Everspin Technologies Inc ( (MRAM) ) has realeased its Q3 earnings. Here is a breakdown of the information Everspin Technologies Inc presented to its investors.
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Everspin Technologies, Inc., headquartered in Chandler, Arizona, is a leading developer and manufacturer of Magnetoresistive Random Access Memory (MRAM) solutions, providing robust and high-performance non-volatile memory for industrial IoT, data centers, and other mission-critical applications.
In its latest earnings report for the third quarter of 2024, Everspin Technologies announced a revenue of $12.1 million, in line with its guidance, and an earnings per share (EPS) of $0.10, surpassing expectations. The company attributes its performance to new contract wins and effective cost management.
The company reported a decrease in total revenue from $16.5 million in the same quarter of the previous year, with MRAM product sales declining to $10.4 million from $13.5 million. Licensing and other revenue also fell from $2.9 million to $1.7 million. Despite a drop in gross margin from 60.2% to 49.2%, Everspin managed to achieve a GAAP net income of $2.3 million, slightly down from $2.4 million year-over-year. Adjusted EBITDA showed an increase to $4.2 million from $4.0 million.
Looking ahead, Everspin Technologies has expressed confidence in its business strategy, expecting to convert design wins into revenue contributions starting in 2025. For the fourth quarter of 2024, the company projects revenue between $12 million and $13 million, with a GAAP net income per diluted share ranging from $0.00 to $0.05.
