0001628280-26-028464 | 10-Q | XBRL Viewer | Everspin Technologies INC

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

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


	March 31, 2026		December 31, 2025
Trade accounts receivable	$	10,249	$	8,231
Unbilled accounts receivable	230		179
Allowance for product returns and price adjustments	(315)		(309)
Accounts receivable, net	$	10,164	$	8,101

Schedule of Revenue and Accounts Receivable for Each Significant Customer

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

Revenue

Accounts Receivable

Three Months Ended March 31,

March 31,
2026

December 31, 2025

Customers

2026

2025

Customer A

28%

11%

36%

57%

Customer B

11%

Customer C

11%

Customer D

19%

_______________________________

*Less than 10%

Stock-Based Compensation - Schedule of Restricted Stock Units (Details) - RSUs	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Restricted Stock Units
Balance, beginning of period (in shares) \| shares	1,294,166
Granted (in shares) \| shares	860,844
Vested (in shares) \| shares	(286,154)
Cancelled/forfeited (in shares) \| shares	(584)
Balance, end of period (in shares) \| shares	1,868,272
Weighted- Average Grant Date Fair Value Per Share
Balance, beginning of period (in dollars per share) \| $ / shares	$ 6.63
Granted (in dollars per share) \| $ / shares	8.86
Vested (in dollars per share) \| $ / shares	7.16
Cancelled/forfeited (in dollars per share) \| $ / shares	7.30
Balance, end of period (in dollars per share) \| $ / shares	$ 7.58

Summary of Significant Accounting Policies - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Trade accounts receivable	$ 10,249	$ 8,231
Unbilled accounts receivable	230	179
Allowance for product returns and price adjustments	(315)	(309)
Accounts receivable, net	$ 10,164	$ 8,101

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

6. Stock-Based Compensation

Share-Based Compensation Expense

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


	Three Months Ended March 31,
	2026		2025
General and administrative	$	663	$	717
Research and development	350		497
Sales and marketing	146		177
Cost of sales	141		186
Total stock-based compensation	$	1,300	$	1,577

Summary of Stock Option Activity

The following table summarizes the stock option activity for the three months ended March 31, 2026:


	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, 2025	1,365,002	$	6.16	4.9	$	4,303
Options granted	—
Options exercised	(57,027)	$	5.72		$	244
Options cancelled/forfeited	(853)	$	15.86
Balance—March 31, 2026	1,307,122	$	6.17	4.7	$	3,471
Options exercisable—March 31, 2026	1,306,061	$	6.17	4.7	$	3,469

The total grant date fair value of options vested was $0.1 million and $0.2 million during the three months ended March 31, 2026 and 2025, respectively.

No options were granted during the three months ended March 31, 2026 and 2025.

As of March 31, 2026, unrecognized compensation expense related to unvested options was not material and is expected to be recognized over a weighted-average period of 1.02 years. Stock-based compensation cost for options capitalized within inventory at March 31, 2026 and 2025 was not material.

2016 Employee Stock Purchase Plan

In January 2026, there was an increase of 229,777 shares reserved for issuance under the Company’s Employee Stock Purchase Plan (ESPP) pursuant to the terms of the ESPP. The Company had 1,371,323 shares available for future issuance under the Company’s ESPP as of March 31, 2026. Employees did not purchase any shares during the three months ended March 31, 2026 and 2025.

Restricted Stock Units

The following table summarizes restricted stock units (RSUs) activity for the three months ended March 31, 2026:


	RSUs Outstanding
	Number of Restricted Stock Units	Weighted- Average Grant Date Fair Value Per Share
Balance—December 31, 2025	1,294,166	$	6.63
Granted	860,844	$	8.86
Vested	(286,154)	$	7.16
Cancelled/forfeited	(584)	$	7.30
Balance—March 31, 2026	1,868,272	$	7.58

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 March 31, 2026, there was $13.4 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 3.2 years. Compensation cost capitalized within inventory was not material as of March 31, 2026 and 2025.

