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Side-by-side financial comparison of EVERSPIN TECHNOLOGIES INC. (MRAM) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $14.9M, roughly 1.9× EVERSPIN TECHNOLOGIES INC.). EVERSPIN TECHNOLOGIES INC. runs the higher net margin — -2.0% vs -147.1%, a 145.1% gap on every dollar of revenue. On growth, EVERSPIN TECHNOLOGIES INC. posted the faster year-over-year revenue change (13.2% vs -67.6%).
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.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
MRAM vs SPRY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $14.9M | $28.1M |
| Net Profit | $-296.0K | $-41.3M |
| Gross Margin | 52.7% | — |
| Operating Margin | 29.0% | -147.6% |
| Net Margin | -2.0% | -147.1% |
| Revenue YoY | 13.2% | -67.6% |
| Net Profit YoY | — | -182.8% |
| EPS (diluted) | $-0.01 | $-0.41 |
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 | $28.1M | ||
| Q3 25 | $14.1M | $32.5M | ||
| Q2 25 | $13.2M | $15.7M | ||
| Q1 25 | $13.1M | $8.0M | ||
| Q4 24 | $13.2M | $86.6M | ||
| Q3 24 | $12.1M | $2.1M | ||
| Q2 24 | $10.6M | $500.0K |
| Q1 26 | $-296.0K | — | ||
| Q4 25 | $1.2M | $-41.3M | ||
| Q3 25 | $54.0K | $-51.2M | ||
| Q2 25 | $-670.0K | $-44.9M | ||
| Q1 25 | $-1.2M | $-33.9M | ||
| Q4 24 | $1.2M | $49.9M | ||
| Q3 24 | $2.3M | $-19.1M | ||
| Q2 24 | $-2.5M | $-12.5M |
| Q1 26 | 52.7% | — | ||
| Q4 25 | 50.8% | — | ||
| Q3 25 | 51.3% | — | ||
| Q2 25 | 51.3% | — | ||
| Q1 25 | 51.4% | — | ||
| Q4 24 | 51.3% | — | ||
| Q3 24 | 49.2% | — | ||
| Q2 24 | 49.0% | — |
| Q1 26 | 29.0% | — | ||
| Q4 25 | -7.2% | -147.6% | ||
| Q3 25 | -11.0% | -163.7% | ||
| Q2 25 | -14.9% | -302.9% | ||
| Q1 25 | -14.7% | -466.3% | ||
| Q4 24 | -11.8% | 54.5% | ||
| Q3 24 | -17.5% | -1051.6% | ||
| Q2 24 | -26.5% | -3068.0% |
| Q1 26 | -2.0% | — | ||
| Q4 25 | 8.1% | -147.1% | ||
| Q3 25 | 0.4% | -157.4% | ||
| Q2 25 | -5.1% | -285.6% | ||
| Q1 25 | -8.9% | -425.7% | ||
| Q4 24 | 9.2% | 57.7% | ||
| Q3 24 | 18.8% | -925.0% | ||
| Q2 24 | -23.5% | -2503.2% |
| Q1 26 | $-0.01 | — | ||
| Q4 25 | $0.05 | $-0.41 | ||
| Q3 25 | $0.00 | $-0.52 | ||
| Q2 25 | $-0.03 | $-0.46 | ||
| Q1 25 | $-0.05 | $-0.35 | ||
| Q4 24 | $0.07 | $0.52 | ||
| Q3 24 | $0.10 | $-0.20 | ||
| Q2 24 | $-0.12 | $-0.13 |
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 | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $70.2M | $114.3M |
| Total Assets | $83.2M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $40.5M | — | ||
| Q4 25 | $44.5M | $245.0M | ||
| Q3 25 | $45.3M | $288.2M | ||
| Q2 25 | $45.0M | $240.1M | ||
| Q1 25 | $42.2M | $275.7M | ||
| Q4 24 | $42.1M | $314.0M | ||
| Q3 24 | $39.6M | $204.6M | ||
| Q2 24 | $36.8M | $218.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $70.2M | — | ||
| Q4 25 | $68.9M | $114.3M | ||
| Q3 25 | $65.8M | $147.7M | ||
| Q2 25 | $64.1M | $192.3M | ||
| Q1 25 | $63.0M | $229.0M | ||
| Q4 24 | $62.6M | $256.8M | ||
| Q3 24 | $59.3M | $201.0M | ||
| Q2 24 | $55.4M | $215.2M |
| Q1 26 | $83.2M | — | ||
| Q4 25 | $84.6M | $327.7M | ||
| Q3 25 | $80.3M | $372.8M | ||
| Q2 25 | $78.9M | $313.5M | ||
| Q1 25 | $80.2M | $327.3M | ||
| Q4 24 | $77.8M | $351.2M | ||
| Q3 24 | $72.6M | $217.6M | ||
| Q2 24 | $64.6M | $222.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| 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 | $-43.5M |
| 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 | $2.6M | $-43.5M | ||
| Q3 25 | $881.0K | $-47.0M | ||
| Q2 25 | $5.0M | $-39.6M | ||
| Q1 25 | $1.4M | $-40.7M | ||
| Q4 24 | $3.8M | $42.0M | ||
| Q3 24 | $2.8M | $-14.5M | ||
| Q2 24 | $1.7M | $-7.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-975.0K | — | ||
| Q3 25 | $543.0K | $-47.2M | ||
| Q2 25 | $3.0M | $-39.6M | ||
| Q1 25 | $527.0K | $-40.8M | ||
| Q4 24 | $2.1M | $41.7M | ||
| Q3 24 | $2.8M | $-14.6M | ||
| Q2 24 | $1.7M | $-7.3M |
| Q1 26 | — | — | ||
| Q4 25 | -6.6% | — | ||
| Q3 25 | 3.9% | -145.4% | ||
| Q2 25 | 22.9% | -252.2% | ||
| Q1 25 | 4.0% | -512.1% | ||
| Q4 24 | 15.8% | 48.2% | ||
| Q3 24 | 22.9% | -706.3% | ||
| Q2 24 | 15.9% | -1463.4% |
| Q1 26 | — | — | ||
| Q4 25 | 24.3% | 0.0% | ||
| Q3 25 | 2.4% | 0.6% | ||
| Q2 25 | 15.1% | 0.3% | ||
| Q1 25 | 6.9% | 1.1% | ||
| Q4 24 | 13.2% | 0.3% | ||
| Q3 24 | 0.5% | 6.8% | ||
| Q2 24 | 0.3% | 7.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.19× | — | ||
| Q3 25 | 16.31× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.16× | 0.84× | ||
| 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% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
