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  Title	Everspin Reports Unaudited Third Quarter 2024 Financial Results
  ID	3755055
  External ID	7261587095
  Author	Unknown
  Published Date	Oct. 30, 2024, 3:08 p.m.
  Summary	1:00 PM on Wednesday, October 30 The Associated Press CHANDLER, Ariz.--(BUSINESS WIRE)--Oct 30, 2024-- Everspin Technologies, Inc. (NASDAQ: MRAM), the world's leading developer and manufacturer of
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  URL	https://kdow.biz/news/business/everspin-reports-unaudited-third-quarter-2024-financial-results/7053913996044898a5ad8fdfce3ae5b3
  Sentiment	Negative: 0.03298    Neutral: 0.02526    Positive: 0.94176
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• Content Details

  Content ID	2032536
  Key	d83bd5b6-01da-4d1c-93c8-254b023d77b0
  Content	1:00 PM on Wednesday, October 30 The Associated Press CHANDLER, Ariz.--(BUSINESS WIRE)--Oct 30, 2024-- Everspin 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 third quarter ended September 30, 2024. “We are pleased to report third quarter revenue in-line with our guidance and GAAP net income per diluted share ahead of our guidance, driven by our new contract wins, and our cost containment efforts,” said Sanjeev Aggarwal, President and Chief Executive Officer. “We had new contracts during the quarter, showcasing the strength of our business and the extensive range of our product portfolio. We continue to have meaningful customer interactions, which we believe will turn into design wins for our PERSYST xSPI STT-MRAM products and begin to contribute to revenue in 2025 and beyond.” Third Quarter 2024 Results Total revenue of $12.1 million, compared to $16.5 million in the third quarter of 2023. MRAM product sales, which includes both Toggle and STT-MRAM revenue, of $10.4 million, compared to $13.5 million in the third quarter of 2023. Licensing, royalty, patent, and other revenue of $1.7 million, compared to $2.9 million in the third quarter of 2023. Gross margin of 49.2%, compared to 60.2% in the third quarter of 2023. GAAP operating expenses of $8.1 million, compared to $7.9 million in the third quarter of 2023. GAAP net income of $2.3 million, or $0.10 per diluted share, compared to net income of $2.4 million, or $0.11 per diluted share, in the third quarter of 2023. Adjusted EBITDA of $4.2 million, compared to $4.0 million in the third quarter of 2023. “We are pleased to end the quarter with a strong balance sheet and a return to profitability,” said Matt Tenorio, Everspin's Interim Chief Financial Officer. “We remain focused on scaling our business and converting additional design wins to revenue.” Business Outlook For the fourth quarter 2024, Everspin expects total revenue in a range of $12 million to $13 million and GAAP net income per diluted share to be between $0.00 and $0.05. This outlook is dependent on Everspin's current expectations, which may be impacted by, among other things, evolving external conditions, such as pandemics or endemics, local safety guidelines, worsening impacts due to supply chain constraints or interruptions, including the military conflict between Russia and Ukraine, instability in the Middle East, recent market volatility, semiconductor downturn and the other risk factors described in Everspin's filings with the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, its Quarterly Reports on Form 10-Q filed with the SEC during 2024, as well as in its subsequent filings with the SEC. Use of Non-GAAP Financial Measures Everspin supplements the reporting of its financial information determined under generally accepted accounting principles in the United States of America (GAAP) with Adjusted EBITDA, which is a non-GAAP financial measure. Everspin defines Adjusted EBITDA as net income adjusted for interest expense, taxes, depreciation and amortization, stock-based compensation expense, and restructuring costs (if any). Everspin's management and board of directors use Adjusted EBITDA to understand and evaluate its operating performance and trends, to prepare and approve its annual budget and to develop short-term and long-term operating and financing plans. Accordingly, Everspin believes that Adjusted EBITDA provides useful information for investors in understanding and evaluating its operating results in the same manner as its management and board of directors. Adjusted EBITDA is a non-GAAP financial measure and should be considered in addition to, not as superior to, or as a substitute for, net income reported in accordance with GAAP. Moreover, other companies may define Adjusted EBITDA differently, which limits the usefulness of this measure for comparisons with such other companies. Everspin encourages investors to review its financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Conference Call Everspin will host a conference call for analysts and investors on Wednesday, October 30, 2024, at 5:00 p.m. Eastern Time. Dial-in details: To access the call by phone, please go to this link and you will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. The live webcast of the call will be accessible on the Company's website at investor.everspin.com . Approximately two hours after conclusion of the live event, an archived webcast of the conference call will be accessible from the Investor Relations section of the Company's website for twelve months. About Everspin Technologies Everspin Technologies, Inc. is the world's leading provider of magnetoresistive RAM (MRAM). Everspin MRAM delivers the industry's most robust, highest-performance non-volatile memory for industrial IoT, data centers and other mission-critical applications where data persistence is paramount. Headquartered in Chandler, Arizona, Everspin provides commercially available MRAM solutions to a large and diverse customer base. For more information, visit www.everspin.com . NASDAQ: MRAM. