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Everspin Reports Unaudited First Quarter 2022 Financial Results
The Company continues growth into 2022 with profitable first quarter results CHANDLER, Ariz.--(BUSINESS WIRE)-- Everspin Technologies, Inc. (NASDAQ: MRAM),
About this update from Everspin Technologies, Inc.
[{"type":"text","content":"\nThe Company continues growth into 2022 with profitable first quarter results\n\n CHANDLER, Ariz.--(BUSINESS WIRE)--\nEverspin Technologies, Inc. (NASDAQ: MRAM), the market leader in MRAM, today announced preliminary unaudited financial results for the first quarter ended March 31, 2022.\n\nFirst Quarter 2022 Highlights\n\n\nQ1’22 revenue increased $4.0 million, or 39%, to $14.3 million from $10.3 million for Q1’21.\n\n\nThe Company reported net income of $1.9 million for Q1’22, compared to a net loss of $0.5 million for Q1’21.\n\n\nAdjusted EBITDA for Q1’22 improved to $3.1 million, compared to $0.8 million for Q1’21.\n\n\nBasic EPS for Q1’22 was $0.10 compared to a net loss per share of $0.02 for Q1’21.\n\n\n“The Everspin team delivered an excellent quarter focusing on sales, yield improvement, and operational discipline in this tough supply chain environment,” said Sanjeev Aggarwal, President & CEO. “We are optimistic about our business outlook and expect our new xSPI family of Low Density STT-MRAM products to drive growth across industrial and IoT markets.”\n\nFirst Quarter 2022 Results\n\nTotal revenue for the first quarter of 2022 was $14.3 million, a decrease of 21% from the $18.2 million reported in the fourth quarter of 2021, which primarily reflects $3.9M in revenue recognized in the fourth quarter of 2021 from a one-time intellectual property (“IP”) monetization deal. This is an increase of 39% compared to $10.3 million of revenue in the first quarter of 2021.\n\nMRAM product sales in the first quarter of 2022, which includes both Toggle and STT-MRAM revenue, was $12.7 million compared to $12.6 million in the fourth quarter of 2021 and $9.1 million in the first quarter of 2021.\n\nLicensing, Royalties, Patents and Other revenue in the first quarter of 2022 was $1.7 million compared to $5.6 million in the fourth quarter of 2021 and $1.2 million in the first quarter of 2021.\n\nThe increase in total revenue for the first quarter of 2022 compared to the first quarter of 2021 was due to strong Toggle sales and an increase in revenue recognized from a U.S. Government RAD-Hard program entered into during the second quarter of 2021.\n\nGross margin for the first quarter of 2022 was 58.0%, compared to 62.8% in the fourth quarter of 2021, and 58.2% in the first quarter of 2021. The decrease in gross margin in the first quarte...