Everspin announced its financial results for Q1 2018 - revenues reached a record $14.9 million as product revenues grew more than 40% compared to Q1 2017 and as Everspin received an upfront 3D sensor license fee with Alps Electric. Net loss in Q1 was $1.3 million, down from $6.1 million in Q1 2017.
At the end of the quarter, the Everspin had $33.9 million in cash and equivalents (up from $13 million in Q4 2017). In February 2018 Everspin raised $24.5 million in a secondary offering. Everspin expects revenues in Q2 2018 to be in the range of $10.9 million to $11.3 million.
Everspin says that in Q2 2018 it expects to complete the quality specification of its lead flash array customer that will use Everspin's 256Mb STT-MRAM for this product.
During the quarter, Everspin shipped its first 40nm 256Mb STT-MRAM products. Last month Everspin successfully raised $24.5 million.
