Everspin reports its financial results for Q3 2017. Revenues reached a record $9 million (up from $7.2 million in Q3 2016 and up only slightly from last quarter), while the net loss grew to $5.4 million (up from $1.4 million in Q3 2016).
At the end of the quarter, Everspin had $17.8 million in cash and equivalents (down from $21.2 million at the end of Q2 2017). Everspin expects revenue in Q4 2017 to be in the range of $9.9 million to $10.3 million.
Everspin says that since it started production over 10 years ago, it has sold over 70 million MRAM chips (and its Toggle MRAM business and achieved record revenues in Q3). Everspin has over 600 customers, with the leading ones being NXP, Airbus, Siemens, Broadcom, Dell EMC, Aewin and Schneider Electric.
Everspin says that it is now moving its primary focus on its 256 Mb STT-MRAM chips, which are now ready for production. As the result of that focus, the 1Gb chip will be delayed, Everspin did not say when they expect production for the 1Gb chip.