# EDGAR Filing Document

**Accession Number:** 0001438423
**File Stem:** 0001628280-26-028464
**Filing Date:** 2026-4
**Character Count:** 92774
**Document Hash:** a34fe7b8196727b24b08f119e664cb18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-028464.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001628280-26-028464

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EVERSPIN TECHNOLOGIES INC.
- **CENTRAL INDEX KEY:** 0001438423
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 262640654
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37900
- **FILM NUMBER:** 26918084

**BUSINESS ADDRESS:**
- **STREET 1:** 5670 W. CHANDLER BOULEVARD
- **STREET 2:** SUITE 130
- **CITY:** CHANDLER
- **STATE:** AZ
- **ZIP:** 85226
- **BUSINESS PHONE:** 480-347-1111

**MAIL ADDRESS:**
- **STREET 1:** 5670 W. CHANDLER BOULEVARD
- **STREET 2:** SUITE 130
- **CITY:** CHANDLER
- **STATE:** AZ
- **ZIP:** 85226

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EVERSPIN TECHNOLOGIES INC
- **DATE OF NAME CHANGE:** 20080624

?xml version='1.0' encoding='ASCII'? mram-20260331

<u>[**Table of Contents**](#i723f51a80c0f4b4ab506a1d86f1ca9ab_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

____________________________________________________________________

**FORM 10-Q**

____________________________________________________________________

**(Mark One)**

⌧ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**OR**

□ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to** 

**Commission File Number 001-37900**

____________________________________________________________________

**Everspin Technologies, Inc.**

**(Exact name of Registrant as specified in its Charter)**

____________________________________________________________________

---

| | |
|:---|:---|
| **Delaware** | **26-2640654** |
| **(State or other jurisdiction<br>of incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |

---

**5670 W. Chandler Boulevard, Suite 130**

**Chandler, Arizona 85226**

**(Address of principal executive offices including zip code)**

**Registrant's telephone number, including area code: (480) 347-1111**

____________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading Symbol(s)** | &nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;Common Stock, par value $0.0001 | &nbsp;&nbsp;MRAM | &nbsp;&nbsp;The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No □

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ⌧ No □

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | □ | Accelerated filer | □ |
| Non-accelerated filer | ⌧ | Smaller reporting company | ⌧ |
| | | Emerging growth company | □ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes □ No ⌧

The number of shares of the Registrant's Common Stock outstanding as of April 23, 2026, was 23,447,577.

------

<u>[**Table of Contents**](#i723f51a80c0f4b4ab506a1d86f1ca9ab_7)</u>

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| | **<u>[PART I—FINANCIAL INFORMATION](#i723f51a80c0f4b4ab506a1d86f1ca9ab_10)</u>** | |
| <u>[Item 1.](#i723f51a80c0f4b4ab506a1d86f1ca9ab_13)</u> | <u>[Financial Statements](#i723f51a80c0f4b4ab506a1d86f1ca9ab_13)</u> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025](#i723f51a80c0f4b4ab506a1d86f1ca9ab_16)</u> | [3](#i723f51a80c0f4b4ab506a1d86f1ca9ab_16) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Statements of Operations and Comprehensive](#i723f51a80c0f4b4ab506a1d86f1ca9ab_19)[Loss](#i723f51a80c0f4b4ab506a1d86f1ca9ab_19)[for the three months ended March 31, 2026 and 2025 (unaudited)](#i723f51a80c0f4b4ab506a1d86f1ca9ab_19)</u> | [4](#i723f51a80c0f4b4ab506a1d86f1ca9ab_19) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Statements of Stockholders' Equity for the three months ended March 31, 2026 and 2025 (unaudited)](#i723f51a80c0f4b4ab506a1d86f1ca9ab_22)</u> | [5](#i723f51a80c0f4b4ab506a1d86f1ca9ab_22) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)](#i723f51a80c0f4b4ab506a1d86f1ca9ab_25)</u> | [6](#i723f51a80c0f4b4ab506a1d86f1ca9ab_25) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Condensed Financial Statements (unaudited)](#i723f51a80c0f4b4ab506a1d86f1ca9ab_28)</u> | [7](#i723f51a80c0f4b4ab506a1d86f1ca9ab_28) |
| <u>[Item 2.](#i723f51a80c0f4b4ab506a1d86f1ca9ab_55)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i723f51a80c0f4b4ab506a1d86f1ca9ab_55)</u> | [17](#i723f51a80c0f4b4ab506a1d86f1ca9ab_55) |
| <u>[Item 3.](#i723f51a80c0f4b4ab506a1d86f1ca9ab_73)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i723f51a80c0f4b4ab506a1d86f1ca9ab_73)</u> | [22](#i723f51a80c0f4b4ab506a1d86f1ca9ab_73) |
| <u>[Item 4.](#i723f51a80c0f4b4ab506a1d86f1ca9ab_76)</u> | <u>[Controls and Procedures](#i723f51a80c0f4b4ab506a1d86f1ca9ab_76)</u> | [22](#i723f51a80c0f4b4ab506a1d86f1ca9ab_76) |
|  | **<u>[PART II—OTHER INFORMATION](#i723f51a80c0f4b4ab506a1d86f1ca9ab_79)</u>** |  |
| <u>[Item 1.](#i723f51a80c0f4b4ab506a1d86f1ca9ab_82)</u> | <u>[Legal Proceedings](#i723f51a80c0f4b4ab506a1d86f1ca9ab_82)</u> | [23](#i723f51a80c0f4b4ab506a1d86f1ca9ab_82) |
| <u>[Item 1A.](#i723f51a80c0f4b4ab506a1d86f1ca9ab_85)</u> | <u>[Risk Factors](#i723f51a80c0f4b4ab506a1d86f1ca9ab_85)</u> | [23](#i723f51a80c0f4b4ab506a1d86f1ca9ab_85) |
| <u>[Item 2.](#i723f51a80c0f4b4ab506a1d86f1ca9ab_88)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i723f51a80c0f4b4ab506a1d86f1ca9ab_88)</u> | [23](#i723f51a80c0f4b4ab506a1d86f1ca9ab_88) |
| <u>[Item 3.](#i723f51a80c0f4b4ab506a1d86f1ca9ab_91)</u> | <u>[Defaults Upon Senior Securities](#i723f51a80c0f4b4ab506a1d86f1ca9ab_91)</u> | [23](#i723f51a80c0f4b4ab506a1d86f1ca9ab_91) |
| <u>[Item 4.](#i723f51a80c0f4b4ab506a1d86f1ca9ab_94)</u> | <u>[Mine Safety Disclosures](#i723f51a80c0f4b4ab506a1d86f1ca9ab_94)</u> | [23](#i723f51a80c0f4b4ab506a1d86f1ca9ab_94) |
| <u>[Item 5.](#i723f51a80c0f4b4ab506a1d86f1ca9ab_97)</u> | <u>[Other Information](#i723f51a80c0f4b4ab506a1d86f1ca9ab_97)</u> | [24](#i723f51a80c0f4b4ab506a1d86f1ca9ab_97) |
| <u>[Item 6.](#i723f51a80c0f4b4ab506a1d86f1ca9ab_103)</u> | <u>[Exhibits](#i723f51a80c0f4b4ab506a1d86f1ca9ab_103)</u> | [25](#i723f51a80c0f4b4ab506a1d86f1ca9ab_103) |
| <u>[EXHIBIT INDEX](#i723f51a80c0f4b4ab506a1d86f1ca9ab_106)</u> | <u>[EXHIBIT INDEX](#i723f51a80c0f4b4ab506a1d86f1ca9ab_106)</u> | [25](#i723f51a80c0f4b4ab506a1d86f1ca9ab_106) |
| <u>[SIGNATURES](#i723f51a80c0f4b4ab506a1d86f1ca9ab_109)</u> | <u>[SIGNATURES](#i723f51a80c0f4b4ab506a1d86f1ca9ab_109)</u> | [27](#i723f51a80c0f4b4ab506a1d86f1ca9ab_109) |

