Everspin Technologies (NASDAQ: MRAM) posts Q2 2026 revenue jump and Q3 outlook

Rhea-AI Filing Summary

Everspin Technologies reported preliminary unaudited Q2 2026 results with strong top-line growth. Total revenue was $18.7 million, up from $13.2 million a year earlier, led by MRAM product sales of $15.3 million and $3.4 million of licensing, royalty, engineering services and other revenue, including initial non-product revenue from a recently signed $40 million contract. Gross margin improved to 53.9% from 51.3%. GAAP operating expenses rose to $14.5 million from $8.7 million, reflecting higher R&D and SG&A plus litigation costs and non-recurring engineering fees that are excluded from non-GAAP results.

The company recorded a GAAP net loss of $3.6 million, or $0.15 per diluted share, versus a $0.7 million loss, but delivered non-GAAP net income of $2.9 million, or $0.11 per diluted share, up from $0.7 million. Cash and cash equivalents were $43.9 million as of June 30, 2026. For Q3 2026, Everspin expects revenue between $19.5 million and $20.5 million, GAAP net loss per share between $(0.10) and $(0.05), and non-GAAP diluted EPS between $0.10 and $0.15.

Positive

• Q2 2026 revenue rose 42% year-over-year to $18.7 million, driven by MRAM product sales and higher non-product revenue, while non-GAAP net income increased to $2.9 million, or $0.11 per diluted share, compared with $0.7 million, or $0.03 per diluted share, in Q2 2025.

Negative

• GAAP profitability deteriorated despite strong growth, with Q2 2026 GAAP net loss widening to $3.6 million, or $0.15 per diluted share, as operating expenses increased to $14.5 million from $8.7 million, including items excluded from non-GAAP results.

Filing Explained

As of June 30, 2026, the company reported 24,271,438 common shares issued and outstanding, versus 22,977,797 at December 31, 2025; absent offsetting changes, the higher share count reduces existing holders’ percentage ownership.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Total Revenue: $18.7 million Q2 2026 MRAM Product Sales: $15.3 million Q2 2026 Gross Margin (GAAP): 53.9% +5 more

8 metrics

Q2 2026 Total Revenue $18.7 million Quarter ended June 30, 2026; compared to $13.2 million in the second quarter of 2025

Q2 2026 MRAM Product Sales $15.3 million MRAM product sales including Toggle and STT-MRAM in Q2 2026; up from $11.1 million in Q2 2025

Q2 2026 Gross Margin (GAAP) 53.9% GAAP gross margin for the quarter ended June 30, 2026; up from 51.3% in Q2 2025

Q2 2026 GAAP Net Loss $3.6 million GAAP net loss of $(3.6) million, or $(0.15) per diluted share, in Q2 2026

Q2 2026 Non-GAAP Net Income $2.9 million Non-GAAP net income of $2.9 million, or $0.11 per diluted share, in Q2 2026

Cash and Cash Equivalents $43.9 million Cash and cash equivalents as of June 30, 2026

Q3 2026 Revenue Guidance $19.5 million to $20.5 million Expected total revenue range for the third quarter of 2026

Q3 2026 Non-GAAP EPS Guidance $0.10 to $0.15 Anticipated non-GAAP net income per diluted share for the third quarter of 2026

Key Terms

Magnetoresistive Random Access Memory (MRAM), Non-GAAP financial measures, deferred revenue, operating margin, +2 more

6 terms

Magnetoresistive Random Access Memory (MRAM) technical

"leading developer and manufacturer of Magnetoresistive Random Access Memory (MRAM) persistent memory solutions"

Magnetoresistive random access memory (MRAM) is a type of computer memory that stores data using tiny magnetic states instead of electric charge, so it retains information when power is removed. Because it combines fast read/write speeds, long lifespan and low energy use—like a hybrid of traditional RAM and flash storage—investors monitor MRAM for its potential to lower costs, boost device performance and disrupt existing memory markets.

