MRAM - Earnings call transcript Q3 2017 | Everspin Technologies, Inc.

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Operator

Good afternoon and welcome to the Everspin Technologies Third Quarter 2017 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] I would now like to turn the conference over to Dave Allen. Please go ahead.

David Allen

thanks financial of results and Everspin's for Gary quarter third conference you, to you all joining Thank call.

future an contains our Before like we for customer statements Everspin's call and SEC financial our XX-Q Form XX, encourage profits. discuss filings, conference investing In to I'd you These excludes but charges regarding forward-looking differ contained depreciation in EBITDA filed involve goals, information. the as and to be stock-based remind divesting by and The attractive to enhance and XXXX risks you the development made judgments, investors' future expense, resulting forward-looking operating this on is in and limited and This compensation I to begin products substitute our in will manufacturing that industry law, the of we uncertainties of filings and this forward-looking adoption with and materially and current plan website it expectations performance www.everspin.com. Everspin's from expense the available time those statements. from growth required long-term numbers. MRAM and we audio by with SEC be at for with cause to joint events, with statements GlobalFoundries compensation EBITDA business design rather review to are on opportunity including Relations call not quarter call, performance would including to certain not technology, estimates, replay execute for pipeline, model not to GAAP evaluated provided understanding for results trends, market be of in that deliver Investor These its and accordance and in shareholders non-cash except and to use which made November these referencing results conditions amortization business, agreement. third are Everspin and meant successfully XXXX primarily bringing numbers statements market conference healthy call, and to All GAAP. other may risk on SEC Everspin's and based the update may associated a actual adjusted EBITDA of the in are should with as in GAAP, factors the forward-looking but of common adjusted date the held we Everspin. will call, as related of this presented stocks conjunction the today's be the of intend section do time

to Conley, to me Winzeler. are the Joining Kevin. I'd Jeff over Kevin now today Everspin's Kevin? like turn CFO CEO, and call

Kevin Conley

pleased everyone. been call. quarterly Thank since little two I'm leadership has be such team months be first reiterate pleased possesses speaking over you, Dave. It to Good I how my I earnings Everspin am a talented technology. on very that joined, I working with and you with to afternoon, to a want

key strong customers in for that announcing call ecosystem I start third this I've record many our and supportive engagement the from expressing quarter. extend me revenue Let received and to gratitude the achieved partners. of like shipments by would my we and by

EPS specifics later guidance revenue financial this have our the last was the margins. provide we provided Jeff below While quarter, to guidance beaten will due in higher call.

see ubiquitous appetite to We trend a like for that it. developing how and we market believe you a would growing share the Now our consistently is data. that strong is there toward I creating vision with

STT-MRAM opportunity Today see gains in for delivers power manifesting creating devices a IoT or computing nonvolatile and the embedded result, from technology a As applications. this savings. or already we space the itself Torque data for that in critical has center to an significant edge persistent demand increasing performance Spin memory Transfer opportunity

We XXFDX automotive industrial has GlobalFoundries solutions for node. announcements SOC that partner, space or wearable provide in revolution reliability, progress are and pleased applications. to from this we announcements partner beginning develop customers. embedded our proud customers enable eMRAM IoT developing the indicate further for their made are plans low commercialize recent STT-MRAM others development eMRAM technology nm have and GlobalFoundries technology this to as GLOBALFOUNDRIES' GlobalFoundries and is FDX joint STT-MRAM and we our on with in high by the power to for their XX

to and We deliver and STT-MRAM value optimistic I will also believe that nonvolatile demanding be continue applications memory. discrete high-performance

cost big slowdown Moore's narrow diminish cost. DRAM to in gap creating expected are the for As Law, an opportunity to in for a the gains of manufacturing result STT-MRAM

on rooted ways would in accomplish through These and nvNITRO expect bring be us our designed and this must past product backdrop, communicate to we that opportunity innovative position we DRAM's development long-term We I like storage opportunity. of the to standalone the In market. and a and take our market efforts early experienced also development for STT-MRAM related will operations as holding pricing to see product. believe as shifts reduce both scale in the fastest turn in up a similarities the capitalize favorable a of take markets, I very sight, the MRAM do can in is in technology in that of path constraints STT-MRAM. we also surest and shifts a from the to standalone With revenue on capacity current which still lead in many components It are two develop that focus MRAM into good strategy see days. goal what development our of at this market components in we developer that us the it the be well we put to adoption supply compete company what costs early believe analysis in MRAM as are additional to is engagement in but the must primary I to to competitive our execution. module With factor benefits what our SanDisk STT-MRAM one

