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Side-by-side financial comparison of EVERSPIN TECHNOLOGIES INC. (MRAM) and OCULAR THERAPEUTIX, INC (OCUL). Click either name above to swap in a different company.
EVERSPIN TECHNOLOGIES INC. is the larger business by last-quarter revenue ($14.9M vs $13.3M, roughly 1.1× OCULAR THERAPEUTIX, INC). EVERSPIN TECHNOLOGIES INC. runs the higher net margin — -2.0% vs -488.0%, a 486.0% gap on every dollar of revenue. On growth, EVERSPIN TECHNOLOGIES INC. posted the faster year-over-year revenue change (13.2% vs -22.4%). Over the past eight quarters, EVERSPIN TECHNOLOGIES INC.'s revenue compounded faster (18.2% CAGR vs -5.3%).
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.
Ocular Therapeutix, Inc. is a biopharmaceutical firm specializing in developing and commercializing innovative ophthalmic therapies. Its products treat acute and chronic eye conditions including post-surgical pain, glaucoma, and dry eye, serving patients and ophthalmology providers primarily across the U.S. and select global markets.
MRAM vs OCUL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $14.9M | $13.3M |
| Net Profit | $-296.0K | $-64.7M |
| Gross Margin | 52.7% | 88.0% |
| Operating Margin | 29.0% | -526.5% |
| Net Margin | -2.0% | -488.0% |
| Revenue YoY | 13.2% | -22.4% |
| Net Profit YoY | — | -33.6% |
| EPS (diluted) | $-0.01 | $-0.27 |
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 | $14.8M | $13.3M | ||
| Q3 25 | $14.1M | $14.5M | ||
| Q2 25 | $13.2M | $13.5M | ||
| Q1 25 | $13.1M | $10.7M | ||
| Q4 24 | $13.2M | $17.1M | ||
| Q3 24 | $12.1M | $15.4M | ||
| Q2 24 | $10.6M | $16.4M |
| Q1 26 | $-296.0K | — | ||
| Q4 25 | $1.2M | $-64.7M | ||
| Q3 25 | $54.0K | $-69.4M | ||
| Q2 25 | $-670.0K | $-67.8M | ||
| Q1 25 | $-1.2M | $-64.1M | ||
| Q4 24 | $1.2M | $-48.4M | ||
| Q3 24 | $2.3M | $-36.5M | ||
| Q2 24 | $-2.5M | $-43.8M |
| Q1 26 | 52.7% | — | ||
| Q4 25 | 50.8% | 88.0% | ||
| Q3 25 | 51.3% | 87.8% | ||
| Q2 25 | 51.3% | 85.6% | ||
| Q1 25 | 51.4% | 88.2% | ||
| Q4 24 | 51.3% | 92.8% | ||
| Q3 24 | 49.2% | 89.9% | ||
| Q2 24 | 49.0% | 90.8% |
| Q1 26 | 29.0% | — | ||
| Q4 25 | -7.2% | -526.5% | ||
| Q3 25 | -11.0% | -472.3% | ||
| Q2 25 | -14.9% | -502.6% | ||
| Q1 25 | -14.7% | -597.5% | ||
| Q4 24 | -11.8% | -296.1% | ||
| Q3 24 | -17.5% | -298.2% | ||
| Q2 24 | -26.5% | -265.1% |
| Q1 26 | -2.0% | — | ||
| Q4 25 | 8.1% | -488.0% | ||
| Q3 25 | 0.4% | -477.3% | ||
| Q2 25 | -5.1% | -503.9% | ||
| Q1 25 | -8.9% | -598.7% | ||
| Q4 24 | 9.2% | -283.3% | ||
| Q3 24 | 18.8% | -236.6% | ||
| Q2 24 | -23.5% | -266.3% |
| Q1 26 | $-0.01 | — | ||
