Business
Everspin Reports Unaudited Fourth Quarter and Full Year 2022 Financial Results
Everspin reports its best year in company history - continues to see positive growth and profitability with strong fourth quarter results. CHANDLER,
About this update from Everspin Technologies, Inc.
[{"type":"text","content":"\n Everspin reports its best year in company history - continues to see positive growth and profitability with strong fourth 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 fourth quarter and full year ended December 31, 2022.\n\nFourth Quarter and Full Year 2022 Highlights\n\n\n2022 full year revenue increased $4.9 million, or 9%, to $60.0 million from $55.1 million in the prior year.\n\n\nQ4’22 revenue increased $0.5 million, or 3%, to $15.7 million from $15.2 million for Q3’22.\n\n\nEverspin reported record net income for 2022 of $6.1 million, this is an increase of $1.8 million, or 41% from net income for 2021 of $4.3 million.\n\n\nAdjusted EBITDA for 2022 improved to $11.8 million, compared to $9.6 million for 2021.\n\n\nBasic EPS for 2022 was $0.30 compared to $0.22 in 2021.\n\n\nEnded Q4’22 with cash and equivalents of $26.8 million, which is an increase from $21.4 million reported for 2021, and $23.4 million reported for the end of Q3’22.\n\n\nEverspin generated cash flows from operating activities of $9.5 million for 2022 compared to $9.4 million in 2021.\n\n\n“The Everspin team delivered all-time record revenue of $60.0M for the year 2022 driven by strong demand in industrial, automotive and transportation markets,” said Sanjeev Aggarwal, President & CEO. “We maintained and improved our gross margins through operational efficiency as we managed our suppliers for more capacity to meet the demand. Our recently introduced xSPI family of STT-MRAM products is gaining traction in the industry and we expect it to drive new opportunities.”\n\nFourth Quarter 2022 Results\n\nTotal revenue for the fourth quarter of 2022 was $15.7 million, an increase of 3% from the $15.2 million reported in the third quarter of 2022. This is compared to $18.2 million of revenue in the fourth quarter of 2021 that was driven by $4.0 million recognized as revenue in the fourth quarter 2021 related to a one-time patent sale.\n\nMRAM product sales in the fourth quarter of 2022, which includes both Toggle and STT-MRAM revenue, was $14.6 million in the fourth quarter of 2022, and remained consistent with the third quarter of 2022. This is an increase of 15% compared to $12.6 million in the fourth quarter of 2021...