STT-MRAM the for primary shift XXX first to we The market. customers as vehicle that is to Mb our re-prioritized go have

customer value in that and coming us memory reliability for finding outweigh gives lower performance, are path in to quarters. importance ready density. components endurance for This risk application are revenue the the of our Mb the XXX We in STT-MRAM production

technology one gigabit of requirements requires meet customers. Our more the demanding to work our

diligence later outcome reduced As was a more focusing milestones we on be communicated. gigabit previously on what production will our iteration execution program. increasing cycles are predictable result and one Nevertheless this and than

to and including ST more ST enhances products performance. of memory the for system DDRX DDRX we market points technology STT-MRAM our our ecosystem up licensing stepping are interfaces are to our create coming As attach that engagements

on as suited are have Therefore, capabilities the through that market be shift The second in sales strictly module on we is components and the a one to of that to nvNITRO recognition memory that and tremendously of supplier based shifted differs storage of technology production, module from strategy supplier. the qualification, strategy our partners strongest the will direct and our enablement components done task. better that of our capabilities

our you to I'd our these an with progress With on shifts customers. update provide like recent

the sample engagements. the record For customer us in evaluated would We communicated to when and parts I to inclusion terminology “designed have explain clarity customer. in” a as like use plan consider by been development our product of in I our technology to is reference

will our production have we have qualification an forecast. a win” We products when “design completed consider and engagement a

that we As Mb to Recognizing path Flash to previously and progress more could manufacturer. our in we in of Array has Gb Gb from a with secure XXX one that communicated, major had us Mb. with are been evaluation X components meet customer designed requirements still effort now their migrated market while XXX X a give

but the anticipate We samples Mb must quarter communicated successful our X of now our our X execution company communicated. to want to to samples we Array and that manufacturer continues believe provide The qualification its his Flash previously the on for with QX than schedule revenue planned, as customer major we bring expect qualification never them components did previously we be we customers, ensure and in the build While in second we the the we Gb later of begin success. that technology that XXXX. X will engineering in to disappoint confidence of Gb Gb XXX volume

this we have to after Modular some Gb a partner X bear as milestones SMART in expect internal Technologies full will outlook our development our data. modules nvNITRO is in modules, supplier strategy and key is shift onboard we and communicate Gb their ready making occur On with quarter to NVM We that a of the success. X on leading bring to strength more

to supply platform the module are to strength in systems coupled upon with to deliver which STT-MRAM value manufacturing, their and SMART's design, integration ideal an and components market. strengths in Our

qualification XXX quarter. Our the our in product these no-tail we here now latency We benefits component ultra- bringing to innovative well this to is workflows. Mb and attention low complete joint as turn enterprise of designed to with them expect

to have delivering our spent and MRAM While turn the value the of customers. creation to we the task in this of energy bringing enormous to solutions we innovative now market date innovation to

our value Toggle initial legacy future have that adjacent but past customers. we We the bring of I on products centered markets. to now to pleased and and value emphasize calls of deliver space In am in traction will much communicating sustained other dialogue very the to continue look state our like to to enterprise this how to our I'd the STT-MRAM products, existing see our MRAM storage

on we quarter strong revenue recognized margin third these and record gross products. the During workforce

manufacturing further GlobalFoundries to our time experience gains as XXXX. process team operations business captive us and a report I'm in at agreement for operational that Norm is to out on capacity increase look it us stabilization of team that joined ST-MRAM size holding we most critical getting yield we of we current line responsibility pleased general for to partner time, our at from into of He fab for companies the to a challenge will logic the the assumes is these for and memory with what so signing profitability slowing Digital. Toggle in like that sublease The our our back as Western are and need of apparent model. and President are cost to without am Operations. brings space it As do we coupled and as focus extension our well and the In company Norm pleased with production our development. magnetics fab his this fabless scaling a to a NXP benefits. has so of fab currently announce Toggle is also Micron prepare in Norm our strengthening wealth Armour goals management drive management that Vice our two-year during brings on his At pursuit Everspin experience a functions. down I of with securing addition

strong demand, As team team A believer been our in we business the has opening market and also invest this reducing we advanced in new to up factor the the core cost a the is focus market. execution bring of ability key grow our maintain further need strength predictability memory will and build in of the to scaling that I'm increase eager and lead to center components. and Everspin's the leadership density to strength on develop through our

