MRAM

Everspin is a niche MRAM specialist with a genuinely clean balance sheet — $44.5M cash, only $1.8M current debt and $15K long-term debt, equity of $68.9M and a 0.23x liabilities/equity ratio — and it self-funds, generating $9.96M of operating cash flow (+40.3% YoY) against $6.84M of capex. On a cash basis it works: management's own reconciliation shows Adjusted Net Income of $5.19M once you add back $5.78M of stock-based comp. The forward signal is encouraging too — new design wins accelerated every quarter of 2025 (44, 53, 55, 85) versus 2024's 31, 44, 50, 53, and product sales rose 14.4% to $48.3M, led by APAC ($34.5M of $55.2M). This is not a broken company.

But the GAAP picture is deteriorating, not improving. FY2025 revenue of $55.2M (+9.5%) is still below the FY2022–2023 peak of $60.0M–$63.8M, and net income swung from +$781K to a -$586K loss (-175%), with operating margin at -11.8% and a -6.5M operating loss. The recovery in product sales was partly offset by a 15.7% drop in higher-margin licensing/royalty/engineering revenue, and gross margin slipped to 51.2% from 52%. The $137M accumulated deficit and 4.4% annual share-count growth (SBC-driven) underline that shareholders have funded a lot of this journey.