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Sep 30, 2022
Everspin Q3 2022 Earnings Report
Revenue increased slightly, and the company reported a net profit.
Key Takeaways
Everspin Technologies reported a slight increase in revenue and a net income for Q3 2022. The company saw revenue of $15.2 million, a 3% increase compared to Q3 2021. Net income was $1.9 million, compared to $0.9 million in Q3 2021.
Q3'22 revenue increased $0.5 million, or 4%, to $15.2 million from $14.7 million for Q2'22.
The Company reported net income of $1.9 million for Q3'22.
Basic EPS for Q3'22 increased to $0.09 compared to $0.05 for Q3'21.
Ended Q3'22 with cash and cash equivalents of $23.4 million.
Forward Guidance
Everspin expects total revenue in a range of $14.1 million to $15.1 million with some 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.
Positive Outlook
- Confident in growth opportunities
- Ability to navigate macroeconomic challenges
Challenges Ahead
- Industry supply constraints to limit supply
- Push some unfulfilled customer demand to future quarters
- Expenses related to next generation 28nm STT MRAM product development
- Price increases from suppliers
- Evolving external conditions, such as the resurgence of COVID-19 and its variants, local safety guidelines, worsening impacts due to supply chain constraints or interruptions, including due to the recent military conflict in Ukraine and recent market volatility
Historical Earnings Impact
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Avg. Return Before/After Earnings
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