Everspin Technologies, Inc.

And welcome to the conference call to discuss Everspen Technologies' first quarter 2023 financial results. At this time, all participants on a listen-only mode. At the conclusion of today's conference call, instructions will be given for the question and answer session. As a reminder, this conference call is being recorded today, Wednesday, May 3rd, 2023. Before we begin the call, I want to remind you that this conference call contains forward-looking statements regarding future events, including but not limited to our expectation of Everspen's future business, financial performance and goals, customer and industry adoption of MRAM technology, successfully bringing to market and manufacturing products in Everspen's design pipeline, and executing on its business plan. These forward-looking statements are based on estimates, judgments, current trends, and market conditions, and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. We would encourage you to review our SEC filings, including our quarterly report on Form 10-Q, which will be filed with the SEC on May 4, 2023, and other SEC filings made from time to time in which we may discuss risk factors associated with investing in EverSpend. All forward-looking statements are made as of the date of this call and, except as required by law, we undertake no obligation to update any forward-looking statements made on this call to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise. The financial results discussed today reflect our preliminary estimates, are based on information available as of the date thereof, and are subject to further review by Everspend and its external auditors. Our actual results may differ materially from these estimates as a result of the completion of our financial closing procedures, financial adjustments, and other developments arising between now and the time that our financial results for this period are finalized. Additionally, the company's press release and statements made during this conference call will include discussions of certain measures of financial information in GAAP and non-GAAP terms. Including in the company's press release are definitions and reconciling issues of GAAP net income to adjusted EBITDA, which provide additional details. A copy of the press release is posted in the investor relations section of Everspen's website at www.Everspen.com. And now I'd like to turn the call over to Everspen's president and CEO, Sanjeev Agarwal. Sanjeev, please go ahead.

Thank you, operator. And thanks everyone for joining us on the call today. Everspen delivered quarterly revenue of $14.8 million which is at the high end of guidance and a 3% increase year over year. We were GAAP net income positive for the eighth quarter in a row, which continues to be a strong focus for the company. A few highlights for Q1, 2023. During Q1, we paid off our line of credit and term loan in full. As of the end of Q1, Everspun is debt free. Everspin's XPy family of STD MRAM products was awarded Best in Show Memory and Storage category at the Embedded World Exhibition and Conference in March of 2023. We successfully completed the first silicon for our new XPy family of STD MRAM products from 4 megabit to 16 megabit on 28 nanometer CMOS that was taped out in Q4 of 2022. Engineering samples are now available for this family of products. We are starting to see some early design-ins and wins for our XPI family of SCTM RAM products densities from 4 megabit to 128 megabit. For our business outlook, product backlog for balance of 2023 and into 2024 as of March 31, 2023 continues to be high although we are seeing low levels of cancellations, push-outs, and pull-ins. We continue to alleviate some of our foundry chain supply chain constraints, which is helping address our unfulfilled toggle demand. A little bit about our technology. As mentioned in the last earnings call, Everspin had taped out a new X-Py family of STTM RAM products on 28 nanometer CMOS with densities from 4 megabit to 16 megabit. We are excited to report that we have verified functionality on first silicon and engineering samples are now available to our customers. As a reminder, in 2022, we had introduced 16 megabit to 128 megabit density XPI STTM RAM products on 28 nanometer CMOS. With these two XPI family of STTM RAM products, our customers have access to densities ranging from 4 megabit to 128 megabit. These products will enable our customers to simplify the system architecture and easily replace legacy memory components like SRAM and FRAM. They are ideal for use in electronic systems such as industrial IoT, network and enterprise infrastructure, process automation and control, aeronautics and avionics, medical and gaming. Everspence continues to get interest from our customers for a high density, greater than 256 megabit, discrete STT mRAM part on 2x CMOS node for discrete NOR flash replacement. The first such product is in the design phase and on schedule for production in 2024. When available, this part would be ideal for replacing NOR in FPGA systems to store configuration memory and simultaneously enabling 100x faster over-the-air updates. I will now turn it over to our CFO, Anuj Agarwal, who will take you through our first quarter financials and second quarter 2023 guidance. Anuj.

Thank you, Sanjeev, and good afternoon, everyone. As part of first quarter 2023 financial results, Everspent Technologies is pleased to announce its eighth consecutive quarter of positive net income. We also reached an incredible milestone in paying off our line of credit