Everspin Posts Record Revenue on Defense Contract Boost — Everspin Technologies, Inc.

Event summary

Everspin reported $18.7M in Q2 2026 revenue, up 42% YoY from $13.2M.
$40M contract with US prime contractor contributed to non-product revenue growth.
Gross margin improved to 53.9%, up from 51.3% in Q2 2025.
Non-GAAP net income of $2.9M, compared to $0.7M in the prior-year quarter.
$43.9M in cash and cash equivalents as of June 30, 2026.

The big picture

Everspin's strong Q2 performance reflects growing demand for MRAM solutions in industrial automation, energy management, and defense sectors. The $40M contract signals expanding opportunities in mission-critical applications, though the company must balance strategic investments with cost discipline to maintain profitability.

What we're watching

Defense Demand: Whether Everspin can sustain growth from aerospace and defense contracts amid potential budget fluctuations.
Execution Risk: The pace at which Everspin integrates new non-product revenue streams into its core business model.
Competitive Positioning: How Microchip's foundry partnership will impact Everspin's ability to scale production and maintain margins.