Key Highlights

● Second-quarter 2026 revenue was US$18.7 million, up 42% from US$13.2 million.

● Everspin product sales rose to US$15.3 million from US$11.1 million.

● GAAP net loss was US$3.6 million while non-GAAP net income was US$2.9 million.

● Cash and equivalents were US$43.9 million at 30 June 2026.

Latest verified development

Everspin Technologies, Inc. (NASDAQ:MRAM), a maker of magnetoresistive random-access memory (MRAM), reported preliminary, unaudited second-quarter 2026 results on 5 August 2026. Revenue was US$18.7 million, up 42% from US$13.2 million in the second quarter of 2025. Gross margin was 53.9% on a GAAP basis and 54.7% on a non-GAAP basis.

The company recorded a GAAP net loss of US$3.6 million, or US$0.15 per diluted share, and non-GAAP net income of US$2.9 million, or US$0.11 per diluted share. It held US$43.9 million of cash and cash equivalents at 30 June 2026. Chief executive Sanjeev Aggarwal said the company continues to see strong growth across its existing business.

Where the growth came from

MRAM product sales, covering Toggle and spin-transfer-torque (STT) products, were US$15.3 million, up from US$11.1 million. Licensing, royalty, engineering services and other revenue was US$3.4 million, up from US$2.1 million. Growth was led by industrial automation, energy management and aerospace and defence.

The company also recorded initial non-product revenue under a recently signed US$40 million contract with a US prime contractor. Its duration and recognition schedule have not been disclosed, so the pace at which that value reaches reported revenue remains open.

On the reported figures, product sales grew about 38% and made up roughly 82% of revenue, while the licensing and services line grew about 62% from a smaller base. The core product business is still the main engine, with the new contract adding a second, contract-dependent source of income.

GAAP and non-GAAP profit

The gap between a GAAP loss and non-GAAP profit is the central profitability question. The difference between the two net results was US$6.5 million for the quarter, equal to roughly 35% of revenue. Non-GAAP figures exclude items such as share-based compensation.

Cash of US$43.9 million equals roughly twelve times the quarterly GAAP loss of US$3.6 million, about three years of cover at that rate, before working capital, capital spending and any financing.

Third-quarter range and the prime contract

Guidance for the third quarter calls for revenue of US$19.5 million to US$20.5 million, GAAP earnings per share of negative US$0.10 to negative US$0.05, and non-GAAP earnings per share of US$0.10 to US$0.15, all management projections rather than results.

At the midpoint, guided revenue of US$20.0 million would be about 7% above the second quarter, with GAAP losses still expected, while the US$40 million prime contract has yet to show how much of its value will arrive in later periods.