Everspin Technologies (MRAM) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $14.8 million, up 12% year-over-year, driven by strong demand in data center, energy management, and industrial automation applications.

• Achieved 238 design wins in 2025, up from 178 in 2024, reflecting robust product innovation and customer adoption across industrial, gaming, energy, and aerospace sectors, with production ramp expected in 2026 and 2027.

• Full year 2025 revenue grew 10% to $55.2 million, with MRAM product sales up 14% to $48.3 million.

• High-Reliability PERSYST 64 Mb xSPI STT-MRAM ramped to full production, with strong demand from LEO satellite and harsh environment markets.

• Strategic focus on chiplet technology, automotive, and AI edge markets, with partnerships and ecosystem development underway.

Financial highlights

• Q4 2025 revenue was $14.8 million, at the high end of guidance, with MRAM product sales up 22% year-over-year to $13.5 million.

• Licensing, royalty, and other revenue declined to $1.3 million from $2.2 million in Q4 2024 due to project completions.

• Q4 GAAP net income was $1.2 million ($0.05 per diluted share), flat year-over-year; non-GAAP net income was $2.6 million ($0.11 per diluted share), down from $2.8 million ($0.13) in Q4 2024.

• GAAP gross margin was 50.8%, down from 51.3% in Q4 2024; full year gross margin was 51.2%.

• Cash and cash equivalents stood at $44.5 million at quarter and year end, with $2.8 million in Q4 operating cash flow and $9.96 million for the full year.

Outlook and guidance

• Q1 2026 revenue expected in the $14 million–$15 million range, consistent with Q4 2025.

• GAAP net loss per share expected between $0.03 loss and $0.02 income; non-GAAP net income per share between $0.07 and $0.12.

• Gross margin targeted to remain around 50%, with a sequential decline in non-product revenue anticipated.

• Guidance subject to risks including supply chain constraints, market volatility, and external events.

• Long-term strategy targets $100 million in annual revenue within 3–5 years, driven by new product ramps and licensing.