joining today’s good those us Leanne, and you, Thank on afternoon to call.
Memory includes our Santa Clara, Day from a participation and to that Developer you week reporting today We’re at MRAM Summit. Flash during
number information on a of to lot interesting of a there’s So report fronts.
quarter challenging want original resulted start I that guidance. our in that, market in second the to the first into that coming revenue below we going in experienced conditions acknowledging by Before
than on call. we revise the to delivered had more talk higher originally it’s even about our results important that forecasted. performance contributing original much the recognize later EPS the we strong results We’ll guidance, to factors While to these
With to our strong model, regard and from products. the excluding recognize incurred device. past contribution for improvement operations It’s upon based product both of quarter, operating charge X-gigabit production the target in Toggle that margins inventory includes returned our STT-MRAM was when yields this quarter. important a the to gross this to pilot This our growing
coming solid cost for partners operations in [ph] groundwork demonstrates performance partnership our the our and execution This with structure by lower our foundry and quarters. lays in the for team products [OSAT]
shipments revenue X-gigabit our the of quarter the most that Our It growing a track expectations has STT-MRAM. sales to record. quarters. in also STT-MRAM experienced total, In pricing despite grew from included STT-MRAM significantly XXX-megabit STT-MRAM of challenges qualification reached new units shipments the demand revenue storage quarterly included and market recent in of
on milestone this cross-over mass we’re yield our to by of production Internally, track for end hit X-gigabit quarter. production the qualification
our STT-MRAM today. which Our executed to as working this team important in results, GLOBALFOUNDRIES, extremely these achieve relevant commercial a with manufacturing are technology has partner, well making reality
our with part development. traction part. next-generation new its extremely Day hear of week, the are increased this X-gigabit module we confirm achieving we’re is to part side, MRAM engagement IBM customer X-gigabit FlashCore At the On Developer pleased
in our also including first We’re only they advantages are latest it to but enterprise pleased for by the their not storage, their that technology architecture. showing next-generation our technology’s were demonstrate in MRAM confidence
persistent part. again, our high-performance applications, memory database that at of X-gigabit OpenCAPI the is STT-MRAM were non-volatility large development FMS, for the This also using memory exciting in the X-terabyte taken persistent technology the brings. exciting our new data-center another need unique an that and is card In application, demonstrate that off addresses wraps BittWare low-latency value
reductions, coupled a customer next significant revenue cost progress operational our we our engagement X-gigabit As to we year. of anticipate progress, a our result with as and of important represent production our portion other on enter attainment product yield
requirements Based in news are X-gigabit meeting additional a that of technology able able upon and groundbreaking this center at stringent to other applications, technology STT-MRAM extended operate will data qualification, Flash data usage models. In or our the Memory Summit be this support shown progress more of applications now that to in environments, to week, bring announced in we retention. technology reliably specific the require we to addition our temperature decade
existing important universal truly demonstrated its the memory for takes is production-worthy performance, STT-MRAM device. another of another as endurance now strengths This significant and advancement a reliability, X-gigabit technology. the towards with of STT-MRAM Combined step requirements our meeting in
and call, On controller announced partners ecosystem talked X-gigabit that X for Phison devices. functionality enterprise in that about DDRX-based enterprise accelerate of weeks, storage last jointly DRAM interface SSD Electronics traction and Sage In integrated Micro, our capacitor-backed eliminate SSD with associated support with the and the risks quarter’s their write to these the we will our have limitations previous low-latency chips we controller partners, platforms buffers. into STT-MRAM next-generation growing two
of be both available from these year. companies controllers to expect next We
availability systems steps in Cadence support into broader addition, center penetration enabling OEMs controller are These from build design of into will further to In data leading designs. our system other Design their that their DDRX IP, storage functionality of applications. important STT-MRAM Systems STT-MRAM in designers announced general enable
in progress pleased opportunities. this working product are expand we set important further made the are being and on our X-gigabit fronts many of with All to all, on program
products. Now, Toggle let turn to me our
have a have yet we in to these stated headwinds current of for experienced customers’ our a loss impacted products. but to our opening challenges I As that lack, want my active have business conditions. caused due demand underlying end-market designs, some remarks, not in emphasize market
special China. a Toggle majority upon deserve factory based observations. Significant mention which, of Two automation our sold for these is application systems, in are of our MRAM
sector, With levels. the continue purchases in historic factory well China to the slowdown below equipment run manufacturing
trade continued customers without has that our result. this dispute, A serve product on This, in of we, contributor major like larger U.S.-China demand has turn, a and to experience continue the we has some see which ongoing demand resolution, impact many as reduced others, the market. an from been
market has significant we believe dynamics server this Toggle are out. with situation segment, with customers has on orders demand mostly delayed been data build an our We is long-term center platform segment temporary below of our and key in products into servers. for rate the function controllers the leading believe share with a do this Despite share number market space. to installed position as server maintaining do suppliers our focused within running this is in not MRAM our expectations that the increase of in in a Another as
MRAM established And solid remain the disruptive of customer technology the as some MRAM demand larger last opportunity design Toggle customers, seeing softened trend especially second the for has and in grow, of this pipeline market to we conditions are has our growth we growth for expanded. believe improve. continues to quarter, once long-term breadth We Relative the markets renewed to base expect customers. has our while grow, end core in traction to our continues and this for tier generate
also the have than to or better activity two in last at We design win see quarters. seen what we continue new
coming QX had new Toggle entered and we XX the design XX months. revenue in in fact, will production that contribute measurable In wins
MRAM the year. we feel on As exit back Toggle be we confident a growth that as result, will trajectory
Later Toggle map we road have quarter, to release extend begin second MRAM to best opportunities. years, product in to Toggle we been our XX-megabit and XXXX in key our new the new at and first expect this looking also sale this in opportunities. order new contributing of parts customers We sales start half Toggle revenue address capitalize over how beyond. to and developed – on This will five first the qualification product to is to
our an to has strides made point on future quarter number continuing opportunities. new team structure; our of products; In our reducing our expenses view, support great fronts: cost this to improve of growing expand customer continuing execution improving summary, our past base; our market while advancing on a to from
quarter quarter you now through second financials take and third guidance. will Jeff
