Everspin Technologies(MRAM) - 2024 Q4 - Annual Results

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]