Everspin Technologies, Inc. (MRAM) has seen a rise of over 10% – What’s driving it higher?

Everspin Technologies, Inc. (MRAM) has seen a push of 13.41% in the premarket despite any official news released by the company. However, the last trading session closed at $7.98 with a decrease of 5.45%.

Semi Americas Award – More About it

MRAM announced on 8^th December 2021 that it has been granted the 2021 SEMI Americas Award. Everspin Technologies, based in Chandler, Arizona, was recognized for collaborating with GlobalFoundries. Moreover, Everspin’s new 1-gigabyte (GB) STT-MRAM device is the first of its kind in the world. MRAM is similar to SRAM in terms of performance, but it can keep its charge and data even after one turns off the system.

What’s Next?

MRAM is thrilled to win the SEMI America’s Award, which recognizes the STT-MRAM technology’s study, research, and implementation. Furthermore, STT-MRAM is the industry’s most reliable and adaptable non-volatile memory, promising faster data access. Last but not the least, the company thanks to the team of MRAM who have worked tirelessly for years to bring this to market.

Third Quarter 2021 Financial Results by MRAM – What’s new?

MRAM reported results of the third quarter of 2021 on 11^th November 2021. Revenue climbed by 25% to $14.8 million in the third quarter more than the previous quarter. When compared to the $10.1 million in sales in Q3 of 2020, the company noticed a 46.5 percent gain.

Moreover, the company recorded a record net income of $880k, culminating in a year-to-date net income of $676k for the fiscal year 2021. This compares to a net loss of $3.9 million in the third quarter of 2020, and a year-to-date net loss of $6.9 million for the nine months ending September 30, 2020.

The third quarter of 2021 saw a gross margin of 57.1 percent, less than 60.8 percent the previous quarter, and 23.0 percent in the third quarter of 2020. Due to increases in research and development, sales and marketing, and administrative expenditures, GAAP operating expenses for the third quarter of 2021 climbed to $7.4 million, up from $6.7 million in the second quarter of 2021.