Everspin Technologies announced its financial results for Q3 2021. Revenues increased 46.5% from last year to reach $14.8 million, and the company reported a record net income of $880k.
Everspin announced that during the quarter, it entered into two IP monetization deals worth $5.25 million, out of which $1.3 million was recognized in Q3. The rest of the amount will be recognized in Q4.
At the end of the quarter, Everspin had $14.6 million in cash and equivalents, an increase from $14.2 million at the end of Q2 2021. After the quarter it collected the revenue from the IP deals, and it currently holds over $20 million in cash and equivalents.
Everspin is impacted by supply constraints - and it says that over $2 million of customer revenue was unfulfilled during the quarter because of the shortage in components.
During the quarter, Everspin added 40 new design wins, and it says that over 1,500 customers have now reached production status using its stand-alone MRAM chips. Everspin taped out its next-generation 28-nm STT product which it expects to see for silicon out by the end of this year. The company believes that this new product will be revolutionary with its ability to serve both the SRAM replaceable market, along with mid-density rugged NOR applications - which no other memory can do.
Disclosure: the author of this post holds shares in Everspin (bought in the open market)