Upgrade to SI Premium - Free Trial

Everspin Reports Unaudited Second Quarter 2026 Financial Results

August 5, 2026 4:00 PM

CHANDLER, Ariz.--(BUSINESS WIRE)-- Everspin Technologies, Inc. (NASDAQ: MRAM), the world’s leading developer and manufacturer of Magnetoresistive Random Access Memory (MRAM) persistent memory solutions, today announced preliminary unaudited financial results for the second quarter ended June 30, 2026.

“Our second quarter results were driven by strong product revenue coupled with initial non-product revenue under our recently signed $40 million contract with a US prime contractor. From an end market perspective, growth was led by strength in Industrial Automation, Energy Management, and Aerospace and Defense,” said Sanjeev Aggarwal, President and Chief Executive Officer. “We continue to see strong growth across our existing business while executing on our product pipeline and developing solutions that will further expand Everspin's addressable market and drive long-term growth.”

Second Quarter 2026 Results

“We are pleased to report record quarterly revenue with second quarter results above our expectations, driven by both strong product and non-product revenue growth. We remain focused on balancing strategic investments in our technology roadmap with prudent expense management, strengthening our competitive position while enhancing long-term shareholder value,” said Bill Cooper, Everspin’s Chief Financial Officer.

Business Outlook

For the third quarter of 2026, Everspin expects total revenue in a range of $19.5 million to $20.5 million and GAAP net loss per share to be between ($0.10) and ($0.05). Non-GAAP net income per diluted share is anticipated to be between $0.10 and $0.15.

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. For example, 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. Additionally, litigation expenses are highly dependent on case related activity in any given period and based on the actions of a third-party which are difficult to predict and subject to 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.

Use of Non-GAAP Financial Measures

Everspin supplements the reporting of its financial information determined under generally accepted accounting principles in the United States of America (GAAP) with Non-GAAP financial measures including gross profit, gross margin, operating expenses, operating income (loss), operating margin, net income (loss), and EPS which are defined as the GAAP financial measures excluding the effect of stock-based compensation, non-recurring engineering expenses related to the company's foundry agreement with Microchip and litigation costs. Everspin’s GAAP tax rate is effectively zero due to NOL carryforwards, thus a Non-GAAP tax rate is not included as a Non-GAAP financial measure.

Everspin’s management and board of directors use these non-GAAP measures to understand and evaluate its operating performance and trends, to prepare and approve its annual budget and to develop short-term and long-term operating and financing plans. Accordingly, Everspin believes that these non-GAAP measures provide useful information for investors in understanding and evaluating its operating results in the same manner as its management and board of directors. These non-GAAP financial measures should be considered in addition to, not as superior to, or as a substitute for, financial measures reported in accordance with GAAP. Moreover, other companies may define these non-GAAP measures differently, which limits the usefulness of this measure for comparisons with such other companies. Everspin encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.

Conference Call

Everspin will host a conference call for analysts and investors on Wednesday, August 5th, 2026, at 5:00 p.m. Eastern Time.

Dial-in details: To access the call by phone, please go to this link and you will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

The live webcast of the call will be accessible on Everspin’s website at investor.everspin.com. Approximately two hours after the conclusion of the live event, an archived webcast of the conference call will be accessible from the Investor Relations section of Everspin’s website for twelve months.

About Everspin Technologies

Everspin Technologies, Inc. is the world’s leading provider of Magnetoresistive RAM (MRAM). Everspin MRAM delivers the industry’s most robust, highest-performance non-volatile memory for industrial, data center, automotive, aerospace and other mission-critical applications where data persistence is essential. Headquartered in Chandler, Arizona, Everspin provides commercially available MRAM solutions to a large and diverse customer base. For more information, visit www.everspin.com. NASDAQ: MRAM.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding future results that involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to the statements made under the caption “Business Outlook.” Forward-looking statements are identified by words such as “expects” or similar expressions. These include, but are not limited to, Everspin’s future financial performance, including the outlook for third quarter 2026 results. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks set forth under the caption “Risk Factors” in Everspin’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 4, 2026, and its Quarterly Reports on Form 10-Q filed with the SEC during 2026, as well as in its subsequent filings with the SEC. Any forward-looking statements made by Everspin in this press release speak only as of the date on which they are made and subsequent events may cause these expectations to change. Everspin disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.

EVERSPIN TECHNOLOGIES, INC.

