Financial Data and Key Metrics Changes - The company reported third-quarter revenue of $14.1 million, representing a 16% year-over-year increase and aligning with guidance [5][9] - Non-GAAP EPS for the quarter was $0.06 per diluted share, towards the high end of expectations [5][11] - GAAP gross margin improved to 51.3%, up over 200 basis points from 49.2% in the same quarter last year [9][10] - Cash and cash equivalents at the end of the quarter were $45.3 million, a slight increase from $45 million in the previous quarter [12] Business Line Data and Key Metrics Changes - MRAM product sales, including both toggle and STT-MRAM revenue, reached $12.7 million, up 22% year-over-year [9][10] - Licensing, royalty, patent, and other revenue decreased to $1.4 million from $1.7 million in Q3 2024 due to project completions [10] Market Data and Key Metrics Changes - The low-earth orbital (LEO) satellite market is expected to grow rapidly, with Everspin's MRAM technology well-suited for these applications [5][6] - Continued demand for toggle MRAM products in data centers, with significant customers including Dell and Supermicro [5] Company Strategy and Development Direction - The company is focused on scaling its business and converting design wins into revenue, particularly in the LEO satellite and automotive sectors [5][13] - A strategic collaboration with Quintaris aims to enhance the reliability and safety of RISC-V-based platforms using MRAM technology [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong gross margins due to yield improvements and factory utilization [15] - The company anticipates Q4 total revenue in the range of $14 million to $15 million, with non-GAAP net income per diluted share expected between $0.08 and $0.13 [13] Other Important Information - The company recognized $1.2 million in other income related to a strategic award for developing a sustainment plan for MRAM manufacturing [10] - The balance sheet remains strong and debt-free, with operational cash flow decreasing to $0.9 million from $5 million in the previous quarter [12][13] Q&A Session Summary Question: Sustainability of non-GAAP gross margin over 52% - Management indicated that improvements in product gross margin are expected to be sustainable moving forward [15] Question: Details on sequential decline in licensing and other revenue - Management explained that this revenue can be lumpy and is expected to remain in the 10%-15% range going forward [16][17] Question: Future expectations for operating expenses - Management confirmed that operating expenses are expected to remain consistent in the $7.5 million range [22][23]