Subsequent Events (Details) - Subsequent Event $ in Thousands	Apr. 24, 2026 USD ($)	Apr. 08, 2026 USD ($) wafer
Subsequent Event [Line Items]
Aggregate value of strategic agreement	$ 40,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-25
Subsequent Event [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	30 months
Foundry Services Agreement
Subsequent Event [Line Items]
Initial term of agreement		10 years
Renewal period of agreement		2 years
Other commitment		$ 13,950
Maximum number of wafers per quarter \| wafer		1,300
Foundry Services Agreement \| Toggle and Sensor Flows
Subsequent Event [Line Items]
Expected period of capacity to commence		18 months
Foundry Services Agreement \| STT Flows
Subsequent Event [Line Items]
Expected period of capacity to commence		30 months

Statements of Operations and Comprehensive Loss Components - Schedule of Disaggregated by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue
Total revenue	$ 14,872	$ 13,138
Distributor
Disaggregation of Revenue
Total revenue	13,322	7,918
Non-distributor
Disaggregation of Revenue
Total revenue	$ 1,550	$ 5,220

- Definition

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

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Summary of Significant Accounting Policies - Schedule of Revenue and Accounts Receivable for Each Significant Customer (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue \| Customer A
Concentration risk
Concentration risk percentage	28.00%	11.00%
Revenue \| Customer B
Concentration risk
Concentration risk percentage		11.00%
Revenue \| Customer C
Concentration risk
Concentration risk percentage	11.00%
Revenue \| Customer D
Concentration risk
Concentration risk percentage		19.00%
Accounts Receivable, net \| Customer A
Concentration risk
Concentration risk percentage	36.00%		57.00%

- 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.

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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

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Disclosure Text Block Supplement [Abstract]

Balance Sheet Components

4. Balance Sheet Components

Inventory

Inventory consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	167	$	323
Work-in-process	10,201		9,269
Finished goods	887		1,142
Total inventory	$	11,255	$	10,734

Property and Equipment, Net

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


	March 31, 2026		December 31, 2025
Manufacturing equipment	$	15,182	$	15,070
Computer and network equipment	694		731
Furniture and fixtures	113		113
Construction in Progress	12,061		11,131
Leasehold improvements	1,476		1,476
Total property and equipment, gross	29,526		28,521
Less: accumulated depreciation	(14,601)		(14,381)
Total property and equipment, net	$	14,925	$	14,140

Depreciation expense during the three months ended March 31, 2026 and 2025 was $0.3 million and $0.4 million, respectively.

Intangible Assets, Net

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


	March 31, 2026
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Internal-use software	0.8	$	4,456	$	(3,184)	$	1,272
Total intangible assets		$	4,456	$	(3,184)	$	1,272


	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

Amortization expense for the intangible assets was $0.4 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively.

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	March 31 2026		December 31 2025
Payroll-related expenses	$	1,350	$	2,481
Inventory	886		425
Other	2,295		745
Total accrued liabilities	$	4,531	$	3,651

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory
Raw materials	$ 167	$ 323
Work-in-process	10,201	9,269
Finished goods	887	1,142
Total inventory	$ 11,255	$ 10,734

Statements of Operations and Comprehensive Loss Components - Schedule of Disaggregated by Timing of Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue
Total revenue	$ 14,872	$ 13,138
Point in time
Disaggregation of Revenue
Total revenue	14,241	11,158
Over time
Disaggregation of Revenue
Total revenue	$ 631	$ 1,980

- 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 Undiscounted Future Non-Cancellable Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Future lease payments
Remainder of 2026	$ 1,123
2027	1,380
2028	595
2029	48
Total lease payments	3,146
Less: imputed interest	(148)
Total lease liabilities	2,998
Less: current portion of lease liabilities	(1,399)	$ (1,381)
Total lease liabilities, net of current portion	$ 1,599	$ 1,956

Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disclosure Text Block Supplement [Abstract]
Depreciation	$ 0.3	$ 0.4
Amortization expense for intangible assets	$ 0.4	$ 0.4

- Definition

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

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Balance Sheet Components - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Intangible Assets
Gross Carrying Amount	$ 4,456	$ 4,456
Accumulated Amortization	(3,184)	(2,742)
Net Carrying Amount	$ 1,272	$ 1,714
Internal-use software
Intangible Assets
Weighted- Average Life (in years)	9 months 18 days	1 year
Gross Carrying Amount	$ 4,456	$ 4,456
Accumulated Amortization	(3,184)	(2,742)
Net Carrying Amount	$ 1,272	$ 1,714

- Definition

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+ Details

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 segment
Accounting Policies [Abstract]
Number of reportable segments	1

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Number of Options
Beginning balance (in shares)	1,365,002
Options granted (in shares)	0	0
Options exercised (in shares)	(57,027)
Options cancelled/forfeited (in shares)	(853)
Ending balance (in shares)	1,307,122		1,365,002
Options exercisable (in shares)	1,306,061
Weighted- Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 6.16
Options exercised (in dollars per share)	5.72
Options cancelled/forfeited (in dollars per share)	15.86
Ending balance (in dollars per share)	6.17		$ 6.16
Weighted average exercise price per share, options exercisable (in dollars per share)	$ 6.17
Stock Options Additional Disclosures
Weighted-average remaining contractual life (in years)	4 years 8 months 12 days		4 years 10 months 24 days
Options exercisable, weighted average remaining contractual life (in years)	4 years 8 months 12 days
Aggregate intrinsic value	$ 3,471		$ 4,303
Options exercised, aggregate intrinsic value	244
Aggregate intrinsic value, options exercisable	$ 3,469

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Undiscounted Future Non-Cancellable Lease Payments

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


As of March 31, 2026	Amount
Remainder of 2026	$	1,123
2027	1,380
2028	595
2029	48
Total lease payments	3,146
Less: imputed interest	(148)
Total lease liabilities	2,998
Less: current portion of lease liabilities	(1,399)
Total lease liabilities, net of current portion	$	1,599

Schedule of Lease Cost

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


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (years)	2.21		2.44
Weighted-average discount rate	4.50	%	4.50	%

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


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (years)	2.92		3.16
Weighted-average discount rate	3.90	%	3.90	%

Net Loss Per Common Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock Options and RSUs
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss common (in shares)	1.2	1.8

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 23, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-37900
Entity Registrant Name	Everspin Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2640654
Entity Address, Address Line One	5670 W. Chandler Boulevard
Entity Address, Address Line Two	Suite 130
Entity Address, City or Town	Chandler
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85226
City Area Code	480
Local Phone Number	347-1111
Title of 12(b) Security	0.0001
Trading Symbol	MRAM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,447,577
Entity Central Index Key	0001438423
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Net Loss Per Common Share - Schedule of Computation of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (296)	$ (1,166)
Net loss attributable to common stockholders, diluted	$ (296)	$ (1,166)
Denominator:
Weighted-average shares of common stock outstanding, basic (in shares)	23,137,815	22,188,114
Weighted-average shares of common stock outstanding, diluted (in shares)	23,137,815	22,188,114
Net loss per common share, basic (in dollars per share)	$ (0.01)	$ (0.05)
Net loss per common share, diluted (in dollars per share)	$ (0.01)	$ (0.05)

- Definition

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

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+ Details

- Definition

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

+ References + Details

Statements of Operations and Comprehensive Loss Components - Schedule of Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue
Total revenue	$ 14,872	$ 13,138
APAC
Disaggregation of Revenue
Total revenue	9,194	7,259
North America
Disaggregation of Revenue
Total revenue	2,848	2,483
EMEA
Disaggregation of Revenue
Total revenue	$ 2,830	$ 3,396

- Definition

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

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Disclosure Text Block Supplement [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	167	$	323
Work-in-process	10,201		9,269
Finished goods	887		1,142
Total inventory	$	11,255	$	10,734