Condensed Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

June 30,
2026

December 31,
2025

Assets

Current assets:

Cash and cash equivalents

$

43,896

$

44,450

Accounts receivable, net

10,770

8,101

Inventory

13,085

10,734

Prepaid expenses and other current assets

1,257

1,877

Total current assets

69,008

65,162

Property and equipment, net

14,843

14,140

Intangible assets, net

897

1,714

Right-of-use assets

2,756

3,251

Other assets

1,889

342

Total assets

$

89,393

$

84,609

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

2,394

$

5,180

Accrued liabilities

6,654

3,651

Deferred revenue

2,958

Lease liabilities, current portion

1,405

1,381

Contract obligations

271

1,472

Software liabilities, current portion

889

1,769

Total current liabilities

14,571

13,453

Lease liabilities, net of current portion

1,428

1,956

Software liabilities, net of current portion

16

15

Long-term income tax liability

271

268

Total liabilities

$

16,286

$

15,692

Commitments and contingencies (Note 5)

Stockholders’ equity:

Preferred stock, $0.0001 par value per share; 5,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025

Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 24,271,438 and 22,977,797 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

2

2

Additional paid-in capital

214,447

206,370

Accumulated deficit

(141,342

)

(137,455

)

Total stockholders’ equity

73,107

68,917

Total liabilities and stockholders’ equity

$

89,393

$

84,609

EVERSPIN TECHNOLOGIES, INC.

Condensed Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Product sales

$

15,313

$

11,091

$

29,413

$

22,117

Licensing, royalty, engineering services and other revenue

3,423

2,110

4,195

4,222

Total revenue

18,736

13,201

33,608

26,339

Cost of product sales

8,296

6,166

15,251

12,195

Cost of licensing, royalty, engineering services and other revenue

343

267

417

623

Total cost of sales

8,639

6,433

15,668

12,818

Gross profit

10,097

6,768

17,940

13,521

Operating expenses:

Research and development

4,838

3,580

8,443

6,936

General and administrative

7,827

3,642

12,888

7,480

Sales and marketing

1,815

1,507

3,708

2,998

Total operating expenses

14,480

8,729

25,039

17,414

Loss from operations

(4,383

)

(1,961

)

(7,099

)

(3,893

)

Interest income

316

423

633

831

Other income, net

478

842

2,584

1,230

Net loss before income taxes

(3,589

)

(696

)

(3,882

)

(1,832

)

Income tax benefit (expense)

26

(3

)

(4

)

Net loss and comprehensive loss

$

(3,589

)

$

(670

)

$

(3,885

)

$

(1,836

)

Net loss per common share:

Basic

$

(0.15

)

$

(0.03

)

$

(0.17

)

$

(0.08

)

Diluted

$

(0.15

)

$

(0.03

)

$

(0.17

)

$

(0.08

)

Weighted average shares of common stock outstanding:

Basic

23,882,618

22,504,957

23,512,274

22,347,411

Diluted

23,882,618

22,504,957

23,512,274

22,347,411

EVERSPIN TECHNOLOGIES, INC.

Condensed Statements of Cash Flows

(In thousands)

(Unaudited)

Six Months Ended June 30,

2026

2025

Cash flows from operating activities

Net loss

$

(3,885

)

$

(1,836

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

1,407

1,695

Gain on sale of property and equipment

(25

)

Stock-based compensation

2,674

2,996

Changes in operating assets and liabilities:

Accounts receivable

(2,670

)

4,352

Inventory

(2,351

)

(2,196

)

Prepaid expenses and other current assets

620

157

Other assets

(417

)

(50

)

Accounts payable

495

809

Accrued liabilities

3,072

(196

)

Deferred revenue

2,958

(78

)

Contract obligations

(1,201

)

699

Lease liabilities, net

24

30

Long-term income tax liability

3

98

Net cash provided by operating activities

729

6,455

Cash flows from investing activities

Purchases of property and equipment

(5,677

)

(2,901

)

Purchases of intangible assets

(976

)

(977

)

Net cash used in investing activities

(6,653

)

(3,878

)

Cash flows from financing activities

Payments on finance leases

(33

)

(34

)

Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan

5,403

322

Net cash provided by financing activities

5,370

288

Net (decrease) increase in cash and cash equivalents

(554

)

2,865

Cash and cash equivalents at beginning of period

44,450

42,097

Cash and cash equivalents at end of period

$

43,896

$

44,962

Supplementary cash flow information:

Cash paid for taxes

$

31

$

36

Operating cash flows paid for operating leases

$

715

$

707

Financing cash flows paid for finance leases

$

33

$

34

Non-cash investing and financing activities:

Right-of-use assets obtained in exchange for operating lease liabilities

$

175

$

Purchases of property and equipment in accounts payable and accrued liabilities

$

399

$

26

EVERSPIN TECHNOLOGIES, INC.

