Everspin Technologies, Inc.
Information Technology · Semiconductors
Structural: only listed pure-play on MRAM, a non-volatile memory class with structural fit for radiation-hard ($AEHR-adjacent), automotive, industrial-IoT, and persistent-write-buffer roles where DRAM/flash fail. Embedded-MRAM IP licensed into $GFS 22FDX is a royalty leg with optionality on SoC-integration ramp without the capex.
- Sole pure-play exposure to MRAM as DRAM-substitute thesis matures alongside CXL / HBM / persistent-memory narratives
- $GFS 22FDX embedded-MRAM royalty stream scales without Everspin capex
- Aerospace/defense and radiation-hard share keeps gross margin >50% through cycle
- Toggle MRAM sticky in industrial/automotive - 20+ year design-in cycle, low churn
- Sub-$700M market cap, niche-monopoly framing if memory diversification trade re-rates
- TAM cap - MRAM remains <1% of total memory market, no credible path past niche
- Revenue under $60M and choppy; quarterly print volatility on industrial cycle
- STT-MRAM scaling lags every roadmap target since 2018 (density / cost vs DRAM)
- Customer concentration risk on a handful of mil-aero and industrial OEMs
- $GFS royalty leg is opaque and small; not enough to underwrite re-rating alone
No major news in the last 7 days for MRAM - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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