Everspin Technologies, Inc.

Good afternoon, and welcome to Everspen Technologies' first quarter 2026 financial results conference call. At this time, all participants are in a listen-only mode. At the conclusion of management's prepared remarks, instructions will be provided for the question and answer session. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Amy Grant, investor relations for Everspen. You may begin.

Thank you, operator, and good afternoon, everyone. Everspin released results for the first quarter, 2026, ended March 31st, 2026, this afternoon after market closed. I'm Amy Grant, Investor Relations for Everspin, and with me on today's call are Sanjeev Agarwal, President and Chief Executive Officer, and Bill Cooper, Chief Financial Officer. Before we begin the call, I would like to remind you that today's discussion may contain forward-looking statements regarding future events, including but not limited to the company's expectations for Everspin's future business, financial performance and goals, customer and industry adoption of MRAM technology, successfully bringing to market and manufacturing products in Everspin's design pipeline, and executing on its business plan. These forward-looking statements are based on estimates, judgments, current trends, and market conditions, and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. We would encourage you to review the company's SEC filings, including the annual report on Form 10-K and other SEC filings made from time to time in which the company may discuss risk factors associated with investing in Everspin. All forward-looking statements are made as of the date of this call and, except as required by law, The company undertakes no obligation to update or alter any forward-looking statement made on this call, whether as a result of new information, future events, or otherwise. The financial results discussed today reflect the company's preliminary estimates, are based on the information available as of the date hereof, and are subject to further review by Everspin and its external auditors. The company's actual results may differ materially from these estimates as a result of the completion of financial closing procedures, final adjustments, and other developments arising between now and the time that the financial results for the period are finalized. Additionally, the company's press release and statements made during this conference call will include discussions of certain measures and financial information in GAAP and non-GAAP terms. Including in the company's press release are definitions and reconciliations of GAAP net income, to non-GAAP net income, which provide additional details. A copy of the press release is posted on the investor relations section of Everspin's website at www.everspin.com. And now I'd like to turn the call over to Everspin's president and CEO, Sanjeev Agarwal. Sanjeev, please go ahead.

Thank you, Amy, and thanks, everyone, for joining us on the call today. Before I discuss our first quarter results, I would like to share some exciting news. Today after market close, we announced a new two and a half year, 40 million agreement with a US prime contractor. Under the agreement, Everspin will be a subcontractor on an existing prime contract and will provide process technology capabilities and engineering services for US defense industrial based customers. In addition, Everspin will provide engineering and foundry services for U.S. Department of War, or DOW, products through its recently announced Foundry Services Agreement with Microchip. This agreement builds on our long history of supporting military and aerospace applications where performance, reliability, longevity, and domestic production are critical. Now turning to our first quarter results. We are pleased to report results at the high end of our guidance range with revenue of 14.9 million and long gap EPS of 11 cents for diluted share. Our performance this quarter was driven by strength in industrial automation, transportation, and data center applications. Industrial automation growth was driven by a recovery in customer demand, including Japan, as inventory levels have been worked down. In the transportation segment, growth was driven by the transition of design wins to production at several customers, including two rail applications. One such customer is a railroad operator in Asia, who is utilizing our MRAM technology for critical railway signal applications, such as train axle counters. Axle counters, and by extension, their components must operate in harsh, vibratory conditions, which MRAM can withstand better than other memory technologies. Modern axle counters use MRAM for storing large amounts of diagnostic and maintenance data, allowing for real-time monitoring, such as wheel detection and prevent predictive maintenance. Additionally, MRAM enables more robust data storage, contributing to the high safety integrity levels, SIL4, required for axle counter systems, ensuring accurate detection and reducing false alarms. Another customer is a leading embedded computing company in Asia who chose EverSpring's MRAM solutions for rail transit systems because they reliably preserve critical data during power loss and support unlimited arrays and write cycles. In data center, growth continues to be driven by our ongoing work with IBM on the FCM4 and FCM5 modules and the redundant array of independent disks all rate reference design at the top five hyperscale operators. With respect to below the line items, we recognize 2.1 million in other income in the first quarter and 12.8 million to date from the 14.6 million contract we have with the DOD contractor to develop a sustainment plan for our MRAM manufacturing facilities to provide continuous onshore MRAM capabilities to their aerospace and defense customers. We expect this business to begin to wind down over the coming quarters with estimated completion in the first half of 2027. Turning to some of our product development efforts. During the quarter, we formally introduced our Unix's MRAM family at Embedded World in early March. This product family represents a new generation of unified memory solutions designed to fundamentally change how embedded systems store and access code and data. Unisys delivers high bandwidth read and write speeds in a non-volatile memory device, enabling fast boot, rapid updates, and predictable performance without the trade-offs of traditional flash-based designs. Unisys will extend our MRAM roadmap to higher densities by giving customers a practical way to start with Persyst today and migrate to a code and data MRAM architecture as soon as it is available. Everspin will initially offer the Unisys family in densities ranging from 128 megabits to two gigabits using a standard XSPI interface operating up to octal SPI at 200 megahertz. Target use cases include AI at the edge, military and aerospace, automotive, industrial, and casino gaming. Engineering samples of Unisys are expected to be available in the fourth quarter of 2026. As a reminder, the Unisys family of products will serve the high-density, stand-alone North Flash market, which will expand our addressable market by approximately three billion dollars. Our goal is to capture five to 10% of this market in the early years and then grow further. With respect to the high reliability parts that we announced last quarter, customers have our persist 64 megabit X SPI STTM RAM devices in hand and are engaged in design activity. Additionally, we remain on track to qualify our 128 megabits and 256 megabits high reliability parts and continue to expect them to be available in high volume in the second half of this year. Customers have engineering samples of these parts on hand as they evaluate them in their designs. Building on our existing relationship with Microchip, we recently announced a strategic manufacturing agreement with the company to expand our onshore production capacity and strengthen our long-term supply chain resiliency by creating a second domestic source of supply for our customers. Under the 10-year agreement, we will establish an MRAM line at Microchips Fab in Oregon to manufacture MRAM and TMR sensor products currently produced at our line in Chandler. We expect to ship the first products from the new line in the second half of 2027. I will now turn it over to our CFO, Bill Cooper, who will walk you through our first quarter financials and second quarter 2026 guidance. Bill?