Everspin Technologies Inc. (NASDAQ: MRAM)

Everspin Technologies Inc. is a pioneer in the commercialization of Magnetoresistive Random Access Memory (MRAM) technology. The company develops and sells memory products such as Toggle MRAM, spin transfer torque MRAM and tunnel magneto resistance sensors. Its solutions provide non volatile memory with high performance persistence and reliability for use in industrial medical automotive aerospace defense and data center applications. Everspin also generates revenue through licensing of its intellectual property and providing foundry services that integrate its magnetic bit technology into customer wafers.

Revenue is derived from the sale of discrete MRAM components including Toggle MRAM and STT MRAM devices as well as TMR sensor products. The company also earns licensing fees and royalties from partners that use its MRAM and sensor technology in their own products. Additionally Everspin provides back end of line manufacturing services for customers who want to add MRAM functionality to their base CMOS wafers.

Everspin holds a leading position as the primary supplier of discrete MRAM components and a notable licensor of MRAM related intellectual property. Its main competitors for Toggle MRAM include firms offering non volatile SRAM SRAM and FRAM such as Infineon Fujitsu Integrated Silicon Solution Macronix Microchip Micron Renesas Samsung and Toshiba. For STT MRAM the company competes with DRAM and non volatile SRAM suppliers like Hynix Micron Winbond Samsung and other smaller players. Potential future competition may arise from companies developing MRAM technologies such as Avalanche and Samsung as well as from resistive random access memory and NAND NOR flash providers in certain applications. Everspin's competitive advantages stem from its product performance characteristics customer adoption despite a price per bit premium strong relationships with controller suppliers high quality and reliability ease of implementation preferred supplier status at many OEMs and ODMs manufacturing expertise yield analysis capacity allocation and its reputation for meeting future customer needs through ongoing product development.

The company serves original equipment manufacturers and original design manufacturers across sectors such as industrial medical automotive transportation aerospace defense and data center. Specific customers named in the filing include Phison Electronics Sage Micro Xilinx Cadence and Northwest Logic. In 2025 Everspin had more than 1405 end customers with its two largest accounting for approximately one third of total revenue and one of those representing over ten percent of sales.