By Christopher Kuo
Everspin Technologies shares soared after the company posted higher first-quarter revenue and executed a $40 million agreement to provide magnetoresistive random access memory applications to U.S. defense customers.
Shares of the memory technology company rose 43% on Thursday to $18.76. The shares are up 93% year to date.
Everspin on Wednesday posted a loss of $296,000, or 1 cent a share, compared with a loss of $1.17 million, or 5 cents a share, a year earlier.
Adjusted earnings per share came in at 11 cents. Revenue was $14.9 million, up from $13.1 million a year earlier.
The company on Thursday said it executed an agreement with a U.S. prime contractor to provide magnetoresistive random access memory persistent memory solutions for U.S. defense industrial base customers.
Under the agreement, valued at $40 million over two and a half years, Everspin is a subcontractor on an existing prime contract that will provide engineering and foundry services for the Defense Department, the company said.
Write to Christopher Kuo at chris.kuo@wsj.com
(END) Dow Jones Newswires
April 30, 2026 10:43 ET (14:43 GMT)
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