Everspin Technologies, Inc. (MRAM)

Everspin makes magnetoresistive random access memory, or MRAM: a memory chip that keeps what is written on it when the power goes off, because each bit is held as the direction of a magnet rather than as a trapped electric charge. It calls itself the leading supplier of discrete MRAM components and a licensor of the technology behind them. Its Toggle MRAM parts have been in production since 2008 and ship in densities from 128kb to 32Mb. Its spin-transfer torque MRAM, aimed at replacing the dynamic memory that needs a battery behind it in data centers, went into production in 2017 and ships at 1Gb; in 2022 it began making 4Mb to 128Mb parts of that kind on a 28nm process, and it ships 16Mb to 256Mb parts with standard serial interfaces against NOR flash. It also sells 3D tunnel magneto resistance sensors, which measure magnetic fields. The markets it names are industrial, medical, automotive and transportation, aerospace and defense, and the data center. 2122232425262728

How it operates

Everspin makes magnetoresistive random access memory, or MRAM: a memory chip that keeps what is written on it when the power goes off, because each bit is held as the direction of a magnet rather than as a trapped electric charge. It calls itself the leading supplier of discrete MRAM components and a licensor of the technology behind them. Its Toggle MRAM parts have been in production since 2008 and ship in densities from 128kb to 32Mb. Its spin-transfer torque MRAM, aimed at replacing the dynamic memory that needs a battery behind it in data centers, went into production in 2017 and ships at 1Gb; in 2022 it began making 4Mb to 128Mb parts of that kind on a 28nm process, and it ships 16Mb to 256Mb parts with standard serial interfaces against NOR flash. It also sells 3D tunnel magneto resistance sensors, which measure magnetic fields. The markets it names are industrial, medical, automotive and transportation, aerospace and defense, and the data center. 2122232425262728

It sells through its own sales people and through a network of representatives and distributors, and most customers, with the contract manufacturers who build for them, buy through the distributors: 75% of revenue came that way in 2025, against 79% the year before. More than 1,405 end customers bought its products in 2025, and the two largest of them together were 33% of revenue, with one of the two above 10% on its own; the year before the largest two were 37% together. A sale begins with the customer's design engineers and takes three to 18 months to reach what the trade calls a design win, the point at which the part is qualified into a product, after which it can keep selling for as long as that product lives. New design wins were 44, 53, 55 and 85 in the four quarters of 2025, against 31, 44, 50 and 53 in the same quarters of 2024. 293031323334

Unusually for a company this size, it runs part of its own manufacturing. It buys standard CMOS wafers from outside foundries and then adds the magnetic bit itself, the step the trade calls back end of line, at a leased 200mm plant in Chandler, Arizona. Its spin-transfer torque products are made instead in 300mm plants run by GLOBALFOUNDRIES, and for the higher density parts on advanced processes GLOBALFOUNDRIES Singapore is a single foundry: the filing says the company does not currently source those wafers from anyone else, and that the foundry may stop making them after due notice. Packaging and testing go to outside subcontractors, among them Amkor, OSE, GTC, ChipMos and Sigurd UTC, and the main package and test work sits in China, Taiwan and other Asian countries. 3536373839

Revenue is booked by the country the product is delivered to, or where the licensee sits, not by where the finished equipment ends up, so the country list reads more as a shipping map than as a map of demand. In 2025 Singapore was the largest at 13.2 million dollars, 23.8% of revenue and up 291.1% on the year; a group of other countries was 12.2 million, 22.1%, up 75.3%; the United States 9.9 million, 17.9%, down 1.1%; Hong Kong 6.7 million, 12.1%, down 58.7%; Germany 6.2 million, 11.2%; Japan 6.1 million, 11.0%; and Canada 1.0 million, 1.9%. The company groups its own sales team into three regions, Asia-Pacific, North America, and Europe, the Middle East and Africa, and reports revenue for each; Asia-Pacific is much the largest of the three. 40414243

Besides selling chips, it sells the use of its line and of its patents. In Chandler it performs back end of line work for customers who want MRAM or sensor functions added to their own base wafers, which lets makers of aerospace and satellite electronics use a technology that stands up to radiation because it stores data magnetically rather than as charge. It has licensed GLOBALFOUNDRIES to offer embedded MRAM inside the chips that foundry makes for its own customers; it has licensed base MRAM design technology for radiation tolerant aerospace use; it has licensed sensor patents for 3D magnetic field sensing; it has sold patents outright; and it has signed technology and design licenses for a radiation hardened field programmable gate array. Where GLOBALFOUNDRIES sells wafers that use certain Everspin design information, it pays Everspin a royalty on each one. 44454647484950

