Chandler, Arizona—April 30, 2026, 08:02 (MST)
• Everspin Technologies has landed a $40 million deal to deliver its Toggle MRAM process technology and related engineering work for U.S. defense industry clients.
• The stock, listed on the Nasdaq, was recently at $18.17, up roughly 38%, after hitting an intraday peak of $19.63.
• The new contract comes on the heels of first-quarter revenue of $14.9 million, up from $13.1 million a year ago. The company’s outlook for the second quarter does not factor in any contribution from this subcontract.
Everspin Technologies Inc. shares surged Thursday, with the stock moving sharply higher after word of a $40 million deal tied to military and aerospace MRAM. The chipmaker said the agreement involves Toggle MRAM process technology and engineering services for customers in the U.S. Defense Industrial Base.
Timing’s key here. For Everspin, the contract is big—last year, the company’s total revenue came in at $55.2 million for 2025—and it arrives as Everspin pushes to boost U.S. manufacturing beyond just the Chandler, Arizona facility.
MRAM—magnetoresistive random-access memory—retains information even after losing power, but still delivers the speed and durability expected from random-access memory. The tech finds a niche in industrial, aerospace, and data center systems, plus anything else where losing data isn’t an option, particularly under tough conditions.
Everspin signed on as a subcontractor with Amentum Services Inc. back on April 24, according to a regulatory filing, joining a U.S. government project for microelectronics R&D, testing, and evaluation at the Naval Surface Warfare Center, Crane Division. The deal covers two phases and runs from April 20, 2026, to Nov. 21, 2028, with milestone payments spelled out in the agreement.
“This work builds on Everspin’s long history,” Chief Executive Sanjeev Aggarwal said, pointing to the company’s background in military and aerospace tech. Everspin pegged the agreement’s value at $40 million across two and a half years, aimed at backing on-shore Toggle MRAM capabilities. Everspin Technologies Inc.
Everspin landed the contract just as it reported a stronger first quarter. Revenue climbed to $14.9 million from $13.1 million, with MRAM product sales jumping to $14.1 million after last year’s $11.0 million. Gross margin ticked up to 52.7%. The GAAP net loss narrowed, coming in at $0.3 million, or 1 cent per share.
Chief Financial Officer Bill Cooper told analysts the contract has the potential for a “significant impact on the financials” and could be “beneficial to margin.” The company, though, hasn’t detailed how revenue from it will flow in yet. The Motley Fool
Everspin is looking at second-quarter revenue between $15.5 million and $16.5 million, with a projected GAAP loss per share in the 7-to-12-cent range. The company specified that this outlook doesn’t factor in potential upside from its new subcontract—details on that front will have to wait until the contract gets going.
The defense contract is adding momentum to Everspin’s April 8 manufacturing pact with Microchip Technology. Under the 10-year agreement, Everspin is set to launch an MRAM line inside Microchip’s Oregon fab, retaining full control of its IP and process. Shipments from the new line aren’t slated to begin until the back half of 2027.
The field is crowded. Everspin, in its annual report, flagged stiff competition: its Toggle MRAM lines go head-to-head with nonvolatile SRAM, SRAM, and FRAM products from names like Microchip, Micron, and Samsung. STT-MRAM faces pressure too, up against DRAM vendors and other memory makers. Bigger players in the space have deeper pockets—enough to slash prices or weather a slump.
Execution risk is still in play. According to the filing, the subcontract hinges on hitting certain milestones, and Amentum can only pull the plug for convenience if NSWC Crane scraps the prime contract first. So for Everspin, this is a solid order on paper—but don’t expect a predictable revenue flow.