---

In this Quarterly Report on Form 10-Q, "we," "our," "us," "Everspin Technologies," "Everspin," and the "Company" refer to Everspin Technologies, Inc. The Everspin logo and other trade names, trademarks or service marks of Everspin Technologies are the property of Everspin Technologies, Inc. This report contains references to our trademarks and to trademarks belonging to other entities. Trade names, trademarks and service marks of other companies appearing in this report are the property of their respective holders. We do not intend our use or display of other companies' trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

------

<u>[**Table of Contents**](#i723f51a80c0f4b4ab506a1d86f1ca9ab_7)</u>

**PART I—FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**EVERSPIN TECHNOLOGIES, INC.**

**Condensed Balance Sheets**

**(In thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $40494 | $44450 |
| &nbsp;&nbsp;Accounts receivable, net | 10164 | 8101 |
| &nbsp;&nbsp;Inventory | 11255 | 10734 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 1811 | 1877 |
| &nbsp;&nbsp;&nbsp;Total current assets | 63724 | 65162 |
| Property and equipment, net | 14925 | 14140 |
| Intangible assets, net | 1272 | 1714 |
| Right-of-use assets | 2918 | 3251 |
| Other assets | 352 | 342 |
| &nbsp;&nbsp;&nbsp;Total assets | $83191 | $84609 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $3510 | $5180 |
| &nbsp;&nbsp;Accrued liabilities | 4531 | 3651 |
| &nbsp;&nbsp;Lease liabilities, current portion | 1399 | 1381 |
| &nbsp;&nbsp;Contract obligations | 291 | 1472 |
| &nbsp;&nbsp;Software liabilities, current portion | 1329 | 1769 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 11060 | 13453 |
| Lease liabilities, net of current portion | 1599 | 1956 |
| Software liabilities, net of current portion | 16 | 15 |
| Long-term income tax liability | 271 | 268 |
| &nbsp;&nbsp;&nbsp;Total liabilities | $12946 | $15692 |
| Commitments and contingencies (Note 5) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;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 |  |  |
| &nbsp;&nbsp;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 |
| &nbsp;&nbsp;Additional paid-in capital | 207996 | 206370 |
| &nbsp;&nbsp;Accumulated deficit | (137753) | (137455) |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 70245 | 68917 |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $83191 | $84609 |

---

The accompanying notes are an integral part of these condensed financial statements.

------

<u>[**Table of Contents**](#i723f51a80c0f4b4ab506a1d86f1ca9ab_7)</u>

**EVERSPIN TECHNOLOGIES, INC.**

**Condensed Statements of Operations and Comprehensive Loss**

**(In thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Product sales | $14100 | $11026 |
| Licensing, royalty, patent, engineering services and other revenue | 772 | 2112 |
| &nbsp;&nbsp;Total revenue | 14872 | 13138 |
| Cost of product sales | 6955 | 6029 |
| Cost of licensing, royalty, patent, engineering services and other revenue | 74 | 356 |
| &nbsp;&nbsp;Total cost of sales | 7029 | 6385 |
| &nbsp;&nbsp;Gross profit | 7843 | 6753 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;Research and development | 3605 | 3356 |
| &nbsp;&nbsp;General and administrative | 5061 | 3838 |
| &nbsp;&nbsp;Sales and marketing | 1893 | 1491 |
| &nbsp;&nbsp;Total operating expenses | 10559 | 8685 |
| Loss from operations | (2716) | (1932) |
| Interest income | 317 | 408 |
| Other income, net | 2106 | 388 |
| Net loss before income taxes | (293) | (1136) |
| Income tax expense | (3) | (30) |
| Net loss and comprehensive loss | $(296) | $(1166) |
| Net loss per common share: |  |  |
| &nbsp;&nbsp;Basic | $(0.01) | $(0.05) |
| &nbsp;&nbsp;Diluted | $(0.01) | $(0.05) |
| Weighted average shares of common stock outstanding: |  |  |
| &nbsp;&nbsp;Basic | 23137815 | 22188114 |
| &nbsp;&nbsp;Diluted | 23137815 | 22188114 |

