Everspin Technologies, Inc Oppenheimer 29th Annual Technology, Internet & Communications Conference
Review the key takeaways and the transcript of this earnings call.
- Everspin reported strong product revenue growth, including 38% growth from Q2 2025 to Q2 2026 and 9% sequential growth from Q1 to Q2 2026.
- The company achieved its highest revenue quarter ever in Q2 2026 with $18.7 million and guided Q3 2026 revenue to $19.5 to $20.5 million.
- Everspin has been cash flow positive from operations for several years, holds about $44 million in cash, and carries zero debt.
- The company has shipped over 200 million MRAM units since inception with very few returns, highlighting high product quality.
- Everspin signed a $40 million subcontract agreement with a US government prime contractor in April 2026 to provide engineering services over approximately two and a half years.
- The company’s revenue in fiscal years 2021 to 2023 was in the $50 to $55 million range, with growth expected to reach $100 million or more by fiscal year 2029.
- Gross margins have been strong, with Q2 2026 gross margin at 53.9%, and the company expects to maintain gross margins above 50%.
- Everspin’s customer base exceeds 2,000, including IBM, Siemens, Schneider, and Mitsubishi.
- The company operates an eight-inch fab housed in NXP and is expanding capacity via a foundry services agreement with Microchip in Gresham, Oregon, and will also bring on TSMC as a foundry by the end of 2026.
- Everspin is the only US domestic provider of MRAM for mission-critical applications.
- The company holds over 700 patents and applications worldwide and licenses its IP to customers including GlobalFoundries.
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Transcript
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Hi. Thanks to everybody for joining us. Our next speaker is Sanjeev Aggarwal. He is the President and CEO of Everspin. Sanjeev has been with Everspin, I think nearly 20 years, in a number of leadership roles, but the last five as CEO. He is joined by William Cooper, Everspin's CFO. He joined Everspin, I think, a couple of years ago. He has a pretty long tech resume, most recently at AMD, before he joined Everspin. Welcome, gentlemen. It is great to have you. Sanjeev, I will turn the floor over to you, and maybe we can save Q&A for after the presentation. Thanks, and I will turn it to you.
Thank you, Rick, for the introduction, and thanks to Oppenheimer for this opportunity. I have a few prepared slides that we can go through and then open it up for Q&A. To begin with, I have just mentioned that any forward-looking statements that I make in this presentation, we are not held liable for that. Anyway, after that, what is Everspin? Everspin is actually a semiconductor manufacturing company that makes memories using magnetic materials. Because of that, it is actually radiation-hardened. It is actually very fast access, and it is actually very reliable in extreme environments, whether it is radiation or extreme temperatures. We have been in business since 2008. We actually spun out of Freescale in 2008, and we have been building these memories for mission-critical applications in data center, in industrial automation applications, in IoT, in automotive, and like I mentioned, in radiation-hardened application as well.
We have a fab over here, an 8-inch factory that is housed in NXP. We recently made an announcement to increase our capacity. We actually signed a foundry services agreement with Microchip to duplicate our NXP fab that we have over here in Microchip, which is in Gresham, Oregon. We also have a joint development agreement with GlobalFoundries that was signed in 2014 timeframe. We use them as a foundry for our spin torque for our second-generation MRAM technology. At the end of this year, we are actually going to bring on TSMC as a foundry as well for STT MRAM. We will have a resiliency in our supply chain, both for Toggle MRAM and 8-inch STT MRAM as well as 12-inch STT MRAM with these two foundries across the world. Like Rick mentioned, we are about 20-plus years in production.
I have been with the company that long. We have shipped about 200 million-plus units since our inception. The good news over there is that we are very quality conscious, so we can actually count any returns, a handful of returns. It has been a very high quality technology and product that we have been shipping since 2008 timeframe. We have a diverse base of customers, 2,000-plus, and we are also very focused on our IP. We have about 700-plus patents and applications worldwide that we have licensed to various customers, including GlobalFoundries, to allow them to ship embedded MRAM while they build a standalone MRAM for us. On this chart over here, it basically shows you the various locations that Everspin has satellite offices. Our headquarters are actually over here in Chandler, Arizona.
We do have a design center in Austin, Texas, and then we have worldwide sales and marketing people. We have some people here in Singapore, which is where we manufacture our STT MRAM with GlobalFoundries. Very top-level highlights. One thing I would like to highlight is we are the singular domestic provider of MRAM for mission-critical applications. There is no company in the U.S. other than us that can actually build Toggle MRAM or spin-transfer torque MRAM for the U.S. government for mission-critical applications. Like I mentioned in the previous slide, we have a diversified customer base. It goes all the way from IBM, Siemens, Schneider Electric, to mention a few, Mitsubishi Electric. Pretty diversified blue-chip customers across markets and applications. We have a large market opportunity, about $4.3 billion by 2029.
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