Everspin Technologies announced its financial results for Q4 2021. Revenues in the quarter came in at $18.2 million (up from $14.8 million in Q3 2021,and $10 million in Q4 2020). During the quarter, the company recognized $3.95 million in the IP monetization deal it signed in Q3 2021. The company reports Q4 positive net income of $3.7 million. Cash and equivalents at the end of the quarter increased to $21.4 million (up from $14.6 million in the end of 2020).
Everspin has seen excellent Toggle MRAM shipments and revenue, but the company's STT-MRAM was flat as its largest customer was also impacted by supply constraints (not related to Everspin). The company expects STT-MRAM revenue to remain flat for the new couple of quarters. It expects Q1 2022 revenues to be in the range of $13.4 million to $14.2 million.
This was a record quarter for Everspin, in terms of product revenues and design wins. Everspin also reports that it has more than 1,600 volume production customers, record low distributor inventory and a record high product backlog. Everspin is impacted by supply constraints, and it says it is not likely to return to a healthy inventory range at least until 2023.
Everspin expects to have samples of its next-gen 28nm STT-MRAM product by the end of March 2022. It believes this new product will be "revolutionary in its ability to serve both the SRAM replacement market, along with mid-density rugged NOR applications".
Everspin also reported that it is appointing a new CEO, Sanjeev Aggarwal.