---

The accompanying notes are an integral part of these condensed financial statements.

------

<u>[**Table of Contents**](#i723f51a80c0f4b4ab506a1d86f1ca9ab_7)</u>

**EVERSPIN TECHNOLOGIES, INC.**

**Condensed Statements of Stockholders' Equity**

**(In thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Deficit** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Deficit** | **Total<br>Stockholders'<br>Equity** |
| Balance at December 31, 2025 | 22977797 | $2 | $206370 | $(137455) | $68917 |
| &nbsp;&nbsp;&nbsp;Exercise of stock options | 57027 |  | 326 |  | 326 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock under stock incentive plans | 286154 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | 1300 |  | 1300 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  | (2) | (2) |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  | (296) | (296) |
| Balance at March 31, 2026 | 23320978 | $2 | $207996 | $(137753) | $70245 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Deficit** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Deficit** | **Total<br>Stockholders'<br>Equity** |
| Balance at December 31, 2024 | 22059697 | $2 | $199460 | $(136869) | $62593 |
| &nbsp;&nbsp;&nbsp;Exercise of stock options | 10620 |  | 29 |  | 29 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock under stock incentive plans | 281828 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | 1577 |  | 1577 |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  | (1166) | (1166) |
| Balance at March 31, 2025 | 22352145 | $2 | $201066 | $(138035) | $63033 |

---

The accompanying notes are an integral part of these condensed financial statements.

------

<u>[**Table of Contents**](#i723f51a80c0f4b4ab506a1d86f1ca9ab_7)</u>

**EVERSPIN TECHNOLOGIES, INC.**

**Condensed Statements of Cash Flows**

**(In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Cash flows from operating activities** |  |  |
| Net loss | $(296) | $(1166) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 699 | 846 |
| &nbsp;&nbsp;Stock-based compensation | 1300 | 1577 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;Accounts receivable | (2063) | (843) |
| &nbsp;&nbsp;Inventory | (521) | (1881) |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 66 | 235 |
| &nbsp;&nbsp;Other assets | 30 | (56) |
| &nbsp;&nbsp;Accounts payable | 1575 | 1066 |
| &nbsp;&nbsp;Accrued liabilities | 948 | (103) |
| &nbsp;&nbsp;Deferred revenue |  | 1062 |
| &nbsp;&nbsp;Contract obligations | (1181) | 564 |
| &nbsp;&nbsp;Lease liabilities, net | 10 | 15 |
| &nbsp;&nbsp;Long-term income tax liability | 3 | 124 |
| &nbsp;&nbsp;Net cash provided by operating activities | 570 | 1440 |
| **Cash flows from investing activities** |  |  |
| Purchases of property and equipment | (4355) | (913) |
| Purchases of intangible assets | (479) | (478) |
| &nbsp;&nbsp;Net cash used in investing activities | (4834) | (1391) |
| **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 |
| &nbsp;&nbsp;Net cash provided by financing activities | 308 | 12 |
| Net (decrease) increase in cash and cash equivalents | (3956) | 61 |
| Cash and cash equivalents at beginning of period | 44450 | 42097 |
| Cash and cash equivalents at end of period | $40494 | $42158 |
| **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 |

---

The accompanying notes are an integral part of these condensed financial statements.

------

<u>[**Table of Contents**](#i723f51a80c0f4b4ab506a1d86f1ca9ab_7)</u>

**EVERSPIN TECHNOLOGIES, INC.**

**Notes to Unaudited Condensed Financial Statements**

**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.

**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.

------

<u>[**Table of Contents**](#i723f51a80c0f4b4ab506a1d86f1ca9ab_7)</u>

***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,<br>2026** | **December 31,<br>2025** |
| Trade accounts receivable | $10249 | $8231 |
| Unbilled accounts receivable | 230 | 179 |
| Allowance for product returns and price adjustments | (315) | (309) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | $10164 | $8101 |

---

***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** | **Revenue** | **Accounts Receivable** | **Accounts Receivable** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **March 31,<br>2026** | **December 31, 2025** |
| **Customers** | **2026** | **2025** | **March 31,<br>2026** | **December 31, 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;

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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

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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.

