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 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 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.
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 raised $11 million from VCs and Applied Ventures, to accelerate its next-generation memory development and develop new strategic partnerships.
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 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 (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 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.
China-based semiconductor etching equipment maker Leuven Instruments raised $14 million in its series B financing round from several VCs. The funds will be used to increase the company's team and accelerate its R&D and market expansion.
For the MRAM industry, Leuven Instruments offers the LMEC-200 Magnetic-layer Etching Cluster system that integrates ICP etching, IBE etching, in-situ protection and more. In April 2020 the company closed its Series B funding round, raising $14.1 million from several investment firms.
Everspin Technologies announced its Q4 2019 financial results, with revenues of $9.8 million (up 5% from Q3 2019) and a net loss of $3.1 million, down from a net loss of $3.7 million in Q3 2019.
In 2019, Everspin reports revenues of $37.5 million and a net loss of $14.7 million, down from $17.8 million in 2018.
Everspin Technologies announced that the company will undergo a restructuring plan designed to reduce annual operating expenditures and achieve quarterly cash flow breakeven this year. At the end of January the company will reduce its headcount - an approximately 15% reduction of the workforce.
Everspin also announced that it reaffirms its Q4 2019 revenue guidance of $9.3 million to $9.7 million.
Everspin Technologies announced its financial results for Q3 2019 - with revenues of $9.2 million (down from $11.5 million in Q3 2018) and a net loss of $3.7 million (down from $5.6 million in Q3 2018). Everspin says that it achieved record STT-MRAM revenues.
At the end of the quarter, Everspin had $14.8 million in cash and equivalents. For the next quarter, it expects revenues to be between $9.3 million and $9.7 million.