Everspin Technologies Inc. (NASDAQ: MRAM)

Everspin Technologies Inc., a prominent name in the semiconductor industry, is publicly recognized by its stock symbol 'MRAM'. The company has been a trailblazer in the commercialization of Magnetoresistive Random Access Memory (MRAM) technology, a type of non-volatile memory, and is a leading supplier of discrete MRAM components. It has also established itself as a successful licensor of a broad portfolio of related technology intellectual property. Headquartered in Chandler, Arizona, Everspin's MRAM solutions are integral to various industries including industrial, medical, automotive/transportation, aerospace, and data center sectors.

Since its inception, Everspin has been generating revenue through the sale of its MRAM products. These include Toggle MRAM and Spin-Transfer Torque MRAM (STT-MRAM) products. The former, which has been in production since 2008, is currently available in densities ranging from 128kb to 32Mb. Designed for high-performance and non-volatility, Toggle MRAM targets applications in the industrial, medical, automotive/transportation, and data center markets. On the other hand, STT-MRAM products aim at DRAM replacement and are currently available in 256Mb and 1Gb densities.

Everspin's primary offerings are its Toggle MRAM and STT-MRAM products, which find use in a variety of applications such as industrial control systems, medical devices, automotive systems, aerospace systems, and data center storage systems. The company's customer base comprises industry-leading original equipment manufacturers (OEMs) and original design manufacturers (ODMs), along with contract manufacturers and distributors.

Everspin's competitive edge within the industry stems from its broad portfolio of MRAM technologies and a strong track record of innovation. The company competes with the likes of Infineon, Fujitsu, Integrated Silicon Solution (ISSI), Macronix, Microchip, Micron, Renesas, Samsung, and Toshiba, all of which offer non-volatile SRAM (NVSRAM), SRAM, and FRAM products. Everspin's ability to thrive in the market is attributed to various factors, including 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, 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.

Everspin's customers span across diverse industries, including industrial control system manufacturers, medical device manufacturers, automotive system manufacturers, aerospace system manufacturers, and data center storage system manufacturers. The company's largest customers include two entities that together accounted for 22% of its total revenue for the year ended December 31, 2023.

The company's manufacturing process is intricate, involving wafer fabrication, assembly, and testing. Everspin relies on third-party suppliers for most phases of the manufacturing process, including initial fabrication, final test, and assembly. The company's wafer fabrication facility in Chandler, Arizona, is ISO-4 clean room certified. Everspin's assembly and test engineering teams develop and implement wafer-level and final test programs for the manufacture of its MRAM devices.

Everspin's intellectual property portfolio is robust, comprising 529 issued patents and 136 pending patent applications. The company seeks to enforce its IP and monetize its patent portfolio through licensing of third parties and patent sales in return for cash remuneration, patent cross licenses, or both. With its strong track record of innovation, broad portfolio of MRAM technologies, and manufacturing capabilities, Everspin Technologies Inc. is poised for continued growth and success in the market.