 **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,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Distributor | $13322 | $7918 |
| Non-distributor | 1550 | 5220 |
| &nbsp;&nbsp;Total revenue | $14872 | $13138 |

---

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Point in time | $14241 | $11158 |
| Over time | 631 | 1980 |
| &nbsp;&nbsp;Total revenue | $14872 | $13138 |

---

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Product sales | $14100 | $11026 |
| Licensing |  | 511 |
| Royalties | 141 | 132 |
| Engineering services and other revenue | 631 | 1469 |
| &nbsp;&nbsp;Total revenue | $14872 | $13138 |

---

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):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| APAC | $9194 | $7259 |
| North America | 2848 | 2483 |
| EMEA | 2830 | 3396 |
| &nbsp;&nbsp;Total revenue | $14872 | $13138 |

---

***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.

**4. Balance Sheet Components**

***Inventory***

Inventory consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| Raw materials | $167 | $323 |
| Work-in-process | 10201 | 9269 |
| Finished goods | 887 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total inventory | $11255 | $10734 |

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***Property and Equipment, Net***

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

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| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| Manufacturing equipment | $15182 | $15070 |
| Computer and network equipment | 694 | 731 |
| Furniture and fixtures | 113 | 113 |
| Construction in Progress | 12061 | 11131 |
| Leasehold improvements | 1476 | 1476 |
| &nbsp;&nbsp;&nbsp;Total property and equipment, gross | 29526 | 28521 |
| Less: accumulated depreciation | (14601) | (14381) |
| &nbsp;&nbsp;&nbsp;Total property and equipment, net | $14925 | $14140 |

---

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):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Weighted-<br>Average<br>Life<br>(in years)** | **Gross Carrying<br>Amount** | **Accumulated<br>Amortization** | **Net <br>Carrying<br>Amount** |
| Internal-use software | 0.8 | $4456 | $(3184) | $1272 |
| Total intangible assets |  | $4456 | $(3184) | $1272 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Weighted-<br>Average<br>Life<br>(in years)** | **Gross Carrying<br>Amount** | **Accumulated<br>Amortization** | **Net <br>Carrying<br>Amount** |
| Internal-use software | 1.0 | $4456 | $(2742) | $1714 |
| Total intangible assets |  | $4456 | $(2742) | $1714 |

---

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):

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| | | |
|:---|:---|:---|
| | **March 31<br>2026** | **December 31<br>2025** |
| Payroll-related expenses | $1350 | $2481 |
| Inventory | 886 | 425 |
| Other | 2295 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accrued liabilities | $4531 | $3651 |

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**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 | $1123 |
| 2027 | 1380 |
| 2028 | 595 |
| 2029 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease payments | 3146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: imputed interest | (148) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease liabilities | 2998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: current portion of lease liabilities | (1399) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease liabilities, net of current portion | $1599 |

---

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

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>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,<br>2026** | **December 31,<br>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.

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**6. Stock-Based Compensation**

***Share-Based Compensation Expense***

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

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| &nbsp;&nbsp;General and administrative | $663 | $717 |
| &nbsp;&nbsp;Research and development | 350 | 497 |
| &nbsp;&nbsp;Sales and marketing | 146 | 177 |
| &nbsp;&nbsp;Cost of sales | 141 | 186 |
| &nbsp;&nbsp;&nbsp;Total stock-based compensation | $1300 | $1577 |

---

***Summary of Stock Option Activity***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Options Outstanding** | **Options Outstanding** | **Options Outstanding** | **Options Outstanding** |
| | **Number of<br>Options** | **Weighted-<br>Average<br>Exercise<br>Price Per<br>Share** | **Weighted-<br>Average<br>Remaining<br>Contractual<br>Life (years)** | **Aggregate<br>Intrinsic<br>Value<br>(In thousands)** |
| Balance—December 31, 2025 | 1365002 | $6.16 | 4.9 | $4303 |
| &nbsp;&nbsp;Options granted |  |  |  |  |
| &nbsp;&nbsp;Options exercised | (57027) | $5.72 |  | $244 |
| &nbsp;&nbsp;Options cancelled/forfeited | (853) | $15.86 |  |  |
| Balance—March 31, 2026 | 1307122 | $6.17 | 4.7 | $3471 |
| Options exercisable—March 31, 2026 | 1306061 | $6.17 | 4.7 | $3469 |

---

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.

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***Restricted Stock Units***

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

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| | | |
|:---|:---|:---|
| | **RSUs Outstanding** | **RSUs Outstanding** |
| | **Number of<br>Restricted Stock<br>Units** | **Weighted-<br>Average<br>Grant Date<br>Fair Value Per<br>Share** |
| Balance—December 31, 2025 | 1294166 | $6.63 |
| &nbsp;&nbsp;Granted | 860844 | $8.86 |
| &nbsp;&nbsp;Vested | (286154) | $7.16 |
| &nbsp;&nbsp;Cancelled/forfeited | (584) | $7.30 |
| Balance—March 31, 2026 | 1868272 | $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.

**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.

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**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):

<u>Basic and diluted EPS</u>

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Numerator:** |  |  |
| &nbsp;&nbsp;Net loss | $(296) | $(1166) |
| &nbsp;&nbsp;Net loss attributable to common stockholders, diluted | $(296) | $(1166) |
| **Denominator:** |  |  |
| &nbsp;&nbsp;Weighted-average shares of common stock outstanding, basic | 23137815 | 22188114 |
| &nbsp;&nbsp;Weighted-average shares of common stock outstanding, diluted | 23137815 | 22188114 |
| **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.

**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.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*You should read the following discussion and analysis of our financial condition and results of operations together with our condensed financial statements and related notes included in Part I, Item 1 of this report and with our audited financial statements and related notes thereto included as part of our Annual Report on Form 10-K for the year ended December 31, 2025.*

***Forward-Looking Statements***

*This discussion contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). Forward-looking statements are identified by words such as "believe," "will," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "could," "potentially" or the negative of these terms or similar expressions. You should read these statements carefully because they discuss future expectations, contain projections of future results of operations or financial condition, or state other "forward-looking" information. These statements relate to, among other things, our industry, business, future plans, strategies, objectives, expectations, intentions and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in this report in Part II, Item 1A — "Risk Factors," and elsewhere in this report, as well as in our other filings with the Securities and Exchange Commission (SEC). Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. These statements, like all statements in this report, speak only as of their date, and we undertake no obligation to update or revise these statements in light of future developments. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into or review of, all relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely on these statements. We caution investors that our business and financial performance are subject to substantial risks and uncertainties.*

