Everspin Technologies, Inc., the company that develops MRAM, show its revenue to increase in the third quarter ended September 30, 2019 as a result of STT-MRAM sales.
For the third quarter, the company's total revenue was $9.2 million, up 6% sequentially and above the high-end of guidance. Everspin says it
achieved record STT-MRAM revenue, which included both 256Mb and 1Gb devices.
During the quarter, Everspin signed IP assignment and cross-licensing agreement with Seagate Technology.
The company also expanded its toggle product portfolio with additional densities targeting new market applications.
It also reduced cash used for operations to $770,000 from $1.8 million in the prior quarter.
“Revenue in the quarter was above the high-end of our guidance range, driven by record revenue from our STT-MRAM products combined with a return to growth for our Toggle products,” stated Kevin Conley, Everspin’s President and CEO. “Furthermore, our ongoing focus on closely managing expenses and cash utilization have contributed to continued improvements in our operating results and positions us to benefit from increased leverage as revenue grows.
“Also during the quarter, we made further progress on customer qualifications for our 1Gb STT-MRAM device, while continuing to gain traction on our efforts toward advancing the MRAM ecosystem with enterprise storage controller companies. Looking forward, our priority remains on growing our design win pipeline and targeting new opportunities in secular growth markets with an expanded product portfolio based on both Toggle and STT-MRAM technologies.”
Net loss for the third quarter of 2019 was $3.7 million, compared to a net loss of $5.6 million in the third quarter of 2018, and a net loss of $3.7 million in the second quarter of 2019.
For the fourth quarter of 2019, Everspin expects total revenue in the range of $9.3 million and $9.7 million.