Everspin Revenue Rises 47%; Adjusted EPS Beats Estimate by $0.15
Key Facts
Everspin Technologies reported preliminary, unaudited results on October 28 for the third quarter ended September 30, 2026, with revenue up 47% year over year and 10% from the previous quarter. Adjusted earnings per share, under the measure cited by Investing.com, were $0.12, beating analysts’ estimate of a $0.03 loss by $0.15. Revenue was $20.64 million, compared with a consensus estimate of $20.1 million. But the distinction between the two earnings measures matters: the company’s GAAP results showed a loss per share, while Investing.com’s figures indicate adjusted profitability. The company said the preliminary results remain unaudited.
Revenue growth came from two distinct parts of the business. Sales of MRAM products, including Toggle and STT-MRAM, were $16.9 million, compared with $12.7 million in the third quarter of the previous year. Licensing, royalty, engineering services and other revenue rose to $3.7 million from $1.4 million. Gross profit also increased 47% year over year, in line with revenue growth. The figures show that higher sales were not limited to MRAM products, as licensing and services-related revenue also rose.
Chief Executive Sanjeev Aggarwal said strong product sales supported quarterly growth, with demand in end markets led by industrial automation, data centers, medical and energy management. He said, "Growth was driven by strength in industrial automation, data centers, medical and energy management." The company linked the sales improvement to a range of industrial, technology and medical uses, without breaking out each market’s contribution in the announcement. In an earlier announcement on September 29, Everspin said it had demonstrated a CXL-connected MRAM platform for customer testing. The company said the platform’s write speed is up to 100 times that of NAND-based solid-state storage.
Net income under the company’s non-GAAP measure was about $3.058 million in the third quarter, up from $1.461 million in the same period last year, an annual increase of 109%. But it declined from the second quarter of 2026, when it was $2.862 million, a quarterly decrease of 7%. That trajectory differed from the 10% quarterly revenue growth, as adjusted net income fell over the same period. By contrast, Investing.com reported adjusted earnings per share of $0.12, above the estimate of a $0.03 loss. These adjusted figures remain separate from the GAAP result, which showed a loss per share.
Cash and cash equivalents totaled $43.0 million on September 30, 2026, according to the company’s statement. In trading, MRAM shares closed at $13.93 on October 27, the latest closing price included in the data available here. On October 28, the company began its third-quarter results call at 5 p.m. Eastern time. Everspin said it expects fourth-quarter 2026 revenue of between $21.5 million and $22.5 million. It also forecast a GAAP loss of between $0.13 and $0.08 per share, alongside non-GAAP net income of between $0.13 and $0.18 per diluted share.