0001628280-26-028376.txt : 20260429 0001628280-26-028376.hdr.sgml : 20260429 20260429160928 ACCESSION NUMBER: 0001628280-26-028376 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20260429 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20260429 DATE AS OF CHANGE: 20260429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EVERSPIN TECHNOLOGIES INC. CENTRAL INDEX KEY: 0001438423 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] ORGANIZATION NAME: 04 Manufacturing EIN: 262640654 STATE OF INCORPORATION: X1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37900 FILM NUMBER: 26916048 BUSINESS ADDRESS: STREET 1: 5670 W. CHANDLER BOULEVARD STREET 2: SUITE 130 CITY: CHANDLER STATE: AZ ZIP: 85226 BUSINESS PHONE: 480-347-1111 MAIL ADDRESS: STREET 1: 5670 W. CHANDLER BOULEVARD STREET 2: SUITE 130 CITY: CHANDLER STATE: AZ ZIP: 85226 FORMER COMPANY: FORMER CONFORMED NAME: EVERSPIN TECHNOLOGIES INC DATE OF NAME CHANGE: 20080624 8-K 1 mram-20260429.htm 8-K mram-20260429
false000143842300014384232026-04-292026-04-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2026
Everspin Technologies, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
001-37900
(Commission
File Number)
26-2640654
(IRS Employer
Identification No.)
5670 W. Chandler Blvd.
Suite 130
Chandler, Arizona 85226
(Address of principal executive offices, including zip code)
(480) 347-1111
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which
registered
Common Stock, par value $0.0001MRAMThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
On April 29, 2026, Everspin Technologies, Inc. issued a press release announcing its financial results for the quarter and quarter ended March 31, 2026, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
Exhibit No.Description
99.1
104Cover Page Interactive Data File (formatted as Inline XBRL)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Everspin Technologies, Inc.
Dated: April 29, 2026
By: /s/ William Cooper
William Cooper
Chief Financial Officer

 EX-99.1 2 mram-20260331xexx991.htm EX-99.1 Document

Exhibit 99.1
Everspin Reports Unaudited First Quarter 2026 Financial Results
Chandler, AZ, April 29, 2026—Everspin Technologies, Inc. (NASDAQ: MRAM), the world’s leading developer and manufacturer of magnetoresistive random access memory (MRAM) persistent memory solutions, today announced preliminary unaudited financial results for the first quarter ended March 31, 2026.
“Our first quarter results were driven by strength in Industrial Automation, Transportation, and Data Center applications,” said Sanjeev Aggarwal, President and Chief Executive Officer. “Additionally, we have started to see a recovery in customer demand especially in Japan as inventory levels have been worked down. We are also very excited to announce a new $40 million contract with a US prime contractor to provide State of the Art (SOTA) MRAM process technology capabilities and engineering services for United States Defense Industrial Base customers.”
First Quarter 2026 Results
•Total revenue of $14.9 million, compared to $13.1 million in the first quarter of 2025.
•MRAM product sales, which include both Toggle and STT-MRAM revenue, of $14.1 million, compared to $11.0 million in the first quarter of 2025.
•Licensing, royalty, patent, and other revenue of $0.8 million, compared to $2.1 million in the first quarter of 2025.
•Gross margin of 52.7%, compared to 51.4% in the first quarter of 2025.
•GAAP operating expenses of $10.6 million, compared to $8.7 million in the first quarter of 2025.
•Interest and Other income, net of $2.4 million, compared to $0.8 million in the first quarter of 2025.
•GAAP net loss of $0.3 million, or $(0.01) per diluted share, compared to net loss of $1.2 million, or $(0.05) per diluted share, in the first quarter of 2025.
•Non-GAAP net income of $2.6 million, or $0.11 per diluted share, compared to non-GAAP net income of $0.4 million, or $0.02 per diluted share, in the first quarter of 2025.
•Cash and cash equivalents as of March 31, 2026, totaled $40.5 million.
“We are pleased with our first quarter results, which came in at the high end of our expectations, driven by increasing product revenue. Our balance sheet remains strong, providing us with the necessary capital to execute our recently signed Foundry Services Agreement with Microchip, as well as continuing to invest in product development to deliver on our roadmap and enabling the Company to address opportunities that will drive future growth. We continue to prioritize strong operational execution and prudent expense management,” said Bill Cooper, Everspin’s Chief Financial Officer.
Business Outlook
For the second quarter of 2026, Everspin expects total revenue in a range of $15.5 million to $16.5 million and GAAP net loss per share to be between ($0.12) and $(0.07). Non-GAAP net income per diluted share is anticipated to be between $0.00 and $0.03. This guidance excludes any impact from the new sub-contractor agreement announced today.
A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges are impacted by the timing of employee stock transactions, the future fair market value of Everspin’s common stock, and Everspin’s future hiring and retention needs, all of which are difficult to predict and subject to constant change. These factors could be material to Everspin’s results computed in accordance with GAAP. This outlook is dependent on Everspin's current expectations, which may be impacted by, among other things, evolving external conditions, such as public health-related events or outbreaks, local safety guidelines, worsening impacts due to supply chain constraints or interruptions, including general market and semiconductor industry volatility, and the other risk factors described in Everspin's filings with the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, its Quarterly Reports on Form 10-Q filed with the SEC during 2026, as well as in its subsequent filings with the SEC.


