vs
Side-by-side financial comparison of Enovix Corp (ENVX) and EVERSPIN TECHNOLOGIES INC. (MRAM). Click either name above to swap in a different company.
EVERSPIN TECHNOLOGIES INC. is the larger business by last-quarter revenue ($14.9M vs $11.3M, roughly 1.3× Enovix Corp). EVERSPIN TECHNOLOGIES INC. runs the higher net margin — -2.0% vs -310.6%, a 308.6% gap on every dollar of revenue. On growth, Enovix Corp posted the faster year-over-year revenue change (15.9% vs 13.2%). Over the past eight quarters, Enovix Corp's revenue compounded faster (46.2% CAGR vs 18.2%).
Enovix Corp is an advanced battery technology company that designs, develops and manufactures high-energy-density 3D silicon anode lithium-ion batteries. Its products serve consumer electronics, wearable devices, electric vehicles, and renewable energy storage segments, with customers and operations across North America, Asia and Europe.
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.
ENVX vs MRAM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $11.3M | $14.9M |
| Net Profit | $-35.0M | $-296.0K |
| Gross Margin | 22.2% | 52.7% |
| Operating Margin | -390.5% | 29.0% |
| Net Margin | -310.6% | -2.0% |
| Revenue YoY | 15.9% | 13.2% |
| Net Profit YoY | 6.6% | — |
| EPS (diluted) | $-0.14 | $-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 | $11.3M | $14.8M | ||
| Q3 25 | $8.0M | $14.1M | ||
| Q2 25 | $7.5M | $13.2M | ||
| Q1 25 | $5.1M | $13.1M | ||
| Q4 24 | $9.7M | $13.2M | ||
| Q3 24 | $4.3M | $12.1M | ||
| Q2 24 | $3.8M | $10.6M |
| Q1 26 | — | $-296.0K | ||
| Q4 25 | $-35.0M | $1.2M | ||
| Q3 25 | $-53.7M | $54.0K | ||
| Q2 25 | $-44.5M | $-670.0K | ||
| Q1 25 | $-23.5M | $-1.2M | ||
| Q4 24 | $-37.5M | $1.2M | ||
| Q3 24 | $-22.5M | $2.3M | ||
| Q2 24 | $-115.9M | $-2.5M |
| Q1 26 | — | 52.7% | ||
| Q4 25 | 22.2% | 50.8% | ||
| Q3 25 | 17.5% | 51.3% | ||
| Q2 25 | 26.0% | 51.3% | ||
| Q1 25 | 5.1% | 51.4% | ||
| Q4 24 | 10.8% | 51.3% | ||
| Q3 24 | -14.9% | 49.2% | ||
| Q2 24 | -17.4% | 49.0% |
| Q1 26 | — | 29.0% | ||
| Q4 25 | -390.5% | -7.2% | ||
| Q3 25 | -587.9% | -11.0% | ||
| Q2 25 | -585.6% | -14.9% | ||
| Q1 25 | -834.8% | -14.7% | ||
| Q4 24 | -355.2% | -11.8% | ||
| Q3 24 | -1141.2% | -17.5% | ||
| Q2 24 | -2355.4% | -26.5% |
| Q1 26 | — | -2.0% | ||
| Q4 25 | -310.6% | 8.1% | ||
| Q3 25 | -672.3% | 0.4% | ||
| Q2 25 | -596.3% | -5.1% | ||
| Q1 25 | -461.2% | -8.9% | ||
| Q4 24 | -385.6% | 9.2% | ||
| Q3 24 | -522.0% | 18.8% | ||
| Q2 24 | -3075.2% | -23.5% |
| Q1 26 | — | $-0.01 | ||
| Q4 25 | $-0.14 | $0.05 | ||
| Q3 25 | $-0.27 | $0.00 | ||
| Q2 25 | $-0.22 | $-0.03 | ||
| Q1 25 | $-0.12 | $-0.05 | ||
| Q4 24 | $0.00 | $0.07 | ||
| Q3 24 | $-0.28 | $0.10 | ||
| Q2 24 | $-0.63 | $-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 | $512.0M | $40.5M |
| Total DebtLower is stronger | $519.5M | — |
| Stockholders' EquityBook value | $271.2M | $70.2M |
