Everspin Technologies Inc (MRAM) 2025 Q3 法說會逐字稿

Good afternoon and welcome to Everspin Technologies third quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to Monica Gould, Investor Relations of Everspin.

下午好，歡迎參加Everspin Technologies 2025年第三季財務業績電話會議。 （操作說明）提醒各位，本次電話會議正在錄音。現在我將會議交給Everspin投資者關係部的Monica Gould女士。

Thank you, operator, and good afternoon, everyone. Everspend released results for the 3rd quarter 2025 ended September 30, 2025 this afternoon after market closed. I'm Monica Gould, investor relations for Everspin, and with me on today's call are Sanjeev Agarwal, President and Chief Executive Officer, and Bill Cooper, Chief Financial Officer. Before we begin the call, I would like to remind you that today's discussion may contain forward-looking statements regarding future events, including but not limited to the company's expectations for Everspin's future business, financial performance, and goals, customer and industry adoption of MAM technology, successfully bringing to market manufacturing products in Everspin's design pipeline, and executing on its business plan.

謝謝接線員，大家下午好。 Everspend於今天下午股市收盤後發布了截至2025年9月30日的2025年第三季業績。我是Everspin的投資者關係負責人Monica Gould，今天與我一同參加電話會議的還有總裁兼執行長Sanjeev Agarwal和財務長Bill Cooper。在電話會議開始之前，我想提醒各位，今天的討論可能包含有關未來事件的前瞻性陳述，包括但不限於公司對Everspin未來業務、財務業績和目標的預期，客戶和行業對MAM技術的接受程度，成功將Everspin設計管線中的製造產品推向市場，以及執行其業務計劃的情況。

These forward-looking statements are based on estimates, judgments, current trends, and market conditions, and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. We would Encourage you to review the company's SEC filings, including the annual report on Form 10-k and other SEC filings made from time to time in which the company may discuss risk factors associated with investing in Everspin.

這些前瞻性陳述是基於估計、判斷、當前趨勢和市場狀況，並涉及風險和不確定性，可能導致實際結果與前瞻性陳述中包含的結果有重大差異。我們建議您查閱公司向美國證券交易委員會（SEC）提交的文件，包括10-K表格年度報告以及公司不時提交的其他SEC文件，其中公司可能會討論與投資Everspin相關的風險因素。

All forward-looking statements are made as of the date of this call, and except as required by law, the company undertakes no obligation to update or alter any forward-looking statement made on this call, whether as a result of new information, future events, or otherwise.

所有前瞻性陳述均截至本次電話會議之日，除法律要求外，本公司不承擔因新資訊、未來事件或其他原因而更新或更改本次電話會議中作出的任何前瞻性陳述的義務。

The financial results discussed today reflect the company's preliminary estimates are based on information available as of the date hereof and are subject to further review by Everspin and its external auditors. The company's actual results may differ materially from these estimates as a result of the completion of financial closing procedures, final adjustments, and other developments arising between now and the time that the financial results for this period are finalized.

今天討論的財務表現反映了公司截至本報告發布之日可獲得的資訊所作出的初步估計，並需經Everspin及其外部審計師進一步審核。由於財務結算程序的完成、最終調整以及從現在到本期財務業績最終確定期間出現的其他情況，公司的實際業績可能與這些估計有重大差異。

Additionally, the company's press release and statements made during this conference call will include discussions of certain measures and financial information in GAAP and non-GAAP terms, including in the company's press release are definitions and reconciliations of GAAP net income to non-GAAP net income, which provide additional details. A copy of the press release is posted on the investor relations section of Everspin's website at www. Everspin.com.

此外，公司新聞稿和本次電話會議中的聲明將包含對某些指標和財務資訊的討論，這些指標和資訊將以美國通用會計準則 (GAAP) 和非美國通用會計準則 (non-GAAP) 的形式呈現。公司新聞稿中包含 GAAP 淨利潤與非 GAAP 淨利潤的定義和調整表，以提供更多詳細資訊。新聞稿副本已發佈在 Everspin 公司網站 www.Everspin.com 的投資者關係欄位中。

And now I'd like to turn the call over to Everspin's President and CEO Sanjeev Agarwal. Sanjeev, please go ahead.

