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Side-by-side financial comparison of LENSAR, Inc. (LNSR) 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 $14.3M, roughly 1.0× LENSAR, Inc.). EVERSPIN TECHNOLOGIES INC. runs the higher net margin — -2.0% vs -10.2%, a 8.2% gap on every dollar of revenue. On growth, EVERSPIN TECHNOLOGIES INC. posted the faster year-over-year revenue change (13.2% vs -3.3%). Over the past eight quarters, LENSAR, Inc.'s revenue compounded faster (28.8% CAGR vs 18.2%).
LENSAR, Inc. is a medical technology company specializing in the development and commercialization of advanced ophthalmic surgical systems. Its proprietary augmented reality-enabled devices deliver high precision for cataract surgery and refractive lens exchange procedures, distributed to ophthalmology clinics, surgical centers and hospitals across North America, Europe and key Asia-Pacific markets.
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.
LNSR vs MRAM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $14.3M | $14.9M |
| Net Profit | $-1.5M | $-296.0K |
| Gross Margin | 36.6% | 52.7% |
| Operating Margin | -34.3% | 29.0% |
| Net Margin | -10.2% | -2.0% |
| Revenue YoY | -3.3% | 13.2% |
| Net Profit YoY | 92.2% | — |
| EPS (diluted) | $-0.09 | $-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 | $14.3M | $14.8M | ||
| Q3 25 | $12.8M | $14.1M | ||
| Q2 25 | $12.3M | $13.2M | ||
| Q1 25 | $12.3M | $13.1M | ||
| Q4 24 | $14.8M | $13.2M | ||
| Q3 24 | $11.8M | $12.1M | ||
| Q2 24 | $10.7M | $10.6M |
| Q1 26 | — | $-296.0K | ||
| Q4 25 | $-1.5M | $1.2M | ||
| Q3 25 | $-3.7M | $54.0K | ||
| Q2 25 | $-1.8M | $-670.0K | ||
| Q1 25 | $-27.3M | $-1.2M | ||
| Q4 24 | $-18.7M | $1.2M | ||
| Q3 24 | $-1.5M | $2.3M | ||
| Q2 24 | $-9.0M | $-2.5M |
| Q1 26 | — | 52.7% | ||
| Q4 25 | 36.6% | 50.8% | ||
| Q3 25 | 35.1% | 51.3% | ||
| Q2 25 | 43.8% | 51.3% | ||
| Q1 25 | 42.7% | 51.4% | ||
| Q4 24 | 35.1% | 51.3% | ||
| Q3 24 | 38.4% | 49.2% | ||
| Q2 24 | 45.5% | 49.0% |
| Q1 26 | — | 29.0% | ||
| Q4 25 | -34.3% | -7.2% | ||
| Q3 25 | -59.4% | -11.0% | ||
| Q2 25 | -51.2% | -14.9% | ||
| Q1 25 | -47.2% | -14.7% | ||
| Q4 24 | -8.7% | -11.8% | ||
| Q3 24 | -10.5% | -17.5% | ||
| Q2 24 | -49.4% | -26.5% |
| Q1 26 | — | -2.0% | ||
| Q4 25 | -10.2% | 8.1% | ||
| Q3 25 | -29.1% | 0.4% | ||
| Q2 25 | -14.4% | -5.1% | ||
| Q1 25 | -222.8% | -8.9% | ||
| Q4 24 | -126.2% | 9.2% | ||
| Q3 24 | -12.7% | 18.8% | ||
| Q2 24 | -84.6% | -23.5% |
| Q1 26 | — | $-0.01 | ||
| Q4 25 | $-0.09 | $0.05 | ||
| Q3 25 | $-0.31 | $0.00 | ||
| Q2 25 | $-0.15 | $-0.03 | ||
| Q1 25 | $-2.32 | $-0.05 | ||
| Q4 24 | $-1.62 | $0.07 | ||
| Q3 24 | $-0.13 | $0.10 | ||
| Q2 24 | $-0.79 | $-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 | $18.0M | $40.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-26.0M | $70.2M |
| Total Assets | $71.4M | $83.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $40.5M | ||
| Q4 25 | $18.0M | $44.5M | ||
| Q3 25 | $16.9M | $45.3M | ||
| Q2 25 | $20.3M | $45.0M | ||
| Q1 25 | $25.2M | $42.2M | ||
| Q4 24 | $22.5M | $42.1M | ||
| Q3 24 | $18.1M | $39.6M | ||
| Q2 24 | $14.2M | $36.8M |
| Q1 26 | — | $70.2M | ||
| Q4 25 | $-26.0M | $68.9M | ||
| Q3 25 | $-25.9M | $65.8M | ||
| Q2 25 | $-23.1M | $64.1M | ||
| Q1 25 | $-22.1M | $63.0M | ||
| Q4 24 | $4.9M | $62.6M | ||
| Q3 24 | $22.7M | $59.3M | ||
| Q2 24 | $23.6M | $55.4M |
| Q1 26 | — | $83.2M | ||
| Q4 25 | $71.4M | $84.6M | ||
| Q3 25 | $70.2M | $80.3M | ||
| Q2 25 | $70.4M | $78.9M | ||
| Q1 25 | $73.0M | $80.2M | ||
| Q4 24 | $66.3M | $77.8M | ||
| Q3 24 | $62.0M | $72.6M | ||
| Q2 24 | $61.4M | $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 | $618.0K | $570.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $570.0K | ||
| Q4 25 | $618.0K | $2.6M | ||
| Q3 25 | $-3.5M | $881.0K | ||
| Q2 25 | $-5.0M | $5.0M | ||
| Q1 25 | $-6.9M | $1.4M | ||
| Q4 24 | $3.7M | $3.8M | ||
| Q3 24 | $3.2M | $2.8M | ||
| Q2 24 | $-3.8M | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-975.0K | ||
| Q3 25 | — | $543.0K | ||
| Q2 25 | $-5.1M | $3.0M | ||
| Q1 25 | $-6.9M | $527.0K | ||
| Q4 24 | $3.7M | $2.1M | ||
| Q3 24 | $3.1M | $2.8M | ||
| Q2 24 | $-3.9M | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | -6.6% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | -41.3% | 22.9% | ||
| Q1 25 | -56.6% | 4.0% | ||
| Q4 24 | 24.7% | 15.8% | ||
| Q3 24 | 26.5% | 22.9% | ||
| Q2 24 | -36.4% | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | 24.3% | ||
| Q3 25 | 0.0% | 2.4% | ||
| Q2 25 | 0.6% | 15.1% | ||
| Q1 25 | 0.0% | 6.9% | ||
| Q4 24 | 0.0% | 13.2% | ||
| Q3 24 | 0.2% | 0.5% | ||
| Q2 24 | 1.1% | 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
LNSR
| Products | $12.7M | 89% |
| Services | $1.6M | 11% |
MRAM
| Product sales | $14.1M | 95% |
| Licensing, royalty, patent, engineering services and other revenue | $772.0K | 5% |
