Investment

Everspin awarded a $14.55 million project to provide continued, stable MRAM manufacturing for aerospace and defense applications

Everspin Technologies announced that it has received a strategic $14.55 million 2.5-years project from the Department of Defense (DoD) to provide continued and stable manufacturing services for aerospace and defense segments. Under the award, Everspin will provide a plan to mitigate risks to its MRAM manufacturing supply chain.

Everspin is producing its MRAM products at its manufacturing line in Chandler, Arizon. In March 2024, Everspin announced that it has applied for the CHIPS Incentives Program, asking for funding for an additional 200mm MRAM production line. It seems as if this current DoD award is not that project that was applied to in March. In 2022, Everspin asked for funding to build a new MRAM production line in Indiana.

Read the full story Posted: Aug 21,2024

Everspin signs a $9.25 million contract with Frontgrade for strategic radiation hardened MRAM technology

Everspin Technologies announced a new strategic contract with Frontgrade Technologies. Everspin will provide  its PERSYST MRAM technology, logic design, and back-end-of-line manufacturing services, to advance the development and demonstration of a Strategic Radiation Hardened (SRH) high-reliability eMRAM macro for use in future products by Frontgrade.

Everspin Technologies chip photo

This initiative supports both current and future Department of Defense (DoD) strategic and commercial space system requirements. It will be manufactured using Skywater RH90 CMOS in Bloomington, Minnesota and Everspin’s back-end-of-line MRAM process in Chandler, Arizona. The contarct has several phases over multiple years - with the first phase valued at $1.25 million, and all phases at $9.25 million. Upon successful performance of this phase, and at the discretion of the U.S. government, the contract allows for award of future optional phases.

Read the full story Posted: Aug 15,2024

Everspin reported its financial results for Q2 2024

Everspin Technologies reported its financial results for Q2 2022. Revenues were $10.6 million (down from $15.7 million in Q2 2023), and net loss was $0.2 million (down from a new profit of $5.4 million in Q2 2023). The company is cash flow positive, generated $1.7 million in the quarter, and ended it with $36.8 million in cash and equivalents.

Everspin 1Gb STT-MRAM chip photo

During the quarter, the company experienced weakness in toggle MRAM sales, partly due to inventory consumption and partly due to unfavorable currency exchange. Looking ahead, Everspin sees positive signs of inventory consumption, and expects a modest ramp in toggle MRAM sales in the rest of 2024. Everspin said it has strong traction with its new PERSYST family of MRAM products, and expects to start delivering the first products to its customers towards the end of 2024 or early 2025.

Read the full story Posted: Aug 01,2024

Everspin reports its financial results for Q1 2024

Everspin Technologies announced its financial results for the first quarter of 2024. Revenues were $14.4 million (down slightly from Q1 2023) and a small loss of $0.2 million (compared to a net income of $0.8 million in Q1 2023).

Everspin Technologies chip photo

Everspin reports continued weakness in Asia Pacific, and in the industrial, consumer and automotive markets. However, it is also expecting a ramp up in both design wins and shipments for both toggle MRAM and STT-MRAM in the second half of 2024. In the next quarter, however, it expects revenues to drop significantly to $10 million to $11 million.

Read the full story Posted: May 03,2024

Everspin reports its Q4 2023 earning results

Everspin Technologies reported its financial results for Q4 2023, with revenues of $16.7 million and a net income of $2 million. Product sales were a bit slower than last year, but licensing and royalties were higher at $4.3 million (up from $1.1 million in 2022).

 

Everspin chip render

For the full year 2023, Everspin achieved record revenues of $63.8 million (up 6% from 2022), and net income of $9.1 million. At the end of the year Everspin had a cash balance of $36.9 million.

Read the full story Posted: Mar 01,2024

Everspin reports its financial results for Q3 2023, launches a new MRAM for distributed Edge AI project

Everspin Technologies reported its financial results for Q3 2023, with revenues of $16.5 million (up 8% from Q3 2022) and a net income of $2.4 million. The company generated $3.6 million and its current cash balance is $34.9 million.Everspin Technologies chip photo

Everspin is cautiously optimistic about the next quarter, expecting revenue to be in the range of $15.4 to $16.4 million. It says demand for its toggle products remain strong and it sees increased demand for its xSPI family of STT-MRAM products.

Read the full story Posted: Nov 02,2023

Everspin Technologies reported its financial results for Q2 2023

Everspin Technologies its financial results for Q2 2023 - with revenues of $15.7 (up 7% compared to 2022), a net income of $3.9 million, and positive cash flow of $3.9 million (which includes a tax credit refund of $2 million). At the end of the quarter, cash and cash equivalents were $30.8 million

Everspin chip render

The company says that its product backlog into 2024 continues to be high, but the company is experiencing some headwinds from the semiconductor downturn.

Read the full story Posted: Aug 03,2023

Everspin reports its financial results for Q1 2023, with continued profit and growth

Everspin Technologies reported its financial results for Q1 2023, with revenues of 14.8 million, at the high end of its guidance and an increase of 3% from 2022. The company's earnings remain positive (now for two years in an row), and cash flow during the quarter was $1.2 million.

Everspin Technologies chip photoThe company says that its product backlog for the rest of 2023 and 2024 remains high, and the company is optimistic regarding its sales in the near future.

Read the full story Posted: May 04,2023