Schedule of Property and Equipment, Net

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


	March 31, 2026		December 31, 2025
Manufacturing equipment	$	15,182	$	15,070
Computer and network equipment	694		731
Furniture and fixtures	113		113
Construction in Progress	12,061		11,131
Leasehold improvements	1,476		1,476
Total property and equipment, gross	29,526		28,521
Less: accumulated depreciation	(14,601)		(14,381)
Total property and equipment, net	$	14,925	$	14,140

Schedule of Intangible Assets, Net

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


	March 31, 2026
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Internal-use software	0.8	$	4,456	$	(3,184)	$	1,272
Total intangible assets		$	4,456	$	(3,184)	$	1,272


	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

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	March 31 2026		December 31 2025
Payroll-related expenses	$	1,350	$	2,481
Inventory	886		425
Other	2,295		745
Total accrued liabilities	$	4,531	$	3,651

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2025, has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial information. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other interim period or for any other future year.

The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K filed with the SEC.

Use of Estimates

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

Segment Information

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

Significant segment expenses within net income are those separately presented on the Company’s statements of operations and comprehensive loss, which include cost of sales, research and development, general and administrative, and sales and marketing expenses.

Cash and Cash Equivalents

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

Accounts Receivable, Net

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

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


	March 31, 2026		December 31, 2025
Trade accounts receivable	$	10,249	$	8,231
Unbilled accounts receivable	230		179
Allowance for product returns and price adjustments	(315)		(309)
Accounts receivable, net	$	10,164	$	8,101

Concentration of Credit Risk

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

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

Revenue

Accounts Receivable

Three Months Ended March 31,

March 31,
2026

December 31, 2025

Customers

2026

2025

Customer A

28%

11%

36%

57%

Customer B

11%

Customer C

11%

Customer D

19%

_______________________________

*Less than 10%

Fair Value of Financial Instruments

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

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

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

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

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

Recently Adopted Accounting Pronouncements

The Company adopted Accounting Standards Update (ASU) 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. The guidance is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within fiscal years beginning after December 15, 2025.

The Company adopted ASU 2025-05 effective January 1, 2026, on a prospective basis. The adoption of ASU 2025-05 did not have a significant impact on the financial statements and related disclosures.

Recently Issued Accounting Pronouncements Under Evaluation

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

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 and related disclosures.

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 and related disclosures.

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 and related disclosures.

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 on the financial statements and related disclosures.

Significant Agreements	3 Months Ended
Significant Agreements	Mar. 31, 2026
Significant Agreements [Abstract]
Significant Agreements	7. Significant Agreements GLOBALFOUNDRIES Inc. Joint Development Agreement Since October 17, 2014, the Company has participated in a joint development agreement (JDA) with GLOBALFOUNDRIES Inc. (GF), a semiconductor foundry, for the joint development of Spin-transfer Torque MRAM (STT-MRAM) technology to produce a family of discrete and embedded MRAM technologies. The term of the JDA is until the completion, termination, or expiration of the last statement of work entered into pursuant to the JDA. The 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 JDA until the earlier of three years after the qualification of the MRAM device for a particular technology node or four years after the completion of the relevant statement of work under which the device was developed. For the same exclusivity period associated with the relevant device, 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.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Commitments and Contingencies

5. 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 March 31, 2026	Amount
Remainder of 2026	$	1,123
2027	1,380
2028	595
2029	48
Total lease payments	3,146
Less: imputed interest	(148)
Total lease liabilities	2,998
Less: current portion of lease liabilities	(1,399)
Total lease liabilities, net of current portion	$	1,599

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


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (years)	2.21		2.44
Weighted-average discount rate	4.50	%	4.50	%

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


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (years)	2.92		3.16
Weighted-average discount rate	3.90	%	3.90	%

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 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.

