Business
Everspin Reports First Quarter 2020 Financial Results
Revenue Above High-End of Guidance with Significant Improvement in EPS; Guides 19% Revenue Growth for 2Q at the Midpoint CHANDLER, Ariz.--(BUSINESS WIRE)--
About this update from Everspin Technologies, Inc.
[{"type":"text","content":"\nRevenue Above High-End of Guidance with Significant Improvement in EPS; Guides 19% Revenue Growth for 2Q at the Midpoint\n\n CHANDLER, Ariz.--(BUSINESS WIRE)--\nEverspin Technologies, Inc. (NASDAQ: MRAM), the market leader in MRAM, today announced financial results for the first quarter ended March 31, 2020.\n\n\nFirst Quarter and Recent Highlights \n\n\n\nTotal revenue increased sequentially and year-over-year to $10.1 million, exceeding the high-end of guidance\n\n\nGross margin expanded to 52.9% from 47.7% in the prior year quarter\n\n\nGAAP loss improved to ($0.10) per share and non-GAAP loss to ($0.05), compared to ($0.25) and ($0.21), respectively, in year-ago quarter\n\n\nEnded quarter with cash and equivalents of $14.0 million\n\n\n\n“First quarter revenue was above the high end of our guidance range and represented our third consecutive quarter of growth as data center demand combined with the breadth of our customer base continue to be positive factors for our business,” stated Kevin Conley, Everspin’s President and CEO. “Additionally, our expense reduction initiatives and ongoing improvement in mature product costs resulted in a dramatic increase in year-over-year bottom-line results.\n\n\n“Despite the moderate impact on orders and customer interactions associated with the COVID-19 pandemic, we remain fully operational and achieved growth in the quarter as well as a record number of design wins. We also continued to increase customer sampling of our STT-MRAM products as we pave the way for expanding design-ins. This is a testament to the persistence of the Everspin team and the strength of our leading technology and products.\n\n\n\n\n“Looking to the second quarter, we expect to achieve another quarter of sequential revenue growth, while we cautiously monitor the global environment and remain prepared to promptly address any possible changes in market dynamics.”\n\n\nFirst Quarter 2020 Results \n\n\nTotal revenue for the first quarter of 2020 was $10.1 million, compared to $9.7 million last quarter and $10.0 million in the first quarter of 2019.\n\n\nGross margin for the first quarter of 2020 was 52.9%, compared to 53.6% in the prior quarter and 47.7% in the first quarter of 2019.\n\n\nGAAP operating expenses for the first quarter of 2020 were $6.9 million, compared to $8.2 million in the fourth quarter of 2019 and ...