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1. Company Snapshot

1.a. Company Description

Everspin Technologies, Inc.manufactures and sells magnetoresistive random access memory (MRAM) products in the United States, Hong Kong, Japan, China, Canada, and internationally.It offers Toggle MRAM, spin-transfer torque MRAM, and tunnel magneto resistance sensor products, as well as foundry services for embedded MRAM.


The company provides its products for applications, including data center, industrial, medical, automotive/transportation, and aerospace markets.It serves original equipment manufacturers and original design manufacturers through a direct sales channel and a network of representatives and distributors.Everspin Technologies, Inc.


was incorporated in 2008 and is headquartered in Chandler, Arizona.

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1.b. Last Insights on MRAM

Everspin Technologies' recent performance was positively driven by its Q3 2025 earnings call, which highlighted the company's progress in MRAM technology. A strategic collaboration with Quintauris to advance dependable RISC-V solutions for automotive and industrial applications also boosted prospects. Additionally, Renesas' introduction of new MCU groups with embedded MRAM expanded Everspin's market opportunities. However, short interest in the stock increased by 60.7% in October, and Acadian Asset Management LLC reduced its holdings by 1.3%.

1.c. Company Highlights

2. Everspin Technologies' Q3 2025 Earnings: A Strong Performance

Everspin Technologies reported third quarter 2025 financial results with revenue of $14.1 million, in line with guidance, and non-GAAP EPS of $0.06 per diluted share, at the high end of expectations. The company's GAAP gross margin improved to 51.3% from 49.2% in the third quarter of 2024, driven by improving yields on STT products. The non-GAAP net income was $1.5 million or $0.06 per diluted share, beating analyst estimates of $0.05.

Publication Date: Nov -20

📋 Highlights
  • Revenue and EPS in Line with Guidance: Q3 revenue reached $14.1 million, and non-GAAP EPS hit $0.06 per share, matching the high end of expectations.
  • Strong Growth in LEO Satellite Market: Everspin secured design wins with Astro Digital and Blue Origin, positioning MRAM for significant revenue as the LEO satellite market expands.
  • Improved GAAP Gross Margin: Margins rose to 51.3% in Q3 2025 from 49.2% in Q3 2024, driven by STT product yield improvements.
  • Strategic Collaborations and DoD Contracts: A $8.5 million DoD contract and a partnership with Quintauris to enhance RISC-V platform reliability highlight strategic expansion.
  • Strong Balance Sheet and Cash Reserves: The company maintained $45.3 million in cash and cash equivalents, remaining debt-free despite a drop in Q3 operating cash flow to $0.9 million.

Revenue Growth Drivers

Revenue growth was driven by strength across all products, including LEO satellite, casino gaming, and energy management applications. The company's data center business remains strong, with continued demand for Toggle MRAM products for RAID from various data center customers. Everspin has design wins with Astro Digital and Blue Origin, and expects multiple MRAM parts per satellite to translate into meaningful revenue as the LEO satellite market grows rapidly.

Key Business Developments

The company continues to ship and recognize revenue for its PERSYST MRAM solution from Lucid Motors and has shipped engineering samples of the PERSYST EM064LX HR and EM128LX HR to LEO satellite customers. Everspin also entered a strategic collaboration with Quintauris to strengthen the reliability and safety of RISC-V-based platforms with its MRAM offerings. As per the CEO, Sanjeev Aggarwal, "the company is committed to maintaining financial discipline while focusing on scaling its business and converting additional design wins to revenue."

Valuation and Outlook

The company's balance sheet remains strong and debt-free, with cash and cash equivalents of $45.3 million. With a P/S Ratio of 3.38 and an expected revenue growth of 9.4% next year, the stock appears reasonably valued. However, the negative ROE of -0.8% and ROIC of -7.16% indicate that the company's profitability is a concern. Everspin expects Q4 total revenue in the range of $14 million to $15 million and GAAP net income per fully diluted share to be between $0.02 and $0.07.

Cash Flow and Expenses

Cash flow generated from operations decreased to $0.9 million in the third quarter from $5 million in the second quarter. GAAP operating expenses increased slightly sequentially and year-over-year. The company's CFO, Bill Cooper, reported that the improving yields on STT products drove the increase in GAAP gross margin.

