Everspin beats Q1 earnings and secures 10-year Microchip production deal

Everspin Technologies has released its latest financial results and announced a major manufacturing deal. The company’s first-quarter earnings surpassed expectations, while executives also sold shares in early May. Meanwhile, a long-term partnership with Microchip Technology will see production begin in Oregon by late 2027. In the first quarter of 2026, Everspin reported earnings per share of $0.11 on revenue of $14.87 million. This figure beat Wall Street’s projection of $0.14 million. The company’s net margin stood at 0.50%, with a return on equity of 4.78%.

Looking ahead, Everspin forecasted second-quarter earnings per share between $0.000 and $0.030. The stock saw a peak of $23.10 on May 8 before closing near $22.59, with around 437,000 shares traded that day. Around the same time, top executives liquidated approximately $796,000 worth of shares. The company also finalised a 10-year production agreement with Microchip Technology. Under the deal, Everspin will manufacture MRAM chips at a new facility in Oregon, retaining full ownership of its intellectual property and processes. Initial shipments from the site are expected in the second half of 2027. The partnership includes options to extend beyond the initial decade in two-year increments. Currently, analysts maintain a consensus rating of Hold for Everspin, with an average price target of $18.50.

Everspin’s first-quarter results exceeded expectations, while its stock saw significant trading activity in May. The long-term manufacturing agreement with Microchip Technology sets the stage for U.S.-based production starting in late 2027. The company’s financial outlook and partnership terms will likely shape its performance in the coming quarters.