Everspin Technologies Inc. Reports Solid Growth in 2025 Annual Results
Everspin Technologies Inc., a frontrunner in the semiconductor industry, has released its annual report for 2025, showcasing a commendable performance marked by growth in revenue and significant design wins despite challenges in certain revenue streams. The company, which specializes in Magnetoresistive Random Access Memory (MRAM) technology, continues to innovate and expand its market presence.
1. Key Financial Highlights
In 2025, Everspin reported total revenues of $55.2 million, reflecting a $4.8 million increase, or 9.5%, from $50.4 million in 2024. The growth was primarily driven by a substantial increase in product sales, which rose by $6.1 million. However, this was partially offset by a decrease of $1.3 million in licensing and other revenue segments, due to the conclusion of a contractual relationship regarding reliability models for radiation-hardened MRAM.
Revenue Breakdown
The breakdown of revenue by geography reveals a diverse market presence, with notable growth in Singapore and a decline in Hong Kong.
- Singapore exhibited remarkable growth of 291.14%, contributing $13.15 million, compared to $3.36 million in 2024.
- Japan saw modest growth of 1.54%, while Canada experienced a 38.54% increase.
- Conversely, revenue in Hong Kong fell by 58.73% to $6.69 million, and revenue from Germany decreased by 13.71%.
Product and Service Revenue
The revenue from products and services also showed varied performance, with product sales leading the charge.
- Product sales accounted for $48.29 million, a growth of 14.43% from the previous year.
- Licensing revenue plummeted by 82.54%, dropping to $1.10 million, primarily due to the aforementioned contract conclusion.
- Engineering services saw a staggering growth of 336.08%, contributing $5.02 million.
2. Operating Expenses and Gross Margin
Operating expenses increased across all categories, reflecting Everspin's commitment to R&D and operational efficiency:
- Total operating expenses reached $34.75 million, with research and development costs rising by 2.9% to $14.08 million.
- General and administrative expenses also saw a 2.9% increase to $20.66 million, driven by one-time professional service fees.
- Sales and marketing expenses surged by 13.4% to $6.1 million, influenced by higher compensation and contract labor costs.
Despite these increases, the company's gross margin slightly decreased from 51.8% in 2024 to 51.2% in 2025, primarily due to shifts in the revenue mix.
3. Income Statement Overview
The income statement reflects the challenges faced by Everspin in 2025. The company reported an operating loss of $6.50 million, with a net loss of $586,000 after accounting for non-operating income.
| Feb 2025 | Mar 2026 | |
|---|---|---|
Net Income | 781K | -586K |
Profit | 781K | -586K |
Net Income Continuing | 781K | -586K |
Income Tax Expense | -40K | 129K |
Pretax Income | 741K | -457K |
Non-operating Income | 7.83M | 6.05M |
Operating Income | -7.09M | -6.50M |
Revenue | 50.40M | 55.20M |
Costs and Expenses | 57.49M | 61.71M |
Cost of Revenue | 24.27M | 26.96M |
Operating Expenses | 33.21M | 34.75M |
Research & Development | 13.68M | 14.08M |
Selling, General & Administrative | 19.53M | 20.66M |
Notably, total non-operating income fell from $7.83 million in 2024 to $6.05 million in 2025, influenced by reduced interest income and other income streams related to strategic awards.
4. Balance Sheet Strength
Everspin’s balance sheet remains robust, with total assets increasing to $84.60 million, up from $77.78 million in 2024. Cash and cash equivalents rose to $44.45 million, providing sufficient liquidity for upcoming capital needs.
| Feb 2025 | Mar 2026 | |
|---|---|---|
Total Assets | 77.78M | 84.60M |
Total Current Assets | 64.20M | 65.16M |
Cash and Equivalents | 42.09M | 44.45M |
Net Inventories | 9.11M | 10.73M |
Accounts Receivable | 11.72M | 8.10M |
Prepaid Expenses | 1.27M | 1.87M |
Total Non-current Assets | 13.58M | 19.44M |
Intangible Assets | 3.41M | 1.71M |
Net PP&E | 3.22M | 14.14M |
Lease Assets | 4.54M | 3.25M |
Other Non-current Assets | 2.40M | 342K |
Total Liabilities and Equity | 77.78M | 84.60M |
Total Liabilities | 15.19M | 15.69M |
Total Current Liabilities | 9.91M | 13.45M |
Accounts Payable and Accrued Liabilities | 4.72M | 8.83M |
Current Debt | 3.07M | 3.15M |
Current Deferred Revenue | 78K | 0 |
Other Current Liabilities | 2.03M | 1.47M |
Total Non-current Liabilities | 5.28M | 2.23M |
Long-term Debt | 1.78M | 15K |
Non-current Accounts Payable and Accrued Liabilities | 162K | 268K |
Other Non-current Liabilities | 3.33M | 1.95M |
Total Equity and Non-controlling Interests | 62.59M | 68.91M |
Total Equity | 62.59M | 68.91M |
The company's equity increased to $68.91 million, reflecting a solid foundation for future growth, despite retained earnings showing a deficit of $137.4 million.
5. Cash Flow Analysis
In 2025, Everspin generated $10.0 million in cash from operating activities, primarily influenced by non-cash charges. However, cash flows from investing activities were negative, totaling $8.7 million, as the company invested heavily in manufacturing equipment and software.
| Feb 2025 | Mar 2026 | |
|---|---|---|
Net Change in Cash | 5.15M | 2.35M |
Net Cash from Operating Activities | 7.09M | 9.96M |
Operating Profit | 781K | -586K |
Adjustment to Operating Profit | 6.31M | 10.54M |
Net Cash from Investing Activities | -3.06M | -8.67M |
Productive Assets | 3.06M | 8.67M |
Net Cash from Financing Activities | 1.11M | 1.06M |
Debt | -66K | -67K |
Equity Issuance/Repurchase | 1.17M | 1.13M |
6. Strategic Developments and Future Outlook
Everspin has continued to leverage its intellectual property and strategic partnerships. In 2025, the company achieved an impressive total of 44 new design wins throughout the year, signaling strong customer adoption of its MRAM products. This is a notable increase from 2024's design wins, suggesting a positive trajectory in the semiconductor market.
The enactment of the OBBBA in July 2025, which maintains the corporate tax rate and allows immediate expensing of new R&D expenditures, further supports Everspin's strategic initiatives.
Conclusion
Everspin Technologies Inc. demonstrated resilience in 2025, navigating challenges while achieving revenue growth and expanding its product offerings. With a strong focus on innovation and strategic partnerships, Everspin is well-positioned for future growth in the competitive semiconductor landscape. The company’s commitment to enhancing its MRAM technology will likely continue to drive its value proposition in critical applications across various markets, including automotive and aerospace.
