CHANDLER, Ariz.--(BUSINESS WIRE)--Everspin Technologies, Inc. (NASDAQ: MRAM), the world's leading developer and manufacturer of persistent Magnetoresistive Random Access Memory (MRAM) solutions, today announced its newest high-reliability additions to the PERSYST MRAM product line: the EM064LX HR and EM128LX HR devices. Designed for extreme operating environments, these new xSPI MRAM products deliver the industry's most robust combination of endurance, temperature performance and data retention. ...

Financial Data and Key Metrics Changes - For Q4 2024, the company reported revenue of $13.2 million, exceeding guidance of $12 million to $13 million, with EPS at $0.05, at the high end of guidance [10][35] - Full year 2024 total revenue was $50.4 million, down 21% year-over-year due to lower product shipments [35] - GAAP gross margin for Q4 was 51.3%, up from 49.2% in Q3 but down from 58.1% in Q4 2023 [36] - GAAP net income for Q4 was $1.2 million, or $0.05 per diluted share, compared to $2 million, or $0.09 per diluted share in Q4 2023 [39] Business Line Data and Key Metrics Changes - MRAM product sales in Q4 were $11 million, down from $12.4 million in Q4 2023 but up from $10.4 million in Q3 2024 [35] - Licensing, royalty, patent, and other revenue decreased to $2.2 million in Q4 from $4.3 million in Q4 2023 due to project completions [36] Market Data and Key Metrics Changes - The company is seeing traction in various sectors, including aerospace, industrial automation, and automotive transportation across different geographies [18] - The low Earth orbit (LEO) market is expected to grow at a CAGR of 13%, increasing from approximately $10 billion to $23 billion by 2029, which may benefit Everspin's MRAM products [20] Company Strategy and Development Direction - Everspin aims to replace or scale NOR flash devices with STT-MRAM technology, which offers faster writes and higher endurance [25] - The company is focusing on expanding its product portfolio and technology, with a strong pipeline of design wins despite pressures on customer R&D budgets [14][15] - Everspin is also involved in partnerships to advance AI hardware and develop strategic RadHard FPGA technology [11][12] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 to be weighted more heavily towards the second half due to typical seasonality and inventory consumption in Asia [32] - The company anticipates initial revenue recognition from the Purdue University project in Q1 2025, with a total project value of approximately $10.5 million over four years [67] Other Important Information - The company ended Q4 2024 with cash and cash equivalents of $42.1 million, up from $39.6 million in the prior quarter [40] - Everspin will shift its non-GAAP metrics from adjusted EBITDA to non-GAAP EPS starting in 2025 for better clarity [41] Q&A Session Summary Question: Clarification on Q1 guidance and loss per share - The anticipated loss per share is primarily due to lower other income in Q1 compared to Q4, with a significant decrease expected [49][50] Question: Revenue contributions from the Lattice partnership - The partnership with Lattice is expected to accelerate design wins and qualifications, but no direct revenue will be generated from Lattice [59][60] Question: Visibility on market recovery in Europe and Japan - Management believes that inventory levels are at the bottom and expects improvement in the second half of 2025 [62] Question: Details on the Purdue University project - The project is milestone-based, with an estimated $4 million expected in the first year, and revenue will be recognized based on achieved milestones [68] Question: Risks and opportunities in defense markets - Management has limited visibility but expects ongoing projects to continue without issues, while new projects may take time due to policy decisions [72]