As I'll in you intend a the will now of investing guidance MRAM advanced walk CFO, roadmap. that, turn continue performance With through who and QX. quarter our financial third and our for such over it and strong the technology to in research Jeff, specifics development we to the maintain

Jeff Winzeler

$XX,XXX by and quarter. million licensing, while reviewing a XXXX quarter Kevin start representing third good was with or I'll XX% $X.X $X.X statement. you, million sales income record the in of product and revenue afternoon NRE total Thank third the in everyone. contributed the Revenue royalty quarter

QX Late a revenues QX quarters. four our we shipped of an product total into $XXX,XXX guidance QX that sales. actual tool a forecasts Through but distributor million up MRAM revenue factory Toggle for XX% $X.X The fourth $XX,XXX quarter revenue record and MRAM the the down are sales delta built compounded Toggle third quarter-over-quarter. tool in the our revenue had X% and of able XXXX, grown million earnings for midpoint sensor quarter the more for Customers quarter or this product approximately provide this while our have rate XX% distributors marked were the expect million XXXX inventory us second over growth the were in of and recognize will than invoice our up increase annual MRAM of for for and at the Last from increasing from to fixed growth. we in products While we are in revenues Toggle the to as was at a Toggle revenue the quarter increased that past for revenue out XXXX the million. call are guidance bringing we million ship, to MRAM sales distributors. were $X.X XX% $X.X up of preventing ships higher went have we QX $X We shipping $XXX,XXX in is demand levels XXXX. support were $X.X were distributors also and That their until products. or of it product. build, reflection the not inventories. was remaining strong from now $XXX,XXX quarter. the The our product,

and Our XX% tend legacy product sales $X.X compared million which down QX. fluctuate quarter-over-quarter to were to

million Gross meaningful QX The decrease over $X.X revenue. any Excluding XXXX. in royalty nominal decrease quarter-over-quarter nvNITRO of profit XXXX. is sampling quarter STT-MRAM the in profit revenues for decrease attributable revenue from third primarily to was did in $XXX,XXX of a $XXX,XXX and gross licensing XXXX QX not record we

As of important of gross previous quarter each and on the licensing we XX.X% was of revenues size we've XX% is a of gross achieved to to of based target of terms comparing for the our third XXXX highly The to margin rejected a comparing is QX versus was one-time result marked small and prior annually transaction. calls reprocessing in the item QX margin two units. stated X.X when lower XX%. in exceeded characterized it note a consecutive transactions margin QX benefit variable XXXX royalty the quarters, on by points remaining product due licensing, difference of margin quarter. with royalty number revenue quarters, our the revenue the revenue third The in quarter. and that margin, previously our corporate When that the in XX.X% NRE

in us programs XXXX mix Our $X.X loss to net the The achieve compared were to current results. was $XX.X QX in $X.XX spending, QX XXXX QX product at quarter. coupled to was for XXXX allowed previous yields loss gains for these the to in million losses reduce and $XX.X QX versus increase expenses million the and previous per QX with previous in share loss loss flat to costs, and have $XXX,XXX compared operating QX for QX. in net in of QX. $X.X in our was expense to quarter. million Interest $X.X was research QX development quarter. $XXX,XXX $X.X Other XXXX million Breaking $X.X $XXX,XXX down $XX,XXX in income the operational million SG&A at GAAP compared compared in previous versus spending GAAP flat expenses compared QX million XXXX. million $X.XX $X.X to share XXXX million loss quarter. were per were

shelf as registration through the additional the $XX million statement raise the debt at the registration million. of at XXXX assets the the to increase an end balance company the quarter. provides flexibility sheet, were the the compared third million of equity, $XX.X $XX.X were compared quarter third equivalents Now second equity end and end compared Total quarter $XX.X end warrants third at of of million XXXX. company quarter the $XX.X was at to to million to at $XXX November second compared On at the end Xrd third the $XX.X $XX.X quarter liabilities Stockholders' or QX to Total XXXX to were capital quarter the the second of end needed. million of turning quarter. of cash of million end cash file of the end the $X.X million the the $XX.X securities the SX at working the million million at

between of the million and we Looking expect $XX.X ahead million. range revenue fourth quarter XXXX to to $X.X

closing based We a for weighted expect the the $XX.X comments. some I'll of Kevin share resulting million. the loss between of GAAP $X.XX loss and to now share per range back call will per share over average $X.XX count on turn

Kevin Conley

Thank success. LoPresti. chapter predecessor, make and my our effort to extending Phill for is would close you, His like of helped dedicated Everspin Jeff. it us next positioned to what by gratitude I today

into innovator. from one transforming of CEO, innovator As settled progress a technology that with also role a I into I'm our in company market our pleased the is Everspin's

Our market. potential the fulfilling longer With the the leadership. by team at filed registration technology and have we a intend revenues operational research on to STT-MRAM activities invest of strong will outlook maintain which Jeff focus execution, for and leadership, our ramp the We critical through development our key technologies. to partnerships SX while will excellence, as it be is need that we new strength, development this of we our develop vision of our means current forefront of In addition we in that and resources, the fund the us products, keep this therefore advanced preparing highlighted. of

We will now open for questions.

