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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