Everspin Technologies Stock Earnings Reports

Everspin reported Q1 2026 revenue of $14.9M (up 14% YoY) and non-GAAP EPS of $0.11, at the high end of guidance. Product sales (Toggle + STT MRAM) were $14.1M, up 28% YoY. GAAP gross margin improved to 52.7% driven by higher capacity utilization. Other income of $2.1M was recognized related to a strategic award tied to onshore manufacturing support. The company announced a new 2.5‑year $40M subcontract with a U.S. prime contractor to provide Toggle MRAM process technology and engineering services for defense customers, and clarified this will leverage their Foundry Services Agreement with Microchip. Everspin also reiterated a 10‑year strategic manufacturing agreement with Microchip to establish an MRAM line in Oregon (first shipments expected H2 2027). They introduced the UNISYST MRAM family (128 Mb–2 Gb, xSPI/Octal SPI up to 200 MHz) targeting high-density NOR Flash replacement (~$3B TAM) with a goal of capturing 5–10% in the early years; engineering samples expected Q4 2026. High-reliability PERSYST/STT parts are on track for HV production in H2 2026. The company is debt-free with $40.5M cash; operating cash flow was $0.5M in the quarter. Litigation-related and other professional costs increased operating expenses; litigation spend (~$1.6M in Q1) is expected to continue near-term. Q2 guidance (excluding the new subcontract): revenue $15.5M–$16.5M, GAAP loss per share $(0.12)–$(0.07), non-GAAP $0.00–$0.03. Management expects the new subcontract to meaningfully benefit results over the next 2.5 years but is withholding specific revenue phasing until kickoff and initial execution.