Q4 2024 Everspin Technologies Inc Earnings Call Transcript
Key Points
- Everspin Technologies Inc (MRAM) reported fourth-quarter revenue of $13.2 million, exceeding expectations.
- The company achieved an EPS of $0.05, at the high end of their guidance range.
- Strong momentum was observed in RAD-Hard projects, including a contract with Purdue University to advance AI hardware.
- Everspin's PERSYST MRAM products are validated for use with Lattice Semiconductor FPGAs, highlighting their reliability.
- The company has a robust pipeline with 178 design wins in 2024, indicating strong product interest and quality.
- Full-year 2024 revenue was $50.4 million, down 21% year-over-year due to lower product shipments.
- Licensing, royalty, patent, and other revenue decreased to $2.2 million in Q4, compared to $4.3 million in Q4 2023.
- GAAP gross margin decreased to 51.3% in Q4 from 58.1% in the same period last year due to lower volumes.
- The company anticipates a GAAP net loss per basic share between $0.10 and $0.05 for Q1 2025.
- Revenue from the Omentum program is expected to be significantly lower in Q1 2025 compared to Q4 2024.
Good afternoon and welcome to the Everspin Technologies fourth-quarter and full-year 2024 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded.
I would now like to turn the conference over to [Faye Hoffman], Investor Relations for Everspin.
Thank you, operator, and good afternoon, everyone. Everspin released results for the fourth quarter and full year 2024 ended December 31, 2024, this afternoon after market close. I'm Faye Hoffman, Investor Relations for Everspin. And with me on today's call are Sanjeev Aggarwal, President and Chief Executive Officer; and Bill Cooper, Chief Financial Officer. Before we begin the call, I would like to remind you that today's discussion may contain forward-looking statements regarding future events, including, but not limited to, the company's expectations for Everspin's future business, financial performance and goals, customer industry adaptation of MRAM technology, successfully bringing to market
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