The following is a summary of the Everspin Technologies, Inc. (MRAM) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Everspin Technologies reported Q2 2024 revenue of $10.6 million, a decrease from $15.7 million in the same quarter last year.

• The company experienced a net loss of $0.12 per basic share and an adjusted EBITDA of negative $0.2 million.

• The gross margin decreased to 49%, down from 58.4% largely due to lower product sales and licensing revenue related to Rad-Hard deals.

Business Progress:

• Everspin continues its development with STT-MRAM and Toggle MRAM products.

• Announced partnerships and collaborations, particularly with IBM using STT-MRAM in its Flash NOR module, and ongoing projects with QuickLogic and Honeywell on Rad-Hard FPGA technology.

• Engaged in discussions with automotive companies at SEMICON West regarding use in EVs.

• Entered into a strategic agreement providing foundry services for TMR sensor devices.

Opportunities:

• IBM's adoption of Everspin's 1-gigabit STT-MRAM for data center applications showcases potential growth in this sector.

• Increasing vehicle electrification presents an opportunity for Everspin's STT-MRAM to handle large data requirements in EVs.

• The agreement with a leading sensor device provider highlights opportunities in industrial and commercial applications.

Risks:

• Net loss of $0.12 per share as inventory consumption issues affected Toggle MRAM recovery.

• Visibility challenges and unfavorable currency exchange rates contributed to slower recovery in the Asia-Pacific market.

More details: Everspin Technologies IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.