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.
The 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.
Everspin reports some early design wins for its new xSPI family of STT-MRAM products, ranging from 4 MB to 128 MB.
Finally, during the quarter, the company paid off its line of credit, and the company is now officially debt-free.
Disclosure: the author of this post holds shares at Everspin, bought privately
Posted: May 04,2023 by Ron Mertens