Everspin Technologies Inc ( (MRAM) ) has released its Q4 earnings. Here is a breakdown of the information Everspin Technologies Inc presented to its investors.
Everspin Technologies, Inc. is a leading provider of magnetoresistive RAM (MRAM) solutions, catering to industrial IoT, data centers, and other critical applications, with its headquarters in Chandler, Arizona.
In its latest earnings report, Everspin Technologies announced its preliminary unaudited financial results for the fourth quarter and full year of 2024, highlighting revenue that exceeded expectations and earnings per share at the high end of its guidance range. The company achieved 178 design wins in 2024, indicating strong potential for future growth in various memory markets.
For the fourth quarter of 2024, Everspin reported total revenue of $13.2 million, a decrease from $16.7 million in the same quarter of the previous year. MRAM product sales contributed $11.0 million, while licensing and other revenues accounted for $2.2 million. The gross margin stood at 51.3%, with GAAP net income of $1.2 million, or $0.05 per diluted share. For the full year, total revenue was $50.4 million, down from $63.8 million in 2023, with a net income of $0.8 million, or $0.04 per diluted share.
Despite the decline in revenue compared to the previous year, Everspin’s balance sheet remains robust, with cash and cash equivalents increasing to $42.1 million by the end of 2024. The company continues to focus on financial discipline while scaling its business and converting design wins into revenue.
Looking ahead, Everspin expects first-quarter 2025 revenue to range between $12 million and $13 million, with a GAAP net loss per basic share anticipated between $(0.10) and $(0.05). The company remains optimistic about its future prospects, driven by its strategic initiatives and market opportunities.
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