# EDGAR Filing Document

**Accession Number:** 0001438423
**File Stem:** 0001628280-25-049548
**Filing Date:** 2025-11
**Character Count:** 25224
**Document Hash:** 006e94a3951a6dbfbf71869890ac775d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-049548.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001628280-25-049548

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250930

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37900
- **FILM NUMBER:** 251454015

**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-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): September 30, 2025**

**Everspin Technologies, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware**<br>**(State or other jurisdiction**<br>**of incorporation)** | **001-37900**<br>**(Commission**<br>**File Number)** | **26-2640654**<br>**(IRS Employer**<br>**Identification No.)** |

---

**5670 W. Chandler Blvd.**

**Suite 130**

**Chandler, Arizona85226**

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

**(480) 347-1111**

**(Registrant's telephone number, including area code)**

**Not Applicable** 

**(Former name or former address, if changed since last report.)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

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

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On November 5, 2025, Everspin Technologies, Inc. issued a press release announcing its financial results for the quarter and quarter ended September 30, 2025, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press release dated November 5, 2025.](mram-20250930xexx991.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

------

**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 hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **Everspin Technologies, Inc.** | **Everspin Technologies, Inc.** |
| Dated: November 5, 2025 |  |  |
|  | By: | /s/ William Cooper |
|  |  | William Cooper |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Everspin Reports Unaudited Third Quarter 2025 Financial Results**

**Chandler, AZ, November 5, 2025**—Everspin Technologies, Inc. (NASDAQ: MRAM), the world's leading developer and manufacturer of magnetoresistive random access memory (MRAM) persistent memory solutions, today announced preliminary unaudited financial results for the third quarter ended September 30, 2025.

"Our third quarter results were driven by continued strength in Low Earth Orbital Satellite, Casino Gaming and Energy Managementent applications," said Sanjeev Aggarwal, President and Chief Executive Officer. "We are further strengthening our position in these and other markets through internal development and expanding our partnerships. "

**Third Quarter 2025 Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue of $14.1 million, compared to $12.1 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MRAM product sales, which include both Toggle and STT-MRAM revenue, of $12.7 million, compared to $10.4 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Licensing, royalty, patent, and other revenue of $1.4 million, compared to $1.7 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin of 51.3%, compared to 49.2% in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP operating expenses of $8.8 million, compared to $8.1 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest and Other income, net of $1.6 million, compared to $4.4 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP net income of $54,000, or $0.00 per diluted share, compared to net income of $2.3 million, or $0.10 per diluted share, in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP net income of $1.5 million, or $0.06 per diluted share, compared to non-GAAP net income of $3.8 million, or $0.17 per diluted share, in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents as of September 30, 2025, increased by $3.2 million to $45.3 million since December 31, 2024.

"We are pleased with our third quarter results, which were in line with our expectations, driven by increasing product revenue. Our balance sheet remains strong and gives us the flexibility to invest in opportunities that will drive future growth, while delivering consistent execution combined with prudent expense management," said Bill Cooper, Everspin's Chief Financial Officer.

**Business Outlook**

For the fourth quarter 2025, Everspin expects total revenue in a range of $14.0 million to $15.0 million and GAAP net income per diluted share to be between $0.02 and $0.07. Non-GAAP net income per diluted share is anticipated to be between $0.08 and $0.13.

A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges are impacted by the timing of employee stock transactions, the future fair market value of Everspin's common stock, and Everspin's future hiring and retention needs, all of which are difficult to predict and subject to constant change. These factors could be material to Everspin's results computed in accordance with GAAP. This outlook is dependent on Everspin's current expectations, which may be impacted by, among other things, evolving external conditions, such as public health-related events or outbreaks, local safety guidelines, worsening impacts due to supply chain constraints or interruptions, including recent market volatility, semiconductor downturn and the other risk factors described in Everspin's filings with the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, its Quarterly Reports on Form 10-Q filed with the SEC during 2025, as well as in its subsequent filings with the SEC.

------

**Use of Non-GAAP Financial Measures**

Everspin supplements the reporting of its financial information determined under generally accepted accounting principles in the United States of America (GAAP) with Non-GAAP financial measures including gross profit, gross margin, operating expenses, operating income (loss), operating margin, net income (loss), and EPS which are defined as the GAAP financial measures excluding the effect of stock-based compensation charges. Everspin's GAAP tax rate is effectively zero due to NOL carryforwards, thus a Non-GAAP tax rate is not included as a Non-GAAP financial measure.