Non-GAAP financial measures financial

"supplements the reporting of its financial information with Non-GAAP financial measures including gross profit"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

deferred revenue financial

"Deferred revenue $ 2,958 as part of current liabilities on the balance sheet"

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

operating margin financial

"Operating Margin 11.0 % non-GAAP versus (23.4) % GAAP in supplemental results"

Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.

NOL carryforwards financial

"Everspin’s GAAP tax rate is effectively zero due to NOL carryforwards"

Net operating loss (NOL) carryforwards are tax losses from prior years that a company is allowed to apply against future taxable profits, like a store credit that reduces the amount it owes later. They matter to investors because they can lower future tax bills, boost expected cash flow and reported earnings, and therefore affect a company’s valuation and how quickly it can turn losses into sustainable profits.

non-recurring engineering fees (NRE) financial

"Non-recurring Engineering Fees (NRE) related to the company's foundry agreement with Microchip"

Earnings Snapshot

Total revenue: $18.7 million · Guidance included

Quarter ended June 30, 2026

Total revenue $18.7 million Compared to $13.2 million in the second quarter of 2025; 42% year-over-year growth

GAAP net loss $3.6 million, or $0.15 per diluted share Compared to GAAP net loss of $0.7 million, or $0.03 per diluted share, in Q2 2025

Non-GAAP net income $2.9 million, or $0.11 per diluted share Compared to non-GAAP net income of $0.7 million, or $0.03 per diluted share, in Q2 2025

Gross margin (GAAP) 53.9% Up from 51.3% in the second quarter of 2025

Guidance

For Q3 2026, Everspin expects total revenue between $19.5 million and $20.5 million, GAAP net loss per share between $(0.10) and $(0.05), and non-GAAP net income per diluted share between $0.10 and $0.15.

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Available on EDGAR 08/05/2026 - 04:16 PM Accepted by SEC EDGAR 08/05/2026 - 04:16 PM Learn about SEC filing dates

FAQ

How did Everspin Technologies (MRAM) perform in Q2 2026?

Everspin reported Q2 2026 revenue of $18.7 million, up from $13.2 million a year earlier, with gross margin improving to 53.9%. GAAP results showed a net loss of $3.6 million, but non-GAAP net income reached $2.9 million, or $0.11 per diluted share.

What drove Everspin Technologies (MRAM) revenue growth in Q2 2026?

Growth was led by MRAM product sales of $15.3 million and $3.4 million of licensing, royalty, engineering services and other revenue. Management highlighted strong demand in Industrial Automation, Energy Management, and Aerospace and Defense and initial non-product revenue from a $40 million contract.

What is Everspin Technologies (MRAM) guidance for Q3 2026?

For Q3 2026, Everspin expects revenue between $19.5 million and $20.5 million. The company forecasts GAAP net loss per share between $(0.10) and $(0.05) and non-GAAP diluted EPS between $0.10 and $0.15, reflecting continued growth with adjusted profitability.

How do Everspin Technologies (MRAM) GAAP and non-GAAP results differ?

In Q2 2026, Everspin reported a GAAP net loss of $3.6 million but non-GAAP net income of $2.9 million. Non-GAAP metrics exclude stock-based compensation, certain non-recurring engineering expenses under a foundry agreement, and litigation costs to better reflect underlying operations.

What is Everspin Technologies (MRAM) cash position as of June 30, 2026?

As of June 30, 2026, Everspin held $43.9 million in cash and cash equivalents. Operating activities provided $0.7 million of cash in the first half of 2026, while the company invested in property, equipment and intangibles and received cash from employee equity programs.

How did Everspin Technologies (MRAM) margins change in Q2 2026?

Q2 2026 GAAP gross margin improved to 53.9%, up from 51.3% in Q2 2025. On a non-GAAP basis, gross margin was 54.7%. However, higher operating expenses led to a GAAP operating loss, while non-GAAP operating margin reached 11.0%.

false000143842300014384232026-08-052026-08-05

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): August 5, 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 class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001

MRAM

The 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 August 5, 2026, Everspin Technologies, Inc. issued a press release announcing its financial results for the quarter ended June 30, 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						Press release dated August 5, 2026.
104						Cover 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: August 5, 2026
			By:			/s/ William Cooper
						William Cooper
						Chief Financial Officer

Exhibit 99.1

Everspin Reports Unaudited Second Quarter 2026 Financial Results

Chandler, AZ, August 5, 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 second quarter ended June 30, 2026.

