0001628280-26-014733 | 10-K | XBRL Viewer | Everspin Technologies INC

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Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued liabilities
Payroll-related expenses	$ 2,481	$ 1,606
Inventory	425	157
Other	745	686
Total accrued liabilities	$ 3,651	$ 2,449

Organization and Operations	12 Months Ended
Organization and Operations	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations 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, to design high performance, power-efficient and reliable systems without the need for bulky batteries or capacitors.

Net (Loss) Income Per Common Share - Schedule of Computation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net (loss) income	$ (586)	$ 781
Denominator:
Weighted-average shares of common stock outstanding, basic (in shares)	22,568,253	21,642,793
Net (loss) income per common share, basic (in dollars per share)	$ (0.03)	$ 0.04
Numerator:
Net (loss) income	$ (586)	$ 781
Net (loss) income attributable to common stockholders, diluted	$ (586)	$ 781
Denominator:
Weighted-average shares of common stock outstanding, basic (in shares)	22,568,253	21,642,793
Dilutive effect of stock options and RSUs (in shares)	0	513,627
Weighted-average shares of common stock outstanding, diluted (in shares)	22,568,253	22,156,420
Net (loss) income per common share, diluted (in dollars per share)	$ (0.03)	$ 0.04

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

Common stockholders are entitled to dividends if and when declared by the board of directors. As of December 31, 2025, no dividends on common stock had been declared by the board of directors.

Reserved Shares of Common Stock

The Company had reserved shares of common stock for future issuance as follows:


	December 31, 2025	December 31, 2024
Options issued and outstanding	1,365,002	1,521,857
Shares available for future option grants	249,349	545,525
RSUs subject to future vesting	1,294,166	987,965
Common stock warrants	—	18,461
Total	2,908,517	3,073,808

Warrants

In connection with the Company’s prior credit facility with Ares Venture Finance entered into in June 2015, the Company issued Ares Venture Finance a warrant to purchase 18,461 shares of the Company’s common stock at an exercise price of $26.00 per share. The warrant expired on June 5, 2025.

- Definition

The entire disclosure for equity.

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+ Details

Income Taxes - Schedule of Net Income Tax Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Federal	$ 0
State	38
Foreign	0
Total net income tax payments	$ 38	$ 202

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Schedule of Net Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Valuation Allowance at beginning of year	$ (31,343)	$ (27,748)
Current Year Change	6	(3,595)
Valuation Allowance at end of year	$ (31,337)	$ (31,343)

Statements of Operations and Comprehensive (Loss) Income Components - Schedule of Disaggregated by Timing of Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue
Total revenue	$ 55,202	$ 50,402
Point in time
Disaggregation of Revenue
Total revenue	49,066	42,903
Over time
Disaggregation of Revenue
Total revenue	$ 6,136	$ 7,499

- Definition

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Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 31, 2025	Jan. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Depreciation and amortization expense			$ 1,500	$ 1,600
Amortization expense for intangible assets			1,800	100
Total revenue			55,202	50,402
RAD Hard Product 1 Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total amount of consideration to be received	$ 1,200
Amount billed for the performance under contractual agreements			700
Total revenue			700
Development Services Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total amount of consideration to be received		$ 4,100
Amount billed for the performance under contractual agreements		$ 4,100
Total revenue			4,100
Deferred revenue			$ 0	$ 100

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Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
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Common stock reserved
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Options issued and outstanding
Common stock reserved
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Shares available for future option grants
Common stock reserved
Reserved shares of common stock for future issuance (in shares)	249,349	545,525
RSUs subject to future vesting
Common stock reserved
Reserved shares of common stock for future issuance (in shares)	1,294,166	987,965

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Disclosure Text Block Supplement [Abstract]

Balance Sheet Components

Inventory

Inventory consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Raw materials	$	323	$	238
Work-in-process	9,269		7,510
Finished goods	1,142		1,362
Total inventory	$	10,734	$	9,110

Property and Equipment, Net

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


	December 31, 2025		December 31, 2024
Manufacturing equipment	$	15,070	$	14,199
Computer and network equipment	731		602
Furniture and fixtures	113		113
Construction in Progress	11,131		—
Leasehold improvements	1,476		1,476
Total property and equipment, gross	28,521		16,390
Less: accumulated depreciation	(14,381)		(13,170)
Total property and equipment, net	$	14,140	$	3,220

Depreciation expense during years ended December 31, 2025 and 2024 was $1.5 million and $1.6 million, respectively.

Intangible Assets, Net

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


	December 31, 2025
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Internal-use software	1.0	$	4,456	$	(2,742)	$	1,714
Total intangible assets		$	4,456	$	(2,742)	$	1,714


	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

Amortization expense for intangible assets was $1.8 million and $0.1 million for the years ended December 31, 2025 and 2024, respectively.

The table below presents estimated future amortization expense for finite-lived intangible assets (in thousands):


As of December 31, 2025	Amount
2026	$	1,633
2027	22
2028	22
2029	21
Thereafter	16
Total	$	1,714

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Payroll-related expenses	$	2,481	$	1,606
Inventory	425		157
Other	745		686
Total accrued liabilities	$	3,651	$	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 December 31, 2025, the Company has billed $0.7 million for the performance under the agreement and has recognized $0.7 million in revenue for the year ended December 31, 2025.

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 December 31, 2025, the Company has billed $4.1 million for the performance under the agreement and has recognized $4.1 million in revenue for the year ended December 31, 2025.

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. Deferred revenue related to these agreements was $0.0 million and $0.1 million as of December 31, 2025 and 2024, respectively.

Summary of Significant Accounting Policies - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts receivable
Trade accounts receivable	$ 8,231	$ 11,944
Unbilled accounts receivable	179	187
Allowance for product returns and price adjustments	(309)	(409)
Accounts receivable, net	$ 8,101	$ 11,722

Statements of Operations and Comprehensive (Loss) Income Components - Schedule of Revenue by Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue
Total revenue	$ 55,202	$ 50,402
APAC
Disaggregation of Revenue
Total revenue	34,527	28,688
North America
Disaggregation of Revenue
Total revenue	10,890	10,710
EMEA
Disaggregation of Revenue
Total revenue	$ 9,785	$ 11,004

- 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.

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Number of reportable segments \| segment	1
Unbilled accounts receivable	$ 179,000	$ 187,000
Unbilled contract asset	400,000	500,000
Allowance for product returns and price adjustments	309,000	409,000
Impairment of long-lived assets	$ 0	$ 0
Proceeds from employee retention tax credit refunds			$ 2,000,000.0
Maximum
Lessee, Lease, Description [Line Items]
Operating term of lease (in years)	7 years
Finance term of lease (in years)	7 years
Finance lease renewal term (in years)	5 years
Operating lease renewal term (in years)	5 years
Minimum
Lessee, Lease, Description [Line Items]
Finance lease renewal term (in years)	2 years
Operating lease renewal term (in years)	2 years

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options
Beginning balance (in shares)	1,521,857
Options granted (in shares)	0	0
Options exercised (in shares)	(140,841)
Options cancelled/forfeited (in shares)	(16,014)
Ending balance (in shares)	1,365,002	1,521,857
Options exercisable (in shares)	1,347,618
Weighted- Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 6.04
Options exercised (in dollars per share)	4.76
Options cancelled/forfeited (in dollars per share)	7.26
Ending balance (in dollars per share)	6.16	$ 6.04
Weighted average exercise price per share, options exercisable (in dollars per share)	$ 6.13
Stock Options Additional Disclosures
Weighted average remaining contractual life (in years)	4 years 10 months 24 days	5 years 10 months 24 days
Options exercisable, weighted average remaining contractual life (in years)	4 years 10 months 24 days
Aggregate intrinsic value, options outstanding	$ 4,303	$ 1,507
Options exercised, aggregate intrinsic value	401
Aggregate intrinsic value, options exercisable	$ 4,281

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net (loss) income	$ (586)	$ 781
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,212	1,731
Gain on sale of property and equipment	(25)	0
Stock-based compensation	5,776	6,713
Changes in operating assets and liabilities:
Accounts receivable	3,621	(168)
Inventory	(1,624)	(719)
Prepaid expenses and other current assets	(605)	(284)
Other assets	360	(492)
Accounts payable	(501)	(374)
Accrued liabilities	806	(1,939)
Deferred revenue	(78)	(258)
Contract obligations	(562)	2,034
Lease liabilities, net	60	74
Long-term income tax liability	106	0
Net cash provided by operating activities	9,960	7,099
Cash flows from investing activities
Purchases of property and equipment	(6,838)	(3,049)
Purchases of intangible assets	(1,836)	(11)
Net cash used in investing activities	(8,674)	(3,060)
Cash flows from financing activities
Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan	1,134	1,178
Payments on finance leases	(67)	(66)
Net cash provided by financing activities	1,067	1,112
Net increase in cash and cash equivalents	2,353	5,151
Cash and cash equivalents at beginning of period	42,097	36,946
Cash and cash equivalents at end of period	44,450	42,097
Supplementary cash flow information:
Cash paid for taxes	38	202
Operating cash flows paid for operating leases	1,415	1,399
Financing cash flows paid for finance leases	67	66
Non-cash investing and financing activities:
Internal-use software asset obtained in exchange for software liabilities	0	3,564
Right-of-use assets obtained in exchange for finance lease liabilities	0	297
Purchases of property and equipment in accounts payable and accrued liabilities	$ 3,982	$ 182

