Everspin Technologies Inc (MRAM) Q1 Earnings: Revenue Surpasses Estimates, Net Income Falls Short

GuruFocus.com05-02

Q1 2024 Revenue: Reported at $14.4 million, slightly surpassing the estimated $14.05 million. Q1 2024 Net Income: Recorded a net loss of $202,000, significantly falling below the estimated net income ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEverspin Technologies Inc (MRAM) Q1 Earnings: Revenue Surpasses Estimates, Net Income Falls Short\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-02 05:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/everspin-technologies-inc-mram-q1-214753710.html><strong>GuruFocus.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Q1 2024 Revenue: Reported at $14.4 million, slightly surpassing the estimated $14.05 million.\nQ1 2024 Net Income: Recorded a net loss of $202,000, significantly falling below the estimated net income ...</p>\n\n<a href=\"https://finance.yahoo.com/news/everspin-technologies-inc-mram-q1-214753710.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MRAM","symbol_name":"Everspin Technologies Inc","start_time":0,"source_url":"https://finance.yahoo.com/news/everspin-technologies-inc-mram-q1-214753710.html","article_id":"2432654202","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/KtkSxVZ58PnZV09Gi3r2.w--~B/aD01NTc7dz0xMjQyO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/us.finance.gurufocus/31243206f3d8dfeb33d4f5d2f5d3618d"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2432654202","pubTimestamp":1714600073,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Q1 2024 Revenue: Reported at $14.4 million, slightly surpassing the estimated $14.05 million.Q1 2024 Net Income: Recorded a net loss of $202,000, significantly falling below the estimated net income of $1.8 million.Q1 2024 Earnings Per Share : Reported a loss of $0.01 per share, failing to meet the estimated earnings of $0.08 per share.Operating Expenses: Total operating expenses increased to $8.76 million from $7.73 million in the prior year.GuruFocus has detected 3 Warning Sign with MRAM.Everspin Technologies Inc  released its 8-K filing on May 1, 2024, revealing a mixed financial performance for the first quarter ended March 31, 2024. The company reported a revenue of $14.4 million, which slightly exceeded the analyst's expectation of $14.05 million. However, the GAAP net income of $1.8 million fell below the estimated $1.80 million, reflecting challenges despite robust sales.Everspin Technologies Inc, headquartered in Chandler, Arizona, is a pioneer in the development and manufactu","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"MRAM":"Everspin Technologies Inc"},"translate_title":"Everspin Technologies Inc（MRAM）Q1盈利：收入超过预期，净收入低于预期","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MRAM":1},"content_text":"Q1 2024 Revenue: Reported at $14.4 million, slightly surpassing the estimated $14.05 million.\nQ1 2024 Net Income: Recorded a net loss of $202,000, significantly falling below the estimated net income of $1.8 million.\nQ1 2024 Earnings Per Share (EPS): Reported a loss of $0.01 per share, failing to meet the estimated earnings of $0.08 per share.\nAdjusted EBITDA: Amounted to $1.91 million, a decrease from $2.32 million in the same period last year.\nOperating Expenses: Total operating expenses increased to $8.76 million from $7.73 million in the prior year.\nStock-based Compensation: Rose to $1.71 million, up from $1.16 million in Q1 2023, reflecting increased investment in human capital.\nFuture Outlook: Expects Q2 2024 revenue between $10.0 million and $11.0 million and anticipates a GAAP net loss per share between $(0.14) and $(0.09).\n\n\nWarning! GuruFocus has detected 3 Warning Sign with MRAM.\n\nEverspin Technologies Inc (NASDAQ:MRAM) released its 8-K filing on May 1, 2024, revealing a mixed financial performance for the first quarter ended March 31, 2024. The company reported a revenue of $14.4 million, which slightly exceeded the analyst's expectation of $14.05 million. However, the GAAP net income of $1.8 million fell below the estimated $1.80 million, reflecting challenges despite robust sales.\n\nEverspin Technologies Inc, headquartered in Chandler, Arizona, is a pioneer in the development and manufacturing of magnetoresistive random access memory (NASDAQ:MRAM) solutions. These products are crucial for applications in industrial IoT, data centers, and other areas where data persistence is critical. The company's MRAM solutions are known for their durability and high performance, making them a preferred choice for mission-critical applications.\nFinancial Highlights and Challenges\nThe first quarter saw Everspin achieving a revenue of $14.4 million, driven by significant design wins, including a notable agreement with IBM for the PERSYST STT-MRAM solution. Despite these wins, the company's net income was a slight disappointment, coming in at $1.8 million against expectations, largely due to increased operating expenses and a challenging macroeconomic environment.\nPresident and CEO Sanjeev Aggarwal acknowledged the mixed results, stating, \n\n Our first quarter revenue came in near the high end of our expectations while our GAAP net income came in below our expectations.\"\nThis statement underscores the operational successes and financial strains faced by the company during the quarter.\nOperational and Financial Metrics\nAnalysis of the income statement reveals that while product sales slightly decreased to $10.86 million from $13.77 million in the previous year, licensing, royalty, patent, and other revenues significantly increased to $3.57 million from $1.07 million. This shift indicates a growing strength in Everspin's intellectual property monetization.\nThe balance sheet remains robust with $34.8 million in cash and cash equivalents, though it noted a slight decrease from $36.9 million at the end of 2023. Total assets stood at $66.2 million. The company's equity also saw an increase, indicating a solid financial position to support its strategic initiatives.\nLooking Forward\nFor the second quarter of 2024, Everspin anticipates revenue between $10.0 million and $11.0 million and expects a GAAP net loss per share between $(0.14) and $(0.09). This outlook reflects the ongoing uncertainties in the global market, including impacts from geopolitical tensions and semiconductor industry volatility.\nChief Financial Officer Anuj Aggarwal expressed optimism about the company's trajectory, emphasizing the strong balance sheet and solid gross margin as foundational strengths that will help navigate the challenges ahead.\nIn conclusion, Everspin's first quarter of 2024 showcased a resilient business model capable of exceeding revenue expectations but also highlighted vulnerabilities in net income performance amidst a complex global economic landscape. Investors and stakeholders will likely watch closely how Everspin manages these challenges in the upcoming quarters.\n Explore the complete 8-K earnings release (here) from Everspin Technologies Inc for further details. This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432654202"}