Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37900 Everspin Technologies, Inc. (Exact name of Registrant as specified in its Charter) Washington, D.C. 20549 FORM 10-Q Delaware 26-2640654 ( ...

Everspin (MRAM) Q1 2025 Earnings Call April 30, 2025 05:00 PM ET Speaker0 Good afternoon, welcome to the Everspin Technologies First Quarter twenty twenty five Financial Results Conference Call. At this time, participants are in a listen only mode. After the conclusion of management's prepared remarks, instructions will be provided for the question and answer session. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Faye Hoffman, Investor Relations for E ...

Exhibit 99.1 Everspin Reports Unaudited First Quarter 2025 Financial Results Chandler, AZ, April 30, 2025 — Everspin Technologies, Inc. (NASDAQ: MRAM), the world's leading developer and manufacturer of magnetoresistive random access memory (MRAM) persistent memory solutions, announced preliminary unaudited financial results for the first quarter ended March 31, 2025. "Our recent design wins showcase the strength of our solutions for mission critical applications, as evidenced by our recent contract with Ast ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-37900 Everspin Technologies, Inc. Chandler, Arizona 85226 (Address of principal executive offices including zip cod ...

Everspin Technologies, Inc. (NASDAQ: MRAM ) operates in the world of Magneto Resistive Random Access Memory (MRAM). The company got its start in 2008 as a spin-off from Freescale Semiconductor, and has since managed to establish itselfThe mission of Grassroots Trading rests on the following principles: providing objective, unbiased, and balanced research, backed by solid data and completely void of emotional influences or preference for companies; focusing on small- to mid-cap companies, offering the Seekin ...

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $13.2 million, exceeding guidance of $12 million to $13 million, with EPS of $0.05 at the high end of guidance [10][35] - Full year total revenue was $50.4 million, down 21% year-over-year due to lower product shipments [35] - GAAP gross margin for Q4 was 51.3%, up from 49.2% in Q3 but down from 58.1% in Q4 2023 [36] - GAAP net income for Q4 was $1.2 million, or $0.05 per diluted share, compared to $2 million, or $0.09 per diluted share in Q4 2023 [39] Business Line Data and Key Metrics Changes - MRAM product sales in Q4 were $11 million, down from $12.4 million in Q4 2023 but up from $10.4 million in Q3 2024 [35] - Licensing, royalty, patent, and other revenue decreased to $2.2 million in Q4 compared to $4.3 million in Q4 2023 due to project completions [36] Market Data and Key Metrics Changes - The company noted design wins in various sectors, including aerospace, industrial automation, and automotive transportation across different geographies [18] - The LEO market is expected to grow at a CAGR of 13%, increasing from approximately $10 billion to $23 billion by 2029, with Everspin's MRAM products expected to support this growth [20] Company Strategy and Development Direction - Everspin aims to replace or scale NOR flash devices with STT-MRAM technology, highlighting its advantages such as faster writes and higher endurance [25] - The company is focusing on expanding its product portfolio and technology, with a strong pipeline of design wins and ongoing projects [14][25] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 to be weighted more heavily towards the second half due to typical seasonality and inventory consumption in Asia [32] - The company anticipates initial revenue recognition from the Purdue University project in the first quarter, with a total project value of approximately $10.5 million over four years [67] Other Important Information - The company ended the quarter with cash and cash equivalents of $42.1 million, up from $39.6 million in the prior quarter [40] - Everspin will shift its non-GAAP metrics from adjusted EBITDA to non-GAAP EPS to align with industry standards [41] Q&A Session Summary Question: Clarification on Q1 guidance and loss per share - The anticipated loss per share is primarily due to lower other income in Q1 compared to Q4, with a significant decrease expected [49][51] Question: Revenue contributions from Lattice Semiconductor partnership - The partnership with Lattice is expected to accelerate design wins and qualifications but does not directly generate revenue for Everspin [59][60] Question: Visibility on market recovery in Europe and Japan - Management believes the second half of 2025 should be more promising based on current inventory levels and order behaviors [62] Question: Details on the Purdue University project - The project is milestone-based with a total value of $10.5 million, and revenue will be recognized as milestones are achieved [67]