現在，我想把電話交給Everspin的總裁兼執行長桑吉夫·阿加瓦爾。桑吉夫，請開始吧。

Thank you, Monica, and thanks everyone for joining us on the call today. We are pleased to report third quarter results with a revenue of $14.1 million and non-GAAP EPS of $0.06 per diluted share with revenue in line with our guidance range and EPS towards the high end of our expectations.

謝謝莫妮卡，也謝謝各位今天參加我們的電話會議。我們很高興地宣布第三季業績，營收為1,410萬美元，非GAAP每股收益為0.06美元（攤薄後），營收符合我們的預期範圍，每股收益接近預期上限。

Our performance this quarter was driven by strength across all products, specifically in Low Earth Orbit (LEO) applications, casino gaming, and energy management.

本季業績的提升得益於所有產品的強勁表現，尤其是在低地球軌道 (LEO) 應用、賭場遊戲和能源管理領域。

In addition, our data center business remains strong with continued demand for our MRAM products for redundant array of independent disks or RAID from a broad selection of data center customers including Dell, Supermicro, and others.

此外，我們的資料中心業務依然強勁，包括戴爾、超微等在內的眾多資料中心客戶對我們的用於冗餘獨立磁碟陣列或 RAID 的 MRAM 產品的需求持續旺盛。

The LEO satellite market is expected to grow rapidly in the coming years. Everspin MRAM, with its reliability at extreme temperatures and harsh ambient conditions, is ideally suited for these deployments.

預計未來幾年低地球軌道衛星市場將快速成長。 Everspin MRAM 具有在極端溫度和惡劣環境條件下的可靠性，非常適合此類部署。

As mentioned in our last call, we are seeing good traction in this market with announced designs with Astro Digital and Blue Origin.

正如我們在上次電話會議中所提到的，我們與 Astro Digital 和 Blue Origin 合作推出的設計方案在這個市場上取得了良好的進展。

It is our understanding that LEO satellites have a short lifespan of three to five years, primarily due to atmospheric drag impacting the orbit. Design wins in this market with multiple Everspin MRAM parts per satellite are expected to translate into meaningful revenue for Everspin as this market grows.

據我們了解，低地球軌道衛星的壽命較短，通常只有三到五年，這主要是由於大氣阻力對軌道的影響。隨著低地球軌道衛星市場的成長，每顆衛星採用多個Everspin MRAM元件的設計方案可望為Everspin帶來可觀的收入。

As anticipated, revenue from the sale of our 1 gigabit STT-MRAM into IBM's FlashCore Module 4 or FCM4 for data center applications remained consistent with the prior quarter, and we continue to anticipate revenue from this project to remain at this level for the remainder of the year.

正如預期的那樣，我們向 IBM 的 FlashCore Module 4 或 FCM4​​（用於資料中心應用）銷售的 1 千兆 STT-MRAM 的收入與上一季度保持一致，我們繼續預計該專案的收入在今年剩餘時間內將保持在這一水平。

We continue to ship and recognize revenue for a persistent MRAM solution from Lucid Motors for their Gravity SUV and expect volumes to increase as the automaker ramps production.

我們繼續向 Lucid Motors 為其 Gravity SUV 提供持久型 MRAM 解決方案，並確認其收入，預計隨著該汽車製造商提高產量，銷量將會增加。

In Q3 we continued to ship engineering samples of the persistent EM064LXHR and EM128LXHR to several LEO satellite customers and remain on track to ramp to full production in the fourth quarter of 2025.

第三季度，我們繼續向幾家低地球軌道衛星客戶交付了持久型 EM064LXHR 和 EM128LXHR 的工程樣品，並繼續按計劃在 2025 年第四季度全面投產。

Turning to licensing, royalty, patent, and other revenue; We continue to successfully execute on our deliverables for our contract with Purdue University to provide our state-of-the-art STT-MRAM technology for energy-efficient AI solutions.

談到授權、特許權使用費、專利和其他收入；我們繼續成功履行與普渡大學簽訂的合同，為節能型人工智慧解決方案提供我們最先進的 STT-MRAM 技術。

During the first half of the year, we characterized a process to establish a baseline for percent MR (magnetoresistance) and switching reliability. More recently, we developed materials with higher percent MR and characterized devices using these new materials and processes. These advancements position us favorably for the next phase of the project.