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Geographic Information [Abstract]

Schedule of Property and Equipment by Country

Property and equipment, net by country was as follows (in thousands):


	Year Ended December 31,
	2025		2024
United States	$	13,787	$	2,165
Singapore	238		974
Other	115		81
	$	14,140	$	3,220

Schedule of Revenue by Country

Revenue by country was as follows (in thousands):


	Year Ended December 31,
	2025		2024
United States	$	9,862	$	9,968
Japan	6,066		5,974
Hong Kong	6,694		16,220
Germany	6,185		7,168
Singapore	13,154		3,363
Canada	1,028		742
All other	12,213		6,967
Total revenue	$	55,202	$	50,402

Summary of Significant Accounting Policies - Schedule of Revenue and Accounts Receivable for Each Significant Customer (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue \| Customer A
Concentration risk
Concentration risk percentage	25.00%
Revenue \| Customer B
Concentration risk
Concentration risk percentage		27.00%
Accounts Receivable \| Customer A
Concentration risk
Concentration risk percentage	57.00%
Accounts Receivable \| Customer B
Concentration risk
Concentration risk percentage		61.00%

- 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
-SubTopic 10
-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
-Topic 275
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: 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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-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

Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Total revenue	$ 55,202	$ 50,402
Total cost of sales	26,960	24,276
Gross profit	28,242	26,126
Operating expenses:
Research and development	14,085	13,686
General and administrative	14,552	14,141
Sales and marketing	6,113	5,390
Total operating expenses	34,750	33,217
Loss from operations	(6,508)	(7,091)
Interest income	1,646	1,766
Other income, net	4,405	6,066
Net (loss) income before income taxes	(457)	741
Income tax (expense) benefit	(129)	40
Net (loss) income and comprehensive (loss) income	$ (586)	$ 781
Net (loss) income per common share:
Basic (in dollars per share)	$ (0.03)	$ 0.04
Diluted (in dollars per share)	$ (0.03)	$ 0.04
Weighted average shares of common stock outstanding:
Basic (in shares)	22,568,253	21,642,793
Diluted (in shares)	22,568,253	22,156,420
Product sales
Total revenue	$ 48,292	$ 42,203
Total cost of sales	25,938	22,812
Licensing, royalty, patent, engineering services and other revenue
Total revenue	6,910	8,199
Total cost of sales	$ 1,022	$ 1,464

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2025		2024
General and administrative	$	2,745	$	3,304
Research and development	1,755		1,902
Sales and marketing	611		720
Cost of sales	665		787
Total stock-based compensation	$	5,776	$	6,713

Schedule of Stock Option Activity

The following table summarizes the stock option activity for all grants under the 2008 Plan and 2016 Plan:


	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	(140,841)	$	4.76		$	401
Options cancelled/forfeited	(16,014)	$	7.26
Balance—December 31, 2025	1,365,002	$	6.16	4.9	$	4,303
Options exercisable—December 31, 2025	1,347,618	$	6.13	4.9	$	4,281

Schedule of Restricted Stock Unit Activity

The following table summarizes RSU activity for the year ended December 31, 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	1,000,090	$	5.82
Vested	(666,409)	$	7.26
Cancelled/forfeited	(27,480)	$	6.89
Balance—December 31, 2025	1,294,166	$	6.63

Geographic Information

12 Months Ended

Dec. 31, 2025

Geographic Information [Abstract]

Geographic Information

Property and equipment, net by country was as follows (in thousands):


	Year Ended December 31,
	2025		2024
United States	$	13,787	$	2,165
Singapore	238		974
Other	115		81
	$	14,140	$	3,220

Revenue from customers is designated based on the geographic region or country to which the product is delivered or the licensee is located. Revenue by country was as follows (in thousands):


	Year Ended December 31,
	2025		2024
United States	$	9,862	$	9,968
Japan	6,066		5,974
Hong Kong	6,694		16,220
Germany	6,185		7,168
Singapore	13,154		3,363
Canada	1,028		742
All other	12,213		6,967
Total revenue	$	55,202	$	50,402

Income Taxes - Schedule of Changes in the Company's Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax expense, beginning of the year	$ 1,389	$ 473
Decrease related to prior year tax positions	(126)	0
Increase related to prior year tax positions	0	662
Increase related to current year tax positions	184	254
Unrecognized tax expense, end of year	$ 1,447	$ 1,389

Balance Sheet Components - Schedule of Estimated Future Amortization Expense for Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Estimated future amortization expense:
2026	$ 1,633
2027	22
2028	22
2029	21
Thereafter	16
Net Carrying Amount	$ 1,714	$ 3,416

Balance Sheet Components - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible Assets
Gross Carrying Amount	$ 4,456	$ 4,389
Accumulated Amortization	(2,742)	(973)
Net Carrying Amount	$ 1,714	$ 3,416
Internal-use software
Intangible Assets
Weighted- Average Life (in years)	1 year	2 years
Gross Carrying Amount	$ 4,456	$ 4,389
Accumulated Amortization	(2,742)	(973)
Net Carrying Amount	$ 1,714	$ 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.

+ References

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+ Details

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 44,450	$ 42,097
Accounts receivable, net	8,101	11,722
Inventory	10,734	9,110
Prepaid expenses and other current assets	1,877	1,272
Total current assets	65,162	64,201
Property and equipment, net	14,140	3,220
Intangible assets, net	1,714	3,416
Right-of-use assets	3,251	4,549
Other assets	342	2,403
Total assets	84,609	77,789
Current liabilities:
Accounts payable	5,180	2,278
Accrued liabilities	3,651	2,449
Deferred revenue	0	78
Lease liabilities, current portion	1,381	1,306
Contract obligations	1,472	2,034
Software liabilities, current portion	1,769	1,769
Total current liabilities	13,453	9,914
Lease liabilities, net of current portion	1,956	3,336
Software liabilities, net of current portion	15	1,784
Long-term income tax liability	268	162
Total liabilities	15,692	15,196
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $0.0001 par value per share; 5,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and 2024, respectively	0	0
Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 22,977,797 and 22,059,697 shares issued and outstanding as of December 31, 2025 and 2024, respectively	2	2
Additional paid-in capital	206,370	199,460
Accumulated deficit	(137,455)	(136,869)
Total stockholders’ equity	68,917	62,593
Total liabilities and stockholders’ equity	$ 84,609	$ 77,789

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

For the years ended December 31, 2025 and 2024, the Company’s provision for income tax consisted of (in thousands):


	Year Ended December 31,
	2025		2024
Current:
Federal	$	(18)	$	52
State	15		38
Foreign	8		—
Total Current	$	5	$	90

Deferred:
Federal	$	—	$	21
State	124		(151)
Foreign	—		—
Total Deferred	$	124	$	(130)

Provision for income taxes	$	129	$	(40)

Net income tax payments in 2025 were as follows:


	Year Ended December 31,
	2025
Federal	$	—
State	38
Foreign	—
Total net income tax payments	$	38

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:


	Year Ended December 31, 2025
	Rate		Amount
U.S. federal statutory tax rate	21.0	%	$	(96)
State taxes, net of federal income tax effect (a)	(23.3)		106
Tax credits - Research and development credits	40.6		(184)
Changes in valuation allowances	53.8		(245)
Nontaxable or nondeductible items
Stock-based compensation	(47.4)		216
IRC Section 162(m) limitation	(55.0)		251
Other adjustments	(3.8)		17
Changes in unrecognized tax benefits	(14.0)		64
Provision for income taxes	(28.1)	%	$	129

(a) State taxes in Indiana and Minnesota made up the majority (greater than 50%) of the tax effect in this category.


