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]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 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. (Exact name of Registrant as specified in its Charter) Delaware 26-2640654 (S ...

Financial Performance - Q2 2024 total revenue was $10.6 million, down from $15.7 million in Q2 2023, aligning with guidance[1][2] - MRAM product sales were $9.9 million, compared to $13.4 million in Q2 2023, reflecting a decrease of approximately 26.1%[2] - Gross margin for Q2 2024 was 49.0%, down from 58.4% in Q2 2023[2] - GAAP net loss for Q2 2024 was $2.5 million, or $0.12 per basic share, compared to net income of $3.9 million, or $0.18 per diluted share in Q2 2023[2][3] - Adjusted EBITDA showed a loss of $0.2 million, a significant decline from $5.4 million in Q2 2023[2] - Net loss for six months ended June 30, 2024, was $2,704,000 compared to a net income of $4,646,000 for the same period in 2023[15] - Adjusted EBITDA for six months ended June 30, 2024, was $1,743,000, down from $7,746,000 in the same period of 2023[16] Cash Flow and Assets - The company reported a cash flow from operations of $1.7 million for the quarter, maintaining a debt-free balance sheet[3] - Cash provided by operating activities for six months ended June 30, 2024, was $428,000, a significant decrease from $7,531,000 in the prior year[15] - Cash and cash equivalents at the end of the period were $36,764,000, up from $30,830,000 at the end of June 30, 2023[15] - Total current assets decreased to $55.4 million as of June 30, 2024, from $57.9 million at the end of 2023[10] - Total liabilities decreased to $9.1 million as of June 30, 2024, down from $13.4 million at the end of 2023[11] Future Projections - For Q3 2024, Everspin expects total revenue between $11.5 million and $12.5 million, with GAAP net loss per basic share projected to be between $0.05 and $0.10[3] Operational Changes - Everspin is experiencing increased design activity in the European and Asia Pacific regions, particularly with its PERSYST STT-MRAM product family[1] Inventory and Liabilities - Accounts receivable increased by $1,440,000 for six months ended June 30, 2024, compared to an increase of $1,639,000 in the same period of 2023[15] - Inventory changes resulted in a $404,000 increase for six months ended June 30, 2024, compared to a decrease of $662,000 in the same period of 2023[15] - Accrued liabilities increased by $2,628,000 for six months ended June 30, 2024, compared to an increase of $701,000 in the same period of 2023[15] Stock-Based Compensation - Stock-based compensation increased to $3,576,000 for six months ended June 30, 2024, compared to $2,420,000 for the same period in 2023[15] Debt Management - Payments on long-term debt were $0 for the six months ended June 30, 2024, compared to $2,790,000 in the same period of 2023[15]

Revenue Performance - Total revenue decreased by $0.4 million, or 2.8%, from $14.8 million in Q1 2023 to $14.4 million in Q1 2024, primarily due to a $2.9 million decrease in product sales[73]. - Product sales accounted for $10.9 million, or 75% of total revenue in Q1 2024, down from $13.8 million, or 93% in Q1 2023[69]. - Licensing, royalty, patent, and other revenue increased by $2.5 million, or 234%, from $1.1 million in Q1 2023 to $3.6 million in Q1 2024, driven by RAD-Hard projects[74]. Expenses - Research and development expenses rose by $0.2 million, or 6.8%, from $3.2 million in Q1 2023 to $3.4 million in Q1 2024, primarily related to the new xSPI family of STT-MRAM products[79]. - General and administrative expenses increased by $0.8 million, or 25.3%, from $3.2 million in Q1 2023 to $4.0 million in Q1 2024, mainly due to stock-based compensation and professional services[81]. - Operating expenses increased to $8.76 million in Q1 2024, up from $7.73 million in Q1 2023, representing 61% of total revenue[69]. - Sales and marketing expenses remained consistent at $1.3 million for both Q1 2024 and Q1 2023, representing 9% of revenue[83]. Profitability - The net loss for Q1 2024 was $202,000 compared to a net income of $761,000 in Q1 2023[69]. - Gross margin slightly decreased from 56.8% in Q1 2023 to 56.5% in Q1 2024 due to reduced product sales and increased supplier pricing[77]. Cash Flow and Financial Position - As of March 31, 2024, cash and cash equivalents totaled $34.8 million, down from $36.9 million as of December 31, 2023, with no outstanding debt[86]. - Cash used in operating activities was $1.3 million in Q1 2024, compared to cash provided of $1.2 million in Q1 2023[89][90]. - Cash used in investing activities was $1.2 million in Q1 2024, reflecting purchases of manufacturing equipment, compared to $1.0 million in Q1 2023[91]. - Cash provided by financing activities was $0.4 million in Q1 2024, consisting of proceeds from the exercise of employee stock options, compared to cash used of $2.8 million in Q1 2023[92]. Other Financial Metrics - Total cost of sales decreased by $0.146 million, or 2.3%, from $6.416 million in Q1 2023 to $6.270 million in Q1 2024[75]. - Interest expense decreased by $0.1 million, or 100%, from $0.1 million in Q1 2023 to $0 in Q1 2024 due to the full repayment of the 2019 Credit Facility[84]. - Other income, net increased by $0.3 million, or 210.9%, from $0.4 million in Q1 2023 to $0.7 million in Q1 2024, primarily due to increased interest income[85]. Operational Challenges - The company continues to navigate the impacts of COVID-19, particularly in some Asian countries, while monitoring supply chain constraints[66].

