Everspin Technologies Earnings Call Transcripts
Fiscal Year 2026
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Everspin highlighted robust MRAM technology adoption across industrial, aerospace, and data center markets, driven by its unique IP and manufacturing partnerships. Revenue growth remains strong, with new high-density products and strategic defense contracts positioning the company for further expansion.
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MRAM provider is expanding capacity and launching the UNISYST product to target the NOR flash market, aiming for $100 million revenue by 2029. Strong growth is driven by product innovation, government contracts, and robust financials, with gross margins above 50%.
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Record Q2 revenue and non-GAAP EPS exceeded guidance, driven by strong product and defense contract growth. New MRAM products and partnerships expand market reach, while litigation and cost headwinds persist. Q3 revenue is guided higher, with margins expected to remain stable.
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MRAM technology is enabling rapid, reliable, and radiation-immune memory solutions for mission-critical sectors, with a growing product roadmap targeting NOR flash replacement and AI applications. The company aims to double revenue by 2029, leveraging a strong patent portfolio, global customer base, and expanding market opportunities.
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The meeting covered director elections, auditor ratification, executive compensation, and an equity plan amendment. All proposals passed, with a quorum established and no shareholder questions submitted.
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Revenue grew 14% year-over-year to $14.9M, driven by strong MRAM product sales and new defense contracts. Gross margin improved to 52.7%, and guidance for Q2 anticipates further revenue growth. Significant investments in capacity and new product launches are underway.
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Everspin has commercialized both Toggle and STT-MRAM, serving industrial, aerospace, and data center markets with U.S.-based manufacturing and a strong IP portfolio. Growth opportunities include LEO satellites and government partnerships for onshore MRAM production.
Fiscal Year 2025
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Q4 2025 revenue grew 12% year-over-year to $14.8 million, with strong MRAM product sales and robust design win momentum. High-Reliability MRAM products are gaining traction in aerospace and industrial markets, while memory shortages are driving new opportunities for NOR Flash alternatives.
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Q3 2025 revenue grew 16% year-over-year to $14.1 million, with strong MRAM product sales and gross margin above 52%. Guidance for Q4 projects continued revenue growth and stable operating expenses, while strategic wins in LEO satellite and automotive markets support future prospects.
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Everspin is a global leader in MRAM technology, serving mission-critical markets with innovative, high-performance memory products. The company is expanding into the NOR flash replacement market, targeting significant revenue growth and leveraging a strong financial position, diverse customer base, and robust R&D partnerships.
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MRAM technology is positioned for rapid growth, targeting industrial, automotive, aerospace, and emerging AI markets with a diversified product portfolio and customer base. Recent financial results exceeded expectations, and the company is expanding into higher-density memory to address a $4.3B market by 2029.
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Q2 2025 revenue reached $13.2M with non-GAAP EPS of $0.03, driven by strong data center and industrial automation demand. Gross margin improved year-over-year, and cash position increased to $45M. Outlook remains positive with growth expected in the second half of 2025.
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Q1 2025 revenue and non-GAAP EPS exceeded guidance, driven by strong product sales and new design wins in data center, automotive, and aerospace. Gross margin remained above 50%, and cash position improved. Outlook for 2025 is positive, with growth expected in the second half.
Fiscal Year 2024
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Q4 revenue exceeded expectations at $13.2M, with EPS at $0.05 and strong product and rad-hard project contributions. Full-year revenue declined 21% year-over-year, but design wins and contract awards position the company for a stronger second half of 2025.
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Q3 2024 revenue was $12.1M, with EPS of $0.10, both meeting or exceeding guidance. New contracts with IBM, Lucid, Frontgrade, and the DOD supported results, while cash rose to $39.6M. Q4 revenue is expected to be flat, with growth anticipated in 2025.
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Q2 2024 saw revenue and net loss within guidance, with product sales and gross margin down year-over-year due to lower demand and inventory consumption. New design wins, especially in Europe and Asia-Pacific, and a ramp in high-density STT-MRAM are expected to drive growth in the second half of 2024.
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A leading MRAM supplier highlighted its robust technology, diverse applications, and strong IP portfolio, with plans to launch new high-density products targeting large market opportunities. Profitability has been achieved, and growth is expected to accelerate as new products enter production and foundry partnerships expand.