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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 8, 2026
Everspin Technologies, Inc.
(Exact name of registrant as specified in its charter)
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Delaware (State or other jurisdiction of incorporation) | 001-37900 (Commission File Number) | 26-2640654 (IRS Employer Identification No.) |
5670 W. Chandler Blvd.
Suite 130
Chandler, Arizona85226
(Address of principal executive offices, including zip code)
(480) 347-1111
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading Symbol(s) | | Name of each exchange on which
registered |
| Common Stock, par value $0.0001 | | MRAM | | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement.
On April 8, 2026, Everspin Technologies, Inc. (the “Company”) and Microchip Technology (“Microchip”) entered into a Foundry Services Agreement (the “Agreement”). Under the Agreement, Microchip will manufacture 8-inch Magnetoresistive Random Access Memory (“MRAM”), Tunnel Magnetoresistive (“TMR”) sensor, and Spin-transfer Torque (“STT”) MRAM wafers for the Company at Microchip’s Fab 4 facility located in Gresham, Oregon. The Agreement has an initial term of ten (10) years from the effective date and will automatically renew for additional two (2) year periods unless either party provides at least two (2) years’ prior written notice of its intent not to renew.
Pursuant to the Agreement, subject to certain conditions, including the procurement and installation of tooling and payment of certain costs, Microchip has agreed to support MRAM, TMR and STT-MRAM wafer manufacturing. The Company anticipates that capacity for Toggle and Sensor flows will commence approximately eighteen (18) months from the effective date, and capacity for STT flows will commence approximately thirty (30) months from the effective date. The Company will reimburse Microchip an estimated total of approximately $13.95 million in two phases for costs associated with relocation, installation, deinstallation of tooling, process set-up, project management, and initial qualification. Phase 1 costs total approximately $8.95 million, consisting of approximately $5.45 million for relocation and installation costs and $3.5 million in non-recurring engineering charges. Phase 2 costs total approximately $5.0 million, consisting of approximately $4.0 million for relocation and installation costs and $1.0 million in non-recurring engineering charges. The relocation and installation cost estimates are subject to adjustment based on actual documented expenditures. Each party retains ownership of its pre-existing intellectual property. Foreground intellectual property created under the Agreement that constitutes an improvement to the Company’s product designs is owned by the Company, while foreground intellectual property related to process technology is owned by Microchip. The Company has granted Microchip a non-exclusive, royalty-free license to use Everspin technology solely for the purpose of providing goods and services to the Company. Each party has granted the other exclusive, perpetual, royalty-free cross-licenses under foreground intellectual property for their respective fields of use. The Agreement includes minimum purchase commitments that ramp to a maximum of 1,300 wafers per quarter over time. If the Company fails to meet these minimum purchase amounts in any quarter, it must pay Microchip the shortfall in cash within forty-five days after the end of such quarter. During the term of the Agreement and for two (2) years thereafter, Microchip is restricted from manufacturing devices having TMR elements/stacks for the Company’s competitors or disclosing related manufacturing know-how to the Company’s competitors; provided, however, that Microchip may purchase any TMR elements/stacks (including, for example, MRAM and TMR Sensors) from third parties so long as no Company confidential information, Company technology or Company intellectual property is used.
The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2026 and is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
On April 8, 2026, the Company issued a press release announcing the Agreement. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished in this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Exchange Act or the Securities Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
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| Exhibit No. | | Description |
| 99.1 | | Press release dated April 8, 2026. |
| 104 | | Cover Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Everspin Technologies, Inc. |
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| Dated: April 10, 2026 | |
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| By: | /s/ William Cooper |
| | William Cooper |
| | Chief Financial Officer |
Exhibit 99.1
Everspin Technologies Expands On-Shore MRAM Manufacturing Capacity
Agreement with Microchip Technology supports scalable manufacturing and on-shore long-term supply chain resilience
Chandler, AZ, April 8, 2026 — Everspin Technologies Inc., (NASDAQ: MRAM), the world’s leading developer and manufacturer of persistent Magnetoresistive Random Access Memory (MRAM) solutions, today announced its strategic manufacturing agreement with Microchip Technology to expand production capacity and strengthen long-term supply.
Everspin has entered into an initial 10-year agreement, that can be extended in 2-year increments, with Microchip Technology to augment its onshore manufacturing capacity for MRAM and Tunnel Magnetoresistive (TMR) sensor products. The company will establish a copy exact (plus) MRAM line to manufacture MRAM and TMR sensor products currently produced at its line in Chandler, AZ.
“Everspin is expanding its manufacturing footprint to support the next phase of MRAM adoption, as customers look for both long-term supply stability and higher-density, more capable solutions,” says Sanjeev Aggarwal, President and CEO. “Our partnership with Microchip adds the production scale to support demand while continuing to advance our MRAM roadmap.”
Under the agreement, Everspin will stand up its industry leading magnetic technology and manufacturing process at a Microchip fabrication facility in Oregon. Everspin will retain ownership of the intellectual property and manufacturing process while utilizing Microchip’s foundry services capacity. This expanded capacity will leverage Everspin’s strong balance sheet and partnerships.
“Microchip is pleased to collaborate with Everspin and provide foundry services from its large and expandable manufacturing capacity in our Oregon Fab,” said Michael Finley, Senior Vice President of Microchip’s Fab Operations.
The agreement will provide Everspin and its customers with several strategic benefits:
•Increased wafer capacity to support growth plans
•On-shore second source for MRAM and TMR sensor products
•Continuity of supply lasting well into the next decade
•Additional opportunities for Everspin to continue R&D programs advancing MRAM capabilities for next generation use cases and workloads
•International Traffic in Arms Regulations (ITAR) wafer processing capabilities
Everspin will continue to manufacture MRAM and TMR sensor wafers in its Chandler, AZ facility co-located at NXP. The company plans to leverage its twenty years of MRAM production experience from Everspin’s Chandler operation as a benchmark for process bring up
at Microchip ensuring a timely and seamless process installation. Everspin expects the first products to ship from the Everspin-Microchip collaboration in the second half of 2027.
About Everspin Technologies
Everspin Technologies, Inc. is the world’s leading provider of Magnetoresistive RAM (MRAM). Everspin MRAM delivers the industry’s most robust, highest performance non-volatile memory for industrial, data center, automotive, aerospace and other mission-critical applications where data persistence is essential. Headquartered in Chandler, Arizona, Everspin provides commercially available MRAM solutions to a large and diverse customer base. For more information, visit www.everspin.com. NASDAQ: MRAM.
This press release contains forward-looking statements regarding future events or results. Forward-looking statements are identified by words such as “will,” “expects” or similar expressions and include, but are not limited to, statements regarding Everspin’s anticipated business plans and business strategy. These forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements, including, without limitation, the risks set forth under the caption “Risk Factors” in Everspin’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 5, 2026, as well as in Everspin’s subsequent filings with the SEC. Any forward-looking statements made by Everspin in this press release speak only as of the date on which they are made, and subsequent events may cause these expectations to change. Everspin disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.
Media Relations:
Stephanie Quinn
Bodewell Group
T: 480-316-8370
squinn@bodewellgroup.com
Investor Relations:
Monica Gould
The Blueshirt Group
T: 212-871-3927
ir@everspin.com
