Everspin Technologies, Inc
Everspin Technologies designs, manufactures, and licenses magnetoresistive memory and sensor technologies, centered on MRAM, TMR sensors, and related IP. The company sells discrete MRAM components, provides foundry and backend manufacturing services, and monetizes its technology through licenses, royalties, engineering services, and patent sales.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDiscrete MRAM memory components sold through distributors and direct accounts.
Technology licenses, royalties, and related IP monetization.
BEOL manufacturing and foundry services for MRAM and sensor integration.
Design services, patent sales, and other strategic technology work.
Products
Reported · share of revenue- Products87.5 %
- Other9.1 %
- License2.0 %
- Royalty1.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Customers are OEMs, ODMs, distributors, and contract manufacturers that need non-volatile memory or magnetic sensing in industrial, medical, automotive/transportation, aerospace and defense, and data center applications. The company also serves strategic customers directly, while most end demand flows through distributors and contract manufacturers. Its customer base is broad, but revenue can still be concentrated in a few large accounts and in Asia-Pacific production chains.
Buy MRAM components and sensor IP for integration into finished electronics where persistence and reliability matter.
Purchase products for resale into broader end markets; they account for most revenue flow and channel reach.
Source Everspin products on behalf of end customers and integrate them into larger assemblies.
Buy radiation-hardened memory and foundry services for avionics, space, and mission-critical systems.
Use MRAM where power-loss protection, endurance, and reliability are important.
Strategy
Everspin is focused on expanding MRAM adoption through design wins, channel distribution, and strategic direct relationships with key accounts. It is also monetizing its IP more broadly through licensing, royalties, patent sales, and specialized development programs such as RAD-Hard products for aerospace and defense. Manufacturing partnerships and captive BEOL capability are central to its strategy because they support product availability, qualification, and differentiation.
Design wins create recurring product demand and embed Everspin into customer platforms.
Licensing, royalties, and patent sales diversify revenue beyond component shipments.
Dual-source and partner manufacturing reduce supply risk and support scale.
Geography
Q1/2026Revenue is reported by customer region, with APAC the largest market, followed by North America and EMEA. The company has direct sales representatives in North America, Germany, Italy, Japan, Hong Kong, and Taiwan, and it also maintains distributors in Asia to support contract manufacturers. Manufacturing is anchored in Chandler, Arizona, with additional 300mm production through GLOBALFOUNDRIES, so the business depends on both U.S. operations and Asian electronics supply chains.
Share of the revenue the company reports by geography.
Risks
Everspin is exposed to semiconductor cyclicality, rapid technology change, and pricing pressure, which can quickly affect demand and margins. Its model also depends on third-party foundry, assembly, and distribution partners, so supply interruptions or capacity constraints can limit shipments even when demand exists. Customer concentration, cybersecurity, and geopolitical trade restrictions add further execution risk because the company sells into global electronics supply chains and mission-critical end markets.
- Third-party manufacturing dependenceImpact: HighLikelihood: High
The company relies on foundries, assembly, and test partners for most production steps.
Exposure: Capacity availability at GLOBALFOUNDRIES and other suppliers
- Semiconductor industry cyclicalityImpact: HighLikelihood: Medium
Demand, pricing, and inventory levels can swing sharply with industry cycles.
Exposure: MRAM product sales and distributor channel demand
- Customer concentrationImpact: High
A small number of end customers can account for a large share of revenue.
Exposure: Top customer accounts and strategic direct relationships
- Technology and competitive pressureImpact: MediumLikelihood: Medium
Large semiconductor firms and internal customer solutions can displace third-party MRAM.
Exposure - Cybersecurity and IT disruptionImpact: MediumLikelihood: Medium
Operational systems and IP could be harmed by breaches, outages, or ransomware.
Exposure
Accounting
Judgemental itemsDifferent timing for products, licenses, royalties, and services affects quarterly revenue mix.
Impact: Can create volatility in reported growth and gross margin
A meaningful non-cash expense that affects operating loss and adjusted earnings.
Impact: Impacts GAAP profitability and cash flow reconciliation
Capitalized fab and equipment costs flow through earnings over time.
Impact: Affects gross margin and operating expense trends
Semiconductor products can become obsolete quickly, requiring write-downs.
Impact: Can materially affect cost of sales and working capital
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Last updated: 24/09/2026