Use of Non-GAAP Financial Measures
Everspin supplements the reporting of its financial information determined under generally accepted accounting principles in the United States of America (GAAP) with Non-GAAP financial measures including gross profit, gross margin, operating expenses, operating income (loss), operating margin, net income (loss), and EPS which are defined as the GAAP financial measures excluding the effect of stock-based compensation and litigation costs. Everspin’s GAAP tax rate is effectively zero due to NOL carryforwards, thus a Non-GAAP tax rate is not included as a Non-GAAP financial measure.
Everspin’s management and board of directors use these non-GAAP measures to understand and evaluate its operating performance and trends, to prepare and approve its annual budget and to develop short-term and long-term operating and financing plans. Accordingly, Everspin believes that these non-GAAP measures provide useful information for investors in understanding and evaluating its operating results in the same manner as its management and board of directors. These non-GAAP financial measures should be considered in addition to, not as superior to, or as a substitute for, financial measures reported in accordance with GAAP. Moreover, other companies may define these non-GAAP measures differently, which limits the usefulness of this measure for comparisons with such other companies. Everspin encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.
Conference Call
Everspin will host a conference call for analysts and investors on Wednesday, April 29, 2026, at 5:00 p.m. Eastern Time.
Dial-in details: To access the call by phone, please go to this link and you will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.
The live webcast of the call will be accessible on Everspin’s website at investor.everspin.com. Approximately two hours after the conclusion of the live event, an archived webcast of the conference call will be accessible from the Investor Relations section of Everspin’s website for twelve months.
About Everspin Technologies
Everspin Technologies, Inc. is the world’s leading provider of magnetoresistive RAM (MRAM). Everspin MRAM delivers the industry’s most robust, highest-performance non-volatile memory for industrial IoT, data centers and other mission-critical applications where data persistence is paramount. Headquartered in Chandler, Arizona, Everspin provides commercially available MRAM solutions to a large and diverse customer base. For more information, visit www.everspin.com. NASDAQ: MRAM.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding future results that involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to the statements made under the caption “Business Outlook.” Forward-looking statements are identified by words such as “expects” or similar expressions. These include, but are not limited to, Everspin’s future financial performance, including the outlook for second quarter 2026 results. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks set forth under the caption “Risk Factors” in Everspin’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 4, 2026, and its Quarterly Reports on Form 10-Q filed with the SEC during 2026, as well as in its subsequent filings with the SEC. Any forward-looking statements made by Everspin in this press release speak only as of the date on which they are made and subsequent events may cause these expectations to change. Everspin disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations:
Monica Gould
The Blueshirt Group
T: 212-871-3927
ir@everspin.com


EVERSPIN TECHNOLOGIES, INC.
Condensed Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
March 31,
2026		December 31,
2025
Assets
Current assets:
Cash and cash equivalents$40,494 $44,450 
Accounts receivable, net10,164 8,101 
Inventory11,255 10,734 
Prepaid expenses and other current assets1,811 1,877 
Total current assets63,724 65,162 
Property and equipment, net14,925 14,140 
Intangible assets, net1,272 1,714 
Right-of-use assets2,918 3,251 
Other assets352 342 
Total assets$83,191 $84,609 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$3,510 $5,180 
Accrued liabilities4,531 3,651 
Lease liabilities, current portion1,399 1,381 
Contract obligations291 1,472 
Software liabilities, current portion1,329 1,769 
Total current liabilities11,060 13,453 
Lease liabilities, net of current portion1,599 1,956 
Software liabilities, net of current portion16 15 
Long-term income tax liability271 268 
Total liabilities$12,946 $15,692 
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $0.0001 par value per share; 5,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025
— — 
Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 23,320,978 and 22,977,797 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
2 2 
Additional paid-in capital207,996 206,370 
Accumulated deficit(137,753)(137,455)
Total stockholders’ equity70,245 68,917 
Total liabilities and stockholders’ equity$83,191 $84,609 



EVERSPIN TECHNOLOGIES, INC.
Condensed Statements of Operations and Comprehensive Income (Loss)
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended March 31,
20262025
Product sales$14,100 $11,026 
Licensing, royalty, patent, engineering services and other revenue
772 2,112 
Total revenue14,872 13,138 
Cost of product sales6,955 6,029 
Cost of licensing, royalty, patent, engineering services and other revenue
74 356 
Total cost of sales7,029 6,385 
Gross profit7,843 6,753 
Operating expenses:
Research and development3,605 3,356 
General and administrative5,061 3,838 
Sales and marketing1,893 1,491 
Total operating expenses10,559 8,685 
Loss from operations(2,716)(1,932)
Interest income317 408 
Other income, net
2,106 388 
Net loss before income taxes(293)(1,136)
Income tax expense(3)(30)
Net loss and comprehensive loss$(296)$(1,166)
Net loss per common share:
Basic$(0.01)$(0.05)
Diluted$(0.01)$(0.05)
Weighted average shares of common stock outstanding:
Basic23,137,81522,188,114
Diluted23,137,81522,188,114



