Everspin reports Q3 revenue $14.8M (+46.5% YoY), net income $880k, and director resignation

EVERSPIN TECHNOLOGIES INC.

2021-Q3 EPS reported $0.03 revenue$36,923,000

Q3 revenue $14.8M vs $10.1M a year ago; net income $880k vs net loss of $3.9M in Q3 2020.
Q4 revenue guidance $16.25M-$17.25M; GAAP EPS $0.02-$0.08 per basic share.
IP monetization deal worth $5.25M; $1.3M recognized in Q3, remaining $3.95M deferred to Q4.
Director Geoffrey Tate resigned Nov 8; audit committee fell below three members, cured by appointing Michael B. Gustafson.
MRAM technology designed into Lucid Air luxury electric vehicles announced in June 2021.

item 2.02 item 3.01 item 5.02 item 9.01

Executive movements

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Departed

Geoffrey R. Tate

Director

MRAM · EVERSPIN TECHNOLOGIES INC.

Effective: 2021-11-08
Filed: November 12, 2021, 6:59 PM ET

On November 7, 2021, Geoffrey R. Tate informed the Company of his resignation from the Company’s board of directors (the “Board”), effective November 8, 2021, due to the time demands of Flex Logix Technologies, Inc., where he serves as its Chief Executive Officer.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Geoffrey R. Tate resigned as Director at EVERSPIN TECHNOLOGIES INC..

Action: resigned
Role: Director

Exact text from the filing

On November 7, 2021, Geoffrey R. Tate informed the Company of his resignation from the Company’s board of directors (the “Board”), effective November 8, 2021, due to the time demands of Flex Logix Technologies, Inc., where he serves as its Chief Executive Officer.

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EVERSPIN TECHNOLOGIES INC. filing history →

Source: SEC EDGAR

accession 0001558370-21-015796

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