August 2024

US-based Carnegie Mellon University spinoff Efficient has signed a strategic partnership with GlobalFoundries to launch its low-power Fabric chip on GlobalFoundries' 22FDX low power silicon on insulator process. Efficient will adopt embedded MRAM in its chip, and expects to launch it (first samples) by the summer of 2025.

Efficient is an early stage company that raised over $16 million to develop the power-efficient Fabric processor, targeting edge applications such as machine learning-enabled extreme-edge machine vision, continuous audio intelligence and versatile sensory and signals intelligence.

GlobalFoundries has been offering eMRAM 22nm process solutions since 2017, based on Everspin's pMTJ technology and IP.

Everspin Technologies announced that it has received a strategic $14.55 million 2.5-years project from the Department of Defense (DoD) to provide continued and stable manufacturing services for aerospace and defense segments. Under the award, Everspin will provide a plan to mitigate risks to its MRAM manufacturing supply chain.

Everspin is producing its MRAM products at its manufacturing line in Chandler, Arizon. In March 2024, Everspin announced that it has applied for the CHIPS Incentives Program, asking for funding for an additional 200mm MRAM production line. It seems as if this current DoD award is not that project that was applied to in March. In 2022, Everspin asked for funding to build a new MRAM production line in Indiana.

Everspin Technologies reported its financial results for Q2 2022. Revenues were $10.6 million (down from $15.7 million in Q2 2023), and net loss was $0.2 million (down from a new profit of $5.4 million in Q2 2023). The company is cash flow positive, generated $1.7 million in the quarter, and ended it with $36.8 million in cash and equivalents.

During the quarter, the company experienced weakness in toggle MRAM sales, partly due to inventory consumption and partly due to unfavorable currency exchange. Looking ahead, Everspin sees positive signs of inventory consumption, and expects a modest ramp in toggle MRAM sales in the rest of 2024. Everspin said it has strong traction with its new PERSYST family of MRAM products, and expects to start delivering the first products to its customers towards the end of 2024 or early 2025.