Everspin Technologies, Inc. (NASDAQ:MRAM) Q1 2024 Earnings Call Transcript

Operator: Thank you. [Operator Instructions] And our next question. One moment, please, comes from the line of Quinn Bolton with Needham. Your line is now open.

Quinn Bolton: Hey, guys. Just asking if the product – the product declined this quarter. And just assuming it’s flat next quarter, is that – was the decline entirely unit based or is there any ASP, any ASP changes there? And then I would just assume both are flat for the next quarter.

Sanjeev Aggarwal: Yeah, Nick, this is Sanjeev. We have not seen any ASP decline. It’s mostly the demand of the softness in the Asia Pacific market and the Japan market, which is causing the lower volumes.

Quinn Bolton: Okay, makes sense. And then for the PERSYST with IBM, could you, I mean, I know it’s early, but could you size that opportunity or give us any hints in terms of timing.

Sanjeev Aggarwal: So you might have seen the press release from us as well as IBM. They actually did launch their FCM4 already. So it’s available in the marketplace today. And in terms of our backlog, like Anuj mentioned, it’s actually pretty healthy for 2024. It’s up and to the right compared to 2023, which is what we like to see. And I think basically consistent with the data center market, the increase in our backlog is reflective of that.

Quinn Bolton: Great. Thank you.

Sanjeev Aggarwal: Sure.

Operator: Thank you. I am currently showing no further questions at this time. I’d like to hand the conference back to Sanjeev Aggarwal for closing remarks.

Sanjeev Aggarwal: I would like to say thank you everyone for joining the call today. And we look forward to speaking to you at our next quarter earnings report. Thank you again for joining.

Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.