CHANDLER, Ariz.--(BUSINESS WIRE)--
Everspin Technologies, Inc. (MRAM), the market leader in MRAM, today revised its revenue guidance for the second quarter ending June 28, 2019. Total Revenue is now expected to be in the range of $8.3 million to $8.5 million, compared to the Company’s prior guidance of $9.6 million to $10.0 million.
This revised guidance reflects lower than expected Toggle MRAM sales due to three contributing factors: first, the ongoing slowdown in China manufacturing resulted in lower demand from industrial customers, specifically those producing factory automation equipment; second, due to lower data center investment, a reduction in demand for RAID controller cards in enterprise server applications; and third, a broad-based reduction in turns business with distributors that occurred late in the quarter.
Everspin is expected to release its complete financial results for the second quarter on August 7, 2019.
About Everspin Technologies
Headquartered in Chandler, Arizona, Everspin Technologies, Inc. is the worldwide leader in the design, volume production and distribution of Magnetoresistive RAM (MRAM) into markets and applications where data persistence, performance, and endurance are paramount. Serving applications across the data center, industrial, and transportation markets, Everspin has built the strongest and fastest-growing foundation of MRAM users in the world. For more information, visit www.everspin.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding future events that involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to the statements made under the caption “Business Outlook.” Actual results could differ materially from these forward-looking statements as a result of certain factors, including, without limitation, the risks set forth in Everspin’s Form 10-Q filed with the Securities and Exchange Commission on May 9, 2019, under the caption “Risk Factors.” Subsequent events may cause these expectations to change, and Everspin disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.