Earnings

Everspin Third-Quarter Revenue Tops Guidance Range

The Tip Desk · November 10, 2026 · 2 min read

The MRAM maker booked $20.6 million of sales and a $7.2 million GAAP loss after $6.0 million of litigation costs and a $2.7 million regulatory provision.

Everspin Technologies, Inc. (MRAM), the Chandler, Arizona developer of magnetoresistive random-access memory, reported third-quarter revenue of $20.6 million, 47% above $14.1 million a year earlier and above the $19.5 million to $20.5 million range it had set in August.

The sequential step-up from $18.7 million in the second quarter was slower than the year-over-year pace. Chief Executive Officer Sanjeev Aggarwal said results were driven by continued product revenue growth, with end-market strength in Industrial Automation, Data Center, Medical and Energy Management.

MRAM product sales, covering both Toggle and STT-MRAM, were $16.9 million, compared with $12.7 million a year earlier. Licensing, royalty, engineering services and other revenue was $3.7 million, compared with $1.4 million a year earlier.

GAAP gross margin was 51.4%, little changed from 51.3% a year earlier.

GAAP operating expenses were $18.5 million, compared with $8.8 million a year earlier. The company said GAAP results were significantly impacted by litigation expenses of $6.0 million and a regulatory provision of $2.7 million in the current quarter. General and administrative expense was $13.0 million, compared with $3.7 million a year earlier. Research and development was $3.6 million. Sales and marketing was $2.0 million.

GAAP operating loss widened to $7.9 million from $1.5 million a year earlier. GAAP net loss was $7.2 million, or $(0.29) a share, versus net income of $54,000, or $0.00 a share, a year earlier. Interest and other income, net, was $0.8 million.

On a non-GAAP basis that excludes stock-based compensation, certain non-recurring engineering costs, litigation costs and the regulatory provision, net income was $3.1 million, or $0.12 a share, compared with $1.5 million, or $0.06 a share, a year earlier. Non-GAAP operating income was $2.3 million, or an 11.2% margin.

Cash and cash equivalents were $43.0 million at September 30, 2026.

Chief Financial Officer Bill Cooper said the company reported another quarter of record revenue at the high end of its expectations, driven by strong product and non-product revenue growth, and that it remains focused on balancing strategic investments in its technology roadmap with prudent expense management, including ongoing litigation costs.

For the fourth quarter of 2026, Everspin expects total revenue of $21.5 million to $22.5 million, GAAP net loss of $(0.13) to $(0.08) a share, and non-GAAP net income of $0.13 to $0.18 a share. The company said a reconciliation of non-GAAP guidance to GAAP is not available on a forward-looking basis because of uncertainty around stock-based compensation and litigation expenses.

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