Everspin Reports Unaudited Second Quarter 2022 Financial Results

EVERSPIN TECHNOLOGIES, INC.

Condensed Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

 

 

June 30,

December 31,

 

2022

2021

Assets

 

 

Current assets:

 

 

Cash and cash equivalents

$

23,051

 

$

21,409

 

Accounts receivable, net

 

9,283

 

 

8,193

 

Inventory

 

6,376

 

 

6,396

 

Prepaid expenses and other current assets

 

800

 

 

762

 

Total current assets

 

39,510

 

 

36,760

 

Property and equipment, net

 

2,594

 

 

973

 

Right-of-use assets

 

3,649

 

 

913

 

Other assets

 

62

 

 

734

 

Total assets

$

45,815

 

$

39,380

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

Current liabilities:

 

 

Accounts payable

$

2,689

 

$

1,776

 

Accrued liabilities

 

2,165

 

 

3,579

 

Deferred revenue

 

 

 

832

 

Current portion of long-term debt

 

3,761

 

 

3,370

 

Lease liabilities

 

910

 

 

724

 

Other liabilities

 

29

 

 

50

 

Total current liabilities

 

9,554

 

 

10,331

 

Long-term debt, net of current portion

 

 

 

1,529

 

Lease liabilities, net of current portion

 

2,782

 

 

68

 

Long-term income tax liability

 

214

 

 

214

 

Total liabilities

$

12,550

 

$

12,142

 

Commitments and contingencies

 

 

Stockholders’ equity:

 

 

Preferred stock, $0.0001 par value per share; 5,000,000 shares authorized; no shares issued and outstanding as of June 30, 2022 and December 31, 2021

 

 

 

 

Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 20,137,520 and 19,858,460 shares issued and outstanding as of June 30, 2022, and December 31, 2021

 

2

 

 

2

 

Additional paid-in capital

 

182,488

 

 

180,067

 

Accumulated deficit

 

(149,225

)

 

(152,831

)

Total stockholders’ equity

 

33,265

 

 

27,238

 

Total liabilities and stockholders’ equity

$

45,815

 

$

39,380

 

EVERSPIN TECHNOLOGIES, INC.

Condensed Statements of Operations and Comprehensive Income (Loss)

(In thousands, except share and per share amounts)

(Unaudited)

 

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2022

2021

2022

2021

Product sales

$

13,223

 

$

10,187

 

$

25,894

 

$

19,255

 

Licensing, royalty, patent, and other revenue

 

1,484

 

 

1,661

 

 

3,160

 

 

2,873

 

Total revenue

 

14,707

 

 

11,848

 

 

29,054

 

 

22,128

 

Cost of product sales

 

5,793

 

 

4,329

 

 

11,545

 

 

8,586

 

Cost of licensing, royalty, patent, and other revenue

 

323

 

 

323

 

 

595

 

 

361

 

Total cost of sales

 

6,116

 

 

4,652

 

 

12,140

 

 

8,947

 

Gross profit

 

8,591

 

 

7,196

 

 

16,914

 

 

13,181

 

Operating expenses: 1

 

 

 

 

Research and development

 

2,699

 

 

3,357

 

 

5,135

 

 

5,796

 

General and administrative

 

2,860

 

 

2,338

 

 

5,589

 

 

5,181

 

Sales and marketing

 

1,292

 

 

1,045

 

 

2,426

 

 

2,032

 

Total operating expenses

 

6,851

 

 

6,740

 

 

13,150

 

 

13,009

 

Income from operations

 

1,740

 

 

456

 

 

3,764

 

 

172

 

Interest expense

 

(70

)

 

(144

)

 

(145

)

 

(296

)

Other income (expense), net

 

1

 

 

(12

)

 

(13

)

 

(27

)

Net income (loss) before income taxes

 

1,671

 

 

300

 

 

3,606

 

 

(151

)

Income tax expense

 

 

 

(44

)

 

 

 

(53

)

Net income (loss) and comprehensive income (loss)

$

1,671

 

$

256

 

$

3,606

 