	Year ended December 31,
		2024
Tax at statutory federal rate		21.0	%
State taxes, net of federal benefit		3.6
Stock-based compensation		34.8
IRC section 162(m) limitation		29.0
R&D tax credits		(564.7)
Change in valuation allowance		486.1
Other		(15.1)
Provision for income taxes		(5.3)	%

The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets are as follows (in thousands):


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	21,832	$	20,564
Inventory	260		462
Accruals	614		366
Depreciation and amortization	4		9
Research and experimental credits	4,304		3,995
Research and experimental expenditures	4,374		6,412
Stock-based compensation	397		428
Right of use liability	735		1,045
Gross deferred tax assets	32,520		33,281
Valuation allowance	(31,337)		(31,343)
Deferred tax assets	1,183		1,938
Deferred tax liabilities:
Right of use asset	(716)		(1,024)
Other	(322)		(646)
Deferred tax liabilities	(1,038)		(1,670)
Net deferred tax assets	$	145	$	268

The Company is required to reduce its deferred tax assets by a valuation allowance if it is more likely than not that some or all of its deferred tax assets will not be realized. Management must use judgment in assessing the potential need for a valuation allowance, which requires an evaluation of both negative and positive evidence. The weight given to the potential effect of negative and positive evidence should be commensurate with the extent to which it can be objectively verified. In determining the need for and amount of the valuation allowance, if any, the Company assesses the likelihood that it will be able to recover its deferred tax assets using historical levels of income, estimates of future income and tax planning strategies. As a result of projected taxable income, the Company determined that, based on all available evidence, there was substantial certainty as to whether it will recover recorded net deferred taxes for certain state jurisdictions in future periods. However, as it pertains to the federal, Arizona, and Colorado net deferred tax assets, based on all the available evidence, there is substantial uncertainty as to whether it will recover recorded net deferred taxes in future periods. Accordingly, the Company recorded a partial valuation allowance against its net deferred tax assets as of December 31, 2025 and 2024, respectively. The net valuation allowance decreased by less than $0.1 million in 2025, as reflected below (in thousands).


	Year Ended December 31,
	2025	2024
Valuation Allowance at beginning of year	(31,343)	(27,748)
Current Year Change	6	(3,595)
Valuation Allowance at end of year	(31,337)	(31,343)

As of December 31, 2025, the Company has federal net operating loss carryforwards of approximately $95.2 million, of which $53.2 million will expire in 2030 through 2037 if not utilized, and $42.0 million that will carryover indefinitely. In addition, the Company has state net operating loss carryforwards of approximately $48.4 million, of which $45.4 million will expire in 2030 through 2045 if not utilized, and $3.0 million that will carryover indefinitely.

The Tax Reform Act of 1986 (the Act) provides for a limitation on the annual use of net operating loss carryforwards following certain ownership changes (as defined by the Act and codified under IRC Section 382) that could limit the Company’s ability to utilize these carryforwards. Further, a portion of the carryforwards may expire before utilized to reduce future income tax liabilities as a result of the annual limitation. The Company experienced an ownership change in

October 2016 and as a result, $43.8 million ($9.2 million tax effected) of the federal NOLs are expected to expire unutilized due to limitation under IRC Section 382. Consistent with prior years, the NOLs expected to expire unutilized are included in the NOL carryforward amounts disclosed, subject to a valuation allowance.

The Company files income tax returns in the U.S. federal and various state jurisdictions. The Company is generally subject to U.S. federal and state income tax examination for all tax years beginning in 2008, due to the net operating losses that are carried forward.

A summary of changes in the Company’s gross unrecognized tax benefits for the years ended December 31, 2025 and 2024 was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Unrecognized tax expense, beginning of the year	$	1,389	$	473
Decrease related to prior year tax positions	(126)		—
Increase related to prior year tax positions	—		662
Increase related to current year tax positions	184		254
Unrecognized tax expense, end of year	$	1,447	$	1,389

Included in the balance of unrecognized tax benefits as of December 31, 2025, are $0.1 million of tax benefit that, if recognized, would affect the effective tax rate. Included in the balance of uncertain tax benefits as of December 31, 2025 is $1.3 million of tax benefits that, if recognized, would result in adjustments to deferred taxes.

The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefit as a component of income tax expense. The Company has accrued penalties and interest of $0.2 million, as of both December 31, 2025 and 2024.

On July 4, 2025, the President signed into law the OBBBA. The OBBBA maintains the 21 percent corporate tax rate and makes permanent many of the beneficial expired and expiring tax provisions originally enacted in the Tax Cuts and Jobs Act of 2017, including the immediate expensing of domestic research and development expenditures, more favorable interest deductibility and 100 percent bonus depreciation with effective dates in 2025. Revisions to the international tax framework are effective in 2026. In the fourth quarter of 2025, the Company elected to immediately expense new domestic research and development expenditures, but continue amortizing the existing capitalized and unamortized expenditures as of December 31, 2024.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure Text Block Supplement [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Raw materials	$	323	$	238
Work-in-process	9,269		7,510
Finished goods	1,142		1,362
Total inventory	$	10,734	$	9,110

Schedule of Property and Equipment, Net

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


	December 31, 2025		December 31, 2024
Manufacturing equipment	$	15,070	$	14,199
Computer and network equipment	731		602
Furniture and fixtures	113		113
Construction in Progress	11,131		—
Leasehold improvements	1,476		1,476
Total property and equipment, gross	28,521		16,390
Less: accumulated depreciation	(14,381)		(13,170)
Total property and equipment, net	$	14,140	$	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):


	December 31, 2025
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Internal-use software	1.0	$	4,456	$	(2,742)	$	1,714
Total intangible assets		$	4,456	$	(2,742)	$	1,714


	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 Estimated Future Amortization Expense for Finite-Lived Intangible Assets

The table below presents estimated future amortization expense for finite-lived intangible assets (in thousands):


As of December 31, 2025	Amount
2026	$	1,633
2027	22
2028	22
2029	21
Thereafter	16
Total	$	1,714

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Payroll-related expenses	$	2,481	$	1,606
Inventory	425		157
Other	745		686
Total accrued liabilities	$	3,651	$	2,449

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

Operating leases consist of fabrication, lab, and office space expiring at various dates through 2029. Finance leases relate to a server lease expiring in February 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 December 31, 2025	Amount
2026	$	1,497
2027	1,380
2028	595
2029	48
Total lease payments	3,520
Less: imputed interest	(183)
Total lease liabilities	3,337
Less: current portion of lease liabilities	(1,381)
Total lease liabilities, net of current portion	$	1,956

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


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term (years)	2.44		3.39
Weighted-average discount rate	4.50	%	4.50	%

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


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term (years)	3.16		4.15
Weighted-average discount rate	3.90	%	3.90	%

Lease costs for the Company’s operating leases were $1.4 million for each of the years ended December 31, 2025 and 2024, respectively. Lease costs for the Company’s finance lease were immaterial for the years ended December 31, 2025 and 2024.

Legal Proceedings

From time to time, the Company may become involved in legal proceedings arising from the ordinary course of its business. Other than the patent infringement lawsuit disclosed in the subsequent event footnote below, management is currently not aware of any matters that would have a material adverse effect on the financial position, results of operations or cash flows of the Company.

Indemnifications

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The

Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
	May 20, 2021	Oct. 07, 2016	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation
Options granted (in shares)			0	0
Options outstanding (in shares)			1,365,002	1,521,857
Total grant date fair value of options vested			$ 0.7	$ 1.2
Issuance of common stock under ESPP			0.5	$ 0.4
Employee Stock Option
Share-based Compensation
Unrecognized stock-based compensation expense			$ 0.1
Unrecognized compensation expense, weighted-average period expected to be recognized			3 months 18 days
RSUs
Share-based Compensation
Unrecognized stock-based compensation expense			$ 7.0
Unrecognized compensation expense, weighted-average period expected to be recognized			2 years 7 months 6 days
2016 Employee Incentive Plan
Share-based Compensation
Maximum number of common stock shares may be issued under the plan (in shares)		500,000	661,790
Annual increases in the number of shares available for issuance, percentage of outstanding capital stock		3.00%
Increase in number of shares reserved for issuance (in shares)	550,000
Number of shares reserved and available for future issuance (in shares)			2,899,603
Shares available for future issuance (in shares)			249,349
2008 Equity Incentive Plan
Share-based Compensation
Options granted (in shares)			0
Options outstanding (in shares)			8,361
ESPP
Share-based Compensation
Shares available for future issuance (in shares)			1,141,546
Issuance of common stock under ESPP (in shares)			110,850	69,166

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
401(k) Plan	401(k) Plan The Company has a defined contribution employee benefit plan pursuant to Section 401(k) of the Internal Revenue Code. The plan allows eligible employees to defer a portion of their annual compensation up to certain statutory limits. At the election of the Board of Directors, the Company may elect to match employee contributions but has not done so to date.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Stockholders' Equity - Narrative (Details) - $ / shares	12 Months Ended
Stockholders' Equity - Narrative (Details) - $ / shares	Dec. 31, 2025	Jun. 30, 2015
Class of Warrant or Right [Line Items]
Dividends on common stock (in dollars per share)	$ 0
2015 Credit Facility
Class of Warrant or Right [Line Items]
Number of shares the warrant can be converted to (in shares)		18,461
Warrant exercise price (in dollars per share)		$ 26.00

Significant Agreements	12 Months Ended
Significant Agreements	Dec. 31, 2025
Significant Agreements [Abstract]
Significant Agreements	Significant Agreements GLOBALFOUNDRIES, Inc. Joint Development Agreement Since October 17, 2014, the Company has participated in a joint development agreement (JDA) with GLOBALFOUNDRIES Inc. (GF), a semiconductor foundry, for the joint development of STT-MRAM technology to produce a family of discrete and embedded MRAM technologies. The term of the agreement is until the completion, termination, or expiration of the last statement of work entered into pursuant to the joint development agreement. The agreement 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, GF possesses the exclusive right to manufacture the Company’s discrete and embedded STT-MRAM devices developed pursuant to the agreement 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, GF agreed not to license intellectual property developed in connection with the JDA to named competitors of the Company. If GF manufactures, sells, or transfers to customers wafers containing production quantified STT-MRAM devices that utilize certain design information, GF will be required to pay the Company a royalty.

