The following is a summary of the Everspin Technologies, Inc. (MRAM) Q1 2024 Earnings Call Transcript:
Financial Performance:
Everspin reported Q1 2024 revenue of $14.4 million, a slight decrease from $14.8 million in Q1 2023.
Gross margin stood at 56.5% in Q1 2024, slightly down from 56.8% in Q1 2023.
The company posted a small loss of $0.2 million or $0.01 per diluted share compared to a net income of $0.8 million in Q1 2023.
Everspin ended Q1 2024 with a cash balance of $34.8 million, a decrease from the $36.9 million at the end of the prior quarter.
They forecast Q2 2024 total revenue to be between $10 million to $11 million and a GAAP net loss per diluted share of between negative $0.14 and negative $0.09.
Business Progress:
Everspin anticipates a ramp in their Toggle and STT-MRAM design wins in the second half of 2024 due to expected weakness in Asia Pacific region.
The PERSYST industrial STT-MRAM product line continues to gain design wins, with revenue expected to begin translating in the second half of 2024.
Everspin is working on two major radiation-hard programs based on STT-MRAM technology.
Everspin's 1-gigabit STT-MRAM solution has been chosen by IBM for their FlashCore Module.
The company has applied for funding under the CHIPS and Science Act to build additional 200 millimeter Toggle and STT-MRAM capacity.
Everspin is working on a new foundry relationship and aiming for a low volume production schedule in Q4.
The company anticipates an improved second half of the year given typical downturn duration in the semiconductor industry.
Lead times for their products have returned to pre-pandemic levels and Everspin's backlog for 2024 is healthy, reflecting consistency with the data center market.
More details: Everspin Technologies IR
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