• Everspin Technologies (MRAM) stock price jumped 39.69% in the previous trading session. That is why.

Everspin Technologies (MRAM) stock price jumped 39.69% in the previous trading session. Investors are reacting to the company’s second quarter results.

Q2 Highlights

– Q2’22 revenue increased $0.4 million, or 3%, to $14.7 million from $14.3 million in Q1’22. Q2’22 revenue increased $2.9 million, or 24%, from $11.8 million in Q2’21.

– The company reported a net profit of $1.7 million for Q2’22, compared to $1.9 million for Q1’22 and $0.3 million for Q2’21.

– Q2’22 Adjusted EBITDA improved to $3.3m from $3.1m in Q1’22 and $1.5m in Q2’21.

– Base EPS for Q2’22 was $0.08, compared to $0.10 for Q1’22 and $0.01 for Q2’21.

– Ended Q2’22 with cash and cash equivalents of $23.1 million, an increase from $19.9 million at the end of Q1’22.

Business outlook

For the third quarter of 2022, Everspin expects total revenue of between $14.4 million and $15.4 million. And Everspin expects industry supply constraints to limit supply and push some of the unmet customer demand into coming quarters. Everspin expects basic GAAP net earnings per share to be between break-even and $0.05, primarily driven by expenses related to next-generation 28nm STT MRAM product development and price increases of our suppliers.

This outlook is dependent on Everspin’s current expectations – which may be affected by changing external conditions such as the resurgence of COVID-19 and its variants, local safety guidelines, worsening impacts due to stresses or supply chain disruptions, including due to the recent military conflict in Ukraine and recent market volatility, as well as the other risk factors described in Everspin’s filings.

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