Statements of Operations and Comprehensive (Loss) Income Components - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 14, 2024	Dec. 31, 2025	Dec. 31, 2024
Other income
Contract obligations		$ 1,472	$ 2,034
Award
Other income
Total amount to be collected	$ 14,600
Strategic award term (in years)	2 years 6 months
Amount billed related to agreement		4,000	8,100
Contract obligations		1,500	2,000
Other income		$ 4,500	$ 6,100

Net (Loss) Income Per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net (Loss) Income Per Common Share

The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except share and per share amounts):

Basic EPS


	Year Ended December 31,
	2025		2024
Numerator:
Net (loss) income	$	(586)	$	781
Denominator:
Weighted-average shares of common stock outstanding, basic	22,568,253		21,642,793
Net (loss) income per common share, basic	$	(0.03)	$	0.04

Diluted EPS


	Year Ended December 31,
	2025		2024
Numerator:
Net (loss) income	$	(586)	$	781
Net (loss) income attributable to common stockholders, diluted	$	(586)	$	781
Denominator:
Weighted-average shares of common stock outstanding, basic	22,568,253		21,642,793
Dilutive effect of stock options and RSUs	—		513,627
Weighted-average shares of common stock outstanding, diluted	22,568,253		22,156,420
Net (loss) income per common share, diluted	$	(0.03)	$	0.04

The following outstanding shares of potentially dilutive securities have been excluded from the computation of diluted net (loss) income per common share for the periods presented as their inclusion would be anti-dilutive:


	Year Ended December 31,
	2025	2024
Options to purchase common stock	787,937	741,141
RSUs	645,747	21,624
ESPP	2,003	—
Total	1,435,687	762,765

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Use of Estimates

The preparation of the 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 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.

Reclassification

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 year ended December 31, 2024 in the Annual Report on Form 10-K filed with the SEC on February 27, 2025. Interest income is presented separately in the statement of operations and comprehensive (loss) income within these financial statements.

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 (loss) income, 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

Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company generally does not require collateral or other security in support of accounts receivable. Allowances would be provided for individual accounts receivable when the Company becomes aware of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy, deterioration in the customer’s operating results or change in financial position. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. The Company also considers a number of factors in evaluating the sufficiency of its allowance for doubtful accounts, including the length of time receivables are past due, significant one-time events, creditworthiness of customers and historical experience. Account

balances would be charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company’s evaluation determined that no material allowance for doubtful accounts was necessary at December 31, 2025 and 2024.

The unbilled accounts receivable is an estimate of the unconditional consideration to which the Company expects to be entitled for uses of the Company’s intellectual property. The Company’s right is unconditional because nothing other than the passage of time is required before payment of the amounts are due. Certain customers report on a lagged basis and actual information is not available timely. The estimates recorded are based on historical trends in the customer’s usage and current market conditions. At December 31, 2025 and 2024, the unbilled accounts receivable balance was $0.2 million in each year. The Company’s unbilled conditional consideration is recorded to a contract asset account included in Prepaid Expenses and Other Current Assets. The conditions to the Company’s right to the consideration can include a contractual requirement to satisfy a performance obligation that has not yet begun or for which performance is in process as of the balance sheet date. At December 31, 2025 and 2024, the unbilled contract asset balance was $0.4 million and $0.5 million, respectively.

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. At December 31, 2025 and 2024, the allowance for product returns and price adjustments was $0.3 million and $0.4 million, respectively.

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.

Inventory

Inventory is valued at the lower of cost, using the first-in, first-out or specific identification method, or net realizable value. The carrying value of inventory is adjusted for excess and obsolescence based on the Company’s evaluation which takes into consideration historical and expected future demand, the effect new products may have on the sale of existing products, technological obsolescence, and other factors including inventory age and shipment. At the point of loss recognition, a new lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that new cost basis.

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.

Property and Equipment, Net

Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation begins at the time the asset is placed in service. Maintenance and repairs are charged to operations as incurred. Depreciation is computed using the straight-line method over the following estimated useful lives of the assets:


			Useful Lives
Computer and network equipment			2 years
Manufacturing equipment			2 – 7 years
Furniture and fixtures			7 years
Leasehold improvements			Lesser of useful life of the asset or the remaining lease term

Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations. Amortization expense of assets acquired through finance leases is included in the statements of operations and comprehensive (loss) income.

Intangible Assets, Net

The Company’s intangible assets are comprised of internally developed software and licensed software from third parties to be used in research and development activities that have alternative future use. Costs incurred to develop software for internal use during the application development phase are capitalized and amortized over such software’s estimated useful life. Costs related to the design or maintenance of internal-use software are included in operating expenses as incurred. Licensed software is initially recorded at fair value based on the present value of the license fees to be paid over the term of the license, with a corresponding liability. The licensed software intangible asset is amortized on a straight-line basis over the shorter of the license term or the economic life of the asset, beginning when the asset is substantially ready for use. The licensed software liability is accreted to its settlement amount using the effective interest method.

Leases

The Company leases office, lab, manufacturing space and equipment in various locations with initial lease terms of up to seven years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. The terms of these leases also include renewal options at the election of the Company to renew or extend the lease for a range of an additional two to five years. These optional periods have not been considered in the determination of the right-of-use (“ROU”) assets or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the options.

The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The classification of the Company’s leases as operating or finance leases along with the initial measurement and recognition of the associated ROU assets and lease liabilities is performed at the lease commencement date. The measurement of lease liabilities is based on the present value of future lease payments over the lease term. The Company uses its incremental borrowing rate, based on the information available at commencement date, to determine the present value of lease payments when its leases do not provide an implicit rate. The Company uses the implicit rate when readily determinable. The ROU asset is based on the measurement of the lease liability, includes any lease payments made prior to or on lease commencement and excludes lease incentives and initial direct costs incurred, as applicable. Lease expense for the Company’s operating leases is recognized on a straight-line basis over the lease term. Amortization expense for ROU assets associated with finance leases is recognized on a straight-line basis over the shorter of the useful life of the asset or the lease term and interest expense associated with finance leases is recognized on the balance of the lease liability using the effective interest method based on the estimated incremental borrowing rate.

The Company has lease agreements with lease and non-lease components. The Company has elected to not separate lease and non-lease components for any leases involving real estate and office equipment classes of assets and, as a result, accounts for the lease and non-lease components as a single lease component. The Company has elected to separate lease and non-lease components for any leases involving manufacturing facility classes of assets. Further, the Company elected the short-term lease exception policy, permitting it to not apply the recognition requirements of this standard to leases with terms of 12 months or less (short-term leases) for all classes of assets. As of December 31, 2025, the Company did not have any short-term leases.

Operating leases are included in right-of-use assets, lease liabilities, and lease liabilities, net of current portion in the Company’s balance sheet. Finance leases are immaterial.

Impairment of Long-lived Assets

The Company evaluates its long-lived assets, including property and equipment, leases, and intangible assets, at the asset group level, for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. If such events or changes in circumstances occur, for purposes of this assessment, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is measured by comparison of the carrying amount of each asset group to the future undiscounted cash flows the asset group is expected to generate over its remaining life. If the asset group is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. There have been no impairments of the Company’s long-lived assets during either of the periods presented.

Government Tax Credits, Incentives and Grants

From time to time, the Company may receive government funding in the form of tax credits, operating-related grants, capital-related grants, or other incentives to support various business activities, including capital development, research and development, and other activities as defined by the relevant government agency awarding the tax credit, incentive, or grant. The amount received is typically based on the amount of qualifying costs incurred. The Company typically has to meet certain requirements to retain the government funding. The Company records operating-related grants and non-income related tax credits as other income in the statements of operations and comprehensive (loss) income when there is reasonable assurance that the grant will be received, and the Company will comply with the conditions specified in the grant agreement.

The Company received Employee Retention Tax Credit (“ERTC”) refunds from the United States Treasury totaling $2.0 million, relating to the payroll periods from October 1, 2020 through September 30, 2021. These amounts were recognized as other income during the year ended December 31, 2023 when the amounts were reasonably assured to be retained by the Company. The Company’s compliance with the program’s qualifications may be subject to audit. In July of 2025, the OBBBA was signed into law, and it included provisions to extend the statute of limitations for the ERTC to be audited. Amounts received by the Company under this program are subject to audit through the year ended December 31, 2029.

Revenue Recognition

The Company recognizes revenue when a customer obtains control of the promised products or services, in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Revenue is recognized net of allowances for returns and price adjustments, and any taxes imposed on specific revenue-producing transactions, which are subsequently remitted to governmental authorities.

