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 .
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