MRAM chip maker Everspin reported its financial results for Q1 2017. Revenues reached $7.9 million (up from $6.2 million in Q1 2016) while the net loss was $6.1 million (up from a loss of $4.5 million in Q1 2016). Everspin says that is received strong bookings for its first-generation toggle MRAM products during the quarter, while design activity for both toggle and STT-MRAM chips continue to gain traction.
Everpin says it was selected by a major auto maker to include its Gen-1 MRAM chips in an emergency call system and a high-end navigation platform.
Everspin further said that it has entered into an agreement with Silicon Valley Bank to provide the company with $12 million credit facility.