Supplemental Quarterly Financial Results

(In thousands, except per share amounts)

(Unaudited)

GAAP Financial Results

Three months ended
June 30,

Three months ended
March 31,
2026

2026

2025

Y/Y

Q/Q

Revenue

$

18,736

$

13,201

42

%

$

14,872

26

%

Gross Profit

$

10,097

$

6,768

49

%

$

7,843

29

%

Gross Margin

53.9

%

51.3

%

Up 2.6 ppts

52.7

%

Up 1.2 ppts

Operating Expenses

$

14,480

$

8,729

66

%

$

10,559

37

%

Operating Loss

$

(4,383

)

$

(1,961

)

(124

%)

$

(2,716

)

(61

%)

Operating Margin

(23.4

)%

(14.9

)%

Down 8.5 ppts

(18.3

)%

Down 5.1 ppts

Interest and Other Income

$

794

$

1,265

(37

%)

$

2,423

(67

%)

Net (Loss) Income

$

(3,589

)

$

(670

)

(436

%)

$

(296

)

(1113

%)

Basic Earnings Per Share

$

(0.15

)

$

(0.03

)

(401

%)

$

(0.01

)

(1075

%)

Non-GAAP Financial Results

Three months ended
June 30,

Three months ended
March 31,
2026

2026

2025

Y/Y

Q/Q

Revenue

$

18,736

$

13,201

42

%

$

14,872

26

%

Gross Profit

$

10,255

$

6,929

48

%

$

7,984

28

%

Gross Margin

54.7

%

52.5

%

Up 2.2 ppts

53.7

%

Up 1 ppts

Operating Expenses

$

8,187

$

7,471

10

%

$

7,771

5

%

Operating Income (Loss)

$

2,068

$

(542

)

482

%

$

213

871

%

Operating Margin

11.0

%

(4.1

)%

Up 15.1 ppts

1.4

%

Up 9.6 ppts

Interest and Other Income

$

794

$

1,265

(37

%)

$

2,423

(67

%)

Net Income

$

2,862

$

749

282

%

$

2,633

9

%

Diluted Earnings Per Share

$

0.11

$

0.03

267

%

$

0.11

%

EVERSPIN TECHNOLOGIES, INC.

Supplemental Reconciliations of GAAP Results to Non-GAAP Financial Measures

(In thousands)

(Unaudited)

Three Months Ended

June 30,

March 31,

2026

2026

2025

Gross

Profit

Gross

Margin

Gross

Profit

Gross

Margin

Gross

Profit

Gross

Margin

GAAP

$

10,097

53.9

%

$

6,768

51.3

%

$

7,843

52.7

%

Stock-Based Compensation, COGS

158

161

141

Non-GAAP

$

10,255

54.7

%

$

6,929

52.5

%

$

7,984

53.7

%

Operating

Expenses

As a %

of Revenue

Operating

Expenses

As a %

of Revenue

Operating

Expenses

As a %

of Revenue

GAAP

$

14,480

77.3

%

$

8,729

66.1

%

$

10,559

71.0

%

Stock-Based Compensation, R&D

(372

)

(437

)

(350

)

Stock-Based Compensation, SG&A

(844

)

(821

)

(809

)

Litigation Costs

(4,027

)

(1,629

)

Non-recurring Engineering Fees (NRE)

(1,050

)

Non-GAAP

$

8,187

43.7

%

$

7,471

56.6

%

$

7,771

52.3

%

Operating

Income (Loss)

Operating

Margin

Operating

Income (Loss)

Operating

Margin

Operating

Income (Loss)

Operating

Margin

GAAP

$

(4,383

)

(23.4

)%

$

(1,961

)

(14.9

)%

$

(2,716

)

(18.3

)%

Stock-Based Compensation

1,374

1,419

1,300

Litigation Costs

4,027

1,629

Non-recurring Engineering Fees (NRE)

1,050

Non-GAAP

$

2,068

11.0

%

$

(542

)

(4.1

%)

$

213

1.4

%

Net

Income (Loss)

Earnings

Per Share

Net

Income (Loss)

Earnings

Per Share

Net

Income (Loss)

Earnings

Per Share

GAAP

$

(3,589

)

$

(0.15

)

$

(670

)

$

(0.03

)

$

(296

)

$

(0.01

)

Stock-Based Compensation

1,374

0.06

1,419

0.06

1,300

0.05

Litigation Costs

4,027

0.16

1,629

0.07

Non-recurring Engineering Fees (NRE)

1,050

0.04

Non-GAAP

$

2,862

$

0.11

$

749

$

0.03

$

2,633

$

0.11

Investor Relations:

Monica Gould

The Blueshirt Group

T: 212-871-3927

[email protected]

Source: Everspin Technologies, Inc.

Categories

Business Wire Press Releases