Everspin Technologies Inc. (NASDAQ: MRAM)

Everspin Technologies Inc. pioneers the commercialization of Magnetoresistive Random Access Memory (MRAM) technology, offering a portfolio that includes Toggle MRAM, Tunnel Magneto Resistance (TMR) Sensors, and Spin-transfer Torque MRAM (STT-MRAM). The company delivers non-volatile memory solutions that protect mission-critical data against power loss, catering to key markets such as industrial, medical, automotive/transportation, aerospace and defense, and data center. Everspin is a leading supplier of discrete MRAM components and a successful licensor of related technology and intellectual property.

Everspin generates revenue through the sale of its MRAM products and licensing its technology. The company's primary products include Toggle MRAM, STT-MRAM, and TMR Sensors, which are sold directly and through established distribution channels to industry-leading original equipment manufacturers (OEMs) and original design manufacturers (ODMs). Everspin's manufacturing process involves purchasing industry-standard complementary metal-oxide semiconductor (CMOS) wafers from semiconductor foundries and performing back end of line (BEOL) processing at its leased 200mm fabrication facility in Chandler, Arizona. Additionally, the company manufactures full-flow 300mm CMOS wafers with its STT-MRAM magnetic-bit technology integrated in BEOL as part of a strategic relationship with GLOBALFOUNDRIES Inc.

• Toggle MRAM: Everspin's Toggle MRAM products have been in production since 2008 and are currently shipping in 128kb to 32Mb densities. These high-performance, non-volatile memories are designed for applications in the industrial, medical, automotive/transportation, and data center markets. The products offer industry-standard interfaces, including Parallel, Serial Peripheral Interface (SPI), and Quad SPI (QSPI), enabling customers to replace legacy memory components with Toggle MRAM.

• Spin-Transfer Torque MRAM: STT-MRAM technology from Everspin can be tuned for Dynamic Random Access Memory (DRAM), SRAM, and NOR Flash applications. The company's STT-MRAM products targeting DRAM replacement started production in 2017 and are currently shipping in 1Gb density. These high-density, high-performance persistent memories are valuable for SSD, Persistent Memory Cards, Fabric Accelerator, and other data center applications. Everspin offers these products with DDR3 and DDR4 derivative interfaces, facilitating the replacement of battery-backed DRAM with STT-MRAM.

• TMR Sensors: Everspin's 3D Tunnel Magneto Resistance (TMR) sensors provide high magnetic sensitivity in a single component that performs 3D magnetic field measurements. These die-level devices are integrated into consumer electronic applications that utilize a high-sensitivity 3D compass function.

Everspin Technologies Inc. holds a significant position in the MRAM technology market, facing competition from various memory technology manufacturers. Key competitors include Infineon, Fujitsu, Integrated Silicon Solution (ISSI), Macronix, Microchip, Micron, Renesas, Samsung, and Toshiba for Toggle MRAM products. STT-MRAM products compete with DRAM and NVSRAM suppliers such as Hynix, Micron, Winbond, Samsung, and other smaller companies. Future competition may also arise from companies developing MRAM technologies like Avalanche and Samsung. Everspin's competitive advantages include the attributes and specifications of its products, customer adoption of MRAM technology, successful controller supplier and customer engagements, high quality and reliability, ease of implementation, preferred supplier status at numerous customers and ODMs, manufacturing expertise and strength, product manufacturing yield analysis and testing, manufacturing capacity and allocation, reputation and strength of customer relationships, competitive pricing, and success in meeting future customer requirements through continued development of new products.

Everspin's customer base includes more than 1,405 end customers who purchased its products. The two largest end customers together accounted for 33% of the company's total revenue for the year ended December 31, 2025, with one of these customers accounting for more than 10% of the revenue during that period. The two largest end customers together accounted for 37% of the company's total revenue for the year ended December 31, 2024, with one of these customers accounting for more than 10% of the total revenue during that period.