Nature of Products and Services

The Company’s revenue is derived from the sale of MRAM-based products in discrete unit form, licenses of and royalties on its MRAM and magnetic sensor technology, the sale of backend foundry services and design services to third parties. Sales of products in discrete unit form are recognized at a point in time, revenue related to licensing agreements is recognized when the Company has delivered control of the technology, revenue related to royalty agreements is recognized in the period in which sales generated from products sold using the Company’s technology occurs, sales of backend foundry services are recognized over time, and design services to third parties are recognized either at a point in time or over time, depending on the nature of the services.

Product Revenue

For products sold in their discrete form, the Company either sells its products directly to OEMs, ODMs and CMs, or through a network of distributors, who in turn sell to those customers. For sales directly to OEMs, ODMs and CMs, revenue is recognized when the OEM, ODM or CM obtains control of the product, which occurs at a point in time, generally upon shipment to the customer. Contracts for sales of products are generally less than one year.

From time to time, the Company may provide distributors with price adjustments subsequent to the delivery of product to them and such amounts are dependent on the end customer and product sales price. Price adjustments can be based on a variety of factors, including customer, product, quantity, geography, and competitive differentiation. Price protection rights grant distributors the right to a credit in the event of declines in the price of the Company’s products. Under these circumstances, the Company remits back to the distributor a portion of their original purchase price after the resale transaction is completed in the form of a credit against the distributors’ outstanding accounts receivable balance. The credits are on a per unit basis and are not given to the distributor until the distributor provides information regarding the sale to their end customer. The Company estimates these credits and record such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of an allowance for price adjustments for amounts due to distributors. 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. Revenue on shipments to distributors is recorded when control of the products has been transferred to the distributor.

The Company estimates the amount of our product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company estimates its

product return liability by analyzing its historical returns, current economic trends and changes in customer demand and acceptance of products. The Company has received insignificant returns to date and believes that returns of its products will continue to not be material.

Upon the transfer of control, generally at shipment, the Company records a trade receivable for the selling price as there is a legally enforceable obligation of the distributor to pay for the product delivered, an allowance is recorded for the estimated discount that will be provided to the distributor, and the net of these amounts is recorded as revenue on the statements of operations and comprehensive (loss) income.

License Revenue

For licenses of technology, recognition of revenue is dependent upon whether the Company has delivered rights to the technology, and whether there are future performance obligations under the contract. In some instances, the license agreements call for future events or activities to occur in order for milestones amounts to become due from the customer. The terms of such agreements include payment to the Company of one or more of the following: non-refundable upfront fees; and royalties on net sales of licensed products. Historically, these license agreements have not included other future performance obligations for the Company once the license has been transferred to the customer.

Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer and the Company has no other performance obligations.

The Company entered into a contractual agreement with a customer in 2021 for the development of a RAD-Hard product, consisting of a technology license, a design license agreement and development contract, and separate contractual agreements with a customer in 2024 and 2025 for the development of a strategic radiation hardened field programmable gate array product, consisting of a technology license to provide design and development services under the contractual agreement. The Company applies a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the performance obligation is satisfied.

The Company concluded these contractual arrangements represent 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 interdependence 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.

As a result, the Company is recognizing revenue related to the performance obligations over the duration of the contract using the input method based on costs incurred to date relative to the total expected costs of the contract over the contract period.

Royalties

Revenue from sales-based royalties from licenses of the Company’s technology are recognized at the later of when (1) the sale occurs or (2) the performance obligation to which some or all of the sales-based royalty has been allocated is satisfied (in whole or in part). The Company will record an unbilled receivable (within accounts receivable, net) for the portion of sales-based royalties that have been earned but not invoiced at the end of each reporting period.

Engineering services and other Revenue

For certain revenue streams, the Company recognizes revenue based on the pattern of transfer of the services. The Company uses the input method of measuring costs incurred to date compared to total estimated costs to be incurred under the contract as this method most faithfully depicts its performance. The Company will record an unbilled receivable (within accounts receivable, net) for the portion of the work that has been completed but not invoiced at the end of each reporting period.

At the inception of each agreement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price by using the most

likely amount method. If it is probable that a significant reversal of cumulative revenue would not occur, the associated milestone value is included in the transaction price. At the end of each subsequent reporting period, the Company re-evaluates the probability or achievement of each such milestone and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

Other Income, Net

Other income, net primarily consists of a strategic award, realized gains and losses on sale of assets, and gains and losses on foreign currency transactions.

Product Warranty

The Company generally sells products with a limited warranty of product quality and a limited indemnification of customers against intellectual property infringement claims related to the Company’s products. The Company accrues for known warranty and indemnification issues if a loss is probable and can be reasonably estimated and accrues for estimated losses incurred for unidentified issues based on historical experience. A warranty liability was not recorded at December 31, 2025 and 2024, as the estimated future warranty costs were not material based on the Company’s historical experience.

Research and Development

Research and development expenses are incurred in support of internal development programs or as part of the Company’s joint development agreement with GLOBALFOUNDRIES (see Note 9). Research and development expenses include personnel-related costs (including stock-based compensation), circuit design costs, purchases of materials and laboratory supplies, fabrication and packaging of experimental integrated circuit products, amortization of certain intangible assets, depreciation of research and development related capital equipment and overhead and are expensed as incurred.

Stock-based Compensation

Stock-based compensation arrangements include stock option grants and restricted stock unit (RSU) awards under the Company’s equity incentive plans, as well as shares issued under the Company’s Employee Stock Purchase Plan (ESPP), through which employees may purchase the Company’s common stock at a discount to the market price.

The Company uses RSUs with a service condition as its primary equity incentive compensation instrument for employees. Share-based compensation expense for RSUs is measured on the grant date based on the fair market value of the Company’s common stock and is recognized over the requisite service period using the straight-line method. The Company accounts for forfeitures as they occur.

The Company measures its stock option grants based on the estimated fair value of the options as of the grant date using the Black-Scholes option-pricing model. Stock-based compensation expense for stock option grants is recognized over the requisite service period using the straight-line method. The Company accounts for forfeitures as they occur. The Black-Scholes option-pricing model requires the input of subjective assumptions including:

Expected volatility. The Company determines the expected stock price volatility based on the historical volatility of its common stock as well as the stock of industry peers for the expected term of the option. Industry peers consist of several public companies in the technology industry similar in size, stage of life cycle and financial leverage. If circumstances change such that the identified companies are no longer similar, the Company will revise its peer group to substitute more suitable companies in this calculation.

Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield with a maturity equal to the expected term of the option in effect at the time of grant.

Expected term. The expected term represents the period that the stock-based awards are expected to be outstanding. The Company used the simplified method to determine the expected term, which is calculated as the average of the time to vesting and the contractual life of the options.

Dividend yield. The Company has never paid dividends on its common stock and is prohibited from paying dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

Income Taxes

The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized.

The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits, as the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit.

Net (Loss) Income per Common Share

Basic net (loss) income per common share is calculated by dividing the net (loss) income 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 (loss) income 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, diluted net loss per common share is the same as basic net loss per common share since the effect of potentially dilutive securities is anti-dilutive.

Recently Adopted Accounting Pronouncements and Recently Issued Pronouncements

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 financial statements.

Recently Issued Pronouncements

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 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 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 financial statements.

In December 2025, the FASB issued ASU No.2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. The objective of the update is to provide clarity about current interim requirements. The amendments in this update also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim periods within annual reporting periods beginning after December 15, 2027. 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 financial statements.

In December 2025, the FASB issued ASU No.2025-12, Codification Improvements, which addresses suggestions received from stakeholders regarding the Accounting Standards Codification and makes other incremental improvements to GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. The amendments to ASC 260 must be applied retrospectively, while all other amendments may be applied prospectively or retrospectively. 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 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 financial statements.