Everspin's management and board of directors use these non-GAAP measures to understand and evaluate its operating performance and trends, to prepare and approve its annual budget and to develop short-term and long-term operating and financing plans. Accordingly, Everspin believes that these non-GAAP measures provide useful information for investors in understanding and evaluating its operating results in the same manner as its management and board of directors. These non-GAAP financial measures should be considered in addition to, not as superior to, or as a substitute for, financial measures reported in accordance with GAAP. Moreover, other companies may define these non-GAAP measures differently, which limits the usefulness of this measure for comparisons with such other companies. Everspin encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.

**Conference Call**

Everspin will host a conference call to discuss its third quarter 2025 results on Wednesday, November 5, 2025, at 5:00 p.m. Eastern Time.

Dial-in details: To access the call by phone, please go to this link and you will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

The live webcast of the call will be accessible on Everspin's website at investor.everspin.com. Approximately two hours after the conclusion of the live event, an archived webcast of the conference call will be accessible from the Investor Relations section of Everspin's website for twelve months.

**About Everspin Technologies**

Everspin Technologies, Inc. is the world's leading provider of magnetoresistive RAM (MRAM). Everspin MRAM delivers the industry's most robust, highest-performance non-volatile memory for industrial IoT, data centers and other mission-critical applications where data persistence is paramount. Headquartered in Chandler, Arizona, Everspin provides commercially available MRAM solutions to a large and diverse customer base. For more information, visit www.everspin.com. NASDAQ: MRAM.

**Cautionary Statement Regarding Forward-Looking Statements**

This press release contains forward-looking statements regarding future results that involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to the statements made under the caption "Business Outlook." Forward-looking statements are identified by words such as "expects" or similar expressions. These include, but are not limited to, Everspin's future financial performance, including the outlook for fourth quarter 2025 results. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks set forth under the caption "Risk Factors" in Everspin's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 27, 2025, and its Quarterly Reports on Form 10-Q filed with the SEC during 2025, as well as in its subsequent filings with the SEC. Any forward-looking statements made by Everspin in this press release speak only as of the date on which they are made and subsequent events may cause these expectations to change. Everspin disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.

**Investor Relations:**

Monica Gould

The Blueshirt Group

T: 212-871-3927

ir@everspin.com

------

**EVERSPIN TECHNOLOGIES, INC.**

**Condensed Balance Sheets**

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $45257 | $42097 |
| &nbsp;&nbsp;Accounts receivable, net | 8688 | 11722 |
| &nbsp;&nbsp;Inventory | 11819 | 9110 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 874 | 1272 |
| &nbsp;&nbsp;&nbsp;Total current assets | 66638 | 64201 |
| Property and equipment, net | 4074 | 3220 |
| Intangible assets, net | 2146 | 3416 |
| Right-of-use assets | 3581 | 4549 |
| Other assets | 3833 | 2403 |
| &nbsp;&nbsp;&nbsp;Total assets | $80272 | $77789 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $1808 | $2278 |
| &nbsp;&nbsp;Accrued liabilities | 2980 | 2449 |
| &nbsp;&nbsp;Deferred revenue | 965 | 78 |
| &nbsp;&nbsp;Lease liabilities, current portion | 1361 | 1306 |
| &nbsp;&nbsp;Contract obligations | 2523 | 2034 |
| &nbsp;&nbsp;Software liabilities, current portion | 1769 | 1769 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 11406 | 9914 |
| Lease liabilities, net of current portion | 2307 | 3336 |
| Software liabilities, net of current portion | 465 | 1784 |
| Long-term income tax liability | 273 | 162 |
| &nbsp;&nbsp;&nbsp;Total liabilities | $14451 | $15196 |
| 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 September 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 22,756,779 and 22,059,697 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 2 | 2 |
| &nbsp;&nbsp;Additional paid-in capital | 204470 | 199460 |
| &nbsp;&nbsp;Accumulated deficit | (138651) | (136869) |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 65821 | 62593 |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $80272 | $77789 |

