Everspin Technologies (NASDAQ: MRAM) is a semiconductor company that designs and sells magnetoresistive RAM (MRAM) products. Revenue comes from two streams: product sales of Toggle and STT MRAM chips sold to OEMs and contract manufacturers, and licensing, royalty, patent, and engineering services arrangements. Product sales were $48.3 million (87% of total revenue) in FY2025, with licensing and related revenue contributing $6.9 million (13%), for total revenue of $55.2 million in FY2025, up from $50.4 million in FY2024. Gross margin was 51.2% in FY2025 versus 51.8% in FY2024. The company pursues design wins as its primary growth mechanism, with OEMs and contract manufacturers qualifying MRAM products into multi-year production programs. New design wins totaled 44, 53, 55, and 85 in successive quarters of FY2025, compared to 31, 44, 50, and 53 in FY2024. Everspin also receives strategic award income tied to aerospace and defense manufacturing development. CEO is Sanjeev Aggarwal; CFO is William Cooper. The company does not pay dividends.

Revenue model

Transactional product sales of Toggle and STT MRAM chips ($48.3M, 87% of FY2025 revenue) plus licensing, royalty, patent, and engineering services fees ($6.9M, 13% of FY2025 revenue). Royalty revenue is estimated throughout the year with an annual true-up in Q1.

Products and services

Toggle MRAM products, STT (spin-transfer torque) MRAM products, licensing and royalty arrangements, patent licensing, engineering services including reliability model development for radiation-hardened toggle MRAM (aerospace and defense applications).

Customers and end markets

OEMs and contract manufacturers who qualify MRAM as components in their production systems. End markets include aerospace and defense (radiation-hardened applications, strategic manufacturing award). Design win pipeline spans industrial, enterprise storage, and defense-adjacent applications implied by filing context.

Value-chain role

Fabless-adjacent semiconductor designer and seller with internal and external foundry manufacturing. Uses a network of third-party suppliers in the manufacturing process. Inventory valued at $10.7 million as of December 31, 2025. Capital expenditures of $8.7 million in FY2025 went primarily to manufacturing equipment.

Source: SEC 10-K, filed 2026-03-04

Industry: Semiconductors & Related Devices Peers: NVIDIA Corp Ascent Solar Technologies Inc Skywater Technology Inc Kopin Corp SolarWindow Technologies Inc Pixelworks Inc NVE Corp Transphorm, Inc. Rigetti Computing Inc Quicklogic Corp