Everspin Technologies Reports $13.1 Million Revenue in Q1 2025, Net Loss of $1.2 Million

Everspin Technologies, Inc. reported a total revenue of $13.1 million for the first quarter of 2025, a decrease of 9% from $14.4 million in the same period of 2024. The decline was primarily attributed to a significant drop in licensing, royalty, patent, and other revenue, which fell by 40.8% to $2.1 million from $3.6 million year-over-year. Product sales, however, saw a slight increase, rising 1.5% to $11 million, driven by strong demand in key markets. The company's gross profit also decreased to $6.8 million, resulting in a gross margin of 51.4%, down from 56.5% in the prior year.

Operating expenses for the quarter totaled $8.7 million, a marginal decrease from $8.8 million in the previous year. Research and development expenses remained stable at $3.4 million, while general and administrative costs decreased by 4.9% to $3.8 million. Sales and marketing expenses increased by 14.2% to $1.5 million, reflecting the company's efforts to enhance its market presence. Everspin reported a net loss of $1.2 million, compared to a loss of $0.2 million in the same quarter last year, resulting in a net loss per share of $0.05.

In terms of operational metrics, Everspin's cash and cash equivalents stood at $42.2 million as of March 31, 2025, a slight increase from $42.1 million at the end of 2024. The company also reported an increase in accounts receivable, which rose to $12.6 million from $11.7 million, indicating a potential delay in cash collections. Inventory levels increased to $11 million, up from $9.1 million, reflecting the company's strategy to support anticipated demand. Everspin's employee headcount remained stable, with no significant changes reported.

Strategically, Everspin continues to focus on its core MRAM technology, which is critical for applications in industrial, medical, and aerospace sectors. The company is actively pursuing new contracts, including a recent strategic award to develop manufacturing services for aerospace and defense segments, which could yield up to $14.6 million over the next 2.5 years. Everspin's management remains optimistic about future growth, citing ongoing product development and market expansion efforts as key drivers for the upcoming quarters.

Looking ahead, Everspin anticipates that its cash reserves will be sufficient to meet capital requirements over the next 12 months. The company plans to continue investing in research and development to enhance its product offerings and maintain its competitive edge in the MRAM market. Despite the challenges faced in the first quarter, Everspin's leadership is focused on leveraging its technology and strategic partnerships to drive future growth and profitability.