Everspin Technologies: Fiscal 1Q26 Financial Results

Everspin Technologies, Inc., a developer and manufacturer of magnetoresistive random access memory (MRAM) persistent memory solutions, announced preliminary unaudited financial results for the first quarter ended March 31, 2026.“Our first quarter results were driven by strength in Industrial Automation, Transportation, and Data Center applications,” said Sanjeev Aggarwal, president and CEO. “Additionally, we have started to see a recovery in customer demand especially in Japan as inventory levels have been worked down. We are also very excited to announce a new $40 million contract with a US prime contractor to provide State of the Art (SOTA) MRAM process technology capabilities and engineering services for United States Defense Industrial Base customers.”

First Quarter 2026 Results

Total revenue of $14.9 million, compared to $13.1 million in the first quarter of 2025
MRAM product sales, which include both Toggle and STT-MRAM revenue, of $14.1 million, compared to $11.0 million in the first quarter of 2025
Licensing, royalty, patent, and other revenue of $0.8 million, compared to $2.1 million in the first quarter of 2025
Gross margin of 52.7%, compared to 51.4% in the first quarter of 2025
GAAP operating expenses of $10.6 million, compared to $8.7 million in the first quarter of 2025
Interest and Other income, net of $2.4 million, compared to $0.8 million in the first quarter of 2025
GAAP net loss of $0.3 million, or $(0.01) per diluted share, compared to net loss of $1.2 million, or $(0.05) per diluted share, in the first quarter of 2025
Non-GAAP net income of $2.6 million, or $0.11 per diluted share, compared to non-GAAP net income of $0.4 million, or $0.02 per diluted share, in the first quarter of 2025
Cash and cash equivalents as of March 31, 2026, totaled $40.5 million

“We are pleased with our first quarter results, which came in at the high end of our expectations, driven by increasing product revenue. Our balance sheet remains strong, providing us with the necessary capital to execute our recently signed Foundry Services Agreement with Microchip, as well as continuing to invest in product development to deliver on our roadmap and enabling the company to address opportunities that will drive future growth. We continue to prioritize strong operational execution and prudent expense management,” said Bill Cooper, CEO, Evrspin.

Business Outlook
For the second quarter of 2026, Everspin expects total revenue in a range of $15.5 million to $16.5 million and GAAP net loss per share to be between ($0.12) and $(0.07). Non-GAAP net income per diluted share is anticipated to be between $0.00 and $0.03. This guidance excludes any impact from the new sub-contractor agreement announced today.

A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges are impacted by the timing of employee stock transactions, the future fair market value of Everspin’s common stock, and Everspin’s future hiring and retention needs, all of which are difficult to predict and subject to constant change. These factors could be material to Everspin’s results computed in accordance with GAAP. This outlook is dependent on Everspin’s current expectations, which may be impacted by, among other things, evolving external conditions, such as public health-related events or outbreaks, local safety guidelines, worsening impacts due to supply chain constraints or interruptions, including general market and semiconductor industry volatility, and the other risk factors described in Everspin’s filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, its Quarterly Reports on Form 10-Q filed with the SEC during 2026, as well as in its subsequent filings with the SEC.