**Overview** 

We are a pioneer in the successful commercialization of Magnetoresistive Random Access Memory (MRAM) technology. Our portfolio of MRAM technologies, including Toggle MRAM, Tunnel Magneto Resistance (TMR) Sensors, and Spin-transfer Torque MRAM (STT-MRAM), is delivering superior performance, persistence and reliability in non-volatile memories that transform how mission-critical data is protected against power loss. With almost 20 years of MRAM technology and manufacturing leadership, our memory solutions deliver significant value to our customers in key markets such as industrial, medical, automotive/transportation, aerospace and defense, and data center. We are the leading supplier of discrete MRAM components and a successful licensor of our broad portfolio of related technology and intellectual property.

We sell our products directly and through our established distribution channels to industry-leading original equipment manufacturers, original design manufacturers and contract manufacturers.

We manufacture our MRAM products using both captive and third-party manufacturing capabilities. We purchase industry-standard complementary metal-oxide semiconductor (CMOS) wafers from semiconductor foundries and perform back end of line (BEOL) processing that includes our magnetic-bit technology at our leased 200mm fabrication facility in Chandler, Arizona. We also manufacture full-flow 300mm CMOS wafers with our STT-MRAM magnetic-bit technology integrated in BEOL as part of our strategic relationship with GLOBALFOUNDRIES Inc.

**Key Metrics**

We monitor a variety of key financial metrics to help us evaluate trends, establish budgets, measure the effectiveness of our business strategies, and assess operational efficiencies. These financial metrics include revenue, gross margin, operating expenses and operating income determined in accordance with GAAP. Additionally, we monitor and project cash flow to determine our sources and uses for working capital to fund our operations. We also monitor adjusted net income, a non-GAAP financial measure, and design wins. We define adjusted net income as net income adjusted for stock-based compensation expense.

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*Adjusted net income*. Our management and board of directors use adjusted net income to assess and evaluate our overall performance and financial trends, inform the annual budgeting process, and guide both short-term and long-term operational and strategic planning. As such, we believe adjusted net income provides meaningful insight for investors into our financial performance, consistent with how our management team and board of directors view and analyze our results. Adjusted net income is a non-GAAP financial measure and should be considered alongside, but not as a replacement for or superior to, net income as reported in accordance with GAAP. The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to adjusted net income for the periods presented:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| | **(in thousands)** | **(in thousands)** |
| **Adjusted net income (loss) reconciliation:** |  |  |
| Net loss | $(296) | $(1166) |
| Stock-based compensation expense | 1300 | 1577 |
| Litigation costs | 1629 |  |
| &nbsp;&nbsp;&nbsp;Adjusted net income | $2633 | $411 |

---

**Results of Operations**

The following table sets forth our results of operations for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** | **2026** | **2025** |
| | **(In thousands)** | **(In thousands)** | **(As a percentage of revenue)** | **(As a percentage of revenue)** |
| Product sales | $14100 | $11026 | 95% | 84% |
| Licensing, royalty, patent, engineering services and other revenue | 772 | 2112 | 5 | 16 |
| &nbsp;&nbsp;Total revenue | 14872 | 13138 | 100 | 100 |
| Cost of product sales | 6955 | 6029 | 47 | 46 |
| Cost of licensing, royalty, patent, engineering services and other revenue | 74 | 356 |  | 3 |
| &nbsp;&nbsp;Total cost of sales | 7029 | 6385 | 47 | 49 |
| &nbsp;&nbsp;Gross profit | 7843 | 6753 | 53 | 51 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Research and development | 3605 | 3356 | 24 | 26 |
| &nbsp;&nbsp;General and administrative | 5061 | 3838 | 34 | 29 |
| &nbsp;&nbsp;Sales and marketing | 1893 | 1491 | 13 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 10559 | 8685 | 71 | 66 |
| Loss from operations | (2716) | (1932) | (18) | (15) |
| Interest income | 317 | 408 | 2 | 3 |
| Other income, net | 2106 | 388 | 14 | 3 |
| Net loss before income taxes | (293) | (1136) | (2) | (9) |
| Income tax expense | (3) | (30) |  |  |
| Net loss and comprehensive loss | $(296) | $(1166) | (2)% | (9)% |

---

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***Comparison of the three months ended March 31, 2026 and 2025***

*Revenue*

We generated 90% and 60% of our revenue from products sold through distributors for the three months ended March 31, 2026 and 2025, respectively.

We maintain a direct selling relationship, for strategic purposes, with several key customer accounts. We have organized our sales team and representatives into three primary regions: Asia-Pacific (APAC); North America; and Europe, Middle East and Africa (EMEA). We recognize revenue by geography based on the region in which our products are sold, and not where the end products in which they are assembled are shipped. Our revenue by region for the periods indicated was as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| APAC | $9194 | $7259 |
| North America | 2848 | 2483 |
| EMEA | 2830 | 3396 |
| &nbsp;&nbsp;&nbsp;Total revenue | $14872 | $13138 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** | **Change** | **Change** |
| | **2026** | **2025** | **Amount** | **%** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Product sales | $14100 | $11026 | $3074 | 27.9% |
| Licensing, royalty, patent, engineering services and other revenue | 772 | 2112 | (1340) | (63.4)% |
| Total revenue | $14872 | $13138 | $1734 | 13.2% |

---

Total revenue increased by $1.7 million, or 13.2%, from $13.1 million during the three months ended March 31, 2025 to $14.9 million during the three months ended March 31, 2026. The increase was due to an increase in product sales of $3.1 million or 27.9%, and partially offset by a decrease in licensing, royalty, patent, engineering services and other revenue of $1.3 million.

