Q1 2024 Everspin Technologies Inc Earnings Call Transcript
Key Points
- Everspin Technologies Inc (MRAM) reported Q1 revenue of $14.4 million, at the high end of the guidance range.
- The company maintains a strong, debt-free balance sheet with $34.8 million in cash and cash equivalents.
- Gross margin remained stable at 56.5%, demonstrating consistent profitability.
- Everspin Technologies Inc (MRAM) has secured significant design wins, particularly for its PERSYST industrial STT-MRAM product line, expected to translate into revenue in the second half of 2024.
- The company's radiation hard programs continue to progress, with expectations of additional funding and continued revenue recognition in upcoming quarters.
- Product revenue for Q1 2024 was down compared to Q1 2023, with MRAM product sales decreasing from $13.8 million to $10.9 million.
- Everspin Technologies Inc (MRAM) anticipates a flat product revenue in Q2 2024 due to ongoing weakness in key markets such as Asia Pacific and industrial sectors.
- The company reported a slight net loss of $0.2 million in Q1 2024, a decrease from a net income of $0.8 million in Q1 2023.
- There is uncertainty regarding the timing and impact of potential funding under the CHIPS and Science Act, which the company plans to use for expanding capacity.
- Operational expenses increased to $8.8 million in Q1 2024 from $7.7 million in Q1 2023, contributing to the net loss for the quarter.
Good day, and thank you for standing by. Welcome to the conference call to discuss Everspin Technologies' first quarter 2024 financial results. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to Cassidy Fuller, Investor Relations of Everspin. Please begin.
Thank you, operator, and good afternoon, everyone. Everspin released results for the first quarter 2024 ended March 31, 2024, this afternoon after the market close. I'm Cassidy Fuller, Investor Relations for Everspin. And with me on today's call are Sanjeev Aggarwal, President and Chief Executive Officer; and Anuj Aggarwal, Chief Financial Officer.
Before we begin the call, I would 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 future business, financial performance and goals, customer and industry adoption of MRAM technology, successfully bringing to market and manufacturing products in
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