MRAM earnings

Everspin Technologies reported Q2 FY2026. EPS came in at -$0.15 against a -$0.03 consensus, far below expectations. Revenue was $18.7M versus $17.3M expected, beat by 8.3%. Gross margin was 53.9%, up 120 bps from last quarter.

Everspin Technologies Everspin Technologies reported Q1 FY2026 results that saw revenue come in at $14.9 million, a 1.9% beat over the street estimate of $14.6 million. However, the company missed on EPS, reporting a loss of $0.01 compared to the street estimate of $0.01. The quarter was marked by a significant $40 million contract with a U.S. prime contractor, which will bolster future revenue streams. Despite the mixed financial performance, the company remains optimistic about its long-term growth prospects, particularly with the UNISYST product line and the ongoing development of high-reliability parts.

Everspin Technologies beat the revenue bar in Q4 FY2025, but missed EPS on the street-comparison basis, leaving a clear message: product demand is improving, yet mix, project timing, and operating scale still control the profit bridge. The stock story is no longer about whether revenue can stabilize; it is about whether PERSYST, UNISYST, licensing, and defense-linked funding can turn a mid-teens quarterly revenue base into the company’s stated $100 million annual ambition.

Everspin Technologies showed real product recovery in Q3 FY2025, with MRAM product sales of $12.7 million up 22% over Q3 '24 and revenue up 16% year-over-year, but the market should not treat the $0.06 EPS as clean operating leverage. The variant view is that the stock should be valued on whether Q4 converts satellite and automotive ramps into product revenue above $14 million to $15 million, not on a quarter where other income of $1.2 million helped bridge elevated operating expense.

Everspin Technologies missed revenue by -3.3%, but the market is likely over-indexing on the top-line miss and underpricing the mix shift: gross margin held at 51.3% while industrial automation recovered and IBM-related STT-MRAM revenue reached a steady state. The variant view is that this is not yet a growth inflection, but it is a de-risking print for a small-cap memory name whose cash generation, defense income, and late-2025 production timeline matter more than the $13.2 million headline.