Everspin Technologies, Inc. (NASDAQ:MRAM) shares are trading higher Thursday after the company reported better-than-expected first-quarter financial results on Wednesday after the market closed.
- Everspin stock is charging ahead with explosive momentum. What’s driving MRAM stock higher?
Q1 Highlights
Everspin reported adjusted earnings per share of 11 cents, beating the consensus estimate of 9 cents. In addition, It reported revenue of $14.90 million, beating the consensus estimate of $14.60 million.
MRAM product sales increased to $14.1 million from $11.0 million in the same quarter last year. Licensing, royalty, patent and other revenue totaled $0.8 million, down from $2.1 million in the prior-year quarter.
"Our first quarter results were driven by strength in Industrial Automation, Transportation, and Data Center applications," said CEO Sanjeev Aggarwal.
The company also announced a new $40 million contract with a U.S. prime contractor to provide MRAM process technology capabilities and engineering services for U.S. Defense Industrial Base customers.
Guidance
Everspin expects second-quarter adjusted earnings per share between 0 cents and 3 cents, versus the consensus estimate of 7 cents. In addition, it anticipates revenue of between $15.50 million and $16.50 million, versus the consensus estimate of $14.70 million.
Everspin Shares Rise
MRAM Price Action: At the time of publication, Everspin shares are trading 31.31% higher at $17.32, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
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