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Side-by-side financial comparison of EVERSPIN TECHNOLOGIES INC. (MRAM) and PURE CYCLE CORP (PCYO). Click either name above to swap in a different company.
EVERSPIN TECHNOLOGIES INC. is the larger business by last-quarter revenue ($14.9M vs $9.1M, roughly 1.6× PURE CYCLE CORP). PURE CYCLE CORP runs the higher net margin — 50.0% vs -2.0%, a 52.0% gap on every dollar of revenue. On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% vs 13.2%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% 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.
Pure Cycles, is a bicycle company based in Los Angeles, California that was founded by Michael Fishman, Jordan Schau, Zachary Schau and Austin Stoffers in 2010, as Pure Fix Cycles.
MRAM vs PCYO — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $14.9M | $9.1M |
| Net Profit | $-296.0K | $4.6M |
| Gross Margin | 52.7% | 68.4% |
| Operating Margin | 29.0% | 48.0% |
| Net Margin | -2.0% | 50.0% |
| Revenue YoY | 13.2% | 58.8% |
| Net Profit YoY | — | 16.0% |
| EPS (diluted) | $-0.01 | $0.19 |
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 | $9.1M | ||
| Q3 25 | $14.1M | $11.2M | ||
| Q2 25 | $13.2M | $5.1M | ||
| Q1 25 | $13.1M | $4.0M | ||
| Q4 24 | $13.2M | $5.8M | ||
| Q3 24 | $12.1M | $12.6M | ||
| Q2 24 | $10.6M | $7.6M |
| Q1 26 | $-296.0K | — | ||
| Q4 25 | $1.2M | $4.6M | ||
| Q3 25 | $54.0K | $6.1M | ||
| Q2 25 | $-670.0K | $2.3M | ||
| Q1 25 | $-1.2M | $809.0K | ||
| Q4 24 | $1.2M | $3.9M | ||
| Q3 24 | $2.3M | $6.6M | ||
| Q2 24 | $-2.5M | $2.8M |
| Q1 26 | 52.7% | — | ||
| Q4 25 | 50.8% | 68.4% | ||
| Q3 25 | 51.3% | 67.7% | ||
| Q2 25 | 51.3% | 63.4% | ||
| Q1 25 | 51.4% | 38.2% | ||
| Q4 24 | 51.3% | 63.8% | ||
| Q3 24 | 49.2% | 77.8% | ||
| Q2 24 | 49.0% | 64.0% |
| Q1 26 | 29.0% | — | ||
| Q4 25 | -7.2% | 48.0% | ||
| Q3 25 | -11.0% | 53.1% | ||
| Q2 25 | -14.9% | 26.0% | ||
| Q1 25 | -14.7% | -33.2% | ||
| Q4 24 | -11.8% | 29.9% | ||
| Q3 24 | -17.5% | 62.0% | ||
| Q2 24 | -26.5% | 40.3% |
| Q1 26 | -2.0% | — | ||
| Q4 25 | 8.1% | 50.0% | ||
| Q3 25 | 0.4% | 54.5% | ||
| Q2 25 | -5.1% | 43.9% | ||
| Q1 25 | -8.9% | 20.3% | ||
| Q4 24 | 9.2% | 68.4% | ||
| Q3 24 | 18.8% | 52.6% | ||
| Q2 24 | -23.5% | 37.2% |
| Q1 26 | $-0.01 | — | ||
| Q4 25 | $0.05 | $0.19 | ||
| Q3 25 | $0.00 | $0.26 | ||
| Q2 25 | $-0.03 | $0.09 | ||
| Q1 25 | $-0.05 | $0.03 | ||
| Q4 24 | $0.07 | $0.16 | ||
| Q3 24 | $0.10 | $0.27 | ||
| Q2 24 | $-0.12 | $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 | $40.5M | $17.1M |
| Total DebtLower is stronger | — | $8.0M |
| Stockholders' EquityBook value | $70.2M | $147.5M |
| Total Assets | $83.2M | $168.1M |
| Debt / EquityLower = less leverage | — | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $40.5M | — | ||
| Q4 25 | $44.5M | $17.1M | ||
| Q3 25 | $45.3M | $21.9M | ||
| Q2 25 | $45.0M | $14.4M | ||
| Q1 25 | $42.2M | $16.5M | ||
| Q4 24 | $42.1M | $19.0M | ||
| Q3 24 | $39.6M | $22.1M | ||
| Q2 24 | $36.8M | $20.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $8.0M | ||
| Q3 25 | — | $6.8M | ||
| Q2 25 | — | $6.9M | ||
| Q1 25 | — | $6.9M | ||
| Q4 24 | — | $6.9M | ||
| Q3 24 | — | $6.9M | ||
| Q2 24 | — | — |
| Q1 26 | $70.2M | — | ||
| Q4 25 | $68.9M | $147.5M | ||
| Q3 25 | $65.8M | $142.7M | ||
| Q2 25 | $64.1M | $136.7M | ||
| Q1 25 | $63.0M | $134.4M | ||
| Q4 24 | $62.6M | $133.6M | ||
| Q3 24 | $59.3M | $129.7M | ||
| Q2 24 | $55.4M | $123.2M |
| Q1 26 | $83.2M | — | ||
| Q4 25 | $84.6M | $168.1M | ||
| Q3 25 | $80.3M | $162.3M | ||
| Q2 25 | $78.9M | $151.7M | ||
| Q1 25 | $80.2M | $149.7M | ||
| Q4 24 | $77.8M | $149.7M | ||
| Q3 24 | $72.6M | $147.4M | ||
| Q2 24 | $64.6M | $140.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | — | 0.05× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | — | 0.05× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | — | — |
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 | $-979.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -0.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $570.0K | — | ||
| Q4 25 | $2.6M | $-979.0K | ||
| Q3 25 | $881.0K | $9.4M | ||
| Q2 25 | $5.0M | $-503.0K | ||
| Q1 25 | $1.4M | $-1.4M | ||
| Q4 24 | $3.8M | $5.7M | ||
| Q3 24 | $2.8M | $3.1M | ||
| Q2 24 | $1.7M | $892.0K |
| Q1 26 | — | — | ||
| Q4 25 | $-975.0K | — | ||
| Q3 25 | $543.0K | — | ||
| Q2 25 | $3.0M | — | ||
| Q1 25 | $527.0K | — | ||
| Q4 24 | $2.1M | — | ||
| Q3 24 | $2.8M | — | ||
| 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 | 22.9% | — | ||
| Q2 24 | 15.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 24.3% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 15.1% | — | ||
| Q1 25 | 6.9% | — | ||
| Q4 24 | 13.2% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.19× | -0.21× | ||
| Q3 25 | 16.31× | 1.53× | ||
| Q2 25 | — | -0.22× | ||
| Q1 25 | — | -1.70× | ||
| Q4 24 | 3.16× | 1.44× | ||
| Q3 24 | 1.25× | 0.47× | ||
| Q2 24 | — | 0.32× |
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% |
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
