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Everspin Technologies Q1 loss widens 9.3% YOY

Everspin Technologies Inc. said its normalized net income for the first quarter amounted to a loss of $1.11 per share, compared with a loss of $1.02 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.8 million, compared with a loss of $2.6 million in the year-earlier period.

The normalized profit margin dropped to negative 45.7% from negative 41.2% in the year-earlier period.

Total revenue decreased on an annual basis to $6.2 million from $6.3 million, and total operating expenses decreased from the prior-year period to $10.2 million from $10.4 million.

Reported net income came to a loss of $4.5 million, or a loss of $1.78 per share, compared to a loss of $4.2 million, or a loss of $1.63 per share, in the year-earlier period.