Free cash flow remains highly volatile, swinging to a negative $3.8M in 2026Q1 as capital intensity spiked to a 29.3% CapEx/Revenue ratio to support manufacturing transitions.
| Cash from Operations | 9.09M | 9.96M | 7.1M | 13.13M | 9.49M | 9.36M | -2.92M | -8.12M | -14.67M | -18.89M | -18.54M | -10.67M | -7.94M |
| Operating CF Margin % | - | 18.04% | 14.08% | 20.59% | 15.83% | 16.97% | -6.95% | -21.64% | -29.69% | -52.56% | -68.42% | -40.19% | -31.88% |
| Operating CF Growth % | 107.89% | 40.3% | -45.92% | 38.29% | 1.43% | 420.18% | 63.98% | 44.69% | 22.32% | -1.88% | -73.75% | -34.42% | - |
| Net Income | 284K | -586K | 781K | 9.05M | 6.13M | 4.34M | -8.51M | -14.67M | -17.75M | -21.1M | -16.7M | -18.18M | -10.18M |
| Depreciation & Amortization | 3.06M | 3.21M | 1.73M | 1.21M | 982K | 1.46M | 1.98M | 1.69M | 1.45M | 1.19M | 826K | 1.34M | 1.52M |
| Stock-Based Compensation | 5.5M | 5.78M | 6.71M | 5M | 4.41M | 3.23M | 3.97M | 3.55M | 3.42M | 3.52M | 2.11M | 2.18M | 906K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 19K | 28K | 17K | 19K | 185K | -750K | -15K | -6K |
| Other Non-Cash Items | -587K | -587K | 2.03M | 156K | -85K | 319K | 323K | 290K | 375K | 297K | 1.18M | 232K | 98K |
| Working Capital Changes | 829K | 2.15M | -4.16M | -2.29M | -1.94M | -4K | -712K | 998K | -2.18M | -2.98M | -5.2M | 3.78M | -270K |
| Change in Receivables | 2.4M | 3.62M | -168K | -889K | -2.47M | -586K | -1.81M | 1.72M | -3.82M | -259K | -1.26M | 339K | -579K |
| Change in Inventory | -264K | -1.62M | -719K | -1.71M | -287K | -675K | 2.14M | 1.23M | 694K | -3.87M | -1.24M | -431K | -297K |
| Change in Payables | 8K | -501K | -374K | 499K | 563K | -571K | -820K | 202K | -178K | 1.11M | 340K | 233K | 514K |
| Cash from Investing | -12.12M | -8.67M | -3.06M | -1.39M | -2.59M | -1.03M | -320K | -861K | -1.91M | -3.07M | -1.04M | -1.29M | -525K |
| Capital Expenditures | -10.28M | -6.84M | -3.05M | -1.4M | -2.79M | -1.03M | -320K | -861K | -1.91M | -3.07M | -1.04M | -1.29M | -525K |
| CapEx % of Revenue | 18.06% | 12.39% | 6.05% | 2.2% | 4.65% | 1.87% | 0.76% | 2.3% | 3.87% | 8.54% | 3.84% | 4.88% | 2.11% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.84M | -1.84M | -11K | 19K | 202K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 1.36M | 1.07M | 1.11M | -1.59M | -1.52M | -1.52M | 3.35M | 85K | 27.02M | 5.18M | 47M | 4.65M | 13.71M |
| Debt Issued (Net) | -1.81M | -629K | -66K | -2.79M | -2.4M | -3.4M | -9K | -4.85M | -11K | 3.64M | 8.48M | 4.77M | 3.72M |
| Equity Issued (Net) | 1.43M | 1.13M | 1.18M | 1.2M | 889K | 1.89M | 2.08M | 4.73M | 24.52M | 0 | 38.51M | 0 | 10.03M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.74M | 562K | 0 | 0 | -10K | -11K | 1.28M | 202K | 2.5M | 1.54M | 8K | -126K | -35K |
| Net Change in Cash | -1.66M | 2.35M | 5.15M | 10.15M | 5.39M | 6.81M | 112K | -8.89M | 10.43M | -16.78M | 27.42M | -7.32M | 5.25M |
| Free Cash Flow | -1.19M | 3.12M | 4.05M | 11.72M | 6.71M | 8.33M | -3.24M | -8.98M | -16.59M | -21.96M | -19.58M | -11.96M | -8.46M |
| FCF Margin % | -2.09% | 5.66% | 8.04% | 18.39% | 11.18% | 15.1% | -7.72% | -23.94% | -33.57% | -61.1% | -72.26% | -45.07% | -33.99% |
| FCF Growth % | -123.61% | -22.91% | -65.46% | 74.85% | -19.5% | 356.83% | 63.87% | 45.88% | 24.46% | -12.15% | -63.64% | -41.38% | - |
| FCF per Share | -0.05 | 0.14 | 0.18 | 0.55 | 0.32 | 0.42 | -0.17 | -0.52 | -1.01 | -1.76 | -1.59 | -2.37 | -3.32 |
| FCF Conversion (FCF/Net Income) | -4.19x | -17.00x | 9.09x | 1.45x | 1.55x | 2.15x | 0.34x | 0.55x | 0.83x | 0.90x | 1.11x | 0.59x | 0.78x |
| Interest Paid | 0 | 0 | 0 | 37K | 169K | 0 | 0 | 480K | 504K | 0 | 0 | 0 | 0 |