| Q4 25 | $0.05 | $-0.27 | ||
| Q3 25 | $0.00 | $-0.38 | ||
| Q2 25 | $-0.03 | $-0.39 | ||
| Q1 25 | $-0.05 | $-0.38 | ||
| Q4 24 | $0.07 | $-0.25 | ||
| Q3 24 | $0.10 | $-0.22 | ||
| Q2 24 | $-0.12 | $-0.26 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.5M | $737.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $70.2M | $654.3M |
| Total Assets | $83.2M | $808.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $40.5M | — | ||
| Q4 25 | $44.5M | $737.1M | ||
| Q3 25 | $45.3M | $344.8M | ||
| Q2 25 | $45.0M | $391.1M | ||
| Q1 25 | $42.2M | $349.7M | ||
| Q4 24 | $42.1M | $392.1M | ||
| Q3 24 | $39.6M | $427.2M | ||
| Q2 24 | $36.8M | $459.7M |
| Q1 26 | $70.2M | — | ||
| Q4 25 | $68.9M | $654.3M | ||
| Q3 25 | $65.8M | $258.2M | ||
| Q2 25 | $64.1M | $305.9M | ||
| Q1 25 | $63.0M | $265.9M | ||
| Q4 24 | $62.6M | $315.3M | ||
| Q3 24 | $59.3M | $352.0M | ||
| Q2 24 | $55.4M | $377.7M |
| Q1 26 | $83.2M | — | ||
| Q4 25 | $84.6M | $808.1M | ||
| Q3 25 | $80.3M | $410.9M | ||
| Q2 25 | $78.9M | $451.3M | ||
| Q1 25 | $80.2M | $405.9M | ||
| Q4 24 | $77.8M | $457.9M | ||
| Q3 24 | $72.6M | $490.4M | ||
| Q2 24 | $64.6M | $517.1M |
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 | $570.0K | $-54.2M |
| Free Cash FlowOCF − Capex | — | $-57.1M |
| FCF MarginFCF / Revenue | — | -430.9% |
| Capex IntensityCapex / Revenue | — | 21.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-216.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $570.0K | — | ||
| Q4 25 | $2.6M | $-54.2M | ||
| Q3 25 | $881.0K | $-50.7M | ||
| Q2 25 | $5.0M | $-55.2M | ||
| Q1 25 | $1.4M | $-44.7M | ||
| Q4 24 | $3.8M | $-39.4M | ||
| Q3 24 | $2.8M | $-36.6M | ||
| Q2 24 | $1.7M | $-24.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-975.0K | $-57.1M | ||
| Q3 25 | $543.0K | $-56.7M | ||
| Q2 25 | $3.0M | $-56.5M | ||
| Q1 25 | $527.0K | $-46.6M | ||
| Q4 24 | $2.1M | $-39.6M | ||
| Q3 24 | $2.8M | $-36.6M | ||
| Q2 24 | $1.7M | $-25.5M |
| Q1 26 | — | — | ||
| Q4 25 | -6.6% | -430.9% | ||
| Q3 25 | 3.9% | -390.0% | ||
| Q2 25 | 22.9% | -419.7% | ||
| Q1 25 | 4.0% | -435.6% | ||
| Q4 24 | 15.8% | -232.0% | ||
| Q3 24 | 22.9% | -237.6% | ||
| Q2 24 | 15.9% | -155.4% |
| Q1 26 | — | — | ||
| Q4 25 | 24.3% | 21.4% | ||
| Q3 25 | 2.4% | 41.2% | ||
| Q2 25 | 15.1% | 9.3% | ||
| Q1 25 | 6.9% | 18.1% | ||
| Q4 24 | 13.2% | 1.2% | ||
| Q3 24 | 0.5% | 0.6% | ||
| Q2 24 | 0.3% | 4.5% |
| 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
MRAM
| Product sales | $14.1M | 95% |
| Licensing, royalty, patent, engineering services and other revenue | $772.0K | 5% |
OCUL
Segment breakdown not available.
