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Everspin Reports Second Quarter 2021 Financial Results
The Company Reports its First Quarter in Company History with Net Income CHANDLER, Ariz.--(BUSINESS WIRE)-- Everspin Technologies, Inc. (NASDAQ: MRAM), the
About this update from Everspin Technologies, Inc.
[{"type":"text","content":"\nThe Company Reports its First Quarter in Company History with Net Income\n\n CHANDLER, Ariz.--(BUSINESS WIRE)--\nEverspin Technologies, Inc. (NASDAQ: MRAM), the market leader in MRAM, today announced financial results for the second fiscal quarter of 2021.\n\nSecond Quarter 2021 Highlights \n\n\nQ2’21 revenue increased 15% from the prior quarter to $11.85 million; this was an increase of $1.57 million compared to Q1’21 revenue. Q2’21 revenue was relatively flat to Q2’20 Revenue of $11.83 million.\n\n\nThe Company reported net income of $256k for Q2’21, compared to a net loss of $460k for Q1’21 and a net loss of $1.3 million for Q2’20.\n\n\nEnded Q2’21 with cash and equivalents of $14.2 million.\n\n\n“For the 1st time in Company history, we were GAAP net income positive for a quarter. This is a testament to the hard work and extra effort by the Everspin team to increase revenue and gross margins, while holding the line on spending,” stated Darin Billerbeck, Everspin’s Executive Chairman and Interim CEO.\n\nSecond Quarter 2021 Results\n\nTotal revenue for the second quarter of 2021 was $11.85 million, an increase of 15% from the $10.28 million reported last quarter. Q2’21 revenue was relatively flat to Q2’20 revenue of $11.83 million.\n\nGross margin for the second quarter of 2021 was 60.7%, compared to 58.2% in the prior quarter and 43.9% in the second quarter of 2020.\n\nGAAP operating expenses for the second quarter of 2021 increased to $6.7 million, compared to $6.3 million in the first quarter of 2021 primarily due to a $900k increase in research & development spend, partially offset by a $500k decline in general and administrative expenses. This is compared to operating expenses of $6.3 million in the second quarter of 2020. GAAP operating expenses in the second quarter of 2021 included $704k of stock-based compensation, compared to $743k last quarter and $918k in the second quarter of 2020.\n\nGAAP net income for the second quarter of 2021 was $256k, or $0.01 per share, based on 19.3 million basic weighted-average common shares outstanding. This compares to a net loss of $460k, or ($0.02) per share, in the first quarter of 2021 and a net loss of $1.3 million, or ($0.07) per share, in the second quarter of 2020.\n\nAdjusted EBITDA for the second quarter of 2021 improved to $1.5 million, compared to a $0.8 million last quar...