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Everspin Technologies, Inc. (MRAM) stock is on a skyway – What’s going on?

Everspin Technologies, Inc. (MRAM) saw a push of 21.58% in the aftermarket the market leader announced the third fiscal quarter 2021 results. With that, the last trading session closed at $6.58 with a decrease of 0.3%.


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Third Quarter 2021 Financial Results

MRAM reported results of the third quarter of 2021 on 11th November 2021. Revenue climbed by 25% to $14.8 million in the third quarter more than the previous quarter. When compared to the $10.1 million in sales in Q3 of 2020, the company noticed a 46.5 percent gain. Moreover, the company recorded a record net income of $880k, culminating in a year-to-date net income of $676k for the fiscal year 2021.

This compares to a net loss of $3.9 million in the third quarter of 2020, and a year-to-date net loss of $6.9 million for the nine months ending September 30, 2020. The third quarter of 2021 saw a gross margin of 57.1 percent, less than 60.8 percent the previous quarter, and 23.0 percent in the third quarter of 2020. Due to increases in research and development, sales and marketing, and administrative expenditures, GAAP operating expenses for the third quarter of 2021 climbed to $7.4 million, up from $6.7 million in the second quarter of 2021.

Analyzing Third Quarter Results

According to the company, their team’s ability to deliver on generating product sales and monetizing our IP is reflected in MRAM’s Q3 performance.

Appointment of Anuj Aggarwal

MRAM announced the appointment of Anuj Aggarwal as Chief Financial Officer of Everspin on 3rd September 2021. Everspin has achieved significant progress in recent months, including being profitable for the first time in Q2. Everspin’s MRAM solutions are well-positioned to challenge the traditional memory business. Last but not least, the company is hopeful to have fruitful results under the guidance of Anuj Aggarwal.

Second Quarter 2021 Financial Results – What are the updates?

MRAM published second quarter 2021 results on 12th August 2021. The total revenue for the second quarter of 2021 was $11.85 million, 15% more than the previous quarter’s $10.28 million. Moreover, the second quarter of 2021 saw a gross margin of 60.7 percent, 58.2 percent more than the previous quarter. GAAP operating expenditures climbed to $6.7 million in the second quarter of 2021 owing to a $900k rise in research and development spending.

Furthermore, stock-based compensation accounted for $704k of GAAP operating expenditures in the second quarter of 2021, compared to $743k the previous quarter and $918k in the second quarter of 2020. Adjusted EBITDA increased to $1.5 million in the second quarter of 2021, $0.8 million more than the previous quarter, and $0.3 million in the same period of 2020. Lastly, the company had $14.2 million in cash and cash equivalents, $15.5 million less than at the end of the first quarter.

Now what?

The company had a GAAP net income positive quarter for the first time in the Company’s existence. This is a result of the MRAM team’s tireless efforts to boost revenue and gross margins while keeping costs under control.

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