Everspin Technologies, Inc.

And thank you for standing by. Welcome to the conference call to discuss EverSpend Technologies' first quarter 2024 financial results. At this time, all participants are in a listen-only mode. At the conclusion of today's conference, call instructions will be provided for question and answer. As a reminder, this conference is being recorded. I would now like to turn the conference over to Cassidy Fuller, Investor Relations of EverSpend. Please begin.

Thank you, Operator, and good afternoon, everyone. Everspin released results for the first quarter 2024 ended March 31st, 2024, this afternoon after the market closed. I'm Cassidy Fuller, Investor Relations for Everspin, and with me on today's call are Sanjeev Agarwal, President and Chief Executive Officer, and Anuj Agarwal, Chief Financial Officer. Before we begin the call, I would like to remind you that this conference call contains forward-looking statements regarding future events, including, but not limited to, the company's expectations for Everspin's future business, financial performance, and goals, customer and industry adoption of MRAM technology, successfully bringing to market and manufacturing products in Everspin'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 the company's SEC filings, including the annual report on Form 10-K and other SEC filings made from time to time, in which the company may discuss risk factors associated with investing in Everspen. All forward-looking statements are made as of the date of this call and, except as required by law, the company undertakes no obligation to update or alter any forward-looking statements made on this call, whether as a result of new information, future events, or otherwise. Financial results discussed today reflect the company's preliminary estimates and are based on the information available as of the date hereof and are subject to further review by Everspin and its external auditors. The company's actual results may differ materially from these estimates as a result of the completion of financial closing procedures, final adjustments, and other developments arising between now and the time that the 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 and financial information in GAAP and non-GAAP terms. Included in the company's press release are definitions and reconciliations of GAAP net income to adjust to EBITDA, which provide additional details. A copy of the press release is posted on the Investor Relations section of Everspin's website at www.everspin.com. And now I'd like to turn the call over to Everspin's President and CEO, Sanjeev Agarwal. Sanjeev, please go ahead.

Thank you, Cassidy, and thanks, everyone, for joining us on the call today. During the first quarter, we delivered revenue of $14.4 million at the high end of our guidance range of $13.5 million to $14.5 million. We delivered a gross margin of 56.5% in the first quarter compared to 56.8% in Q1 2023. We ended the year with a cash balance of $34.8 million. We are pleased by the progress we have made over the past few years with our toggle MRAM solution and as we continue to ramp up our lower density products, we will have increased visibility for our STTM RAM solutions. Looking ahead, we expect to see flattish product revenue in the second quarter compared to Q1 due to continued weakness in Asia Pacific and in industrial, consumer, and auto end markets. However, we expect a ramp in our toggle and STTM RAM design wins in the second half of 2024. Our persistent industrial SCTM-RAM product line has demonstrated consistent strength as it has continued to gain momentum in terms of design wins. We continue to expect to begin translating these design wins into revenue starting in the second half of 2024. Turning now to our radiation-hard programs that we outlined last quarter. As we noted on our previous calls, we are engaged in two radiation-hard programs using our SCTM-RAM technology. The first related to an ad hoc 64 megabit STTM RAM project, and the second aimed at building a strategic radiation hardened FPGA. We expect to continue recognizing revenue from the 64 megabit STTM RAM project over the coming quarters. We successfully executed the deliverables for the strategic radiation hardened FPGA project in Q1. We expect this project to continue in 2024 with additional funding from the sponsors in the coming months and quarters. During the quarter, we also signed an extension of a toggle MRAM reliability project for radiation hard applications that we originally executed in the third quarter of 2023. As you may have seen, we recently announced that IBM selected our Persyst one gigabit STD MRAM solution for use in their new Flash Core Module, the FCM4. This DDR4-like high-performance persistent memory ensures critical data integrity even during power loss. This reinforces deployment of STDM RAM in data center storage applications. Lastly, we recently submitted our application for the CHIPS and Science Act. While we do not know the exact timing for a decision, we remain optimistic that we will receive funding which we plan to use for additional 200 millimeter toggle and STTM RAM capacity and improved capabilities. There are other grant opportunities that we are pursuing and hope to be able to share additional details as we move through the year. Turning to our outlook for 2024. As we mentioned last quarter, we expect the year to be weighted more heavily towards the second half as we continue to experience a slower start to the year. This lower chart can be attributed to continued economic weakness in Asia-Pacific, as well as higher interest rates, which have driven customers to focus on lean inventory practices, along with shifting project schedules for some government contracts. Despite these near-term challenges, we expect to bring in recognizing revenue from our new STD MRAM design wins, a stabilization in customer and distributor inventories, and a gradual improvement in the Asia-Pacific region. Moreover, we are encouraged by our recent traction. We attended Embedded World in Nuremberg a few weeks ago, where we introduced the Persyst brand and had a full schedule of meetings with existing and potential distributors and customers. We came away from the show with significantly more leads than at last year's event. I will now turn it over to our CFO, Anuj Agarwal, who will take you through our first quarter financials and second quarter 2024 guidance. Anuj?