今年上半年，我們對一種製程進行了表徵，以建立磁阻百分比和開關可靠性的基準。最近，我們開發了具有更高磁阻百分比的材料，並對這些採用新材料和新製程的裝置進行了表徵。這些進展為我們專案的下一階段奠定了有利基礎。

Lastly, we continue to recognize revenue from our ongoing project with a leading provider of sensor devices to provide foundry services for their latest generation TMR sensor device on our MRAM line in our Chandler facility.

最後，我們繼續確認與一家領先的感測器設備供應商合作的持續專案的收入，該專案旨在為我們在錢德勒工廠的 MRAM 生產線上為其最新一代 TMR 感測器設備提供代工服務。

With respect to below-the-line items, we recognized $1.2 million in other income in the third quarter and $8.5 million to date from the $14.6 million contract we have with the DoD contractor to develop a sustainment plan for our MRAM manufacturing facilities to provide continuous onshore MRAM capabilities to their aerospace and defense customers.

關於線下項目，我們在第三季度確認了 120 萬美元的其他收入，並且迄今為止從與國防部承包商簽訂的價值 1460 萬美元的合約中確認了 850 萬美元的收入，該合約旨在為我們的 MRAM 製造設施制定維護計劃，以便為他們的航空航天和國防客戶提供持續的陸上 MRAM 能力。

We continue to expect this business to pick up meaningfully in the fourth quarter. As we announced last month, we entered into a strategic collaboration with QinetiQ to strengthen the reliability and safety of RISC-V-based platforms with our MRAM offerings.

我們仍然預期這項業務將在第四季度顯著成長。正如我們上個月宣布的那樣，我們與QinetiQ達成了戰略合作，旨在透過我們的MRAM產品增強基於RISC-V平台的可靠性和安全性。

This partnership is focused on automotive and industrial applications, where data persistence, integrity, low latency, and security are critical. The goal is to jointly build reference designs that would lay the foundation for scalable, reliable platforms for these applications.

此次合作專注於汽車和工業應用領域，在這些領域，資料持久性、完整性、低延遲和安全性至關重要。雙方的目標是共同建構參考設計，為這些應用的可擴展、可靠平台奠定基礎。

I will now turn it over to our CFO Bill Cooper, who will walk you through our third quarter financials and fourth quarter 2025 guidance. Bill.

現在我將把發言權交給我們的財務長比爾·庫珀，他將為大家介紹我們第三季的財務狀況以及2025年第四季的業績展望。比爾。

Thank you, Sanjeev. Our results reflect the consistency of our execution. During the third quarter, we delivered revenue of $14.1 million, up 16% year over year and in line with our guidance range of $13.5 million to $14.5 million, driven by higher product sales.

謝謝桑吉夫。我們的業績反映了我們執行工作的穩定性。第三季度，我們實現了1,410萬美元的營收，年增16%，符合我們先前1,350萬美元至1,450萬美元的預期範圍，這主要得益於產品銷售額的成長。

MRAM product sales in the third quarter, which include both Toggle and STT-MRAM revenue, were $12.7 million, up 22% over the third quarter of last year.

第三季 MRAM 產品銷售額（包括 Toggle 和 STT-MRAM 的營收）為 1,270 萬美元，比去年第三季成長 22%。

Licensing, royalty, patent, and other revenue in the third quarter decreased to $1.4 million from $1.7 million in Q3 2024 due to the completion of projects in Q4 2024 and Q1 2025 which were active in Q3 2024.

由於 2024 年第三季和 2025 年第一季完成的專案（這些專案在 2024 年第三季處於活躍狀態），第三季的授權、特許權使用費、專利和其他收入從 2024 年第三季的 170 萬美元減少到 140 萬美元。

Turning to gross margin, our GAAP gross margin improved to 51.3% for the third quarter, up just over 200 basis points from 49.2% in the third quarter of 2024.