Patent Infringement Lawsuit

On January 28, 2026, Avalanche Technology, Inc. filed a patent infringement lawsuit against the Company in the United States District Court for the District of Delaware, alleging infringement of certain patents. Avalanche Technology, Inc. also filed a complaint with the U.S. International Trade Commission seeking the institution of an investigation under Section 337 of the Tariff Act of 1930, as amended. The Company has retained a dedicated legal team and is vigorously defending itself against such claims. As of March 31, 2026, the Company has not recorded an accrual related to these matters because it currently estimates that while possible, a loss is not probable. Further, any possible range of loss cannot reasonably be estimated at this time.

Stock-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 1,300	$ 1,577
General and administrative
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	663	717
Research and development
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	350	497
Sales and marketing
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	146	177
Cost of sales
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 141	$ 186

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 40,494	$ 44,450
Accounts receivable, net	10,164	8,101
Inventory	11,255	10,734
Prepaid expenses and other current assets	1,811	1,877
Total current assets	63,724	65,162
Property and equipment, net	14,925	14,140
Intangible assets, net	1,272	1,714
Right-of-use assets	2,918	3,251
Other assets	352	342
Total assets	83,191	84,609
Current liabilities:
Accounts payable	3,510	5,180
Accrued liabilities	4,531	3,651
Lease liabilities, current portion	1,399	1,381
Contract obligations	291	1,472
Software liabilities, current portion	1,329	1,769
Total current liabilities	11,060	13,453
Lease liabilities, net of current portion	1,599	1,956
Software liabilities, net of current portion	16	15
Long-term income tax liability	271	268
Total liabilities	12,946	15,692
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 March 31, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 23,320,978 and 22,977,797 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	207,996	206,370
Accumulated deficit	(137,753)	(137,455)
Total stockholders’ equity	70,245	68,917
Total liabilities and stockholders’ equity	$ 83,191	$ 84,609

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (296)	$ (1,166)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	699	846
Stock-based compensation	1,300	1,577
Changes in operating assets and liabilities:
Accounts receivable	(2,063)	(843)
Inventory	(521)	(1,881)
Prepaid expenses and other current assets	66	235
Other assets	30	(56)
Accounts payable	1,575	1,066
Accrued liabilities	948	(103)
Deferred revenue	0	1,062
Contract obligations	(1,181)	564
Lease liabilities, net	10	15
Long-term income tax liability	3	124
Net cash provided by operating activities	570	1,440
Cash flows from investing activities
Purchases of property and equipment	(4,355)	(913)
Purchases of intangible assets	(479)	(478)
Net cash used in investing activities	(4,834)	(1,391)
Cash flows from financing activities
Payments on finance leases	(16)	(17)
Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan	324	29
Net cash provided by financing activities	308	12
Net (decrease) increase in cash and cash equivalents	(3,956)	61
Cash and cash equivalents at beginning of period	44,450	42,097
Cash and cash equivalents at end of period	40,494	42,158
Supplementary cash flow information:
Operating cash flows paid for operating leases	357	353
Financing cash flows paid for finance leases	16	17
Non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued liabilities	$ 485	$ 230

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property and Equipment, Net
Total property and equipment, gross	$ 29,526	$ 28,521
Less: accumulated depreciation	(14,601)	(14,381)
Total property and equipment, net	14,925	14,140
Manufacturing equipment
Property and Equipment, Net
Total property and equipment, gross	15,182	15,070
Computer and network equipment
Property and Equipment, Net
Total property and equipment, gross	694	731
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	12,061	11,131
Leasehold improvements
Property and Equipment, Net
Total property and equipment, gross	$ 1,476	$ 1,476

