Everspin's $40M MRAM Deal Fortifies U.S. Defense Tech Supply Chain

CHANDLER, AZ – April 30, 2026 – Everspin Technologies, Inc. (NASDAQ: MRAM) has secured a landmark $40 million agreement with U.S. prime contractor Amentum Services Inc. to advance memory technology for the nation's most sensitive defense systems. The deal, spanning two and a half years, will see the Arizona-based company provide its state-of-the-art Toggle Magnetoresistive Random Access Memory (MRAM) technology and engineering services as part of a crucial U.S. government microelectronics research and development program.

This contract places Everspin at the heart of a national effort to strengthen the domestic Defense Industrial Base (DIB), ensuring that critical military and aerospace applications are equipped with high-performance, reliable, and securely-sourced components. Under the agreement, Everspin will serve as a subcontractor to Amentum, focusing on establishing proven manufacturing capabilities for next-generation MRAM intended for use in strategic government systems.

“This work builds on Everspin’s long history supporting U.S. DoW programs where performance, reliability, longevity and U.S. domestic production are critical,” said Sanjeev Aggarwal, President and Chief Executive Officer of Everspin Technologies, in a statement accompanying the announcement. “Everspin’s MRAM solutions are used in military and aerospace applications because they deliver consistent performance over time, and this work allows us to continue advancing technology to meet evolving program requirements.”

Bolstering the U.S. Defense Industrial Base

The agreement arrives at a pivotal moment as the U.S. government intensifies its focus on reducing reliance on foreign supply chains for critical technologies. The contract is a direct reflection of a broader national security strategy aimed at fostering domestic innovation and production to ensure technological sovereignty. By tasking Everspin with developing and qualifying an onshore production capability for its Toggle MRAM, the Department of Defense is making a clear investment in supply chain resilience.

For decades, the defense sector has grappled with the challenge of sourcing electronic components that can withstand the extreme conditions of military and aerospace environments while also meeting stringent security requirements. The new agreement with Everspin directly addresses this by leveraging a U.S.-based company with a proven track record in producing robust memory solutions. This move helps mitigate risks associated with geopolitical instability and ensures the integrity of components embedded in everything from advanced fighter jets to strategic missile systems and satellites.

The Strategic Advantage of MRAM Technology

At the core of this deal is Everspin's Magnetoresistive RAM, a unique form of non-volatile memory that offers a powerful combination of features ideal for mission-critical applications. Unlike traditional memory like DRAM, which loses data when power is cut, or Flash memory, which has limited write endurance, MRAM provides a best-of-all-worlds solution.

Its key advantages include:

• Data Persistence: MRAM stores data using magnetic states rather than electrical charges, meaning it is non-volatile and retains information indefinitely without power. This is essential for systems that require instant-on capabilities and must preserve critical data or configuration settings through unexpected power cycles.
• Extreme Durability: With virtually unlimited read and write endurance, MRAM is far more durable than Flash memory. This makes it perfect for applications involving frequent data logging, such as flight data recorders or sensor systems that constantly update information.
• Inherent Radiation Hardness: The magnetic nature of MRAM gives it a natural resilience to the radiation found in high-altitude and space environments. This “rad-hard” quality is indispensable for satellites, spacecraft, and avionics, where cosmic rays can corrupt data in conventional memory chips, leading to catastrophic system failures.
• Speed and Security: Offering read and write speeds comparable to volatile RAM, MRAM allows for rapid data access and system updates. This speed minimizes the time windows during which systems are vulnerable to attack, enhancing overall security.

These characteristics make Everspin's Toggle MRAM the technology of choice for applications where failure is not an option, providing the performance and reliability demanded by next-generation defense platforms.

A Strategic Partnership for Domestic Production

A cornerstone of Everspin's ability to execute this contract is its recently announced strategic manufacturing agreement with Microchip Technology. This 10-year foundry services deal provides Everspin with a second, fully operational, U.S.-based manufacturing source at Microchip's fabrication facility in Oregon. This partnership is critical for de-risking the supply chain and expanding production capacity to meet growing demand from the defense sector.

The Microchip facility complements Everspin’s own production line in Chandler, Arizona, creating redundancy that is highly valued by defense contractors. Crucially, the agreement includes support for International Traffic in Arms Regulations (ITAR) compliant wafer processing, a non-negotiable requirement for manufacturing components used in U.S. military hardware. By establishing this second onshore, ITAR-compliant fab, Everspin has positioned itself as an exceptionally reliable partner for the U.S. government and its prime contractors.

This expanded domestic manufacturing footprint not only ensures a stable supply of advanced MRAM but also aligns perfectly with federal initiatives to onshore the production of vital semiconductor technologies. The investment in tooling and process duplication at the Microchip site is expected to begin yielding its first products in the latter half of 2027, creating a robust production pipeline for this and future defense programs.

Financial Momentum and Market Confidence

The $40 million contract represents a significant financial validation for Everspin and has been met with strong enthusiasm from investors. The value of the agreement is substantial when compared to the company’s recent performance, which saw total revenues of $14.9 million in the first quarter of 2026 and $55.2 million over the last twelve months. This single contract provides a powerful and predictable revenue stream that bolsters the company’s financial outlook.

Wall Street reacted swiftly and positively to the news. Everspin’s stock (NASDAQ: MRAM) surged nearly 40% in pre-market trading following the announcement. The deal also prompted analyst upgrades, with firms like Needham raising their price target on the company’s shares from $14.00 to $18.50 while maintaining a “Buy” rating, citing both the revenue beat and the strategic importance of the defense award.

This contract not only provides a direct financial injection but also solidifies Everspin’s market leadership in the high-margin, specialized persistent memory sector. With a strong balance sheet and a clear path to expanded domestic production, Everspin is well-capitalized to execute on its commitments and pursue further growth opportunities within the U.S. defense and aerospace markets.