“Our second quarter results were driven by strong product revenue coupled with initial non-product revenue under our recently signed $40 million contract with a US prime contractor. From an end market perspective, growth was led by strength in Industrial Automation, Energy Management, and Aerospace and Defense,” said Sanjeev Aggarwal, President and Chief Executive Officer. “We continue to see strong growth across our existing business while executing on our product pipeline and developing solutions that will further expand Everspin's addressable market and drive long-term growth.”

Second Quarter 2026 Results

•Total revenue of $18.7 million, compared to $13.2 million in the second quarter of 2025.

•MRAM product sales, which include both Toggle and STT-MRAM revenue, of $15.3 million, compared to $11.1 million in the second quarter of 2025.

•Licensing, royalty, engineering services and other revenue of $3.4 million, compared to $2.1 million in the second quarter of 2025.

•Gross margin of 53.9%, compared to 51.3% in the second quarter of 2025.

•GAAP operating expenses of $14.5 million, compared to $8.7 million in the second quarter of 2025.

•Interest and Other income, net of $0.8 million, compared to $1.3 million in the second quarter of 2025.

•GAAP net loss of $(3.6) million, or $(0.15) per diluted share, compared to net loss of $(0.7) million, or $(0.03) per diluted share, in the second quarter of 2025.

•Non-GAAP net income of $2.9 million, or $0.11 per diluted share, compared to non-GAAP net income of $0.7 million, or $0.03 per diluted share, in the second quarter of 2025.

•Cash and cash equivalents as of June 30, 2026, totaled $43.9 million.

“We are pleased to report record quarterly revenue with second quarter results above our expectations, driven by both strong product and non-product revenue growth. We remain focused on balancing strategic investments in our technology roadmap with prudent expense management, strengthening our competitive position while enhancing long-term shareholder value,” said Bill Cooper, Everspin’s Chief Financial Officer.

Business Outlook

For the third quarter of 2026, Everspin expects total revenue in a range of $19.5 million to $20.5 million and GAAP net loss per share to be between $(0.10) and $(0.05). Non-GAAP net income per diluted share is anticipated to be between $0.10 and $0.15.

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. For example, 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. Additionally, litigation expenses are highly dependent on case related activity in any given period and based on the actions of a third-party which are difficult to predict and subject to 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, non-recurring engineering expenses related to the company's foundry agreement with Microchip 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, August 5th, 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, data center, automotive, aerospace and other mission-critical applications where data persistence is essential. 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 third 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)

			June 30, 2026						December 31, 2025
Assets
Current assets:
Cash and cash equivalents			$	43,896					$	44,450
Accounts receivable, net			10,770						8,101
Inventory			13,085						10,734
Prepaid expenses and other current assets			1,257						1,877
Total current assets			69,008						65,162
Property and equipment, net			14,843						14,140
Intangible assets, net			897						1,714
Right-of-use assets			2,756						3,251
Other assets			1,889						342
Total assets			$	89,393					$	84,609
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			$	2,394					$	5,180
Accrued liabilities			6,654						3,651
Deferred revenue			2,958						—
Lease liabilities, current portion			1,405						1,381
Contract obligations			271						1,472
Software liabilities, current portion			889						1,769
Total current liabilities			14,571						13,453
Lease liabilities, net of current portion			1,428						1,956
Software liabilities, net of current portion			16						15
Long-term income tax liability			271						268
Total liabilities			$	16,286					$	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 June 30, 2026 and December 31, 2025			—						—
Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 24,271,438 and 22,977,797 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively			2						2
Additional paid-in capital			214,447						206,370
Accumulated deficit			(141,342)						(137,455)
Total stockholders’ equity			73,107						68,917
Total liabilities and stockholders’ equity			$	89,393					$	84,609

EVERSPIN TECHNOLOGIES, INC.

