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Everspin Technologies(MRAM) - 2024 Q2 - Quarterly Results
MRAMEverspin Technologies(MRAM)2024-07-31 20:00

Financial Performance - Q2 2024 total revenue was 10.6million,downfrom10.6 million, down from 15.7 million in Q2 2023, aligning with guidance[1][2] - MRAM product sales were 9.9million,comparedto9.9 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 2.5million,or2.5 million, or 0.12 per basic share, compared to net income of 3.9million,or3.9 million, or 0.18 per diluted share in Q2 2023[2][3] - Adjusted EBITDA showed a loss of 0.2million,asignificantdeclinefrom0.2 million, a significant decline from 5.4 million in Q2 2023[2] - Net loss for six months ended June 30, 2024, was 2,704,000comparedtoanetincomeof2,704,000 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,downfrom1,743,000, 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 1.7millionforthequarter,maintainingadebt−freebalancesheet[3]−CashprovidedbyoperatingactivitiesforsixmonthsendedJune30,2024,was1.7 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 7,531,000intheprioryear[15]−Cashandcashequivalentsattheendoftheperiodwere7,531,000 in the prior year[15] - Cash and cash equivalents at the end of the period were 36,764,000, up from 30,830,000attheendofJune30,2023[15]−Totalcurrentassetsdecreasedto30,830,000 at the end of June 30, 2023[15] - Total current assets decreased to 55.4 million as of June 30, 2024, from 57.9millionattheendof2023[10]−Totalliabilitiesdecreasedto57.9 million at the end of 2023[10] - Total liabilities decreased to 9.1 million as of June 30, 2024, down from 13.4millionattheendof2023[11]FutureProjections−ForQ32024,Everspinexpectstotalrevenuebetween13.4 million at the end of 2023[11] Future Projections - For Q3 2024, Everspin expects total revenue between 11.5 million and 12.5million,withGAAPnetlossperbasicshareprojectedtobebetween12.5 million, with GAAP net loss per basic share projected to be between 0.05 and 0.10[3]OperationalChanges−EverspinisexperiencingincreaseddesignactivityintheEuropeanandAsiaPacificregions,particularlywithitsPERSYSTSTT−MRAMproductfamily[1]InventoryandLiabilities−Accountsreceivableincreasedby0.10[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 1,639,000inthesameperiodof2023[15]−Inventorychangesresultedina1,639,000 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 662,000inthesameperiodof2023[15]−Accruedliabilitiesincreasedby662,000 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 701,000inthesameperiodof2023[15]Stock−BasedCompensation−Stock−basedcompensationincreasedto701,000 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 2,420,000forthesameperiodin2023[15]DebtManagement−Paymentsonlong−termdebtwere2,420,000 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]