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Side-by-side financial comparison of EVERSPIN TECHNOLOGIES INC. (MRAM) and Owlet, Inc. (OWLT). Click either name above to swap in a different company.
Owlet, Inc. is the larger business by last-quarter revenue ($26.6M vs $14.9M, roughly 1.8× EVERSPIN TECHNOLOGIES INC.). EVERSPIN TECHNOLOGIES INC. runs the higher net margin — -2.0% vs -34.6%, a 32.6% gap on every dollar of revenue. On growth, Owlet, Inc. posted the faster year-over-year revenue change (29.6% vs 13.2%). Over the past eight quarters, Owlet, Inc.'s revenue compounded faster (34.2% CAGR vs 18.2%).
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.
Owlet, Inc. is a pediatric health technology firm that develops smart wearable monitoring products for infants, most notably its signature smart sock that tracks real-time heart rate, oxygen levels, and sleep metrics. It serves global consumer markets across North America, Europe, and Asia-Pacific, distributing products via direct-to-consumer e-commerce and partnered retail outlets, focused on supporting parental peace of mind and infant health safety.
MRAM vs OWLT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $14.9M | $26.6M |
| Net Profit | $-296.0K | $-9.2M |
| Gross Margin | 52.7% | 47.6% |
| Operating Margin | 29.0% | -18.4% |
| Net Margin | -2.0% | -34.6% |
| Revenue YoY | 13.2% | 29.6% |
| Net Profit YoY | — | -1.5% |
| EPS (diluted) | $-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 | $14.8M | $26.6M | ||
| Q3 25 | $14.1M | $32.0M | ||
| Q2 25 | $13.2M | $26.1M | ||
| Q1 25 | $13.1M | $21.1M | ||
| Q4 24 | $13.2M | $20.5M | ||
| Q3 24 | $12.1M | $22.1M | ||
| Q2 24 | $10.6M | $20.7M |
| Q1 26 | $-296.0K | — | ||
| Q4 25 | $1.2M | $-9.2M | ||
| Q3 25 | $54.0K | $4.1M | ||
| Q2 25 | $-670.0K | $-37.6M | ||
| Q1 25 | $-1.2M | $3.0M | ||
| Q4 24 | $1.2M | $-9.1M | ||
| Q3 24 | $2.3M | $-5.6M | ||
| Q2 24 | $-2.5M | $-1.1M |
| Q1 26 | 52.7% | — | ||
| Q4 25 | 50.8% | 47.6% | ||
| Q3 25 | 51.3% | 50.6% | ||
| Q2 25 | 51.3% | 51.3% | ||
| Q1 25 | 51.4% | 53.7% | ||
| Q4 24 | 51.3% | 53.5% | ||
| Q3 24 | 49.2% | 52.2% | ||
| Q2 24 | 49.0% | 49.5% |
| Q1 26 | 29.0% | — | ||
| Q4 25 | -7.2% | -18.4% | ||
| Q3 25 | -11.0% | 3.8% | ||
| Q2 25 | -14.9% | -7.4% | ||
| Q1 25 | -14.7% | -12.7% | ||
| Q4 24 | -11.8% | -36.2% | ||
| Q3 24 | -17.5% | -21.8% | ||
| Q2 24 | -26.5% | -10.8% |
| Q1 26 | -2.0% | — | ||
| Q4 25 | 8.1% | -34.6% | ||
| Q3 25 | 0.4% | 12.9% | ||
| Q2 25 | -5.1% | -144.4% | ||
| Q1 25 | -8.9% | 14.3% | ||
| Q4 24 | 9.2% | -44.2% | ||
| Q3 24 | 18.8% | -25.4% | ||
| Q2 24 | -23.5% | -5.5% |
| Q1 26 | $-0.01 | — | ||
| Q4 25 | $0.05 | — | ||
