Everspin Reports Unaudited First Quarter 2023 Financial Results

 

EVERSPIN TECHNOLOGIES, INC.

Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

March 31,

 

December 31,

 

 

2023

 

2022

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

24,211

 

 

$

26,795

 

Accounts receivable, net

 

 

11,209

 

 

 

10,665

 

Inventory

 

 

6,279

 

 

 

6,683

 

Prepaid expenses and other current assets

 

 

485

 

 

 

604

 

Total current assets

 

 

42,184

 

 

 

44,747

 

Property and equipment, net

 

 

3,754

 

 

 

3,883

 

Right-of-use assets

 

 

6,359

 

 

 

6,641

 

Other assets

 

 

62

 

 

 

62

 

Total assets

 

$

52,359

 

 

$

55,333

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

2,096

 

 

$

2,778

 

Accrued liabilities

 

 

2,076

 

 

 

3,533

 

Deferred revenue

 

 

898

 

 

 

821

 

Current portion of long-term debt

 

 

 

 

 

2,594

 

Lease liabilities, current portion

 

 

1,139

 

 

 

1,122

 

Other liabilities

 

 

50

 

 

 

27

 

Total current liabilities

 

 

6,259

 

 

 

10,875

 

Long-term debt, net of current portion

 

 

 

 

 

 

Lease liabilities, net of current portion

 

 

5,288

 

 

 

5,580

 

Long-term income tax liability

 

 

214

 

 

 

214

 

Total liabilities

 

$

11,761

 

 

$

16,669

 

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 March 31, 2023 and December 31, 2022, respectively

 

 

 

 

 

 

Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 20,534,744 and 20,374,288 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

186,537

 

 

 

185,364

 

Accumulated deficit

 

 

(145,941

)

 

 

(146,702

)

Total stockholders’ equity

 

 

40,598

 

 

 

38,664

 

Total liabilities and stockholders’ equity

 

$

52,359

 

 

$

55,333

 

 

EVERSPIN TECHNOLOGIES, INC.

Statements of Income and Comprehensive Income

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

2023

 

2022

Product sales

 

$

13,777

 

 

$

12,671

 

Licensing, royalty, patent, and other revenue

 

 

1,069

 

 

 

1,676

 

Total revenue

 

 

14,846

 

 

 

14,347

 

Cost of product sales

 

 

6,123

 

 

 

5,752

 

Cost of licensing, royalty, patent, and other revenue

 

 

293

 

 

 

272

 

Total cost of sales

 

 

6,416

 

 

 

6,024

 

Gross profit

 

 

8,430

 

 

 

8,323

 

Operating expenses: 1

 

 

 

 

 

 

Research and development

 

 

3,199

 

 

 

2,436

 

General and administrative

 

 

3,220

 

 

 

2,729

 

Sales and marketing

 

 

1,315

 

 

 

1,134

 

Total operating expenses

 

 

7,734

 

 

 

6,299

 

Income from operations

 

 

696

 

 

 

2,024

 

Interest expense

 

 

(63

)

 

 

(75

)

Other income (expense), net

 

 

128

 

 

 

(14

)

Net income and comprehensive income

 

$

761

 

 

$

1,935

 

Net income per common share:

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

0.10

 

Diluted

 

$

0.04

 

 

$

0.09

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

Basic

 

 

20,450,994

 

 

 

19,896,654

 

Diluted

 

 

20,832,074

 

 

 

20,726,193

 

 

 

 

 

 

 

 

1 Operating expenses include stock-based compensation as follows:

Research and development

 

$

446

 

 

$

333

 

General and administrative

 

 

611

 

 

 

371

 

Sales and marketing

 

 

103

 

 

 

120

 

Total stock-based compensation

 

$

1,160

 

 

$

824

 

 

EVERSPIN TECHNOLOGIES, INC.

Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Three Months Ended March 31,

 

 

2023

 

2022

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

761

 

 

$

1,935

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

333

 

 

 

258

 

Stock-based compensation

 

 

1,160

 

 

 

824

 

Loss on prepayment and termination of credit facility

 

 

170

 

 

 

 

Non-cash warrant revaluation

 

 

23

 

 

 

(11

)

Non-cash interest expense

 

 

26

 

 

 

32

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(544

)

 

 

(2,047

)

Inventory

 

 

404

 

 

 

188

 

Prepaid expenses and other current assets

 

 

119

 

 

 

126

 

Other assets

 

 

 

 

 

(13

)

Accounts payable

 

 

125

 

 

 

267

 

Accrued liabilities

 

 

(1,457

)

 

 

(2,014

)

Deferred revenue

 

 

77

 

 

 

(502

)

Lease liabilities

 

 

7

 

 

 

(14

)

Net cash provided by (used in) operating activities

 

 

1,204

 

 

 

(971

)

Cash flows from investing activities

 

 

 

 

 

 

Purchases of property and equipment

 

 

(1,011

)

 

 

(22

)

Net cash used in investing activities

 

 

(1,011

)

 

 

(22

)

Cash flows from financing activities

 

 

 

 

 

 

Payments on long-term debt

 

 

(2,790

)

 

 

(600

)

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

 

 

13

 

 

 

69

 

Net cash used in financing activities

 

 

(2,777

)

 

 

(531

)

Net decrease in cash and cash equivalents

 

 

(2,584

)

 

 

(1,524

)

Cash and cash equivalents at beginning of period

 

 

26,795

 

 

 

21,409

 

Cash and cash equivalents at end of period

 

$

24,211

 

 

$

19,885

 

Supplementary cash flow information:

 

 

 

 

 

 

Interest paid

 

$

37

 

 

$

43

 

Operating cash flows paid for operating leases

 

$

375

 

 

$

318

 

Financing cash flows paid for finance leases

 

$

3

 

 

$

2

 

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

 

$

 

 

$

257

 

 

EVERSPIN TECHNOLOGIES, INC.

Adjusted EBITDA Reconciliation

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

March 31, 2023

 

December 31, 2022

 

March 31, 2022

Adjusted EBITDA reconciliation:

 

 

 

 

 

 

 

 

 

Net income

 

$

761

 

$

616

 

$

1,935

Depreciation and amortization

 

 

333

 

 

278

 

 

258

Stock-based compensation expense

 

 

1,160

 

 

1,121

 

 

824

Interest expense

 

 

63

 

 

56

 

 

75

Income tax expense

 

 

-

 

 

14

 

 

-

Adjusted EBITDA

 

$

2,317

 

$

2,085

 

$

3,092





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