Everspin Technologies Inc. reported a 42% year-over-year increase in second-quarter 2026 revenue to a record $18.7 million, driven by strong demand for its magnetoresistive random-access memory (MRAM) products. Product revenue rose 38% in the quarter, following 30% growth from the first quarter of 2025 to the first quarter of 2026, according to CFO Bill Cooper.
The company guided third-quarter 2026 revenue to a range of $19.5 million to $20.5 million, with a midpoint of $20 million. Cooper described demand across both Toggle MRAM and spin-transfer torque MRAM (STT-MRAM) as "very healthy and robust," highlighting sustained growth across aerospace, data center and industrial applications.
Everspin, which began shipping MRAM products in 2006 and spun out from Freescale in 2008, outlined several near-term milestones. A new 256-megabit PERSYST part is scheduled for tapeout at TSMC in the third or fourth quarter of 2026, with production ramp expected by mid-2027. First revenue from the chip is projected between late 2027 and early 2028, according to management.
The company also highlighted a $40 million Defense Department subcontract, with revenue recognition expected over approximately 2.5 years. Everspin’s customer base has expanded to more than 2,000 clients globally since its inception, with approximately six months of visibility in its backlog.
Sanjeev Aggarwal, president and CEO, emphasized the long-term potential of NOR flash replacement opportunities, estimating a $3.5 billion to $4 billion addressable market over five years. "Even if you capture 5% to 10% of the market, that's a huge inflection point for Everspin," he said. The company holds over 700 patents and has shipped about 200 million units since 2006.
Cooper noted that once Everspin’s products are designed into customer systems, the business tends to be "quite sticky," with some orders secured for up to 10 years of guaranteed supply. Typical design cycles from product development to revenue generation range from 12 to 18 months.
Looking ahead, Everspin is targeting efficiency gains of 20% to 25% in data center and CXL MRAM applications, enabling servers to handle 25% more workload or reduce GPU requirements by the same margin. The company’s PERSYST family currently spans 64-megabit to 256-megabit densities, with plans to scale toward 2-gigabit solutions. MRAM access speeds range from 25 to 30 nanoseconds, positioning the technology as a faster alternative to NOR flash in high-performance computing environments.