Operator

first question comes Please Stifel. with go [Operator Instructions] The ahead. from Cassidy Kevin

Kevin Cassidy

how Thank I device with decisions price your customer to could you and on congratulations little the adjust, that production around wonder was is density progress. and us details Mb adjust difference and more there just may to guess less content was for of an what a he be much the how the XXX idea more Gb he able if devices or I and can go have in the you he does if Flash card us is give X you for able get on wanted Array?

Kevin Conley

risks had their but to XXX the at Mb were other motivation bringing requirements your it with was adjust the XXX well that to as avoided schedule details liberty had where our with of as to in of and to we I design that with in customer what allowed that the am share able still requirements. terms review the elements memories back through of the better at call, of their of be schedule meet to part looking not the the qualification of And X our the first going customer's Mb manage afraid we working the are we how to I'm for question, Gb. were at can in our the provide. certain that interface were customer set There this design the a on delivered algorithms shifting for to

In minor between ASP Gb differences, X relatively Mb. terms of those the differences are the in and XXX of terms

Kevin Cassidy

device? Mb Okay, the going be forward, to going you're XXX with leading

Kevin Conley

Yes.

Kevin Cassidy

still I right, an Okay and there this for XX make at of there question, a lower and maybe get but XX perhaps X this nanometer might sure also is one to other nanometer Gb the strategy Mb a XXX offering for be cost solution? that

Kevin Conley

Let me clarify part that for our production. the to is part nanometer that currently a is XX is preparing XXX Mb and ramp

Our X prepared in we’ve part milestones indicated Gb communicate those that remarks. part I XX will is we which passed nanometer my a further once

Kevin Cassidy

for thanks in I’ll the clarifying Okay, that. go queue. back

Kevin Conley

Okay.

Operator

The Mertens Needham. Robert next from Please question comes ahead. go with

Robert Mertens

my taking X you for Gb the were you more and been question. thank targeting where rate as market. can It's as some know address the the along around Gb get design, these going commentary questions Mb XXX and Hi around X densities Mb I XXX there's with previously

any or customers at that densities? any and Mb Gb for with the In were perspective, difference XXX other X challenges terms guess I of to that for this how customer besides other different a going potential one Are over Gb with going you product customer's look the at other from there much from a the product? of timing the product of products products there looking the course is of customers X two the

Kevin Conley

and Did solution Robert? given There preference capacity due point requirements to working question are that particular Gb customer with to a possible with XXX situation for X was X the their make the Mb. some to your but the customers the answer Gb, will their us need had amenable this who

Robert Mertens

closer expected. just that I gross look about well gross forward then I are than mix did of can year, or follow last helps still quarter we about been the also target products with is up in so margins Yes, previously? and this benefits think stronger next and then XX% next and When talking we and maybe target you and quick, a XX% going pretty talked one in towards that come or if the thinking to to versus you've the to time real throw quarter trying quarter this terms in the being that around target increased in historical that throughout margin the

Jeff Winzeler

term of three XXs has above margin running corporate Yes, quarters target. we've XXs our to our we mix product products, level. we to Toggle Robert consecutive that in been kind continue so prepared had of as can legacy on so our remarks the operate current low short in in the been It's at our that believe high said product we for our and and

any of where time. term longer it's our of and given specifically in mix a really of future technology matter the terms are product In ramp we any at

So XXX higher can will as therefore depressed. bit little initially a a high and than you be costs manufacture the as imagine little be and will bit volume lower yields Mb ramp we be margins will

As to manufacturing, above margins clearly high margin volume we're we get into percentage. trying this work target get to those

situational. really are to move working target think quarter, in It overall we're up it's we our but depends in our a given on what from the been margin and has corporate I past. hard where try So

Robert Mertens

that's appreciate question. Great, I the helpful.

