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Mar 31, 2022
Everspin Q1 2022 Earnings Report
Revenue increased and company reported a net income.
Key Takeaways
Everspin Technologies reported a strong start to 2022, with Q1 revenue increasing by 39% year-over-year to $14.3 million. The company achieved a net income of $1.9 million, a significant improvement compared to the net loss in Q1 2021. This growth was driven by strong Toggle sales and increased revenue from a U.S. Government RAD-Hard program.
Q1 2022 revenue increased by 39% to $14.3 million compared to Q1 2021.
The company reported a net income of $1.9 million for Q1 2022, a significant improvement from the net loss of $0.5 million in Q1 2021.
Adjusted EBITDA for Q1 2022 improved to $3.1 million, compared to $0.8 million for Q1 2021.
Basic EPS for Q1 2022 was $0.10, compared to a net loss per share of $0.02 for Q1 2021.
Forward Guidance
For the second quarter 2022, Everspin expects total revenue in a range of $13.6 million to $14.6 million. Everspin expects GAAP net income (loss) per basic share to be between ($0.06) and breakeven.
Positive Outlook
- Total revenue is expected to be in the range of $13.6 million to $14.6 million.
- The company anticipates industry supply constraints to ease in the second half of the year, potentially fulfilling more customer demand.
- Everspin is focusing on sales, yield improvement, and operational discipline.
- The company is optimistic about its business outlook.
- New xSPI family of Low Density STT-MRAM products are expected to drive growth across industrial and IoT markets.
Challenges Ahead
- Industry supply constraints are expected to limit supply and push some unfulfilled customer demand to the second half of the year.
- GAAP net income (loss) per basic share is expected to be between ($0.06) and breakeven.
- Expenses related to next generation 28nm STT MRAM product development will impact profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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