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EX - 99.1 2 tm2115390d1_ex99-1.htm EXHIBIT 99.1 EVERSPIN TECHNOLOGIES Exhibit 99.1 Everspin Reports First Quarter 2021 Financial Results Third Consecutive Quarter with Positive Cash Flow From Operations Chandler , AZ , May 6 , 2021 — Everspin Technologies , Inc. ( NASDAQ : MRAM ) , the market leader in MRAM , today announced financial results for the first fiscal quarter of 2021 . First Quarter 2021 Highlights Q1'21 revenue increased 1.7 % year - over - year to $ 10.3 million Q1'21 GAAP net loss per share of ( $ 0.02 ) was a significant improvement over both the prior quarter and year - ago periods Generated $ 1.6 million cash flow from operations in Q1'21 , the third consecutive quarter with positive cash flow from operations Ended Q1'21 with cash and equivalents of $ 15.5 million " We are happy to report that in Q1'21 we continued our progress towards driving sustainable cash flow from operations . We continue to drive our critical R & D programs and key business initiatives , that we believe position us for profitable growth , ” stated Darin Billerbeck , Everspin's Executive Chairman and Interim CEO . “ Our emphasis on cash management , product cost , and operational excellence have been fundamental to our continued progress . " We are also pleased to report that , in Q1'21 , we signed contracts related to a U.S. Government RAD - Hard program and received a $ 3 million up - front payment . The total value of this STT - MRAM development project , including licenses , royalty , and Non - Recurring Engineering , is greater than $ 6 million , which we anticipate recognizing as revenue over the course of the next 36 months . We also anticipate additional manufacturing revenue from this program in 2023 and beyond . "