mram-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________

FORM 10-Q

____________________________________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-37900

____________________________________________________________________

Everspin Technologies, Inc.

(Exact name of Registrant as specified in its Charter)

____________________________________________________________________


Delaware			26-2640654
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

5670 W. Chandler Boulevard, Suite 130

Chandler, Arizona 85226

(Address of principal executive offices including zip code)

Registrant’s telephone number, including area code: (480) 347-1111

____________________________________________________________________

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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	x
		Emerging growth company	o


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.			o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The number of shares of the Registrant’s Common Stock outstanding as of April 23, 2026, was 23,447,577.


		Page
	PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025	3
	Condensed Statements of Operations and Comprehensive Loss for the three months ended March 31, 2026 and 2025 (unaudited)	4
	Condensed Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025 (unaudited)	5
	Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	6
	Notes to Condensed Financial Statements (unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4.	Controls and Procedures	22

	PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	23
Item 1A.	Risk Factors	23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 3.	Defaults Upon Senior Securities	23
Item 4.	Mine Safety Disclosures	23
Item 5.	Other Information	24
Item 6.	Exhibits	25
EXHIBIT INDEX		25
SIGNATURES		27


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	40,494	$	44,450
Accounts receivable, net	10,164		8,101
Inventory	11,255		10,734
Prepaid expenses and other current assets	1,811		1,877
Total current assets	63,724		65,162
Property and equipment, net	14,925		14,140
Intangible assets, net	1,272		1,714
Right-of-use assets	2,918		3,251
Other assets	352		342
Total assets	$	83,191	$	84,609

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	3,510	$	5,180
Accrued liabilities	4,531		3,651
Lease liabilities, current portion	1,399		1,381
Contract obligations	291		1,472
Software liabilities, current portion	1,329		1,769
Total current liabilities	11,060		13,453
Lease liabilities, net of current portion	1,599		1,956
Software liabilities, net of current portion	16		15
Long-term income tax liability	271		268
Total liabilities	$	12,946	$	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 March 31, 2026 and December 31, 2025	—		—
Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 23,320,978 and 22,977,797 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	2		2
Additional paid-in capital	207,996		206,370
Accumulated deficit	(137,753)		(137,455)
Total stockholders’ equity	70,245		68,917
Total liabilities and stockholders’ equity	$	83,191	$	84,609


	Three Months Ended March 31,
	2026		2025
Product sales	$	14,100	$	11,026
Licensing, royalty, patent, engineering services and other revenue	772		2,112
Total revenue	14,872		13,138
Cost of product sales	6,955		6,029
Cost of licensing, royalty, patent, engineering services and other revenue	74		356
Total cost of sales	7,029		6,385
Gross profit	7,843		6,753
Operating expenses:
Research and development	3,605		3,356
General and administrative	5,061		3,838
Sales and marketing	1,893		1,491
Total operating expenses	10,559		8,685
Loss from operations	(2,716)		(1,932)
Interest income	317		408
Other income, net	2,106		388
Net loss before income taxes	(293)		(1,136)
Income tax expense	(3)		(30)
Net loss and comprehensive loss	$	(296)	$	(1,166)
Net loss per common share:
Basic	$	(0.01)	$	(0.05)
Diluted	$	(0.01)	$	(0.05)
Weighted average shares of common stock outstanding:
Basic	23,137,815		22,188,114
Diluted	23,137,815		22,188,114


	Three Months Ended March 31, 2026
	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance at December 31, 2025	22,977,797	$	2	$	206,370	$	(137,455)	$	68,917
Exercise of stock options	57,027	—		326		—		326
Issuance of common stock under stock incentive plans	286,154	—		—		—		—
Stock-based compensation expense	—	—		1,300		—		1,300
Other	—	—		—		(2)		(2)
Net loss	—	—		—		(296)		(296)
Balance at March 31, 2026	23,320,978	$	2	$	207,996	$	(137,753)	$	70,245


