David Schrenk, Vice President of Sales & Business Development at Everspin Technologies Inc . (NASDAQ:MRAM), recently sold 2,381 shares of the company’s common stock. The shares were sold on November 29 at a price of $6.08 each, totaling $14,476. Following this transaction, Schrenk holds 94,028 shares directly. According to the filing, the sale was made solely to cover taxes due upon the vesting of Restricted Stock Units. The company maintains a strong financial position with more cash than debt and a healthy current ratio of 6.74. For comprehensive insider trading analysis and 8 additional key insights, visit InvestingPro.
In other recent news, Everspin Technologies reported its third quarter financial results, with a revenue of $12.1 million and an earnings per share (EPS) of $0.10, surpassing market expectations. The company's strategic alliances, such as the integration of its STT-MRAM technology into IBM (NYSE:IBM)'s FlashCore Module 4 and Lucid Motors (NASDAQ:LCID)' Gravity SUV, underscore its expansion in high-value sectors. Despite a year-over-year decrease in revenue and gross margin, Everspin posted a net income of $2.3 million and maintains a positive outlook with a robust balance sheet.
Furthermore, Everspin secured a $9.25 million contract with Frontgrade Technologies and anticipates a growth in STT-MRAM product revenue. The company projects fourth quarter revenue to be between $12 million and $13 million, aiming for a positive GAAP net income. Everspin is focusing on the development of energy-efficient AI solutions, expecting continued growth in product revenue and design wins.
However, the company experienced a year-over-year decline in MRAM product sales and licensing revenue, and a decrease in gross margin due to lower sales volumes. On the brighter side, Everspin secured a potential $14.6 million aerospace and defense deal and showed signs of recovery in customer inventory consumption, particularly in Europe. These are some of the recent developments that have been shaping the trajectory of Everspin Technologies.
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