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 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.
Everspin updates that during Q3 it entered into an agreement to develop reliability models for strategic radiation hard and Toggle MRAM and last month it entered into a new contractual agreement to license its STT-MRAM technology to build a strategic radiation hardened FPGA. These two programs are government funded.
Everspin has also announced that it is developing a new distributed configuration memory for FPGAs with multiple time programmability. Everspin brands this approach "D-MRAM" and it believes it a revolutionary technology that will give it an advantage over other solutions, and aim to deploy it for AI inference engines. This is still an early development project.
Disclosure: the author of this post holds shares at Everspin, bought privately