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Everspin Technologies Inc (MRAM)
NASDAQ:MRAM
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Everspin Technologies
(NASDAQ:MRAM)
70Outperform
Positive Factors
New Market Opportunities
Satellites are viewed as a natural fit for MRAM technology, which can drive greater opportunities.
Product Revenue
Product revenue continues to trend higher driven by existing STT and Toggle design wins.
Revenue Guidance
MRAM's revenue guidance came in above Street expectations.
Negative Factors
Financial Reporting
Management announced they will be shifting to non-GAAP metrics to better align with industry practice and to provide enhanced clarity and comparability for stakeholders.
Everspin Technologies (MRAM) vs. S&P 500 (SPY)
Market Cap
$127.84M
Dividend YieldN/A
Average Volume (3M)93.71K
Price to Earnings (P/E)176.2
Beta (1Y)0.93
Revenue Growth-22.48%
EPS Growth-102.37%
CountryUS
Employees86
SectorTechnology
Sector Strength65
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.05
Shares Outstanding22,467,445
10 Day Avg. Volume83,573
30 Day Avg. Volume93,711
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap0.63
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit3.10
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$8.50Price Target Upside44.80% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Everspin Technologies Business Overview & Revenue Model
Company DescriptionEverspin Technologies, Inc. manufactures and sells magnetoresistive random access memory (MRAM) products in the United States, Hong Kong, Japan, China, Canada, and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, and tunnel magneto resistance sensor products, as well as foundry services for embedded MRAM. The company provides its products for applications, including data center, industrial, medical, automotive/transportation, and aerospace markets. It serves original equipment manufacturers and original design manufacturers through a direct sales channel and a network of representatives and distributors. Everspin Technologies, Inc. was incorporated in 2008 and is headquartered in Chandler, Arizona.
How the Company Makes MoneyEverspin Technologies generates revenue primarily through the sale of its MRAM products to original equipment manufacturers (OEMs) and other industrial clients. The company's key revenue streams include the direct sale of discrete MRAM chips and licensing its MRAM technology to other semiconductor companies. Everspin also engages in partnerships and collaborations with technology firms to integrate its memory solutions into broader systems and devices. This not only diversifies their income but also strengthens their market position by increasing the adoption of MRAM technology across various industries.
Everspin Technologies Financial Statement Overview
Summary
Everspin Technologies demonstrates a mixed financial performance. While operational cash flows are strong and the balance sheet is well-capitalized, the income statement reflects challenges with declining revenues and profitability issues. The company must focus on reversing revenue contraction while maintaining its strong equity position to improve overall financial health.Income Statement
Everspin Technologies showed a challenging financial period with a declining revenue trend over the TTM (Trailing-Twelve-Months). The Gross Profit Margin is healthy at 50.3%, but the company is struggling with profitability as indicated by a negative Net Profit Margin of -0.25% and negative EBIT Margin of -17.15%. EBITDA Margin remains slightly positive at 0.70%, highlighting some operational efficiency. Revenue growth has been negative, indicating contraction and pressure on expansion.65
Positive
Balance Sheet
The company has a solid equity position with an Equity Ratio of 78.57%, indicating a strong capitalization structure. The Debt-to-Equity Ratio is low at 0.07, showing a low reliance on debt financing which reduces financial risk. However, Return on Equity is negative, reflecting the impact of negative net income on shareholder returns.72
Positive
Cash Flow
The cash flow situation is moderately positive with an Operating Cash Flow to Net Income Ratio of 79.94, indicating robust cash operations relative to net income. Free Cash Flow to Net Income Ratio stands at 57.43, underscoring positive cash generation capability. However, Free Cash Flow Growth has been inconsistent, showing a decrease in the latest TTM compared to the previous year.70
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 50.40M | 63.77M | 59.98M | 55.15M | 42.03M | Gross Profit |
| 26.13M | 37.24M | 33.95M | 33.07M | 18.09M | EBIT |
| -7.09M | 5.88M | 6.23M | 5.04M | -7.56M | EBITDA |
| 2.47M | 7.09M | 7.40M | 6.35M | -5.61M | Net Income Common Stockholders |
| 781.00K | 9.05M | 6.13M | 4.34M | -8.51M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 42.10M | 36.95M | 26.80M | 21.41M | 14.60M | Total Assets |
| 77.79M | 67.30M | 55.33M | 39.44M | 32.53M | Total Debt |
| 4.64M | 5.58M | 9.30M | 5.75M | 10.40M | Net Debt |
| -37.45M | -31.37M | -17.50M | -15.65M | -4.20M | Total Liabilities |
| 15.20M | 13.38M | 16.67M | 12.21M | 15.12M | Stockholders Equity |
| 62.59M | 53.92M | 38.66M | 27.24M | 17.41M |
| Cash Flow | Free Cash Flow | |||
| 4.05M | 11.72M | 6.71M | 8.33M | -3.24M | Operating Cash Flow |
| 7.10M | 13.13M | 9.49M | 9.36M | -2.92M | Investing Cash Flow |
| -3.06M | -1.39M | -2.59M | -1.03M | -320.00K | Financing Cash Flow |
| 1.11M | -1.59M | -1.52M | -1.52M | 3.35M |
Everspin Technologies Technical Analysis
Positive
5.87
Price Trends
5.24
Positive
5.72
Positive
5.81
Positive
Market Momentum
0.17
Negative
66.19
Neutral
62.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRAM, the sentiment is Positive. The current price of 5.87 is above the 20-day moving average (MA) of 5.30, above the 50-day MA of 5.24, and above the 200-day MA of 5.81, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 66.19 is Neutral, neither overbought nor oversold. The STOCH value of 62.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MRAM.