3. NewsRoom

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Everspin Expands PERSYST MRAM Family With High-Reliability Devices for Aerospace, Defense, Automotive and Industrial Applications

Nov -18

Source: businesswire.com

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Everspin Tech $MRAM Shares Sold by Acadian Asset Management LLC

Nov -14

Source: defenseworld.net

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Everspin Technologies, Inc. (MRAM) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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Everspin Tech (NASDAQ:MRAM) Sees Significant Increase in Short Interest

Nov -04

Source: defenseworld.net

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Everspin Announces Date of Third Quarter 2025 Financial Results Conference Call

Oct -23

Source: businesswire.com

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Renesas Adds Two New MCU Groups to Blazing Fast RA8 Series with 1GHz Performance and Embedded MRAM

Oct -22

Source: businesswire.com

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Quintauris and Everspin Technologies Partner to Advance Dependable RISC-V Solutions for Automotive

Oct -01

Source: businesswire.com

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Everspin Technologies, Inc. (MRAM) Q2 2025 Earnings Call Transcript

Aug -07

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (28.02%)

6. Segments

Magnetoresistive Random Access Memory Technology

Expected Growth: 30.4%

Growing demand for low-power, high-performance memory solutions, increasing adoption in IoT, automotive, and industrial applications, and advancements in MRAM technology are driving the market growth.

Licensing

Expected Growth: 15.4%

Growing demand for high-performance and low-power memory solutions, increasing adoption of MRAM in IoT, automotive, and industrial applications, and Everspin's leadership in STT-MRAM technology drive market growth.

Other

Expected Growth: 15.4%

Growing demand for high-reliability memory solutions in aerospace and defense, increasing adoption of MRAM in specialty storage, and advancements in MRAM technology driving growth in Everspin's 'Other' segment.

Royalties

Expected Growth: 15.4%

Growing demand for MRAM in IoT, automotive, and industrial applications, coupled with increasing adoption of artificial intelligence and machine learning, drives the growth of Everspin Technologies' royalty-based business model.

7. Detailed Products

ST-MRAM

Spin-Transfer Torque Magnetoresistive Random Access Memory, a type of non-volatile memory that provides high performance and low power consumption

Toggle MRAM

A type of magnetoresistive random access memory that uses a toggle switching mechanism to store data

EMRAM

Embedded Magnetoresistive Random Access Memory, a type of non-volatile memory that integrates MRAM technology into system-on-chip (SoC) designs

Custom MRAM Solutions

Custom-designed MRAM solutions for specific customer applications, providing optimized performance, power, and area (PPA)

8. Everspin Technologies, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Everspin Technologies, Inc. is medium due to the availability of alternative products in the market.

Bargaining Power Of Customers

The bargaining power of customers for Everspin Technologies, Inc. is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Everspin Technologies, Inc. is medium due to the presence of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants for Everspin Technologies, Inc. is high due to the low barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry for Everspin Technologies, Inc. is high due to the presence of multiple competitors in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.38%
Debt Cost 3.95%
Equity Weight 90.62%
Equity Cost 8.87%
WACC 8.41%
Leverage 10.35%

11. Quality Control: Everspin Technologies, Inc. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Everspin Technologies

A-Score: 4.0/10

Value: 1.4

Growth: 4.2

Quality: 5.2

Yield: 0.0

Momentum: 9.5

Volatility: 3.7

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Applied Optoelectronics

A-Score: 3.3/10

Value: 6.8

Growth: 0.8

Quality: 4.2

Yield: 0.0

Momentum: 8.0

Volatility: 0.3

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Transphorm

A-Score: 3.2/10

Value: 6.0

Growth: 3.3

Quality: 3.0

Yield: 0.0

Momentum: 5.0

Volatility: 1.7

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QuickLogic

A-Score: 3.2/10

Value: 6.6

Growth: 5.9

Quality: 4.2

Yield: 0.0

Momentum: 0.5

Volatility: 1.7

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Semtech

A-Score: 3.0/10

Value: 0.5

Growth: 2.0

Quality: 4.7

Yield: 0.0

Momentum: 8.5

Volatility: 2.0

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Alpha Omega Semi

A-Score: 2.4/10

Value: 4.8

Growth: 1.8

Quality: 3.9

Yield: 0.0

Momentum: 2.0

Volatility: 2.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.67$

Current Price

8.67$

Potential

-0.00%

Expected Cash-Flows