0001628280-25-049703 | 10-Q | XBRL Viewer | Everspin Technologies INC

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Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2024, has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial information. The results of operations for the three and nine months ended September 30, 2025, are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any other interim period or for any other future year. The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K filed with the SEC.
Reclassifications	Reclassifications Certain reclassifications of previously reported amounts have been made to conform to the current period presentation. Specifically, interest income was previously presented within other income, net for the three and nine months ended September 30, 2024 in the Quarterly Report on Form 10-Q filed with the SEC on November 5, 2024. Interest income is presented separately in the unaudited condensed statement of operations and comprehensive income (loss) within these financial statements.
Use of Estimates	Use of Estimates The preparation of the condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, fair value of assets and liabilities, inventory net realizable value, deferred tax assets and related valuation allowances, and stock-based compensation. The Company believes its estimates and assumptions are reasonable; however, actual results may differ from the Company’s estimates.
Segment Information	Segment Information The Company’s MRAM technology solutions are sold as products and services through MRAM-based products, licenses and royalties of MRAM and magnetic sensor technology and backend foundry and design services. The Company identifies and manages the business activities in one reportable segment. The Company’s Chief Executive Officer is the Chief Operating Decision Maker (CODM). The CODM utilizes the Company’s long-range plan, which includes product development roadmaps and long-range financial models, as a key input to resource allocation. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using net income. Significant segment expenses within net income are those separately presented on the Company’s statements of operations and comprehensive income (loss), which include cost of sales, research and development, general and administrative, and sales and marketing expenses.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid, short-term investments with maturity dates of 90 days or less at the date of purchase to be cash equivalents. The Company’s cash equivalents consist solely of money market funds.
Accounts Receivable, Net	Accounts Receivable, Net The Company establishes an allowance for product returns. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of products when evaluating the adequacy of sales returns. Returns are processed as credits on future purchases and, as a result, the allowance is recorded against the balance of trade accounts receivable. In addition, the Company, from time to time, may establish an allowance for estimated price adjustments related to its distributor agreements. The Company estimates credits to distributors based on the historical rate of credits provided to distributors relative to sales and evaluation of current market conditions.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents that are held by a financial institution in the United States and accounts receivable. Amounts on deposit with a financial institution may at times exceed federally insured limits. Significant customers are those which represent more than 10% of the Company’s total revenue or net accounts receivable balance at each respective balance sheet date. For the purposes of this disclosure, the Company defines “customer” as the entity that is purchasing the products or licenses directly from the Company, which includes the distributors of the Company’s products in addition to end customers that the Company sells to directly.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The framework for measuring fair value provides a three-tier hierarchy prioritizing inputs to valuation techniques used in measuring fair value as follows: Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets; Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions. The carrying value of accounts receivable, accounts payable, and other accruals readily convertible into cash approximate fair value because of the short-term nature of the instruments. The Company’s financial instruments consist of Level 1 assets. Where quoted prices are available in an active market, securities are classified as Level 1. Level 1 assets consist of highly liquid money market funds that are included in cash equivalents.
Recently Adopted Accounting Pronouncements and Recently Issued Pronouncements Under Evaluation	Recently Adopted Accounting Pronouncements The Company adopted Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves income tax disclosure requirements, primarily through disaggregated information about effective income tax rate reconciliation and additional disclosures regarding income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-09 effective January 1, 2025, on a prospective basis. The adoption of ASU 2023-09 did not have a significant impact to the condensed financial statements. Recently Issued Accounting Pronouncements Under Evaluation In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses, which requires additional disclosure of certain amounts included in the expense captions presented on the statement of operations, as well as disclosures about selling expenses. ASU 2024-03 is effective for the Company’s annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, on a prospective basis, with the option for retrospective application. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is currently evaluating the impact that the standard will have on its condensed financial statements. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification (ASC) Topic 606. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. ASU 2025-05 is effective for the Company’s annual reporting periods beginning after December 15, 2025, and interim reporting periods in those fiscal years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The Company is currently evaluating the impact that the standard will have on its condensed financial statements. In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Topic 350): Targeted Improvements to the Accounting for Internal-Use Software, which updates guidance for recognizing software development costs to better align the accounting with how software is developed. The update removes references to development stages, introduces a probable completion threshold, and incorporates website development costs into the internal-use software framework under ASC Topic 350. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those fiscal years, on a prospective basis, with the option for retrospective application. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is currently evaluating the impact that the standard will have on its condensed financial statements. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed financial statements.

Condensed Balance Sheets - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 45,257,000	$ 42,097,000
Accounts receivable, net	8,688,000	11,722,000
Inventory	11,819,000	9,110,000
Prepaid expenses and other current assets	874,000	1,272,000
Total current assets	66,638,000	64,201,000
Property and equipment, net	4,074,000	3,220,000
Intangible assets, net	2,146,000	3,416,000
Right-of-use assets	3,581,000	4,549,000
Other assets	3,833,000	2,403,000
Total assets	80,272,000	77,789,000
Current liabilities:
Accounts payable	1,808,000	2,278,000
Accrued liabilities	2,980,000	2,449,000
Deferred revenue	965,000	78,000
Lease liabilities, current portion	1,361,000	1,306,000
Contract obligations	2,523,000	2,034,000
Software liabilities, current portion	1,769,000	1,769,000
Total current liabilities	11,406,000	9,914,000
Lease liabilities, net of current portion	2,307,000	3,336,000
Software liabilities, net of current portion	465,000	1,784,000
Long-term income tax liability	273,000	162,000
Total liabilities	14,451,000	15,196,000
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Issued	2,000	2,000
Additional paid-in capital	204,470,000	199,460,000
Accumulated deficit	(138,651,000)	(136,869,000)
Total stockholders’ equity	65,821,000	62,593,000
Total liabilities and stockholders’ equity	$ 80,272,000	$ 77,789,000

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, Issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	22,756,779	22,059,697
Common stock, outstanding (in shares)	22,756,779	22,059,697

Statements of Operations and Comprehensive Income (Loss) Components - Schedule of Disaggregated by Timing of Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue
Total revenue	$ 14,060	$ 12,093	$ 40,399	$ 37,159
Point in time
Disaggregation of Revenue
Total revenue	12,833	10,557	35,407	31,586
Over time
Disaggregation of Revenue
Total revenue	$ 1,227	$ 1,536	$ 4,992	$ 5,573

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accrued liabilities
Payroll-related expenses	$ 1,969	$ 1,606
Inventory	395	157
Other	616	686
Total accrued liabilities	$ 2,980	$ 2,449

