Everspin Technologies' second quarter revenue grows 42% to $18.7M, beating estimates, while GAAP EPS misses on one-time costs.

Everspin Technologies reported record second quarter revenue that grew 42% year-over-year, driven by strong product sales and initial revenue from a new defense contract. While revenue surpassed analyst expectations, the company posted a GAAP net loss due to significant litigation and non-recurring engineering expenses. On an adjusted basis, the company reported a non-GAAP profit that exceeded estimates.

Key Highlights

• Second quarter revenue grew 42% YoY to $18.7 million, surpassing the $17.3 million analyst consensus.
• MRAM product sales increased 38% YoY to $15.3 million, falling short of the $16.5 million investor focus estimate.
• The company reported a GAAP EPS of $(0.15) due to litigation and non-recurring costs, while non-GAAP EPS was $0.11, beating the $0.01 estimate.
• For the third quarter, Everspin projects revenue between $19.5 million and $20.5 million.