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Total revenue	$ 14,872	$ 13,138
Total cost of sales	7,029	6,385
Gross profit	7,843	6,753
Operating expenses:
Research and development	3,605	3,356
General and administrative	5,061	3,838
Sales and marketing	1,893	1,491
Total operating expenses	10,559	8,685
Loss from operations	(2,716)	(1,932)
Interest income	317	408
Other income, net	2,106	388
Net loss before income taxes	(293)	(1,136)
Income tax expense	(3)	(30)
Net loss and comprehensive loss	$ (296)	$ (1,166)
Net loss per common share:
Basic (in dollars per share)	$ (0.01)	$ (0.05)
Diluted (in dollars per share)	$ (0.01)	$ (0.05)
Weighted average shares of common stock outstanding:
Basic (in shares)	23,137,815	22,188,114
Diluted (in shares)	23,137,815	22,188,114
Product sales
Total revenue	$ 14,100	$ 11,026
Total cost of sales	6,955	6,029
Licensing, royalty, patent, engineering services and other revenue
Total revenue	772	2,112
Total cost of sales	$ 74	$ 356

Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net (Loss) Income Per Share

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

Basic and diluted EPS


	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss	$	(296)	$	(1,166)
Net loss attributable to common stockholders, diluted	$	(296)	$	(1,166)

Denominator:
Weighted-average shares of common stock outstanding, basic	23,137,815		22,188,114
Weighted-average shares of common stock outstanding, diluted	23,137,815		22,188,114
Net loss per common share, basic	$	(0.01)	$	(0.05)
Net loss per common share, diluted	$	(0.01)	$	(0.05)

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

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


	Three Months Ended March 31,
	2026		2025
General and administrative	$	663	$	717
Research and development	350		497
Sales and marketing	146		177
Cost of sales	141		186
Total stock-based compensation	$	1,300	$	1,577

Schedule of Stock Option Activity

The following table summarizes the stock option activity for the three months ended March 31, 2026:


	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, 2025	1,365,002	$	6.16	4.9	$	4,303
Options granted	—
Options exercised	(57,027)	$	5.72		$	244
Options cancelled/forfeited	(853)	$	15.86
Balance—March 31, 2026	1,307,122	$	6.17	4.7	$	3,471
Options exercisable—March 31, 2026	1,306,061	$	6.17	4.7	$	3,469

Schedule of Restricted Stock Units

The following table summarizes restricted stock units (RSUs) activity for the three months ended March 31, 2026:


	RSUs Outstanding
	Number of Restricted Stock Units	Weighted- Average Grant Date Fair Value Per Share
Balance—December 31, 2025	1,294,166	$	6.63
Granted	860,844	$	8.86
Vested	(286,154)	$	7.16
Cancelled/forfeited	(584)	$	7.30
Balance—March 31, 2026	1,868,272	$	7.58

Statements of Operations and Comprehensive Loss Components (Tables)

3 Months Ended

Mar. 31, 2026

Statements of Operations and Comprehensive Loss Components [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended March 31,
	2026		2025
Distributor	$	13,322	$	7,918
Non-distributor	1,550		5,220
Total revenue	$	14,872	$	13,138

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


	Three Months Ended March 31,
	2026		2025
Point in time	$	14,241	$	11,158
Over time	631		1,980
Total revenue	$	14,872	$	13,138

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


	Three Months Ended March 31,
	2026		2025
Product sales	$	14,100	$	11,026
Licensing	—		511
Royalties	141		132
Engineering services and other revenue	631		1,469
Total revenue	$	14,872	$	13,138

Schedule of Revenue by Region

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


	Three Months Ended March 31,
	2026		2025
APAC	$	9,194	$	7,259
North America	2,848		2,483
EMEA	2,830		3,396
Total revenue	$	14,872	$	13,138

Significant Agreements (Details) - GlobalFoundries, Inc. - Joint Development Agreement	Oct. 17, 2014
Joint development agreement
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

Net Loss Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Common Share

8. Net Loss Per Common Share

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

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

Basic and diluted EPS


	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss	$	(296)	$	(1,166)
Net loss attributable to common stockholders, diluted	$	(296)	$	(1,166)

Denominator:
Weighted-average shares of common stock outstanding, basic	23,137,815		22,188,114
Weighted-average shares of common stock outstanding, diluted	23,137,815		22,188,114
Net loss per common share, basic	$	(0.01)	$	(0.05)
Net loss per common share, diluted	$	(0.01)	$	(0.05)

Potentially dilutive securities representing 1.2 million and 1.8 million stock options and RSUs that were outstanding during the three months ended March 31, 2026, and 2025, respectively, were excluded from the computation of diluted earnings per common share during these periods as their inclusion would have an antidilutive effect.

