Everspin Technol Stock Price, News & Analysis

Everspin Technologies, Inc. (NASDAQ: MRAM) announced that Lucid Motors will use its PERSYST MRAM in the recently released Gravity SUV. The MR25H256A, a 256Kb serial MRAM, was chosen for its compliance with the AEC Q100 Grade 1 specification, operating at temperatures from -40C to 125C. This MRAM will be used for data logging and parameter storage to enhance the efficient operation of the all-electric powertrain.

Everspin's PERSYST MRAM is also used in the Lucid Air, showcasing its reliability and performance in demanding environments. The PERSYST family offers the highest performing persistent memory in the industry, featuring virtually infinite write endurance, fast write speed, and low read latency. These characteristics make it ideal for handling stringent memory workloads and protecting vital user data, even during power loss or interruption.

Everspin Technologies, Inc. (NASDAQ: MRAM) has been awarded $14.55 million over 2.5 years to develop a long-term plan for providing on-shore MRAM manufacturing services to aerospace and defense industries. The company's PERSYST MRAM manufacturing facilities in Chandler, Arizona will continue to support both current and future Department of Defense (DoD) strategic and commercial space system requirements.

Everspin's CEO, Sanjeev Aggarwal, emphasized the company's commitment to providing continuous on-shore MRAM capability to aerospace and defense customers. The award aims to mitigate risks to Everspin's MRAM manufacturing supply chain, ensuring stable domestic production of MRAM wafers and devices.

Everspin Technologies (NASDAQ: MRAM) has secured a strategic contract with Frontgrade Technologies to provide PERSYST MRAM technology for developing radiation-hardened eMRAM macros. The contract, potentially worth up to $9.25 million over multiple years, supports Department of Defense and commercial space system requirements. The initial phase is valued at $1.25 million.

The project will utilize Skywater RH90 CMOS in Bloomington, Minnesota, and Everspin's back-end-of-line MRAM process in Chandler, Arizona. This collaboration expands MRAM's applications in defense and aerospace radiation-hardened use cases, building on Everspin's decade-long relationship with Frontgrade Technologies.

Everspin Technologies (NASDAQ: MRAM) reported Q2 2024 financial results with revenue of $10.6 million, in line with guidance but down from $15.7 million in Q2 2023. The company experienced a GAAP net loss of $2.5 million, or $0.12 per basic share, compared to net income of $3.9 million in Q2 2023. Gross margin decreased to 49.0% from 58.4% year-over-year.

Despite a slower start to 2024, Everspin sees potential for a stronger second half, supported by design wins for its PERSYST STT-MRAM products. The company ended Q2 with a debt-free balance sheet and generated $1.7 million in cash flow from operations. For Q3 2024, Everspin projects revenue between $11.5-$12.5 million and a GAAP net loss per basic share of $0.05-$0.10.

Everspin Technologies (NASDAQ: MRAM) has secured a $1.8 million contract with QuickLogic (NASDAQ: QUIK) to provide its AgILYST MRAM technology, logic design, and manufacturing services for developing a Strategic Radiation Hardened (SRH) FPGA. This contract is part of a larger $5.26 million Strategic Radiation Hardened Contract awarded to QuickLogic by the Department of Defense (DoD).

The project aims to support current and future DoD strategic and space system requirements. Everspin's involvement builds on its 12 years of experience in delivering MRAM IP for strategic radiation hardened and space applications. The collaboration also includes Honeywell, focusing on integrating MRAM directly into the FPGA product for DoD applications.

Everspin Technologies (NASDAQ: MRAM), the leading developer and manufacturer of Magnetoresistive Random Access Memory (MRAM) persistent memory solutions, has announced its upcoming second quarter 2024 financial results conference call. The company will release its financial results after market close on Wednesday, July 31, 2024. Following the release, Sanjeev Aggarwal, President and CEO, and Matt Tenorio, Interim CFO, will host a conference call at 5:00 p.m. Eastern Time to discuss the company's financial performance. Investors and interested parties can access the live webcast and replay of the call through Everspin's investor relations website.

Everspin Technologies (NASDAQ: MRAM), a leader in Magnetoresistive Random Access Memory (MRAM) solutions, has announced leadership changes in its finance department. Matthew Tenorio has been appointed as Interim Chief Financial Officer, effective July 18, 2024, replacing Anuj Aggarwal, who is departing on July 26, 2024. Tenorio, who rejoined Everspin in June 2024 as a consultant, brings extensive experience from his previous roles at the company and other tech firms.

The company has initiated a search for a permanent CFO. Despite this transition, Everspin has reiterated its Q2 2024 guidance, expecting results to align with the outlook provided in its May 1, 2024 earnings release. This announcement suggests continuity in financial management and stability in the company's near-term performance expectations.

Everspin Technologies (NASDAQ: MRAM) announced its inclusion in the Russell 2000® Index as of July 1, 2024. The annual reconstitution of the Russell indexes identifies the 4,000 largest U.S. stocks based on market capitalization, ensuring automatic inclusion in either the Russell 1000® or 2000® Index.

This milestone underscores Everspin's commitment to scaling its business and enhancing its portfolio of MRAM persistent memory solutions. The inclusion in the Russell 2000® Index is expected to attract a broader range of investors, potentially expanding its shareholder base.

Everspin is a leading developer of MRAM technology, known for its superior data persistence, endurance, and reliability, catering to markets from data centers to edge devices. Approximately $10.5 trillion in assets are benchmarked against the Russell indexes, highlighting the significance of this inclusion.

Everspin Technologies (NASDAQ: MRAM), a leader in magnetoresistive random access memory (MRAM) solutions, announced a schedule change for its presentation at the Maxim Virtual TMT Conference.

The company will now present on June 5, 2024, at 1:30 p.m. Eastern Time. A live webcast and replay will be accessible on Everspin's investor relations website.