Everspin swings to Q3 loss on litigation, regulatory costs
MRAM•Everspin’s preliminary Q3 revenue rose 47% to $20.6 million, while it reported a $7.2 million GAAP net loss, including $6 million in litigation expenses and a $2.7 million regulatory provision. The company expects Q4 revenue of $21.5 million to $22.5 million.
1. Q3 results
Everspin reported preliminary Q3 revenue of $20.6 million, up 47% year over year and above the $20.08 million analyst consensus. Non-GAAP net income more than doubled to $3.1 million, or $0.12 per share, while the GAAP net loss was $7.2 million. The company said litigation expenses of $6 million and a regulatory provision of $2.7 million significantly affected GAAP results.
2. Q4 outlook
Everspin expects Q4 revenue of $21.5 million to $22.5 million and a GAAP net loss per share of $0.13 to $0.08. It projects non-GAAP net income per diluted share of $0.13 to $0.18.