The specifics

The protection is patents and secrecy. At the end of 2025 the company held 596 issued patents, expiring at various times over roughly the next 18 years, and had 141 applications pending, filed in the United States, China, Europe, France, Germany, Ireland, Italy, Japan, the Netherlands, the Republic of Korea, Singapore, Taiwan and the United Kingdom. It says it looks for patents with broad application across the semiconductor industry, and that it enforces the portfolio and turns it into money through licensing and patent sales. Everyone employed or consulting signs confidentiality terms and assigns inventions made in the job to the company. 515253

The company was incorporated in Delaware in May 2008, and in June 2008 Freescale Semiconductor, now part of NXP Semiconductors, spun its MRAM business out as Everspin. The tie that has shaped everything since was signed in October 2014: a joint development agreement with GLOBALFOUNDRIES to develop spin-transfer torque MRAM, extended at the end of December 2019 to add a phase for development on a 12nm process, alongside a manufacturing agreement with GLOBALFOUNDRIES Singapore dated October 23, 2014 that sets a forecast and ordering mechanism under which Everspin must order and pay for the wafers in the binding part of its forecast. Under the development agreement the foundry holds exclusive rights to make the devices developed under it for a set period, and agreed for that period not to license the jointly developed intellectual property to named competitors. 5455565758

It describes itself as an emerging specialty memory supplier facing intense competition from much larger firms. Against Toggle MRAM it names the makers of nonvolatile SRAM, SRAM and FRAM: Infineon, Fujitsu, Integrated Silicon Solution, Macronix, Microchip, Micron, Renesas, Samsung and Toshiba. Against the spin-transfer torque parts it names dynamic memory and nonvolatile SRAM suppliers Hynix, Micron, Winbond and Samsung, and says it may also meet companies developing MRAM of their own, naming Avalanche and Samsung; indirect competition comes from resistive memory and from NOR and NAND flash. Among the things it says decide whether it wins is whether customers adopt MRAM despite what it calls the price per bit premium of its products against competing technologies, and it notes that bigger rivals may be better placed to accept lower prices. 59606162

One large item on the record is not revenue at all. On August 14, 2024 the company received a strategic award to develop a long-term plan for providing manufacturing services to the aerospace and defense segments, and to reduce the risks in its own MRAM supply chain, with milestones worth up to about 14.6 million dollars over two and a half years. Because the award is outside the ordinary course of business it is not treated as a contract with a customer, so it sits in other income rather than in revenue: 4.5 million dollars of other income in 2025 and 6.1 million in 2024, with a contract obligations liability of 1.5 million dollars still on the balance sheet at the end of 2025. 6364656667

What drives growth, line by line

Product. Chip sales are the business: 48.3 million dollars, 87.5% of revenue, up 14.4% on the year. The company credits product sales with the whole of the increase in total revenue, which rose 4.8 million dollars, or 9.5%, to 55.2 million; product sales added 6.1 million while the rest of the revenue fell 1.3 million. The cost of those sales moved with them, which the filing says has increased consistently and proportionately with the increase in revenues, and gross margin edged down from 51.8% to 51.2%, which the company puts down to the different revenue mix. 40686970

Product and Service Other. Engineering services and other revenue was the line that moved most: 5.0 million dollars, 9.1% of revenue, up 336.1% from 1.2 million the year before. Part of it is a radiation hardened field programmable gate array arrangement renewed in March 2025, worth 1.2 million dollars in all, of which 0.7 million had been billed and 0.7 million recognized by the end of 2025. Work of this kind is recognized over the life of the contract as costs are incurred, rather than at a moment of sale. 40717273

License. Licensing was the line that fell: 1.1 million dollars, 2.0% of revenue, down 82.5% from 6.3 million. The filing does not report licensing on its own in the results discussion; it groups licensing with royalties, patent sales and engineering services, and reports that group down 1.3 million dollars, from 8.2 million to 6.9 million, which it attributes to the conclusion of a contractual arrangement with a customer for the development of reliability models for strategic radiation hardened toggle MRAM. It warns that the group is a highly variable revenue item characterized by a small number of transactions annually with revenue based on size and terms of each transaction. 40747576

Royalty. Royalties are the smallest line and the steadiest: 774.0 thousand dollars, 1.4% of revenue, up 10.6%. They come from licensees' own sales, above all from GLOBALFOUNDRIES, which pays a royalty on each wafer it sells or transfers that carries certain Everspin design information. The company estimates the royalty earned through the year and books an adjustment for actual sales in the first quarter of each fiscal year, so the line arrives partly as an estimate and is trued up later. 405077

