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Everspin reports its financial results for Q2 2021, its first profitable quarter

Everspin Technologies announced its financial results for Q2 2021. Revenues were $11.85 million, up 15% over Q1 2021 (and similar to Q2 2020), as STT-MRAM revenues jumped 56%. Net profit was $0.25 million, up from a loss of $0.46 million in Q1 2021 (and $1.29 million in Q2 2020).

Everspin Technologies chip photo

At the end of Q2 2021, Everspin had $14.2 million in cash and equivalents, down from $15.5 million from the end of Q1 2021. Cash flow from operations was negative at $0.56 million. Looking into the next quarter, Everspin expects revenues to be in the range of $11.7 million to $12.8 million.

Orthogonal Spin Transfer MRAM developer Spin Memory liquidates

Orthogonal Spin Transfer MRAM (OST-MRAM) technology developer Spin Memory is shutting down. The company's main investor and founding company, Allied Minds, said in a statement that the main reasons challenges in securing new customers and COVID-19 which "significantly delayed the required testing of its development chip with ARM".

MRAM by Spin Memory photo

This is a sad ending to Spin Memory, which began its way as Spin Transfer Technologies - a spin-off from NYU that was established together with Allied Minds.

Everspin reports its financial results for Q1 2021

Everspin Technologies announced its financial results for Q1 2021. Revenues in the quarter increased 1.7% from last year to $10.3 million. The net loss in the quarter was $0.5 million, and the company reported a positive cash flow (of $1.6 million) for the third consecutive quarter.

Everspin 1Gb STT-MRAM chip photo

Everspin estimates that its Q2 2021 revenues will be in the range of $11 million to $12 million.

Everspin reported its preliminary Q4 2020 and full-year 2020 financial results

Everspin Technologies announced its preliminary Q4 2020 financial results. Total revenues were $10 million, down from $10.1 million in Q3 and up from $9.7 million in Q4 2019. Net loss int he quarter was $1.6 million, but the company generated $0.6 million in cash flow - Everspin's second consecutive positive cash flow from operations quarter.

Everspin Technologies chip photo

Looking at FY2020, Everspin's revenues increased 12.1% to $42 million. At the end of the year, Everspin had $14.6 million in cash and equivalents. In Q4 2020, the company also received its first royalty revenue from GF for embedded 22FDX process MRAM.

Everspin's CEO resigns, company lowers 2020 guidance slightly

On December 15, Everspin Technologies announced that its CEO and President Kevin Conley has resigned. Conley served as CEO in 2017. The company's Chairman Darin Billerbeck will become interim CEO.

Everspin 1Gb STT-MRAM chip photo

Everspin also lowered its guidance for Q4 2020 slightly - from $10.1-$10.9 million to $10.1-$10.5 million. Investors were not pleased and yesterday the stock declined 16%.

Everspin reports its financial results for Q3 2020, is cash flow positive for the first time ever

Everspin Technologies announced its Q3 2020 financial results, with revenues of $10.1 million, up 10% from Q3 2019 ($9.2 million) but down $14% from Q2 2020 ($11.8 million). The company's net less was $3.9 million.
Everspin Technologies chip photo

Looking at the balance sheet, Everspin reports a cash flow of $1 million in the quarter - this was the first quarter ever for Everspin to have a positive cash flow.

SOT-MRAM developer Antaios raises $11 million

SOT-MRAM developer Antaios raised $11 million from VCs and Applied Ventures, to accelerate its next-generation memory development and develop new strategic partnerships.

SOT-MRAM vs STT-MRAM bitcell

SOT-MRAM devices feature switching of the free magnetic layer done by injecting an in-plane current in an adjacent SOT layer, unlike STT-MRAM where the current is injected perpendicularly into the magnetic tunnel junction and the read and write operation is performed through the same path.

Everspin reports its financial results for Q2 2020

Everspin Technologies reported its financial results for Q2 2020. Total revenues reached $11.8 million, up 37% from Q2 2019, and the GAAP net loss was $1.3 million (compared to a net loss of $3.7 million in Q2 2019). Cash and equivalents at the end of Q2 2020 were $12.9 million.

Everspin says it has extended its momentum into the second quarter, with record revenues of its 1Gb STT-MRAM product. Looking into Q3, Everspin says it sees a delay in new product introduction plans by customers, and so sees its revenues between $10 million and $10.8 million.

Spin Memory raised $8.3 million as it extends its Series B Funding Round

Spin Memory (previously Spin Transfer Technologies) announced that it has raised $8.3 million in an extension to its Series B funding. The company's recent investors in the company participated in this round, out of which Allied Minds invested $4 million.

The new funding includes Arm, Applied Ventures (the VC arm of Applied Materials) and Abies Ventures. Spin Memory says that the additional funding will support the company's MRAM R&D.

Everspin reports excellent results for Q1 2020

Everspin Technologies announced its Q1 2020 financial results, - with revenues of $10.1 million, up from $9.7 million in Q4 2019 and $10 million in Q1 2019. Net loss was $1.7 million, down from $3.1 million in Q4 2019. Everspin expects the growth to continue in Q2 2020 as demand from data center applications continues to be positive.

At the end of the quarter, Everspin had $14 million in cash and equivalents.