Everspin Technologies Inc

everspin.com

What Do They Do?

Sells memory components that retain data without power and magnetic sensors to equipment makers serving industrial and medical, transportation and aerospace/defense, and data center markets. Also licenses memory and sensor technology and provides manufacturing and design services.

How Do They Make Money?

Customers generally pay for memory components when products ship. Everspin also earns upfront technology-license fees, royalties tied to licensed-product sales, and fees for foundry and design services; foundry and some design work is earned over the project period.

revenue

Segment	Share	How money arrives
Product sales Sold outright	87% FY2022: 92%	Sold outright
Licensing Licensed	2.0% FY2022: 3.2%	Licensed
Royalties Licensed	1.4% FY2022: 2.4%	Licensed
Engineering services and other revenue	9.1% FY2022: 2.7%

Who Are Their Customers?

Equipment makers and product designers buy mainly through distributors, often via contract manufacturers; the company also sells directly to some strategic customers. Contract manufacturers incorporate its components into products for end users.

Do Revenues Turn Into Profits?

Not on paper. It lost $586K in FY2025, but brought in more cash than it spent: $3.1M of free cash flow.

Operating income, FY2025

−12% of revenue

▼ −8% (Loss) vs FY2024 (−$7.1M, −14%)

Net income, FY2025

−1% of revenue

▼ Now a loss vs FY2024 ($781K, 2%)

Free cash flow, FY2025

6% of revenue

▼ −23% vs FY2024 ($4.1M, 8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +42%; vs $13.2M in Q2 FY2025
Net income: ▲ +436% (Loss); vs −$670K in Q2 FY2025

Product sales share of revenue vs 84.0% in Q2 FY2025

Apr 29, 2026 Signs contract for government Toggle MRAM production development The work covers process development, engineering and qualification, with milestone payments across two phases.

Flat. Revenue was $55.2M in FY2025, about the same as the $55.1M of FY2021.

Broader FPGA development work The earlier report described MRAM design licenses for customers' radiation-tolerant aerospace designs; the latest also describes technology and design licenses tied to development of a radiation-hardened FPGA product.

Revenue over time

Product sales Licensing Royalties Engineering services and other revenue Patents

$100M$50M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Infineon, Fujitsu, Integrated Silicon Solution (ISSI), Macronix, Microchip, Micron, Renesas, Samsung, Toshiba, Hynix, Winbond, and Avalanche

Comments