Research Reports

Q4 2025 revenue of $14.8 million, towards high end of guidance range (CEO); up 12% year-over-year (CFO)
Non-GAAP EPS of $0.11 per diluted share, in line with guidance (CEO)
MRAM product sales (Toggle + STT-MRAM) were $13.5 million, up 22% year-over-year (CFO)
Licensing, royalty, patent and other revenue decreased to $1.3 million from $2.2 million in Q4 2024 due to project completions (CFO)
GAAP gross margin 50.8%, down slightly from 51.3% in Q4 2024 (CFO)
GAAP operating expenses $8.6 million, up slightly from $8.4 million in Q4 2024 (CFO)
Other income of $2.0 million from DoD contract for manufacturing sustainment (CEO); $10.5 million recognized to date from $14.6 million contract (CEO)
Cash and cash equivalents $44.5 million, down from $45.3 million prior quarter; debt-free (CFO)
Cash flow from operations $2.8 million in Q4, up from $0.9 million in Q3 (CFO)
238 design wins in 2025, up from 178 in prior year (CEO)
Ramped PERSYST 64-megabit xSPI STT-MRAM to full production; shipping in current quarter (CEO)
Tape-out of monolithic 256-megabit xSPI STT-MRAM on 16nm FinFET node at TSMC expected in H2 2025 (CEO)
Official guidance (Q1 2026): Total revenue $14 million–$15 million; GAAP net loss per diluted share ($0.03) to net income $0.02; non-GAAP net income per diluted share $0.07–$0.12 (CFO)
Long-term target: $100 million annual revenue over 3–5 years (CEO)

“We are pleased to report fourth quarter results with revenue of $14.8 million and non-GAAP EPS of $0.11 per diluted share with revenue towards the high end of our guidance range and EPS in line with our expectations.” (CEO)
“Our performance this quarter was driven by strength in data center, energy management and industrial automation applications.” (CEO)
“We are in conversations with customers to evaluate our xSPI STT-MRAM to replace NOR flash. We have the capacity to support such demand and our parts are compatible with NOR flash.” (CEO)
“We expect Q1 total revenue to be consistent with Q4 '25 and in the range of $14 million to $15 million.” (CFO)
“We are pleased with our solid performance this quarter and remain committed to maintaining financial discipline while focusing on scaling our business and converting additional design wins to revenue.” (CFO)

Metric	Value	Speaker/Context
Total Revenue (Q4 2025)	$14.8 million	CEO, CFO
MRAM Product Sales (Q4 2025)	$13.5 million	CFO
Licensing, Royalty, Patent & Other Revenue (Q4 2025)	$1.3 million	CFO
GAAP Gross Margin (Q4 2025)	50.8%	CFO
GAAP Operating Expenses (Q4 2025)	$8.6 million	CFO
Other Income (Q4 2025)	$2.0 million	CEO, CFO
Non-GAAP Net Income (Q4 2025)	$2.6 million	CFO
Non-GAAP Diluted EPS (Q4 2025)	$0.11	CEO, CFO
Cash & Cash Equivalents (end of Q4 2025)	$44.5 million	CFO
Cash Flow from Operations (Q4 2025)	$2.8 million	CFO
Design Wins (full year 2025)	238	CEO
DoD Contract Recognized to Date	$10.5 million	CEO
DoD Contract Total Value	$14.6 million	CEO
Q1 2026 Revenue Guidance	$14 million–$15 million	CFO
Q1 2026 Non-GAAP Diluted EPS Guidance	$0.07–$0.12	CFO

Topic: NOR闪存替代机会与库存健康度
Key points:
- 公司已被全球分销商列为NOR闪存替代供应商，因NOR闪存供应紧张。
- 可预期一定上行，但当前难以量化具体收入幅度。
- 分销商和客户订单显示，此前超建的库存已基本消化，2026年不太可能重蹈覆辙。
Mgmt stance: 中性偏乐观。对NOR机会持谨慎态度（无法量化），但对库存消化后的需求持续性表示信心。

Topic: 战略RAD-Hard项目、LEO卫星市场、NOR替代合作、100百万美元收入路径
Key points:
- 战略RAD-Hard项目（与QuickLogic相关）不会续签，非产品收入在Q1下降，预计2025年下半年重启，取决于其他合作伙伴的里程碑。
- LEO卫星市场仍在萌芽期，订单和积压显示信心，高可靠性新品已切入该市场。
- NOR闪存替代产品方面，重点合作方为Lattice和Microchip（PIC64），目标先进入航空航天与国防市场，后期扩展至商用。
- 3-5年营收100百万美元的主要贡献：PERSYST产品（含Toggle MRAM、xSPI STT、ST-DDR）居首；其次UNISYST与许可业务贡献大致相当；UNISYST预计在2027年开始放量。
Mgmt stance: 总体看涨。对LEO卫星和替代产品进展表示乐观；对战略项目短期下滑表示中性（等待里程碑）；对远期收入目标给出明确排序和路径。