Revenue Performance - Total revenue for Q4 2024 was $13.2 million, a decrease of 21% from $16.7 million in Q4 2023[4] - Full year 2024 total revenue was $50.4 million, down 21% from $63.8 million in 2023[4] - For Q1 2025, Everspin expects total revenue to be in the range of $12 million to $13 million, with a GAAP net loss per basic share anticipated between $(0.10) and $(0.05)[5] Profitability Metrics - GAAP net income for Q4 2024 was $1.2 million, or $0.05 per diluted share, compared to $2.0 million, or $0.09 per diluted share in Q4 2023[4] - Net income for the year ended December 31, 2024, decreased to $781,000 from $9,052,000 in 2023, representing a decline of approximately 91.4%[20] - Adjusted EBITDA for Q4 2024 was $3.2 million, down from $3.6 million in Q4 2023, a decrease of 11.1%[4] - Adjusted EBITDA for 2024 was $9,185,000, down from $15,309,000 in 2023, indicating a decrease of about 40.1%[21] - Non-GAAP net income per common share, diluted, decreased to $0.34 in 2024 from $0.65 in 2023, a decline of about 47.7%[21] Operating Expenses - Total operating expenses for the full year 2024 were $33.2 million, compared to $31.4 million in 2023, reflecting an increase of 5.7%[4] - The company reported a significant increase in stock-based compensation expense, rising to $6,713,000 in 2024 from $5,005,000 in 2023, an increase of about 34.1%[21] Cash Flow and Liquidity - Cash and cash equivalents increased to $42.1 million as of December 31, 2024, up from $36.9 million in 2023[16] - Cash flows from operating activities for 2024 were $7,099,000, compared to $13,128,000 in 2023, reflecting a decline of approximately 46.0%[20] - The company reported a net increase in cash and cash equivalents of $5,151,000 in 2024, down from $10,151,000 in 2023, a decrease of about 49.1%[20] - Cash and cash equivalents at the end of the period increased to $42,097,000 in 2024 from $36,946,000 in 2023, marking an increase of approximately 14.6%[20] Investment Activities - The company experienced a net cash used in investing activities of $3,060,000 in 2024, compared to $1,385,000 in 2023, indicating an increase of approximately 120.8%[20] - The company recorded a non-cash investing activity of $3,564,000 for internal-use software assets obtained in exchange for software liabilities in 2024[20] Market Position and Growth - Everspin achieved a total of 178 design wins in 2024, indicating growth opportunities in the NOR flash, SRAM, and storage markets[2]

