Research Reports

Q3 2025 revenue of $14.1 million, up 16% year-over-year, in line with guidance range of $13.5M–$14.5M (CEO, CFO).
MRAM product sales (Toggle + STT-MRAM) were $12.7 million, up 22% year-over-year (CFO).
Licensing, royalty, patent and other revenue decreased to $1.4 million from $1.7 million in Q3 2024 due to project completions (CFO).
GAAP gross margin improved to 51.3%, up ~200 bps from 49.2% in Q3 2024, driven by improving STT product yields (CFO).
GAAP operating expenses were $8.8 million, up from $8.1 million in Q3 2024 (CFO).
Other income of $1.2 million in Q3 from DoD contract; $8.5 million recognized to date on $14.6 million contract (CEO, CFO).
Non-GAAP net income of $1.5 million or $0.06 per diluted share (23.1M diluted shares), towards high end of $0.02–$0.07 guidance (CFO).
Cash and cash equivalents $45.3 million, up from $45.0 million prior quarter; cash flow from operations $0.9 million (CFO).
No tariff-related impact in Q3 or expected in Q4 (CFO).
Official guidance (Q4 2025): Total revenue $14M–$15M; GAAP net income per diluted share $0.02–$0.07; non-GAAP net income per diluted share $0.08–$0.13 (CFO).

"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." (CEO)
"Our performance this quarter was driven by strength across all products, specifically in Low Earth Orbital or LEO applications, Casino Gaming and Energy Management." (CEO)
"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." (CEO)
"We are pleased that our balance sheet remains strong and debt-free. We ended the quarter with cash and cash equivalents of $45.3 million, up $0.3 million from $45 million at the end of the prior quarter." (CFO)
"We expect Q4 total revenue in the range of $14 million to $15 million, and GAAP net income per fully diluted share to be between $0.02 and $0.07." (CFO)

Metric	Value	Speaker/Context
Total Revenue	$14.1M	Q3 2025 (CFO)
MRAM Product Sales	$12.7M	Q3 2025, up 22% YoY (CFO)
Licensing, Royalty, Patent & Other Revenue	$1.4M	Q3 2025, down from $1.7M in Q3 2024 (CFO)
GAAP Gross Margin	51.3%	Q3 2025, up from 49.2% in Q3 2024 (CFO)
GAAP Operating Expenses	$8.8M	Q3 2025 (CFO)
Other Income	$1.2M	Q3 2025, from DoD contract (CEO, CFO)
Non-GAAP Net Income	$1.5M ($0.06/diluted share)	Q3 2025, 23.1M diluted shares (CFO)
Cash and Cash Equivalents	$45.3M	End of Q3 2025 (CFO)
Cash Flow from Operations	$0.9M	Q3 2025 (CFO)
Q4 2025 Revenue Guidance	$14M–$15M	(CFO)
Q4 2025 GAAP EPS Guidance	$0.02–$0.07	(CFO)
Q4 2025 Non-GAAP EPS Guidance	$0.08–$0.13	(CFO)

Topic: 产品毛利率改善及非产品收入展望
Key points:
- 本季度产品毛利率因良率提升举措和工厂利用率改善而有所提高。
- 非产品收入（含许可、工程服务、代工服务）具有“ lumpy”特性，项目周期通常为1至2年。
- 预计未来非产品收入将维持在10%–15%区间，更偏向10%左右。
Mgmt stance: 中性偏积极——毛利率改善是“强劲结果”，但非产品收入指引趋于保守（10%下限）。

Topic: 非GAAP运营支出展望
Key points:
- 本季度非GAAP OpEx环比持平，约为750万美元。
- 管理层确认Q4 OpEx将保持高度一致，继续向产品开发成本倾斜。
Mgmt stance: 中性——明确表示“安全假设”是维持当前水平，无扩张或收缩信号。