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Side-by-side financial comparison of Arena Group Holdings, Inc. (AREN) and EVERSPIN TECHNOLOGIES INC. (MRAM). Click either name above to swap in a different company.
Arena Group Holdings, Inc. is the larger business by last-quarter revenue ($28.2M vs $14.9M, roughly 1.9× EVERSPIN TECHNOLOGIES INC.). Arena Group Holdings, Inc. runs the higher net margin — 18.9% vs -2.0%, a 20.9% gap on every dollar of revenue. On growth, EVERSPIN TECHNOLOGIES INC. posted the faster year-over-year revenue change (13.2% vs -22.0%). Over the past eight quarters, EVERSPIN TECHNOLOGIES INC.'s revenue compounded faster (18.2% CAGR vs -1.2%).
Arena Racing Company, also called ARC Racing and Leisure Group is a UK private company, created in 2012 by the merger of Arena Leisure and Northern Racing. It owns and operates 16 racecourses in Great Britain, accounting for 39% of British racing fixtures. It also operates hotels at Wolverhampton Racecourse, Lingfield Park Racecourse and Doncaster Racecourse and golf courses at Lingfield, Southwell and Newcastle.
Everspin Technologies, Inc. is a publicly traded semiconductor company headquartered in Chandler, Arizona, United States. It develops and manufactures discrete magnetoresistive RAM or magnetoresistive random-access memory (MRAM) products, including Toggle MRAM and Spin-Transfer Torque MRAM (STT-MRAM) product families. It also licenses its technology for use in embedded MRAM (eMRAM) applications, magnetic sensor applications as well as performs backend foundry services for eMRAM.
AREN vs MRAM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $28.2M | $14.9M |
| Net Profit | $5.3M | $-296.0K |
| Gross Margin | 43.6% | 52.7% |
| Operating Margin | 26.6% | 29.0% |
| Net Margin | 18.9% | -2.0% |
| Revenue YoY | -22.0% | 13.2% |
| Net Profit YoY | -22.5% | — |
| EPS (diluted) | $0.12 | $-0.01 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $14.9M | ||
| Q4 25 | $28.2M | $14.8M | ||
| Q3 25 | $29.8M | $14.1M | ||
| Q2 25 | $45.0M | $13.2M | ||
| Q1 25 | $31.8M | $13.1M | ||
| Q4 24 | $36.2M | $13.2M | ||
| Q3 24 | $33.6M | $12.1M | ||
| Q2 24 | $27.2M | $10.6M |
| Q1 26 | — | $-296.0K | ||
| Q4 25 | $5.3M | $1.2M | ||
| Q3 25 | $6.9M | $54.0K | ||
| Q2 25 | $108.6M | $-670.0K | ||
| Q1 25 | $4.0M | $-1.2M | ||
| Q4 24 | $6.9M | $1.2M | ||
| Q3 24 | $4.0M | $2.3M | ||
| Q2 24 | $-8.2M | $-2.5M |
| Q1 26 | — | 52.7% | ||
| Q4 25 | 43.6% | 50.8% | ||
| Q3 25 | 50.2% | 51.3% | ||
| Q2 25 | 56.5% | 51.3% | ||
| Q1 25 | 49.3% | 51.4% | ||
| Q4 24 | 52.6% | 51.3% | ||
| Q3 24 | 50.6% | 49.2% | ||
| Q2 24 | 39.4% | 49.0% |
| Q1 26 | — | 29.0% | ||
| Q4 25 | 26.6% | -7.2% | ||
| Q3 25 | 31.9% | -11.0% | ||
| Q2 25 | 36.5% | -14.9% | ||
| Q1 25 | 23.1% | -14.7% | ||
| Q4 24 | 28.6% | -11.8% | ||
| Q3 24 | 24.0% | -17.5% | ||
| Q2 24 | -9.5% | -26.5% |
| Q1 26 | — | -2.0% | ||
| Q4 25 | 18.9% | 8.1% | ||
| Q3 25 | 23.1% | 0.4% | ||