---

------

**EVERSPIN TECHNOLOGIES, INC.**

**Condensed Statements of Operations and Comprehensive Income (Loss)**

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Product sales | $12690 | $10443 | $34807 | $31190 |
| Licensing, royalty, patent, and other revenue | 1370 | 1650 | 5592 | 5969 |
| &nbsp;&nbsp;Total revenue | 14060 | 12093 | 40399 | 37159 |
| Cost of product sales | 6628 | 5751 | 18823 | 16989 |
| Cost of licensing, royalty, patent, and other revenue | 226 | 390 | 849 | 842 |
| &nbsp;&nbsp;Total cost of sales | 6854 | 6141 | 19672 | 17831 |
| &nbsp;&nbsp;Gross profit | 7206 | 5952 | 20727 | 19328 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Research and development | 3583 | 3384 | 10519 | 10259 |
| &nbsp;&nbsp;General and administrative | 3690 | 3363 | 11170 | 10653 |
| &nbsp;&nbsp;Sales and marketing | 1478 | 1320 | 4476 | 3950 |
| &nbsp;&nbsp;Total operating expenses | 8751 | 8067 | 26165 | 24862 |
| Loss from operations | (1545) | (2115) | (5438) | (5534) |
| Interest income | 432 | 463 | 1263 | 1325 |
| Other income, net | 1164 | 3933 | 2394 | 3862 |
| Net income (loss) before income taxes | 51 | 2281 | (1781) | (347) |
| Income tax benefit (expense) | 3 | (10) | (1) | (86) |
| Net income (loss) and comprehensive income (loss) | $54 | $2271 | $(1782) | $(433) |
| Net income (loss) per common share: |  |  |  |  |
| &nbsp;&nbsp;Basic | $0.00 | $0.10 | $(0.08) | $(0.02) |
| &nbsp;&nbsp;Diluted | $0.00 | $0.10 | $(0.08) | $(0.02) |
| Weighted average shares of common stock outstanding: |  |  |  |  |
| &nbsp;&nbsp;Basic | 22669872 | 21767380 | 22456079 | 21529738 |
| &nbsp;&nbsp;Diluted | 23147119 | 21985175 | 22456079 | 21529738 |

---

------

**EVERSPIN TECHNOLOGIES, INC.**

**Condensed Statements of Cash Flows**

**(In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net loss | $(1782) | $(433) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 2561 | 1197 |
| &nbsp;&nbsp;Gain on sale of property and equipment | (25) |  |
| &nbsp;&nbsp;Stock-based compensation | 4403 | 5108 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;Accounts receivable | 3034 | 147 |
| &nbsp;&nbsp;Inventory | (2709) | (50) |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 398 | (3597) |
| &nbsp;&nbsp;Other assets | (17) | (88) |
| &nbsp;&nbsp;Accounts payable | (590) | 236 |
| &nbsp;&nbsp;Accrued liabilities | 532 | (2248) |
| &nbsp;&nbsp;Deferred revenue | 887 | 36 |
| &nbsp;&nbsp;Contract obligations | 489 | 2953 |
| &nbsp;&nbsp;Lease liabilities, net | 44 | 5 |
| &nbsp;&nbsp;Long-term income tax liability | 111 |  |
| &nbsp;&nbsp;Net cash provided by operating activities | 7336 | 3266 |
| **Cash flows from investing activities** |  |  |
| Purchases of property and equipment | (3239) | (1302) |
| Purchases of intangible assets | (1494) |  |
| &nbsp;&nbsp;Net cash used in investing activities | (4733) | (1302) |
| **Cash flows from financing activities** |  |  |
| Payments on finance leases | (50) |  |
| Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan | 607 | 678 |
| &nbsp;&nbsp;Net cash provided by financing activities | 557 | 678 |
| Net increase in cash and cash equivalents | 3160 | 2642 |
| Cash and cash equivalents at beginning of period | 42097 | 36946 |
| Cash and cash equivalents at end of period | $45257 | $39588 |
| **Supplementary cash flow information:** |  |  |
| Cash paid for taxes | $38 | $— |
| Operating cash flows paid for operating leases | $1061 | $1049 |
| Financing cash flows paid for finance leases | $50 | $47 |
| **Non-cash investing and financing activities:** |  |  |
| Right-of-use assets obtained in exchange for finance lease liabilities | $— | $297 |
| Purchases of property and equipment in accounts payable and accrued liabilities | $302 | $36 |