Operator

ahead. comes The CanaccordGenuity. from next with Please Ramsay question go Matt

Matt Ramsay

Airports as I you’re apologize any Chief something to and can much. I awkward thought you decision Executive time us some and the that worth the and for that I Thank of and talking but to and in about here. appreciate of is there's that need of Thank I is investors the to kind Kevin, change for here on you you afternoon obviously I come maybe question, ask discussion are share Phill of and know call give lots further guess an that going respect you the expand they will but chance think about upon to felt background that noise Good that a a an over any happen? just it guys had a this down previously, very he wanted get take as board Yes, how bit decision company I from you. that background the with would for and to to it. why for investors come board direction decision appreciate I done are. is

Kevin Conley

Sure Matt, question. thanks that for

markets was the the board the what developing and technology evolution for hard think need of those of work building to innovative it. to an the will components be challenge to of its these needs support the finding that innovation we operational markets. that company paths transformed to I business a do be that scale terms come happen into that these be course and recognized It's memory point at as was now market. have creating And to grow a in we as to also able in machine new in large where we that and innovation

in happen company's bring and that it's for that happen. it to transformation So the news and make needed board to team felt the that lifecycle really the that to it leadership appropriate to

Matt Ramsay

for are capital Thank it people, is I'm be the you talk investment, rank that it operational into it of maybe Thank the could areas funds sense. sort the for additional And of lines as be raise along to of and you with go interesting strength, out makes SX guys filed Got the the back market here supply may that. order those That the will priorities it. you. just company, company? building then chain, is the you some is what brought is curious additional it Kevin as

Kevin Conley

in have team working are a strength sure too and for the company, certainly me the priority company to the with as and leader both people and talent that need we this that do develop Well, we the a has. making

in things that of and investing that chain, giving part would part say I moving to to continue that you I indicated of need different the going blend a company people, it's needed that of resources is the to think will it of are And is for as it's this capabilities as part forward we development. operational drive research look be us for that supply advanced forward. the And to capital. keep is

Jeff Winzeler

we're add cover would our now I our right to profile Matt enough all increasing of We're right, clearly profile profit margin Yes, increasing not that. we're margin spending. to gross revenue, our and generating our we're operational growing

We we cash need shoring continue grow. and potentially to of So have continue reserves cash fund can those be some reserves. up the to company, we in so to prudent to build terms

Matt Ramsay

agree built the under talk it. about a just then makes could with more the sneak the and revenue little of nvNITRO change I I one as new product has new you I sense timing and with That little bit program maybe the a wheelhouse, you’ve direction could that been model? the you, of company’s it of it out Got and time. think what's bit Maybe in in, been the there more I if magnitude potential channel appreciate is out the business Thank the

Kevin Conley

Thanks for that question Matt.

of building change each that in partners I strengths relationship. strengthens that of only a the think on clear partnership upon of the in This terms Technologies. it Modular in making company had standing relationship with direction SMART the

attack it of we'll So have them I engagement market after going making together. with really in able terms and of means strong that terms and progress go think to forward, see in we've how what shift had the

it's for sales would customer expect completing me nvNITRO when that profile, of In for be from revenues a terms see year. the to we products likely that’s from on their difficult starting next products, them, expectation with revenue terms comment to generated of is the those we're qualification those early our of but better to question in

Operator

ahead. Richard question go with Please Craig-Hallum next from comes The Capital Group. Shannon

Richard Shannon

Maybe me taking as a off more well. couple questions start I'll tactical Thanks ask guys. questions here. Hi for for

of first year. You've from had excellent three far results quarters your some so the Toggle and product here last, the line

sense In look been drivers fourth secondary that, for of a your us licensing STT the follow of you quarter versus kind to there And of us as composition characterize give if quarter a into guidance? industrial the as end in kind year, of could terms extent on if I can here, wonder fourth you terms some you you if wonder guidance automotive give good of quarter very versus I that? of this sense to Toggle third can markets wonder know I I the have a

Jeff Winzeler

commentary and increasing it's had so growth growth you distributor then we would of majority of continuing our I we business pretty our more good sell Yes, been and more sell is this that to the number customers we're to been inventory availability and end about markets a function ready strong product the some and Toggle indicated We're existing really the really have. and able that growing of within and to has that three is products. year. of as say And customers. the

So pleased. we've been seeing growth that and we've It's into the models we're board. been same been selling selling the across we've that the into same markets or

terms In that quarter, product. we versus mix break don't versus royalty for terms legacy the of product of really in Toggle fourth down

we in some grow to do business expect expect guidance, as see revenue in quarter. fourth the do to continue said increases healthy well. to pretty our the As we We see Toggle