Significant Agreements (Details) - Joint Development Agreement - GlobalFoundries, Inc.	Oct. 17, 2014
Joint development agreement
Period of possession of exclusive right to manufacture after qualification of device	3 years
Period of possession of exclusive right to manufacture after completion of device development work	4 years

Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Disclosure Text Block Supplement [Abstract]

Balance Sheet Components

4. Balance Sheet Components

Inventory

Inventory consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	220	$	238
Work-in-process	9,989		7,510
Finished goods	1,610		1,362
Total inventory	$	11,819	$	9,110

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Manufacturing equipment	$	15,147	$	14,199
Computer and network equipment	741		602
Furniture and fixtures	113		113
Construction in Progress	739		—
Leasehold improvements	1,476		1,476
Total property and equipment, gross	18,216		16,390
Less: accumulated depreciation	(14,142)		(13,170)
Total property and equipment, net	$	4,074	$	3,220

For the three months ended September 30, 2025 and 2024, the depreciation expense was $0.4 million and $0.4 million, respectively. For the nine months ended September 30, 2025 and 2024, depreciation expense was $1.1 million and $1.2 million, respectively.

Intangible Assets, Net

The gross carrying amounts and accumulated amortization of intangible assets are as follows at the dates indicated (in thousands):


	September 30, 2025
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Internal-use software	1.3	$	4,446	$	(2,300)	$	2,146
Total intangible assets		$	4,446	$	(2,300)	$	2,146


	December 31, 2024
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Internal-use software	2.0	$	4,389	$	(973)	$	3,416
Total intangible assets		$	4,389	$	(973)	$	3,416

For the three months ended September 30, 2025 and 2024, the amortization expense for the intangible assets was $0.4 million and zero, respectively. For the nine months ended September 30, 2025 and 2024, the amortization expense for the intangible assets was $1.3 million and zero, respectively.

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	September 30 2025		December 31 2024
Payroll-related expenses	$	1,969	$	1,606
Inventory	395		157
Other	616		686
Total accrued liabilities	$	2,980	$	2,449

Deferred Revenue

In March 2025, the Company renewed a contractual arrangement with a customer for the development of a strategic radiation hardened (“RAD-Hard”) field programmable gate array product. The total consideration in the arrangement is $1.2 million. The Company is recognizing revenue related to the performance obligation over time using the input method based on costs incurred to date relative to the total expected costs of the contract and began recognizing revenue in the first quarter of 2025. As of September 30, 2025, the Company has billed $0.7 million for performance under the agreement. The Company has recognized an immaterial amount of revenue for the three months ended September 30, 2025, and $0.7 million for the nine months ended September 30, 2025, with an immaterial amount in contract assets on the condensed balance sheets.

The Company concluded this contractual arrangement represents one arrangement and evaluated its promises to the customer and whether the performance obligations granted under the arrangement were distinct. The licenses provided to the customer are not transferable, are of limited value without the promised development services, and the customer cannot benefit from the license agreements without the specific obligated services in the development subcontract, as there is strong interdependency between the licenses and the development subcontract. Accordingly, the Company determined the licenses were not distinct within the context of the contract and combined the license with other performance obligations.

In January 2025, the Company executed a contractual arrangement with a customer to provide engineering services supporting the customer’s development that uses capabilities of MRAM for in-memory computing. The total consideration in the arrangement is $4.1 million. The Company is recognizing revenue related to the performance obligation over time using the input method based on costs incurred to date relative to the total expected costs of the contract and began recognizing revenue in the first quarter of 2025. As of September 30, 2025, the Company has billed $4.1 million for the performance under the agreement and has recognized $0.9 million and $3.1 million in revenue for the three and nine months ended September 30, 2025, with $0.9 million in deferred revenue.

The Company concluded that this contractual arrangement represents one arrangement and assessed the nature of the promises made to the customer to determine whether the performance obligations were distinct. The Company determined that the engineering services are not separately identifiable from the promised development services, as the engineering services are highly interrelated with, and dependent upon, the overall development services over the life of the contract. Accordingly, the Company concluded that the engineering services are not distinct within the context of the contract and, therefore, should be combined with the other promised services into a single performance obligation.

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 31, 2025	Jan. 31, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Depreciation and amortization expense			$ 400	$ 400	$ 1,100	$ 1,200
Amortization expense for intangible assets			400	0	1,300	0
Total revenue			14,060	$ 12,093	40,399	$ 37,159
Deferred revenue			965		965		$ 78
RAD Hard product 1 arrangement
Total amount of consideration to be received	$ 1,200
Amount billed for the performance under contractual agreements					700
Total revenue					700
Provide engineering services supporting a customer's development that uses capabilities of MRAM for in-memory computing arrangement
Total amount of consideration to be received		$ 4,100
Amount billed for the performance under contractual agreements					4,100
Total revenue			900		3,100
Deferred revenue			$ 900		$ 900

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2025

Disclosure Text Block Supplement [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	220	$	238
Work-in-process	9,989		7,510
Finished goods	1,610		1,362
Total inventory	$	11,819	$	9,110

Schedule of property and equipment, net

Property and equipment, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Manufacturing equipment	$	15,147	$	14,199
Computer and network equipment	741		602
Furniture and fixtures	113		113
Construction in Progress	739		—
Leasehold improvements	1,476		1,476
Total property and equipment, gross	18,216		16,390
Less: accumulated depreciation	(14,142)		(13,170)
Total property and equipment, net	$	4,074	$	3,220

Schedule of Intangible Assets, Net

The gross carrying amounts and accumulated amortization of intangible assets are as follows at the dates indicated (in thousands):


	September 30, 2025
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Internal-use software	1.3	$	4,446	$	(2,300)	$	2,146
Total intangible assets		$	4,446	$	(2,300)	$	2,146


	December 31, 2024
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Internal-use software	2.0	$	4,389	$	(973)	$	3,416
Total intangible assets		$	4,389	$	(973)	$	3,416

Schedule of accrued liabilities

Accrued liabilities consisted of the following (in thousands):


	September 30 2025		December 31 2024
Payroll-related expenses	$	1,969	$	1,606
Inventory	395		157
Other	616		686
Total accrued liabilities	$	2,980	$	2,449

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of accounts receivable net

Accounts receivable, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Trade accounts receivable	$	9,016	$	11,944
Unbilled accounts receivable	122		187
Allowance for product returns and price adjustments	(450)		(409)
Accounts receivable, net	$	8,688	$	11,722