$

(204

)

Net income (loss) per common share:

 

 

 

 

Basic

$

0.08

 

$

0.01

 

$

0.18

 

$

(0.01

)

Diluted

$

0.08

 

$

0.01

 

$

0.17

 

$

(0.01

)

Weighted average shares of common stock outstanding:

 

 

 

 

Basic

 

20,069,444

 

 

19,313,162

 

 

19,983,526

 

 

19,203,374

 

Diluted

 

20,424,283

 

 

19,726,064

 

 

20,626,547

 

 

19,203,374

 

 

 

 

 

 

1 Operating expenses include stock-based compensation as follows:

Research and development

$

462

 

$

265

 

$

795

 

$

446

 

General and administrative

 

647

 

 

305

 

 

1,018

 

 

790

 

Sales and marketing

 

202

 

 

134

 

 

322

 

 

211

 

Total stock-based compensation

$

1,311

 

$

704

 

$

2,135

 

$

1,447

 

EVERSPIN TECHNOLOGIES, INC.

Condensed Statement of Cash Flows

(In thousands)

(Unaudited)

 

 

Six Months Ended June 30,

 

2022

2021

Cash flows from operating activities

 

 

Net income (loss)

$

3,606

 

$

(204

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

Depreciation and amortization

 

462

 

 

756

 

Gain on sale of property and equipment

 

(167

)

 

 

Stock-based compensation

 

2,135

 

 

1,447

 

Non-cash warrant revaluation

 

(21

)

 

5

 

Non-cash interest expense

 

62

 

 

168

 

Changes in operating assets and liabilities:

 

 

Accounts receivable

 

(1,090

)

 

(2,776

)

Inventory

 

20

 

 

(850

)

Prepaid expenses and other current assets

 

(38

)

 

49

 

Other assets

 

664

 

 

 

Accounts payable

 

(201

)

 

861

 

Accrued liabilities

 

(1,414

)

 

(126

)

Deferred revenue

 

(832

)

 

1,815

 

Lease liabilities

 

164

 

 

(64

)

Net cash provided by operating activities

 

3,350

 

 

1,081

 

Cash flows from investing activities

 

 

Purchases of property and equipment

 

(996

)

 

(554

)

Proceeds received from sale of property and equipment

 

202

 

 

 

Net cash used in investing activities

 

(794

)

 

(554

)

Cash flows from financing activities

 

 

Payments on long-term debt

 

(1,200

)

 

(1,200

)

Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan

 

286

 

 

293

 

Net cash used in financing activities

 

(914

)

 

(907

)

Net increase (decrease) in cash and cash equivalents

 

1,642

 

 

(380

)

Cash and cash equivalents at beginning of period

 

21,409

 

 

14,599

 

Cash and cash equivalents at end of period

$

23,051

 

$

14,219

 

Supplementary cash flow information:

 

 

Interest paid

$

83

 

$

128

 

Operating cash flows paid for operating leases

$

635

 

$

814

 

Financing cash flows paid for finance leases

$

5

 

$

 

Non-cash investing and financing activities:

 

 

Right-of-use assets obtained in exchange for operating lease liabilities

$

3,350

 

$

 

Right-of-use assets obtained in exchange for finance lease liabilities

$

36

 

$

 

Purchases of property and equipment in accounts payable and accrued liabilities

$

783

 

$

 

Bonus settled in shares of common stock

$

 

$

364

 

EVERSPIN TECHNOLOGIES, INC.

Adjusted EBITDA Reconciliation

(In thousands)

(Unaudited)

 

 

Three Months Ended

 

June 30, 2022

March 31, 2022

June 30, 2021

Adjusted EBITDA reconciliation:

 

 

 

Net income

$

1,671

$

1,935

$

256

Depreciation and amortization

 

204

 

258

 

373

Stock-based compensation expense

 

1,311

 

824

 

704

Interest expense

 

70

 

75

 

144

Income tax expense

 

-

 

-

 

44

Adjusted EBITDA

$

3,256

$

3,092

$

1,521





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