Everspin

Everspin Technologies reported its financial results for Q3 2024, with revenues reaching $12.1 million (down from $16.5 million in Q3 2023), and a net profit of $2.3 million. 

For the fourth quarter 2024, Everspin expects total revenue in a range of $12 million to $13 million. At the end of Q3 2024, the company had $39.6 million in cash and equivalents, up $2.8 million from the previous quarter. 

Everspin Technologies announced that Lucid Motors has chosen the company's PERSYST MRAM technology to be used in its latest all-electric Gravity SUV. 

Lucid's Gravity uses Everspin's MR25H256A, a 256Kb serial MRAM. Everspin says it was selected because it meets the AEC Q100 Grade 1 specification of -40C to 125C temperature operation. The MRAM is used in the Gravity to handle data logging and parameter storage to assist in the efficient operation of the all-electric powertrain.

Everspin Technologies is at the forefront of the MRAM industry, with a product range that spans Toggle MRAM and STT-MRAM, embedded MRAM IP, more. The company's president and CEO, Sanjeev Aggarwal, was kind enough to answer a few questions we had about the company, it's recent announcements and its future roadmap.

Thank you for your time Sanjeev, we appreciate it. A few days ago, Everspin announced it had received a strategic $14.55 million 2.5-year DoD project to provide continued and stable manufacturing services. Can you share more info? How will that money be allocated, and how will you ensure stable support?

Everspin has partnered with the DoD on various projects to deploy our MRAM technology and fab MRAM products for Defense Industrial Base customers in Chandler, Arizona. The award money will be used to strength the US MRAM manufacturing supply chain.  Everspin will look at its supply chain and mitigate any risks identified. This can include second-sourcing gases and chemicals as well as upgrading processes.  

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.

Everspin announced that IBM has chosen the PERSYST EMD4E001G 1Gb STT-MRAM for use in their FlashCore Module 4.

Everspin says that its EMD4E001G high-performance persistent memory ensures critical data integrity even during power loss. With a DDR4 interface, it delivers 2.7 gigabytes/second of both read and write bandwidth, coupled with instant non-volatility.