Here are 1-3 brief analogies for Everspin Technologies (MRAM):

• NVIDIA for specialized, high-performance non-volatile memory chips. (Like NVIDIA provides specialized, high-performance GPUs for demanding applications, Everspin offers specialized, high-performance MRAM for critical data storage.)

• Analog Devices or NXP for robust, high-end memory components in industrial and enterprise systems. (Similar to how these companies provide specialized, robust chips for demanding industrial and automotive applications, Everspin supplies highly reliable memory for critical environments.)

• The Ferrari of memory, designed for critical industrial, aerospace, and data center applications rather than mass-market consumer devices. (It's a premium, high-performance, niche product for specific, demanding uses, much like a Ferrari in the automotive world.)

• Spin-Torque MRAM (ST-MRAM): High-performance, non-volatile memory devices offering DRAM-like speed with data retention.
• Toggle MRAM: Robust non-volatile memory devices known for their high endurance and reliability in harsh environments.
• Embedded MRAM (eMRAM): MRAM intellectual property (IP) licensed for integration directly into system-on-chip (SoC) designs.

Everspin Technologies (MRAM) - Major Customers

Everspin Technologies (MRAM) sells primarily to other companies (B2B), providing specialized Magnetoresistive Random Access Memory (MRAM) products. While their public filings, such as the annual 10-K report, sometimes indicate that one or more customers may account for 10% or more of their total revenue (e.g., 17% in 2023), Everspin does not publicly disclose the specific names of these major customer companies due to competitive and confidentiality reasons.

Instead, Everspin targets and serves Original Equipment Manufacturers (OEMs) across several key industries. These industries represent the categories of companies that utilize Everspin's MRAM products:

• Data Centers and Enterprise Storage: Companies developing high-performance storage solutions, servers, and networking equipment that require fast, non-volatile, and low-power memory for data logging, cache, and configuration storage.
• Industrial Automation: Manufacturers of industrial control systems, programmable logic controllers (PLCs), robotics, and embedded systems where data integrity, reliability, and real-time performance in harsh environments are critical.
• Automotive: Automotive electronics suppliers and manufacturers that integrate MRAM into advanced driver-assistance systems (ADAS), infotainment systems, and other critical automotive applications requiring robust memory with high endurance and data retention.

Sanjeev Aggarwal, President and Chief Executive Officer

Sanjeev Aggarwal has over 25 years of expertise in the non-volatile memory and semiconductor industry. He has been instrumental in shaping Everspin since its inception in 2008, holding various leadership positions including Chief Technology Officer, Vice President of Technology R&D, and Vice President of Operations. Before Everspin, Dr. Aggarwal was part of the team at Freescale Semiconductor that spun out to form Everspin Technologies. Prior to his work on MRAM, he developed Ferroelectric memories at Texas Instruments.

Bill Cooper, Chief Financial Officer

Bill Cooper was appointed Chief Financial Officer of Everspin Technologies, effective January 6, 2025. He joins Everspin from Advanced Micro Devices, Inc. (AMD), where his most recent role was Director of Financial Planning and Analysis. In nearly twenty years with AMD, Mr. Cooper served in various executive, managerial finance, and controller positions. He also served as Chief Financial Officer for the Data Division of Volex plc and spent a decade working in various finance management positions in the medical device industry. He began his career in the public accounting sector with PricewaterhouseCoopers.

Amit Shah, Vice President, Operations

Amit Shah leads the Operations team at Everspin, responsible for growth in shipments, product cost, quality, and customer commitments. He brings over 25 years of leadership in supply chain, NPI, product and test engineering, operations, assembly, and package engineering. He joined Everspin in 2014. Before Everspin, he was Sr. Director of Test Engineering at Semtech Corp and Sr. Principal Engineer at Inphi, a pioneer in high-speed analog semiconductors that was acquired by Marvell Technology. He also held various roles in semiconductor operations, product, and test engineering at Ample Communications and Intel.

Yong Kim, Vice President, Engineering

Yong Kim leads product development at Everspin, including design engineering, and is a 27-year veteran of the semiconductor industry. He joined Everspin in 2019 from Cypress Semiconductor, where he was Vice President of Design leading worldwide development of NOR and 3D NAND products. He also spent several years at Spansion and AMD prior to Spansion's acquisition by Cypress.

Kerry Nagel, Vice President, Technology

Kerry Nagel oversees the Technology group at Everspin, driving technical development for both internal and external operations. Previously, he was the Director of Device, Process, and Materials at Everspin, where he was instrumental in improving spin torque MRAM product capability and establishing process integration for STT-MRAM products at GlobalFoundries. Before that, he was a significant contributor to the development of toggle MRAM at Motorola, Freescale, and Everspin.