Condensed Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

(Unaudited)

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Product sales			$	15,313					$	11,091					$	29,413					$	22,117
Licensing, royalty, engineering services and other revenue			3,423						2,110						4,195						4,222
Total revenue			18,736						13,201						33,608						26,339
Cost of product sales			8,296						6,166						15,251						12,195
Cost of licensing, royalty, engineering services and other revenue			343						267						417						623
Total cost of sales			8,639						6,433						15,668						12,818
Gross profit			10,097						6,768						17,940						13,521
Operating expenses:
Research and development			4,838						3,580						8,443						6,936
General and administrative			7,827						3,642						12,888						7,480
Sales and marketing			1,815						1,507						3,708						2,998
Total operating expenses			14,480						8,729						25,039						17,414
Loss from operations			(4,383)						(1,961)						(7,099)						(3,893)
Interest income			316						423						633						831
Other income, net			478						842						2,584						1,230
Net loss before income taxes			(3,589)						(696)						(3,882)						(1,832)
Income tax benefit (expense)			—						26						(3)						(4)
Net loss and comprehensive loss			$	(3,589)					$	(670)					$	(3,885)					$	(1,836)
Net loss per common share:
Basic			$	(0.15)					$	(0.03)					$	(0.17)					$	(0.08)
Diluted			$	(0.15)					$	(0.03)					$	(0.17)					$	(0.08)
Weighted average shares of common stock outstanding:
Basic			23,882,618						22,504,957						23,512,274						22,347,411
Diluted			23,882,618						22,504,957						23,512,274						22,347,411

EVERSPIN TECHNOLOGIES, INC.

Condensed Statements of Cash Flows

(In thousands)

(Unaudited)

			Six Months Ended June 30,
			2026						2025
Cash flows from operating activities
Net loss			$	(3,885)					$	(1,836)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			1,407						1,695
Gain on sale of property and equipment			—						(25)
Stock-based compensation			2,674						2,996
Changes in operating assets and liabilities:
Accounts receivable			(2,670)						4,352
Inventory			(2,351)						(2,196)
Prepaid expenses and other current assets			620						157
Other assets			(417)						(50)
Accounts payable			495						809
Accrued liabilities			3,072						(196)
Deferred revenue			2,958						(78)
Contract obligations			(1,201)						699
Lease liabilities, net			24						30
Long-term income tax liability			3						98
Net cash provided by operating activities			729						6,455
Cash flows from investing activities
Purchases of property and equipment			(5,677)						(2,901)
Purchases of intangible assets			(976)						(977)
Net cash used in investing activities			(6,653)						(3,878)
Cash flows from financing activities
Payments on finance leases			(33)						(34)
Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan			5,403						322
Net cash provided by financing activities			5,370						288
Net (decrease) increase in cash and cash equivalents			(554)						2,865
Cash and cash equivalents at beginning of period			44,450						42,097
Cash and cash equivalents at end of period			$	43,896					$	44,962
Supplementary cash flow information:
Cash paid for taxes			$	31					$	36
Operating cash flows paid for operating leases			$	715					$	707
Financing cash flows paid for finance leases			$	33					$	34
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities			$	175					$	—
Purchases of property and equipment in accounts payable and accrued liabilities			$	399					$	26

EVERSPIN TECHNOLOGIES, INC.

