Everspin Reports Unaudited Third Quarter 2026 Financial Results
EVERSPIN TECHNOLOGIES INC. (MRAM) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Everspin Reports Unaudited Third Quarter 2026 Financial Results Chandler, AZ, October 28, 2026—Everspin Technologies, Inc. (NASDAQ: MRAM), the world’s leading developer and manufacturer of Magnetoresistive Random Access Memory (MRAM) persistent memory solutions, toda
How this was made
The 30-second read
Why it matters
The Q3 loss and modest revenue growth may trigger short‑term sell pressure, but the company's long‑term positioning in persistent memory could attract value investors.
Market read
Everspin's earnings release provides fresh data for investors in niche memory stocks, but its small scale limits broader market impact.
What to watch
Potential upside from new product launches and industrial automation demand not fully reflected in the loss figures.
Record third-quarter revenue reached $20.6 million, while litigation costs and a regulatory provision drove a GAAP net loss of $7.2 million.
Revenue grew 47% year over year and non-GAAP net income more than doubled, but GAAP results were materially affected by $6.0 million of litigation expenses and a $2.7 million regulatory provision.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenueGAAP | $20.65M | 10 % | 47 % |
| Q3 2026 product salesGAAP | $16.95M | – | – |
| Q3 2026 licensing, royalty, engineering services and other revenueGAAP | $3.70M | – | – |
| Q3 2026 gross profitGAAP | $10.61M | 5 % | 47 % |
| Q3 2026 gross marginGAAP | 51.4 % | Down 2.5 ppts | Up 0.1 ppts |
| Q3 2026 research and development expenseGAAP | $3.55M | – | – |
| Q3 2026 general and administrative expenseGAAP | $13.03M | – | – |
| Q3 2026 sales and marketing expenseGAAP | $1.96M | – | – |
| Q3 2026 operating expensesGAAP | $18.54M | 28 % | 112 % |
| Q3 2026 operating lossGAAP | −$7.93M | (81 %) | (413 %) |
| Q3 2026 operating marginGAAP | (38.4) % | Down 15 ppts | Down 27.4 ppts |
| Q3 2026 interest and other incomeGAAP | $764K | (4 %) | (52 %) |
| Q3 2026 net lossGAAP | −$7.17M | (100 %) | (13387 %) |
| Q3 2026 basic earnings per shareGAAP | $(0.29) | (96 %) | (100 %) |
| Q3 2026 diluted earnings per shareGAAP | $(0.29) | – | – |
| Q3 2026 gross profitnon-GAAP | $10.76M | 5 % | 46 % |
| Q3 2026 gross marginnon-GAAP | 52.1 % | Down 2.6 ppts | Down 0.3 ppts |
| Q3 2026 operating expensesnon-GAAP | $8.45M | 3 % | 13 % |
| Q3 2026 operating incomenon-GAAP | $2.30M | 11 % | 1770 % |
| Q3 2026 operating marginnon-GAAP | 11.2 % | Up 0.2 ppts | Up 12.2 ppts |
| Q3 2026 net incomenon-GAAP | $3.06M | 7 % | 109 % |
| Q3 2026 diluted earnings per sharenon-GAAP | $0.12 | 9 % | 100 % |
| Nine months ended September 30, 2026 total revenueGAAP | $54.26M | – | – |
| Nine months ended September 30, 2026 gross profitGAAP | $28.55M | – | – |
| Nine months ended September 30, 2026 operating lossGAAP | −$15.03M | – | – |
| Nine months ended September 30, 2026 net lossGAAP | −$11.06M | – | – |
| Nine months ended September 30, 2026 diluted loss per common shareGAAP | $(0.46) | – | – |
| Cash and cash equivalents as of September 30, 2026GAAP | $43.04M | – | – |
| Nine months ended September 30, 2026 net cash provided by operating activitiesGAAP | $1.59M | – | – |
| Nine months ended September 30, 2026 net cash used in investing activitiesGAAP | −$8.56M | – | – |
| Nine months ended September 30, 2026 net cash provided by financing activitiesGAAP | $5.56M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| MRAM product salesIncludes both Toggle and STT-MRAM revenue. | $16.9M | – | – |
| Licensing, royalty, engineering services and other revenueThe company cited strong non-product revenue growth. | $3.7M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
fourth quarter of 2026 outlook
- Revenue$21.5 million to $22.5 million
- NoteGAAP net loss per share between $(0.13) and $(0.08)
- NoteNon-GAAP net income per diluted share between $0.13 and $0.18
What drove it
- Third-quarter growth was led by Industrial Automation, Data Center, Medical and Energy Management.
- The company reported continued strong product revenue growth and strong non-product revenue growth.
- Product sales were $16.9 million and licensing, royalty, engineering services and other revenue was $3.7 million.
- Non-GAAP operating income was $2,304 (In thousands), compared with non-GAAP operating loss of $(138) (In thousands) in the third quarter of 2025.
Concerns
- GAAP operating expenses were $18.5 million, compared to $8.8 million in the third quarter of 2025.
- GAAP results were significantly impacted by litigation expenses of $6.0 million and regulatory provision of $2.7 million in the current quarter.
- GAAP gross margin was 51.4 %, down from 53.9 % in the second quarter of 2026.
- Nine-month operating cash flow was $1,592 (In thousands), compared with $7,336 (In thousands) in the prior-year period.
- The outlook remains subject to external conditions, supply chain constraints or interruptions, general market and semiconductor industry volatility, and litigation-related activity.
What to watch
- Fourth-quarter total revenue guidance of $21.5 million to $22.5 million.
