Everspin Technologies (MRAM) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of $20.648M, up 47% YoY and 10% QoQ, with product and non-product growth at the high end of expectations.

• Industrial Automation, Data Center, Medical and Energy Management led end-market growth.

• Non-GAAP net income was $3.058M, or $0.12 per diluted share; GAAP results included significant litigation and regulatory charges.

Financial highlights

• Revenue was $20.648M vs. $14.060M a year earlier; gross profit was $10.609M vs. $7.206M.

• MRAM product sales were $16.945M vs. $12.690M; licensing, royalty, engineering services and other revenue was $3.703M vs. $1.370M.

• GAAP gross margin was 51.4% vs. 51.3%; non-GAAP gross margin was 52.1%, down 0.3 percentage points YoY.

• GAAP operating expenses rose 112% to $18.538M; GAAP operating loss was $7.929M vs. $1.545M.

• GAAP net loss was $7.175M, or $0.29 per share, vs. net income of $54K; non-GAAP net income was $3.058M vs. $1.461M.

Outlook and guidance

• Q4 revenue guidance is $21.5M-$22.5M; GAAP loss per diluted share is expected at $0.08-$0.13 and non-GAAP diluted EPS at $0.13-$0.18.

• Non-GAAP Q4 EPS excludes litigation costs and stock-based compensation; forward reconciliation to GAAP is unavailable without unreasonable effort.

• NOR-replacement demand is included in the outlook; product margins are expected to improve sequentially following Q4 pricing increases, with a long-term gross-margin target above 50%.

• Litigation costs are expected to remain substantial but slightly below Q3 in Q4, then decline significantly in 2027 after the matter goes to the ALJ at year-end.

• LPDDR6 MRAM samples are targeted for late 2028 or early 2029, with early revenue expected in 2029; JEDEC standard-setting is expected to take 18-24 months.