Everspin Reports Unaudited Fourth Quarter and Full Year 2022 Financial Results

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding future results that involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to the statements made in Mr. Aggarwal’s quote and under the caption “Business Outlook.” Forward-looking statements are identified by words such as “expects” or similar expressions. These include, but are not limited to, Everspin’s future financial performance, including the outlook for first quarter 2023 results. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks set forth under the caption “Risk Factors” in Everspin’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 9, 2022, and its Quarterly Reports on Form 10-Q filed with the SEC during 2022, as well as in its subsequent filings with the SEC. Any forward-looking statements made by Everspin in this press release speak only as of the date on which they are made and subsequent events may cause these expectations to change. Everspin disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.

 

EVERSPIN TECHNOLOGIES, INC.

Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

December 31,

 

 

 

2022

 

 

 

2021

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

26,795

 

 

$

21,409

 

Accounts receivable, net

 

 

10,665

 

 

 

8,193

 

Inventory

 

 

6,683

 

 

 

6,396

 

Prepaid expenses and other current assets

 

 

604

 

 

 

762

 

Total current assets

 

 

44,747

 

 

 

36,760

 

Property and equipment, net

 

 

3,883

 

 

 

973

 

Right-of-use assets

 

 

6,641

 

 

 

913

 

Other assets

 

 

62

 

 

 

734

 

Total assets

 

$

55,333

 

 

$

39,380

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

2,778

 

 

$

1,776

 

Accrued liabilities

 

 

3,533

 

 

 

3,579

 

Deferred revenue

 

 

821

 

 

 

832

 

Current portion of long-term debt

 

 

2,594

 

 

 

3,370

 

Lease liabilities, current portion

 

 

1,122

 

 

 

724

 

Other liabilities

 

 

27

 

 

 

50

 

Total current liabilities

 

 

10,875

 

 

 

10,331

 

Long-term debt, net of current portion

 

 

 

 

 

1,529

 

Lease liabilities, net of current portion

 

 

5,580

 

 

 

68

 

Long-term income tax liability

 

 

214

 

 

 

214

 

Total liabilities

 

$

16,669

 

 

$

12,142

 

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 December 31, 2022 and 2021

 

 

 

 

 

 

Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 20,374,288 and 19,858,460 shares issued and outstanding as of December 31, 2022 and 2021

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

185,364

 

 

 

180,067

 

Accumulated deficit

 

 

(146,702

)

 

 

(152,831

)

Total stockholders’ equity

 

 

38,664

 

 

 

27,238

 

Total liabilities and stockholders’ equity

 

$

55,333

 

 

$

39,380

 

 

EVERSPIN TECHNOLOGIES, INC.

Statements of Income and Comprehensive Income

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

 

2021

 

Product sales

 

$

55,032

 

 

$

43,931

 

Licensing, royalty, patent, and other revenue

 

 

4,953

 

 

 

11,215

 

Total revenue

 

 

59,985

 

 

 

55,146

 

Cost of product sales

 

 

25,112

 

 

 

21,045

 

Cost of licensing, royalty, patent, and other revenue

 

 

928

 

 

 

1,029

 

Total cost of sales

 

 

26,040

 

 

 

22,074

 

Gross profit

 

 

33,945

 

 

 

33,072

 

Operating expenses: 1

 

 

 

 

Research and development

 

 

11,108

 

 

 

12,628

 

General and administrative

 

 

11,741

 

 

 

10,949

 

Sales and marketing

 

 

4,869

 

 

 

4,460

 

Total operating expenses

 

 

27,718

 

 

 

28,037

 

Income from operations

 

 

6,227

 

 

 

5,035

 

Interest expense

 

 

(274

)

 

 

(547

)

Other income (expense), net

 

 

190

 

 

 

(141

)

Net income before income taxes

 

 

6,143

 

 

 

4,347

 

Income tax expense

 

 

(14

)

 

 

(4

)

Net income and comprehensive income

 