- Fourth-quarter GAAP net loss per share guidance of $(0.13) to $(0.08).
- Fourth-quarter non-GAAP net income per diluted share guidance of $0.13 to $0.18.
- The timing and magnitude of future litigation expenses and case-related activity.
- Commercial execution in Industrial Automation, Data Center, Medical and Energy Management, and the rollout of new products and next-generation solutions.
Balance sheet and cash flow
- Cash and cash equivalents were $43,042 (In thousands) as of September 30, 2026, compared to $44,450 (In thousands) as of December 31, 2025.
- Total assets were $90,125 (In thousands) as of September 30, 2026, compared to $84,609 (In thousands) as of December 31, 2025.
- Total liabilities were $22,457 (In thousands) as of September 30, 2026, compared to $15,692 (In thousands) as of December 31, 2025.
- Net cash provided by operating activities for the nine months ended September 30, 2026 was $1,592 (In thousands), compared to $7,336 (In thousands) in the prior-year period.
- Purchases of property and equipment were $(7,059) (In thousands) for the nine months ended September 30, 2026, compared to $(3,239) (In thousands) in the prior-year period.
- Net decrease in cash and cash equivalents was $(1,408) (In thousands) for the nine months ended September 30, 2026, compared to a net increase of $3,160 (In thousands) in the prior-year period.
Analysis
Everspin reported record third-quarter revenue of $20.6 million, up from $14.1 million in the third quarter of 2025 and above the $18.7 million reported in the second quarter of 2026. Product sales were $16.9 million, while licensing, royalty, engineering services and other revenue was $3.7 million. Management attributed growth to Industrial Automation, Data Center, Medical and Energy Management, and described both product and non-product revenue growth as strong.
GAAP gross margin was 51.4 %, compared with 51.3 % in the third quarter of 2025, but below 53.9 % in the second quarter of 2026. On a non-GAAP basis, gross margin was 52.1 %, compared with 52.4 % a year earlier and 54.7 % in the prior quarter. The quarter generated non-GAAP operating income of $2,304 (In thousands) and non-GAAP net income of $3,058 (In thousands), compared with non-GAAP operating loss of $(138) (In thousands) and non-GAAP net income of $1,461 (In thousands), respectively, in the prior-year quarter.
GAAP profitability was dominated by expenses excluded from non-GAAP results. GAAP operating expenses were $18,538 (In thousands), including $5,987 (In thousands) of litigation costs and a $2,715 (In thousands) regulatory provision. This resulted in a GAAP operating loss of $(7,929) (In thousands) and a GAAP net loss of $(7,175) (In thousands), versus net income of $54 (In thousands) in the third quarter of 2025. The company specifically identified ongoing litigation costs as an expense-management focus.
The balance sheet ended the quarter with cash and cash equivalents of $43,042 (In thousands), versus $44,450 (In thousands) at December 31, 2025. For the nine months ended September 30, 2026, operating activities provided $1,592 (In thousands) of cash, while investing activities used $8,559 (In thousands), including $7,059 (In thousands) of property and equipment purchases. Financing activities provided $5,559 (In thousands), including proceeds from stock option exercises and employee stock purchase plan shares.
For the fourth quarter of 2026, Everspin expects revenue of $21.5 million to $22.5 million, GAAP net loss per share of $(0.13) to $(0.08), and non-GAAP net income per diluted share of $0.13 to $0.18. The outlook does not provide gross-margin, operating-expense, or tax-rate guidance. Management stated that a forward reconciliation of non-GAAP guidance to GAAP guidance is unavailable without unreasonable effort because of uncertainty around stock-based compensation and litigation expenses.
Management, verbatim
Our third quarter results were driven by continued strong product revenue growth. From an end market perspective, growth was led by strength in Industrial Automation, Data Center, Medical and Energy Management.
Sanjeev Aggarwal, President and Chief Executive Officer
We are pleased to report another quarter of record revenue at the high end of our expectations, driven by strong product and non-product revenue growth. We remain focused on balancing strategic investments in our technology roadmap along with prudent expense management including ongoing litigation costs.
Bill Cooper, Chief Financial Officer
Not in the filing
stated, not guessed- Previous-quarter outlook was not provided, so no comparison of actual results with prior guidance is available.
- Free cash flow was not reported.
- Debt was not reported.
- Share repurchases and dividends were not reported.
- Fourth-quarter 2026 gross-margin guidance was not reported.
- Fourth-quarter 2026 operating-expense guidance was not reported.
- Fourth-quarter 2026 tax-rate guidance was not reported.
- A forward reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures was not available on a forward-looking basis without unreasonable effort.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Everspin Technologies (NASDAQ: MRAM) is a specialist provider of magnetoresistive RAM used in industrial, data‑center, medical and energy applications.
Ticker impact
Everspin Technologies filed an 8‑K reporting unaudited Q3 2026 results with revenue of $20.6 M and a GAAP net loss of $7.2 M.
likely downward pressure as the market prices in the widened loss and modest revenue growth
The new loss figures and modest revenue increase suggest earnings disappointment, while guidance indicates continued losses, prompting sellers.
Market effects
Highlights ongoing challenges in the niche MRAM memory market, potentially affecting peers in semiconductor memory.
Limited to U.S. and global semiconductor investors.
Low, as the company is micro‑cap with niche exposure.
Counterpoint
If the revenue growth accelerates faster than expected, the stock could rebound despite current losses.
Key entities
- ExecutiveSanjeev Aggarwal
President and CEO who commented on revenue growth.
- ExecutiveBill Cooper
CFO who discussed the financial results and outlook.
