Revenue reaccelerated to $20.6M with 46.9% year-over-year growth and a stable 51.4% gross margin, yet operating margin deteriorated to -38.4% as SG&A rose to $15.0M, warranting scrutiny of overhead discipline.
Everspin Technologies, Inc. (MRAM) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 69.06M | 55.2M | 50.4M | 63.77M | 59.98M | 55.15M | 42.03M | 37.5M | 49.42M | 35.94M | 27.09M | 26.55M | 24.9M |
| Revenue Growth % | 28.74% | 9.52% | -20.96% | 6.3% | 8.77% | 31.2% | 12.07% | -24.11% | 37.51% | 32.63% | 2.06% | 6.63% | - |
| Cost of Goods Sold | 32.99M | 26.96M | 24.28M | 26.52M | 26.04M | 22.07M | 23.94M | 19.17M | 24.08M | 14.45M | 12.05M | 12.57M | 11.81M |
| COGS % of Revenue | - | 48.84% | 48.16% | 41.59% | 43.41% | 40.03% | 56.96% | 51.12% | 48.73% | 40.21% | 44.47% | 47.34% | 47.42% |
| Gross Profit | 36.06M | 28.24M | 26.13M | 37.24M | 33.95M | 33.07M | 18.09M | 18.33M | 25.33M | 21.48M | 15.05M | 13.98M | 13.09M |
| Gross Margin % | 52.22% | 51.16% | 51.84% | 58.41% | 56.59% | 59.97% | 43.04% | 48.88% | 51.27% | 59.79% | 55.53% | 52.66% | 52.58% |
| Gross Profit Growth % | - | 8.1% | -29.85% | 9.72% | 2.64% | 82.83% | -1.32% | -27.64% | 17.91% | 42.8% | 7.64% | 6.78% | - |
| Operating Expenses | 52.16M | 34.75M | 33.22M | 31.36M | 27.72M | 28.04M | 25.65M | 32.74M | 42.66M | 41.69M | 30.22M | 31.51M | 23.01M |
| OpEx % of Revenue | - | 62.95% | 65.9% | 49.18% | 46.21% | 50.84% | 61.03% | 87.31% | 86.32% | 116.02% | 111.54% | 118.71% | 92.42% |
| Selling, General & Admin | 36.6M | 20.66M | 19.53M | 19.58M | 16.61M | 15.41M | 14.76M | 17.78M | 19.02M | 16.26M | 10.99M | 10.39M | 10.34M |
| SG&A % of Revenue | - | 37.44% | 38.75% | 30.71% | 27.69% | 27.94% | 35.11% | 47.4% | 38.48% | 45.24% | 40.55% | 39.13% | 41.55% |
| Research & Development | 15.56M | 14.09M | 13.69M | 11.78M | 11.11M | 12.63M | 10.9M | 14.18M | 23.64M | 25.44M | 19.23M | 21.13M | 12.66M |
| R&D % of Revenue | - | 25.52% | 27.15% | 18.47% | 18.52% | 22.9% | 25.92% | 37.82% | 47.83% | 70.78% | 70.99% | 79.58% | 50.87% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 782K | 0 | 118K | 0 | 6K | -2K |
| Operating Income | -16.1M | -6.51M | -7.09M | 5.88M | 6.23M | 5.04M | -7.56M | -14.41M | -17.32M | -20.21M | -15.17M | -17.54M | -9.92M |
| Operating Margin % | -23.31% | -11.79% | -14.07% | 9.23% | 10.38% | 9.13% | -17.99% | -38.43% | -35.05% | -56.23% | -56.01% | -66.06% | -39.84% |
| Operating Income Growth % | - | 8.22% | -220.49% | -5.49% | 23.67% | 166.57% | 47.52% | 16.79% | 14.29% | -33.18% | 13.47% | -76.81% | - |
| EBITDA | -13.33M | -3.3M | -5.36M | 7.09M | 7.21M | 6.49M | -5.58M | -12.72M | -15.87M | -19.02M | -14.35M | -16.2M | -8.4M |
