Everspin Technologies Inc. (MRAM) shares went up 21.58% in after-hours on Thursday, November 11, 2021, and closed daily trading at $8.00. However, in the regular trading session, MRAM’s stock lost 0.30%. MRAM shares have risen 8.76% over the last 12 months, and they have moved down 2.37% in the past week. Over the past three months, the stock has gained 14.43%, while over the past six months, it has gained 28.77%.

Let’s have a brief look at its recent news and developments.

MRAM latest development

On November 11, 2021, Everspin Technologies, Inc. (MRAM), announced preliminary unaudited financial results for the third fiscal quarter of 2021.

Q3 2021 financial highlights

• MRAM reported total revenue of 14.8 million in Q3 2021 compared to $10.1 million of revenue in Q3 2020.
• The total cost of revenue was $6.35 million in Q3 2021 compared to $7.8 million in Q3 2020.
• In Q3 2021, the gross margin was 57.1%, compared to23.0% in the third quarter of 2020.
• Total GAAP operating expenses were $4 million, compared to $6.04 million in Q3 2020.
• It earned a net income of $880k or $0.05 per share for Q3 2021, compared to a net loss of $3.9 million or $0.21 per basic share for Q3 2020.
• Adjusted EBITDA was $2.5 million in Q3 2021 compared to a negative $2.0 million in Q3 2020.
• As of September 30, 2021, the company had cash and equivalents of $14.6 million.

Q2 2021 financial results

• In Q2, 2021, MRAM reported total revenue of $11.85 million compared to $11.83 million in Q2 2020.
• The gross profit margin was 60.7%, compared to43.9% in the second quarter of 2020.
• GAAP operating expenses for the second quarter of 2021 were $6.7 million compared to $6.3 million in Q2 2020.
• It earned GAAP net income of $256k, or $0.01 per share in Q2 2021 compared to a net loss of $1.3 million, or $0.07 per share in Q2 2020.
• Adjusted EBITDA was $1.5 million in Q2 2021 compared to $0.3 million in the second quarter of 2020.
• The company ended the second quarter with cash and cash equivalents of $14.2 million, compared to $15.5 million at the end of the first quarter of 2021.

Q4 2021 financial outlook

• For the fourth quarter of 2021, Everspin expects total revenue in a range of $16.25 million to $17.25 million.
• Everspin expects a GAAP net income per basic share of between $0.02 and $0.08 for Q4 2021.

MRAM new appointment

On September 03, 2021, Everspin Technologies, Inc. (MRAM), appointed Anuj Aggarwal as Chief Financial Officer of Everspin, effective immediately. Mr. Aggarwal had been serving as Interim Chief Financial Officer of Everspin since April 30, 2021.

Conclusion

The recent financial results took the MRAM stock to new heights and it can continue to perform well on Friday as well.