Everspin Technologies Delivers Record-Breaking Quarter: Strong Revenue Growth Driven by Industrial Automation, Data Center, Medical, and Energy Management Applications
Everspin Technologies has reported a record-breaking third quarter 2026 with revenue reaching $20.6 million, exceeding the company's guidance range and marking its highest-ever quarterly revenue.
Sanjeev Aggarwal, President and CEO of Everspin, attributed the growth to strong product revenue growth, which rose 34% year-over-year and was up 11% sequentially. This increase was driven by strength in industrial automation, data center, medical, and energy management applications.
The company saw significant demand from customers in Japan, particularly in the industrial automation sector, with a continued recovery in customer demand contributing to the growth. In the data center market, strong demand for RAID storage configurations drove revenue, while energy management benefited from the transition of new design wins to shipments in Europe.
Everspin's MRAM technology also made significant contributions to the company's success, with increasing adoption in medical applications that require high reliability and data retention during power loss. The company highlighted its role in life-critical systems where memory failure is unacceptable, citing examples such as dialysis machines, infusion pumps, and patient monitors.
Looking ahead, Everspin continues to make progress on its project with Microchip to build MRAM capabilities in the Gresham, Oregon fab. Process development and transfer activities are ongoing, including the tape-out of masks for products.
The company's non-GAAP EPS came in at $0.12, reflecting another strong quarter for Everspin Technologies. As it continues to execute on its business plan and drive growth across various markets, investors will be watching closely for future developments from this innovative memory solutions provider.
With a solid track record of innovation and execution, Everspin is well-positioned to capitalize on the growing demand for high-performance memory technologies. The company's focus on driving adoption of its MRAM technology in key industries such as medical, data center, and industrial automation positions it for continued success in the quarters ahead.
Everspin Technologies' record-breaking quarter underscores the company's ability to deliver strong revenue growth and execute on its business plan. As the memory solutions market continues to evolve, Everspin is well-positioned to take advantage of emerging trends and drive innovation in the industry.
