The company has strong demand across Low Earth Orbital Satellite, Casino Gaming, and Energy Management segments, with data center business remaining strong with continued demand for toggle MRAM products for RAID applications from customers including Dell and Supermicro. Everspin offers Toggle-MRAM, STT-MRAM and pMTJ STT-MRAM chips targeting mission-critical applications in aerospace, defense, automotive, and industrial sectors.
Cyborg Score Rationale
Q3 2025 revenues of $14.1 million grew 16% year-over-year with non-GAAP net income of $1.5 million. Avalanche Technology filed a patent infringement lawsuit against Everspin in January 2026 creating near-term legal headwinds. The company benefits from long-cycle, high-margin applications but faces competitive pressures and modest near-term growth projections.
Top Insights
Product revenue expected to grow 3.2% quarter-over-quarter, driven primarily by ramp-up of high-density STT-MRAM applications at IBM
Expanded PERSYST MRAM product line with AEC-Q100 Grade 1 qualified EM064LX HR and EM128LX HR devices designed for aerospace, defense, automotive and industrial applications operating from -40°C to +125°C
Since 2008, Everspin has shipped more than 60 million MRAM chips across data centers, cloud storage, energy, industrial, automotive, consumer, and transportation markets
Cash position of $45.3 million at end of Q3 2025, providing runway for R&D and product expansion
Named Competitors
3D XPoint / Optane — Legacy non-volatile memory competing in data center cache applications
Z-NAND — High-density flash variant for storage-class memory
STT-MRAM and Perpendicular MTJ — Alternative MRAM developer with patent portfolio overlap
Recent Developments
(January 2026) Patent infringement lawsuit filed by Avalanche Technology claiming Everspin's STT-MRAM infringes on four patents
(November 2025) Expanded PERSYST MRAM family with AEC-Q100 Grade 1 high-reliability devices for aerospace and defense
(September 2025) Q3 2025 results: $14.1 million revenue (+16% YoY), strong demand from LEO satellite, gaming, and energy segments
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