CHANDLER, Ariz. - Everspin Technologies, Inc. (NASDAQ:MRAM), a prominent developer and manufacturer of magnetoresistive random access memory (MRAM) with a market capitalization of $140.4 million, has announced the appointment of William "Bill" Cooper as its Chief Financial Officer. According to InvestingPro data, the company maintains strong financial health with a current ratio of 6.74, indicating robust liquidity. The company confirmed that Cooper, a seasoned financial expert with two decades of experience in the semiconductor industry, officially took on the role on Monday.
Prior to joining Everspin, Cooper served in various executive roles at Advanced Micro Devices, Inc. (NASDAQ:AMD), including Director of Financial Planning and Analysis. His career also includes a tenure as CFO for the Data Division of Volex plc and financial management positions in the medical device sector as well as PricewaterhouseCoopers LLP. Cooper joins at a crucial time, as InvestingPro analysis shows the company maintaining profitability with a healthy gross profit margin of 53.9%, though analysts anticipate some revenue challenges ahead. Cooper is an alumnus of the University of Texas at Austin, where he earned his Bachelor's degree in Accounting.
Sanjeev Aggarwal, President and CEO of Everspin, expressed confidence in Cooper's ability to contribute to the company's growth and profitability, citing his extensive financial and industry expertise. Cooper also shared his enthusiasm for joining the team during a pivotal time for the company's expansion and securing additional design wins.
The company also acknowledged Matt Tenorio for his service as Interim CFO since July 2024. Tenorio will continue to play a role in the company's finance team to support a smooth transition.
Everspin is recognized as the leading provider of MRAM, offering memory solutions that are essential for industrial IoT, data centers, and other critical applications. This change in leadership comes as Everspin continues to focus on growth and profitability within its sector. For deeper insights into Everspin's financial health and growth prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro's detailed research reports.
This information is based on a press release statement from Everspin Technologies, Inc.
In other recent news, Everspin Technologies, a leading developer and manufacturer of discrete and embedded Magnetoresistive Random Access Memory (MRAM), delivered its financial results for the third quarter of 2024. The company reported a revenue of $12.1 million, in alignment with its guidance, and an earnings per share (EPS) of $0.10, surpassing market expectations. Everspin's strategic partnerships, including the integration of its technology into IBM (NYSE:IBM)'s FlashCore Module 4 and Lucid Motors (NASDAQ:LCID)' Gravity SUV, underscore recent developments in the company's growth in high-value sectors. The company also secured a $9.25 million contract with Frontgrade Technologies, further anticipating growth in STT-MRAM product revenue. Despite a year-over-year decline in revenue and gross margin, Everspin achieved a net income of $2.3 million. For the fourth quarter, the company projects revenue between $12 million and $13 million, aiming for positive GAAP net income. Everspin's recent performance demonstrates a robust financial position with positive cash flow projections for Q4 2024.
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