26,795 | +37.9% | - Purchases of property and equipment were **$1,404 thousand** in 2023, down from $2,788 thousand in 2022[20](index=20&type=chunk) - Repayments of long-term debt were **$2,790 thousand** in 2023, up from $2,400 thousand in 2022[20](index=20&type=chunk) [Reconciliation of Adjusted EBITDA](index=7&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) In 2023, Everspin's Adjusted EBITDA, reconciled from GAAP net income, showed significant growth, reflecting the core profitability of the company's operations Reconciliation of Adjusted EBITDA (As of December 31, in thousands USD) | Metric | 2023 | 2022 | Change (YoY) | | :----------------------- | :------- | :------- | :---------- | | Net Income | 9,052 | 6,129 | +47.7% | | Depreciation and Amortization | 1,205 | 982 | +22.7% | | Stock-based Compensation Expense | 5,005 | 4,408 | +13.5% | | Interest Expense | 63 | 274 | -77.0% | | Income Tax (Benefit) Expense | (16) | 14 | -214.3% | | Adjusted EBITDA | 15,309 | 11,807 | +29.7% |

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, 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 ...

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 ...

Financial Data and Key Metrics Changes - Everspin reported quarterly revenue of $15.7 million, a 7% increase year-over-year, exceeding the high end of guidance [11][20] - GAAP net income was $3.9 million, or $0.19 per basic share, compared to $0.8 million in Q1 2023 and $1.7 million in Q2 2022 [24] - Cash flow from operations was $6.3 million for the quarter, contributing to a year-to-date total of $7.5 million [12][26] - GAAP gross margin for Q2 2023 was 58.4%, consistent with Q2 2022 and an increase from 56.8% in Q1 2023 [23] Business Line Data and Key Metrics Changes - MRAM product sales, including Toggle and STT-MRAM revenue, totaled $13.4 million, a slight decrease from $13.8 million in the prior quarter but an increase from $13.2 million in Q2 2022 [21] - Licensing, royalties, patents, and other revenue increased to $2.3 million from $1.1 million in Q1 2023 and $1.5 million in Q2 2022 [21] Market Data and Key Metrics Changes - Shipments to suppliers for data center applications represented 7% of revenue in the quarter, down from 11% in Q1 and 15% in Q2 2022 [22] - The company continues to experience headwinds from the semiconductor downturn, impacting the data center market [14][35] Company Strategy and Development Direction - Everspin is focusing on the xSPI family of STT-MRAM products, with densities ranging from 4 megabit to 128 megabit, and plans to enhance offerings for harsher environmental conditions [12][29] - The company is also working on a high-density STT-MRAM discrete product for NOR Flash replacement, with a 1 gigabit density product scheduled for 2024 tape-out [16] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for Q3 2023, expecting total revenue between $15.4 million and $16.4 million, driven by strong demand for Toggle products and the xSPI family [27] - The backlog remains healthy, with bookings extending into the second half of 2024, despite some cancellations and pushouts being normal [37] Other Important Information - Everspin operates debt-free while increasing profitability and has a cash and cash equivalents balance of $30.8 million at the end of the quarter [25] - The company received a one-time employee retention tax credit refund of $2 million during the quarter, contributing to its positive cash flow [26] Q&A Session Summary Question: Can you elaborate on the supply chain constraints and unfilled demand? - Management acknowledged ongoing constraints on 180-nanometer products and is working closely with TSMC to fulfill demand [36] - The backlog is healthy, with new orders and increased bookings, despite some cancellations [37] Question: What is the visibility to future sales with the largest customer? - The largest customer now represents 7.3% of total revenue, with expectations that their impact will lessen as other product lines grow [40] - Management noted softness from this customer, consistent with trends in the data center market [41]

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 ( ...

Everspin Technologies, Inc. (NASDAQ:MRAM) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET Company Participants Sanjeev Aggarwal – President and Chief Executive Officer Anuj Aggarwal – Chief Financial Officer Conference Call Participants Richard Shannon – Craig-Hallum Orin Hirschman – AIGH Operator Good afternoon and welcome to the conference call to discuss Everspin Technologies' First Quarter 2023 Financial Results. At this time, all participants are in a listen-only mode. At the conclusion of toda ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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, 2022 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 ...