Business
Everspin Reports Second Quarter 2020 Financial Results
Achieves Another Quarter of Sequential Growth Driven by Record STT-MRAM Revenue CHANDLER, Ariz.--(BUSINESS WIRE)-- Everspin Technologies, Inc. (NASDAQ:
About this update from Everspin Technologies, Inc.
[{"type":"text","content":"\n Achieves Another Quarter of Sequential Growth Driven by Record STT-MRAM Revenue \n\n CHANDLER, Ariz.--(BUSINESS WIRE)--\nEverspin Technologies, Inc. (NASDAQ: MRAM), the market leader in MRAM, today announced financial results for the second quarter ended June 30, 2020.\n\n\nSecond Quarter and Recent Highlights \n\n\n\nTotal revenue increased 37% year-over-year and 17% sequentially to $11.8 million\n\n\nOperating expenses declined 18% over the prior year period\n\n\nGAAP loss improved to $1.3 million, or ($0.07) per share, and non-GAAP loss to $0.4 million, or ($0.02), compared to $3.7 million, or ($0.21) per share, and $2.9 million, or ($0.17) per share, respectively, in the second quarter of 2019\n\n\nAchieved positive adjusted EBITDA of $0.2 million, compared to a negative ($2.2) million in the year-ago quarter\n\n\nAppointed Daniel Berenbaum CFO bringing strong semiconductor finance and Wall Street experience to the executive team\n\n\nEnded quarter with cash and equivalents of $12.9 million\n\n\n\n“We extended our momentum into the second quarter, achieving the fourth consecutive quarter of growth including record revenue from the ramp of our 1Gb STT-MRAM product,” stated Kevin Conley, Everspin’s President and CEO. “A significant contributor to this growth was our ability to respond to a surge in demand from our OEM customers that supply the data center market.\n\n\n“Entering the third quarter, we are seeing a delay of customers’ new product introduction plans, resulting in reduced visibility and expectations for the quarter. Despite these current market challenges, we remain encouraged about our future growth opportunities, growing pipeline of business and improved financial positioning.”\n\n\n\n\nSecond Quarter 2020 Results \n\n\nTotal revenue for the second quarter of 2020 was $11.8 million, an increase of 17% from the $10.1 million last quarter and 37% over the $8.6 million reported in the second quarter of 2019.\n\n\nGross margin for the second quarter of 2020 was 43.9%, compared to 52.9% in the prior quarter and 46.5% in the second quarter of 2019.\n\n\nGAAP operating expenses for the second quarter of 2020 decreased to $6.3 million, compared to $6.9 million in the first quarter of 2020 and $7.6 million in the second quarter of 2019. On a non-GAAP basis, operating expenses for the second quarter of 2020 were $5.4 mi...