Schedule of revenue and accounts receivable for each significant customer

For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable, net are as follows:


	Revenue								Accounts Receivable
	Three Months Ended September 30,				Nine Months Ended September 30,				September 30, 2025		December 31, 2024
Customers	2025		2024		2025		2024
Customer A	*		*		11	%	*		*		*
Customer B	*		32	%	*		27	%	*		61	%
Customer C	34	%	*		22	%	*		42	%	*
Customer D	*		11	%	*		*		*		*

_______________________________

*Less than 10%

Schedule of fair value of financial assets and liabilities measured on recurring basis

The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	33,617	$	—	$	—	$	33,617
Total assets measured at fair value	$	33,617	$	—	$	—	$	33,617

Leases - Schedule of Lease, Cost (Details)	Sep. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term (years)	2 years 8 months 4 days	3 years 4 months 20 days
Weighted-average discount rate	4.50%	4.50%
Weighted-average remaining lease term (years)	3 years 5 months 1 day	4 years 1 month 24 days
Weighted-average discount rate	3.90%	3.90%

Net Income (Loss) Per Common Share - Schedule of computation of basic and diluted net income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net income (loss)	$ 54	$ (670)	$ (1,166)	$ 2,271	$ (2,502)	$ (202)	$ (1,782)	$ (433)
Net income (loss) attributable to common stockholders, diluted	$ 54			$ 2,271			$ (1,782)	$ (433)
Denominator:
Weighted-average shares of common stock outstanding, basic (in shares)	22,669,872			21,767,380			22,456,079	21,529,738
Weighted average shares of common stock outstanding, Diluted (in shares)	23,147,119			21,985,175			22,456,079	21,529,738
Net loss per common share, basic (in dollars per share)	$ 0.00			$ 0.10			$ (0.08)	$ (0.02)
Net loss per common share, diluted (in dollars per share)	$ 0.00			$ 0.10			$ (0.08)	$ (0.02)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Leases - Schedule of Undiscounted future non-cancellable lease payments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Future lease payments
Remainder of 2025	$ 370
2026	1,497
2027	1,380
2028	595
Thereafter	48
Total lease payments	3,890
Less: imputed interest	(222)
Total lease liabilities	3,668
Lease liabilities, current portion	(1,361)	$ (1,306)
Total lease liabilities, net of current portion	$ 2,307	$ 3,336

Statements of Operations and Comprehensive Income (Loss) Components - Schedule of Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue
Total revenue	$ 14,060	$ 12,093	$ 40,399	$ 37,159
APAC
Disaggregation of Revenue
Total revenue	8,571	7,923	24,412	21,163
North America
Disaggregation of Revenue
Total revenue	2,497	1,874	7,906	7,857
EMEA
Disaggregation of Revenue
Total revenue	$ 2,992	$ 2,296	$ 8,081	$ 8,139

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net loss	$ (1,782)	$ (433)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,561	1,197
Gain on sale of property and equipment	(25)	0
Stock-based compensation	4,403	5,108
Changes in operating assets and liabilities:
Accounts receivable	3,034	147
Inventory	(2,709)	(50)
Prepaid expenses and other current assets	398	(3,597)
Other assets	(17)	(88)
Accounts payable	(590)	236
Accrued liabilities	532	(2,248)
Deferred revenue	887	36
Contract obligations	489	2,953
Lease liabilities, net	44	5
Long-term income tax liability	111	0
Net cash provided by operating activities	7,336	3,266
Cash flows from investing activities
Purchases of property and equipment	(3,239)	(1,302)
Purchases of intangible assets	(1,494)	0
Net cash used in investing activities	(4,733)	(1,302)
Cash flows from financing activities
Payments on finance leases	(50)	0
Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan	607	678
Net cash provided by financing activities	557	678
Net increase in cash and cash equivalents	3,160	2,642
Cash and cash equivalents at beginning of period	42,097	36,946
Cash and cash equivalents at end of period	45,257	39,588
Supplementary cash flow information:
Cash paid for taxes	38	0
Operating cash flows paid for operating leases	1,061	1,049
Financing cash flows paid for finance leases	50	47
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for finance lease liabilities	0	297
Purchases of property and equipment in accounts payable and accrued liabilities	$ 302	$ 36

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2024, has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial information. The results of operations for the three and nine months ended September 30, 2025, are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any other interim period or for any other future year.

The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K filed with the SEC.

Reclassifications

Certain reclassifications of previously reported amounts have been made to conform to the current period presentation. Specifically, interest income was previously presented within other income, net for the three and nine months ended September 30, 2024 in the Quarterly Report on Form 10-Q filed with the SEC on November 5, 2024. Interest income is presented separately in the unaudited condensed statement of operations and comprehensive income (loss) within these financial statements.

Use of Estimates

The preparation of the condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, fair value of assets and liabilities, inventory net realizable value, deferred tax assets and related valuation allowances, and stock-based compensation. The Company believes its estimates and assumptions are reasonable; however, actual results may differ from the Company’s estimates.

Segment Information

The Company’s MRAM technology solutions are sold as products and services through MRAM-based products, licenses and royalties of MRAM and magnetic sensor technology and backend foundry and design services. The Company identifies and manages the business activities in one reportable segment. The Company’s Chief Executive Officer is the Chief Operating Decision Maker (CODM). The CODM utilizes the Company’s long-range plan, which includes product development roadmaps and long-range financial models, as a key input to resource allocation. The CODM makes decisions

on resource allocation, assesses performance of the business, and monitors budget versus actual results using net income. Significant segment expenses within net income are those separately presented on the Company’s statements of operations and comprehensive income (loss), which include cost of sales, research and development, general and administrative, and sales and marketing expenses.

Cash and Cash Equivalents

The Company considers all highly liquid, short-term investments with maturity dates of 90 days or less at the date of purchase to be cash equivalents. The Company’s cash equivalents consist solely of money market funds.

Accounts Receivable, Net

The Company establishes an allowance for product returns. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of products when evaluating the adequacy of sales returns. Returns are processed as credits on future purchases and, as a result, the allowance is recorded against the balance of trade accounts receivable. In addition, the Company, from time to time, may establish an allowance for estimated price adjustments related to its distributor agreements. The Company estimates credits to distributors based on the historical rate of credits provided to distributors relative to sales and evaluation of current market conditions.

Accounts receivable, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Trade accounts receivable	$	9,016	$	11,944
Unbilled accounts receivable	122		187
Allowance for product returns and price adjustments	(450)		(409)
Accounts receivable, net	$	8,688	$	11,722

Concentration of Credit Risk

Financial instruments that potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents that are held by a financial institution in the United States and accounts receivable. Amounts on deposit with a financial institution may at times exceed federally insured limits.