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

12 Months Ended

Dec. 31, 2025

Statements of Operations and Comprehensive (Loss) Income Components [Abstract]

Schedule of Disaggregation of Revenue

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


	Year Ended December 31,
	2025		2024
Distributor	$	41,667	$	39,943
Non-distributor	13,535		10,459
Total revenue	$	55,202	$	50,402

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


	Year Ended December 31,
	2025		2024
Point in time	$	49,066	$	42,903
Over time	6,136		7,499
Total revenue	$	55,202	$	50,402

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


	Year Ended December 31,
	2025		2024
Product sales	$	48,292	$	42,203
Licensing	1,108		6,346
Royalties	774		700
Engineering services and other revenue	5,028		1,153
Total revenue	$	55,202	$	50,402

Schedule of Revenue by Region

Revenue by region for the periods indicated was as follows (in thousands):


	Year Ended December 31,
	2025		2024
APAC	$	34,527	$	28,688
North America	10,890		10,710
EMEA	9,785		11,004
Total revenue	$	55,202	$	50,402

Commitments and Contingencies - Schedule of Undiscounted Future Non-Cancellable Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other lease information
2026	$ 1,497
2027	1,380
2028	595
2029	48
Total lease payments	3,520
Less: imputed interest	(183)
Total lease liabilities	3,337
Less: current portion of lease liabilities	(1,381)	$ (1,306)
Total lease liabilities, net of current portion	$ 1,956	$ 3,336

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Net operating loss carryforwards
Increase (decrease) in valuation allowance	$ (6)	$ 3,595
Unrecognized tax benefits that would impact effective tax rate	100
Amount of unrecognized tax benefits that, if recognized, would affect deferred taxes	1,300
Interest and penalties on unrecognized tax benefit	200	$ 200
Federal
Net operating loss carryforwards
Increase (decrease) in valuation allowance	(100)
Net operating loss carryforwards	95,200
Net operating loss carryforwards, which will expire if not utilized	53,200
Net operating loss carryforwards, which will carryover indefinitely	42,000
Net operating loss carryforwards, subject to expiration per IRC Section 382	43,800
Net operating loss carryforwards (tax effected), subject to expiration per IRC Section 382	9,200
State
Net operating loss carryforwards
Net operating loss carryforwards	48,400
Net operating loss carryforwards, which will expire if not utilized	45,400
Net operating loss carryforwards, which will carryover indefinitely	$ 3,000

Income Taxes - Schedule of Reconciliation of Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Rate
U.S. federal statutory tax rate	21.00%	21.00%
State taxes, net of federal income tax effect	(23.30%)	3.60%
Tax credits - Research and development credits	40.60%	(564.70%)
Change in valuation allowance	53.80%	486.10%
Stock-based compensation	(47.40%)	34.80%
IRC Section 162(m) limitation	(55.00%)	29.00%
Other adjustments	(3.80%)	(15.10%)
Changes in unrecognized tax benefits	(14.00%)
Provision for income taxes	(28.10%)	(5.30%)
Amount
U.S. federal statutory tax rate	$ (96)
State taxes, net of federal income tax effect	106
Tax credits - Research and development credits	(184)
Changes in valuation allowances	(245)
Stock-based compensation	216
IRC Section 162(m) limitation	251
Other adjustments	17
Changes in unrecognized tax benefits	64
Provision for income taxes	$ 129	$ (40)

Net (Loss) Income Per Common Share - Schedule of Potentially Dilutive Securities Excluded from Diluted Net (Loss) Income Per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share (in shares)	1,435,687	762,765
Options to purchase common stock
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share (in shares)	787,937	741,141
RSUs
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share (in shares)	645,747	21,624
ESPP
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share (in shares)	2,003	0

Significant Agreements (Details) - GlobalFoundries, Inc. - Joint Development Agreement	Oct. 17, 2014
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Period of possession of exclusive right to manufacture after qualification of device (in years)	3 years
Period of possession of exclusive right to manufacture after completion of device development work (in years)	4 years

Statements of Operations and Comprehensive (Loss) Income Components - Schedule of Disaggregated by Sales Channel (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue
Total revenue	$ 55,202	$ 50,402
Distributor
Disaggregation of Revenue
Total revenue	41,667	39,943
Non-distributor
Disaggregation of Revenue
Total revenue	$ 13,535	$ 10,459

- 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.

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 21,832	$ 20,564
Inventory	260	462
Accruals	614	366
Depreciation and amortization	4	9
Research and experimental credits	4,304	3,995
Research and experimental expenditures	4,374	6,412
Stock-based compensation	397	428
Right of use liability	735	1,045
Gross deferred tax assets	32,520	33,281
Valuation allowance	(31,337)	(31,343)	$ (27,748)
Deferred tax assets	1,183	1,938
Deferred tax liabilities:
Right of use asset	(716)	(1,024)
Other	(322)	(646)
Deferred tax liabilities	(1,038)	(1,670)
Net deferred tax assets	$ 145	$ 268

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Phoenix, Arizona

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

The Company had reserved shares of common stock for future issuance as follows:


	December 31, 2025	December 31, 2024
Options issued and outstanding	1,365,002	1,521,857
Shares available for future option grants	249,349	545,525
RSUs subject to future vesting	1,294,166	987,965
Common stock warrants	—	18,461
Total	2,908,517	3,073,808

Statements of Operations and Comprehensive (Loss) Income Components

12 Months Ended

Dec. 31, 2025

Statements of Operations and Comprehensive (Loss) Income Components [Abstract]

Statements of Operations and Comprehensive (Loss) Income Components

Revenue

The Company sells products to its distributors, OEMs, ODMs and CMs. 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):


	Year Ended December 31,
	2025		2024
Distributor	$	41,667	$	39,943
Non-distributor	13,535		10,459
Total revenue	$	55,202	$	50,402

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


	Year Ended December 31,
	2025		2024
Point in time	$	49,066	$	42,903
Over time	6,136		7,499
Total revenue	$	55,202	$	50,402

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


	Year Ended December 31,
	2025		2024
Product sales	$	48,292	$	42,203
Licensing	1,108		6,346
Royalties	774		700
Engineering services and other revenue	5,028		1,153
Total revenue	$	55,202	$	50,402

The Company licenses its intellectual property and is entitled to consideration based on the customer’s sales. The Company makes estimates in instances when the customer reports sales on a lagged basis and actual information is not available timely. The estimates are based on historical trends in the customer’s activity and current market conditions. The amounts are reported in licensing, royalty, patent, engineering services and other revenue in the statements of operations and comprehensive (loss) income.

The Company recognizes revenue by geography based on the region in which its products are sold, and not to where the end products in which they are assembled are shipped. Revenue by region for the periods indicated was as follows (in thousands):


	Year Ended December 31,
	2025		2024
APAC	$	34,527	$	28,688
North America	10,890		10,710
EMEA	9,785		11,004
Total revenue	$	55,202	$	50,402

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.

The Company records the total consideration from the Award as other income using an input method based on costs incurred to date relative to the total expected costs of the Award over its term. Amounts invoiced in excess of income recognized are recorded as a contract obligations liability on the balance sheets. This liability 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. During the year ended December 31, 2025 and 2024, the Company has invoiced $4.0 million and $8.1 million, respectively, related to this Award of which no balance is outstanding as of December 31, 2025 and 2024. The contract obligations liability was $1.5 million and $2.0 million as of December 31, 2025 and 2024, respectively. The Company recorded $4.5 million and $6.1 million of other income related to this Award in the year ended December 31, 2025 and 2024, respectively.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Patent Infringement Lawsuit On January 28, 2026, Avalanche Technology, Inc. filed a patent infringement lawsuit in the United States District Court for the District of Delaware against the Company. The lawsuit requests customary remedies for patent infringement and the ITC Complaint requests that the U.S. International Trade Commission Investigation commence an investigation pursuant to Section 337 of the Tariff Act of 1930, as amended. The Company denies all allegations and intends to vigorously defend against these claims.

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of the Assets (Details)	Dec. 31, 2025
Computer and network equipment
Property and Equipment, Net
Useful Lives	2 years
Manufacturing equipment \| Minimum
Property and Equipment, Net
Useful Lives	2 years
Manufacturing equipment \| Maximum
Property and Equipment, Net
Useful Lives	7 years
Furniture and fixtures
Property and Equipment, Net
Useful Lives	7 years

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 1.4	$ 1.4

Net (Loss) Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income Per Share

The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except share and per share amounts):

Basic EPS


	Year Ended December 31,
	2025		2024
Numerator:
Net (loss) income	$	(586)	$	781
Denominator:
Weighted-average shares of common stock outstanding, basic	22,568,253		21,642,793
Net (loss) income per common share, basic	$	(0.03)	$	0.04

Diluted EPS


	Year Ended December 31,
	2025		2024
Numerator:
Net (loss) income	$	(586)	$	781
Net (loss) income attributable to common stockholders, diluted	$	(586)	$	781
Denominator:
Weighted-average shares of common stock outstanding, basic	22,568,253		21,642,793
Dilutive effect of stock options and RSUs	—		513,627
Weighted-average shares of common stock outstanding, diluted	22,568,253		22,156,420
Net (loss) income per common share, diluted	$	(0.03)	$	0.04

Schedule of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Common Share


	Year Ended December 31,
	2025	2024
Options to purchase common stock	787,937	741,141
RSUs	645,747	21,624
ESPP	2,003	—
Total	1,435,687	762,765

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Share-Based Compensation Expense

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


	Year Ended December 31,
	2025		2024
General and administrative	$	2,745	$	3,304
Research and development	1,755		1,902
Sales and marketing	611		720
Cost of sales	665		787
Total stock-based compensation	$	5,776	$	6,713

2016 Employee Incentive Plan

The Company’s board of directors adopted the 2016 Equity Incentive Plan (the 2016 Plan) on April 25, 2016, which was subsequently approved on September 20, 2016 by the Company’s stockholders. The 2016 Plan became effective on October 7, 2016, the date the Company’s S-8 registration statement relating to the 2016 Plan was declared effective by the SEC.

The 2016 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards, and other forms of equity

compensation to employees, directors, and consultants. In addition, the 2016 Plan provides for the grant of performance cash awards to employees, directors, and consultants.