Revenue Performance - Total revenue decreased by $4.4 million, or 26.6%, from $16.5 million during the three months ended September 30, 2023, to $12.1 million during the same period in 2024[86]. - Total revenue decreased by $9.9 million, or 21.0%, from $47.1 million in the nine months ended September 30, 2023, to $37.2 million in the same period of 2024[98]. Product Sales - Product sales accounted for $10.4 million, a decrease of $3.1 million or 22.9% compared to $13.5 million in the prior year[81]. - The company generated 84% of its revenue from products sold to distributors for the three months ended September 30, 2024[83]. Licensing and Other Revenue - Licensing, royalty, patent, and other revenue decreased by $1.3 million, or 43.6%, from $2.9 million to $1.7 million year-over-year[87]. - Cost of licensing, royalty, patent, and other revenue decreased by $0.5 million, or 39.2%, from $1.4 million in the nine months ended September 30, 2023, to $0.8 million in the same period of 2024[101]. Profitability - Gross profit for the three months ended September 30, 2024, was $5.9 million, representing a gross margin of 49%, down from 60% in the same period of 2023[81]. - Gross margin decreased from 60.2% in Q3 2023 to 49.2% in Q3 2024, attributed to a shift in product mix and decreased licensing revenue[90]. - Net income for the three months ended September 30, 2024, was $2.3 million, compared to $2.4 million in the same period of 2023[81]. - The net loss for the nine months ended September 30, 2024, was $0.4 million, compared to a net income of $7.1 million for the same period in 2023[115][116]. Expenses - Operating expenses increased to $8.1 million, or 67% of total revenue, compared to 48% in the prior year[81]. - Research and development expenses increased to $3.4 million, representing 28% of total revenue, up from 16% in the prior year[81]. - Research and development expenses increased by $0.7 million, or 27.3%, from $2.7 million in Q3 2023 to $3.3 million in Q3 2024, driven by new xSPI product development[91]. - General and administrative expenses decreased by $0.6 million, or 14.5%, from $3.9 million in Q3 2023 to $3.3 million in Q3 2024[92]. - Sales and marketing expenses decreased by $0.1 million, or 1.7%, from $4.0 million in the nine months ended September 30, 2023, to $3.9 million in 2024[104]. Cash Flow and Financial Position - As of September 30, 2024, the company had $39.6 million in cash and cash equivalents, an increase from $36.9 million as of December 31, 2023[113]. - Cash provided by operating activities for the nine months ended September 30, 2024, was $3.3 million, a decrease from $11.1 million in the same period of 2023[114][116]. - Cash used in investing activities during the nine months ended September 30, 2024, was $1.3 million for the purchase of manufacturing equipment, compared to $1.1 million in 2023[117][119]. - Cash provided by financing activities for the nine months ended September 30, 2024, was $0.7 million, while cash used in financing activities in 2023 was $1.9 million[120][121]. - Non-cash charges for the nine months ended September 30, 2024, included stock-based compensation of $5.1 million and depreciation and amortization of $1.2 million[115]. - The company has no outstanding debt as of September 30, 2024, after fully paying off its 2019 Credit Facility in March 2023[113]. Future Outlook - Future capital requirements will depend on growth rate, research and development spending, and new product introductions[113]. - The company experienced an increase in contract obligations of $3.0 million during the nine months ended September 30, 2024[115]. - There have been no changes to critical accounting policies that have materially impacted the financial statements[123].

Financial Data and Key Metrics Changes - Everspin reported Q3 2024 revenue of $12.1 million, in line with guidance, and EPS of $0.10, ahead of guidance range [10][28] - Year-over-year revenue decreased from $16.5 million in Q3 2023, with MRAM product sales down to $10.4 million from $13.5 million [28] - GAAP gross margin was 49.2%, down from 60.2% in Q3 2023, attributed to lower product sales and licensing revenue [29] - GAAP net income for Q3 2024 was $2.3 million, compared to $2.4 million in Q3 2023 [32] - Cash and cash equivalents increased to $39.6 million from $36.8 million at the end of the prior quarter [33] Business Line Data and Key Metrics Changes - Product revenue from Toggle and STT-MRAM decreased due to timing of customer demand [28] - Licensing, royalty, patent, and other revenue fell to $1.7 million from $2.9 million in Q3 2023, due to lower royalties and RadHard project revenue [29] - Continued growth in design wins for PERSYST STT-MRAM products, with expectations for revenue ramping in 2025 [15][27] Market Data and Key Metrics Changes - Signs of inventory consumption observed among customers, particularly in Europe, which is expected to drive additional demand [35] - Challenges noted in Japan and Germany affecting revenue profile for Q4 [49] Company Strategy and Development Direction - Everspin is focused on expanding its market opportunities through new contracts and design wins, particularly in the automotive sector [20][24] - The company is engaged in developing energy-efficient AI solutions through collaborations, including a project with Purdue University [22][60] - Strategic agreements with defense contractors to enhance MRAM manufacturing capabilities are in place [30] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the adoption of PERSYST STT-MRAM products, with expectations for additional design wins [15] - The company anticipates flat product revenue for Q4 2024, with a cautious outlook due to mixed signals from the market [35][47] - Management highlighted the importance of ongoing customer discussions that may lead to future design wins [27] Other Important Information - Everspin received a $14.6 million award from a DoD contractor for MRAM manufacturing capabilities, recognized as other income [19][30] - The company is working on multiple RadHard programs that are on track to move to their next phases [17] Q&A Session Summary Question: Details on the onshore MRAM strategic award recognition - Management clarified that the award is recognized as other income due to revenue recognition standards not being met [38] Question: Clarification on gross margin stability - Management explained that lower demand for toggle products is affecting fixed costs absorption, keeping margins flat [39] Question: DoD contract recognition and guidance impact - Management indicated that the DoD contract will be recognized ratably over 2.5 years and is factored into Q4 guidance [41] Question: Dynamics affecting product revenue guidance - Management noted that qualification times for new products and mixed market signals contribute to conservative revenue expectations [45][47] Question: Market challenges in Japan and Europe - Management confirmed ongoing challenges in Japan and economic turmoil in Germany impacting revenue [49] Question: Differences between MRAM product families - Management provided insights into the PERSYST, Unisys, and AgILYST product families, highlighting their specific applications and markets [51][56] Question: Financial contributions from the Purdue program - Management stated that no contract has been signed yet, so financial contributions remain uncertain [60]

