Everspin Technologies (MRAM) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $13.2 million, exceeding guidance, with EPS at $0.05, the high end of the range.

• Full-year 2024 revenue was $50.4 million, down 21% year-over-year due to lower product shipments.

• Achieved 178 design wins in 2024, expanding opportunities in NOR flash, SRAM, and storage markets.

• Product revenue strength and rad-hard project contributions drove quarterly outperformance.

• Ongoing strategic focus on MRAM technology for industrial, aerospace, automotive, and defense markets.

Financial highlights

• Q4 MRAM product sales were $11 million, up sequentially from $10.4 million in Q3 but down from $12.4 million in Q4 2023.

• Licensing, royalty, and other revenue in Q4 was $2.2 million, down from $4.3 million in Q4 2023.

• Q4 GAAP gross margin was 51.3%, up from 49.2% in Q3 but down from 58.1% in Q4 2023; full-year gross margin was 51.8%.

• Q4 GAAP net income was $1.2 million ($0.05 per diluted share), compared to $2 million ($0.09) in Q4 2023; full-year GAAP net income was $0.8 million ($0.04 per share), down from $9.1 million ($0.42) in 2023.

• Adjusted EBITDA for Q4 was $3.2 million (vs. $3.6 million prior year); full-year Adjusted EBITDA was $9.2 million (vs. $15.3 million prior year).

• Cash and equivalents at year-end were $42.1 million, up $2.5 million sequentially.

Outlook and guidance

• Q1 2025 revenue expected between $12–$13 million.

• Q1 2025 GAAP net loss per share projected between $(0.10) and $(0.05); non-GAAP loss per share between $(0.05) and breakeven.

• 2025 expected to be back-half weighted due to seasonality and Asian inventory digestion.

• Guidance subject to risks including supply chain constraints, semiconductor downturn, and market volatility.

• Non-GAAP metrics will shift from adjusted EBITDA to non-GAAP EPS in 2025.