MRAM vendor makes turnaround progress

August 10, 2020 //By Peter Clarke
MRAM vendor makes turnaround progress
MRAM component vendor Everspin Technologies Inc. (Chandler, Arizona) made a net loss of $1.3 million on sales revenue of $11.8 million in 2Q20.

Sales were up 17 percent from the $10.1 million in the previous quarter and 37 percent over the $8.6 million reported in 2Q19. The net loss was down from a net loss of $1.7 million in the previous quarter and down from $3.7 million in the same quarter in 2019.

"We extended our momentum into the second quarter, achieving the fourth consecutive quarter of growth including record revenue from the ramp of our 1Gbit STT-MRAM product," stated Kevin Conley, CEO of Everspin, in a statement. "A significant contributor to this growth was our ability to respond to a surge in demand from our OEM customers that supply the data center market. Entering the third quarter, we are seeing a delay of customers’ new product introduction plans, resulting in reduced visibility and expectations for the quarter. Despite these current market challenges, we remain encouraged about

our future growth opportunities, growing pipeline of business and improvedfinancial positioning."

Cash and cash equivalents as of June 30, 2020 were $12.9 million, compared to $14.0 million at the end of the first quarter of 2020.

Everspin is expecting 3Q20 sales of between $10.0 million and $10.8 million, up 13 percent at the mid-point from $9.2 million recorded in the year-ago quarter.

Related links and articles:

News articles:

MRAM pioneer Everspin restructures, lays off staff

Lossy Everspin takes MRAM partnership down to 12nm

Pioneer respins STT-MRAM process for industrial and IoT

MRAM startup eVaderis closes, here comes Antaios

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