MRAM earnings analysis
What we found in MRAM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Everspin Technologies (MRAM) reported Q1 2026 results with total revenue of $14.9 million, surpassing both the consensus estimate and the prior year's figure, which reflects a year-over-year increase of 13.2%. The company posted an EPS of $0.11, beating expectations and indicating improved financial performance despite a rise in operating expenses.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 13.2%
- Total revenue increased from $13.1 million in Q1 2025 to $14.9 million in Q1 2026.
- EPS Surpassed Expectations
- Reported EPS of $0.11 exceeded the estimated EPS of $0.09.
- Strong Product Sales Increase
- Product sales grew 27.9% from $11 million in Q1 2025 to $14.1 million in Q1 2026.
- Improved Gross Margin
- Gross margin improved from 51.4% in Q1 2025 to 52.7% in Q1 2026.
- Significant Other Income Increase
- Other income increased by 442.8%, from $388,000 in Q1 2025 to $2.1 million in Q1 2026.
- $40.5 Million Cash Position
- Cash and cash equivalents totaled $40.5 million as of March 31, 2026, down from $44.5 million at the end of 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operating Expenses
- Total operating expenses rose by 21.5%, from $8.7 million in Q1 2025 to $10.6 million in Q1 2026.
- Potential Patent Infringement Risk
- Litigation costs associated with the patent infringement lawsuit could impact financial performance.
- Decreased Licensing Revenue
- Licensing revenue dropped by 63.4%, from $2.1 million in Q1 2025 to $772,000 in Q1 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.11
- Gross margin
- 52.7%
- Operating margin
- -18%
What they said about what is next.
Q2 2026 revenue guidance is expected between $15.5 million and $16.5 million, with GAAP net loss per share guidance at $(0.12) to $(0.07).
The filing reads better than the one before it.
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