Everspin Technologies, Inc.

What they do

Everspin designs, manufactures, and sells Magnetoresistive Random Access Memory (MRAM) products, including Toggle MRAM, STT-MRAM, and TMR sensors. It operates a 200mm fabrication facility in Chandler, Arizona, and uses GLOBALFOUNDRIES for 300mm STT-MRAM production. The company sells directly and through distributors to OEMs and ODMs across industrial, medical, automotive, aerospace/defense, and data center markets.

Revenue drivers

• MRAM product sales (Toggle and STT-MRAM) — In Q2 2026, product sales were $15.3 million, up from $11.1 million in Q2 2025, representing the majority of total revenue.
• Licensing, royalty, engineering services and other revenue — This segment contributed $3.4 million in Q2 2026, up from $2.1 million in Q2 2025, and includes revenue from the new $40 million contract with a US prime contractor.
• End markets: Industrial Automation, Energy Management, Aerospace and Defense — Management cited these as leading growth drivers in Q2 2026, indicating strong demand across these segments.

Recent performance

In Q2 2026, Everspin reported record quarterly revenue of $18.7 million, up from $13.2 million in Q2 2025. Gross margin expanded to 53.9% from 51.3%. However, GAAP net loss widened to $(3.6) million or $(0.15) per share, from $(0.7) million in the prior-year quarter. Non-GAAP net income was $2.9 million. For the first half of 2026, quarterly revenue increased sequentially from $14.1M to $18.7M, and cash totaled $43.9 million at June 30, 2026.

Strategy

Everspin is balancing strategic investments in its technology roadmap with expense management. The company is focusing on expanding its addressable market through higher-density STT-MRAM products and new applications, while leveraging its recent $40 million contract with a US prime contractor. Management also emphasizes strengthening its competitive position in existing end markets and driving long-term growth.

Risks

• Semiconductor cyclicality — The highly cyclical semiconductor industry can cause significant demand fluctuations, price erosion, and production overcapacity, affecting Everspin's business.
• Dependence on third-party manufacturing — Everspin relies on third-party foundries and assembly/test providers, which reduces control over delivery timing and could lead to price fluctuations or supply disruptions.
• Limited product diversification — While MRAM is the core focus, revenue concentration in a niche memory market could amplify impact from technology shifts or competitive alternatives.
• Macroeconomic and supply chain conditions — General market volatility, supply chain constraints, and semiconductor industry downturns could harm Everspin's results and growth prospects.

Outlook

For Q3 2026, management expects total revenue between $19.5 million and $20.5 million, with GAAP net loss per share between $(0.10) and $(0.05) and non-GAAP net income per diluted share between $0.10 and $0.15. The outlook reflects expectations for continued growth in product and non-product revenue.