CHANDLER, Arizona—May 3, 2026, 08:02 MST
Everspin Technologies shot higher in the latest U.S. session. The Chandler, Arizona memory-chip company notched stronger first-quarter product sales and announced a $40 million MRAM deal tied to defense—a contract that could boost revenue over the coming 30 months. Shares changed hands at $21.49, a gain of $3.19 from the previous close, with volume reaching roughly 4.7 million shares. Market cap sat near $497 million.
The timing is key: U.S. defense clients want more homegrown sources for specialized memory chips, and this contract arrives as that demand heats up. Everspin said it will provide Toggle MRAM process technology and engineering services to customers in the U.S. Defense Industrial Base. MRAM—short for magnetoresistive random access memory—stores data magnetically, so information sticks around even if the power cuts out.
A recent filing reveals Amentum Services Inc. inked the subcontract as part of a U.S. government microelectronics research and manufacturing initiative. The agreement covers the period from April 20, 2026, through Nov. 21, 2028, and lays out milestone payments tied to two phases. Total value: $40 million.
Chief Executive Sanjeev Aggarwal said this latest effort extends Everspin’s track record in military and aerospace, areas where “performance, reliability, longevity and U.S. domestic production are critical.” According to the company, the project is set to underpin future manufacturing connected to its recently unveiled U.S. foundry deal with Microchip Technology. Everspin Technologies Inc.
Everspin logged first-quarter revenue at $14.9 million, up from $13.1 million a year ago. MRAM product sales reached $14.1 million, compared with $11.0 million in the same period last year. The company recorded a GAAP net loss of $0.3 million, or 1 cent per share, but on a non-GAAP basis, net income came in at $2.6 million, or 11 cents a share.
Aggarwal pointed to strong industrial automation, transportation, and data-center demand driving first-quarter results, adding that Everspin has “started to see a recovery” in Japan as customers work through their inventories. Chief Financial Officer Bill Cooper credited solid product revenue for pushing results toward the high end of guidance. Everspin Technologies Inc.
Everspin is guiding for second-quarter revenue between $15.5 million and $16.5 million, with a projected GAAP net loss landing in the 7-cent to 12-cent per share range. The company’s forecast does not include effects from its new subcontract, so questions around exactly when that deal will hit the books—and how much revenue it might add—remain.
During the earnings call, Cooper told analysts the contract’s “ink is just drying,” adding that management would provide clearer guidance after handling the kickoff and accounting details. He expects the deal to help margins, but stopped short of providing a revenue timeline. The Motley Fool
Everspin is moving to boost its manufacturing game. According to an April 8 filing, Microchip signed a decade-long foundry deal to produce 8-inch MRAM, TMR sensor, and STT-MRAM wafers for Everspin at its Fab 4 site in Gresham, Oregon. Everspin said it expects to get Toggle and sensor capacity in roughly 18 months, with STT following around the 30-month mark.
Everspin still plays in the shadow of bigger memory manufacturers, holding its spot as a niche name. In the annual report, the company noted its STT-MRAM chips are up against DRAM and nonvolatile SRAM heavyweights—SK Hynix, Micron, and Samsung—whenever persistent memory comes into play.
Analyst Richard C. Shannon at Craig-Hallum bumped up his price target on Everspin to $17.50 from $11.00, sticking with a Buy, according to StreetInsider on Thursday. Despite the hike, the new target ended up lagging behind Friday’s last trade, after shares surged.
There’s a catch: the new contract’s revenue recognition could get bumpy. According to the filing, milestone payments are part of the deal, and the contractor retains the right to end the agreement for convenience—but only if the Navy prime contract goes away first. Everspin, for its part, is still projecting a GAAP loss for the second quarter.
