Everspin Reports Unaudited Second Quarter 2026 Financial Results

About this update from Everspin Technologies, Inc.

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 Total revenue of $18.7 million, compared to $13.2 million in the second quarter of 2025. MRAM product sales, which include both Toggle and STT-MRAM revenue, of $15.3 million, compared to $11.1 million in the second quarter of 2025. Licensing, royalty, engineering services and other revenue of $3.4 million, compared to $2.1 million in the second quarter of 2025. Gross margin of 53.9%, compared to 51.3% in the second quarter of 2025. GAAP operating expenses of $14.5 million, compared to $8.7 million in the second quarter of 2025. Interest and Other income, net of $0.8 million, compared to $1.3 million in the second quarter of 2025. GAAP net loss of $(3.6) million, or $(0.15) per diluted share, compared to net loss of $(0.7) million, or $(0.03) per diluted share, in the second quarter of 2025. Non-GAAP net income of $2.9 million, or $0.11 per diluted share, compared to non-GAAP net income of $0.7 million, or $0.03 per diluted share, in the second quarter of 2025. Cash and cash equivalents as of June 30, 2026, totaled $43.9 million. “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     View source version on businesswire.com: https://www.businesswire.com/news/home/20260805302730/en/

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