What the company says comes next, in its own words: it is developing new technology and products which it expects to be one of the drivers of its revenue growth; research spending went mainly on a new extended serial peripheral interface family of spin-transfer torque parts; it says that kind of memory is uniquely positioned to deliver higher density single-chip parts, above 256Mb to 2Gb, to replace NOR flash; and it intends to move future products to smaller geometries as those processes become common. Money is going into the line behind that: 8.7 million dollars of investing activities in 2025, mostly the purchase of manufacturing equipment and software, against 3.1 million the year before. 787980818283

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What the desk infers Inferred

1. Inferred

   The customer that was 25% of revenue and 57% of the money owed to Everspin at the end of 2025 is almost certainly a distributor, not the company that puts the chips into its own products.

   Because

   • For that disclosure the company defines a customer as whoever buys directly from it, and says that includes its distributors as well as end customers it sells to itself. 84
   • Three quarters of revenue, 75% of it, came from products sold through distributors in 2025. 30
   • Counted as end customers instead, the two largest together were 33% of revenue in 2025, with one of them above 10%, a different shape from a single account at 25%. 3185
   • The table shows one customer at 25% of revenue and 57% of receivables in 2025 and a different customer at 27% and 61% in 2024, the kind of switching that happens when a distributor changes, not when an end product is redesigned. 8530
   Confidence 78 of 100Wrong if A filing or a company statement naming the customer in the concentration table as an original equipment manufacturer buying for its own products rather than a distributor.
2. Inferred

   The swing of revenue from Hong Kong to Singapore between the two years is far more likely a change in where product is delivered, or in which distributor books it, than a change in who is using the chips.

   Because

   • The company says revenue is designated by the region or country the product is delivered to, or where the licensee sits, and not by where the finished equipment is shipped. 4142
   • On the record Singapore went from 3.4 million dollars to 13.2 million while Hong Kong went from 16.2 million to 6.7 million. 40
   • The share taken by the two largest end customers barely moved, 37% of revenue in 2024 against 33% in 2025. 3134
   • Distributors take three quarters of revenue and are the parties the company actually bills, so a change of distributor or of delivery point moves the country line without moving the end customer. 3084
   Confidence 62 of 100Wrong if The company attributing the change to end customers gained or lost in those two places, rather than to where product was delivered or which party was billed.
3. Inferred

   A break with GLOBALFOUNDRIES would cost Everspin both its supply of advanced-node wafers and one of its revenue lines at once, which makes that one relationship the largest single dependence in the business.

   Because

   • The spin-transfer torque products are made in 300mm plants operated by GLOBALFOUNDRIES, and a single foundry, GLOBALFOUNDRIES Singapore, makes the higher density parts on advanced processes. 3638
   • The filing says the company does not currently source these wafers from anyone other than GLOBALFOUNDRIES, which can stop making them after due notice, and that finding another foundry or redesigning the core technology would be costly and slow. 3986
   • The same foundry is a licensee, offering embedded MRAM to its own customers, and pays a royalty on each wafer it sells that uses certain Everspin design information. 4650
   • Royalties were 774.0 thousand dollars in 2025, 1.4% of revenue, so the licensing side of the relationship is small next to the supply side. 40
   Confidence 80 of 100Wrong if Everspin qualifying a second foundry for volume production of its spin-transfer torque products, or reporting that it has moved those wafers elsewhere without interruption.
4. Inferred

   Everspin is quietly turning its own Chandler line into a radiation tolerant foundry service for aerospace, space and defense buyers, and that work, rather than chip sales, is what moved the non-product revenue lines in 2025.

   Because

   • It performs back end of line work in Chandler for customers who want MRAM or sensor functions added to their own wafers, and says this lets makers of aerospace and satellite electronics use a technology that stands up to radiation. 4445
   • Engineering services and other revenue rose to 5.0 million dollars, 9.1% of revenue, from 1.2 million, while licensing fell to 1.1 million. 40
   • A radiation hardened field programmable gate array arrangement was renewed in March 2025 for 1.2 million dollars, of which 0.7 million was recognized in the year. 7172
   • A strategic award received on August 14, 2024 pays milestones of up to about 14.6 million dollars over two and a half years for a plan to provide manufacturing services to the aerospace and defense segments. 6364
   • Even the fall in the licensing group is attributed to the conclusion of an arrangement for reliability models for strategic radiation hardened toggle MRAM, so both the rise and the fall come from the same kind of work. 75
   Confidence 66 of 100Wrong if The company reporting that its engineering services and other revenue came from work unrelated to radiation hardened, aerospace or defense programs, or the award closing with no manufacturing services business behind it.