Everspin Technologies Risk Analysis
Everspin Technologies disclosed 26 risk factors in its most recent earnings report. Everspin Technologies reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Everspin Technologies Peers Comparison
Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $127.84M | 176.22 | -0.31% | ― | -22.48% | -102.37% | |
61 Neutral | $293.33M | 19.79 | 23.13% | 6.53% | -27.68% | -30.47% | |
60 Neutral | $10.77B | 10.41 | -6.71% | 2.99% | 7.69% | -13.12% | |
52 Neutral | $87.05M | ― | -33.15% | ― | -5.73% | 47.83% | |
50 Neutral | $155.67M | ― | -90.30% | ― | -78.70% | 13.98% | |
47 Neutral | $362.96M | ― | -26.43% | ― | -16.95% | -2.47% | |
41 Neutral | $116.18M | ― | -17.48% | ― | 1.88% | -64.63% |
* Technology Sector Average
Performance Comparison
MRAM
Everspin Technologies
5.87
-0.21
-3.45%
GSIT
GSI Technology
3.48
0.38
12.26%
MX
MagnaChip
3.21
-1.78
-35.67%
NVEC
NVE
60.66
-12.47
-17.05%
ATOM
Atomera
6.01
1.81
43.10%
NVTS
Navitas Semiconductor
1.96
-2.62
-57.21%
Everspin Technologies Earnings Call Summary
Earnings Call Date:Apr 30, 2025
(Q1-2025)
| % Change Since: 10.75%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Positive
Everspin's earnings call highlighted strong revenue and EPS performance, driven by product revenue and strategic partnerships, especially in the automotive and aerospace sectors. However, challenges were noted in licensing revenue and gross margin decline. The company's financial health remains strong, and there is cautious optimism about the second half of the year.Q1-2025 Updates
Positive Updates
Revenue and EPS Exceed Guidance
Everspin reported Q1 2025 revenue of $13.1 million and non-GAAP EPS of $0.02, both above the company's guidance range.
Strong Product Revenue
Product revenue, driven by PERSYST 1-gigabit STT-MRAM sales, exceeded expectations, with a consistent outlook for the remainder of the year.
Growth in Automotive Sector
Everspin's MRAM technology was integrated into Lucid Motors' Gravity SUV, marking the second model to use Everspin's solution.
Successful Licensing and Contracts
Everspin completed the first phase of a $9.25 million project with Frontgrade and signed a continuation with QuickLogic, demonstrating strong licensing and contract activity.
New Product Announcements
Everspin announced two new products in the xSPI family, meeting AEC-Q100 Grade 1 standards, with engineering samples available in June 2025.
Partnerships with Aerospace and Defense
Everspin continued its partnership with Blue Origin and ASO Digital for space missions, highlighting the reliability of its MRAM solutions.
Cash Flow and Financial Health
The company generated $1.4 million in operating cash flow, ending the quarter with $42.2 million in cash and cash equivalents, remaining debt-free.
Negative Updates
Decrease in Licensing and Other Revenue
Licensing, royalty, patent, and other revenue decreased to $2.1 million from $3.6 million in Q1 2024 due to lower revenue from the Frontgrade project.
Gross Margin Decline
GAAP gross margin decreased to 51.4% from 56.5% in Q1 2024, mainly due to a lower mix of high-margin licensing and other revenue.
Tariff Concerns
There is ongoing concern about potential tariffs impacting sales to China, although direct sales to China are not a significant portion of the business.
Company Guidance
During Everspin Technologies' first quarter 2025 financial results call, the company reported revenue of $13.1 million, surpassing their guidance range of $12 million to $13 million. Everspin's non-GAAP earnings per share (EPS) were $0.02, which was above their guidance expectations. Product revenue was notably strong, particularly driven by the ongoing ramp-up of the PERSYST 1-gigabit STT-MRAM for IBM's Flash Core Module 4 in data center applications. The company also continued to benefit from collaborations with automotive manufacturers like Lucid Motors and Bugatti. Licensing, royalty, patent, and other revenue decreased to $2.1 million from $3.6 million in the first quarter of 2024, attributed to the lumpy nature of such projects. Gross margin was reported at 51.4%, consistent with previous quarters but down from 56.5% in Q1 2024 due to a lower mix of high-margin licensing revenue. Operating expenses were $8.7 million, slightly down from the prior year. Cash and cash equivalents stood at $42.2 million, with cash generated from operations reaching $1.4 million. Looking ahead, Everspin anticipates continued revenue strength in the second half of 2025, driven by typical seasonality and a steady ramp-up of new projects and collaborations across various sectors.Everspin Technologies Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
Everspin Technologies Appoints New Chief Financial Officer
Positive
Jan 8, 2025
Everspin Technologies has appointed William Cooper as the new Chief Financial Officer, effective January 6, 2025. With over 20 years of experience in semiconductor finance, Cooper’s leadership is expected to bolster Everspin’s growth and profitability as the company focuses on scaling operations and achieving additional design wins. This strategic hire aims to enhance Everspin’s industry positioning and deliver value to its stakeholders.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.