	Three Months Ended March 31, 2025
	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance at December 31, 2024	22,059,697	$	2	$	199,460	$	(136,869)	$	62,593
Exercise of stock options	10,620	—		29		—		29
Issuance of common stock under stock incentive plans	281,828	—		—		—		—
Stock-based compensation expense	—	—		1,577		—		1,577
Net loss	—	—		—		(1,166)		(1,166)
Balance at March 31, 2025	22,352,145	$	2	$	201,066	$	(138,035)	$	63,033


	March 31, 2026		December 31, 2025
Trade accounts receivable	$	10,249	$	8,231
Unbilled accounts receivable	230		179
Allowance for product returns and price adjustments	(315)		(309)
Accounts receivable, net	$	10,164	$	8,101


	March 31, 2026		December 31, 2025
Raw materials	$	167	$	323
Work-in-process	10,201		9,269
Finished goods	887		1,142
Total inventory	$	11,255	$	10,734


	March 31, 2026		December 31, 2025
Manufacturing equipment	$	15,182	$	15,070
Computer and network equipment	694		731
Furniture and fixtures	113		113
Construction in Progress	12,061		11,131
Leasehold improvements	1,476		1,476
Total property and equipment, gross	29,526		28,521
Less: accumulated depreciation	(14,601)		(14,381)
Total property and equipment, net	$	14,925	$	14,140


	March 31, 2026
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Internal-use software	0.8	$	4,456	$	(3,184)	$	1,272
Total intangible assets		$	4,456	$	(3,184)	$	1,272


	December 31, 2025
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Internal-use software	1.0	$	4,456	$	(2,742)	$	1,714
Total intangible assets		$	4,456	$	(2,742)	$	1,714


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (years)	2.21		2.44
Weighted-average discount rate	4.50	%	4.50	%


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (years)	2.92		3.16
Weighted-average discount rate	3.90	%	3.90	%


	Options Outstanding
	Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (In thousands)
Balance—December 31, 2025	1,365,002	$	6.16	4.9	$	4,303
Options granted	—
Options exercised	(57,027)	$	5.72		$	244
Options cancelled/forfeited	(853)	$	15.86
Balance—March 31, 2026	1,307,122	$	6.17	4.7	$	3,471
Options exercisable—March 31, 2026	1,306,061	$	6.17	4.7	$	3,469


	RSUs Outstanding
	Number of Restricted Stock Units	Weighted- Average Grant Date Fair Value Per Share
Balance—December 31, 2025	1,294,166	$	6.63
Granted	860,844	$	8.86
Vested	(286,154)	$	7.16
Cancelled/forfeited	(584)	$	7.30
Balance—March 31, 2026	1,868,272	$	7.58


	March 31 2026		December 31 2025
Payroll-related expenses	$	1,350	$	2,481
Inventory	886		425
Other	2,295		745
Total accrued liabilities	$	4,531	$	3,651


As of March 31, 2026	Amount
Remainder of 2026	$	1,123
2027	1,380
2028	595
2029	48
Total lease payments	3,146
Less: imputed interest	(148)
Total lease liabilities	2,998
Less: current portion of lease liabilities	(1,399)
Total lease liabilities, net of current portion	$	1,599


	Three Months Ended March 31,				Change
	2026		2025		Amount		%

	(Dollars in thousands)
Product sales	$	14,100	$	11,026	$	3,074	27.9	%
Licensing, royalty, patent, engineering services and other revenue	772		2,112		(1,340)		(63.4)	%
Total revenue	$	14,872	$	13,138	$	1,734	13.2	%


	Everspin Technologies, Inc.

Date: April 29, 2026	By:	/s/ Sanjeev Aggarwal
		Sanjeev Aggarwal
		Chief Executive Officer
		(Principal Executive Officer)



Date: April 29, 2026	By:	/s/ William Cooper
		William Cooper
		Chief Financial Officer
		(Principal Financial Officer)

SEC Form 10-Q filed by Everspin Technologies Inc.