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 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.
At the end of the quarter, Everspin had a cash balance of $34.8 million (down from $36.9 million at the end of the previous quarter). During the quarter, Everspin investment in equipment for new products and operating facilities, as it gets ready to ramp up its production in the second half of 2024.
Earlier this year, Everspin announced that it has applied for the CHIPS Incentives Program, asking for funding for an additional 200mm MRAM production line. There isn't a decision for this grant yet, but Everspin says it remains optimistic that we will receive funding.
Disclosure: the Author of this post holds shares in Everspin.