Everspin Technologies reported its financial results for Q4 2024, with revenues of $13.2 million, and net income of $1.2 million.
Reflecting on the whole year, revenues in 2024 reached $50.4 million (down 21% from 2023) and net profit was $0.8 million. At the end of Q4 2024, the company had 42.1 million in cash and equivalents, up $3.8 million from the previous quarter.
During its conference call, Everspin updated that it has signed a contract with Purdue University to advance AI hardware based on its MRAM technology (this could be part of Purdue's CHEETA project). The project with Purdue University is valued at approximately $10.5 million over four years.
Disclosure: the author of this post holds shares at Everspin
Posted: Feb 27,2025 by Ron Mertens