Significant customers are those which represent more than 10% of the Company’s total revenue or net accounts receivable balance at each respective balance sheet date. For the purposes of this disclosure, the Company defines “customer” as the entity that is purchasing the products or licenses directly from the Company, which includes the distributors of the Company’s products in addition to end customers that the Company sells to directly. For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable, net are as follows:


	Revenue								Accounts Receivable
	Three Months Ended September 30,				Nine Months Ended September 30,				September 30, 2025		December 31, 2024
Customers	2025		2024		2025		2024
Customer A	*		*		11	%	*		*		*
Customer B	*		32	%	*		27	%	*		61	%
Customer C	34	%	*		22	%	*		42	%	*
Customer D	*		11	%	*		*		*		*

_______________________________

*Less than 10%

Fair Value of Financial Instruments

Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The framework for measuring fair value provides a three-tier hierarchy prioritizing inputs to valuation techniques used in measuring fair value as follows:

Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets;

Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and

Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions.

The carrying value of accounts receivable, accounts payable, and other accruals readily convertible into cash approximate fair value because of the short-term nature of the instruments. The Company’s financial instruments consist of Level 1 assets. Where quoted prices are available in an active market, securities are classified as Level 1. Level 1 assets consist of highly liquid money market funds that are included in cash equivalents.

The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	33,617	$	—	$	—	$	33,617
Total assets measured at fair value	$	33,617	$	—	$	—	$	33,617

Recently Adopted Accounting Pronouncements

The Company adopted Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves income tax disclosure requirements, primarily through disaggregated information about effective income tax rate reconciliation and additional disclosures regarding income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2024.

The Company adopted ASU 2023-09 effective January 1, 2025, on a prospective basis. The adoption of ASU 2023-09 did not have a significant impact to the condensed financial statements.

Recently Issued Accounting Pronouncements Under Evaluation

In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses, which requires additional disclosure of certain amounts included in the expense captions presented on the statement of operations, as well as disclosures about selling expenses. ASU 2024-03 is effective for the Company’s annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, on a prospective basis, with the option for retrospective application. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is currently evaluating the impact that the standard will have on its condensed financial statements.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification (ASC) Topic 606. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. ASU 2025-05 is effective for the Company’s annual reporting periods beginning after December 15, 2025, and interim reporting periods in those fiscal

years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The Company is currently evaluating the impact that the standard will have on its condensed financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Topic 350): Targeted Improvements to the Accounting for Internal-Use Software, which updates guidance for recognizing software development costs to better align the accounting with how software is developed. The update removes references to development stages, introduces a probable completion threshold, and incorporates website development costs into the internal-use software framework under ASC Topic 350. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those fiscal years, on a prospective basis, with the option for retrospective application. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is currently evaluating the impact that the standard will have on its condensed financial statements.

The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed financial statements.

Statements of Operations and Comprehensive Income (Loss) Components - Schedule of Disaggregated by Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue
Total revenue	$ 14,060	$ 12,093	$ 40,399	$ 37,159
Product sales
Disaggregation of Revenue
Total revenue	12,690	10,443	34,807	31,190
Licensing
Disaggregation of Revenue
Total revenue	9	1,195	1,163	4,722
Royalties
Disaggregation of Revenue
Total revenue	143	114	600	396
Other revenue
Disaggregation of Revenue
Total revenue	$ 1,218	$ 341	$ 3,829	$ 851

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Balance Sheet Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property and Equipment, Net
Total property and equipment, gross	$ 18,216	$ 16,390
Less: accumulated depreciation	(14,142)	(13,170)
Total property and equipment, net	4,074	3,220
Manufacturing equipment
Property and Equipment, Net
Total property and equipment, gross	15,147	14,199
Computer and network equipment
Property and Equipment, Net
Total property and equipment, gross	741	602
Furniture and fixtures
Property and Equipment, Net
Total property and equipment, gross	113	113
Construction in Progress
Property and Equipment, Net
Total property and equipment, gross	739	0
Leasehold improvements
Property and Equipment, Net
Total property and equipment, gross	$ 1,476	$ 1,476

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table presents the details of the Company’s share-based compensation expense (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
General and administrative	$	678	$	632	$	2,083	$	2,592
Research and development	424		710		1,358		1,979
Sales and marketing	144		190		454		537
Cost of sales	161		—		508		—
Total stock-based compensation	$	1,407	$	1,532	$	4,403	$	5,108

Schedule of stock option activity

The following table summarizes the stock option activity for the nine months ended September 30, 2025:


	Options Outstanding
	Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (In thousands)
Balance—December 31, 2024	1,521,857	$	6.04	5.9	$	1,507
Options granted	—
Options exercised	(82,823)	$	4.26		$	194
Options cancelled/forfeited	(14,144)	$	7.20
Balance—September 30, 2025	1,424,890	$	6.13	5.2	$	4,569
Options exercisable—September 30, 2025	1,383,891	$	6.07	5.1	$	4,518

Schedule of restricted stock unit activity

The following table summarizes restricted stock units (RSUs) activity for the nine months ended September 30, 2025:


	RSUs Outstanding
	Number of Restricted Stock Units	Weighted- Average Grant Date Fair Value Per Share
Balance—December 31, 2024	987,965	$	7.89
Granted	996,561	$	5.80
Vested	(553,328)	$	7.24
Cancelled/forfeited	(23,674)	$	6.96
Balance—September 30, 2025	1,407,524	$	6.68

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Type of

Trading Arrangement

Name and Position

Action

Adoption/Termination Date

Rule 10b5-1*

Total Shares of Common Stock to be Sold

Expiration Date

Sanjeev Aggarwal, Chief Executive Officer and Director

Termination

8/11/2025

Up to 100,000

1/9/2026

* Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

Sanjeev Aggarwal [Member]

