Everspin Technologies(MRAM)2025-02-27 08:16Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of 12 million to 0.05 at the high end of guidance [10][35] - Full year total revenue was 1.2 million, or 2 million, or 11 million, down from 10.4 million in Q3 2024 [35] - Licensing, royalty, patent, and other revenue decreased 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 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 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]