Key Risks:

1. Market Adoption and Competition for MRAM Technology: Everspin's core business revolves around Magnetoresistive RAM (MRAM), specifically STT-MRAM products. However, the market adoption of MRAM technology has been described as having a "relatively pedestrian pace," making it challenging to evaluate the company's current business and future prospects. The company faces significant competition from established memory technologies such as DRAM, NVSRAM, NOR, and NAND Flash, supplied by large industry players like Hynix, Micron, Winbond, and Samsung. Furthermore, Everspin also competes with other companies developing MRAM technologies, including Avalanche and Samsung. The price-per-bit premium of Everspin's MRAM products compared to competing technologies also poses a risk to customer adoption.

2. Challenges in Scaling to High-Volume Manufacturing and Achieving Consistent Profitability: A major challenge for Everspin Technologies is transitioning from a niche technology leader to a high-volume manufacturer. This requires consistent improvement in product yields, especially for its newer STT-MRAM products, to maintain gross margins. While the company has demonstrated strong gross margins, operational overhead has historically consumed a significant portion of the profit, leading to net profit margins that are reportedly "significantly below the semiconductor industry average." Reports have also indicated a "downturn in demand that caused revenue and earnings to decline," with several recent earnings reports showing year-over-year contraction in revenue, suggesting "near-term execution risks."

3. Intellectual Property and Technology Protection: Everspin's success and ability to compete are significantly dependent on its capacity to protect its intellectual property, which includes patents, mask work protection, copyrights, trademarks, trade secrets, and know-how. A failure to adequately protect these intellectual property rights could substantially harm the business. The steps taken to protect their intellectual property may not always be sufficient to prevent infringement or misappropriation by competitors.

Everspin Technologies (MRAM) focuses on magnetoresistive random access memory (MRAM) solutions, including Toggle MRAM and Spin-Transfer Torque MRAM (STT-MRAM), for various applications such as data centers, industrial IoT, automotive, and aerospace.

Everspin Technologies projects its served addressable market (SAM) to expand from an estimated $1.2 billion in 2024 to $4.3 billion by 2029.

The global market for Magnetoresistive Random Access Memory (MRAM) generally represents the broader addressable market for Everspin's products. This global market was valued between approximately $839.04 million and $4.22 billion in 2024, depending on the source.

Projections indicate substantial growth for the global MRAM market. It is anticipated to reach approximately $13.47 billion by 2033, growing at a compound annual growth rate (CAGR) of 36% from 2025 to 2033. Other forecasts estimate the global MRAM market could reach $84.77 billion by 2034, with a CAGR of 34.99% from 2025 to 2034, or $91.29 billion by 2034, with a CAGR of 38.3% from 2025 to 2034.

Regionally, North America held a significant share of the MRAM market, contributing over 48% in 2024, and is projected to reach around $28.98 billion by 2034. Asia Pacific is also a major and rapidly growing market, estimated to have the fastest CAGR of 39.6% between 2025 and 2034.

Everspin Technologies (MRAM) is poised for revenue growth over the next 2-3 years, driven by several key factors:

1. Expansion into High-Growth Markets: Everspin is strategically expanding its presence in the automotive and aerospace sectors, particularly with its automotive-grade MRAM solutions that meet AEC-Q100 Grade 1 standards for extreme temperature environments. The increasing demand for reliable, high-speed memory in electric vehicles, defense, and Low Earth Orbit (LEO) satellite deployments is a significant driver. The company is also seeing strong demand in casino gaming and energy management.
2. Growing Adoption in Data Center and Industrial IoT: Everspin's MRAM products are increasingly being adopted in critical applications within data centers, such as IBM's Flash Core Module 4, and various Industrial IoT (Internet of Things) applications. These markets require robust, non-volatile memory for data logging, real-time data capture, and system reliability.
3. New Product Launches and Higher-Density STT-MRAM: The company is continuously expanding its product portfolio, including the PERSYST EMxxLX family, with new high-reliability and higher-density Spin-Transfer Torque MRAM (STT-MRAM) solutions. Upcoming products, such as the 256-megabit X5, are aimed at capturing the NOR flash replacement market by offering faster write performance and endurance.
4. Increased Design Wins and Customer Conversions: Everspin's management emphasizes the conversion of design wins into revenue, particularly for their STT-MRAM products. The company has reported meaningful customer interactions and design activity, especially in the European and Asia Pacific regions, which are expected to contribute to revenue in the coming years.
5. Diversification through Licensing and Intellectual Property (IP) Revenue: Licensing, royalty, and other contract revenue streams are contributing to Everspin's overall financial performance. This diversified revenue, although sometimes variable based on contract milestones and project completion, provides additional growth avenues and can have a sizable impact when major agreements are finalized.