Trading Arrangements, by Individual

Name

Sanjeev Aggarwal

Title

Chief Executive Officer and Director

Rule 10b5-1 Arrangement Terminated

true

8/11/2025

1/9/2026

151 days

100,000

Summary of Significant Accounting Policies - Schedule of Revenue and Accounts Receivable for Each Significant Customer (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Revenue \| Customer A
Concentration risk
Concentration risk percentage			11.00%
Revenue \| Customer B
Concentration risk
Concentration risk percentage		32.00%		27.00%
Revenue \| Customer C
Concentration risk
Concentration risk percentage	34.00%		22.00%
Revenue \| Customer D
Concentration risk
Concentration risk percentage		11.00%
Accounts Receivable, net \| Customer B
Concentration risk
Concentration risk percentage					61.00%
Accounts Receivable, net \| Customer C
Concentration risk
Concentration risk percentage			42.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 20
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 18
-Subparagraph (d)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Stock-Based Compensation - Schedule of Restricted Stock Units (Details) - RSUs	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of Restricted Stock Units
Balance, beginning of period (in shares) \| shares	987,965
Granted (in shares) \| shares	996,561
Vested (in shares) \| shares	(553,328)
Cancelled/forfeited (in shares) \| shares	(23,674)
Balance, end of period (in shares) \| shares	1,407,524
Weighted- Average Grant Date Fair Value Per Share
Balance, beginning of period (in dollars per share) \| $ / shares	$ 7.89
Granted (in dollars per share) \| $ / shares	5.80
Vested (in dollars per share) \| $ / shares	7.24
Cancelled/forfeited (in dollars per share) \| $ / shares	6.96
Balance, end of period (in dollars per share) \| $ / shares	$ 6.68

Summary of Significant Accounting Policies - Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Details) - Recurring $ in Thousands	Dec. 31, 2024 USD ($)
Fair Value
Total assets measured at fair value	$ 33,617
Level 1
Fair Value
Total assets measured at fair value	33,617
Level 2
Fair Value
Total assets measured at fair value	0
Level 3
Fair Value
Total assets measured at fair value	0
Money Market Funds
Fair Value
Money market funds	33,617
Money Market Funds \| Level 1
Fair Value
Money market funds	33,617
Money Market Funds \| Level 2
Fair Value
Money market funds	0
Money Market Funds \| Level 3
Fair Value
Money market funds	$ 0

Statements of Operations and Comprehensive Income (Loss) Components - Narrative (Details) $ in Thousands		3 Months Ended	9 Months Ended
	Aug. 14, 2024 USD ($)	Sep. 30, 2025 USD ($) region	Sep. 30, 2025 USD ($) region	Dec. 31, 2024 USD ($)
Number of primary geographic regions \| region		3	3
Contract obligations		$ 2,523	$ 2,523	$ 2,034
Award
Total amount to be collected	$ 14,600
Strategic award term	2 years 6 months
Amount billed related to agreement		1,000	3,000
Other income		1,200	2,500
Contract obligations		$ 500	$ 500

Net Income (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net income

The following tables set forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):

Basic and diluted EPS


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss)	$	54	$	2,271	$	(1,782)	$	(433)
Net income (loss) attributable to common stockholders, diluted	$	54	$	2,271	$	(1,782)	$	(433)

Denominator:
Weighted-average shares of common stock outstanding, basic	22,669,872		21,767,380		22,456,079		21,529,738
Weighted-average shares of common stock outstanding, diluted	23,147,119		21,985,175		22,456,079		21,529,738
Net income (loss) per common share, basic	$	0.00	$	0.10	$	(0.08)	$	(0.02)
Net income (loss) per common share, diluted	$	0.00	$	0.10	$	(0.08)	$	(0.02)

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

5. Leases

Operating leases consist primarily of office space and manufacturing facilities expiring at various dates through 2029. Finance leases relate to server leases expiring at various dates through 2029. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The undiscounted future non-cancellable lease payments under the Company’s operating and finance leases were as follows (in thousands):


As of September 30, 2025	Amount
Remainder of 2025	$	370
2026	1,497
2027	1,380
2028	595
Thereafter	48
Total lease payments	3,890
Less: imputed interest	(222)
Total lease liabilities	3,668
Less: current portion of lease liabilities	(1,361)
Total lease liabilities, net of current portion	$	2,307

Other information related to the Company’s operating lease liabilities was as follows:


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term (years)	2.68		3.39
Weighted-average discount rate	4.50	%	4.50	%

Other information related to the Company’s finance lease liabilities was as follows:


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term (years)	3.42		4.15
Weighted-average discount rate	3.90	%	3.90	%

Leases

5. Leases

The undiscounted future non-cancellable lease payments under the Company’s operating and finance leases were as follows (in thousands):


As of September 30, 2025	Amount
Remainder of 2025	$	370
2026	1,497
2027	1,380
2028	595
Thereafter	48
Total lease payments	3,890
Less: imputed interest	(222)
Total lease liabilities	3,668
Less: current portion of lease liabilities	(1,361)
Total lease liabilities, net of current portion	$	2,307

Other information related to the Company’s operating lease liabilities was as follows:


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term (years)	2.68		3.39
Weighted-average discount rate	4.50	%	4.50	%

Other information related to the Company’s finance lease liabilities was as follows:


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term (years)	3.42		4.15
Weighted-average discount rate	3.90	%	3.90	%

Summary of Significant Accounting Policies - Schedule of Segments, Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Trade accounts receivable	$ 9,016	$ 11,944
Unbilled accounts receivable	122	187
Allowance for product returns and price adjustments	(450)	(409)
Accounts receivable, net	$ 8,688	$ 11,722

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation
Total grant date fair value of options vested		$ 200	$ 300	$ 500	$ 900
Options granted (in shares)		0	0	0	0
Employee Stock Option
Share-based Compensation
Unrecognized stock-based compensation expense		$ 200		$ 200
Unrecognized compensation expense, weighted-average period expected to be recognized				5 months 12 days
RSUs
Share-based Compensation
Unrecognized stock-based compensation expense		$ 8,200		$ 8,200
Unrecognized compensation expense, weighted-average period expected to be recognized				2 years 8 months 12 days	2 years 8 months 12 days
ESPP
Share-based Compensation
Increase in number of shares reserved for issuance (in shares)	220,596
Maximum number of common stock shares may be issued under the plan (in shares)		1,191,215		1,191,215
Issuance of common stock under Employee Stock Purchase Plan (in shares)		0	0	61,181	37,696
Issuance of common stock under Employee Stock Purchase Plan				$ 254	$ 241

