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We wrote about a memory player that was booming last August, and that company was Adesto Technologies Corp. (IOTS). It's still booming, but the stock price has given back quite a lot, which has surprised us a little:
So time for an update, what's behind the disappointment? We think the following:
Revenue miss in Q3
Big customer problem
Financing
NOR customer might be acquired, leaving supposed 2020 ramp uncertain
Softness in NOR pricing
Q3 results
Revenue increased 6.2% sequentially and 46.1% year-over-year to $32.0M, but that wasn't enough to satisfy investors. The big