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Everspin Reports Preliminary Financial Results for the Fourth Quarter 2017

/EIN News/ -- CHANDLER, Ariz., Feb. 07, 2018 (GLOBE NEWSWIRE) -- Everspin Technologies, Inc., (NASDAQ:MRAM), the world's leading developer and manufacturer of discrete and embedded MRAM, today announced certain preliminary unaudited financial results for the fourth quarter ended December 31, 2017.

Total revenue for the fourth quarter of 2017 is estimated to be in the range of $10.0 million to $10.2 million, compared to revenue of $9.0 million in the third quarter of 2017 and $7.1 million in the fourth quarter of 2016. 

GAAP gross margin for the fourth quarter of 2017 is estimated to range between 59% and 61%, compared to 58.3% in the previous quarter and 45.8% in the prior year quarter. 

GAAP operating expenses for the fourth quarter of 2017 are estimated to be in the range of $10.3 million and $10.5 million, compared to $10.6 million in the third quarter of 2017 and $8.5 million in the fourth quarter of 2016. 

GAAP net loss per share for the fourth quarter of 2017 is estimated to range between ($0.36) and ($0.34) per share based on an estimated12.7 million weighted average shares outstanding, compared to a net loss of ($0.43) per share in the prior quarter a net loss of ($0.48) per share in the prior year quarter. 

Total cash, cash equivalents and marketable securities was approximately $13 million as of December 31, 2017.

Everspin plans to release its complete fourth quarter and full year 2017 financial results on Thursday, March 15, 2018 after market close, followed by a conference call for analysts and investors at 5:00 p.m. Eastern Time. More information and call details will be announced in the coming weeks.

About Everspin Technologies

Headquartered in Chandler, Arizona, Everspin Technologies, Inc. is the worldwide leader in designing, manufacturing, and commercially shipping discrete and embedded Magnetoresistive RAM (MRAM) into markets and applications where data persistence, performance, and endurance are paramount.

Cautionary Statement Regarding 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, Everspin’s estimated 2017 financial guidance, the ability of the company to transition from a developer of innovative MRAM technology into one that can develop markets, scale operations, and relentlessly reduce costs to compete in what the company expects to be a much larger and competitive MRAM market; the continuation of strong demand for the company’s Toggle products; the successful integration of new management and the execution of the company’s strategy by its management team; and the ability to raise capital as needed to support customer and industry adoption of MRAM technology and successfully bring to market and manufacture products in Everspin’s design pipeline. Actual results could differ materially from these forward-looking statements as a result of certain factors, including, without limitation, risks related to changes in Everspin’s estimated 2017 financial guidance based on the completion of our financial statement closing procedures and the review by our independent registered public accounting firm of such financial statements, 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 November 13, 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 Contacts:

Michael Schoolnik Story Public Relations 415-674-3816

Leanne K. Sievers - Shelton Group Investor Relations 949-224-3874

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