Significant Agreements	9 Months Ended
Significant Agreements	Sep. 30, 2025
Significant Agreements [Abstract]
Significant Agreements	7. Significant Agreements GLOBALFOUNDRIES, Inc. Joint Development Agreement Since October 17, 2014, the Company has participated in a joint development agreement (JDA) with GLOBALFOUNDRIES Inc. (GLOBALFOUNDRIES), a semiconductor foundry, for the joint development of Spin-transfer Torque MRAM (STT-MRAM), technology to produce a family of discrete and embedded MRAM technologies. The term of the JDA is until the completion, termination, or expiration of the last statement of work entered into pursuant to the JDA. The JDA was extended on December 31, 2019, to include a new phase of support for 12nm MRAM development. Under the current JDA extension terms, each party licenses its relevant intellectual property to the other party. For certain jointly developed works, the parties have agreed to follow an invention allocation procedure to determine ownership. In addition, GLOBALFOUNDRIES possesses the exclusive right to manufacture the Company’s discrete and embedded STT-MRAM devices developed pursuant to the JDA until the earlier of three years after the qualification of the MRAM device for a particular technology node or four years after the completion of the relevant statement of work under which the device was developed. For the same exclusivity period associated with the relevant device, GLOBALFOUNDRIES agreed not to license intellectual property developed in connection with the JDA to named competitors of the Company. If GLOBALFOUNDRIES manufactures, sells, or transfers to customers wafers containing production quantified STT-MRAM devices that utilize certain design information, GLOBALFOUNDRIES will be required to pay the Company a royalty.

Stock-Based Compensation - Schedule of Options and Awards Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Number of Options
Beginning balance (in shares)			1,521,857
Options granted (in shares)	0	0	0	0
Options exercised (in shares)			(82,823)
Options cancelled/forfeited (in shares)			(14,144)
Ending balance (in shares)	1,424,890		1,424,890		1,521,857
Options, exercisable (in shares)	1,383,891		1,383,891
Weighted- Average Exercise Price Per Share
Beginning balance (in dollars per share)			$ 6.04
Options exercised (in dollars per share)			4.26
Options cancelled/forfeited (in dollars per share)			7.20
Ending balance (in dollars per share)	$ 6.13		6.13		$ 6.04
Weighted average exercise price per share, options exercisable (in dollars per share)	$ 6.07		$ 6.07
Stock Options Additional Disclosures
Weighted-Average Remaining Contractual Life (years)			5 years 2 months 12 days		5 years 10 months 24 days
Options exercisable, weighted average remaining contractual life (in years)			5 years 1 month 6 days
Aggregate Intrinsic Value	$ 4,569		$ 4,569		$ 1,507
Options exercised, aggregate intrinsic value			194
Aggregate intrinsic value, options exercisable	$ 4,518		$ 4,518

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 1,407	$ 1,532	$ 4,403	$ 5,108
General and administrative
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	678	632	2,083	2,592
Research and development
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	424	710	1,358	1,979
Sales and marketing
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	144	190	454	537
Cost of sales
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 161	$ 0	$ 508	$ 0

Net Income (Loss) Per Common Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock options and RSUs
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss common (in shares)	0.9	2.2	1.5	1.9

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Undiscounted future non-cancellable lease payments

The undiscounted future non-cancellable lease payments under the Company’s operating and finance leases were as follows (in thousands):


As of September 30, 2025	Amount
Remainder of 2025	$	370
2026	1,497
2027	1,380
2028	595
Thereafter	48
Total lease payments	3,890
Less: imputed interest	(222)
Total lease liabilities	3,668
Less: current portion of lease liabilities	(1,361)
Total lease liabilities, net of current portion	$	2,307

Schedule of Lease, Cost

Other information related to the Company’s operating lease liabilities was as follows:


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term (years)	2.68		3.39
Weighted-average discount rate	4.50	%	4.50	%

Other information related to the Company’s finance lease liabilities was as follows:


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term (years)	3.42		4.15
Weighted-average discount rate	3.90	%	3.90	%

Condensed Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance (in shares) at Dec. 31, 2023		21,080,472
Balance at Dec. 31, 2023	$ 53,921	$ 2	$ 191,569	$ (137,650)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		96,116
Exercise of stock options	353		353
Issuance of common stock under stock incentive plans (in shares)		229,923
Stock-based compensation expense	1,714		1,714
Net (loss) income	(202)			(202)
Balance (in shares) at Mar. 31, 2024		21,406,511
Balance at Mar. 31, 2024	55,786	$ 2	193,636	(137,852)
Balance (in shares) at Dec. 31, 2023		21,080,472
Balance at Dec. 31, 2023	53,921	$ 2	191,569	(137,650)
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(433)
Balance (in shares) at Sep. 30, 2024		21,833,041
Balance at Sep. 30, 2024	59,274	$ 2	197,355	(138,083)
Balance (in shares) at Mar. 31, 2024		21,406,511
Balance at Mar. 31, 2024	55,786	$ 2	193,636	(137,852)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		9,549
Exercise of stock options	35		35
Issuance of common stock under stock incentive plans (in shares)		240,623
Issuance of common stock under stock incentive plans	241		241
Stock-based compensation expense	1,862		1,862
Net (loss) income	(2,502)			(2,502)
Balance (in shares) at Jun. 30, 2024		21,656,683
Balance at Jun. 30, 2024	55,422	$ 2	195,774	(140,354)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		11,177
Exercise of stock options	44		44
Issuance of common stock under stock incentive plans (in shares)		165,181
Issuance of common stock under stock incentive plans	5		5
Stock-based compensation expense	1,532		1,532
Net (loss) income	2,271			2,271
Balance (in shares) at Sep. 30, 2024		21,833,041
Balance at Sep. 30, 2024	59,274	$ 2	197,355	(138,083)
Balance (in shares) at Dec. 31, 2024		22,059,697
Balance at Dec. 31, 2024	62,593	$ 2	199,460	(136,869)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		10,620
Exercise of stock options	29		29
Issuance of common stock under stock incentive plans (in shares)		281,828
Stock-based compensation expense	1,577		1,577
Net (loss) income	(1,166)			(1,166)
Balance (in shares) at Mar. 31, 2025		22,352,145
Balance at Mar. 31, 2025	63,033	$ 2	201,066	(138,035)
Balance (in shares) at Dec. 31, 2024		22,059,697
Balance at Dec. 31, 2024	$ 62,593	$ 2	199,460	(136,869)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)	82,823
Net (loss) income	$ (1,782)
Balance (in shares) at Sep. 30, 2025		22,756,779
Balance at Sep. 30, 2025	65,821	$ 2	204,470	(138,651)
Balance (in shares) at Mar. 31, 2025		22,352,145
Balance at Mar. 31, 2025	63,033	$ 2	201,066	(138,035)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		12,733
Exercise of stock options	39		39
Issuance of common stock under stock incentive plans (in shares)		205,713
Issuance of common stock under stock incentive plans	254		254
Stock-based compensation expense	1,419		1,419
Net (loss) income	(670)			(670)
Balance (in shares) at Jun. 30, 2025		22,570,591
Balance at Jun. 30, 2025	64,075	$ 2	202,778	(138,705)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		59,470
Exercise of stock options	285		285
Issuance of common stock under stock incentive plans (in shares)		126,718
Stock-based compensation expense	1,407		1,407
Net (loss) income	54			54
Balance (in shares) at Sep. 30, 2025		22,756,779
Balance at Sep. 30, 2025	$ 65,821	$ 2	$ 204,470	$ (138,651)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory
Raw materials	$ 220	$ 238
Work-in-process	9,989	7,510
Finished goods	1,610	1,362
Total inventory	$ 11,819	$ 9,110

