Everspin Technologies(MRAM) - 2024 Q2 - Quarterly Results

Financial Performance - Q2 2024 total revenue was $10.6 million, down from $15.7 million in Q2 2023, aligning with guidance[1][2] - MRAM product sales were $9.9 million, compared to $13.4 million in Q2 2023, reflecting a decrease of approximately 26.1%[2] - Gross margin for Q2 2024 was 49.0%, down from 58.4% in Q2 2023[2] - GAAP net loss for Q2 2024 was $2.5 million, or $0.12 per basic share, compared to net income of $3.9 million, or $0.18 per diluted share in Q2 2023[2][3] - Adjusted EBITDA showed a loss of $0.2 million, a significant decline from $5.4 million in Q2 2023[2] - Net loss for six months ended June 30, 2024, was $2,704,000 compared to a net income of $4,646,000 for the same period in 2023[15] - Adjusted EBITDA for six months ended June 30, 2024, was $1,743,000, down from $7,746,000 in the same period of 2023[16] Cash Flow and Assets - The company reported a cash flow from operations of $1.7 million for the quarter, maintaining a debt-free balance sheet[3] - Cash provided by operating activities for six months ended June 30, 2024, was $428,000, a significant decrease from $7,531,000 in the prior year[15] - Cash and cash equivalents at the end of the period were $36,764,000, up from $30,830,000 at the end of June 30, 2023[15] - Total current assets decreased to $55.4 million as of June 30, 2024, from $57.9 million at the end of 2023[10] - Total liabilities decreased to $9.1 million as of June 30, 2024, down from $13.4 million at the end of 2023[11] Future Projections - For Q3 2024, Everspin expects total revenue between $11.5 million and $12.5 million, with GAAP net loss per basic share projected to be between $0.05 and $0.10[3] Operational Changes - Everspin is experiencing increased design activity in the European and Asia Pacific regions, particularly with its PERSYST STT-MRAM product family[1] Inventory and Liabilities - Accounts receivable increased by $1,440,000 for six months ended June 30, 2024, compared to an increase of $1,639,000 in the same period of 2023[15] - Inventory changes resulted in a $404,000 increase for six months ended June 30, 2024, compared to a decrease of $662,000 in the same period of 2023[15] - Accrued liabilities increased by $2,628,000 for six months ended June 30, 2024, compared to an increase of $701,000 in the same period of 2023[15] Stock-Based Compensation - Stock-based compensation increased to $3,576,000 for six months ended June 30, 2024, compared to $2,420,000 for the same period in 2023[15] Debt Management - Payments on long-term debt were $0 for the six months ended June 30, 2024, compared to $2,790,000 in the same period of 2023[15]