| Q2 25 | 241.4% | -5.1% | ||
| Q1 25 | 12.6% | -8.9% | ||
| Q4 24 | 19.0% | 9.2% | ||
| Q3 24 | 11.8% | 18.8% | ||
| Q2 24 | -30.1% | -23.5% |
| Q1 26 | — | $-0.01 | ||
| Q4 25 | $0.12 | $0.05 | ||
| Q3 25 | $0.14 | $0.00 | ||
| Q2 25 | $2.28 | $-0.03 | ||
| Q1 25 | $0.08 | $-0.05 | ||
| Q4 24 | $1.23 | $0.07 | ||
| Q3 24 | $0.11 | $0.10 | ||
| Q2 24 | $-0.28 | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.3M | $40.5M |
| Total DebtLower is stronger | $97.6M | — |
| Stockholders' EquityBook value | $-4.8M | $70.2M |
| Total Assets | $112.6M | $83.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $40.5M | ||
| Q4 25 | $10.3M | $44.5M | ||
| Q3 25 | $12.5M | $45.3M | ||
| Q2 25 | $6.8M | $45.0M | ||
| Q1 25 | $2.9M | $42.2M | ||
| Q4 24 | $4.4M | $42.1M | ||
| Q3 24 | $5.8M | $39.6M | ||
| Q2 24 | $6.1M | $36.8M |
| Q1 26 | — | — | ||
| Q4 25 | $97.6M | — | ||
| Q3 25 | $110.5M | — | ||
| Q2 25 | $110.5M | — | ||
| Q1 25 | $110.5M | — | ||
| Q4 24 | $110.4M | — | ||
| Q3 24 | $102.4M | — | ||
| Q2 24 | $102.4M | — |
| Q1 26 | — | $70.2M | ||
| Q4 25 | $-4.8M | $68.9M | ||
| Q3 25 | $-10.4M | $65.8M | ||
| Q2 25 | $-17.3M | $64.1M | ||
| Q1 25 | $-126.1M | $63.0M | ||
| Q4 24 | $-130.3M | $62.6M | ||
| Q3 24 | $-137.5M | $59.3M | ||
| Q2 24 | $-157.2M | $55.4M |
| Q1 26 | — | $83.2M | ||
| Q4 25 | $112.6M | $84.6M | ||
| Q3 25 | $121.4M | $80.3M | ||
| Q2 25 | $127.8M | $78.9M | ||
| Q1 25 | $114.6M | $80.2M | ||
| Q4 24 | $116.4M | $77.8M | ||
| Q3 24 | $114.2M | $72.6M | ||
| Q2 24 | $113.4M | $64.6M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $13.1M | $570.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 2.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $570.0K | ||
| Q4 25 | $13.1M | $2.6M | ||
| Q3 25 | $12.2M | $881.0K | ||
| Q2 25 | $10.3M | $5.0M | ||
| Q1 25 | $3.7M | $1.4M | ||
| Q4 24 | $-8.6M | $3.8M | ||
| Q3 24 | $-2.3M | $2.8M | ||
| Q2 24 | $-3.2M | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-975.0K | ||
| Q3 25 | — | $543.0K | ||
| Q2 25 | — | $3.0M | ||
| Q1 25 | — | $527.0K | ||
| Q4 24 | — | $2.1M | ||
| Q3 24 | $-2.4M | $2.8M | ||
| Q2 24 | — | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | -6.6% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 22.9% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 15.8% | ||
| Q3 24 | -7.1% | 22.9% | ||
| Q2 24 | — | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | 0.0% | 2.4% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | 0.1% | 0.5% | ||
| Q2 24 | — | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.46× | 2.19× | ||
| Q3 25 | 1.77× | 16.31× | ||
| Q2 25 | 0.09× | — | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | -1.25× | 3.16× | ||
| Q3 24 | -0.59× | 1.25× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AREN
Segment breakdown not available.
MRAM
| Product sales | $14.1M | 95% |
| Licensing, royalty, patent, engineering services and other revenue | $772.0K | 5% |