Financial Data and Key Metrics Changes - The company reported revenue of $14.4 million for Q1 2024, slightly down from $14.8 million in Q1 2023, but near the high end of the guidance range of $13.5 million to $14.5 million [7][48] - Adjusted EBITDA was $1.9 million compared to $2.3 million in Q1 2023 [8] - GAAP gross margin was 56.5%, relatively flat compared to 56.8% in Q1 2023 [75] - Operating expenses increased to $8.8 million from $7.7 million in Q1 2023, resulting in a net loss of $0.2 million or $0.01 per diluted share, compared to a net income of $0.8 million or $0.04 per diluted share in Q1 2023 [75] Business Line Data and Key Metrics Changes - MRAM product sales, including both Toggle and STT-MRAM revenue, were $10.9 million, down from $13.8 million in Q1 2023 [51] - Licensing, royalty, patent, and other revenue increased to $3.6 million from $1.1 million in Q1 2023 [51] Market Data and Key Metrics Changes - The company noted continued economic weakness in the Asia Pacific region, impacting customer demand and project schedules [6][72] - The STT data center product bookings in 2024 are expected to exceed those of 2023, indicating a positive trend in this segment [15] Company Strategy and Development Direction - The company expects a ramp in Toggle and STT-MRAM design wins in the second half of 2024, with revenue recognition anticipated from these design wins [5][30] - The company is pursuing funding under the CHIPS and Science Act to enhance its manufacturing capabilities for Toggle and STT-MRAM products [73] - The company is focused on growing its Toggle, MRAM, and DRAM products while recognizing revenue from STT-MRAM technology [76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of 2024, expecting to recognize revenue from design wins despite a slower start to the year due to macroeconomic challenges [6][30] - The company is encouraged by recent traction and leads generated from industry events, indicating potential growth opportunities [50] Other Important Information - The company ended the quarter with cash and cash equivalents of $34.8 million, down from $36.9 million in the previous quarter, attributed to investments in new products and facilities [8] - The company is currently engaged in two radiation hard programs using STT-MRAM technology, with expectations for continued revenue recognition from these projects [49] Q&A Session Summary Question: What gives confidence on the second half ramp? - Management noted that bookings for STT data center products are expected to exceed 2023 levels, contributing to confidence in the second half ramp [15] Question: What drove the miss in Q2 guidance? - The decline in guidance was attributed to lower RAD-Hard revenue not being incorporated into Q2, as no new RAD-Hard projects have been signed yet [35] Question: Can you elaborate on the Toggle MRAM reliability project? - Management confirmed that they expect to continue the project in Q2, pending funding from the US government agency [60] Question: What is the visibility on product gross margins? - Management indicated that product gross margins have been healthy, with expectations for improvement as new products ramp up [90] Question: Are lead times back to pre-pandemic levels? - Lead times have returned to pre-pandemic levels, approximately 26 to 27 weeks [108]

Financial Performance - Q1 2024 revenue was $14.4 million, close to the high end of guidance, compared to $14.8 million in Q1 2023[6] - MRAM product sales totaled $10.9 million, down from $13.8 million in the same quarter last year[6] - Licensing, royalty, patent, and other revenue increased to $3.6 million from $1.1 million in Q1 2023[6] - Gross margin for Q1 2024 was 56.5%, slightly down from 56.8% in Q1 2023[6] - GAAP net loss was $0.2 million, or $(0.01) per diluted share, compared to net income of $0.8 million, or $0.04 per diluted share, in Q1 2023[6] - The company reported an Adjusted EBITDA of $1.9 million, down from $2.3 million in Q1 2023[6] Future Outlook - For Q2 2024, Everspin expects total revenue between $10.0 million and $11.0 million, with a GAAP net loss per share between $(0.14) and $(0.09)[4] - Everspin has secured design wins with IBM for its PERSYST STT-MRAM solution, expected to ramp in the second half of 2024[2] Assets and Liabilities - Total current assets decreased to $56.4 million as of March 31, 2024, from $57.9 million at the end of 2023[16] - Total liabilities decreased to $10.4 million as of March 31, 2024, from $13.4 million at the end of 2023[16]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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, 2023 Washington, D.C. 20549 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) (State or other jurisdicti ...

Everspin Technologies, Inc. (NASDAQ:MRAM) Q4 2023 Earnings Conference Call February 28, 2024 5:00 PM ET Company Participants Sanjeev Aggarwal - President & Chief Executive Officer Anuj Aggarwal - Chief Financial Officer Conference Call Participants Neil Young - Needham & Company Operator Good afternoon, and welcome to the conference call to discuss Everspin Technologies Fourth Quarter and Full Year 2023 Financial Results. At this time, all participants are in a listen-only mode. At the conclusion of today’s ...

Exhibit 99.1 Everspin Reports Unaudited Fourth Quarter and Full Year 2023 Financial Results Q4'23 revenue of $16.7 million and EPS of $0.09 exceeded guidance Achieved record annual revenue and profitability in 2023 Chandler, AZ, February 28, 2024 — Everspin Technologies, Inc. (NASDAQ: MRAM), the market leader in MRAM, today announced preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2023. "We are pleased that our fourth quarter results exceeded our expectations ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 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) Delaware 26-26406 ...