Organization and Nature of Business	9 Months Ended
Organization and Nature of Business	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	1. Organization and Nature of Business Everspin Technologies, Inc. (“we”, “our”, “us”, “Everspin Technologies”, “Everspin”, or the “Company”) was incorporated in Delaware on May 16, 2008. The Company’s magnetoresistive random-access memory (MRAM) solutions offer the persistence of non-volatile memory with the speed and endurance of random-access memory (RAM) and enable the protection of mission critical data particularly in the event of power interruption or failure. The Company’s MRAM solutions allow its customers in key markets, such as industrial, medical, automotive/transportation, aerospace and data center markets to design high performance, power efficient and reliable systems without the need for bulky batteries or capacitors.

Statements of Operations and Comprehensive Income (Loss) Components (Tables)

9 Months Ended

Sep. 30, 2025

Statements of Operations and Comprehensive Loss Components [Abstract]

Schedule of disaggregation of revenue

The following table presents the Company’s revenues disaggregated by sales channel (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Distributor	$	12,094	$	10,152	$	28,743	$	29,666
Non-distributor	1,966		1,941		11,656		7,493
Total revenue	$	14,060	$	12,093	$	40,399	$	37,159

The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Point in time	$	12,833	$	10,557	$	35,407	$	31,586
Over time	1,227		1,536		4,992		5,573
Total revenue	$	14,060	$	12,093	$	40,399	$	37,159

The following table presents the Company’s revenues disaggregated by type (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Product sales	$	12,690	$	10,443	$	34,807	$	31,190
Licensing	9		1,195		1,163		4,722
Royalties	143		114		600		396
Other revenue	1,218		341		3,829		851
Total revenue	$	14,060	$	12,093	$	40,399	$	37,159

Schedule of revenue by region

The Company’s revenue by region for the periods indicated was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
APAC	$	8,571	$	7,923	$	24,412	$	21,163
North America	2,497		1,874		7,906		7,857
EMEA	2,992		2,296		8,081		8,139
Total revenue	$	14,060	$	12,093	$	40,399	$	37,159

Statements of Operations and Comprehensive Income (Loss) Components

9 Months Ended

Sep. 30, 2025

Statements of Operations and Comprehensive Loss Components [Abstract]

Statements of Operations and Comprehensive Income (Loss) Components

3. Statements of Operations and Comprehensive Income (Loss) Components

Revenue

The Company sells products to its distributors, original design manufacturers (ODMs), and original equipment manufacturers (OEMs). The Company also recognizes revenue under licensing, patent, and royalty agreements with some customers.

The following table presents the Company’s revenues disaggregated by sales channel (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Distributor	$	12,094	$	10,152	$	28,743	$	29,666
Non-distributor	1,966		1,941		11,656		7,493
Total revenue	$	14,060	$	12,093	$	40,399	$	37,159

The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Point in time	$	12,833	$	10,557	$	35,407	$	31,586
Over time	1,227		1,536		4,992		5,573
Total revenue	$	14,060	$	12,093	$	40,399	$	37,159

The following table presents the Company’s revenues disaggregated by type (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Product sales	$	12,690	$	10,443	$	34,807	$	31,190
Licensing	9		1,195		1,163		4,722
Royalties	143		114		600		396
Other revenue	1,218		341		3,829		851
Total revenue	$	14,060	$	12,093	$	40,399	$	37,159

The Company recognizes revenue in three primary geographic regions: Asia-Pacific (APAC); North America; and Europe, Middle East and Africa (EMEA). The Company recognizes revenue by geography based on the region in which the Company’s products are sold, and not to where the end products in which they are assembled are shipped. The Company’s revenue by region for the periods indicated was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
APAC	$	8,571	$	7,923	$	24,412	$	21,163
North America	2,497		1,874		7,906		7,857
EMEA	2,992		2,296		8,081		8,139
Total revenue	$	14,060	$	12,093	$	40,399	$	37,159

Other Income, Net

On August 14, 2024, the Company received a strategic award to develop a long-term plan to provide manufacturing services for aerospace and defense segments (the Award). Under the Award, the Company will provide a plan to mitigate risks to its MRAM manufacturing supply chain. Pursuant to the Award, the Company may receive cash payments upon the achievement of certain technical tasks and deliverables. The Award allows for milestones totaling up to approximately $14.6 million for the Company over a span of 2.5 years.

The Award is not in the ordinary course of the Company’s business and hence not a contract with a customer. The Company has applied the revenue recognition principles under ASC 606 by analogy.

During the three and nine months ended September 30, 2025, the Company billed $1.0 million and $3.0 million, respectively, relating to the Award and recorded $1.2 million and $2.5 million, respectively, of other income. The Company has recorded this other income using an input method based on costs incurred to date relative to the total expected costs of the Award over its term. The remaining $0.5 million of the billed amount for the Award is recorded as contract obligations liability on the condensed balance sheets. This amount represents the Company’s obligation to perform future services for which the Company has received or is entitled to receive payment but which are not yet fulfilled.