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, Issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	23,320,978	22,977,797
Common stock, outstanding (in shares)	23,320,978	22,977,797

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued liabilities
Payroll-related expenses	$ 1,350	$ 2,481
Inventory	886	425
Other	2,295	745
Total accrued liabilities	$ 4,531	$ 3,651

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

- Definition

Disclosure of accounting policy for segment reporting.

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Organization and Nature of Business	3 Months Ended
Organization and Nature of Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	1. Organization and Nature of Business Everspin Technologies, Inc. (“we”, “our”, “us”, “Everspin Technologies”, “Everspin”, or the “Company”) was incorporated in Delaware on May 16, 2008. The Company’s magnetoresistive random access memory (MRAM) solutions offer the persistence of non-volatile memory with the speed and endurance of random access memory 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.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events Foundry Services Agreement On April 8, 2026, the Company entered into a foundry services agreement (Foundry Agreement) with Microchip Technology (Microchip) under which Microchip will manufacture 8-inch Toggle MRAM, Tunnel Magneto Resistance Sensors and STT-MRAM wafers for the Company at Microchip’s Fab 4 facility in Gresham, Oregon. The Foundry Agreement has an initial term of ten years and provides for two-year renewal periods. The Company has reimbursement obligations under the Foundry Agreement estimated at approximately $13.95 million related to the installation of the manufacturing facility, subject to adjustment based on actual documented expenditures. The Foundry Agreement includes minimum purchase commitments that ramp over time to a maximum of 1,300 wafers per quarter. The Company expects capacity for Toggle and Sensor flows to commence approximately 18 months from the effective date of the Foundry Agreement and capacity for STT flows to commence approximately 30 months from the effective date of the Foundry Agreement. Strategic Agreement with U.S. Prime Contractor On April 24, 2026, the Company entered into a subcontract and related statement of work with Amentum Services Inc. in connection with a U.S. government Microelectronics Research, Development, Test and Evaluation program. Under the agreement, the Company will provide research and development, process technology and engineering services to support the development and qualification of domestic Toggle MRAM for Mil-Aero applications. The agreement provides for milestone-based payments over a 30-month performance period from April 16, 2026 through November 21, 2028 and has an aggregate value of $40.0 million. The agreement includes option periods exercisable by the contractor and may be terminated under certain circumstances tied to termination of the related prime contract.

Statements of Operations and Comprehensive Loss Components

3 Months Ended

Mar. 31, 2026

Statements of Operations and Comprehensive Loss Components [Abstract]

Statements of Operations and Comprehensive Loss Components

3. Statements of Operations and Comprehensive Loss Components

Revenue

The Company sells products to its distributors, original equipment manufacturers, original design manufacturers and contract manufacturers. The Company also recognizes revenue under licensing, patent, engineering services and royalty agreements with some customers.

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


	Three Months Ended March 31,
	2026		2025
Distributor	$	13,322	$	7,918
Non-distributor	1,550		5,220
Total revenue	$	14,872	$	13,138

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


	Three Months Ended March 31,
	2026		2025
Point in time	$	14,241	$	11,158
Over time	631		1,980
Total revenue	$	14,872	$	13,138

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


	Three Months Ended March 31,
	2026		2025
Product sales	$	14,100	$	11,026
Licensing	—		511
Royalties	141		132
Engineering services and other revenue	631		1,469
Total revenue	$	14,872	$	13,138

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.

