Everspin Technologies, Inc. (MRAM) Misses Q4 EPS by 2c, Revenues Miss; Offers 1Q Revenue Outlook

February 25, 2021 5:58 PM EST
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Price: $5.29 -2.4%

EPS Growth %: +52.9%

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Everspin Technologies, Inc. (NASDAQ: MRAM) reported Q4 EPS of ($0.08), $0.02 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $9.98 million versus the consensus estimate of $10.4 million.

Fourth Quarter and Full Year 2020 Highlights

  • 2020 revenue increased 12.1% year-over-year to $42.0 million
  • Q4’20 GAAP net loss per share of ($0.08) was a significant improvement over both the prior quarter and year-ago periods
  • Generated $0.6 million cash flow from operations in Q4’20, the second consecutive quarter with positive cash flow from operations
  • Ended 2020 with cash and equivalents of $14.6 million
  • First royalty revenue from GLOBALFOUNDRIES for embedded MRAM on their 22FDX process in Q4

“We are happy to report that in Q4 we continued our progress towards driving sustainable cash flow from operations. We are continuing to drive our critical R&D programs and key business initiatives, and we believe that we are positioned for profitable growth,” stated Darin Billerbeck, Everspin’s Executive Chairman and Interim CEO. “Our emphasis on cash management, product cost, and operational excellence have been fundamental to our continued progress.

“We are also pleased to report that, in Q1’21, we received a $3 million up-front payment for a license related to a U.S. Government Rad-Hard program that we anticipate signing before the end of the quarter. The total value of this STT-MRAM development project, including licenses, royalty, and NRE, is greater than $5 million, which we anticipate recognizing as revenue over the course of the next 36 months. We also anticipate additional manufacturing revenue from this program in 2023 and beyond.”

GUIDANCE:

Everspin Technologies, Inc. sees Q1 2021 revenue of $10-10.8 million, versus the consensus of $10.4 million.

For earnings history and earnings-related data on Everspin Technologies, Inc. (MRAM) click here.



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