Balance Sheet Components - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Intangible Assets
Gross Carrying Amount	$ 4,446	$ 4,389
Accumulated Amortization	(2,300)	(973)
Net Carrying Amount	$ 2,146	$ 3,416
Internal-use software
Intangible Assets
Weighted- Average Life (in years)	1 year 3 months 18 days	2 years
Gross Carrying Amount	$ 4,446	$ 4,389
Accumulated Amortization	(2,300)	(973)
Net Carrying Amount	$ 2,146	$ 3,416

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Condensed Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Total revenue	$ 14,060	$ 12,093	$ 40,399	$ 37,159
Total cost of sales	6,854	6,141	19,672	17,831
Gross profit	7,206	5,952	20,727	19,328
Operating expenses:
Research and development	3,583	3,384	10,519	10,259
General and administrative	3,690	3,363	11,170	10,653
Sales and marketing	1,478	1,320	4,476	3,950
Total operating expenses	8,751	8,067	26,165	24,862
Loss from operations	(1,545)	(2,115)	(5,438)	(5,534)
Interest income	432	463	1,263	1,325
Other income, net	1,164	3,933	2,394	3,862
Net income (loss) before income taxes	51	2,281	(1,781)	(347)
Income tax benefit (expense)	3	(10)	(1)	(86)
Net income (loss) and comprehensive income (loss)	$ 54	$ 2,271	$ (1,782)	$ (433)
Net loss per common share, basic (in dollars per share)	$ 0.00	$ 0.10	$ (0.08)	$ (0.02)
Net loss per common share, diluted (in dollars per share)	$ 0.00	$ 0.10	$ (0.08)	$ (0.02)
Weighted-average shares of common stock outstanding, Basic (in shares)	22,669,872	21,767,380	22,456,079	21,529,738
Weighted average shares of common stock outstanding, Diluted (in shares)	23,147,119	21,985,175	22,456,079	21,529,738
Product sales
Total revenue	$ 12,690	$ 10,443	$ 34,807	$ 31,190
Total cost of sales	6,628	5,751	18,823	16,989
Licensing, royalty, patent, and other revenue
Total revenue	1,370	1,650	5,592	5,969
Total cost of sales	$ 226	$ 390	$ 849	$ 842

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2025 segment
Accounting Policies [Abstract]
Number of reportable segments	1

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-37900
Entity Registrant Name	Everspin Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2640654
Entity Address, Address Line One	5670 W. Chandler Boulevard
Entity Address, Address Line Two	Suite 130
Entity Address, City or Town	Chandler
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85226
City Area Code	480
Local Phone Number	347-1111
Title of 12(b) Security	0.0001
Trading Symbol	MRAM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,856,514
Entity Central Index Key	0001438423
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

6. Stock-Based Compensation

Share-Based Compensation Expense

The following table presents the details of the Company’s share-based compensation expense (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
General and administrative	$	678	$	632	$	2,083	$	2,592
Research and development	424		710		1,358		1,979
Sales and marketing	144		190		454		537
Cost of sales	161		—		508		—
Total stock-based compensation	$	1,407	$	1,532	$	4,403	$	5,108

Summary of Stock Option Activity

The following table summarizes the stock option activity for the nine months ended September 30, 2025:


	Options Outstanding
	Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (In thousands)
Balance—December 31, 2024	1,521,857	$	6.04	5.9	$	1,507
Options granted	—
Options exercised	(82,823)	$	4.26		$	194
Options cancelled/forfeited	(14,144)	$	7.20
Balance—September 30, 2025	1,424,890	$	6.13	5.2	$	4,569
Options exercisable—September 30, 2025	1,383,891	$	6.07	5.1	$	4,518

The total grant date fair value of options vested was $0.2 million and $0.3 million during the three months ended September 30, 2025 and 2024, respectively, and $0.5 million and $0.9 million during the nine months ended September 30, 2025 and 2024, respectively.

No options were granted in the three and nine months ended September 30, 2025 or 2024, respectively.

As of September 30, 2025, there was $0.2 million of total unrecognized stock-based compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 0.45 years. Stock-based compensation cost for options capitalized within inventory at September 30, 2025 and 2024 was not material.

2016 Employee Stock Purchase Plan

In January 2025, there was an increase of 220,596 shares reserved for issuance under the Company’s Employee Stock Purchase Plan (ESPP) pursuant to the terms of the ESPP. The Company had 1,191,215 shares available for future issuance under the ESPP as of September 30, 2025. Employees did not purchase any shares during the three months ended September 30, 2025 and 2024, respectively. Employees purchased 61,181 shares for $254,000 during the nine months ended September 30, 2025. Employees purchased 37,696 shares for $241,000 during the nine months ended September 30, 2024.

Restricted Stock Units

The following table summarizes restricted stock units (RSUs) activity for the nine months ended September 30, 2025:


	RSUs Outstanding
	Number of Restricted Stock Units	Weighted- Average Grant Date Fair Value Per Share
Balance—December 31, 2024	987,965	$	7.89
Granted	996,561	$	5.80
Vested	(553,328)	$	7.24
Cancelled/forfeited	(23,674)	$	6.96
Balance—September 30, 2025	1,407,524	$	6.68

The fair value of RSUs is determined on the date of grant based on the market price of the Company’s common stock on that date.

As of September 30, 2025, there was $8.2 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.7 years. Stock-based compensation cost related to RSUs capitalized within inventory at September 30, 2025 and 2024 was not material.

Statements of Operations and Comprehensive Income (Loss) Components - Schedule of Disaggregated by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue
Total revenue	$ 14,060	$ 12,093	$ 40,399	$ 37,159
Distributor
Disaggregation of Revenue
Total revenue	12,094	10,152	28,743	29,666
Non-distributor
Disaggregation of Revenue
Total revenue	$ 1,966	$ 1,941	$ 11,656	$ 7,493

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

8. Net Income (Loss) Per Common Share

Basic net income (loss) per common share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period less shares subject to repurchase, without consideration of potentially dilutive securities. Diluted earnings per share is calculated using the treasury stock method by dividing net income (loss) by the total weighted average shares of common stock outstanding in addition to the potential impact of dilutive securities including restricted stock units, warrants, and options. In periods with a net loss, potentially dilutive securities are excluded from the Company’s calculation of earnings per share as their inclusion would have an antidilutive effect.

The following tables set forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):

Basic and diluted EPS


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss)	$	54	$	2,271	$	(1,782)	$	(433)
Net income (loss) attributable to common stockholders, diluted	$	54	$	2,271	$	(1,782)	$	(433)

Denominator:
Weighted-average shares of common stock outstanding, basic	22,669,872		21,767,380		22,456,079		21,529,738
Weighted-average shares of common stock outstanding, diluted	23,147,119		21,985,175		22,456,079		21,529,738
Net income (loss) per common share, basic	$	0.00	$	0.10	$	(0.08)	$	(0.02)
Net income (loss) per common share, diluted	$	0.00	$	0.10	$	(0.08)	$	(0.02)

Potentially dilutive securities representing 0.9 million and 2.2 million stock options and RSUs that were outstanding during the three months ended September 30, 2025, and 2024, respectively, and 1.5 million and 1.9 million stock options and RSUs outstanding during the nine months ended September 30, 2025 and 2024, respectively, were excluded from the computation of diluted earnings per common share during these periods as their inclusion would have an antidilutive effect.