| Taxes Paid | 2K | 0 | 202K | 0 | 0 | 0 | 0 | 48K | 30K | 0 | 0 | 0 | 0 |
Lumpy cash flow volatility
Based on reported financial data, the relationship between net income and operating cash flow remains highly erratic, with the 2026Q1 OCF/NI ratio of -1.93 highlighting a significant disconnect between accounting profitability and the actual cash generated from the company's core semiconductor operations during the recent quarter.
The frequent divergence between net income and operating cash flow suggests that non-cash charges and working capital swings are heavily influencing the bottom line. Investors should monitor whether this volatility is a structural feature of the company's project-based revenue model or an indication of deteriorating earnings quality.
As reported in recent financial statements, Everspin's free cash flow trajectory has been inconsistent, swinging from a positive $3.0M in 2025Q2 to a negative $3.8M in 2026Q1, which underscores the sensitivity of cash generation to the timing of large-scale industrial and aerospace design-in milestones.
The lack of a sustained positive FCF trend suggests that the company is still in a phase where capital requirements for growth often outpace internal cash generation. This pattern warrants further investigation into whether the current R&D intensity will eventually yield the scale necessary to stabilize cash flows.
According to quarterly filings, the company's capital intensity has fluctuated significantly, with the CapEx/Revenue ratio reaching 29.3% in 2026Q1, a sharp increase from the 0.3% observed in 2024Q2, reflecting the heavy investment required to support the transition toward 28nm STT-MRAM production and manufacturing capacity.
This elevated capital spending appears to be a strategic choice to secure future market share in high-density memory applications. However, the high variability in these expenditures suggests that the company's cash position remains vulnerable to the timing of foundry-related equipment and process development costs.
Based on the provided cash flow statements, working capital changes have been a primary driver of quarterly cash volatility, with a notable $3.4M inflow in 2025Q2 followed by a $1.1M outflow in 2026Q1, indicating that inventory and receivables management remains a critical lever for short-term liquidity.
The erratic nature of these working capital movements suggests that the company's cash conversion cycle is highly dependent on the timing of customer payments and inventory build-ups for specific product lines. Investors should monitor these fluctuations as they may mask underlying operational trends in the core business.
Analysis of recent financial filings reveals that stock-based compensation consistently adds back over $1.3M to $1.9M per quarter, which effectively obscures the true cash burn rate and suggests that the company's operational viability is more dependent on equity-based incentives than the current cash flow statement implies.
By relying on SBC to manage operating expenses, the company may be understating the true cost of talent retention in a competitive semiconductor environment. This practice warrants caution, as it may lead to shareholder dilution that is not fully captured by looking at cash flow metrics alone.
Quick answers to the most common questions about buying MRAM stock.
Everspin Technologies, Inc. (MRAM) generated $10.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Everspin Technologies, Inc. (MRAM) generated $3.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Everspin Technologies, Inc. (MRAM) spent $6.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.