Everspin Technologies reported record third-quarter 2026 revenue, with growth in both MRAM product sales and licensing and other revenue. The memory-chip maker nevertheless posted a GAAP loss, citing $6 million in litigation expenses and a $2.7 million regulatory provision. It expects revenue to rise further in the fourth quarter.
Third-quarter results
- Revenue reached $20.6 million, up from $14.1 million a year earlier—about 46% growth and, the company said, a record. CEO Sanjeev Aggarwal identified Industrial Automation, Data Center, Medical and Energy Management as areas of strength.
- MRAM product sales rose to $16.9 million from $12.7 million, an increase of about 33%.
- Licensing, royalty, engineering services and other revenue increased to $3.7 million from $1.4 million.
- Gross margin was 51.4%, essentially unchanged from 51.3% a year earlier.
- Operating expenses were $18.5 million, compared with $8.8 million in the year-ago quarter. Everspin said third-quarter GAAP results included $6 million of litigation expenses and a $2.7 million regulatory provision.
- The company recorded a GAAP net loss of $7.2 million, or 29 cents per share, versus net income of $54,000, or zero cents per diluted share, a year earlier. On a non-GAAP basis, it reported net income of $3.1 million, or 12 cents per diluted share, up from $1.5 million, or 6 cents, a year ago.
- Cash and cash equivalents totaled $43 million at September 30. CFO Bill Cooper said the company is balancing investment in its technology roadmap with expense management, including ongoing litigation costs.
Fourth-quarter outlook
- Everspin expects revenue of $21.5 million to $22.5 million.
- It forecasts a GAAP net loss of 8 to 13 cents per share and non-GAAP net income of 13 to 18 cents per diluted share.
The quarter showed growth across both product and non-product revenue, while gross margin held steady. The GAAP loss came alongside substantially higher operating expenses and the specified litigation and regulatory costs; on the company’s non-GAAP measure, earnings improved from a year earlier.