Published:
August 6, 2020
Everspin Technologies, Inc. (NASDAQ: MRAM), the market leader in MRAM, today announced financial results for the second quarter ended June 30, 2020.
Second Quarter and Recent Highlights
- Total revenue increased 37% year-over-year and 17% sequentially to $11.8 million
- Operating expenses declined 18% over the prior year period
- GAAP loss improved to $1.3 million, or ($0.07) per share, and non-GAAP loss to $0.4 million, or ($0.02), compared to $3.7 million, or ($0.21) per share, and $2.9 million, or ($0.17) per share, respectively, in the second quarter of 2019
- Achieved positive adjusted EBITDA of $0.2 million, compared to a negative ($2.2) million in the year-ago quarter
- Appointed Daniel Berenbaum CFO bringing strong semiconductor finance and Wall Street experience to the executive team
- Ended quarter with cash and equivalents of $12.9 million