The Company recognizes revenue in three primary geographic regions: Asia-Pacific (APAC); North America; and Europe, Middle East and Africa (EMEA). The Company recognizes revenue by geography based on the region in which 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):


	Three Months Ended March 31,
	2026		2025
APAC	$	9,194	$	7,259
North America	2,848		2,483
EMEA	2,830		3,396
Total revenue	$	14,872	$	13,138

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 Accounting Standards Codification 606 by analogy.

During the three months ended March 31, 2026, the Company recognized $2.2 million of other income related to the Award, based on progress toward completion. Revenue recognition is based on an input method that measures costs incurred to date relative to total estimated costs over the term of the Award. During the three months ended March 31, 2026, the Company billed $1.0 million relating to the Award. As of March 31, 2026, $0.3 million of the billed amount for the Award is recorded as contract obligations liability on the condensed balance sheets. This amount represents the Company’s obligation to perform future services for which the Company has received or is entitled to receive payment but which are not yet fulfilled.

Condensed Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance (in shares) at Dec. 31, 2024		22,059,697
Balance at Dec. 31, 2024	$ 62,593	$ 2	$ 199,460	$ (136,869)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		10,620
Exercise of stock options	29		29
Issuance of common stock under stock incentive plans (in shares)		281,828
Stock-based compensation expense	1,577		1,577
Net loss	(1,166)			(1,166)
Balance (in shares) at Mar. 31, 2025		22,352,145
Balance at Mar. 31, 2025	63,033	$ 2	201,066	(138,035)
Balance (in shares) at Dec. 31, 2025		22,977,797
Balance at Dec. 31, 2025	$ 68,917	$ 2	206,370	(137,455)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)	57,027	57,027
Exercise of stock options	$ 326		326
Issuance of common stock under stock incentive plans (in shares)		286,154
Stock-based compensation expense	1,300		1,300
Other	(2)			(2)
Net loss	(296)			(296)
Balance (in shares) at Mar. 31, 2026		23,320,978
Balance at Mar. 31, 2026	$ 70,245	$ 2	$ 207,996	$ (137,753)

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Statements of Operations and Comprehensive Loss Components - Narrative (Details) $ in Thousands		3 Months Ended
	Aug. 14, 2024 USD ($)	Mar. 31, 2026 USD ($) region	Dec. 31, 2025 USD ($)
Joint development agreement
Number of primary geographic regions \| region		3
Contract obligations		$ 291	$ 1,472
Award
Joint development agreement
Total amount to be collected	$ 14,600
Strategic award term	2 years 6 months
Other income		2,200
Amount billed related to agreement		1,000
Contract obligations		$ 300

Statements of Operations and Comprehensive Loss Components - Schedule of Disaggregated by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue
Total revenue	$ 14,872	$ 13,138
Product sales
Disaggregation of Revenue
Total revenue	14,100	11,026
Licensing
Disaggregation of Revenue
Total revenue	0	511
Royalties
Disaggregation of Revenue
Total revenue	141	132
Engineering services and other revenue
Disaggregation of Revenue
Total revenue	$ 631	$ 1,469

- 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)	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term (years)	2 years 2 months 15 days	2 years 5 months 8 days
Weighted-average discount rate	4.50%	4.50%
Weighted-average remaining lease term (years)	2 years 11 months 1 day	3 years 1 month 28 days
Weighted-average discount rate	3.90%	3.90%

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2026	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation
Total grant date fair value of options vested		$ 0.1	$ 0.2
Options granted (in shares)		0	0
2016 Employee Stock Purchase Plan
Share-based Compensation
Increase in number of shares reserved for issuance (in shares)	229,777
Shares available for future issuance (in shares)		1,371,323
Issuance of common stock under employee stock purchase plan (in shares)		0	0
Employee Stock Option
Share-based Compensation
Unrecognized compensation expense, weighted-average period expected to be recognized		1 year 7 days
RSUs
Share-based Compensation
Unrecognized stock-based compensation expense		$ 13.4
Unrecognized compensation expense, weighted-average period expected to be recognized		3 years 2 months 12 days	3 years 2 months 12 days