再來看毛利率，我們第三季的 GAAP 毛利率提高到 51.3%，比 2024 年第三季的 49.2% 提高了 200 多個基點。

Despite the slight decrease in licensing and other revenue year over year, we were able to maintain gross margins consistent with Q2 levels due to improving yields on our STT products driven by process improvements developed in collaboration with our foundry partner. G&A operating expenses for the third quarter of 2025 were $8.8 million, up slightly sequentially, and increased from $8.1 million in the third quarter of 2024.

儘管授權收入和其他收入同比略有下降，但由於與代工廠合作夥伴共同改進工藝，提高了STT產品的良率，我們得以維持與第二季持平的毛利率。 2025年第三季的一般及行政費用為880萬美元，較上季略有成長，高於2024年第三季的810萬美元。

Other income of $1.2 million was related to the strategic award we won in August of last year to develop a long-term plan to provide manufacturing services for aerospace and defense segments. We recorded third quarter non-GAAP net income of $1.5 million or $0.06 per diluted share based on 23.1 million weighted average diluted shares outstanding.

其他收入120萬美元與我們去年8月贏得的一項戰略合約有關，該合約旨在製定一項長期計劃，為航空航太和國防領域提供製造服務。我們第三季的非GAAP淨利為150萬美元，即每股攤薄收益0.06美元，基於2310萬股加權平均稀釋後流通股計算得出。

This was toward the high end of our guidance range of non-GAAP net income of $0.02 to $0.07 per share, and compares to non-GAAP net income of $3.8 million or $0.17 per share in the third quarter of 2024. The decrease versus the year-ago period was driven by lower other income stemming from lumpiness inherent in our DoD MRAM contract services as Q3 2024 required higher levels of activity upon initiation of the contract in that quarter.

這接近我們先前給出的非GAAP淨利預期範圍（每股0.02美元至0.07美元）的高端，而2024年第三季的非GAAP淨利為380萬美元，即每股0.17美元。與去年同期相比的下降主要歸因於其他收入的減少，這源於我們國防部MRAM合約服務的固有波動性，因為2024年第三季合約啟動後需要更高的業務量。

As a reminder, non-GAAP results exclude the impact of stock-based compensation.

需要提醒的是，非GAAP績效不包括股票選擇權激勵的影響。

We are pleased that our balance sheet remains strong and debt-free. We ended the quarter with cash and cash equivalents of $45.3 million, up $0.3 million from $45 million at the end of the prior quarter. Cash flow generated from operations decreased to $0.9 million for the third quarter from $5 million in the second quarter, which was driven by higher collections on receivables and a change in distributors.

我們很高興看到公司資產負債表依然穩健且無負債。本季末，本公司持有現金及現金等價物4,530萬美元，較上一季末的4,500萬美元增加30萬美元。第三季經營活動產生的現金流從第二季的500萬美元降至90萬美元，主要原因是應收帳款回收率提高以及經銷商變更。

We did not experience any tariff-related impact on our results in the third quarter and do not expect any tariff-related impact in the coming quarter.

第三季我們的業績沒有受到關稅的影響，預計下一季也不會受到關稅的影響。

We expect Q4 total revenue in the range of $14 million to $15 million. And GAAP net income per fully diluted share to be between $0.02 and $0.07. On a non-GAAP basis, we anticipate net income per fully diluted share to be between $0.08 and $0.13.

我們預計第四季總營收將在1400萬美元至1500萬美元之間。以美國通用會計準則（GAAP）計算，每股完全稀釋淨收益預計在0.02美元至0.07美元之間。以非美國通用會計準則（Non-GAAP）計算，我們預期每股完全攤薄淨收益預計在0.08美元至0.13美元之間。

In summary, we're pleased with our solid results this quarter and remain committed to maintaining financial discipline while focusing on scaling our business and converting additional design wins to revenue.

總而言之，我們對本季的穩健業績感到滿意，並將繼續致力於保持財務紀律，同時專注於擴大業務規模，並將更多的設計訂單轉化為收入。

Operator, you may now open the line for questions.

接線員，現在可以開始接聽提問電話了。

(Operator Instructions)

（操作說明）

Neil Young, Needham and Company.

尼爾楊，Needham and Company。

Hey everyone, thanks for letting me ask a question. First question, so, three quarters in a row now of non-GAAP gross margin over 52%, just curious, I guess how sustainable you think this is going forward?