| EBITDA Margin % | -19.3% | -5.97% | -10.63% | 11.12% | 12.02% | 11.77% | -13.28% | -33.91% | -32.12% | -52.92% | -52.96% | -61.01% | -33.74% |
| EBITDA Growth % | -241.74% | 38.51% | -175.6% | -1.65% | 11.08% | 216.29% | 56.12% | 19.87% | 16.54% | -32.54% | 11.41% | -92.79% | - |
| D&A (Non-Cash Add-back) | 2.77M | 3.21M | 1.73M | 1.21M | 982K | 1.46M | 1.98M | 1.69M | 1.45M | 1.19M | 826K | 1.34M | 1.52M |
| EBIT | -9.72M | -457K | 741K | 9.1M | 6.42M | 4.89M | -7.59M | -13.92M | -16.86M | -20.34M | -14.36M | -17.53M | -9.92M |
| Net Interest Income | 1.37M | 1.65M | 1.77M | -63K | -274K | -547K | -665K | -747K | -890K | -764K | -2.35M | -653K | -263K |
| Interest Income | 1.37M | 1.65M | 1.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 63K | 274K | 547K | 665K | 747K | 890K | 764K | 2.35M | 653K | 263K |
| Other Income/Expense | 6.38M | 6.05M | 7.83M | 3.15M | -84K | -688K | -689K | -257K | -433K | -892K | -1.19M | -647K | -265K |
| Pretax Income | -9.72M | -457K | 741K | 9.04M | 6.14M | 4.35M | -8.25M | -14.67M | -17.75M | -21.1M | -16.7M | -18.18M | -10.18M |
| Pretax Margin % | -14.08% | -0.83% | 1.47% | 14.17% | 10.24% | 7.88% | -19.63% | -39.11% | -35.93% | -58.72% | -61.64% | -68.5% | -40.9% |
| Income Tax | 141K | 129K | -40K | -16K | 14K | 4K | 260K | 0 | 0 | 0 | 3.17M | 0 | 0 |
| Effective Tax Rate % | -1.45% | -28.23% | -5.4% | -0.18% | 0.23% | 0.09% | -3.15% | 0% | 0% | 0% | -18.96% | 0% | 0% |
| Net Income | -9.86M | -586K | 781K | 9.05M | 6.13M | 4.34M | -8.51M | -14.67M | -17.75M | -21.1M | -16.7M | -18.18M | -10.18M |
| Net Margin % | -14.28% | -1.06% | 1.55% | 14.2% | 10.22% | 7.88% | -20.25% | -39.11% | -35.93% | -58.72% | -61.64% | -68.5% | -40.9% |
| Net Income Growth % | -1841.73% | -175.03% | -91.37% | 47.69% | 41.12% | 151.02% | 41.97% | 17.38% | 15.86% | -26.34% | 8.15% | -78.56% | - |
| Net Income (Continuing) | -9.86M | -586K | 781K | 9.05M | 6.13M | 4.34M | -8.51M | -14.67M | -17.75M | -21.1M | -16.71M | -18.18M | -10.18M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.40 | -0.03 | 0.04 | 0.42 | 0.29 | 0.22 | -0.45 | -0.92 | -1.08 | -1.69 | -1.36 | -3.61 | -3.99 |
| EPS Growth % | -1673.57% | -173.86% | -91.62% | 44.83% | 31.82% | 148.89% | 51.09% | 14.81% | 36.09% | -24.26% | 62.33% | 9.52% | - |
| EPS (Basic) | - | -0.03 | 0.04 | 0.44 | 0.30 | 0.22 | -0.45 | -0.92 | -1.08 | -1.69 | -1.36 | -3.61 | -3.99 |
| Diluted Shares Outstanding | 24.37M | 22.57M | 22.16M | 21.37M | 20.78M | 19.97M | 18.78M | 17.32M | 16.37M | 12.48M | 12.3M | 5.04M | 2.55M |
| Basic Shares Outstanding | 24.37M | 22.57M | 21.64M | 20.75M | 20.13M | 19.4M | 18.78M | 17.32M | 16.37M | 12.48M | 12.3M | 5.04M | 2.55M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MRAM stock.
