Everspin Technologies, Inc Lytham Partners 2026 Consumer & Technology Investor Summit

All right. Hello everyone, and welcome to the Everspin Technologies Fireside Chat. Again, my name is Robert Blum, managing partner here at Lytham Partners. And up next here, I will be moderating a Q&A discussion with Sanjeev Aggarwal, the President and Chief Executive Officer of Everspin, and Bill Cooper, Everspin's Chief Financial Officer. Quick reminder, Everspin trades under the ticker symbol MRAM on the Nasdaq. All right, let's get started. Gentlemen, welcome. Thank you, Robert.

Thank you, Robert. Fantastic. For investors who may be less familiar with Everspin, can you start with an overview of the company and really both your backgrounds as well in the memory industry?

Yeah, sure. Let me start with the background. Been in the industry for close to three decades now in the semiconductor industry. I started off my career working on ferroelectric memories, which I actually helped commercialize when I was at Texas Instruments. Then I moved to Freescale at that time, to join the MRAM group, and since then, helped spin out Everspin from Freescale. At that time, I was running the manufacturing operations, transitioned to running the joint development agreement with GlobalFoundries, and then managed the R&D group for a while, followed by operations before I became the CEO in 2022. Again, Robert, thank you for this opportunity.

Fantastic. And Bill? Yes. Thanks, Robert.

Bill Cooper, and I actually joined Everspin January of last year, 2025. Before that, prior to that, I was with Advanced Micro Devices, or AMD, for the better part of 20 years in the semiconductor space.

In terms of Everspin, Robert, we are a spin-out from Freescale. We spin out in 2008, to form Everspin. We are basically a semiconductor manufacturing or a product company that makes memories based on magnetic materials. It is a non-volatile memory, with very fast access speeds. The access speeds are as good as SRAM or DRAM, or data logging or the data center memory with the non-volatility of flash. You basically combine three different kinds of memories to form this technology. We've been shipping since 2008, actually since 2006, so almost two decades. We have shipped about 200 million plus units, with a handful of returns, so pretty high quality. Also, we have about 2,000 plus customers worldwide. Companies like IBM, Schneider Electric, Siemens, Mitsubishi, so a pretty wide range of diversified blue customers.

We have about a patent portfolio of 700 plus patents to actually support all the innovation and development that we do to bring new products to the market.

Fantastic. Thank you both for the overview and the background there. MRAM has been discussed for many years as an important emerging sort of memory technology. In sort of practical terms, what does MRAM do better than conventional memory, and where does that difference matter the most?

Yeah. So basically, MRAM is a very fast read and write memory, so you can basically access the memory in 25 to 30 nanoseconds, right? Compare that to a memory called NOR flash, where the write times are on the order of hundreds of microseconds. So there is basically a three orders of magnitude advantage to bringing MRAM into the NOR flash application. So why would you do that? If you are doing an over-the-air update, for example, in 2025 when all the Teslas were parked on the side of the roads to get the operating systems updated, that took about half an hour, right? If there was a failure, another 30 minutes. If you are using MRAM, that update would have taken less than a minute. It is basically as long as it takes you to turn the key in the ignition again, so pretty rapid.

So that is why you would use MRAM instead of NOR flash. The other application is in the DRAM industry, where you basically have DRAM is volatile, so basically if you turn off the power, you are going to lose all the information. With MRAM, it is persistent. You can actually turn off the power and the information is not lost. Because it is very fast read and write, so it is low latency, so it can actually protect data in flight. So that is the reason why you use MRAM instead of DRAM or NOR flash, and that is what we bring to the table.

All right, very good. You touched on these a little bit, but how should investors think about the company's major product families and the types of applications each is designed to serve?

Yeah. We have successfully commercialized MRAM in all three categories, for SRAM or the data logging memory. For example, in casino gaming or in industrial automation, we have products out there with customers like Siemens, Schneider, Mitsubishi, et cetera. If you're looking at the data center market, we have commercialized a 1 gigabit DDR4, like MRAM, that is being deployed in IBM's FlashCore module. We've been designed in for the last five generations of their offering over there. Then we recently also commercialized our MRAM to look like a NOR flash, going from 64 megabit all the way up to 256 megabit with a new part that is actually planned to tape out at the end of this year at TSMC, and that'll take us from 256 megabit all the way to 2 gigabit.

We have commercialized MRAM in all three types of memories, and they're being deployed in applications like lower orbital satellites, in FPGAs, in medical, in flight control systems. One thing that I forgot to mention, Robert, is that this technology is actually radiation immune or radiation tolerant. They are very apt to be used for LEO applications, or if the circuitry around the MRAM is radiation hardened, then you can use it in deep space. For example, Frontgrade did deploy our MRAM on the Mars rover, where we are actively collecting data today. Then also we are on our way to Jupiter on the Lucy mission because of the radiation hardness.

Very good. You've talked about some, we'll call them specialized applications, but where do you think MRAM adoption is today, and what needs to happen for the technology to move from these specialized applications into much larger markets?