Everspin Technologies (MRAM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $14.9 million, up 13%–14% year-over-year, driven by strong growth in industrial automation, transportation, and data center segments.

• Announced a $40 million, 2.5-year contract with a U.S. prime contractor for MRAM technology and engineering services for defense customers.

• Introduced the UNISYST MRAM family, targeting high-density NOR flash markets and expanding the addressable market by $3 billion.

• Noted recovery in customer demand, especially in Japan, as inventories normalized.

Financial highlights

• MRAM product sales were $14.1 million, up 27.9% year-over-year; licensing and royalty revenue declined to $0.8 million from $2.1 million.

• Gross margin improved to 52.7% from 51.4% year-over-year, driven by higher capacity utilization and favorable revenue mix.

• Non-GAAP net income was $2.6 million ($0.11 per diluted share), compared to $0.4 million ($0.02 per share) in Q1 2025.

• GAAP net loss narrowed to $0.3 million ($0.01 per diluted share) from $1.2 million ($0.05 per diluted share) year-over-year.

• Cash and equivalents ended at $40.5 million as of March 31, 2026, down from $44.5 million at year-end 2025.

Outlook and guidance

• Q2 2026 revenue expected between $15.5 million and $16.5 million, excluding impact from the new subcontractor agreement.

• GAAP EPS guidance: net loss of $0.12 to $0.07 per share; non-GAAP EPS: breakeven to $0.03 per share.

• Litigation costs expected to remain elevated for the next few quarters.

• UNISYST engineering samples expected Q4 2026; high reliability MRAM parts to be qualified and available in high volume in H2 2026.

• Management believes current cash reserves are sufficient for the next 12 months; long-term capital needs depend on growth, R&D, and manufacturing investments.