Everspin maintains structural gross margin resilience above 50%, with the 2026Q1 figure of 52.7% highlighting premium pricing power despite persistent operating losses.
| Sales/Revenue | 56.94M | 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 % | 15.94% | 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 | 27.6M | 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 | 29.33M | 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 % | 51.52% | 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 | 36.62M | 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 | 22.29M | 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 | 14.33M | 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 | -7.29M | -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 % | -12.81% | -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 | -4.23M | -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 % | -7.42% | -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 % | 32.3% | 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) | 3.06M | 3.21M | 1.73M | 1.21M | 982K | 1.46M | 1.98M | 1.69M | 1.45M | 1.19M | 826K | 1.34M | 1.52M |
| EBIT | -5.7M | -6.51M | 741K | 9.1M | 6.42M | 4.89M | -7.59M | -13.92M | -16.86M | -20.34M | -14.36M | -17.53M | -9.92M |
| Net Interest Income | 1.55M | 1.65M | 1.77M | -63K | -274K | -547K | -665K | -747K | -890K | -764K | -2.35M | -653K | -263K |
| Interest Income | 1.55M | 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 | 7.68M | 6.05M | 7.83M | 3.15M | -84K | -688K | -689K | -257K | -433K | -892K | -1.19M | -647K | -265K |
| Pretax Income | 386K | -457K | 741K | 9.04M | 6.14M | 4.35M | -8.25M | -14.67M | -17.75M | -21.1M | -16.7M | -18.18M | -10.18M |
| Pretax Margin % | 0.68% | -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 | 102K | 129K | -40K | -16K | 14K | 4K | 260K | 0 | 0 | 0 | 3.17M | 0 | 0 |
| Effective Tax Rate % | 26.42% | -28.23% | -5.4% | -0.18% | 0.23% | 0.09% | -3.15% | 0% | 0% | 0% | -18.96% | 0% | 0% |
| 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 |
| Net Margin % | 0.5% | -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 % | 330.89% | -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) | 284K | -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) | 0.01 | -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 % | 165.13% | -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 | 23.14M | 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 | 23.14M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical supply chain exposure
According to recent quarterly filings, Everspin's revenue growth has shown a volatile recovery, reaching 13.2% year-over-year in 2026Q1 after experiencing significant contractions throughout 2024, suggesting that the company's project-based sales model remains highly sensitive to the timing of industrial and aerospace design-in cycles.
The recent return to positive growth indicates that the company is successfully navigating the transition toward newer STT-MRAM applications. However, the inconsistency in quarterly revenue figures suggests that the firm's reliance on lumpy, project-based orders may continue to create unpredictable top-line performance for investors.
As reported in financial statements, Everspin has maintained gross margins consistently above 50%, with the 2026Q1 figure of 52.7% highlighting the company's ability to command premium pricing for its specialized Toggle MRAM products despite the absence of significant scale compared to larger semiconductor manufacturers.
This margin profile appears to be a direct result of the company's niche positioning in high-reliability markets where switching costs are high. Investors should monitor whether the shift toward higher-density STT-MRAM products will sustain these margins or if competitive pressures will eventually force a compression.
Based on the provided income statement data, Everspin continues to struggle with operating leverage, as evidenced by a persistent operating loss of $2.7M in 2026Q1, indicating that revenue scaling has not yet been sufficient to offset the fixed costs associated with R&D and SG&A overhead.
The company's inability to achieve consistent operating profitability suggests that its current cost structure is too heavy for its existing revenue base. Without a significant inflection in volume, the firm may continue to face challenges in demonstrating a clear path to sustainable GAAP earnings.
Analysis of recent filings reveals that Everspin's net income is frequently impacted by non-operating items and significant stock-based compensation, which totaled $1.3M in 2026Q1, effectively masking the underlying cash burn and complicating the assessment of true operational performance for the semiconductor firm.
The reliance on stock-based compensation as a major expense component suggests that GAAP net income figures may overstate the company's actual profitability. Investors should focus on cash flow from operations rather than headline EPS to gauge the firm's true financial health.
Data regarding geographic revenue concentration suggests that Everspin faces substantial risk from its reliance on the Asia-Pacific region, particularly given that any escalation in US-China trade restrictions could severely disrupt the primary sales channels for its industrial memory components, as noted in recent industry context.
While the company's niche moat is strong, the geographic concentration of its revenue stream represents a potential single point of failure. This vulnerability warrants further investigation into the company's ability to diversify its customer base and mitigate the impact of potential export control shifts.
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.