Everspin Technologies

Company overview

• MRAM technology leader focused on commercializing MRAM and TMR sensor technologies.
• Key product families: Toggle MRAM, STT-MRAM, and 3D TMR sensors.
• Offers IP licensing, royalties, and foundry services for MRAM processes.
• Headquarters: Chandler, Arizona. Principal design center: Austin, Texas. Sales operations across the Americas, Europe, and Asia-Pacific.

Products and technology

Toggle MRAM

• In production since 2008.
• Densities shipped: 128 kb to 32 Mb.
• Interfaces: Parallel, SPI, and Quad SPI (QSPI).
• Target markets: Industrial, medical, automotive/transportation, and data center.

STT-MRAM (Spin-transfer Torque MRAM)

• Targeted applications: DRAM replacement, SRAM replacement, and NOR Flash replacement.
• DRAM-replacement products: 1 Gb density in production as of the report period.
• 4 Mb to 128 Mb STT-MRAM on 28 nm CMOS node — production started in 2022.
• Newer STT-MRAM products on 22 nm and 28 nm nodes: 16 Mb to 256 Mb densities with SPI, xSPI, QSPI, and OSPI interfaces.
• Potential for high-density (>256 Mb to 2 Gb) monolithic NOR replacement parts.
• Applications: data center storage, persistent memory, FPGA configuration memory with OTA updates, automotive, industrial IoT, AI, aeronautics/avionics, and gaming.

3D TMR sensors

• 3D magnetic field sensing in a monolithic package for consumer electronics and other high-sensitivity magnetic sensing uses.

Licensing, royalty, and IP

• Broad IP portfolio used for licensing, royalties, and patent sales.
• Examples include embedded MRAM licensing with GLOBALFOUNDRIES, EAR99 licensed MRAM for radiation-tolerant aerospace, TMR sensor IP licensing, patent sales, and RAD-Hard FPGA development licenses.

Foundry and foundry services

• BEOL manufacturing services for MRAM and MTJ-based sensors at the Chandler facility.
• Joint development agreement with GLOBALFOUNDRIES for STT-MRAM and MTJ technology; GLOBALFOUNDRIES has exclusive manufacturing rights for certain devices at specified nodes.
• Separate manufacturing agreement with GLOBALFOUNDRIES Singapore for STT-MRAM wafers.

Manufacturing and supply chain

• Wafers and processing:
  • 200 mm Chandler facility for BEOL and some wafer processing.
  • 300 mm wafers for higher-density STT-MRAM products manufactured by GLOBALFOUNDRIES.
• Packaging and testing partners: Amkor, OSE, GTC, ChipMOS, Sigurd UTC.
• ISO certifications: ISO 9001:2015 and ISO 14001:2015 (facility and foundries/subcontractors).
• Risks and dependencies:
  • Heavy reliance on GLOBALFOUNDRIES for advanced-node STT-MRAM production.
  • Third-party manufacturing and packaging introduce supply-chain, capacity, yield, and IP risk considerations.

Customers and market

• More than 1,405 end customers purchased products in the year ended December 31, 2025.
• Customer concentration:
  • The two largest end customers together accounted for 33% of total revenue in 2025; one of these customers accounted for more than 10% of revenue in 2025.
  • In 2024, the two largest end customers together accounted for 37% of total revenue; one of these customers accounted for more than 10% of revenue in 2024.
• Sales channels:
  • Direct sales supported by a network of distributors and representatives.
  • Direct sales personnel located in North America, Germany, Italy, Japan, Hong Kong, and Taiwan.
  • Customers include storage controller manufacturers, FPGA companies, and IP core companies.

Financial highlights (as of the reported period)

• Revenue: 2025 — $55.2 million; 2024 — $50.4 million.
• Gross margin: 2025 — 51.2%; 2024 — 51.8%.
• Net income/(loss): 2025 — net loss of $0.6 million; 2024 — net income of $0.8 million.
• Cash and liquidity: As of December 31, 2025 — cash and cash equivalents of approximately $44.5 million.

Employees and corporate history

• Employees: As of December 31, 2025 — 85 total U.S. employees, all full-time; no U.S. employees represented by labor unions as of that date.
• Corporate history: Incorporated in Delaware in May 2008; spun out of Freescale Semiconductor’s MRAM business in June 2008.

Corporate and intellectual property

• Issued patents: 596, with expirations distributed over the next approximately 18 years.
• Patent applications pending: 141.
• Global patent coverage includes the United States, China, Europe, and other countries.
• Primary operations: direct sales, licensing, and foundry collaborations. The company maintains a broad IP portfolio and uses licensing and patent sales as part of its business strategy.

Location details

• Corporate headquarters: Chandler, Arizona.
• Design center: Austin, Texas.
• Manufacturing and labs: Chandler, Arizona.
• Global manufacturing partnerships with GLOBALFOUNDRIES for 28 nm and 22 nm STT-MRAM nodes and 300 mm production for higher-density STT-MRAM devices.
• Packaging and testing partners located in Asia (China, Taiwan, etc.).