Everspin Technologies Inc. reported first‑quarter 2026 results that surpassed expectations, delivering adjusted earnings per share of $0.11 versus the consensus estimate of $0.09 and revenue of $14.90 million against a consensus of $14.60 million. Product sales rose to $14.10 million from $11.00 million a year earlier, while licensing, royalty, patent and other revenue fell to $0.80 million from $2.10 million.
The earnings beat was driven by a 28 % year‑over‑year jump in product sales, which include both Toggle and STT‑MRAM revenue, and by a higher gross margin of 52.7 % compared with 51.4 % in the same quarter of 2025. The margin expansion reflects higher capacity utilization and pricing power in the high‑reliability MRAM market, offsetting the decline in licensing revenue.
GAAP diluted earnings per share, however, missed estimates, reporting a loss of $0.01 versus the consensus estimate of $0.01. The miss was largely attributable to ongoing litigation costs that the company expects to continue for at least the next couple of quarters, as noted by CFO Bill Cooper.
For the second quarter, management guided for adjusted EPS of 0 to 3 cents and revenue of $15.50 million to $16.50 million. The revenue guidance is above the consensus estimate of $14.70 million, indicating confidence in continued demand, while the EPS guidance falls short of the consensus estimate of 7 cents, reflecting the company’s focus on investing in research and capacity expansion.
Everspin also announced a new $40 million contract with a U.S. prime contractor to provide state‑of‑the‑art MRAM process technology and engineering services for defense customers, a strategic win that bolsters the company’s presence in the defense industrial base.
Management highlighted that the first‑quarter results were driven by strength in industrial automation, transportation and data center applications. CFO Bill Cooper said, 'Our results reflect the consistency of our execution. During the first quarter, we delivered revenue of $14.9 million, up 14% year‑over‑year and toward the high end of our guidance range of $14 million to $15 million, driven by higher product sales.' The company remains focused on expanding its toggle and STT‑MRAM product lines to capture growing market share in high‑reliability applications.
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