Supplemental Quarterly Financial Results

(In thousands, except per share amounts)

(Unaudited)

			GAAP Financial Results
			Three months ended June 30,																		Three months ended March 31, 2026
			2026						2025						Y/Y												Q/Q
Revenue			$	18,736					$	13,201					42		%				$	14,872					26		%
Gross Profit			$	10,097					$	6,768					49		%				$	7,843					29		%
Gross Margin			53.9		%				51.3		%				Up 2.6 ppts						52.7		%				Up 1.2 ppts
Operating Expenses			$	14,480					$	8,729					66		%				$	10,559					37		%
Operating Loss			$	(4,383)					$	(1,961)					(124		%)				$	(2,716)					(61		%)
Operating Margin			(23.4)		%				(14.9)		%				Down 8.5 ppts						(18.3)		%				Down 5.1 ppts
Interest and Other Income			$	794					$	1,265					(37		%)				$	2,423					(67		%)
Net (Loss) Income			$	(3,589)					$	(670)					(436		%)				$	(296)					(1113		%)
Basic Earnings Per Share			$	(0.15)					$	(0.03)					(401		%)				$	(0.01)					(1075		%)

			Non-GAAP Financial Results
			Three months ended June 30,																		Three months ended March 31, 2026
			2026						2025						Y/Y												Q/Q
Revenue			$	18,736					$	13,201					42		%				$	14,872					26		%
Gross Profit			$	10,255					$	6,929					48		%				$	7,984					28		%
Gross Margin			54.7		%				52.5		%				Up 2.2 ppts						53.7		%				Up 1 ppts
Operating Expenses			$	8,187					$	7,471					10		%				$	7,771					5		%
Operating Income (Loss)			$	2,068					$	(542)					482		%				$	213					871		%
Operating Margin			11.0		%				(4.1)		%				Up 15.1 ppts						1.4		%				Up 9.6 ppts
Interest and Other Income			$	794					$	1,265					(37		%)				$	2,423					(67		%)
Net Income			$	2,862					$	749					282		%				$	2,633					9		%
Diluted Earnings Per Share			$	0.11					$	0.03					267		%				$	0.11					—		%

EVERSPIN TECHNOLOGIES, INC.

Supplemental Reconciliations of GAAP Results to Non-GAAP Financial Measures

(In thousands)

(Unaudited)

			Three Months Ended
			June 30,																								March 31, 2026
			2026												2025
			Gross Profit						Gross Margin						Gross Profit						Gross Margin						Gross Profit						Gross Margin
GAAP			$	10,097					53.9		%				$	6,768					51.3		%				$	7,843					52.7		%
Stock-Based Compensation, COGS			158												161												141
Non-GAAP			$	10,255					54.7		%				$	6,929					52.5		%				$	7,984					53.7		%

			Operating Expenses						As a % of Revenue						Operating Expenses						As a % of Revenue						Operating Expenses						As a % of Revenue
GAAP			$	14,480					77.3		%				$	8,729					66.1		%				$	10,559					71.0		%
Stock-Based Compensation, R&D			(372)												(437)												(350)
Stock-Based Compensation, SG&A			(844)												(821)												(809)
Litigation Costs			(4,027)												—												(1,629)
Non-recurring Engineering Fees (NRE)			(1,050)												—												—
Non-GAAP			$	8,187					43.7		%				$	7,471					56.6		%				$	7,771					52.3		%

			Operating Income (Loss)						Operating Margin						Operating Income (Loss)						Operating Margin						Operating Income (Loss)						Operating Margin
GAAP			$	(4,383)					(23.4)		%				$	(1,961)					(14.9)		%				$	(2,716)					(18.3)		%
Stock-Based Compensation			1,374												1,419												1,300
Litigation Costs			4,027												—												1,629
Non-recurring Engineering Fees (NRE)			1,050												—												—
Non-GAAP			$	2,068					11.0		%				$	(542)					(4.1		%)				$	213					1.4		%

			Net Income (Loss)						Earnings Per Share						Net Income (Loss)						Earnings Per Share						Net Income (Loss)						Earnings Per Share
GAAP			$	(3,589)					$	(0.15)					$	(670)					$	(0.03)					$	(296)					$	(0.01)
Stock-Based Compensation			1,374						0.06						1,419						0.06						1,300						0.05
Litigation Costs			4,027						0.16						—						—						1,629						0.07
Non-recurring Engineering Fees (NRE)			1,050						0.04						—						—						—						—
Non-GAAP			$	2,862					$	0.11					$	749					$	0.03					$	2,633					$	0.11

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