Everspin Technologies (MRAM) Oppenheimer 29th Annual Technology, Internet & Communications Conference summary

Company overview and technology

• Manufactures MRAM memory using magnetic materials, offering radiation-hard, fast, and reliable performance for mission-critical applications since 2008.

• Operates an 8-inch fab in NXP, with new capacity expansion via a foundry agreement with Microchip and partnerships with GlobalFoundries and TSMC.

• Shipped over 200 million units with minimal returns, holds 700+ patents, and serves 2,000+ customers globally.

• Only domestic U.S. provider of MRAM for mission-critical government applications, with a diversified blue-chip customer base.

• Strong financial position: zero debt, cash flow positive, and $44 million in cash.

Product and market strategy

• MRAM offers non-volatility, high endurance, and near-SRAM/DRAM speed, making it suitable for demanding environments.

• UNISYST product, targeting the NOR flash market, will tape out end of 2026, with production in mid-2027 and revenue impact by late 2027.

• UNISYST is expected to ramp meaningfully in 2028–2029, with potential to overtake legacy products by 2030–2031.

• Market opportunity estimated at $4.3 billion by 2029, with plans to capture 5–10% of the NOR flash segment.

• Revenue mix expected to remain 85–90% product, 10–15% licensing and services.

Financial performance and outlook

• Revenue has ranged $50–$55 million in recent years, with Q2 2026 at $18.7 million and Q3 2026 guidance of $19.5–$20.5 million.

• Targeting $100 million in revenue by 2029, driven by PERSYST and UNISYST products and licensing.

• Product revenue grew 38% YoY in Q2 2026, with strong growth in enterprise, industrial, and aerospace segments.

• $40 million government contract for engineering services to be recognized over 2.5 years, peaking in 2027.

• Gross margins above 50%, reaching 53.9% in Q2 2026, with long-term targets in the 50–54% range and operating margins around 10%.