Business
Everspin Reports Unaudited Second Quarter 2024 Financial Results
Q2’24 revenue of $10.6 million in-line with guidance CHANDLER, Ariz.--(BUSINESS WIRE)-- Everspin Technologies, Inc. (NASDAQ: MRAM), the world’s leading
About this update from Everspin Technologies, Inc.
[{"type":"text","content":"\nQ2’24 revenue of $10.6 million in-line with guidance\n\n\n CHANDLER, Ariz.--(BUSINESS WIRE)--\nEverspin Technologies, Inc. (NASDAQ: MRAM), the world’s leading developer and manufacturer of magnetoresistive random access memory (MRAM) persistent memory solutions, today announced preliminary unaudited financial results for the second quarter ended June 30, 2024.\n\n\n“Our second quarter revenue and GAAP net loss per basic share came in in-line with our guidance,” said Sanjeev Aggarwal, President and Chief Executive Officer. “Despite a slower start to the year, we continue to see a path towards a stronger second half supported by design wins with our PERSYST 4Mb to 128Mb STT-MRAM product family, especially in the European and Asia Pacific regions where we experienced our highest design activity.”\n\n\nSecond Quarter 2024 Results\n\n\n\nTotal revenue of $10.6 million, compared to $15.7 million in the second quarter of 2023.\n\n\n\nMRAM product sales, which includes both Toggle and STT-MRAM revenue, of $9.9 million, compared to $13.4 million in the second quarter of 2023.\n\n\n\nLicensing, royalty, patent, and other revenue of $0.7 million, compared to $2.3 million in the second quarter of 2023.\n\n\n\nGross margin of 49.0%, compared to 58.4% in the second quarter of 2023.\n\n\n\nGAAP operating expenses of $8.0 million, compared to $7.6 million in the second quarter of 2023.\n\n\n\nGAAP net loss of $2.5 million, or $0.12 per basic share, compared to net income of $3.9 million, or $0.18 per diluted share, in the second quarter of 2023.\n\n\n\nAdjusted EBITDA of a loss of $0.2 million, compared to $5.4 million in the second quarter of 2023.\n\n\n\n“We are pleased to end the quarter with a strong balance sheet that remains debt free and the $1.7 million cash flow from operations we generated in the quarter,” said Matt Tenorio, Everspin’s Interim Chief Financial Officer. “Looking ahead to the third quarter, we anticipate a ramp in revenue and design wins and have observed signs of recovery in inventory consumption of our customers.”\n\n\nBusiness Outlook\n\n\nFor the third quarter 2024, Everspin expects total revenue in a range of $11.5 million to $12.5 million and GAAP net loss per basic share to be between $0.05 and $0.10.\n\n\nThis outlook is dependent on Everspin's current expectations, which may be impacted by, among other things,...