Everspin Technologies reported its financial results for Q3 2024, with revenues reaching $12.1 million (down from $16.5 million in Q3 2023), and a net profit of $2.3 million.
For the fourth quarter 2024, Everspin expects total revenue in a range of $12 million to $13 million. At the end of Q3 2024, the company had $39.6 million in cash and equivalents, up $2.8 million from the previous quarter.
Everspin Technologies announced that it has received a strategic $14.55 million 2.5-years project from the Department of Defense (DoD) to provide continued and stable manufacturing services for aerospace and defense segments. Under the award, Everspin will provide a plan to mitigate risks to its MRAM manufacturing supply chain.
Everspin is producing its MRAM products at its manufacturing line in Chandler, Arizon. In March 2024, Everspin announced that it has applied for the CHIPS Incentives Program, asking for funding for an additional 200mm MRAM production line. It seems as if this current DoD award is not that project that was applied to in March. In 2022, Everspin asked for funding to build a new MRAM production line in Indiana.
Everspin Technologies announced a new strategic contract with Frontgrade Technologies. Everspin will provide its PERSYST MRAM technology, logic design, and back-end-of-line manufacturing services, to advance the development and demonstration of a Strategic Radiation Hardened (SRH) high-reliability eMRAM macro for use in future products by Frontgrade.
This initiative supports both current and future Department of Defense (DoD) strategic and commercial space system requirements. It will be manufactured using Skywater RH90 CMOS in Bloomington, Minnesota and Everspin’s back-end-of-line MRAM process in Chandler, Arizona. The contarct has several phases over multiple years - with the first phase valued at $1.25 million, and all phases at $9.25 million. Upon successful performance of this phase, and at the discretion of the U.S. government, the contract allows for award of future optional phases.
Everspin Technologies reported its financial results for Q2 2022. Revenues were $10.6 million (down from $15.7 million in Q2 2023), and net loss was $0.2 million (down from a new profit of $5.4 million in Q2 2023). The company is cash flow positive, generated $1.7 million in the quarter, and ended it with $36.8 million in cash and equivalents.
During the quarter, the company experienced weakness in toggle MRAM sales, partly due to inventory consumption and partly due to unfavorable currency exchange. Looking ahead, Everspin sees positive signs of inventory consumption, and expects a modest ramp in toggle MRAM sales in the rest of 2024. Everspin said it has strong traction with its new PERSYST family of MRAM products, and expects to start delivering the first products to its customers towards the end of 2024 or early 2025.
Everspin Technologies announced its financial results for the first quarter of 2024. Revenues were $14.4 million (down slightly from Q1 2023) and a small loss of $0.2 million (compared to a net income of $0.8 million in Q1 2023).
Everspin reports continued weakness in Asia Pacific, and in the industrial, consumer and automotive markets. However, it is also expecting a ramp up in both design wins and shipments for both toggle MRAM and STT-MRAM in the second half of 2024. In the next quarter, however, it expects revenues to drop significantly to $10 million to $11 million.
Everspin Technologies announced that it has applied for the CHIPS Incentives Program, asking for funding for an additional 200mm MRAM production line. Everspin says the new funding will help it increase its long-term R&D IP capability.
In November 2022, Everspin asked for funding to build a new MRAM production line in Indiana.
Everspin Technologies reported its financial results for Q4 2023, with revenues of $16.7 million and a net income of $2 million. Product sales were a bit slower than last year, but licensing and royalties were higher at $4.3 million (up from $1.1 million in 2022).
For the full year 2023, Everspin achieved record revenues of $63.8 million (up 6% from 2022), and net income of $9.1 million. At the end of the year Everspin had a cash balance of $36.9 million.
Everspin Technologies reported its financial results for Q3 2023, with revenues of $16.5 million (up 8% from Q3 2022) and a net income of $2.4 million. The company generated $3.6 million and its current cash balance is $34.9 million.
Everspin is cautiously optimistic about the next quarter, expecting revenue to be in the range of $15.4 to $16.4 million. It says demand for its toggle products remain strong and it sees increased demand for its xSPI family of STT-MRAM products.
High-performance STT-MRAM developer Numem announced that it has secured a Series A funding round, with investments from Cambium Capital and Doorga Capital. The company did not detail the investment amount.
In 2020, Numem announced that it has been selected for a NASA AI project, for which the company will supply its Numem NuRAM MRAM-based Memory.
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
The company says that its product backlog into 2024 continues to be high, but the company is experiencing some headwinds from the semiconductor downturn.
