Everspin Technologies Reports $14.9 Million Revenue in Q1 2026, Driven by Product Sales Growth

Everspin Technologies, Inc. reported a total revenue of $14.9 million for the first quarter of 2026, marking a 13.2% increase from $13.1 million in the same period of 2025. The growth was primarily driven by a 27.9% rise in product sales, which reached $14.1 million, up from $11.0 million a year earlier. However, revenue from licensing, royalties, and engineering services decreased significantly by 63.4% to $0.8 million, attributed to the conclusion of a development agreement for an AI technology application. The company's gross profit also improved, rising to $7.8 million, resulting in a gross margin of 52.7%, compared to 51.4% in the prior year.

Operating expenses increased to $10.6 million, up from $8.7 million in the previous year, largely due to higher general and administrative costs, which rose by 31.9% to $5.1 million, driven by litigation expenses related to a patent infringement lawsuit. Research and development expenses also saw a modest increase of 7.4% to $3.6 million. Despite the rise in expenses, Everspin's net loss narrowed to $296,000, compared to a loss of $1.2 million in the first quarter of 2025. The company reported a basic net loss per share of $0.01, an improvement from a loss of $0.05 per share in the prior year.

In terms of operational metrics, Everspin's cash and cash equivalents decreased to $40.5 million from $44.5 million at the end of 2025. The company reported cash provided by operating activities of $570,000, a decline from $1.4 million in the same quarter last year. The decrease in cash flow was influenced by changes in operating assets and liabilities, despite non-cash charges such as stock-based compensation and depreciation contributing positively to cash flow.

Everspin continues to expand its market presence, particularly in the Asia-Pacific region, where revenue increased to $9.2 million from $7.3 million year-over-year. The company is also actively pursuing strategic agreements, including a recent foundry services agreement with Microchip Technology, which is expected to enhance its manufacturing capabilities for MRAM products. Additionally, a subcontract with Amentum Services Inc. aims to support U.S. government projects, further solidifying Everspin's position in the aerospace and defense sectors.

Looking ahead, Everspin remains optimistic about its growth trajectory, supported by its innovative MRAM technology and strategic partnerships. The company anticipates that its cash reserves will be sufficient to meet capital requirements over the next 12 months, as it continues to invest in research and development and expand its manufacturing capabilities.