| Total Assets | $879.0M | $83.2M |
| Debt / EquityLower = less leverage | 1.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $40.5M | ||
| Q4 25 | $512.0M | $44.5M | ||
| Q3 25 | $558.8M | $45.3M | ||
| Q2 25 | $203.4M | $45.0M | ||
| Q1 25 | $248.2M | $42.2M | ||
| Q4 24 | $272.9M | $42.1M | ||
| Q3 24 | $200.9M | $39.6M | ||
| Q2 24 | $249.9M | $36.8M |
| Q1 26 | — | — | ||
| Q4 25 | $519.5M | — | ||
| Q3 25 | $518.6M | — | ||
| Q2 25 | $169.7M | — | ||
| Q1 25 | $169.4M | — | ||
| Q4 24 | $170.0M | — | ||
| Q3 24 | $168.9M | — | ||
| Q2 24 | $170.1M | — |
| Q1 26 | — | $70.2M | ||
| Q4 25 | $271.2M | $68.9M | ||
| Q3 25 | $294.3M | $65.8M | ||
| Q2 25 | $203.7M | $64.1M | ||
| Q1 25 | $235.1M | $63.0M | ||
| Q4 24 | $246.7M | $62.6M | ||
| Q3 24 | $167.6M | $59.3M | ||
| Q2 24 | $170.3M | $55.4M |
| Q1 26 | — | $83.2M | ||
| Q4 25 | $879.0M | $84.6M | ||
| Q3 25 | $913.7M | $80.3M | ||
| Q2 25 | $469.1M | $78.9M | ||
| Q1 25 | $499.0M | $80.2M | ||
| Q4 24 | $527.2M | $77.8M | ||
| Q3 24 | $448.0M | $72.6M | ||
| Q2 24 | $489.0M | $64.6M |
| Q1 26 | — | — | ||
| Q4 25 | 1.92× | — | ||
| Q3 25 | 1.76× | — | ||
| Q2 25 | 0.83× | — | ||
| Q1 25 | 0.72× | — | ||
| Q4 24 | 0.69× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.00× | — |
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 | $-27.0M | $570.0K |
| Free Cash FlowOCF − Capex | $-28.0M | — |
| FCF MarginFCF / Revenue | -248.6% | — |
| Capex IntensityCapex / Revenue | 8.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-113.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $570.0K | ||
| Q4 25 | $-27.0M | $2.6M | ||
| Q3 25 | $-25.5M | $881.0K | ||
| Q2 25 | $-25.9M | $5.0M | ||
| Q1 25 | $-16.9M | $1.4M | ||
| Q4 24 | $-16.0M | $3.8M | ||
| Q3 24 | $-30.7M | $2.8M | ||
| Q2 24 | $-26.9M | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-28.0M | $-975.0K | ||
| Q3 25 | $-28.5M | $543.0K | ||
| Q2 25 | $-33.8M | $3.0M | ||
| Q1 25 | $-23.2M | $527.0K | ||
| Q4 24 | $-32.3M | $2.1M | ||
| Q3 24 | $-50.2M | $2.8M | ||
| Q2 24 | $-52.2M | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | -248.6% | -6.6% | ||
| Q3 25 | -356.7% | 3.9% | ||
| Q2 25 | -453.0% | 22.9% | ||
| Q1 25 | -454.7% | 4.0% | ||
| Q4 24 | -332.6% | 15.8% | ||
| Q3 24 | -1163.2% | 22.9% | ||
| Q2 24 | -1384.2% | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | 8.9% | 24.3% | ||
| Q3 25 | 37.2% | 2.4% | ||
| Q2 25 | 106.7% | 15.1% | ||
| Q1 25 | 123.0% | 6.9% | ||
| Q4 24 | 168.3% | 13.2% | ||
| Q3 24 | 452.5% | 0.5% | ||
| Q2 24 | 669.0% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.19× | ||
| Q3 25 | — | 16.31× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.16× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENVX
Segment breakdown not available.
MRAM
| Product sales | $14.1M | 95% |
| Licensing, royalty, patent, engineering services and other revenue | $772.0K | 5% |
