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Everspin Reports Unaudited Third Quarter 2022 Financial Results
The Company continues to see positive growth and profitability with strong third quarter results CHANDLER, Ariz.--(BUSINESS WIRE)-- Everspin Technologies,
About this update from Everspin Technologies, Inc.
[{"type":"text","content":"\nThe Company continues to see positive growth and profitability with strong third 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 third quarter of 2022.\n\nThird Quarter 2022 Highlights\n\n\nQ3’22 revenue increased $0.5 million, or 4%, to $15.2 million from $14.7 million for Q2’22. Q3’22 revenue increased $0.4 million, or 3% from $14.8 million in Q3’21.\n\n\nThe Company reported net income of $1.9 million for Q3’22, compared to $1.7 million for Q2’22, and $0.9 million in Q3’21.\n\n\nBasic EPS for Q3’22 increased to $0.09 compared to $0.08 for Q2’22, and $0.05 for Q3’21. Diluted EPS for Q3’22 increased to $0.09 compared to $0.08 for Q2’22, and $0.04 for Q3’21.\n\n\nAdjusted EBITDA for Q3’22 improved to $3.4 million, compared to $3.3 million for Q2’22, and $2.5 million in Q3’21.\n\n\nEnded Q3’22 with cash and cash equivalents of $23.4 million, an increase from $23.1 million at the end of Q2’22.\n\n\n“Everspin delivered quarterly revenue of $15.2 million, an increase of 3% year-on-year and close to the high end of guidance. Our team successfully navigated challenging supply chain environments to meet customer demand,” said Sanjeev Aggarwal, President & CEO. “We are seeing a strong customer interest in our new xSPI family of STT-MRAM products now commercially available in densities from 8Mb to 64Mb, which we expect to drive further growth in the industrial markets.”\n\nThird Quarter 2022 Results\n\nTotal revenue for the third quarter of 2022 was $15.2 million, an increase of 4% from the $14.7 million reported in the second quarter of 2022. This is an increase of 3% compared to $14.8 million of revenue in the third quarter of 2021.\n\nMRAM product sales in the third quarter of 2022, which includes both Toggle and STT-MRAM revenue, was $14.6 million, an increase of 10% from the $13.2 million reported in the second quarter of 2022. This is an increase of 21% compared to $12.0 million in the third quarter of 2021.\n\nLicensing, Royalties, Patents and Other revenue in the third quarter of 2022 was $0.7 million compared to $1.5 million in the second quarter of 2022 and $2.8 million in the third quarter of 2021.\n\nThe increase in total revenue for the third quarter of 2022 compared to the third qu...