Everspin Technologies(MRAM) - 2025 Q3 - Quarterly Results

Revenue Performance - Total revenue for Q3 2025 was $14.1 million, a 16.5% increase from $12.1 million in Q3 2024[7] - MRAM product sales reached $12.7 million, up from $10.4 million in the same quarter last year, representing a 22.1% growth[7] - Revenue for the three months ended September 30, 2025, was $14,060 million, representing a 16% year-over-year increase from $12,093 million[22] Profitability Metrics - Gross margin improved to 51.3%, compared to 49.2% in Q3 2024[7] - Gross profit for the same period was $7,206 million, with a gross margin of 51.3%, up 2.1 percentage points from 49.2%[22] - The company reported a gross margin of 52.4% on a non-GAAP basis for the three months ended September 30, 2025, compared to 51.0% in the previous year[23] Net Income and Loss - GAAP net income was $54,000, or $0.00 per diluted share, down from $2.3 million, or $0.10 per diluted share, in Q3 2024[7] - Non-GAAP net income for Q3 2025 was $1.5 million, or $0.06 per diluted share, compared to $3.8 million, or $0.17 per diluted share, in Q3 2024[7] - Net income for the three months ended September 30, 2025, was $54 million, a significant decrease of 98% from $2,271 million in 2024[22] - For the nine months ended September 30, 2025, the net loss was $1,782 million, compared to a net loss of $433 million in 2024[20] Operating Expenses - Operating expenses for Q3 2025 were $8.8 million, compared to $8.1 million in Q3 2024[7] - Operating income improved to a loss of $1,545 million, a 27% reduction in loss compared to $2,115 million in the prior year[22] - Non-GAAP operating income for the same period was a loss of $138 million, a 76% improvement from a loss of $583 million in the previous year[23] Cash and Assets - Cash and cash equivalents increased by $3.2 million to $45.3 million as of September 30, 2025, compared to $42.1 million at the end of 2024[7] - Cash and cash equivalents at the end of the period increased to $45,257 million from $39,588 million in 2024[20] - Everspin's total assets as of September 30, 2025, were $80.3 million, an increase from $77.8 million at the end of 2024[16] Future Projections - Everspin expects Q4 2025 total revenue to be between $14.0 million and $15.0 million, with GAAP net income per diluted share projected between $0.02 and $0.07[5] - The company reported interest and other income of $1.6 million, down from $4.4 million in Q3 2024[7] - Operating cash flows provided $7,336 million, significantly up from $3,266 million in the previous year[20] - Stock-based compensation for the three months ended September 30, 2025, was $4,403 million, slightly down from $5,108 million in 2024[20]