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Everspin Technologies entered a material definitive agreement with Amentum Services for an IDIQ Subcontract supporting a U.S. Navy microelectronics RDT&E program focused on Toggle MRAM. The firm fixed price Agreement covers milestone-based work over about 30 months for an aggregate value of $40,000,000.
Everspin’s obligations include managing the program, developing on-shore Toggle MRAM production capability, providing process technology and engineering services, delivering electrical characterization results, and supplying process know-how and IP if it exits the Toggle MRAM business. The contract includes option periods, potential six‑month extensions, and termination-for-convenience protections tied to the prime contract.
Everspin Technologies reported preliminary unaudited first quarter 2026 results with total revenue of $14.9 million, up from $13.1 million a year earlier, driven by MRAM product sales of $14.1 million. GAAP results showed a small net loss of $0.3 million, or $(0.01) per diluted share.
On a non-GAAP basis, net income rose to $2.6 million, or $0.11 per diluted share, compared to $0.4 million, or $0.02 per share, in the prior-year quarter. Cash and cash equivalents were $40.5 million as of March 31, 2026, supporting ongoing investments and a recently signed Foundry Services Agreement with Microchip.
The company highlighted a new $40 million contract with a U.S. prime contractor to provide State of the Art MRAM process technology and engineering services for U.S. defense industrial customers. For the second quarter of 2026, Everspin expects revenue between $15.5 million and $16.5 million and non-GAAP diluted EPS between $0.00 and $0.03.
Everspin Technologies has signed a 10-year foundry services agreement with Microchip Technology to expand on-shore manufacturing of MRAM and TMR sensor wafers at Microchip’s Oregon Fab 4 facility. Everspin will reimburse Microchip about $13.95 million in two phases for tooling relocation, installation, engineering and qualification work.
The deal includes minimum purchase commitments that ramp up to 1,300 wafers per quarter, with cash payments due on any shortfalls. Toggle MRAM and sensor capacity is expected to begin roughly 18 months from the effective date, with STT-MRAM capacity around 30 months, and first products anticipated to ship in the second half of 2027.
Everspin Technologies, Inc. has called a virtual annual meeting for May 21, 2026 to elect seven directors, ratify Ernst & Young LLP as auditor, hold an advisory say‑on‑pay vote, and expand its equity plan.
The company is asking stockholders to approve an amendment to its 2016 Equity Incentive Plan to increase shares authorized for issuance by 1,800,000 shares, on top of the 939,182 shares remaining available as of February 27, 2026. Total overhang from outstanding and available awards is disclosed at 5,215,604 shares, about 23% of shares outstanding. Only holders of the 23,294,478 shares outstanding as of March 24, 2026 may vote, with a virtual-only format requiring a 16-digit control number to participate and vote.
EVERSPIN TECHNOLOGIES INC. President and CEO Sanjeev Aggarwal reported a large equity grant and a small share sale. On March 31, 2026, he acquired 310,825 shares of Common Stock as restricted stock units that vest in sixteen equal quarterly installments over four years, with a vesting commencement date of January 1, 2026. On April 1, 2026, he sold 19,440 shares of Common Stock at $9.20 per share, and the sale was made solely to pay taxes due upon the vesting of RSUs. After these transactions, he directly held 847,881 shares of Common Stock.
EVERSPIN TECHNOLOGIES INC. Chief Financial Officer William Earl Cooper reported routine equity compensation and related tax-selling activity. He received 80,386 restricted stock units on March 31, 2026, vesting in sixteen equal quarterly installments over four years starting January 1, 2026. To cover taxes due upon this RSU vesting, he sold 1,549 shares of common stock at $9.20 per share. After these transactions, he held 172,030 shares of common stock directly.
Dougherty Sean Michael reported acquisition or exercise transactions in this Form 4 filing.
Everspin Technologies Vice President of Sales Sean Michael Dougherty received a grant of 18,006 shares of common stock on March 31, 2026 as a restricted stock unit award. These units vest in sixteen equal quarterly installments over four years, starting April 1, 2026. Following this compensation grant, he directly holds 98,006 shares of common stock.
Everspin Technologies director Lawrence G. Finch reported an acquisition of 1,502 shares of Common Stock as a fully vested restricted stock unit award. The grant was recorded at a price of $0.00 per share as compensation, not as an open‑market purchase or sale.
Following this award, Finch directly holds 436,036 shares of Common Stock and also has indirect ownership of 41,961 shares held by the Lawrence G. and Janice C. Finch Revocable Trust, where he serves as trustee.
Everspin Technologies develops and sells magnetoresistive RAM (MRAM) and TMR sensors for industrial, automotive, aerospace, medical and data center uses, combining its own Chandler, Arizona fab with outsourced production at GLOBALFOUNDRIES. It also licenses MRAM and sensor IP and provides foundry services.
For the year ended December 31, 2025, revenue was $55.2 million, up from $50.4 million in 2024, with gross margin of 51.2% versus 51.8% a year earlier. Results moved from $0.8 million net income in 2024 to a modest $0.6 million net loss in 2025 as the company continued investing in STT‑MRAM and higher-density products.