Business
Everspin Reports Third Quarter 2020 Financial Results
Achieves Positive Cash Flow From Operations CHANDLER, Ariz.--(BUSINESS WIRE)-- Everspin Technologies, Inc. (NASDAQ: MRAM), the market leader in MRAM, today
About this update from Everspin Technologies, Inc.
[{"type":"text","content":"\nAchieves Positive Cash Flow From Operations \n\n CHANDLER, Ariz.--(BUSINESS WIRE)--\nEverspin Technologies, Inc. (NASDAQ: MRAM), the market leader in MRAM, today announced financial results for the third quarter ended September 30, 2020.\n\nThird Quarter Highlights \n\n\nTotal revenue increased 10.3% year-over-year to $10.1 million\n\n\nOperating expenses declined 24% over the prior year period\n\n\nGAAP net loss per share remained flat at ($0.21) compared to the third quarter of 2019\n\n\nGenerated $0.7 million cash flow from operations\n\n\nEnded quarter with cash and equivalents of $13.9 million\n\n\n“We are happy to report that in Q3 we achieved our goal of generating cash flow from operations. We hit our target of reducing annual operating expenses by $5 million over last year one quarter ahead of plan, while maintaining our critical R&D programs and key business initiatives,” stated Kevin Conley, Everspin’s President and CEO. “Our emphasis on cash management, product cost, and operational excellence have been fundamental to our continued progress.\n\n“During the quarter, we started production shipments of our second STT-MRAM design win for a persistent memory card application with an OEM customer that sells into the data center segment. Combined with the expansion of our Toggle product line, we believe that we are well positioned to drive revenue growth as the overall demand for memory and storage increases and applications that benefit from the performance and reliability of MRAM continue to expand.”\n\n\nThird Quarter 2020 Results \n\nTotal revenue for the third quarter of 2020 was $10.1 million, compared to $11.8 million last quarter and $9.2 million in the third quarter of 2019.\n\nGAAP gross margin for the third quarter of 2020 was 23.0%, compared to 43.9% in the prior quarter and 47.4% in the third quarter of 2019. Third quarter gross margin included a $1.7 million non-cash charge related to excess and obsolete inventory reserve , $0.4 million of accelerated depreciation and $0.1 million related to a prior period cost adjustment.\n\nGAAP operating expenses for the third quarter of 2020 decreased to $6.0 million, compared to $6.3 million in the second quarter of 2020 and $7.9 million in the third quarter of 2019. GAAP operating expenses in each of these periods included $0.9 million of stock-based compensation.\n\nG...