Everspin Q4 Revenue Climbs 12% to $14.8M, EPS $0.11
Everspin ended Q4 with $44.5 million in cash and cash equivalents, reported $2.8 million operating cash flow and $2.0 million in other income tied to a manufacturing upgrade award. Product sales rose 22% year-over-year to $13.5 million, driving total revenue of $14.8 million and non-GAAP EPS of $0.11.
1. Q4 Financial Results
Everspin delivered fourth-quarter revenue of $14.8 million, up 12% year over year, and non-GAAP EPS of $0.11 per share. GAAP gross margin was 50.8%, operating expenses totaled $8.6 million and licensing revenue declined to $1.3 million from $2.2 million a year earlier.
2. Cash Position and Other Income
The company ended the period with $44.5 million in cash and cash equivalents and no debt. Operating cash flow rose to $2.8 million from $0.9 million in Q3, and the firm recognized $2.0 million in other income tied to a mid-2024 manufacturing upgrade award and $10.5 million to date on a $14.6 million DoD sustainment contract.
3. Product Sales and End Market Performance
MRAM product sales reached $13.5 million, a 22% increase, driven by Toggle and STT-MRAM adoption. Energy management and industrial automation demand returned to normal after inventory draws, while data center growth was fueled by IBM FCM4 and FCM5 modules and a RAID reference design at top hyperscale operators.
4. Product Roadmap and Outlook
Everspin ramped its PERSYST 64 Mb xSPI STT-MRAM to full production and is qualifying 128 Mb and 256 Mb parts for high-volume release later this year. The company targets a 16 nm FinFET 256 Mb device tape-out in H2, aims for $100 million in annual revenue within three to five years, and guides Q1 2026 revenue of $14-15 million with non-GAAP EPS of $0.07-0.12.