The maximum number of shares of common stock that may be issued under the 2016 Plan was initially 500,000 subject to an automatic increase on January 1 of each year, beginning on January 1, 2017, and continuing through and including January 1, 2026, by 3% of the total number of shares of capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the Company’s board of directors. On May 20, 2021, the Company’s stockholders approved an amendment to the 2016 Plan to increase the total number of authorized shares of common stock available for grant thereunder by an additional 550,000 shares. At December 31, 2025, of the 2,899,603 shares of common stock reserved and available for grant under the 2016 Plan, 249,349 shares of common stock remain available for grant under the 2016 Plan. The Company authorized 661,790 shares during the year ended December 31, 2025.

2008 Employee Incentive Plan

The 2008 Equity Incentive Plan (the 2008 Plan) provided for the issuance of incentive stock options (ISO), nonqualified stock options, and other stock compensation awards.

Due to the adoption of the 2016 Plan, no further grants will be made under the 2008 Plan. However, any outstanding stock awards granted under the 2008 Plan will remain outstanding, subject to the terms of the Company’s 2008 Plan and the applicable stock award agreements, until such outstanding stock awards that are stock options are exercised or until they terminate or expire by their terms, or until such stock awards are fully settled, terminated, or forfeited. At December 31, 2025, 8,361 options under the 2008 Plan remained outstanding.

Summary of Stock Option Activity

The following table summarizes the stock option activity for all grants under the 2008 Plan and 2016 Plan:


	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	(140,841)	$	4.76		$	401
Options cancelled/forfeited	(16,014)	$	7.26
Balance—December 31, 2025	1,365,002	$	6.16	4.9	$	4,303
Options exercisable—December 31, 2025	1,347,618	$	6.13	4.9	$	4,281

The total grant date fair value of options vested was $0.7 million and $1.2 million during the years ended December 31, 2025 and 2024, respectively.

No options were granted during the years ended December 31, 2025 and 2024.

As of December 31, 2025, there was $0.1 million of total unrecognized compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 0.3 years. Stock-based compensation cost for options capitalized within inventory at December 31, 2025 and 2024 was not material.

2016 Employee Stock Purchase Plan

The Company’s board of directors adopted the 2016 Employee Stock Purchase Plan (the ESPP) on April 25, 2016, which was subsequently approved on September 20, 2016 by the Company’s stockholders. The Company had 1,141,546 shares available for issuance under the ESPP as of December 31, 2025. Employees purchased 110,850 shares for $0.5

million during the year ended December 31, 2025, and 69,166 shares for $0.4 million during the year ended December 31, 2024.

Restricted Stock Units

In September 2017, the Company’s board of directors authorized the issuance of restricted stock units (RSUs), under the 2016 Plan and adopted a form of Restricted Stock Unit Award Agreement, which is intended to serve as a standard form agreement for RSU grants issued to employees, executive officers, directors, and consultants. The fair value of the RSUs is recognized as expense ratably over the vesting period, as determined by the board of directors on the date of grant.

The following table summarizes RSU activity for the year ended December 31, 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	1,000,090	$	5.82
Vested	(666,409)	$	7.26
Cancelled/forfeited	(27,480)	$	6.89
Balance—December 31, 2025	1,294,166	$	6.63

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 December 31, 2025, there was $7.0 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.6 years. Compensation cost capitalized within inventory was immaterial as of December 31, 2025 and 2024.

Geographic Information - Schedule of Property and Equipment by Country (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Geographic Information
Property and equipment, net	$ 14,140	$ 3,220
United States
Geographic Information
Property and equipment, net	13,787	2,165
Singapore
Geographic Information
Property and equipment, net	238	974
All other
Geographic Information
Property and equipment, net	$ 115	$ 81

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and Equipment, Net
Total property and equipment, gross	$ 28,521	$ 16,390
Less: accumulated depreciation	(14,381)	(13,170)
Total property and equipment, net	14,140	3,220
Manufacturing equipment
Property and Equipment, Net
Total property and equipment, gross	15,070	14,199
Computer and network equipment
Property and Equipment, Net
Total property and equipment, gross	731	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	11,131	0
Leasehold improvements
Property and Equipment, Net
Total property and equipment, gross	$ 1,476	$ 1,476

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares Issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	22,977,797	22,059,697
Common stock, shares outstanding (in shares)	22,977,797	22,059,697

Geographic Information - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Geographic Information
Total revenue	$ 55,202	$ 50,402
United States
Geographic Information
Total revenue	9,862	9,968
Japan
Geographic Information
Total revenue	6,066	5,974
Hong Kong
Geographic Information
Total revenue	6,694	16,220
Germany
Geographic Information
Total revenue	6,185	7,168
Singapore
Geographic Information
Total revenue	13,154	3,363
Canada
Geographic Information
Total revenue	1,028	742
All other
Geographic Information
Total revenue	$ 12,213	$ 6,967

- Definition

+ References

+ Details

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory
Raw materials	$ 323	$ 238
Work-in-process	9,269	7,510
Finished goods	1,142	1,362
Total inventory	$ 10,734	$ 9,110

Statements of Operations and Comprehensive (Loss) Income Components - Schedule of Disaggregated by Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue
Total revenue	$ 55,202	$ 50,402
Product sales
Disaggregation of Revenue
Total revenue	48,292	42,203
Licensing
Disaggregation of Revenue
Total revenue	1,108	6,346
Royalties
Disaggregation of Revenue
Total revenue	774	700
Engineering services and other revenue
Disaggregation of Revenue
Total revenue	$ 5,028	$ 1,153

- 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.

Commitments and Contingencies - Schedule of Lease Cost (Details)	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term (years)	2 years 5 months 8 days	3 years 4 months 20 days
Weighted-average discount rate	4.50%	4.50%
Weighted-average remaining lease term (years)	3 years 1 month 28 days	4 years 1 month 24 days
Weighted-average discount rate	3.90%	3.90%

Summary of Significant Accounting Policies - Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Details) $ 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

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [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 December 31, 2025	Amount
2026	$	1,497
2027	1,380
2028	595
2029	48
Total lease payments	3,520
Less: imputed interest	(183)
Total lease liabilities	3,337
Less: current portion of lease liabilities	(1,381)
Total lease liabilities, net of current portion	$	1,956

Schedule of Lease Cost

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


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term (years)	2.44		3.39
Weighted-average discount rate	4.50	%	4.50	%

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


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term (years)	3.16		4.15
Weighted-average discount rate	3.90	%	3.90	%

Income Taxes - Schedule of Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current:
Federal	$ (18)	$ 52
State	15	38
Foreign	8	0
Total Current	5	90
Deferred:
Federal	0	21
State	124	(151)
Foreign	0	0
Total Deferred	124	(130)
Provision for income taxes	$ 129	$ (40)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Accounts Receivable, Net

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


	December 31, 2025		December 31, 2024
Trade accounts receivable	$	8,231	$	11,944
Unbilled accounts receivable	179		187
Allowance for product returns and price adjustments	(309)		(409)
Accounts receivable, net	$	8,101	$	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
	Year Ended December 31,				As of December 31,
Customers	2025		2024		2025		2024
Customer A	25	%	*		57	%	*
Customer B	*		27	%	*		61	%

______________________________________________________________

*Less than 10%

Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following tables set 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

Schedule of Estimated Useful Lives of the Assets

Depreciation is computed using the straight-line method over the following estimated useful lives of the assets:


			Useful Lives
Computer and network equipment			2 years
Manufacturing equipment			2 – 7 years
Furniture and fixtures			7 years
Leasehold improvements			Lesser of useful life of the asset or the remaining lease term

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023		21,080,472
Beginning balance at Dec. 31, 2023	$ 53,921	$ 2	$ 191,569	$ (137,650)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock incentive plans and exercise of stock options (in shares)		979,225
Issuance of common stock under stock incentive plans and exercise of stock options	1,178		1,178
Stock-based compensation expense	6,713		6,713
Net income (loss)	781			781
Ending balance at Dec. 31, 2024	62,593	$ 2	199,460	(136,869)
Ending balance (in shares) at Dec. 31, 2024		22,059,697
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock incentive plans and exercise of stock options (in shares)		918,100
Issuance of common stock under stock incentive plans and exercise of stock options	1,134		1,134
Stock-based compensation expense	5,776		5,776
Net income (loss)	(586)			(586)
Ending balance at Dec. 31, 2025	$ 68,917	$ 2	$ 206,370	$ (137,455)
Ending balance (in shares) at Dec. 31, 2025		22,977,797

- Definition

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

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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 5,776	$ 6,713
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,745	3,304
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,755	1,902
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	611	720
Cost of sales
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 665	$ 787

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Taxes

For the years ended December 31, 2025 and 2024, the Company’s provision for income tax consisted of (in thousands):


	Year Ended December 31,
	2025		2024
Current:
Federal	$	(18)	$	52
State	15		38
Foreign	8		—
Total Current	$	5	$	90

Deferred:
Federal	$	—	$	21
State	124		(151)
Foreign	—		—
Total Deferred	$	124	$	(130)

Provision for income taxes	$	129	$	(40)

Schedule of Net Income Tax Payments

Net income tax payments in 2025 were as follows:


	Year Ended December 31,
	2025
Federal	$	—
State	38
Foreign	—
Total net income tax payments	$	38

Schedule of Reconciliation of Statutory Federal Income Tax Rate

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:


	Year Ended December 31, 2025
	Rate		Amount
U.S. federal statutory tax rate	21.0	%	$	(96)
State taxes, net of federal income tax effect (a)	(23.3)		106
Tax credits - Research and development credits	40.6		(184)
Changes in valuation allowances	53.8		(245)
Nontaxable or nondeductible items
Stock-based compensation	(47.4)		216
IRC Section 162(m) limitation	(55.0)		251
Other adjustments	(3.8)		17
Changes in unrecognized tax benefits	(14.0)		64
Provision for income taxes	(28.1)	%	$	129

(a) State taxes in Indiana and Minnesota made up the majority (greater than 50%) of the tax effect in this category.