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements regarding future results that involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to the statements made under the caption “Business Outlook.” Forward-looking statements are identified by words such as “expects” or similar expressions. These include, but are not limited to, Everspin's future financial performance, including the outlook for fourth quarter 2024 results. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks set forth under the caption “Risk Factors” in Everspin's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024, and its Quarterly Reports on Form 10-Q filed with the SEC during 2024, as well as in its subsequent filings with the SEC. Any forward-looking statements made by Everspin in this press release speak only as of the date on which they are made and subsequent events may cause these expectations to change. Everspin disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law. EVERSPIN TECHNOLOGIES, INC. Condensed Balance Sheets (In thousands, except share and per share amounts) (Unaudited) September 30, December 31, Assets Current assets: Cash and cash equivalents Accounts receivable, net Inventory Prepaid expenses and other current assets Total current assets Property and equipment, net Right-of-use assets Other assets Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Deferred revenue Lease liabilities, current portion Contract obligations — Total current liabilities Lease liabilities, net of current portion Long-term income tax liability Total liabilities Commitments and contingencies (Note 5) Stockholders' equity: Preferred stock, $0.0001 par value per share; 5,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively — — Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 21,833,041 and 21,080,472 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively Additional paid-in capital Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity EVERSPIN TECHNOLOGIES, INC. Condensed Statements of Operations and Comprehensive (Loss) Income (In thousands, except share and per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, Product sales Licensing, royalty, patent, and other revenue Total revenue Cost of product sales Cost of licensing, royalty, patent, and other revenue Total cost of sales Gross profit Operating expenses: 1 Research and development General and administrative Sales and marketing Total operating expenses (Loss) income from operations Interest expense — — — Other income, net Net (loss) income before income taxes Income tax expense — — Net (loss) income and comprehensive (loss) income Net (loss) income per common share: Basic Diluted Weighted average shares of common stock outstanding: Basic Diluted 1 Operating expenses include stock-based compensation as follows: Research and development General and administrative Sales and marketing Total stock-based compensation EVERSPIN TECHNOLOGIES, INC. Condensed Statements of Cash Flows (In thousands) (Unaudited) Nine Months Ended September 30, Cash flows from operating activities Net (loss) income Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization Gain on sale of property and equipment — Stock-based compensation Loss on prepayment and termination of credit facility — Non-cash warrant revaluation — Non-cash interest expense — Changes in operating assets and liabilities: Accounts receivable Inventory Prepaid expenses and other current assets Other assets — Accounts payable Accrued liabilities Deferred revenue Contract obligations — Lease liabilities, net Net cash provided by operating activities Cash flows from investing activities Purchases of property and equipment Proceeds received from sale of property and equipment — Net cash used in investing activities Cash flows from financing activities Payments on long-term debt — Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan Net cash provided by (used in) financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Supplementary cash flow information: Interest paid — Operating cash flows paid for operating leases Financing cash flows paid for finance leases Non-cash investing and financing activities: Right-of-use assets obtained in exchange for finance lease liabilities — Purchases of property and equipment in accounts payable and accrued liabilities — EVERSPIN TECHNOLOGIES, INC. Reconciliation of Adjusted EBITDA (In thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, Adjusted EBITDA reconciliation: Net (loss) income Depreciation and amortization Stock-based compensation expense Interest expense — — — Income tax (benefit) expense — — Adjusted EBITDA View source version on businesswire.com: https://www.businesswire.com/news/home/20241030188457/en/ CONTACT: Investor Relations: Monica Gould The Blueshirt Group T: 212-871-3927 ir@everspin.com KEYWORD: ARIZONA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: TECHNOLOGY SEMICONDUCTOR ENGINEERING OTHER TECHNOLOGY AUTOMOTIVE MANUFACTURING MANUFACTURING HARDWARE IOT (INTERNET OF THINGS) DATA MANAGEMENT SOURCE: Everspin Technologies, Inc. Copyright Business Wire 2024. PUB: 10/30/2024 04:00 PM/DISC: 10/30/2024 04:00 PM http://www.businesswire.com/news/home/20241030188457/en This content is used here with permission. 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