Everspin Technologies(MRAM) - 2024 Q1 - Quarterly Results

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]