Financial Performance - Q3 2024 revenue of $12.1 million, down from $16.5 million in Q3 2023, with MRAM product sales of $10.4 million compared to $13.5 million in the same period last year [3] - 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 Q3 2023 [4] - Gross margin decreased to 49.2% from 60.2% in Q3 2023 [3] - For Q4 2024, Everspin expects total revenue between $12 million and $13 million, with GAAP net income per diluted share projected to be between $0.00 and $0.05 [5] - Adjusted EBITDA for Q3 2024 was $4.2 million, slightly up from $4.0 million in Q3 2023 [4] - Net loss for the nine months ended September 30, 2024, was $(433) thousand, compared to a net income of $7,084 thousand for the same period in 2023 [17] - Adjusted EBITDA for the nine months ended September 30, 2024, was $5,958 thousand, down from $11,752 thousand in the same period of 2023 [18] - Cash flows from operating activities provided $3,266 thousand for the nine months ended September 30, 2024, compared to $11,086 thousand for the same period in 2023 [17] Assets and Liabilities - Total current assets increased to $64.0 million as of September 30, 2024, compared to $57.9 million at the end of 2023 [13] - Total liabilities remained stable at $13.3 million as of September 30, 2024, compared to $13.4 million at the end of 2023 [14] - Cash and cash equivalents increased to $39.6 million from $36.9 million at the end of 2023 [13] - Cash and cash equivalents at the end of the period were $39,588 thousand, up from $34,934 thousand at the end of the previous period [17] Expenses and Cash Flow - Stock-based compensation expense increased to $5,108 thousand for the nine months ended September 30, 2024, from $3,700 thousand in the same period of 2023 [18] - Depreciation and amortization for the nine months ended September 30, 2024, was $1,197 thousand, compared to $905 thousand for the same period in 2023 [17] - Net cash used in investing activities was $(1,302) thousand for the nine months ended September 30, 2024, compared to $(1,065) thousand for the same period in 2023 [17] - Payments on long-term debt were $0 for the nine months ended September 30, 2024, compared to $(2,790) thousand for the same period in 2023 [17] - Interest paid was $0 for the nine months ended September 30, 2024, compared to $37 thousand for the same period in 2023 [17] - The company reported a net increase in cash and cash equivalents of $2,642 thousand for the nine months ended September 30, 2024, compared to $8,139 thousand for the same period in 2023 [17] Strategic Outlook - New contracts won during the quarter are expected to contribute to revenue from PERSYST xSPI STT-MRAM products starting in 2025 [2] - Everspin's management emphasizes the importance of converting design wins into revenue as part of their growth strategy [5]