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Everspin Announces Second Quarter 2017 Financial Results

CHANDLER, Ariz., Aug. 10, 2017 (GLOBE NEWSWIRE) -- Everspin Technologies, Inc. (Nasdaq:MRAM), the world's leading developer and manufacturer of discrete and embedded Magnetoresistive Random Access Memory (MRAM), today announced the company’s second quarter 2017 financial results for the quarter ended June 30, 2017.

/EIN News/ -- Revenue for the second quarter of 2017 was $8.9 million, compared to $6.7 million for the second quarter of 2016. Everspin's GAAP net loss for the second quarter of 2017 was $5.2 million, or ($0.42) per share based on 12.4 million weighted-average shares outstanding, compared to a GAAP net loss of $5.4 million, or ($2.12) per share for the second quarter of 2016 based on 2.6 million weighted-average shares outstanding.

“I am encouraged by the customer reception we are experiencing with our MRAM technology. Our second quarter 2017 revenues were a record for the company due to the continued, robust growth of our Toggle MRAM technology. In parallel, we continue to focus on the infrastructure, eco-systems and product portfolio to advance our Spin Torque MRAM growth opportunity,” said Phill LoPresti, Everspin’s President and Chief Executive Officer.

Recent Business Highlights

  • Everspin’s First Spin Torque 256 Mb design win entered production for use in SMART Modular’s NVM Express (NVMe) PCIe Card.
  • The Company began customer sampling of our 1 Gb DDR4 Spin Torque chips.
  • Everspin officially launched four nvNitro™ products, using 256 Mb DDR3 Spin Torque chips.
  • GLOBALFOUNDRIES has made PDK kits available for customers to design embedded MRAM SOCs on their 22nm FDX™ process using Everspin’s Spin Torque MRAM technology.             

Financial Results Conference Call

Everspin will host a conference call to discuss its financial results at 8 a.m. Eastern Time on Thursday, August 10. Interested parties can listen to a live webcast of the conference call by visiting the Investor Relations section of Everspin’s website at www.investor.everspin.com. Dial in information for the conference call is available by registering at http://dpregister.com/10110723. The conference call and webcast will include forward-looking information. A replay of the conference call will also be available on the Investor Relations section of Everspin’s website at www.investor.everspin.com following the completion of the call.

About Everspin Technologies

Everspin Technologies is the leading provider of Magnetoresistive RAM (MRAM) solutions.  Everspin’s MRAM solutions enable the protection of mission critical data by combining the persistence of non-volatile memory with the speed and endurance of SRAM or DRAM.  Everspin’s MRAM solutions allow its customers in the industrial, automotive, and enterprise storage markets to design high performance and reliable systems.  Everspin is the only provider of commercially available MRAM solutions and has shipped over 70 million MRAM units. For more information, visit www.everspin.com.

Forward-Looking Statements 

This press release contains forward-looking statements regarding future events that involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statement, including, but not limited to, conversion of design wins into bookings and bookings into revenue; the market may not adopt Everspin’s products and technology at the rate Everspin expects; the ability for Everspin to expand the markets Everspin addresses at the rate it expects; the risk that unexpected technical difficulties may develop in the final stages of development or production of its products. Readers are advised that they should not place undue reliance on these forward-looking statements and should review the risk factors included in Everspin’s various filings with the Securities and Exchange Commission, including, but not limited to, in its Quarterly Report on Form 10-Q filed with the SEC on May 15, 2017, Annual Report on Form 10K filed with the SEC on March 29, 2017, under the caption “Risk Factors Related to Our Business and Our Industry.” Subsequent events may cause these expectations to change, and Everspin disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.


EVERSPIN TECHNOLOGIES, INC.
Condensed Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
 
       June 30,         December 31, 
     2017     2016  
         
Assets            
Current assets:            
Cash and cash equivalents   $  21,176     $  29,727  
Accounts receivable, net      3,630        3,170  
Amounts due from related parties      550        486  
Inventory      6,653        5,069  
Prepaid expenses and other current assets      1,002        1,050  
Total current assets      33,011        39,502  
Property and equipment, net      3,675        1,920  
Other assets      61        50  
Total assets   $  36,747     $  41,472  
             
Liabilities and Stockholders’ Equity            
Current liabilities:            
Accounts payable   $  1,852     $  1,502  
Accrued liabilities      1,911        1,811  
Amounts due to related parties      1,392        1,359  
Deferred income on shipments to distributors      1,590        1,827  
Current portion of long-term debt      649        3,884  
Total current liabilities      7,394        10,383  
Long-term debt, net of current portion      11,345        4,218  
Total liabilities      18,739        14,601  
Commitments and contingencies            
Stockholders’ equity:            
Preferred stock, $0.0001 par value per share; 5,000,000 shares authorized as of
June 30, 2017 and December 31, 2016; no shares issued and outstanding as of
June 30, 2017 and December 31, 2016
     —        —  
Common stock, $0.0001 par value per share; 100,000,000 shares authorized as of            
June 30, 2017 and December 31, 2016; 12,674,391 and 12,498,128 shares issued
and outstanding as of June 30, 2017 and December 31, 2016
     1        1  
Additional paid-in capital      125,719        123,309  
Accumulated deficit      (107,712 )      (96,439 )
Total stockholders’ equity      18,008        26,871  
Total liabilities and stockholders’ equity     $  36,747     $  41,472  


