Key Highlights

  • Total revenue reached USD 20.6 million in Q3 2026, rising 47% from USD 14.1 million a year earlier.
  • GAAP net loss was USD 7.2 million, or USD 0.29 per share, after litigation costs and a regulatory provision.
  • Non-GAAP net income doubled to USD 3.1 million, or USD 0.12 per diluted share, from USD 0.06 a year ago.
  • Fourth-quarter revenue is guided to USD 21.5 million to USD 22.5 million, with non-GAAP EPS of USD 0.13 to 0.18.

Everspin Technologies, Inc. (NASDAQ:MRAM) reported third-quarter 2026 total revenue of USD 20.6 million, up 47% from USD 14.1 million in the same quarter of 2025 and above a consensus estimate of USD 20.07 million. Product sales, covering both Toggle and spin-transfer torque parts, rose to USD 16.9 million from USD 12.7 million, while licensing, royalty, engineering services and other revenue climbed to USD 3.7 million from USD 1.4 million.

On a GAAP basis the company lost USD 0.29 per share, a wider loss than the consensus estimate of a USD 0.04 loss and a swing from break-even a year earlier. Net loss was USD 7.2 million. The company attributed the result mainly to USD 6.0 million of litigation expenses and a USD 2.7 million regulatory provision booked in the quarter. Excluding stock-based compensation, litigation and the provision, non-GAAP net income was USD 3.1 million, or USD 0.12 per diluted share. CEO Sanjeev Aggarwal said growth was led by Industrial Automation, Data Center, Medical and Energy Management end markets.

Margins, Operating Costs and Cash

GAAP gross margin was 51.4%, essentially level with 51.3% a year earlier but down from 53.9% in the second quarter of 2026. Non-GAAP gross margin stood at 52.1%, compared with 52.4% a year ago and 54.7% last quarter. Gross profit increased to USD 10.6 million from USD 7.2 million.

GAAP operating expenses more than doubled to USD 18.5 million from USD 8.8 million, with general and administrative spending of USD 13.0 million versus USD 3.7 million in the prior-year quarter. Non-GAAP operating expenses rose a more modest 13% to USD 8.5 million, which produced a non-GAAP operating margin of 11.2% against negative 1.0% a year earlier.

Cash and cash equivalents were USD 43.0 million at September 30, 2026, versus USD 44.5 million at the end of 2025. Over nine months, operating cash flow was USD 1.6 million compared with USD 7.3 million a year earlier, while capital spending on property and equipment rose to USD 7.1 million from USD 3.2 million.

Fourth-Quarter Guidance and Disclosed Uncertainties

For the fourth quarter of 2026, the company guided to total revenue of USD 21.5 million to USD 22.5 million, a GAAP net loss per share between USD 0.13 and USD 0.08, and non-GAAP net income per diluted share between USD 0.13 and USD 0.18.

The company did not provide a GAAP reconciliation for its non-GAAP outlook, citing uncertainty over stock-based compensation timing and litigation costs, which depend on case activity and on actions by a third party. It also flagged supply chain interruptions and general semiconductor industry volatility as factors that could affect results.

What Remains Open

Four figures frame the coming disclosures. Litigation expenses are first: USD 6.0 million in the third quarter after USD 4.0 million in the second, a line the company says it cannot forecast. Gross margin is second, having moved from 53.9% to 51.4% on a GAAP basis in one quarter. The third is the fourth-quarter revenue range of USD 21.5 million to USD 22.5 million against the USD 20.6 million just reported. The fourth is the cash balance of USD 43.0 million, set against nine-month capital spending of USD 7.1 million and the GAAP loss guidance of USD 0.08 to USD 0.13 per share.