Everspin Technologies, Inc. (MRAM) Bundle
A Brief History of Everspin Technologies, Inc.
Company Overview
Everspin Technologies, Inc., headquartered in Chandler, Arizona, is recognized as a leader in the development and manufacturing of magnetoresistive random access memory (MRAM) solutions. The company specializes in providing high-performance non-volatile memory solutions for various applications, including industrial IoT and data centers.
Financial Performance as of 2024
As of the third quarter of 2024, Everspin reported total revenue of $12.1 million, a decrease compared to $16.5 million in the third quarter of 2023. The breakdown of revenue sources is as follows:
| Revenue Source | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Product Sales | $10,443 | $13,543 |
| Licensing, Royalty, Patent, and Other Revenue | $1,650 | $2,923 |
| Total Revenue | $12,093 | $16,466 |
The cost of sales for the same period was reported as $6.1 million, leading to a gross profit of $5.95 million. The gross margin was 49.2%, compared to 60.2% in the prior year.
Operating Expenses
Operating expenses for Q3 2024 totaled $8.1 million, compared to $7.9 million in Q3 2023. The detailed breakdown of operating expenses is as follows:
| Expense Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Research and Development | $3,384 | $2,659 |
| General and Administrative | $3,363 | $3,933 |
| Sales and Marketing | $1,320 | $1,348 |
| Total Operating Expenses | $8,067 | $7,940 |
Net Income
For the third quarter of 2024, Everspin reported a net income of $2.3 million, or $0.10 per diluted share, compared to a net income of $2.4 million, or $0.11 per diluted share, in the previous year. The company experienced a loss of $0.43 million over the nine months ended September 30, 2024, compared to a profit of $7.08 million in the same period of 2023.
Balance Sheet Highlights
As of September 30, 2024, Everspin’s total assets were valued at $72.6 million, with total liabilities of $13.3 million. The stockholders' equity amounted to $59.3 million, showing a healthy balance sheet position.
| Balance Sheet Item | September 30, 2024 (in thousands) | December 31, 2023 (in thousands) |
|---|---|---|
| Total Assets | $72,601 | $67,303 |
| Total Liabilities | $13,327 | $13,382 |
| Total Stockholders’ Equity | $59,274 | $53,921 |
Future Outlook
Everspin anticipates total revenue for the fourth quarter of 2024 to be between $12 million and $13 million, with GAAP net income per diluted share expected to range from $0.00 to $0.05. This outlook is influenced by various external factors, including market volatility and supply chain constraints.
A Who Owns Everspin Technologies, Inc. (MRAM)
Shareholder Composition
As of 2024, Everspin Technologies, Inc. (NASDAQ: MRAM) has a diverse shareholder base comprising institutional investors, retail investors, and company insiders. The following table summarizes the significant shareholders and their ownership stakes:
| Shareholder | Type | Ownership (%) |
|---|---|---|
| BlackRock, Inc. | Institutional | 9.5% |
| The Vanguard Group, Inc. | Institutional | 8.2% |
| Renaissance Technologies LLC | Institutional | 7.1% |
| Wellington Management Co. LLP | Institutional | 5.9% |
| Sanjeev Aggarwal (CEO) | Insider | 2.4% |
| Matt Tenorio (CFO) | Insider | 1.8% |
| Other Institutional and Retail Investors | Various | 65.1% |
Recent Stock Performance
As of the end of Q3 2024, Everspin's stock price has seen fluctuations reflective of broader market trends and company performance. The stock closed at $8.00 per share on September 30, 2024, compared to $10.50 per share on the same date in 2023, indicating a 23.8% decrease year-over-year.
Key Financial Metrics
For the third quarter of 2024, Everspin reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenue | $12.1 million | $16.5 million |
| Net Income | $2.3 million | $2.4 million |
| Gross Margin | 49.2% | 60.2% |
| Operating Expenses | $8.1 million | $7.9 million |
| EPS (Diluted) | $0.10 | $0.11 |
Executive Team and Insider Ownership
The executive team holds a significant amount of shares within Everspin Technologies. The following table outlines the insider ownership of key executives:
| Name | Position | Shares Owned | Ownership (%) |
|---|---|---|---|
| Sanjeev Aggarwal | CEO | 525,000 | 2.4% |
| Matt Tenorio | CFO | 385,000 | 1.8% |
| Other Executives | Various | 1,000,000 | 4.6% |
Market Capitalization
As of September 30, 2024, Everspin Technologies, Inc. has a market capitalization of approximately $174 million.
