Everspin Tech NASDAQ: MRAM outlined its growth strategy in magnetic random-access memory, or MRAM, citing expanding demand from industrial automation, aerospace, data centers and higher-density replacements for NOR flash memory.
During a fireside chat hosted by Lytham Partners Managing Partner Robert Blum, President and Chief Executive Officer Sanjeev Aggarwal said the company has shipped more than 200 million MRAM units since its early commercialization efforts and serves more than 2,000 customers worldwide. Everspin was spun out of Freescale in 2008 and develops non-volatile memory products based on magnetic materials.
Aggarwal said MRAM combines fast read-and-write access speeds comparable with SRAM or DRAM with the persistence of flash memory. He said the technology can be accessed in roughly 25 to 30 nanoseconds, compared with NOR flash write times measured in hundreds of microseconds.
“If you need a higher density boot memory, that's Everspin MRAM,” Aggarwal said, arguing that NOR flash has stopped scaling at 40-nanometer CMOS technology and has limited available densities. “There isn't an alternate technology. There isn't an alternate provider today.”
Product Portfolio and End Markets
Everspin has commercialized MRAM products for applications that resemble SRAM, DRAM and NOR flash. Its products are used in industrial automation, casino gaming, transportation, data centers, satellites, medical equipment and flight-control systems, according to management.
The company’s 1-gigabit DDR4-like MRAM has been deployed in IBM’s FlashCore module for five generations, Aggarwal said. Everspin also offers NOR-flash-like MRAM products ranging from 64 megabits to 256 megabits and plans to tape out a 256-megabit product at Taiwan Semiconductor Manufacturing Co. later this year. The product is intended to scale toward densities of up to 2 gigabits.
Management highlighted MRAM’s radiation tolerance as a differentiating feature for space applications. Aggarwal said Everspin’s technology has been deployed on the Mars rover through Frontgrade and is also traveling on NASA’s Lucy mission to Jupiter.
Chief Financial Officer Bill Cooper said the low-Earth-orbit satellite market represents a significant opportunity because satellites can benefit from fast data transfers during limited communication windows and from MRAM’s radiation-resistant properties. He said Everspin estimates its products could be used in four to eight positions per satellite.
Cooper also cited the company’s recently announced agreement with Astro Digital in the geosynchronous-orbit satellite market. He said the company sees higher-density MRAM products as particularly relevant to both aerospace and data-center applications.
Data Center and NOR Flash Opportunities
Aggarwal said the NOR flash market could provide a path for MRAM to expand beyond specialized applications. He estimated the addressable NOR flash market at approximately $3.5 billion to $4 billion over the next five years and said even a 5% to 10% share could be meaningful for Everspin.
The company is also pursuing data-center applications using Compute Express Link, or CXL. Everspin plans to demonstrate CXL-attached MRAM at the SNIA Developer Conference, scheduled for Sept. 28 through Sept. 30, and is working with storage accelerator company MaxLinear on potential use cases.
According to Aggarwal, the company believes CXL-attached MRAM could improve server efficiency by approximately 20% to 25%. He said this could enable a server to handle more workload or reduce the number of graphics processing units required, though he characterized those benefits as theoretical at this stage.
Supply Chain, Defense Position and Financial Momentum
Cooper said Everspin’s products typically require 12 to 18 months to move from development into customer systems and reach sizable volumes. Once designed into a customer’s system, he said the business can remain in place for extended periods, noting that the company sometimes receives orders with 10-year supply guarantees.
The company operates its Chandler manufacturing facility for Toggle MRAM products and recently signed a 10-year foundry services agreement with Microchip to supply Toggle products. Cooper said the Microchip factory is expected to be operating within the next several years. Everspin also works with GlobalFoundries for current STT-MRAM production and with TSMC for its upcoming PERSYST products.
Management also discussed a $40 million subcontract agreement supporting military-owned aerospace applications. Cooper said the two-and-a-half-year agreement will support establishment of an MRAM Toggle process at a U.S. location, while also expanding production and research-and-development capabilities for future programs.
Aggarwal said Everspin is the sole domestic commercial provider of MRAM to the U.S. government and described its defense-related relationships as strategically important for mission-critical applications.
On recent results, Cooper said second-quarter revenue reached a company record of $18.7 million, up 42%. He said product revenue grew 38% from the second quarter of 2025 to the second quarter of 2026, following 30% product revenue growth from the first quarter of 2025 to the first quarter of 2026.
The company guided for third-quarter revenue of $19.5 million to $20.5 million, with most of the sequential increase expected to come from product sales. Aggarwal said demand has been strongest across Toggle MRAM and STT-MRAM products, including industrial automation, energy management, low-Earth-orbit satellite and data-center markets.
Looking ahead, management said investors should watch for the TSMC tapeout of the 256-megabit device, the planned CXL demonstration and potential prototype or use-case developments with MaxLinear. Aggarwal said the 256-megabit product is expected to enter production in mid-2027, with early revenue anticipated near the end of 2027 or in early 2028.
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.
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