Licensing, royalty, patent, engineering services and other revenue is a highly variable revenue item characterized by a small number of transactions annually with revenue based on size and terms of each transaction. We estimate royalty revenue earned throughout the year, with an annual adjustment recognized for actual sales in the first quarter of each fiscal year. Licensing, royalty, patent, engineering services and other revenue decreased by $1.3 million, or 63.4% from $2.1 million during the three months ended March 31, 2025, to $0.8 million during the three months ended March 31, 2026. The decrease was primarily due to the conclusion of an agreement for the development of an AI technology application.

*Cost of Sales and Gross Margin*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** | **Change** | **Change** |
| | **2026** | **2025** | **Amount** | **%** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Cost of product sales | $6955 | $6029 | $926 | 15.4% |
| Cost of licensing, royalty, patent, engineering services and other revenue | 74 | 356 | (282) | (79.2)% |
| Total cost of sales | $7029 | $6385 | $644 | 10.1% |
| Gross margin | 52.7% | 51.4% |  |  |

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Cost of product sales increased by $0.9 million, or 15.4%, from $6.0 million during the three months ended March 31, 2025, to $7.0 million during the three months ended March 31, 2026. Cost of product sales relate primarily to costs of our Toggle and STT products and have increased consistently and proportionately with the increase in revenues.

Cost of licensing, royalty, patent, engineering services and other revenue decreased by $0.3 million, or 79.2%, from $0.4 million during the three months ended March 31, 2025, to $0.1 million during the three months ended March 31, 2026. The decrease was primarily due to a decrease in licensing costs related to labor and materials associated with the development of an AI technology application.

Gross margin increased from 51.4% during the three months ended March 31, 2025, to 52.7% during the three months ended March 31, 2026. Gross margin increased as a result of the different revenue mix and yield improvements.

*Operating Expenses*

Our operating expenses consist of research and development, general and administrative and sales and marketing expenses. Personnel-related expenses, including salaries, benefits, bonuses and stock-based compensation, are among the most significant component of each of our operating expense categories.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Change** | **Change** |
| | **2026** | **2025** | **Amount** | **%** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Research and development | $3605 | $3356 | $249 | 7.4% |
| Research and development as a % of revenue | 24% | 26% |  |  |

---

*Research and Development Expenses*. Research and development expenses increased by $0.2 million, or 7.4%, from $3.4 million during the three months ended March 31, 2025, to $3.6 million during the three months ended March 31, 2026. The research and development expenses increase relates primarily to higher compensation costs and contract labor.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** | **Change** | **Change** |
| | **2026** | **2025** | **Amount** | **%** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| General and administrative | $5061 | $3838 | $1223 | 31.9% |
| General and administrative as a % of revenue | 34% | 29% |  |  |

---

*General and Administrative Expenses*. General and administrative expenses increased by $1.2 million, or 31.9%, from $3.8 million during the three months ended March 31, 2025, to $5.1 million during the three months ended March 31, 2026. The increase is primarily due to the litigation costs related to the patent infringement lawsuit described in Note 5 to our condensed financial statements included in Item 1 of this report.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** | **Change** | **Change** |
| | **2026** | **2025** | **Amount** | **%** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Sales and marketing | $1893 | $1491 | $402 | 27.0% |
| Sales and marketing as a % of revenue | 13% | 11% |  |  |

---

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*Sales and Marketing Expenses*. Sales and marketing expenses increased by $0.4 million, or 27.0%, from $1.5 million during the three months ended March 31, 2025, to $1.9 million during the three months ended March 31, 2026. The increase is sales and marketing expenses relates primarily to higher compensation costs and contract labor.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** | **Change** | **Change** |
| | **2026** | **2025** | **Amount** | **%** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Interest income | $317 | $408 | $(91) | (22.3)% |

---

Interest income slightly decreased by $0.1 million, or 22.3%, from $0.4 million during the three months ended March 31, 2025, to $0.3 million during the three months ended March 31, 2026. The decrease is primarily due to the decrease in interest rates.

*Other Income, Net*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** | **Change** | **Change** |
| | **2026** | **2025** | **Amount** | **%** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Other income, net | $2106 | $388 | $1718 | 442.8% |

---

Other income, net increased by $1.7 million, or 442.8%, from $0.4 million during the three months ended March 31, 2025, to $2.1 million during the three months ended March 31, 2026. Other income relates primarily to other income recognized from a strategic award we received to develop a long-term plan to provide manufacturing services for aerospace and defense segments.

**Liquidity and Capital Resources**

As of March 31, 2026, we had $40.5 million of cash and cash equivalents, compared to $44.5 million as of December 31, 2025. We believe our cash and cash equivalents are sufficient to meet our anticipated capital requirements in the next 12 months. Our long-term capital requirements will depend on many factors, including, among other things, our growth rate, the timing and extent of our spending to support our current and future manufacturing requirements, research and development activities, the timing and cost of establishing additional sales and marketing capabilities, and the introduction of new products.

***Cash Flows***

The following table summarizes our cash flows for the periods indicated (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands)** | **(In thousands)** |
| Cash provided by operating activities | $570 | $1440 |
| Cash used in investing activities | (4834) | (1391) |
| Cash provided by financing activities | 308 | 12 |

---

***Cash Flows From Operating Activities***

During the three months ended March 31, 2026, cash provided by operating activities was $0.6 million, which consisted of net loss of $0.3 million, non-cash charges of $2.0 million and changes of net operating assets and liabilities of $1.1 million. The non-cash charges primarily consisted of stock-based compensation of $1.3 million, depreciation and amortization of $0.7 million. The change in our net operating assets and liabilities was primarily due to an increase in

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accounts payable of $1.6 million, an increase in accrued liabilities of $0.9 million, offset by an increase in accounts receivable of $2.1 million, a decrease in contract obligation of $1.2 million, and an increase in inventory of $0.5 million.