EVERSPIN TECHNOLOGIES, INC.
Condensed Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended March 31,
20262025
Cash flows from operating activities
Net loss$(296)$(1,166)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization699 846 
Stock-based compensation1,300 1,577 
Changes in operating assets and liabilities:
Accounts receivable(2,063)(843)
Inventory(521)(1,881)
Prepaid expenses and other current assets66 235 
Other assets30 (56)
Accounts payable1,575 1,066 
Accrued liabilities948 (103)
Deferred revenue— 1,062 
Contract obligations(1,181)564 
Lease liabilities, net10 15 
Long-term income tax liability3 124 
Net cash provided by operating activities570 1,440 
Cash flows from investing activities
Purchases of property and equipment(4,355)(913)
Purchases of intangible assets(479)(478)
Net cash used in investing activities(4,834)(1,391)
Cash flows from financing activities
Payments on finance leases(16)(17)
Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan324 29 
Net cash provided by financing activities308 12 
Net (decrease) increase in cash and cash equivalents(3,956)61 
Cash and cash equivalents at beginning of period44,450 42,097 
Cash and cash equivalents at end of period$40,494 $42,158 
Supplementary cash flow information:
Operating cash flows paid for operating leases$357 $353 
Financing cash flows paid for finance leases$16 $17 
Non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued liabilities$485 $230 



EVERSPIN TECHNOLOGIES, INC.
Supplemental Quarterly Financial Results
(In thousands, except per share amounts)
(Unaudited)
GAAP Financial Results
Three months ended
March 31,		Three months ended
December 31,
2025
20262025Y/YQ/Q
Revenue$14,872 $13,138 13%$14,803 —%
Gross Profit$7,843 $6,753 16%$7,515 4%
Gross Margin52.7%51.4%Up 1.3 ppts50.8%Up 1.9 ppts
Operating Expenses$10,559 $8,685 22%$8,585 23%
Operating Loss$(2,716)$(1,932)(41)%$(1,070)(154)%
Operating Margin(18.3)%(14.7)%Down 3.6 ppts(7.2)%Down 11.1 ppts
Interest and Other Income $2,423 $796 204%$2,394 1%
Net (Loss) Income $(296)$(1,166)75%$1,196 (125)%
Diluted Earnings Per Share$(0.01)$(0.05)76%$0.05 (126)%
Non-GAAP Financial Results
Three months ended
March 31,		Three months ended
December 31,
2025
20262025Y/YQ/Q
Revenue$14,872 $13,138 13%$14,803 —%
Gross Profit$7,984 $6,939 15%$7,672 4%
Gross Margin53.7%52.8%Up 0.9 ppts51.8%Up 1.9 ppts
Operating Expenses$7,771 $7,294 7%$7,369 5%
Operating Income (Loss)$213 $(355)160%$303 (30)%
Operating Margin1.4%(2.7)%Up 4.1 ppts2.0%Down 0.6 ppts
Interest and Other Income$2,423 $796 204%$2,394 1%
Net Income $2,633 $411 541%$2,569 2%
Diluted Earnings Per Share$0.11 $0.02 450%$0.11 —%


EVERSPIN TECHNOLOGIES, INC.
Supplemental Reconciliations of GAAP Results to Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Three Months Ended
March 31,December 31,
2025
20262025
Gross
Profit		Gross
Margin		Gross
Profit		Gross
Margin		Gross
Profit		Gross
Margin
GAAP$7,843 52.7%$6,753 51.4%$7,515 50.8%
Stock-Based Compensation, COGS141 186157
Non-GAAP$7,984 53.7%$6,939 52.8%$7,672 51.8%
Operating
Expenses		As a %
of Revenue		Operating
Expenses		As a %
of Revenue		Operating
Expenses		As a %
of Revenue
GAAP$10,559 71.0%$8,685 66.1%$8,585 58.0%
Stock-Based Compensation, R&D(350)(497)(397)
Stock-Based Compensation, SG&A(809)(894)(819)
Litigation Costs(1,629)— — 
Non-GAAP$7,771 52.3%$7,294 55.5%$7,369 49.8%
Operating
Income (Loss)		Operating
Margin		Operating
Income (Loss)		Operating
Margin		Operating
Income (Loss)		Operating
Margin
GAAP$(2,716)(18.3)%$(1,932)(14.7)%$(1,070)(7.2)%
Stock-Based Compensation1,3001,5771,373
Litigation Costs1,629 — — 
Non-GAAP$213 1.4%$(355)(2.7)%$303 2.0%
Net
Income (Loss)		Earnings
Per Share		Net
Income (Loss)		Earnings
Per Share		Net
Income (Loss)		Earnings
Per Share
GAAP$(296)$(0.01)$(1,166)$(0.05)$1,196 $0.05 
Stock-Based Compensation1,300 $0.05 1,577 $0.07 1,373 $0.06 
Litigation Costs1,629 $0.07 — $— — $— 
Non-GAAP$2,633 $0.11 $411 $0.02 $2,569 $0.11 

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