Everspin Technologies its financial results for Q2 2023 - with revenues of $15.7 (up 7% compared to 2022), a net income of $3.9 million, and positive cash flow of $3.9 million (which includes a tax credit refund of $2 million). At the end of the quarter, cash and cash equivalents were $30.8 million
The company says that its product backlog into 2024 continues to be high, but the company is experiencing some headwinds from the semiconductor downturn.
Everspin updates that its 1 Gigabit product, that would be targeting NOR and FPGA applications is on track for tape-out and engineering samples in 2024.
Everspin also updates that it has added fine beam etch capability to its 8-inch STT-MRAM production line (in Chandler, Arizona). This will give the company's an ability to develop next-gen MTJ material stacks and etch processes.
Disclosure: the author of this post holds shares in Everspin