During the three months ended March 31, 2025, cash provided by operating activities was $1.4 million, which consisted of net loss of $1.2 million, non-cash charges of $2.4 million and changes of net operating assets and liabilities of $0.2 million. The non-cash charges primarily consisted of stock-based compensation of $1.6 million, depreciation and amortization of $0.8 million. The change in our net operating assets and liabilities was primarily due to an increase in accounts payable of $1.1 million, an increase in deferred revenue of $1.1 million, an increase in contract obligations of $0.6 million, a decrease in prepaid expenses and other current assets of $0.2 million, offset by an increase in inventory of $1.9 million, and an increase in accounts receivable of $0.8 million.

***Cash Flows From Investing Activities***

Cash used in investing activities during the three months ended March 31, 2026 was $4.8 million primarily due to $4.4 million in purchases of manufacturing equipment and $0.5 million in purchase of intangible assets.

Cash used in investing activities during the three months ended March 31, 2025 was $1.4 million primarily due to $0.9 million in purchases of manufacturing equipment and $0.5 million in purchase of intangible assets.

***Cash Flows From Financing Activities***

Cash provided by financing activities during the three months ended March 31, 2026 was $0.3 million, consisting of proceeds from the exercise of employee stock options and purchase of shares under our employee stock purchase plan, offset by payments of finance leases.

Cash provided by financing activities during the three months ended March 31, 2025 was $0.01 million, consisting of proceeds from the exercise of employee stock options and purchase of shares under our employee stock purchase plan, offset by payments of finance leases.

**Critical Accounting Policies and Significant Judgments and Estimates**

Our condensed financial statements have been prepared in accordance with GAAP. The preparation of these condensed financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenue generated, and expenses incurred during the reporting periods. We base our estimates on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

There have been no changes to our critical accounting policies and estimates described in the Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 4, 2026, that have had a material impact on our condensed financial statements and related notes.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

Not required for a smaller reporting company.

**Item 4. Controls and Procedures**

*Evaluation of disclosure controls and procedures.*

Our management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO) evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2026, the end of the period covered by this Quarterly Report on Form 10-Q.

Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2026.

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There have been no changes in our internal control over financial reporting that occurred during the three months ended March 31, 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

*Inherent limitation on the effectiveness of internal control.*

The effectiveness of any system of internal control over financial reporting, including ours, is subject to inherent limitations, including the exercise of judgment in designing, implementing, operating, and evaluating the controls and procedures, and the inability to eliminate misconduct completely. Accordingly, any system of internal control over financial reporting, including ours, no matter how well designed and operated, can only provide reasonable, not absolute assurances. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We intend to continue to monitor and upgrade our internal controls as necessary or appropriate for our business, but cannot assure you that such improvements will be sufficient to provide us with effective internal control over financial reporting.

**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings**

On January 28, 2026, Avalanche Technology, Inc. filed a complaint against us in the United States District Court for the District of Delaware alleging patent infringement under 35 U.S.C. § 271. The case is captioned as Avalanche Technology, Inc. v. Everspin Technologies, Inc., Case No. 1:26-cv-91-GBW. In its complaint, Avalanche Technology, Inc. alleges that we are infringing U.S. Patent Nos. 9,318,179, 9,419,210, 11,678,586, and 10,490,737. On March 13, 2026, the Delaware court ordered a stay of the case. On January 28, 2026, Avalanche Technology, Inc. filed a complaint in the United States International Trade Commission (USITC) naming us as a proposed respondent and requesting institution of an investigation based on the importation into the United States, the sale for importation, and the sale within the United States after importation, of certain magnetoresistive devices, products containing same and components thereof, that allegedly infringe certain claims of U.S. Patent Nos. 9,318,179, 9,419,210, 11,678,586, and 10,490,737. On February 27, 2026, the USITC instituted an investigation entitled Certain Magnetoresistive Devices, Products Containing Same and Components Thereof, USITC Inv. No. 337-TA-1487. 91 Fed. Reg. 10624 (Mar. 4, 2026). The USITC Administrative Law Judge has set a target date of July 6, 2027, for completion of the investigation. We believe that we have meritorious arguments against Avalanche's claims and intend to vigorously defend ourselves against such claims. Additional information regarding these matters is included in Note 5, Commitments and Contingencies, to the condensed financial statements included in this Quarterly Report on Form 10-Q.

**Item 1A. Risk Factors**

In addition to information set forth in this report, you should carefully consider the factors discussed in "Part I, Item 1A. Risk Factors" of our annual report on Form 10-K for our fiscal year ended December 31, 2025 which set forth information relating to important risks and uncertainties that could materially adversely affect our business, financial condition or operating results. You should review and consider such Risk Factors in making any investment decision with respect to our securities.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

None.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

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**Item 5. Other Information**

*Trading Arrangements of Directors and Executive Officers*

None of our directors or executive officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined under Item 408(a) of Regulation S-K) during the quarter ended March 31, 2026.

