Everspin Technologies Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Everspin Technologies Inc. has submitted its 2023 10-K filing, detailing financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

EVERSPIN TECHNOLOGIES INC (MRAM) filed a Annual Report (10-K) with the SEC on February 29, 2024. Everspin Technologies Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. Key financial data points such as retained earnings, additional paid-in capital, and common stock are detailed for fiscal years 2021, 2022, and 2023. Information regarding employee stock options and restricted stock units (RSUs) for the fiscal years 2022 and 2023 is included. Details on selling and marketing, research and development, and general and administrative expenses for fiscal years 2022 and 2023 are provided.

Why It Matters

For investors and stakeholders tracking EVERSPIN TECHNOLOGIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Everspin's financial health, including equity, retained earnings, and stock-based compensation, which are crucial for investors assessing the company's value and long-term prospects. The detailed breakdown of expenses across different operational areas (R&D, S&M, G&A) and the inclusion of stock option and RSU data offer insights into the company's investment strategies and employee incentive programs.

Risk Assessment

Risk Level: medium — EVERSPIN TECHNOLOGIES INC shows moderate risk based on this filing. The filing is a standard 10-K, which provides a broad overview of the company's financial and operational status, but lacks specific forward-looking guidance or significant new strategic announcements that would strongly indicate a bullish or bearish outlook.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Everspin's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-29 — Filing Date (Date of submission)
• 0001558370-24-002185 — Accession Number (SEC filing identifier)
• 001-37900 — SEC File Number (Company's SEC file number)

Key Players & Entities

• EVERSPIN TECHNOLOGIES INC (company) — Filer name
• MRAM (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-02-29 (date) — Filing date
• 5670 W. CHANDLER BOULEVARD (address) — Business address
• CHANDLER (location) — Business address city
• AZ (location) — Business address state
• 85226 (postal_code) — Business address zip

FAQ

Industry Context

Everspin Technologies operates in the semiconductors industry, specifically focusing on magnetic RAM (MRAM) technology.

Regulatory Implications

The filing is a standard 10-K annual report required by the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements for revenue, net income, and cash flow.
2. Review the 'Risk Factors' section for potential challenges and uncertainties.
3. Examine executive compensation and stock-based compensation details.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date Everspin Technologies Inc. submitted its 10-K.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis, so no comparison to a previous filing is available.

Key Financial Figures

• $0.0001 M — ich registered Common Stock, par value $0.0001 MRAM The Nasdaq Stock Market LLC Secu
• $63.8 million — , 2023 and 2022, we recorded revenue of $63.8 million and $60.0 million, gross margin of 58.4
• $60.0 m — e recorded revenue of $63.8 million and $60.0 million, gross margin of 58.4% and 56.6%,
• $9.1 million — n of 58.4% and 56.6%, and net income of $9.1 million and $6.1 million, respectively. Our hea
• $6.1 m — .6%, and net income of $9.1 million and $6.1 million, respectively. Our headquarters i

Filing Documents

• mram-20231231x10k.htm (10-K) — 2173KB
• mram-20231231xex23d1.htm (EX-23.1) — 10KB
• mram-20231231xex31d1.htm (EX-31.1) — 14KB
• mram-20231231xex31d2.htm (EX-31.2) — 14KB
• mram-20231231xex32d1.htm (EX-32.1) — 11KB
• mram-20231231xex97d1.htm (EX-97.1) — 40KB
• 0001558370-24-002185.txt (&nbsp;) — 8871KB
• mram-20231231.xsd (EX-101.SCH) — 52KB
• mram-20231231_cal.xml (EX-101.CAL) — 66KB
• mram-20231231_def.xml (EX-101.DEF) — 190KB
• mram-20231231_lab.xml (EX-101.LAB) — 459KB
• mram-20231231_pre.xml (EX-101.PRE) — 383KB
• mram-20231231x10k_htm.xml (XML) — 1632KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 26 Item 1C . Cybersecurity 26 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 29 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 64 Item 9A.

Controls and Procedures

Controls and Procedures 64 Item 9B. Other Information 65 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 65 PART III Item 10. Directors, Executive Officers and Corporate Governance 66 Item 11.

Executive Compensation

Executive Compensation 66 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 66 Item 13. Certain Relationships and Related Transactions, and Director Independence 66 Item 14. Principal Accountant Fees and Services 66 PART IV Item 15. Exhibits and Financial Statement Schedules 67 Item 16. Form 10-K Summary 74

SIGNATURES

SIGNATURES 75 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business operations and financial performance and condition. Any statements contained herein that are statements of events or results that may occur in the future are deemed to be forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "aim," "anticipate," "assume," "believe," "continue," "could," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "predict," "potential," "positioned," "seek," "should," "will," "would," and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These forward-looking statements include, but are not limited to, statements about: estimates of our future revenue, expenses, capital requirements and our needs for additional financing; the implementation of our business model and strategic plans for our products, technologies and businesses; our expectations regarding current supply constraints; competitive companies and technologies and our industry; our ability to manage and grow our business by expanding our sales to existing customers or introducing our products to new customers; our ability to establish and maintain intellectual property (IP) protection for our products or avoid claims of infringement; our ability to hire and retain key personnel; our financial performance; our estimates of the MRAM market opportunity; and the volatility of our share price. Forward-looking statements are based on management's current expectations, estimates, forecasts, and projections about our business and the industry in which we operate, and management's beliefs and

Business

Item 1. Business. General Everspin is a pioneer in the successful commercialization of Magnetoresistive Random Access Memory (MRAM) technology. Our portfolio of MRAM technologies, including Toggle MRAM and Spin-transfer Torque MRAM (STT-MRAM), is delivering superior performance, persistence and reliability in non-volatile memories that transform how mission-critical data is protected against power loss. With over 15 years of MRAM technology and manufacturing leadership, our memory solutions deliver significant value to our customers in key markets such as industrial, medical, automotive/transportation, aerospace, and data center. We are the leading supplier of discrete MRAM components and a successful licensor of our broad portfolio of related technology intellectual property. We sell our products directly and through our established distribution channels to industry-leading original equipment manufacturers (OEMs) and original design manufacturers (ODMs). We manufacture our MRAM products using both captive and third-party manufacturing capabilities. We purchase industry-standard complementary metal-oxide semiconductor (CMOS) wafers from semiconductor foundries and perform back end of line (BEOL) processing that includes our magnetic-bit technology at our 200mm fabrication facility in Chandler, Arizona. We also manufacture full-flow 300mm CMOS wafers with our STT-MRAM magnetic-bit technology integrated in BEOL as part of our strategic relationship with GLOBALFOUNDRIES. For the years ended December 31, 2023 and 2022, we recorded revenue of $63.8 million and $60.0 million, gross margin of 58.4% and 56.6%, and net income of $9.1 million and $6.1 million, respectively. Our headquarters is located in Chandler, Arizona. Our principal design center is in Austin, Texas, and we have additional sales operations in the Americas, Europe, and Asia-Pacific regions. Product Overview We have a strong track record of innovation in MRAM technology, as demonstrated by our su

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View this 10-K filing on SEC EDGAR