Everspin Technologies reported its financial results for Q2 2023

Everspin Technologies its financial results for Q2 2023 - with revenues of $15.7 (up 7% compared to 2022), a net income of $3.9 million, and positive cash flow of $3.9 million (which includes a tax credit refund of $2 million). At the end of the quarter, cash and cash equivalents were $30.8 million

Everspin chip render

The company says that its product backlog into 2024 continues to be high, but the company is experiencing some headwinds from the semiconductor downturn.


Everspin updates that its 1 Gigabit product, that would be targeting NOR and FPGA applications is on track for tape-out and engineering samples in 2024.

Everspin also updates that it has added fine beam etch capability to its 8-inch STT-MRAM production line (in Chandler, Arizona). This will give the company's an ability to develop next-gen MTJ material stacks and etch processes. 

Disclosure: the author of this post holds shares in Everspin

Posted: Aug 03,2023 by Ron Mertens