$

6,129

 

 

$

4,343

 

Net income per common share:

 

 

 

 

Basic

 

$

0.30

 

 

$

0.22

 

Diluted

 

$

0.29

 

 

$

0.22

 

Weighted average shares of common stock outstanding:

 

 

 

 

Basic

 

 

20,130,336

 

 

 

19,400,124

 

Diluted

 

 

20,775,925

 

 

 

19,972,145

 

 

 

 

 

 

1 Operating expenses include stock-based compensation as follows:

Research and development

 

$

1,704

 

 

$

1,280

 

General and administrative

 

 

2,190

 

 

 

1,465

 

Sales and marketing

 

 

514

 

 

 

482

 

Total stock-based compensation

 

$

4,408

 

 

$

3,227

 

 

EVERSPIN TECHNOLOGIES, INC.

Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

 

2021

 

Cash flows from operating activities

 

 

 

 

Net income

 

$

6,129

 

 

$

4,343

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

982

 

 

 

1,455

 

Gain on sale of property and equipment

 

 

(167

)

 

 

 

Stock-based compensation

 

 

4,408

 

 

 

3,227

 

Non-cash warrant revaluation

 

 

(23

)

 

 

19

 

Non-cash interest expense

 

 

105

 

 

 

319

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

(2,472

)

 

 

(586

)

Inventory

 

 

(287

)

 

 

(675

)

Prepaid expenses and other current assets

 

 

158

 

 

 

(492

)

Other assets

 

 

(28

)

 

 

11

 

Accounts payable

 

 

563

 

 

 

(571

)

Accrued liabilities

 

 

(46

)

 

 

1,696

 

Deferred revenue

 

 

(11

)

 

 

832

 

Lease liabilities

 

 

182

 

 

 

(219

)

Net cash provided by operating activities

 

 

9,493

 

 

 

9,359

 

Cash flows from investing activities

 

 

 

 

Purchases of property and equipment

 

 

(2,788

)

 

 

(1,030

)

Proceeds received from sale of property and equipment

 

 

202

 

 

 

 

Net cash used in investing activities

 

 

(2,586

)

 

 

(1,030

)

Cash flows from financing activities

 

 

 

 

Payments on long-term debt

 

 

(2,400

)

 

 

(3,400

)

Payments of debt issuance costs

 

 

(10

)

 

 

(11

)

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

 

 

889

 

 

 

1,892

 

Net cash used in financing activities

 

 

(1,521

)

 

 

(1,519

)

Net increase in cash and cash equivalents

 

 

5,386

 

 

 

6,810

 

Cash and cash equivalents at beginning of period

 

 

21,409

 

 

 

14,599

 

Cash and cash equivalents at end of period

 

$

26,795

 

 

$

21,409

 

Supplementary cash flow information:

 

 

 

 

Interest paid

 

$

169

 

 

$

228

 

Operating cash flows paid for operating leases

 

$

1,320

 

 

$

1,603

 

Financing cash flows paid for finance leases

 

$

11

 

 

$

 

Non-cash investing and financing activities:

 

 

 

 

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

 

$

6,837

 

 

$

 

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

 

$

36

 

 

$

 

Purchases of property and equipment in accounts payable and accrued liabilities

 

$

807

 

 

$

340

 

Bonus settled in shares of common stock

 

$

 

 

$

364

 

 

EVERSPIN TECHNOLOGIES, INC.

Adjusted EBITDA Reconciliation

(In thousands)

(Unaudited)

 

 

 

Year Ended December 31,

 

 

2022

 

2021

Adjusted EBITDA reconciliation:

 

 

 

 

Net income

 

$

6,129

 

$

4,343

Depreciation and amortization

 

 

982

 

 

1,455

Stock-based compensation expense

 

 

4,408

 

 

3,227

Interest expense

 

 

274

 

 

547

Income tax expense

 

 

14

 

 

4

Adjusted EBITDA

 

$

11,807

 

$

9,576





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