Institutional Ownership Trends
Institutional ownership has been a significant factor in Everspin's stock performance. As of Q3 2024, approximately 41% of the company's shares are held by institutional investors, reflecting confidence in Everspin’s growth potential despite recent market challenges.
Everspin Technologies, Inc. (MRAM) Mission Statement
Everspin Technologies, Inc. aims to be the world's leading provider of magnetoresistive random access memory (MRAM), delivering high-performance, non-volatile memory solutions for mission-critical applications across various industries.
Financial Overview
In the third quarter of 2024, Everspin reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenue | $12.1 million | $16.5 million |
| Product Sales | $10.4 million | $13.5 million |
| Licensing and Other Revenue | $1.7 million | $2.9 million |
| Gross Profit | $5.9 million | $9.9 million |
| Operating Expenses | $8.1 million | $7.9 million |
| Net Income | $2.3 million | $2.4 million |
| Net Income per Share (Diluted) | $0.10 | $0.11 |
Operational Goals
Everspin continues to focus on:
- Expanding its product portfolio to meet diverse customer needs.
- Enhancing customer interactions to secure design wins.
- Implementing cost containment strategies to improve profitability.
Future Outlook
For the fourth quarter of 2024, Everspin anticipates:
- Total revenue in the range of $12 million to $13 million.
- GAAP net income per diluted share between $0.00 and $0.05.
Stock Performance
The weighted average shares of common stock outstanding are:
| Type | Q3 2024 | Q3 2023 |
|---|---|---|
| Basic | 21,767,380 | 20,848,558 |
| Diluted | 21,985,175 | 21,828,789 |
Key Financial Metrics
Everspin's Adjusted EBITDA for the third quarter of 2024 was:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Adjusted EBITDA | $4.2 million | $4.0 million |
The company reported a gross margin of 49.2% compared to 60.2% in the previous year.
Balance Sheet Highlights
As of September 30, 2024, Everspin's balance sheet reflects:
| Assets | Amount |
|---|---|
| Cash and Cash Equivalents | $39.6 million |
| Accounts Receivable | $11.4 million |
| Inventory | $8.4 million |
| Total Assets | $72.6 million |
| Liabilities | Amount |
|---|---|
| Total Liabilities | $13.3 million |
| Total Stockholders' Equity | $59.3 million |
How Everspin Technologies, Inc. (MRAM) Works
Company Overview
Everspin Technologies, Inc. is a leading developer and manufacturer of magnetoresistive random access memory (MRAM) persistent memory solutions. The company is headquartered in Chandler, Arizona, and serves a diverse customer base across various industries including industrial IoT and data centers.
Financial Performance
As of the third quarter of 2024, Everspin reported the following financial metrics:
| Financial Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Total Revenue | $12.1 million | $16.5 million | $37.2 million | $47.1 million |
| Product Sales | $10.4 million | $13.5 million | $31.2 million | $40.7 million |
| Licensing and Other Revenue | $1.7 million | $2.9 million | $5.97 million | $6.3 million |
| Gross Profit | $5.95 million | $9.92 million | $19.33 million | $27.54 million |
| Operating Expenses | $8.07 million | $7.94 million | $24.86 million | $23.24 million |
| Net Income (Loss) | $2.27 million | $2.44 million | $(0.43) million | $7.08 million |
| Net Income Per Share (Diluted) | $0.10 | $0.11 | $(0.02) | $0.34 |
| Cash and Cash Equivalents | $39.59 million | $34.93 million |
Operational Highlights
In Q3 2024, Everspin achieved a gross margin of 49.2%, a decrease from 60.2% in Q3 2023. The company reported a significant focus on cost containment and new contract acquisitions, which are expected to contribute positively to revenue in the upcoming fiscal periods.
