Everspin swings to profit, appoints CEO
MRAM component supplier Everspin Technologies Inc. (Chandler, Arizona) has reported a full-year profit for 2021 and appointed Sanjeev Aggarwal as CEO.
Aggarwal’s appointment takes effect from March 14, at which point Darin Billerbeck, Everspin’s interim CEO, will step down but continue to serve as executive chairman of the board. Aggarwal has been with Everspin since 2008 and has served as CTO and vice president of operations.
In the year to December 31, 2021, the company made a net income of $4.3 million on revenue of $55.1 million, which was up 31 percent over the prior year.
The company ended the year with cash and equivalents of $21.4 million on hand, an increase from $14.6 million reported for both the end of the prior quarter and the end of the prior year.
“Q4’s record revenue and profitability was a result of our team’s relentless focus on monetizing our IP and growing our products. I am very proud of our team execution in tough market conditions through 2021,” stated Billerbeck in a statement.
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