CHANDLER, Ariz.--(BUSINESS WIRE, August 12th) Everspin Technologies, Inc. (NASDAQ: MRAM), the market leader in MRAM, today announced financial results for the second fiscal quarter of 2021.
Second Quarter 2021 Highlights
Q2’21 revenue increased 15% from the prior quarter to $11.85 million; this was an increase of $1.57 million compared to Q1’21 revenue. Q2’21 revenue was relatively flat to Q2’20 Revenue of $11.83 million.
The Company reported net income of $256k for Q2’21, compared to a net loss of $460k for Q1’21 and a net loss of $1.3 million for Q2’20.
Ended Q2’21 with cash and equivalents of $14.2 million.
“For the 1st time in Company history, we were GAAP net income positive for a quarter. This is a testament to the hard work and extra effort by the Everspin team to increase revenue and gross margins, while holding the line on spending,” stated Darin Billerbeck, Everspin’s Executive Chairman and Interim CEO.