| Q3 25 | $0.00 | $-0.06 | ||
| Q2 25 | $-0.03 | $-2.37 | ||
| Q1 25 | $-0.05 | $0.11 | ||
| Q4 24 | $0.07 | $-0.15 | ||
| Q3 24 | $0.10 | $-0.61 | ||
| Q2 24 | $-0.12 | $-0.30 |
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 | $35.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $70.2M | $19.0M |
| Total Assets | $83.2M | $85.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $40.5M | — | ||
| Q4 25 | $44.5M | $35.5M | ||
| Q3 25 | $45.3M | $23.8M | ||
| Q2 25 | $45.0M | $21.8M | ||
| Q1 25 | $42.2M | $16.3M | ||
| Q4 24 | $42.1M | $20.2M | ||
| Q3 24 | $39.6M | $21.6M | ||
| Q2 24 | $36.8M | $15.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $2.1M |
| Q1 26 | $70.2M | — | ||
| Q4 25 | $68.9M | $19.0M | ||
| Q3 25 | $65.8M | $-54.1M | ||
| Q2 25 | $64.1M | $-59.2M | ||
| Q1 25 | $63.0M | $-25.8M | ||
| Q4 24 | $62.6M | $-29.8M | ||
| Q3 24 | $59.3M | $-21.5M | ||
| Q2 24 | $55.4M | $-33.4M |
| Q1 26 | $83.2M | — | ||
| Q4 25 | $84.6M | $85.6M | ||
| Q3 25 | $80.3M | $74.9M | ||
| Q2 25 | $78.9M | $63.5M | ||
| Q1 25 | $80.2M | $51.4M | ||
| Q4 24 | $77.8M | $49.5M | ||
| Q3 24 | $72.6M | $56.1M | ||
| Q2 24 | $64.6M | $45.9M |
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 | $-452.0K |
| Free Cash FlowOCF − Capex | — | $-651.0K |
| FCF MarginFCF / Revenue | — | -2.5% |
| Capex IntensityCapex / Revenue | — | 0.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-11.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $570.0K | — | ||
| Q4 25 | $2.6M | $-452.0K | ||
| Q3 25 | $881.0K | $-2.2M | ||
| Q2 25 | $5.0M | $-2.2M | ||
| Q1 25 | $1.4M | $-5.9M | ||
| Q4 24 | $3.8M | $3.0M | ||
| Q3 24 | $2.8M | $-7.5M | ||
| Q2 24 | $1.7M | $-3.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-975.0K | $-651.0K | ||
| Q3 25 | $543.0K | $-2.2M | ||
| Q2 25 | $3.0M | $-2.3M | ||
| Q1 25 | $527.0K | $-5.9M | ||
| Q4 24 | $2.1M | $3.0M | ||
| Q3 24 | $2.8M | $-7.5M | ||
| Q2 24 | $1.7M | $-3.4M |
| Q1 26 | — | — | ||
| Q4 25 | -6.6% | -2.5% | ||
| Q3 25 | 3.9% | -6.8% | ||
| Q2 25 | 22.9% | -8.8% | ||
| Q1 25 | 4.0% | -28.1% | ||
| Q4 24 | 15.8% | 14.5% | ||
| Q3 24 | 22.9% | -33.9% | ||
| Q2 24 | 15.9% | -16.3% |
| Q1 26 | — | — | ||
| Q4 25 | 24.3% | 0.7% | ||
| Q3 25 | 2.4% | 0.0% | ||
| Q2 25 | 15.1% | 0.2% | ||
| Q1 25 | 6.9% | 0.0% | ||
| Q4 24 | 13.2% | 0.2% | ||
| Q3 24 | 0.5% | 0.0% | ||
| Q2 24 | 0.3% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.19× | — | ||
| Q3 25 | 16.31× | -0.52× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -1.96× | ||
| 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% |
OWLT
| US | $22.7M | 85% |
| Non Us | $3.2M | 12% |
| Other | $651.0K | 2% |
