Everspin Technologies, Inc.

The grade, in three tenses

Headline 4.7 out of ten, 9 of 9 metrics filed: past 3.4 out of ten, present 4.8 out of ten, future 5.8 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 1.9 out of ten. 3 warning events since 2017; the latest 2021-11-12. 19th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.1 out of ten. +5.5% a year over 9 filed years; profitable in 4 of 9. 51st percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 2.4 out of ten. Share count grew 3.9% a year. 0% of cash flow returned. Insiders: 32 sales, 0 purchases. 24th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 5.8 out of ten. ROE -1%: lost 1¢ per shareholder dollar. Leverage 19%: owes 19¢ per asset dollar. 58th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 3.8 out of ten. bottom 38% of 97 in its family; net margin -1.1%. 38th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 4.3 out of ten. bottom 43% of 66 in its family for leadership; chief executive since 2022. 43rd percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 6.9 out of ten. top 31% of 94 in its family for room to expand. 69th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 6.0 out of ten. top 40% of 93 in its family for growth drivers. 60th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 3.2 out of ten. bottom 32% of 88 in its family for expectations against reality. 32nd percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-03-04 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-05 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-05 (on EDGAR). Newest filing: Form 4, 2026-10-05. Filings on record since 2008. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-03-04.

The people

Sanjeev Aggarwal has been president, chief executive and a director since March 2022, and he has worked at Everspin since the company was spun out. He was chief technology officer from January 2021, a job he took while staying vice president of operations and technology research and development, which he had held since October 2017; before that he was vice president of manufacturing and process development from March 2010 to September 2017, and director of manufacturing and process technology from June 2008 to February 2010. He came from Freescale Semiconductor, where from September 2006 to May 2008 he was a senior member of the technical staff leading integration work on field switched MRAM, and before that he was on the group technical staff at Texas Instruments from July 2000 to August 2006. [1, 2, 3]

The other two executive officers are both recent. William Cooper became chief financial officer on January 6, 2025; he is a certified public accountant who came from Advanced Micro Devices, where he held executive finance jobs from March 2017 to December 2024 and, earlier, from December 2004 to January 2015, work that included supporting the spin-off of that company's manufacturing plants to Global Foundries. Sean Dougherty joined on August 4, 2025 as vice president of sales, responsible for product sales, foundry services and partnerships; he came from Intel, which he had joined through its purchase of Altera in 2015, and had been chief revenue officer of the Altera division. [4, 5, 6, 7, 8]

The board has seven members: Darin G. Billerbeck, Geoffrey Ribar, Lawrence G. Finch, Sanjeev Aggarwal, Tara Long, Glen Hawk and Douglas Mitchell. Finch has been a director since June 2008 and is a managing director at the venture capital firm Sigma Partners, which he joined in 1987. Billerbeck joined the board in August 2018 and was its chairman from March 2019 until March 2026, was executive chairman from December 2020 until November 2022, and was interim chief executive from January 2021 until March 2022. Ribar joined in December 2018; Long and Hawk in March 2022, with Long lead independent director since April 2026; and Mitchell in February 2024, after running RAM products at Infineon Technologies from 2020 to 2023 and, long before that, sales and marketing at Everspin itself from 2009 to 2010. The insider record counts 34 people who have filed as officers or directors, 11 of them in the last fifteen months. [9, 10, 11, 12, 13, 14, 15, 16]

This is a small company by headcount. At the end of 2025 it had 85 employees, all in the United States and all full time, none represented by a labor union or covered by a collective bargaining agreement. It leases its Chandler, Arizona headquarters and, separately, the fabrication, laboratory and office space for its manufacturing there, plus a design facility in Austin, Texas. Direct sales representatives sit in North America, Germany, Italy, Japan, Hong Kong and Taiwan. [17, 18, 19, 20]

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. [21, 22, 23, 24, 25, 26, 27, 28]

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. [29, 30, 31, 32, 33, 34]

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. [35, 36, 37, 38, 39]

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. [40, 41, 42, 43]

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. [44, 45, 46, 47, 48, 49, 50]

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. [51, 52, 53]

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. [54, 55, 56, 57, 58]

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. [59, 60, 61, 62]