Cash Flow Statement
The cash flows for the nine months ended September 30, 2024, are detailed as follows:
| Cash Flow Activity | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net (Loss) Income | $(433) | $7,084 |
| Depreciation and Amortization | $1,197 | $905 |
| Stock-Based Compensation | $5,108 | $3,700 |
| Net Cash Provided by Operating Activities | $3,266 | $11,086 |
| Purchases of Property and Equipment | $(1,302) | $(1,080) |
| Net Cash Used in Investing Activities | $(1,302) | $(1,065) |
| Net Increase in Cash and Cash Equivalents | $2,642 | $8,139 |
Future Outlook
For the fourth quarter of 2024, Everspin anticipates total revenue between $12 million and $13 million, with GAAP net income per diluted share expected to range from $0.00 to $0.05.
Stockholder Information
As of September 30, 2024, the company had a total of 21,833,041 shares issued and outstanding, with an additional paid-in capital of $197.36 million.
| Stockholder Data | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Common Stock Outstanding | 21,833,041 | 21,080,472 |
| Additional Paid-In Capital | $197.36 million | $191.57 million |
| Accumulated Deficit | $(138.08 million) | $(137.65 million) |
| Total Stockholders' Equity | $59.27 million | $53.92 million |
How Everspin Technologies, Inc. (MRAM) Makes Money
Revenue Streams
Everspin Technologies generates revenue primarily through two channels: product sales and licensing, royalty, patent, and other revenue. The financial results for the third quarter of 2024 illustrate these revenue streams as follows:
| Revenue Source | Q3 2024 (in thousands) | Q3 2023 (in thousands) | YTD 2024 (in thousands) | YTD 2023 (in thousands) |
|---|---|---|---|---|
| Product Sales | $10,443 | $13,543 | $31,190 | $40,726 |
| Licensing, Royalty, Patent, and Other Revenue | $1,650 | $2,923 | $5,969 | $6,333 |
| Total Revenue | $12,093 | $16,466 | $37,159 | $47,059 |
Cost of Sales
The costs associated with generating revenue include product sales costs and licensing costs. For Q3 2024, these costs were reported as follows:
| Cost Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) | YTD 2024 (in thousands) | YTD 2023 (in thousands) |
|---|---|---|---|---|
| Cost of Product Sales | $5,752 | $5,920 | $16,989 | $18,133 |
| Cost of Licensing, Royalty, Patent, and Other Revenue | $390 | $627 | $842 | $1,384 |
| Total Cost of Sales | $6,141 | $6,547 | $17,831 | $19,517 |
Gross Profit
Gross profit is a critical indicator of Everspin's financial health, calculated as total revenue minus total costs of sales:
| Period | Gross Profit (in thousands) |
|---|---|
| Q3 2024 | $5,952 |
| Q3 2023 | $9,919 |
| YTD 2024 | $19,328 |
| YTD 2023 | $27,542 |
Operating Expenses
Operating expenses encompass research and development, general and administrative, and sales and marketing costs. The following table outlines these expenses for Q3 2024:
| Expense Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Research and Development | $3,384 | $2,659 |
| General and Administrative | $3,363 | $3,933 |
| Sales and Marketing | $1,320 | $1,348 |
| Total Operating Expenses | $8,067 | $7,940 |
Net Income and Earnings Per Share
Everspin reported a net income of $2.3 million for Q3 2024, translating to a net income per diluted share of $0.10. The comparative figures from Q3 2023 are:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Income (in thousands) | $2,271 | $2,438 |
| Net Income per Diluted Share | $0.10 | $0.11 |
Market Position and Future Outlook
Everspin Technologies is recognized as a leader in the MRAM market, focusing on applications in industrial IoT and data centers. The company anticipates total revenue for Q4 2024 to range between $12 million and $13 million, with GAAP net income per diluted share expected to be between $0.00 and $0.05.
Everspin Technologies, Inc. (MRAM) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- Everspin Technologies, Inc. (MRAM) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Everspin Technologies, Inc. (MRAM)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Everspin Technologies, Inc. (MRAM)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.