Richard Shannon

Okay, sounds good.

so of see base of strategy of question or side in expenses kind Let's change a to on you to in the products wondering the the it trajectory you technology this with development? had going nvNITRO put put change the expense a are operating plan OpEx back kind there into has and on in if or take here, longer-term previously

Jeff Winzeler

in spending of resides. where the nvNITRO the R&D is OpEx general so for Yes, which majority

spending would Mb and have of OpEx, qualification that I within nvNITRO spending spending been but OpEx, variability R&D some year. relative flat some Gb have in increased X it's we XXX products. surprisingly also We although to reduced this expect

with in R&D JDA as well we're to doing our to spending consumables as get running. those GlobalFoundries Specifically up own products the that

Kevin Conley

this been module is So that Richard, that’s expenses, our set become company the year. also, have also development the capabilities I would would product expenses have of another also complemented a incur the productizing the supplier incurred that part, building that by and of been beyond might on something we won't fully to add that next

Richard Shannon

Okay.

Kevin Conley

that reductions as future Yes, reduction think opposed in that right, Richard as against I capability been really any spending forecast history to to so are is our opposed that really against and forecast. - building we've

Richard Shannon

benefit sort some Guys, to but process Toggle fair here, line to and how year, care spending back thought kind should think some last qualitative next jump line, about I’ll these I want off seeing of trail the markets at into or rate the well continue we might growing cycle XXXX? question up that of about line a of to or Okay, enough. to offer are one can - forecasts in into of going here healthy grow we maybe throw quantitative in you an or product that product the on this expect just in

Jeff Winzeler

at strong. of I and the that significantly the also of so amount higher expectations wins be have business term term think serve. the the stability the by in in are sustainable do not lifetime focus planning demand that drivers additionally will an we think more the to their will be long optimized output and forward. we believe on driving in going said, positive demand of which And that increases these, in terms and be Many metrics yields growth of from the are us. impact these time that fab bringing investment what total continue provide the that design eventually how that beyond We markets on this and nature terms long will standpoint will are of putting we're of limited long we of more that trends will that

Richard Shannon

I Thank great. the for appreciate questions That's all those Okay, me thoughts. guys. you.

Operator

with go a is from ahead. Please up question next Stifel. The follow Kevin Cassidy

Kevin Cassidy

follow taking Thanks for up. my

as a into and market your you're design, what quarter, moving your in pipeline you're wins your design or sales to this there XXXX Technology? on as MRAM engagements where the sense the seeing can we interest more Just get in

Kevin Conley

from Kevin So at to line see continue new remain its that pace track. on activity to healthy to which see growth the we continue Toggle healthy us on those gives designing product MRAM a products our ability continue

did the well. quarter engagement Torque a Spin addition, as see engagements we and In also broader new in those us customer past products well on our that are in giving - helping as products

Kevin Cassidy

Okay just may new competitive seen a competitors, on the competitors and comment new have you maybe be? or landscape, any

Kevin Conley

with offering and X parts. landscape From as see the from think, and demand competitive technology is that STT nodes. in So the Xx-nanometer IoT automotive competitive is most And demand of be, there there again, technology industrial their embedded players availability maybe been, out think of the MRAM follow-on that embedded in there that's by being where on in have consumer for indication which an front, well. I embedded driven I primarily split the range the announcements question We several should healthy the And applications, customers. I technologies. will

And over see so discrete any don't past discrete competitors, discrete a new develops don't We amount that healthy memory components, area. with landscape of any the there. announcements quarter. see competition MRAM in Today, component we

Kevin Cassidy

you. great Okay, thank

Operator

over Kevin answer would Instructions] question the [Operator our and questions, no this I to like closing any turn back conference further for to Conley Showing concludes remarks. session.

Kevin Conley

some our We'll I to SMART at Supercomputing in in you upcoming like go-to-market nvNITRO conjunction with leave week Modular. with XXXX be Denver, solution partner would our of demonstrating the Colorado events.

We be Nuremberg, much. SNIA at will California XXXX later showing Persistent January World Summit Jose, Germany in you Thank Embedded XX, STT-MRAM year. on very at in also the in San the technology Memory XXXX and our

Operator

Thank The you conference for is concluded. now attending presentation. today's

disconnect. You may now

Everspin (MRAM) 13 Nov 172017 Q3 Earnings call transcript