For fiscal year 2025, Everspin Technologies, Inc. (MRAM) reported total revenue of $55.2M. This represents a 121.7% increase compared to $24.9M in 2014.
Everspin Technologies, Inc. (MRAM) reported a net loss of $0.6M for the fiscal year ending 2025.
Everspin Technologies, Inc. (MRAM) reported an operating income of $-6.5M, resulting in an operating profit margin of -11.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Everspin Technologies, Inc. (MRAM) generated $28.2M in gross profit for the year, representing a gross profit margin of 51.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses despite growth
Metrics are mathematically derived from official filings.
Revenue Reacceleration Masks Persistent Losses
Based on reported figures, Everspin's quarterly revenue climbed from $10.6M in 2024Q2 to $20.6M in 2026Q3, with year-over-year growth reaching 46.9%, a clear reacceleration that warrants investor attention.
The revenue trajectory suggests demand has strengthened meaningfully over the past several quarters, with growth rates swinging from negative in early 2025 to above 40% in the most recent two quarters. The data does not break out volume versus pricing or organic versus inorganic contributions, so the durability of this acceleration cannot be confirmed from the income statement alone. Investors should monitor whether growth holds as the comparison base becomes tougher.
Stable Gross Margins Above Fifty Percent
Everspin's gross margin has held in a narrow band between 49.0% and 53.9% across the ten reported quarters, with the latest quarter at 51.4%, suggesting consistent unit economics in its MRAM product line.
Gross margin stability through a period of rising revenue points to reasonable pricing discipline and manufacturing absorption, though the data does not isolate pricing power from mix effects. Compared with peer Silicon Motion at 48.3% and ChipMOS at 10.8%, Everspin's margin profile appears closer to fabless-style economics than to contract manufacturing. The narrow range is consistent with a product niche rather than a commodity exposure, but cyclicality cannot be assessed from this window.
Operating Losses Widen Despite Revenue Gains
Operating margin deteriorated to -38.4% in 2026Q3 from -14.7% a year earlier, as operating expenses grew faster than gross profit, indicating negative operating leverage in the most recent period.
SG&A rose from roughly $5.0M to $15.0M per quarter on the reported figures, a step-up that outpaced gross profit growth and drove the operating loss wider. This pattern suggests that cost investments may be running ahead of revenue absorption, which warrants further investigation into whether the SG&A increase is durable or episodic. Until operating expenses stabilize relative to gross profit, the path to operating breakeven remains unclear from the reported figures.
SG&A Step-Up Drives Expense Pressure
According to reported financial statements, Everspin's SG&A expense jumped to $15.0M in 2026Q3 from $7.0M in 2026Q1, while R&D remained comparatively flat near $3.6M, pointing to overhead rather than engineering as the primary cost driver.
The concentration of cost growth in SG&A rather than R&D suggests that recent spending may reflect commercial scaling, corporate costs, or one-time items, though the filings provided do not disclose the composition. R&D spending has been stable at roughly $3.4M to $4.8M per quarter, indicating that core product development has not been materially accelerated. Investors should monitor whether SG&A normalizes or continues to absorb an increasing share of gross profit.
Growth Story Faces Unresolved Profitability Gap
The strongest bear case is that Everspin's revenue reacceleration has not translated into profit, with net margin at -34.7% in 2026Q3 and every reported quarter showing a net loss except a few marginal profits in 2024 and 2025.
Short-side analysis would argue that the 46.9% growth rate is being purchased with SG&A spending that is not yet proving productive, and that gross margin stability alone cannot fund a cost base that has nearly tripled in a single year. Net income has been negative in most quarters, and the intermittent profitable quarters appear to reflect small operating gaps or non-operating items rather than sustained earnings power. The data does not disclose stock-based compensation trends beyond roughly $1.3M to $1.9M per quarter, so earnings quality cannot be fully assessed.