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**Item 6. Exhibits**

**EXHIBIT INDEX**

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Incorporation By Reference** | **Incorporation By Reference** | **Incorporation By Reference** | |
| **Exhibit<br>Number** | **Description** | **Form** | **SEC File No.** | **Exhibit/<br>Reference** | **Filing Date** |
| 3.1 | <u>[Amended and Restated Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1438423/000119312516737688/d271840dex31.htm)</u> | 8-K | 001-37900 | 3.1 | 10/13/2016 |
| 3.1.1 | <u>[Amendment to Amended and Restated Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1438423/000119312519154165/d752899dex31.htm)</u> | 8-K | 001-37900 | 3.1 | 5/22/2019 |
| 3.1.2 | <u>[Amendment to Amended and Restated Certificate of Incorporation](https://www.sec.gov/Archives/edgar/data/1438423/000119312520153247/d936625dex31.htm)</u> | 8-K | 001-37900 | 3.1 | 5/27/2020 |
| 3.1.3 | <u>[Amendment to Amended and Restated Certificate of Incorporation](https://www.sec.gov/Archives/edgar/data/1438423/000110465923064640/tm2316966d1_ex3-1.htm)</u> | 8-K | 001-37900 | 3.1 | 5/25/2023 |
| 3.2 | <u>[Amended and Restated Bylaws](https://www.sec.gov/Archives/edgar/data/1438423/000119312519154165/d752899dex32.htm)</u> | 8-K | 001-37900 | 3.2 | 5/22/2019 |
| 10.1\* | <u>[N](mram-20260331xex101.htm)[on-Employee Director Compensation Program, as amended](mram-20260331xex101.htm)[in March 2026](mram-20260331xex101.htm)</u> |  |  |  |  |
| 31.1\* | <u>[Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act](mram-20260331xex311.htm)</u> |  |  |  |  |
| 31.2\* | <u>[Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act](mram-20260331xex312.htm)</u> |  |  |  |  |
| 32.1\*\* | <u>[Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](mram-20260331xex321.htm)</u> |  |  |  |  |
| 101.INS\* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |  |  |  |  |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |  |  |  |  |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |  |  |  |  |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |  |  |  |  |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |  |  |  |  |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  |  |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  |  |

---

__________________________________

\*Filed herewith.

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\*\*Furnished herewith. Exhibit 32.1 is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall such exhibit be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act or the Exchange Act, except as otherwise specifically stated in such filing.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | Everspin Technologies, Inc. | Everspin Technologies, Inc. |
| Date: April 29, 2026 | By: | /s/ Sanjeev Aggarwal |
|  |  | Sanjeev Aggarwal |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: April 29, 2026 | By: | /s/ William Cooper |
|  |  | William Cooper |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 10.1

**Exhibit 10.1**

**EVERSPIN TECHNOLOGIES, INC.**

**NON-EMPLOYEE DIRECTOR COMPENSATION**

**Cash Compensation** 

Each non-employee director receives an annual fee of $55,000 in cash for serving on the Board of Directors. The Lead Independent Director receives an additional annual cash fee of $17,500. The Chairman of the Board of Directors receives an additional annual cash fee of $20,000. The Chairman of the Audit Committee of the Board of Directors receives an additional annual cash fee of $15,000. The Chairman of the Compensation Committee of the Board of Directors receives an additional annual cash fee of $10,000. The Chairman of the Nominating and Corporate Governance Committee of the Board of Directors receives an additional annual cash fee of $7,500. All fees are payable in cash in equal quarterly installments, payable in arrears.

New non-employee directors will receive an initial annual cash retainer of $55,000. All fees are payable in cash in equal quarterly installments, payable in arrears.

**Equity Compensation** 

*Initial Grants*. Newly-elected non-employee directors will be granted an restricted stock unit ("RSU") award with a grant value of $250,000 (the "Initial Grant"). The Initial Grant will vest 50% on each of the first and second anniversary from the date of grant. In the event of a change in control, any unvested portion of the RSU award underlying an Initial Grant will immediately vest. Upon completion of two years of service on the Board of Directors, new non-employee directors will be entitled to receive an Annual Grant (as defined below).

*Annual Grants.* On the date of each annual meeting of stockholders, each then current non-employee director may receive additional an annual RSU award (an "Annual Grant"), in an amount to be determined by the Compensation Committee of the Board of Directors. The Annual Grant will vest monthly over one year from the date of grant. In the event of a change in control, any unvested portion of the RSU award underlying an Annual Grant will immediately vest.

## Exhibit 31.1

**Exhibit 31.1**

**Certification of the Principal Executive Officer**

I, Sanjeev Aggarwal, certify that:

1. I have reviewed this Form 10-Q of Everspin Technologies, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 29, 2026

---

| |
|:---|
| /s/ Sanjeev Aggarwal |
| Sanjeev Aggarwal |
| *Chief Executive Officer* |
| *(Principal Executive Officer)* |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Principal Financial Officer**

I, William Cooper, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Form 10-Q of Everspin Technologies, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 29, 2026

---

| |
|:---|
| /s/ William Cooper |
| William Cooper |
| *Chief Financial Officer* |
| *(Principal Financial Officer)* |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER**

Pursuant to the requirement set forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350), Sanjeev Aggarwal, Chief Executive Officer of Everspin Technologies, Inc. (the "Company"), and William Cooper, Chief Financial Officer of the Company, each hereby certifies that, to the best of his knowledge:

1. The Company's Quarterly Report on Form 10-Q for the period ended March 31, 2026, to which this Certification is attached as Exhibit 32.1 (the "Periodic Report"), fully complies with the requirements of Section 13(a) or Section 15(d) of the Exchange Act; and

2. The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: April 29, 2026

---

| |
|:---|
| /s/ Sanjeev Aggarwal |
| Sanjeev Aggarwal |
| *Chief Executive Officer* |
| *(Principal Executive Officer)* |
| /s/ William Cooper |
| William Cooper |
| *Chief Financial Officer* |
| *(Principal Financial Officer)* |

---

This certification accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Everspin Technologies, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing.

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