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Jun 30, 2022
Everspin Q2 2022 Earnings Report
Reported a 24% increase in revenue year-over-year, driven by strong toggle demand, and net income of $1.7 million.
Key Takeaways
Everspin Technologies reported a strong second quarter in 2022, with revenue reaching $14.7 million, a 24% increase compared to the same period last year. The company's net income was $1.7 million, and basic EPS was $0.08. The company ended the quarter with $23.1 million in cash and cash equivalents.
Q2’22 revenue increased $0.4 million, or 3%, to $14.7 million from $14.3 million for Q1’22.
Q2’22 revenue increased $2.9 million, or 24% from $11.8 million in Q2’21.
The Company reported net income of $1.7 million for Q2’22, compared to $1.9 million for Q1’22, and $0.3 million in Q2’21.
Basic EPS for Q2’22 was $0.08 compared to $0.10 for Q1’22, and $0.01 for Q2’21.
Forward Guidance
For the third quarter 2022, Everspin expects total revenue in a range of $14.4 million to $15.4 million. Everspin expects GAAP net income per basic share to be between breakeven and $0.05.
Challenges Ahead
- Everspin expects industry supply constraints to limit supply and push some unfulfilled customer demand to future quarters.
- Everspin expects GAAP net income per basic share to be between breakeven and $0.05, primarily influenced by expenses related to next generation 28nm STT MRAM product development and price increases from our suppliers.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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