Everspin Technologies 10-Q Filed

TL;DR

Everspin 10-Q is in: financials for Q3 2024 are here.

AI Summary

Everspin Technologies Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with the latest financial health and operational status of Everspin Technologies, crucial for making informed investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the semiconductor industry can be volatile.

Key Numbers

• 2024-09-30 — Report Date (End of the reporting period for this 10-Q.)
• 2024-11-05 — Filing Date (Date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• EVERSPIN TECHNOLOGIES INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241105 (date) — Filing Date
• CHANDLER (location) — Business Address City
• AZ (location) — Business Address State

FAQ

Key Financial Figures

• $0.0001 M — ch registered Common Stock, par value $0.0001 MRAM The Nasdaq Stock Market LLC Indi

Filing Documents

• mram-20240930x10q.htm (10-Q) — 1957KB
• mram-20240930xex10d2.htm (EX-10.2) — 34KB
• mram-20240930xex10d3.htm (EX-10.3) — 198KB
• mram-20240930xex31d1.htm (EX-31.1) — 12KB
• mram-20240930xex31d2.htm (EX-31.2) — 15KB
• mram-20240930xex32d1.htm (EX-32.1) — 9KB
• mram-20240930xex10d2001.jpg (GRAPHIC) — 9KB
• 0001558370-24-014455.txt ( ) — 7236KB
• mram-20240930.xsd (EX-101.SCH) — 39KB
• mram-20240930_cal.xml (EX-101.CAL) — 45KB
• mram-20240930_def.xml (EX-101.DEF) — 136KB
• mram-20240930_lab.xml (EX-101.LAB) — 320KB
• mram-20240930_pre.xml (EX-101.PRE) — 261KB
• mram-20240930x10q_htm.xml (XML) — 1297KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 3 Condensed Statements of Operations and Comprehensive (Loss) Income for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Condensed Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Condensed Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited) 6 Notes to Condensed Financial Statements (unaudited) 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 42 EXHIBIT INDEX 42

SIGNATURES

SIGNATURES 44 In this Quarterly Report on Form 10-Q, "we," "our," "us," "Everspin Technologies," and "the Company" refer to Everspin Technologies, Inc. The Everspin logo and other trade names, trademarks or service marks of Everspin Technologies are the property of Everspin Technologies, Inc. This report contains references to our trademarks and to trademarks belonging to other entities. Trade names, trademarks and service marks of other companies appearing in this report are the property of their respective holders. We do not intend our use or display of other companies' trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. 2 Table of Contents

—FINANCIAL INFORMATIO N

PART I—FINANCIAL INFORMATIO N

Financial Statement s

Item 1. Financial Statement s EVERSPIN TECHNOLOGIES, INC. Condensed Balance Sheet s (In thousands, except share and per share amounts) (Unaudited) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 39,588 $ 36,946 Accounts receivable, net 11,407 11,554 Inventory 8,441 8,391 Prepaid expenses and other current assets 4,585 988 Total current assets 64,021 57,879 Property and equipment, net 3,412 3,717 Right-of-use assets 4,868 5,495 Other assets 300 212 Total assets $ 72,601 $ 67,303 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,742 $ 2,916 Accrued liabilities 2,140 4,336 Deferred revenue 372 336 Lease liabilities, current portion 1,290 1,190 Contract obligations 2,953 — Total current liabilities 9,497 8,778 Lease liabilities, net of current portion 3,668 4,390 Long-term income tax liability 162 214 Total liabilities $ 13,327 $ 13,382 Commitments and contingencies (Note 5) Stockholders' equity: Preferred stock, $ 0.0001 par value per share; 5,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively — — Common stock, $ 0.0001 par value per share; 100,000,000 shares authorized; 21,833,041 and 21,080,472 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 2 2 Additional paid-in capital 197,355 191,569 Accumulated deficit ( 138,083 ) ( 137,650 ) Total stockholders' equity 59,274 53,921 Total liabilities and stockholders' equity $ 72,601 $ 67,303 The accompanying notes are an integral part of these condensed financial statements. 3 Table of Contents EVERSPIN TECHNOLOGIES, INC. Condensed Statements of Operations and Comprehensive (Loss) Income (In thousands, except share and per share amounts) (Unaudited) Three Months Ended September 30, Nin

View Full Filing

View this 10-Q filing on SEC EDGAR