Q2 2024 Everspin Technologies Inc Earnings Call Transcript
Key Points
- Everspin Technologies Inc (MRAM) delivered revenue and net loss within their guidance range, with revenue of $10.6 million.
- The company ended the quarter with a strong balance sheet, including cash of $36.8 million.
- Everspin experienced strong traction with their 4 meg to 128 megabit MRAM PERSYST family globally, especially in Europe and the Asia Pacific regions.
- IBM chose Everspin's persist one gigabit STT-MRAM solution for its flash core module, marking the fourth generation of IBM's FCM featuring Everspin's technology.
- Everspin entered into a strategic agreement with a leading provider of sensor devices to provide foundry services for the latest generation TMR sensor device.
- Everspin experienced a decline in product sales, with MRAM product sales decreasing to $9.9 million from $13.4 million in Q2 2023.
- Licensing, royalty, patent, and other revenue decreased to $0.7 million from $2.3 million in Q2 2023.
- The company's GAAP gross margin decreased to 49% from 58.4% in Q2 2023, due to a decline in product sales and licensing revenue.
- Everspin reported a net loss of $2.5 million or $0.12 per basic share, compared to net income of $3.9 million or $0.18 per diluted share in Q2 2023.
- The company continues to face challenges with inventory consumption at customers and unfavorable currency exchange rates in the Asia Pacific markets.
Good afternoon, and welcome to the conference call to discuss Everspin Technologies Second Quarter 2024 financial results. At this time, all participants are in a listen-only mode. At the conclusion of today's conference call, instructions will be provided for the question and answer session. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Cassidy Fuller, Investor Relations for Everspin.
Thank you, operator, and good afternoon, everyone. Everspin released results for the second quarter 2024 ended June 30th, 2024 for this afternoon, after the market close, our Investor Relations for Everspin. And with me on today's call are Sanjeev Aggarwal, President and Chief Executive Officer and Matt Tenorio, Interim Chief Financial Officer.
Before we begin the call, I'd like to remind you that this conference call contains forward-looking statements regarding future events, including, but not limited to the Company's expectations for Everspin's
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
