Everspin Technologies (MRAM) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $13.1 million, down 9% year-over-year, with MRAM product sales stable at $11.0 million and non-GAAP EPS of $0.02, both above guidance due to strong product revenue.

• Gross margin declined to 51.4% from 56.5% year-over-year, impacted by lower licensing revenue and product mix.

• Net loss for Q1 2025 was $1.2 million ($0.05/share), compared to $0.2 million ($0.01/share) in Q1 2024; non-GAAP net income was $0.4 million ($0.02/share), down from $1.5 million ($0.07/share) in Q1 2024.

• Cash and cash equivalents increased to $42.2 million as of March 31, 2025, with positive operating cash flow of $1.4 million.

• New design wins and product launches in the Orion xSPI family target automotive, aerospace, and industrial applications, with engineering samples available June 2025 and full production in late 2025.

Financial highlights

• Product sales were $11.0 million, up slightly year-over-year; licensing, royalty, and other revenue fell to $2.1 million from $3.6 million in Q1 2024.

• Operating expenses totaled $8.7 million, flat year-over-year; R&D was $3.4 million, G&A $3.8 million, and sales/marketing $1.5 million.

• Interest and other income rose to $0.8 million from $0.4 million year-over-year.

• Weighted average shares outstanding were 22.2 million (basic and diluted); net loss per share was $(0.05) vs. $(0.01) year-over-year.

• Cash provided by operating activities was $1.4 million in Q1 2025, compared to $1.3 million used in Q1 2024.

Outlook and guidance

• Q2 2025 revenue expected between $12.5–$13.5 million.

• GAAP net loss per basic share expected between $0.05 and break-even; non-GAAP net income per share between break-even and $0.05.

• 2025 expected to be weighted toward the second half due to seasonality and backlog improvement.

• Management believes current cash and cash equivalents are sufficient for the next 12 months; future capital needs depend on growth, R&D, and new products.

• Guidance does not include potential tariff impacts; management is monitoring evolving external risks.