As far back as April 2016 Everspin had said it planned to transition its 256Mbit spin-transfer torque (STT) MRAM from an in-plane magnetic tunnel junction version to a perpendicular version and then launch a perpendicular MTJ STT-MRAM at 1Gbit density.
In his first conference call for financial analysts as CEO Conley said: “Our one gigabit technology requires more work to meet the demanding requirements of our customers. As a result production milestones will be later than what was previously communicated. Nevertheless, we are increasing our diligence and execution focusing on reduced iteration cycles and more predictable outcome on this one gigabit program.”
He said that some 1Gbit milestones may be reached in the 4Q17 but that for now Everspin will be focusing on the 256Mbit as the primary STT-MRAM vehicle. It also announced recently the appointment of Norman Armour as vice president of operations, responsible for managing Everspin’s internal and partner fab operations. AngeloUgge, who previously served as vice president of operations and business development will revert to vice president of business development, the position that he was initially hired to occupy.
Conley said that although Everspin’s 1Gbit MRAM was designed in with a Flash Array manufacturer that customer had now agreed to that 256Mbit MRAMs could still meet requirements. “While we never want to disappoint our customers, we believe that we must ensure successful execution to build confidence in our company and its technology to bring them success,” Conley added.
Next: Not a module company
Conley added that Everspin would not attempt to be a provider of storage modules but that direct sales of the nvNITRO storage module would be through partners.
In the third quarter of 2017 Everspin made a net loss of $5.4 million on record revenue of $9.0 million. This compares with a net loss of $1.4 million on revenue of $7.2 million for 3Q16.
Everspin said it expects to reduce the net loss in 4Q17 on revenue between $9.9 million and $10.3 million.
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