Everspin Technologies, Inc. reported a decline in financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for the third quarter was $12.1 million, down 26.6% from $16.5 million in Q3 2023. For the nine-month period, revenue decreased by 21.0% to $37.2 million from $47.1 million in the prior year. The decline was primarily attributed to reduced product sales and decreased licensing revenue.
Gross profit for Q3 2024 was $6.0 million, reflecting a gross margin of 49.2%, down from 60.2% in Q3 2023. For the nine months, gross profit fell to $19.3 million, with a gross margin of 52.0%, down from 58.5% in the same period last year. The decrease in gross margin was influenced by a shift in product mix and lower FAB loadings.
Operating expenses for Q3 2024 totaled $8.1 million, slightly higher than $7.9 million in Q3 2023. The company reported a loss from operations of $2.1 million for the quarter, compared to an income of $2.0 million in the prior year. For the nine months, the loss from operations was $5.5 million, a significant decline from an operating income of $4.3 million in 2023.
Net income for Q3 2024 was $2.3 million, a decrease from $2.4 million in Q3 2023. However, for the nine months ended September 30, 2024, Everspin reported a net loss of $0.4 million, contrasting with a net income of $7.1 million in the same period last year. The basic net loss per share for the nine months was $(0.02), compared to a profit of $0.34 in 2023.
On the balance sheet, total assets increased to $72.6 million as of September 30, 2024, up from $67.3 million at the end of 2023. Cash and cash equivalents rose to $39.6 million, compared to $36.9 million at the end of 2023. The company had no outstanding debt following the full repayment of its 2019 Credit Facility in March 2023.
Strategically, Everspin received a significant award related to aerospace and defense manufacturing services, with potential cash payments totaling approximately $14.6 million over 2.5 years. The company billed $6.9 million related to this award during Q3 2024 and recorded $4.0 million of other income from it. Additionally, research and development expenses increased by 27.3% to $3.3 million in Q3 2024, driven by new product developments.
About EVERSPIN TECHNOLOGIES INC
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