Filing Analysis
Everspin Technologies entered into a $40 million subcontract with Amentum Services Inc. to develop on-shore Toggle MRAM production capabilities for the U.S. Navy. The agreement is a 30-month RDT&E program focused on providing manufacturing processes for strategic government systems.
Red Flags
- Contingent IP transfer: The company must provide process know-how and IP to the contractor if Everspin exits the Toggle MRAM business.
- Termination risk: The contractor can terminate for convenience if the government terminates the Prime Contract.
Key Facts
- Total aggregate contract value is $40,000,000.
- The period of performance runs for 30 months from April 20, 2026, through November 21, 2028.
- The agreement is a Firm Fixed Price IDIQ subcontract under a Prime Contract with Naval Surface Warfare Center (NSWC) Crane.
- Payments are structured as milestone-based deliverables across two phases.
- Everspin is required to provide process know-how and IP for Toggle MRAM manufacturing if the company exits that business during the agreement.
Everspin Technologies, Inc. announced its financial results for the first quarter ended March 31, 2026. The announcement was made via a press release incorporated by reference in the filing.
Key Facts
- The report covers the fiscal quarter ended March 31, 2026.
- The filing was made under Item 2.02 (Results of Operations and Financial Condition).
- A press release dated April 29, 2026, was included as Exhibit 99.1.
Everspin Technologies entered into a 10-year Foundry Services Agreement with Microchip Technology to manufacture MRAM and TMR wafers at Microchip's Oregon facility. The deal involves significant upfront costs and minimum purchase commitments, securing long-term production capacity for Everspin's core technologies.
Red Flags
- Significant capital commitment of $13.95 million for a micro-cap company.
- Mandatory cash payments required if minimum purchase commitments (up to 1,300 wafers/quarter) are not met.
- Long lead time of 18 to 30 months before production capacity is fully realized.
Key Facts
- Agreement signed on April 8, 2026, with Microchip Technology for manufacturing at their Fab 4 facility in Gresham, Oregon.
- The initial term is ten years with automatic two-year renewals.
- Everspin will reimburse Microchip an estimated $13.95 million for relocation, installation, and engineering charges across two phases.
- Capacity for Toggle and Sensor flows is expected in 18 months, while STT flows are expected in 30 months.
- The agreement includes minimum purchase commitments ramping to 1,300 wafers per quarter, with cash penalties for shortfalls.
- Microchip is restricted from manufacturing TMR devices for Everspin's competitors during the term and for two years thereafter.
Everspin Technologies, Inc. announced its financial results for the fourth quarter and fiscal year ended December 31, 2025. The results were disclosed via a press release on March 4, 2026, in accordance with standard reporting practices.
Key Facts
- The company reported financial results for the quarter and year ended December 31, 2025
- The filing was made under Item 2.02 (Results of Operations and Financial Condition)
- A press release detailing the results was attached as Exhibit 99.1
- The report was signed by CFO William Cooper on March 4, 2026