EVERSPIN TECHNOLOGIES, INC.
Condensed Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
(Unaudited)
 
    Three Months Ended   Six Months Ended
    June 30,    June 30, 
    2017      2016      2017      2016 
Product sales (including related party sales of $627  
and $0 for the three months ended June 30, 2017
and 2016, $1,199 and $735 for the six months
ended June 30, 2017 and 2016, respectively)
      $  8,062     $  6,597     $  15,282     $  12,723  
Licensing and royalty revenue (including related
party revenue of $650 and $0 for the three
months ended June 30, 2017 and 2016, $1,219
and $0 for the six months ended June 30, 2017
and 2016, respectively)
           863        62        1,523        143  
Total revenue      8,925        6,659        16,805        12,866  
Cost of sales      3,133        3,159        6,796        5,704  
Gross profit      5,792        3,500        10,009        7,162  
Operating expenses:                        
Research and development      6,427        6,094        12,816        11,231  
General and administrative      2,793        1,580        5,638        3,295  
Sales and marketing      1,361        861        2,219        1,688  
Total operating expenses      10,581        8,535        20,673        16,214  
Loss from operations      (4,789 )      (5,035 )      (10,664 )      (9,052 )
Interest expense      (176 )      (718 )      (406 )      (1,184 )
Other income, net      24        337        43        280  
Loss on extinguishment of debt      (246 )      —        (246 )      —  
Net loss and comprehensive loss   $  (5,187 )   $  (5,416 )   $  (11,273 )   $  (9,956 )
Net loss per common share, basic and diluted   $  (0.42 )   $  (2.12 )   $  (0.91 )   $  (3.90 )
Weighted-average shares used to compute net
loss per common share, basic and diluted
     12,413,524        2,557,029        12,357,066        2,555,397  

 

EVERSPIN TECHNOLOGIES, INC.
Condensed Statement of Cash Flows
(In thousands)
(Unaudited)
    Six Months Ended
    June 30, 
     2017         2016     
Cash flows from operating activities            
Net loss   $  (11,273 )   $  (9,956 )
Adjustments to reconcile net loss to net cash used in operating activities:                                
Depreciation and amortization      510        380  
Loss on disposal of property and equipment      —        80  
Stock-based compensation      839        211  
Change in fair value of redeemable convertible preferred stock warrant liability      —        (21 )
Non-cash loss on extinguishment of debt      185        —  
Change in fair value of derivative liability      —        (265 )
Non-cash interest expense      119        783  
Compensation expense related to vesting of common stock to GLOBALFOUNDRIES      716        1,442  
Changes in operating assets and liabilities:            
Accounts receivable      (460 )      (821 )
Amounts due from related parties      (64 )      62  
Prepaid expenses and other current assets      48        (507 )
Inventory      (1,584 )      404  
Other assets      (11 )      3  
Accounts payable      51        967  
Accrued liabilities      100        292  
Amounts due to related parties      (229 )        2,197  
Deferred income on shipments to distributors      (237 )      203  
Deferred revenue      —        (104 )
Net cash used in operating activities      (11,290 )      (4,650 )
Cash flows from investing activities            
Purchases of property and equipment      (1,704 )      (427 )
Net cash used in investing activities      (1,704 )      (427 )
Cash flows from financing activities            
Proceeds from convertible promissory notes-related party      —        5,000  
Proceeds from debt      12,000        1,500  
Payments on debt      (8,356 )      (355 )
Payments of debt issuance costs      (49 )      (15 )
Payments on capital lease obligation      (7 )      (129 )
Payments of deferred offering costs      —        (618 )
Proceeds from exercise of stock options and purchase of shares in employee
stock purchase plan
     855        29  
Net cash provided by financing activities      4,443        5,412  
Net (decrease) increase in cash and cash equivalents      (8,551 )      335  
Cash and cash equivalents at beginning of period      29,727        2,307  
Cash and cash equivalents at end of period   $  21,176     $  2,642  
Supplementary cash flow information:            
Interest paid   $  288     $  401  
Non-cash investing and financing activities:            
Purchase of property and equipment in accounts payable and amounts due
to related parties
  $  560     $  —  
Purchase of property and equipment under capital lease obligations   $  —     $  34  
Deferred offering costs recorded in accounts payable and accrued liabilities   $  —     $  942  


EVERSPIN TECHNOLOGIES, INC.
Adjusted EBITDA Reconciliation
(In thousands)
(Unaudited)
 
    Three Months Ended   Six Months Ended
    June 30,    June 30, 
   
2017
 
  2016    2017    2016 
Net loss     $  (5,187 )   $  (5,416 )   $  (11,273 )   $  (9,956 )
Depreciation and amortization      278        184        510        380  
Stock-based compensation expense      408        100        839        211  
Compensation expense related to vesting of GLOBALFOUNDRIES        
common stock
     461        922          716        1,442  
Interest expense      176        718        406        1,184  
Adjusted EBITDA   $  (3,864 )   $  (3,492 )   $  (8,802 )   $  (6,739 )


Everspin Investor Relations Contact:

David H. Allen
408-427-4463
DAllen@DarrowIR.com

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