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- **Revenue Performance**: Q3 2025 revenue of $14.1 million in line with guidance, driven by 16% YoY product sales growth.
- **Market Expansion**: LEO satellite market leadership with design wins and Q4 production ramp, automotive MRAM adoption with Lucid Motors.
- **Financial Strength**: 51.3% gross margin (up 200bps YoY), $45.3 million cash balance, and Q4 guidance of $14-15 million revenue.
- **Strategic Momentum**: DoD contract progress ($8.5M to date), Quintauris partnership for automotive/edge computing platforms.

**【CEO Summary Section】**
- Q3 2025 revenue of $14.1 million, in line with guidance, driven by 16% year-over-year growth in product sales.
- Key revenue contributors: Toggle MRAM for data center RAID (Dell, Supermicro), LEO satellite applications, and automotive solutions for Lucid Motors' Gravity SUV.
- LEO satellite market expansion: Design wins with Astro Digital and Blue Origin, with MRAM shipments expected to ramp in Q4 2025.
- PERSYST MRAM for IBM's FCM4 remains stable, contributing consistent revenue.
- Licensing and foundry services revenue of $1.4 million (down from $1.7 million in Q3 2024) due to project completions, but DoD contract revenue of $8.5 million to date (out of $14.6 million total).
- Strategic partnership with Quintauris to develop MRAM-based RISC-V platforms for automotive and edge computing.

**【CFO Financial Commentary】**
- GAAP gross margin improved to 51.3% (up 200bps YoY), driven by STT-MRAM yield improvements.
- Operating expenses stable at $8.8 million, with non-GAAP net income of $1.5 million ($0.06 EPS), at high end of guidance.
- Cash balance of $45.3 million, with Q4 2025 revenue guidance of $14-15 million and non-GAAP EPS of $0.08-0.13.

**【Q&A Key Highlights】**
- **Gross Margin Sustainability**: CFO expects 51%+ gross margin to persist due to stable yields and factory utilization.
- **Licensing Revenue Outlook**: Lumpy but expected to remain ~10% of total revenue, with focus on long-term projects (1-2 years).
- **OpEx Stability**: $7.5 million run rate expected to continue, with no material changes in R&D allocation.

Everspin Technologies, Inc. (MRAM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MRAM

MRAM fundamentals

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