Everspin Tech (NASDAQ:MRAM) outlined plans to expand its MRAM memory product portfolio, manufacturing footprint and revenue base during an Oppenheimer presentation, with management targeting more than $100 million in annual revenue by fiscal 2029.
President and CEO Sanjeev Aggarwal said Everspin develops semiconductor memory products using magnetic materials. The company’s MRAM products are nonvolatile, meaning they retain data when power is removed, and are designed for mission-critical uses including data centers, industrial automation, Internet of Things applications, automotive systems and radiation-hardened environments.
Product Expansion and Market Opportunity
Chief Financial Officer Bill Cooper said Everspin’s existing PERSYST product family, which includes Toggle MRAM and spin-transfer torque MRAM products, remains the foundation of the company’s business. The company is also preparing to introduce a new UNISYST product family aimed at the NOR flash market.
The first UNISYST product, a 256-megabit part, is expected to tape out by the end of 2026, with production anticipated to begin in mid-2027. Cooper said the product could begin generating revenue late in 2027, with more meaningful volume expected in 2028 and 2029.
According to Cooper, the new product is intended to address a NOR flash market estimated at roughly $3 billion to $4 billion. Management said MRAM offers faster performance and stronger data-retention properties than NOR flash. Initial UNISYST applications are expected to focus on aerospace and data-center markets, with the company planning to scale the product to 1-gigabit and 2-gigabit densities over time.
Aggarwal said the design cycle in industrial automation typically ranges from 12 to 18 months, which is why the company does not expect substantial UNISYST revenue immediately after engineering samples become available. He said PERSYST products and licensing revenue are expected to account for most of the company’s path to its 2029 revenue target, while UNISYST could become a larger contributor in 2030 and 2031.
Revenue Growth and Financial Targets
Cooper said Everspin had operated in a revenue range of approximately $50 million to $55 million for the prior two years, but expects revenue to exceed $100 million by fiscal 2029. The company reported record quarterly revenue of $18.7 million in the second quarter of 2026 and guided for third-quarter revenue of $19.5 million to $20.5 million.
Product revenue increased 38% from the second quarter of 2025 to the second quarter of 2026, Cooper said. He attributed growth to demand across enterprise, industrial, casino gaming and aerospace-related markets, while noting that the company’s third-quarter revenue growth is expected to be driven primarily by product revenue.
Management expects products to account for approximately 85% to 90% of revenue over time, while licensing, royalties and engineering services are expected to represent about 10% to 15%.
Cooper said Everspin generated GAAP gross margin of 53.9% in the second quarter of 2026 and continues to target gross margin above 50%. He said an operating margin of roughly 10% is a reasonable expectation as the company grows, though product-development investments could affect profitability in some periods.
The company had $43.9 million in cash at the end of the second quarter of 2026 and no debt, according to Cooper.
Government Contract and Manufacturing Investments
Everspin also discussed a $40 million subcontract agreement signed in April 2026 with a prime contractor to the U.S. government. Under the agreement, Everspin will provide engineering services and transfer knowledge related to its Toggle MRAM process. Cooper said revenue will be recognized over the next couple of years and is expected to be margin-accretive.
Management characterized the expected recognition pattern as more of a bell curve than a linear schedule, with 2027 expected to be the largest revenue year under the contract. Aggarwal said the related ITC process is scheduled for a hearing in late November or early December, with a decision expected in July or August 2027.
On manufacturing, Everspin recently signed a foundry services agreement with Microchip Technology to duplicate its existing NXP-based fabrication capability at Microchip’s Gresham, Oregon facility. Cooper said the project involves approximately $14.5 million of spending, with about one-third classified as non-recurring engineering expense and two-thirds as capital expenditures. He estimated Microchip-related spending could run near $5 million annually for the next couple of years.
Aggarwal said initial processing at the Microchip site could be completed in approximately nine to 12 months, with first qualified silicon expected in roughly 18 to 24 months. The company expects to begin bringing up its 8-inch spin-transfer torque MRAM process at Microchip during the second or third quarter of 2027.
Everspin also expects Taiwan Semiconductor Manufacturing Co. to become a foundry partner for spin-transfer torque MRAM by the end of 2026. Aggarwal said the company’s relationships with Microchip, GlobalFoundries and TSMC are intended to provide greater manufacturing resiliency across its Toggle and STT MRAM offerings.
Litigation Update
Aggarwal addressed litigation initiated by Avalanche Technology in January 2026, in which Avalanche alleged Everspin infringed four patents involving magnetic materials used in its products. Aggarwal said Everspin believes it has strong defenses, including prior art and arguments that certain claims do not apply to its products.
He also said the company has raised questions regarding whether appropriate patent fees were paid, which could affect enforceability. Management said it expects litigation costs to decline after the scheduled late-2026 hearing, while the ITC matter is expected to conclude in mid-2027 unless the parties reach a resolution beforehand.
About Everspin Tech (NASDAQ:MRAM)
Everspin Technologies, Inc (NASDAQ: MRAM) is a semiconductor company specializing in the design, development and marketing of magnetoresistive random access memory (MRAM) solutions. Established in 2008 as a spin-out from Freescale Semiconductor, the company pioneered commercial MRAM products and continues to advance the technology through successive generations, including Toggle MRAM and spin-transfer torque (STT) MRAM. Everspin’s non-volatile memory devices offer a unique combination of performance, endurance and data retention for a variety of applications.
The company’s product portfolio includes discrete MRAM chips, embedded MRAM IP for integration into system-on-chip (SoC) designs and companion devices that leverage MRAM’s fast write speeds and low power consumption.