---

------

**EVERSPIN TECHNOLOGIES, INC.**

**Supplemental Quarterly Financial Results**

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

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **GAAP Financial Results** | **GAAP Financial Results** | **GAAP Financial Results** | **GAAP Financial Results** | **GAAP Financial Results** |
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | | **Three months ended** <br>**June 30,** <br>**2025** | |
| | **2025** | **2024** |<br>**Y/Y** | **Three months ended** <br>**June 30,** <br>**2025** |<br>**Q/Q** |
| Revenue | $14060 | $12093 | 16% | $13201 | 7% |
| Gross Profit | $7206 | $5952 | 21% | $6768 | 6% |
| Gross Margin | 51.3% | 49.2% | Up 2.1 ppts | 51.3% | No Change |
| Operating Expenses | $8751 | $8067 | 8% | $8729 | —% |
| Operating Income (Loss) | $(1545) | $(2115) | 27% | $(1961) | 21% |
| Operating Margin | (11.0)% | (17.5)% | Up 6.5 ppts | (14.9)% | Up 3.9 ppts |
| Interest and Other Income (Loss) | $1596 | $4396 | (64%) | $1265 | 26% |
| Net Income (Loss) | $54 | $2271 | (98%) | $(670) | 108% |
| Diluted Earnings Per Share | $0.00 | $0.10 | (98%) | $(0.03) | 108% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Non-GAAP Financial Results** | **Non-GAAP Financial Results** | **Non-GAAP Financial Results** | **Non-GAAP Financial Results** | **Non-GAAP Financial Results** |
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | | **Three months ended** <br>**June 30,**<br> **2025** | |
| | **2025** | **2024** |<br>**Y/Y** | **Three months ended** <br>**June 30,**<br> **2025** |<br>**Q/Q** |
| Revenue | $14060 | $12093 | 16% | $13201 | 7% |
| Gross Profit | $7367 | $6169 | 19% | $6929 | 6% |
| &nbsp;&nbsp;Gross Margin | 52.4% | 51.0% | Up 1.4 ppts | 52.5% | Down 0.1 ppts |
| Operating Expenses | $7505 | $6752 | 11% | $7471 | —% |
| Operating Income (Loss) | $(138) | $(583) | 76% | $(542) | 75% |
| &nbsp;&nbsp;Operating Margin | (1.0)% | (4.8)% | Up 3.8 ppts | (4.1)% | Up 3.1 ppts |
| Interest and Other Income (Loss) | $1596 | $4396 | (64)% | $1265 | 26% |
| Net Income (Loss) | $1461 | $3803 | (62)% | $749 | 95% |
| Diluted Earnings Per Share | $0.06 | $0.17 | (65)% | $0.03 | 100% |

---

------

**EVERSPIN TECHNOLOGIES, INC.**

**Supplemental Reconciliations of GAAP Results to Non-GAAP Financial Measures**

**(In thousands)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **June 30, <br>2025** | **June 30, <br>2025** |
| | **2025** | **2025** | **2024** | **2024** | **June 30, <br>2025** | **June 30, <br>2025** |
| | **Gross<br>Profit** | **Gross<br>Margin** | **Gross<br>Profit** | **Gross<br>Margin** | **Gross<br>Profit** | **Gross<br>Margin** |
| GAAP | $7206 | 51.3% | $5952 | 49.2% | $6768 | 51.3% |
| Stock-Based Compensation, COGS | 161 |  | 217 |  | 161 |  |
| Non-GAAP | $7367 | 52.4% | $6169 | 51.0% | $6929 | 52.5% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Operating<br>Expenses** | **As a %<br>of Revenue** | **Operating<br>Expenses** | **As a %<br>of Revenue** | **Operating<br>Expenses** | **As a %<br>of Revenue** |
| GAAP | $8751 | 62.2% | $8067 | 66.7% | $8729 | 66.1% |
| Stock-Based Compensation, R&D | (424) |  | (493) |  | (437) |  |
| Stock-Based Compensation, SG&A | $(822) |  | $(822) |  | $(821) |  |
| Non-GAAP | $7505 | 53.4% | $6752 | 55.8% | $7471 | 56.6% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Operating<br>Income (Loss)** | **Operating<br>Margin** | **Operating<br>Income (Loss)** | **Operating<br>Margin** | **Operating<br>Income (Loss)** | **Operating<br>Margin** |
| GAAP | $(1545) | (11.0)% | $(2115) | (17.5)% | $(1961) | (14.9)% |
| Stock-Based Compensation | 1407 |  | 1532 |  | 1419 |  |
| Non-GAAP | $(138) | (1.0)% | $(583) | (4.8)% | $(542) | (4.1)% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br>Income (Loss)** | **Earnings<br>Per Share** | **Net<br>Income (Loss)** | **Earnings<br>Per Share** | **Net<br>Income (Loss)** | **Earnings<br>Per Share** |
| GAAP | $54 | $0.00 | $2271 | $0.10 | $(670) | $(0.03) |
| Stock-Based Compensation | 1407 | 0.06 | 1532 | 0.07 | 1419 | 0.06 |
| Non-GAAP | $1461 | $0.06 | $3803 | $0.17 | $749 | $0.03 |

---

<br>