Everspin Technologies, Inc.

Good afternoon and welcome to Everspin Technologies' third quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. At the conclusion of management's prepared remarks, instructions will be provided for the question and answer session. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Monica Gould, Investor Relations of Everspin.

Thank you, Operator, and good afternoon, everyone. Everspen released results for the third quarter 2025, ended September 30, 2025, this afternoon after market closed. I'm Monica Gould, Investor Relations for Everspen, and with me on today's call are Sanjeev Agarwal, President and Chief Executive Officer, and Bill Cooper, Chief Financial Officer. Before we begin the call, I would like to remind you that today's discussion may contain 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 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 statement made on this call, whether as a result of new information, future events, or otherwise. The financial results discussed today reflect the company's preliminary estimates, are based on 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 non-GAAP net income. which provide additional details. A copy of the press release is posted on the investor relations section of Everspins website at www.everspins.com. And now I'd like to turn the call over to Everspins president and CEO Sanjeev Agarwal. Sanjeev, please go ahead.

Thank you, Monica. And thanks everyone for joining us on the call today. We are pleased to report third quarter results with revenue of $14.1 million and non-GAAP EPS of $0.06 per diluted share with revenue in line with our guidance range and EPS towards the high end of our expectations. Our performance this quarter was driven by strength across all products, specifically in Low Earth Orbital, or LEO, applications, casino gaming, and energy management. In addition, our data center business remains strong with continued demand for our toggle MRAM products for redundant array of independent disks or RAID from a broad selection of data center customers, including Dell, Supermicro, and others. The LEO satellite market is expected to grow rapidly in the coming years. Everspin MRAM, with its reliability at extreme temperatures and harsh ambient, is ideally suited for these deployments. As mentioned in our last call, we are seeing good traction in this market with announced design wins with AstroDigital and Blue Origin. It is our understanding that LEO satellites have a short lifespan of three to five years, primarily due to atmospheric drag impacting the orbit. Design wins in this market with multiple Everspin MRAM parts per satellite is expected to translate into meaningful revenue for Everspin as this market grows. As anticipated, revenue from the sale of our persist 1-gigabit SCTM RAM into IBM's Flash Core Module 4, or SCM4, for data center applications remained consistent with the prior quarter, and we continue to anticipate revenue from this project to remain at this level for the remainder of the year. We continue to ship and recognize revenue for our Persyst MRAM solution from Lucid Motors for their Gravity SUV and expect volumes to increase as the automaker ramps production. In Q3, we continue to ship engineering samples of the Persyst EM064LXHR and EM128LXHR to several LEO satellite customers and remain on track to ramp to full production in the fourth quarter 2025. Turning to our licensing, royalty, patent, and other revenue. We continue to successfully execute on our deliverables for our contract with Purdue University to provide our state-of-the-art STTM RAM technology for energy-efficient AI solutions. During the first half of the year, we characterized a process to establish a baseline for percent MR, magneto resistance, and switching reliability. More recently, we developed materials with higher percent MR and characterized devices using these new materials and processes. These advancements position us favorably for the next phase of the project. Lastly, we continue to recognize revenue from our ongoing project with the leading provider of sensor devices to provide services for their latest generation DMR sensor device on our MRAM line in our Chandler facility. With respect to below the line items, we recognize 1.2 million in other income in the third quarter and 8.5 million to date from the 14.6 million contract we have with the DOD contractor to develop a sustainment plan for our MRAM manufacturing facilities to provide continuous onshore MRAM capabilities to their aerospace and defense customers. We continue to expect this business to pick up meaningfully in the fourth quarter. As we announced last month, we entered into a strategic collaboration with Quinteros to strengthen the reliability and safety of RISC-V-based platforms with our MRAM offerings. This partnership is focused on automotive, industrial, and edge applications where data persistence, integrity, low latency, and security are critical. The goal is to jointly build reference design that would lay the foundation for scalable, reliable platforms for these applications. I will now turn it over to our CFO, Bill Cooper, who will walk you through our third quarter financials and fourth quarter 2025 guidance.