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. [63, 64, 65, 66, 67]

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. [40, 68, 69, 70]

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. [40, 71, 72, 73]

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. [40, 74, 75, 76]

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. [40, 50, 77]

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. [78, 79, 80, 81, 82, 83]

What the desk infers (inferred, not filed)

• 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%. [31, 85] 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. [85, 30] Confidence 78 of 100. Wrong 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.
• 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. [41, 42] 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. [31, 34] 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. [30, 84] Confidence 62 of 100. Wrong 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.
• 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. [36, 38] 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. [39, 86] 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. [46, 50] 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 100. Wrong 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.
• 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. [44, 45] 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. [71, 72] 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. [63, 64] 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 100. Wrong 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.

Sources

1. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “Sanjeev Aggarwal, Ph.D. has served as a member of our Board of Directors and as President and Chief Executive Officer of Everspin since March 2022. Prior to that, he had served as our Chief Technology Officer since January 2021 where he continued to serve as our Vice President, Operations & Technology R&D, a position he had held since October 2017.”
2. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “He served as our Vice President, Manufacturing and Process Development from March 2010 to September 2017”
3. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “From June 2008 to February 2010, Dr. Aggarwal served as our Director, Manufacturing and Process Technology. From September 2006 to May 2008, Dr. Aggarwal was senior member of the technical staff at Freescale Semiconductor, Inc. and led the integration efforts for Field Switched MRAM development. From July 2000 to August 2006, Dr. Aggarwal was a member of Group Technical Staff at Texas Instruments.”
4. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “William Cooper was employed as our Chief Financial Officer on January 6, 2025. Mr. Cooper is a certified public accountant and joins the Company from Advanced Micro Devices, Inc. (“AMD”) where he held various executive finance positions from March 2017 to December 2024.”
5. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “From December 2004 to January 2015, Mr. Cooper held various executive and managerial finance positions with AMD including leading Financial Planning and Analysis, Operations Finance directly supporting the spin-off of AMD’s manufacturing facilities to Global Foundries”
6. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “Sean Dougherty joined Everspin on August 4, 2025, to drive all revenue generating activities related to product sales, foundry services, and partnerships.”
7. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “Prior to joining Everspin Sean held various leadership positions at Intel where he joined via the acquisition of Altera in 2015.”
8. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “As Altera was positioned to spin out of Intel, Sean as the Chief Revenue Officer led the global Sales, FAE, Business Management organizations, and was responsible for all revenue generating functions of the Altera division inside of Intel.”
9. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “Our Board of Directors currently consists of seven directors: Darin G. Billerbeck, Geoffrey Ribar, Lawrence G. Finch, Sanjeev Aggarwal, Ph.D., Tara Long, Glen Hawk and Douglas Mitchell.”
10. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “Lawrence G. Finch has served as a member of our Board of Directors since June 2008. Mr. Finch has served as managing director at Sigma Partners, a venture capital firm, since joining the firm in 1987.”
11. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “Darin G. Billerbeck has served as a member of our Board of Directors since August 2018 and served as Chairman of the Board from March 2019 until March 2026, including as Executive Chairman of the Board from December 2020 until November 2022. From January 2021 until March 2022, Mr. Billerbeck also served as our Interim Chief Executive Officer.”
12. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “Geoffrey Ribar has served as a member of our Board of Directors since December 2018.”
13. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “Tara Long has served as a member of our Board of Directors since March 2022 and has served as our Lead Independent Director since April 2026.”
14. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “Glen Hawk has served as a member of our Board of Directors since March 2022.”
15. Everspin Technologies, Inc., Form DEF 14A filed 2026-04-07: “Douglas Mitchell was appointed to our Board of Directors in February 2024. Mr. Mitchell was Vice President of RAM products at Infineon Technologies LLC from 2020 to 2023 and served as a Member of the Professional Staff from 2016 to 2020. Prior to Infineon, Mr. Mitchell worked with Microelectronics Research Development Corporation and the US Air Force Research Labs developing memory products for space applications from 2011 to 2016. From 2009 to 2010, he was Vice President of Sales & Marketing at Everspin where he led business development for Everspin’”
16. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
17. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “As of December 31, 2025, we had 85 total employees in the United States, of which all were full-time employees. None of our employees are either represented by a labor union or subject to a collective bargaining agreement.”
18. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We lease office space for our corporate headquarters located in Chandler, Arizona and for our design facility located in Austin, Texas. We also lease fabrication, lab, and office space for our manufacturing operations in Chandler, Arizona.”
19. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Our direct sales representatives are located in North America, Germany, Italy, Japan, Hong Kong, and Taiwan.”
20. The record on this page: the filing record (the EDGAR submissions feed)
21. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We are a pioneer in the successful commercialization of Magnetoresistive Random Access Memory (MRAM) technology.”
22. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “With over 20 years of MRAM technology and manufacturing leadership, our memory solutions deliver significant value to our customers in key markets such as industrial, medical, automotive/transportation, aerospace and defense, and data center.”
23. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We are the leading supplier of discrete MRAM components and a successful licensor of our broad portfolio of related technology and intellectual property.”
24. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Our Toggle MRAM products have been in production since 2008 and are currently shipping in 128kb to 32Mb densities.”
25. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Our STT-MRAM products targeting DRAM replacement started production in 2017 and are currently shipping in 1Gb density.”
26. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “In 2022, we started production of 4Mb to 128Mb STT-MRAM products on 28nm CMOS node.”
27. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We introduced the first STT-MRAM product addressing this segment of the market in 2022 and are currently shipping in 16Mb to 256Mb densities with standardized SPI, xSPI, QSPI, and Octal SPI (OSPI) interfaces.”
28. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Our 3D Tunnel Magneto Resistance (TMR) sensors provide extremely high magnetic sensitivity in a single component that performs 3D magnetic field measurements in a monolithic solution.”
29. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We sell our products through a direct sales channel and a network of representatives and distributors. The majority of our customers, and their associated contract manufacturers, buy our products through our distributors.”
30. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We generated 75% and 79% of our revenue from products sold through distributors for the years ended December 31, 2025 and 2024, respectively.”
31. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “During the year ended December 31, 2025, more than 1,405 end customers purchased our products. Our two largest end customers together accounted for 33% of our total revenue for the year ended December 31, 2025 and one of these customers accounted for more than 10% of our revenue during that period.”
32. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “This process can take from three to 18 months to complete, and a successful sales cycle culminates in a design win.”
33. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “New design wins in each successive quarter of 2025 were 44, 53, 55, and 85, respectively, compared to 31, 44, 50, and 53 in each successive quarter of 2024, respectively.”
34. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Our two largest end customers together accounted for 37% of our total revenue for the year ended December 31, 2024 and one of these customers accounted for more than 10% of our total revenue during that period.”
35. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We purchase industry-standard complementary metal-oxide semiconductor (CMOS) wafers from semiconductor foundries and perform back end of line (BEOL) processing that includes our magnetic-bit technology at our leased 200mm fabrication facility in Chandler, Arizona.”
36. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Our STT-MRAM products are produced in 300mm fabrication facilities operated by GLOBALFOUNDRIES.”
37. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We utilize third-party industry-leading assembly and test sub-contractors, including Amkor, OSE, GTC, ChipMos and Sigurd UTC.”
38. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We use a single foundry, GLOBALFOUNDRIES Singapore Pte. Ltd., for production of higher density products on advanced technology nodes. Our primary product package and test operations are located in China, Taiwan and other Asian countries.”
39. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We do not currently source these wafers from anyone other than GLOBALFOUNDRIES, which has the ability to discontinue its manufacture of any of our wafers upon due notice and completion of the notice period.”
40. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
41. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We recognize revenue by geography based on the region in which our products are sold, and not to where the end products in which they are assembled are shipped.”
42. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Revenue from customers is designated based on the geographic region or country to which the product is delivered or the licensee is located.”
43. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “APAC $ 34,527 $ 28,688 North America 10,890 10,710 EMEA 9,785 11,004”
44. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “In our Chandler facility, we perform BEOL manufacturing services for customers who want to add MRAM and TMR sensor functionality to their base CMOS wafers.”
45. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “These services allow aerospace and satellite electronic system manufacturers to integrate our EAR99 technology that is able to withstand exposure to the levels of radiation encountered in avionics and space applications by virtue of such technology being magnetic rather than electrical charge based which would be susceptible to alpha particles.”
46. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We have licensed GLOBALFOUNDRIES to offer embedded MRAM in the solutions they manufacture for their customers providing high-performance non-volatile embedded memory.”
47. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We have licensed base MRAM design technology (EAR99) for use in radiation tolerant aerospace applications to customers for their custom designs.”
48. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We have licensed TMR sensor IP in 3D magnetic field sensing.”
49. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We have completed patent sales by transferring, assigning, and delivering patents to customers.”
50. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “If GLOBALFOUNDRIES manufactures, sells, or transfers wafers containing production qualified MRAM devices that utilize certain Everspin design information to its customers, GLOBALFOUNDRIES will pay royalties to us for each such wafer transferred or sold to a customer.”
51. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “As of December 31, 2025, we held 596 issued patents that expire at various times over approximately the next 18 years and had 141 patent applications pending.”
52. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Included in our issued patents and pending applications are patents/applications in the United States, China, Europe, France, Germany, Ireland, Italy, Japan, the Netherlands, the Republic of Korea, Singapore, Taiwan, and the United Kingdom.”
53. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We seek to enforce our IP and to monetize our patent portfolio through licensing of third parties and patent sales in return for cash remuneration, patent cross licenses or both.”
54. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We were incorporated in Delaware in May 2008. In June 2008, Freescale Semiconductor, Inc. (now a wholly-owned subsidiary of NXP Semiconductors N.V.), spun-out its MRAM business as Everspin.”
55. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Since October 17, 2014, we have participated in a joint development agreement with GLOBALFOUNDRIES, a semiconductor foundry, for the joint development of STT-MRAM technology to produce a family of discrete and embedded MRAM technologies.”
56. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “The agreement was extended on December 31, 2019 to include a new phase of support for 12nm MRAM development.”
57. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “On October 23, 2014, we entered into a manufacturing agreement with GLOBALFOUNDRIES Singapore Pte. Ltd. that sets forth the specific terms and conditions for the production and supply of wafers manufactured using our STT-MRAM technology developed under the joint development agreement with GLOBALFOUNDRIES.”
58. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Our manufacturing agreement with GLOBALFOUNDRIES includes a customary forecast and ordering mechanism for the supply of certain of our wafers, and we are obligated to order and pay for, and GLOBALFOUNDRIES is obligated to supply, wafers consistent with the binding portion of our forecast.”
59. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Our principal competitors to our Toggle MRAM products include companies that offer nonvolatile SRAM (NVSRAM), SRAM, and FRAM products, such as Infineon, Fujitsu, Integrated Silicon Solution (ISSI), Macronix, Microchip, Micron, Renesas, Samsung and Toshiba.”
60. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Our STT-MRAM products replace discrete NOR, DRAM and NVSRAM where persistence is required and thus compete with DRAM and NVSRAM suppliers such as Hynix, Micron, Winbond, Samsung, and several other smaller companies. In the future we may also face competition from companies developing MRAM technologies, such as Avalanche, Samsung and other larger and smaller semiconductor companies. We may also face indirect competition from resistive random-access memory (RRAM), NOR and NAND Flash manufacturers in some market applications.”
61. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “customer adoption of MRAM technology despite the price per bit premium of our products versus competing technologies”
62. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Our competitors that are significantly larger and have greater financial, technical, marketing, distribution, customer support and other resources or more established market recognition than us, may be better positioned to accept lower prices and withstand adverse economic or market conditions.”
63. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “On August 14, 2024, the Company received a strategic award to develop a long-term plan to provide manufacturing services for aerospace and defense segments (the Award). Under the Award, the Company will provide a plan to mitigate risks to its MRAM manufacturing supply chain.”
64. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “The Award allows for milestones totaling up to approximately $14.6 million for the Company over a span of 2.5 years.”
65. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “The Company recorded $4.5 million and $6.1 million of other income related to this Award in the year ended December 31, 2025 and 2024, respectively.”
66. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “The Award is not in the ordinary course of the Company’s business and hence not a contract with a customer.”
67. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “The contract obligations liability was $1.5 million and $2.0 million as of December 31, 2025 and 2024, respectively.”
68. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Total revenue increased by $4.8 million, or 9.5%, from $50.4 million during the year ended December 31, 2024, to $55.2 million during the year ended December 31, 2025. The increase was due to an increase in product sales revenue of $6.1 million, and partially offset by a decrease in licensing, royalty, patent, engineering services and other revenue of $1.3 million.”
69. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Gross margin decreased from 51.8% during the year ended December 31, 2024, to 51.2% during the year ended December 31, 2025. Gross margin slightly decreased as a result of the different revenue mix.”
70. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Cost of product sales relate primarily to costs of our Toggle and STT products and have increased consistently and proportionately with the increase in revenues.”
71. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “In March 2025, the Company renewed a contractual arrangement with a customer for the development of a strategic radiation hardened (“RAD-Hard”) field programmable gate array product. The total consideration in the arrangement is $1.2 million.”
72. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “As of December 31, 2025, the Company has billed $0.7 million for the performance under the agreement and has recognized $0.7 million in revenue for the year ended December 31, 2025.”
73. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “As a result, the Company is recognizing revenue related to the performance obligations over the duration of the contract using the input method based on costs incurred to date relative to the total expected costs of the contract over the contract period.”
74. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Licensing, royalty, patent, engineering services and other revenue is a highly variable revenue item characterized by a small number of transactions annually with revenue based on size and terms of each transaction.”
75. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “The decrease was primarily due to the conclusion of a contractual arrangement with a customer for the development of reliability models for strategic radiation hardened toggle MRAM.”
76. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Licensing, royalty, patent, engineering services and other revenue decreased by $1.3 million, from $8.2 million during the year ended December 31, 2024, to $6.9 million during the year ended December 31, 2025.”
77. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We estimate royalty revenue earned throughout the year, with an annual adjustment recognized for actual sales in the first quarter of each fiscal year.”
78. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “We are developing new technology and products, which we expect to be one of the drivers of our revenue growth in the future.”
79. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “For example, as smaller line width geometry manufacturing processes become more prevalent, we intend to move our future products to increasingly smaller geometries to integrate greater levels of memory capacity and/or functionality into our products.”
80. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “STT-MRAM is uniquely positioned to deliver even higher density (> 256Mb to 2Gb) monolithic parts for NOR replacement.”
81. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Research and development expenses relate primarily to the development and enhancement of our new Extended Serial Peripheral Interface (xSPI) family of STT-MRAM products”
82. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “During the year ended December 31, 2025, cash used in investing activities was $8.7 million, which consisted of capital expenditures primarily for the purchase of manufacturing equipment and purchased software.”
83. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “During the year ended December 31, 2024, cash used in investing activities was $3.1 million, which consisted of capital expenditures primarily for the purchase of manufacturing equipment and purchased software.”
84. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “For the purposes of this disclosure, the Company defines “customer” as the entity that is purchasing the products or licenses directly from the Company, which includes the distributors of the Company’s products in addition to end customers that the Company sells to directly.”
85. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “Customer A 25 % * 57 % * Customer B * 27 % * 61”
86. Everspin Technologies, Inc., Form 10-K filed 2026-03-04: “This would cause us to have to find another foundry to manufacture those wafers or redesign our core technology and would mean that we may not have products to sell until such time. Any time spent engaging a new manufacturer or redesigning our core technology could be costly and time-consuming and allow potential competitors to take opportunities in the marketplace.”

Where the revenue comes from

Product and service lines in fiscal 2025: Product 88%, Product and Service Other 9%, License 2%, Royalty 1%. By geography: Singapore 24%, All other 22%, United States 18%, Hong Kong 12%, Germany 11%, Japan 11%. As tagged in its annual report (Form 10-K, filed 2026-03-04).

Who runs it

Aggarwal, Sanjeev (President and CEO); Billerbeck, Darin G (Executive Chairman); Dougherty, Sean Michael (Vice President, Sales); Cooper, William Earl (Chief Financial Officer); Choudhary, Vikas (director); Finch, Lawrence G (director); Hawk, Glen (director); Long, Tara (director); Mitchell, Douglas M (director); Ribar, Geoffrey G (director). 10 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-05.

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