CHANDLER, Ariz., May 9, 2026, 08:07 MST
Everspin Technologies Inc. soared 25.5% Friday, with shares catching another leg higher after hours—trading at $36.05 versus a $26.99 close on Nasdaq, according to market data. That surge follows news of a fresh $40 million U.S. defense MRAM deal and a solid boost in first-quarter product sales.
This contract stands out for Everspin, a smaller specialty memory player, considering its first-quarter revenue of $14.9 million. It also nudges the company further into two investor-favorite narratives in chips: onshore supply chains and ultra-reliable memory built for defense, industrial, and data-center markets.
Everspin has landed a two-and-a-half-year deal with a U.S. prime contractor, set to deliver Toggle magnetoresistive random access memory process technology and engineering support targeting Defense Industrial Base clients. MRAM—magnetoresistive random access memory—retains stored data even after power is cut.
Chief Executive Sanjeev Aggarwal pointed out this effort extends Everspin’s footprint in military and aerospace, sectors where “performance, reliability, longevity and U.S. domestic production are critical.” The company added that the agreement should get a boost from its newly announced U.S. foundry partnership with Microchip Technology Inc. Everspin Technologies Inc.
Everspin’s first-quarter numbers showed MRAM product sales climbing to $14.1 million, up from $11.0 million a year ago. On the flip side, revenue from licensing, royalties, patents, and other sources slipped to $0.8 million from $2.1 million. The GAAP net loss shrank to $0.3 million, or a penny per share, while on a non-GAAP basis, net income rose to $2.6 million, or 11 cents per share.
Aggarwal pointed to “Industrial Automation, Transportation, and Data Center applications” as key drivers for first-quarter performance, and noted that customer demand in Japan was picking up as inventory levels dropped. Chief Financial Officer Bill Cooper commented that the company was still prioritizing “prudent expense management.” Everspin Technologies Inc.
Everspin Technologies Inc. is projecting second-quarter revenue somewhere between $15.5 million and $16.5 million. The company expects a GAAP loss per share in the range of 7 cents to 12 cents, while non-GAAP diluted EPS is forecast to land between breakeven and 3 cents. These numbers don’t account for the new subcontract agreement.
Needham bumped its price target on Everspin up to $18.50 from $14 and reiterated its buy rating following the defense award, Investing.com reported. The firm noted revenue from the $40 million contract will probably come in fits and starts, tied to milestones, and pointed out that management hasn’t factored the award into guidance yet.
During the earnings call, Needham’s Neil Young pushed for details on the timing and risks tied to contract revenue. Cooper replied that Everspin isn’t ready to offer guidance for the deal. Still, he described a “significant positive impact” expected across the next two and a half years. The Motley Fool
Still, hurdles remain. Shares have already moved past Needham’s new target, the contract hasn’t shown up in guidance, and Everspin notes it’s up against heavyweights like Microchip, Micron, and Samsung in parts of its memory lineup. Bigger rivals could weather price cuts or a slump more easily.
Legal troubles are also in the mix. In its annual filing, Everspin said Avalanche Technology hit it with a patent-infringement suit and an International Trade Commission complaint back in January. Everspin pushed back, denying the accusations and vowing to fight. The company cautioned that legal battles—even groundless ones—can run up expenses and pull management’s focus.
This week’s Form 4 filing revealed CFO William Earl Cooper offloaded 11,000 shares on May 6 at $21.75 apiece, pocketing $239,250 and trimming his holding to 161,030 shares. The timing: Everspin shares were hovering near their 52-week high as the transaction posted, injecting a bit of caution into the stock’s rapid climb.
