May 11, 2026, 01:05 MST — Chandler, Arizona.
On Monday, Everspin Technologies drew investor interest, with shares quoted at $26.99, up 25.48%. The memory-chip company, based in Chandler, Arizona, landed in the spotlight after reporting a slimmer first-quarter loss and landing a U.S. defense subcontract worth $40 million. That quote put Everspin’s market value around $624 million.
This contract stands out given Everspin’s size. With 2025 revenue at $55.2 million, a $40 million deal—though paid out over 30 months—comes in as a hefty boost.
Everspin now finds itself part of an active U.S. push to ramp up domestic production of strategic memory chips. MRAM—magnetoresistive random access memory—can hold data even when the power’s off, and turns up in applications where reliability, speed, and handling power outages are critical.
Everspin entered a subcontract with Amentum Services Inc. on April 24, according to a securities filing, for a project linked to the U.S. government’s Microelectronics Research, Development, Test, and Evaluation program. In government terms, RDT&E covers everything from lab development to testing and qualifying tech ahead of wider deployment.
Everspin’s contract, according to the filing, lays out plans to build up on-shore Toggle MRAM production, deliver process technology and engineering services, and help qualify manufacturing processes for strategic systems. The agreement splits milestone payments over two phases, running through November 21, 2028.
“Performance, reliability, longevity and U.S. domestic production”—those are the priorities, according to Chief Executive Sanjeev Aggarwal, as the company extends its work in these areas. The newly announced agreement is pegged at $40 million across two and a half years. Business Wire
Everspin handed investors a fresh set of numbers to chew on: first-quarter revenue reached $14.9 million, picking up from $13.1 million a year ago. MRAM product sales advanced to $14.1 million, versus $11.0 million previously. The GAAP net loss slimmed down, hitting $0.3 million, or 1 cent a share, compared to last year’s $1.2 million, or 5 cents per share.
Aggarwal attributed the quarter’s boost to demand across industrial automation, transportation, and data centers, also noting signs of a “recovery in customer demand” out of Japan. Chief Financial Officer Bill Cooper emphasized “prudent expense management,” adding that Everspin’s balance sheet leaves the company positioned to follow through on its manufacturing plans. Everspin Technologies Inc.
Everspin is looking for second-quarter revenue between $15.5 million and $16.5 million, with a GAAP loss in the range of 7 to 12 cents per share. That guidance doesn’t factor in the new subcontract—so any contribution there could shift the results up or down, depending on how and when milestones hit the books.
Needham lifted its price target on Everspin to $18.50 from $14.00, maintaining a Buy rating following the company’s defense contract win, Investing.com reported. The analysts see the deal as significant for valuation, but cautioned that revenue will probably come in fits and starts, tied to milestones.
Still, the downsides are clear enough. According to the filing, Amentum has the right to end the subcontract for convenience, provided the Navy prime contract goes away first. Everspin, for its part, flagged supply-chain snags, swings in the semiconductor market, and a grab bag of outside factors as possible threats to its projections.
Competition’s no small hurdle for the stock. Everspin’s annual report points to Micron, Samsung, and Renesas as heavyweight rivals in memory markets where its Toggle MRAM and STT-MRAM go head-to-head. The company also acknowledges that these bigger players might have more room to slash prices or weather tougher market stretches.
Right now, it’s straightforward: Everspin owns a specialty chip, it just secured a defense-related subcontract that’s big for a company of its scale, and its current guidance still doesn’t reflect that win. The real challenge? Converting a sudden pop in the stock and that new deal into reliable income.
Related articles: Defense Industry