	Year ended December 31,
		2024
Tax at statutory federal rate		21.0	%
State taxes, net of federal benefit		3.6
Stock-based compensation		34.8
IRC section 162(m) limitation		29.0
R&D tax credits		(564.7)
Change in valuation allowance		486.1
Other		(15.1)
Provision for income taxes		(5.3)	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets are as follows (in thousands):


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	21,832	$	20,564
Inventory	260		462
Accruals	614		366
Depreciation and amortization	4		9
Research and experimental credits	4,304		3,995
Research and experimental expenditures	4,374		6,412
Stock-based compensation	397		428
Right of use liability	735		1,045
Gross deferred tax assets	32,520		33,281
Valuation allowance	(31,337)		(31,343)
Deferred tax assets	1,183		1,938
Deferred tax liabilities:
Right of use asset	(716)		(1,024)
Other	(322)		(646)
Deferred tax liabilities	(1,038)		(1,670)
Net deferred tax assets	$	145	$	268

Schedule of Net Valuation Allowance

The net valuation allowance decreased by less than $0.1 million in 2025, as reflected below (in thousands).


	Year Ended December 31,
	2025	2024
Valuation Allowance at beginning of year	(31,343)	(27,748)
Current Year Change	6	(3,595)
Valuation Allowance at end of year	(31,337)	(31,343)

Schedule of Changes in the Company's Gross Unrecognized Tax Benefits

A summary of changes in the Company’s gross unrecognized tax benefits for the years ended December 31, 2025 and 2024 was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Unrecognized tax expense, beginning of the year	$	1,389	$	473
Decrease related to prior year tax positions	(126)		—
Increase related to prior year tax positions	—		662
Increase related to current year tax positions	184		254
Unrecognized tax expense, end of year	$	1,447	$	1,389

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - RSUs	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Restricted Stock Units
Balance, beginning of period (in shares) \| shares	987,965
Granted (in shares) \| shares	1,000,090
Vested (in shares) \| shares	(666,409)
Cancelled/forfeited (in shares) \| shares	(27,480)
Balance, end of period (in shares) \| shares	1,294,166
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	5.82
Vested (in dollars per share) \| $ / shares	7.26
Cancelled/forfeited (in dollars per share) \| $ / shares	6.89
Balance, end of period (in dollars per share) \| $ / shares	$ 6.63

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 26, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 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	Common Stock, par value $0.0001
Trading Symbol	MRAM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 134.2
Entity Common Stock, Shares Outstanding		23,120,289
Documents Incorporated by Reference	Portions of the Registrant’s Definitive Proxy Statement relating to the 2026 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the Registrant’s fiscal year ended December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001438423
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

Reclassification

Segment Information

Cash and Cash Equivalents

Accounts Receivable, Net

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


	December 31, 2025		December 31, 2024
Trade accounts receivable	$	8,231	$	11,944
Unbilled accounts receivable	179		187
Allowance for product returns and price adjustments	(309)		(409)
Accounts receivable, net	$	8,101	$	11,722

Concentration of Credit Risk


	Revenue				Accounts Receivable
	Year Ended December 31,				As of December 31,
Customers	2025		2024		2025		2024
Customer A	25	%	*		57	%	*
Customer B	*		27	%	*		61	%

______________________________________________________________

*Less than 10%

Inventory

Fair Value of Financial Instruments

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 following tables set 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

Property and Equipment, Net


			Useful Lives
Computer and network equipment			2 years
Manufacturing equipment			2 – 7 years
Furniture and fixtures			7 years
Leasehold improvements			Lesser of useful life of the asset or the remaining lease term

Intangible Assets, Net

Leases

Operating leases are included in right-of-use assets, lease liabilities, and lease liabilities, net of current portion in the Company’s balance sheet. Finance leases are immaterial.

Impairment of Long-lived Assets

Government Tax Credits, Incentives and Grants

Revenue Recognition

Nature of Products and Services

Product Revenue

License Revenue

Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer and the Company has no other performance obligations.

Royalties

Engineering services and other Revenue

Other Income, Net

Other income, net primarily consists of a strategic award, realized gains and losses on sale of assets, and gains and losses on foreign currency transactions.

Product Warranty

Research and Development

Stock-based Compensation

Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield with a maturity equal to the expected term of the option in effect at the time of grant.

Dividend yield. The Company has never paid dividends on its common stock and is prohibited from paying dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

Income Taxes

Net (Loss) Income per Common Share

Recently Adopted Accounting Pronouncements

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 financial statements.

Recently Issued Pronouncements

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 financial statements.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We implement and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, products and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature (collectively, Information Systems and Data). Our Senior Director of Information Technology (IT), internal IT, information security and legal functions, and third-party service providers (collectively, Cybersecurity Team) help identify, assess and manage our cybersecurity threats and risks. Our Cybersecurity Team identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment. The Cybersecurity Team uses various methods designed to accomplish this task including, for example: manual tools, automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and threat actors, scanning the threat environment, evaluating our and our industry’s risk profile, maintaining policies designed to coordinate our efforts with law enforcement to respond to threats, internal and external audits, conducting threat assessments, conducting third party threat assessments, and conducting vulnerability assessments. Depending on the relevant information systems environment, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: an incident response strategy, incident detection and response measures, a vulnerability management policy, risk assessments, encryption of certain data, network security controls, data segregation, access controls, physical security controls, systems monitoring controls, personnel training, penetration testing, cybersecurity insurance, dedicated cybersecurity personnel, background checks for certain personnel, vendor management strategies, and asset management strategy (such as tracking and disposal of Company information systems). Our assessment and management of material risks from cybersecurity threats are integrated into our overall risk management processes. For example, the Senior Director of IT works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business. We use service providers in an effort to identify, assess, and manage material risks from cybersecurity threats, including for example: threat intelligence service providers, cybersecurity consultants, penetration testing firms, cybersecurity software providers, managed cybersecurity service providers, and professional services firms (including legal counsel). We use service providers to perform a variety of functions throughout our business, such as application providers, hosting companies, and contract manufacturing organizations. We maintain a vendor management strategy designed to manage cybersecurity risks associated with our use of these providers. The strategy includes vendor risk assessments, security assessment reviews, and imposing information security contractual obligations on a vendor as appropriate. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider, our vendor management strategy may involve different levels of assessment designed to help identify, mitigating and manage cybersecurity risks associated with a particular provider. For a description of the risks from cybersecurity threats that may materially affect us and how they may do so, see our risk factors under Part 1. Item 1A. Risk Factors in this Annual Report on Form 10-K, including “Interruptions in or other compromises of our information technology systems or data or that of third parties upon whom we rely could adversely affect our business.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We implement and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, products and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature (collectively, Information Systems and Data).
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors addresses our cybersecurity risk management as part of its general oversight function. The board of directors is responsible for overseeing our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	board of directors
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity incident response and vulnerability management policies are designed to escalate certain cybersecurity incidents and threats to management members depending on the circumstances, including the Chief Executive Officer and Chief Financial Officer. The Chief Executive Officer and Chief Financial Officer work with our incident response team in an effort to help us mitigate and remediate cybersecurity incidents of which they are notified. In addition, our management and its designees report to the board of directors for certain cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of our management, including our Senior Director of IT, the Chief Executive Officer, and the Chief Financial Officer. Our Senior Director of IT has approximately 25 years of experience in IT and cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Senior Director of IT, the Chief Executive Officer, and the Chief Financial Officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Senior Director of IT has approximately 25 years of experience in IT and cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity incident response and vulnerability management policies are designed to escalate certain cybersecurity incidents and threats to management members depending on the circumstances, including the Chief Executive Officer and Chief Financial Officer. The Chief Executive Officer and Chief Financial Officer work with our incident response team in an effort to help us mitigate and remediate cybersecurity incidents of which they are notified.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true