Everspin Announces First Quarter 2017 Financial Results

Everspin Technologies (NASDAQ:MRAM) has announced its financial results for the first quarter ended March 31, 2017.
As quoted in the press release:

Revenue for the first quarter of 2017 was $7.9 million, compared to $6.2 million for the first quarter of 2016. Everspin’s net loss for the first quarter of 2017 was $6.1 million, or ($0.49) per share based on 12.3 million weighted-average shares outstanding, compared to a net loss of $4.5 million, or ($1.78) per share for the first quarter of 2016 based on 2.6 million weighted-average shares outstanding.
“I am encouraged by the strong product development execution and the solid Q1 bookings for our Gen 1 Toggle MRAM. Our design activity for both our Gen 1 Toggle and Gen 3 Spin Torque MRAM solutions continue to gain traction,” said Phill LoPresti, President and Chief Executive Officer of Everspin.
Recent Business Highlights

• Continued progress with Spin Torque MRAM products targeting the enterprise storage market, including the awarding of the company’s first Gen 3 design win and another design in from a flash array supplier.
• After announcing nvNitro accelerator cards powered by Everspin’s 256 Mb Spin Torque chips in early March, the company is now sampling nvNitro to Storage OEMs companies, with general availability expected by the end of the June quarter.
• Selection by a major auto manufacturer to use Everspin’s Gen 1 Toggle MRAM in its new emergency call system and high-end AVN or Audio Visual Navigation platforms.
• Everspin joined three important industry consortiums — Gen Z, NVMe Workgroup and OpenCAPI– along with its previous involvement in the Open Power Foundation to advance MRAM technology as a key enabling memory solution as a storage class memory.
• The addition of Kevin Conley, former CTO of SanDisk, Corp., and Mike Gustafson, former Chairman and CEO of Virident Systems, a computer data storage systems company acquired by Western Digital, to Everspin’s board of directors.
• The appointment Annie Flaig as Senior Vice President of Worldwide Sales.  Annie brings a combination of Enterprise Server, Storage and Flash Memory tech expertise and experience from her leadership roles at SanDisk, Hitachi Global Storage Technologies, and AMD.

Click here to read the full press release.