Everspin Technologies, Inc.

Everspin (Chandler, Arizona; 85 employees as of Dec 31, 2025 [3]) designs and sells MRAM, a non-volatile memory storing data as a magnetic state rather than an electrical charge. It reads and writes closer to DRAM/SRAM speeds than flash and holds data without external power. Retention, temperature range and write-cycle tolerance are product-specific, not universal claims; for UNISYST, the company targets at least ten years of retention at extreme temperatures [7]. That fits industrial, energy, data-center and aerospace/defense uses, where reliability outweighs raw density.

The company holds 596 issued patents and 141 pending as of Dec 31, 2025 [3]. PERSYST covers the established Toggle- and STT-MRAM lines and is the current revenue base. UNISYST, unveiled March 2026, is a planned higher-density code-and-data platform for a broader market than PERSYST serves today [7].

Growth picked up after flat years. FY2025 revenue was $55.202M, up 9.5% [4]. Q1 2026 came in at $14.872M, and Q2 2026 hit a record $18.736M, up 41.9% year over year [1][2]. The gain was broad-based. Product revenue rose 38.1% to $15.313M and other revenue rose 62.2% to $3.423M, partly from first billings under the new defense subcontract [1][2]. Q2 gross margin was 53.9% on a GAAP basis [1]. Management guides Q3 2026 to $19.5M–$20.5M revenue and $0.10–$0.15 non-GAAP EPS, a target rather than a reported result [2].

Q2 2026 GAAP net loss came to $3.589M (-$0.15/share), while non-GAAP net income was $2.862M (+$0.11/share) [1]. The $6.451M bridge between the two consists of $1.374M in stock compensation, $4.027M in litigation costs and $1.050M in one-time Microchip engineering costs [1]. The math is correct, and most of it is litigation and foundry related rather than routine. Everspin is profitable on a non-GAAP basis but has not shown sustained GAAP profitability, and non-GAAP is not a substitute for it.

Operating cash flow slowed to $0.729M in H1 2026 from $6.455M in H1 2025, while capex/intangibles spending rose to $6.653M from $3.878M, funding the foundry buildout [1]. Option and ESPP proceeds covered much of the gap (below) [1]. The balance sheet is liquid with no meaningful debt, but the buildout is capital-intensive and partly equity-funded.

• [DEFENSE]
  Amentum subcontractA $40M IDIQ subcontract with firm-fixed-price task orders (Apr 16, 2026 – Nov 21, 2028) funds unclassified Toggle-MRAM process transfer and engineering for U.S. Defense Industrial Base customers [6]. Payment flows through milestone purchase orders (T0+1 to T0+30 months), which is not the same as GAAP revenue timing [6]. ITAR-capable wafer processing comes via the Microchip deal below, not this subcontract [5][6].
• [FOUNDRY]
  Microchip, GlobalFoundries, TSMCMicrochip's April 8, 2026 deal runs a 10-year base term with two-year auto-renewals, and Everspin reimburses roughly $13.95M in tooling. Toggle/sensor capacity is targeted about 18 months out and STT capacity about 30 months out, with first products expected in H2 2027 [5]. Minimum purchases scale to 1,300 wafers per quarter, a utilization risk if the ramp slips [5]. GlobalFoundries is an existing relationship, not a risk-free one. TSMC 16nm output is roadmap planning, not a signed deal [9].
• [ROADMAP]
  PERSYST and UNISYSTPERSYST's 64Mb xSPI qualified in March 2026, and 128Mb/256Mb were targeted for May/July 2026, earlier planning rather than confirmed execution [8]. UNISYST, announced in March 2026, targets 128Mb–2Gb densities and Q4 2026 samples [7]. Management targets over $100M in FY2029 revenue (roughly 15% CAGR from FY2025's $55M) against a management-estimated TAM above $700M for PERSYST and $3B for UNISYST, unverified company figures [9].
• [SIGNALS]
  Design wins and MaxLinearDesign wins, a leading indicator rather than booked revenue, rose to 238 in 2025 from 178 [4]. An August 2026 MaxLinear MOU covers early evaluation of MRAM for AI-server metadata, logging and caching, with no revenue guarantee [11].

Everspin now has stronger product growth and credible strategic opportunities, but the shares still require investors to underwrite manufacturing execution, customer concentration, legal uncertainty, and a meaningful gap between GAAP and adjusted earnings.

1. 01Q2 2026 10-Q
2. 02Q2 2026 earnings release
3. 03FY2025 10-K
4. 04FY2025 earnings release
5. 05Microchip 8-K
6. 06Amentum subcontract, Ex. 10.2
7. 07UNISYST launch
8. 08PERSYST 256Mb roadmap
9. 09Investor presentation (TAM, FY29 target)
10. 10Analyst coverage list
11. 11MaxLinear MOU

Bracketed numbers = facts from the item above. "Target," "guidance" or "management-estimated" = Everspin's own forward-looking statements. "Our calculation" = derived by TheValueTrader from cited numbers.