大家好，感謝允許我提問。第一個問題是，公司已經連續三季非GAAP毛利率超過52%，我很好奇，你們認為這種情況未來還能持續多久？

Yeah, I think we saw some improvement this quarter, Neil, on the product gross margin specifically as well, based on some of our yield improvement initiatives and our factory utilization. But to answer your question directly, I think we'll see that's a good strong result for us. We do expect to continue to be in that range overall.

是的，尼爾，我認為本季我們在產品毛利率方面確實有所改善，這主要得益於我們提高產量和工廠利用率的舉措。但直接回答你的問題，我認為這對我們來說是一個相當不錯的成績。我們預計整體業績將繼續保持在這個水平。

Okay, great. Thanks. And then, so the sequential decline in licensing, royalty, patent, and other, I know you talked about it a little bit, but I was just hoping you could maybe provide some more detail, just on a sequential decline, and then, sort of if possible where you think that is going in for you.

好的，太好了，謝謝。然後，關於許可費、版稅、專利費和其他收入的逐年下降，我知道您之前稍微提到過，但我希望您能提供更多細節，特別是關於逐年下降的情況，以及您認為這種情況會如何發展。

Yeah, there were these projects, right, and that kind of bucket of non-product revenue encompasses a lot of different things, including license revenue, engineering service revenue, and different foundry services that we provide as well. So really, on that particular piece of our revenue, that can be I'll call it somewhat lumpy as we go forward in time.

是的，確實有一些項目，對吧？這類非產品收入涵蓋了許多方面，包括授權收入、工程服務收入以及我們提供的各種代工服務。所以，隨著時間的推移，這部分收入可能會出現一些波動。

Even some of the initiatives that we have, where we do work for other groups that we've mentioned in the past, those projects tend to be anywhere between one year to 18 months, or two-year type projects typically, so they do wrap up, right? And then on the second part of your question, I think as we see this level of non-product revenue, we'll probably expect that to continue to be around that range, right? Kind of in the again, we've been in that 10% to 15% range, probably more in the 10% range as we go forward.

即使是我們之前提到的一些為其他團體開展的項目，這些項目通常也需要一年到一年半的時間，或者一般是兩年左右，所以它們最終都會完成，對吧？至於你問題的第二部分，我認為鑑於目前非產品收入的水平，我們預計它還會繼續維持在這個範圍內，對吧？大概還是在10%到15%的範圍內，未來可能會更接近10%。

Okay, perfect. Thank you.

好的，太好了。謝謝。

(Operator Instructions)

（操作說明）

Neil Young, Needham and Company.

尼爾楊，Needham and Company。

Hey, thanks. Sorry, just a question on OpEx. So it was flat again in the quarter on a non-GAAP basis. Sorry -- it was flat again in the quarter. So similar, we sort of assume that it stays in that $7.5 million range going forward, and that's all I have. Thanks.

嗨，謝謝。不好意思，我有個關於營運支出的問題。以非GAAP準則計算，本季營運支出再次持平。抱歉——本季營運支出再次持平。所以，我們大致假設未來營運支出將維持在750萬美元左右，這就是我目前掌握的資訊。謝謝。

Yeah, Neil, that's a safe assumption. We're going to continue to manage through on OpEx, and we've been pretty consistent throughout this year. Now again, we've indicated that we are going to continue to move toward product development-type costs, but for Q4, you're going to see a lot of consistency.

是的，尼爾，這個假設很合理。我們會繼續控制營運支出，而且今年以來一直保持著相當穩定的水平。我們之前也說過，我們會繼續將成本控制在產​​品開發成本範圍內，但第四季的情況會與先前基本保持一致。

Thank you.

謝謝。

Thank you. And now I am showing no further questions at this time. Ladies and gentlemen, this will conclude today's question-and-answer session. This will also conclude today's conference call.

謝謝。現在我不再回答任何問題。女士們、先生們，今天的問答環節到此結束。今天的電話會議也到此結束。

Thank you for participating and you may now disconnect. Everyone, have a great day.

感謝您的參與，現在可以斷開連接了。祝大家今天過得愉快。

Thank you.

謝謝。