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EX - 99.1 2 mram - 20210812xex99d1.htm EX - 99.1 EVERSPIN TECHNOLOGIES Exhibit 99.1 Everspin Reports Second Quarter 2021 Financial Results The Company Reports its First Quarter in Company History with Net Income Chandler , AZ , August 12 , 2021 — Everspin Technologies , Inc. ( NASDAQ : MRAM ) , the market leader in MRAM , today announced financial results for the second fiscal quarter of 2021 . Second Quarter 2021 Highlights Q2'21 revenue increased 15 % from the prior quarter to $ 11.85 million ; this was an increase of $ 1.57 million compared to Q1'21 revenue . Q2'21 revenue was relatively flat to Q2'20 Revenue of $ 11.83 million . The Company reported net income of $ 256k for Q2'21 , compared to a net loss of $ 460k for Q1'21 and a net loss of $ 1.3 million for Q2'20 . Ended Q2'21 with cash and equivalents of $ 14.2 million . " For the 1st time in Company history , we were GAAP net income positive for a quarter . This is a testament to the hard work and extra effort by the Everspin team to increase revenue and gross margins , while holding the line on spending , " stated Darin Billerbeck , Everspin's Executive Chairman and Interim CEO . Second Quarter 2021 Results Total revenue for the second quarter of 2021 was $ 11.85 million , an increase of 15 % from the $ 10.28 million reported last quarter . Q2'21 revenue was relatively flat to Q2'20 revenue of $ 11.83 million . Gross margin for the second quarter of 2021 was 60.7 % , compared to 58.2 % in the prior quarter and 43.9 % in the second quarter of 2020 . GAAP operating expenses for the second quarter of 2021 increased to $ 6.7 million , compared to $ 6.3 million in the first quarter of 2021 primarily due to a $ 900k increase in research & development spend , partially offset by a $ 500k decline in general and administrative expenses . This is compared to operating expenses of $ 6.3 million in the second quarter of 2020. GAAP operating expenses in the second quarter of 2021 included $ 704k of stock - based compensation , compared to $ 743k last quarter and $ 918k in the second quarter of 2020 . GAAP net income for the second quarter of 2021 was $ 256k , or $ 0.01 per share , based on 19.3 million basic weighted average common shares outstanding . This compares to a net loss of $ 460k , or ( $ 0.02 ) per share , in the first quarter of 2021 and a net loss of $ 1.3 million , or ( $ 0.07 ) per share , in the second quarter of 2020 . Adjusted EBITDA for the second quarter of 2021 improved to $ 1.5 million , compared to a $ 0.8 million last quarter and $ 0.3 million in the second quarter of 2020 . Cash and cash equivalents as of June 30 , 2021 , were $ 14.2 million , compared to $ 15.5 million at the end of the first quarter of 2021 . Business Outlook For the third quarter of 2021 , Everspin expects total revenue in a range between $ 11.7 million and $ 12.7 million , which at the mid - point represents a 21 % increase over total revenue of $ 10.12 million in the year - ago quarter . GAAP net loss per share is expected to range between ( $ 0.04 ) and ( $ 0.07 ) per share , which reflects expected stock - based compensation expense of approximately $ 0.8 million . This outlook is dependent on Everspin's current expectations , which may be impacted by , among other things , evolving external conditions , such as the resurgence of COVID - 19 and its variants , local safety guidelines , supply chain constraints or interruptions , and the other risk factors described in Everspin's filings with the SEC , including its Annual Report on Form 10 - K for the fiscal year ended December 31 , 2020 , its Quarterly Reports on Form 10 - Q filed with the Securities and Exchange Commission ( the " SEC " ) during 2021 , as well as in its subsequent filings with the SEC . Use of Non - GAAP Financial Measures We supplement the reporting of our financial information determined under generally accepted accounting principles in the United States of America ( GAAP ) with Adjusted EBITDA , which is a non - GAAP financial measure . We define Adjusted EBITDA as net income ( loss ) adjusted for interest expense , taxes , depreciation and amortization , stock - based compensation expense , and restructuring costs if any .