What happened with MRAM today?
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Equipment makers use Everspin Technologies’ chips to preserve important data when power is lost. Its magnetoresistive random-access memory, or MRAM, replaces conventional memory components in industrial equipment and data-center systems, among other applications. Its product families include Toggle MRAM and STT-MRAM. Chip sales generate most revenue; distributors usually buy and pay for the chips, then resell them to equipment makers and their contract manufacturers. Everspin also sells directly to selected strategic customers.
A smaller business lets other companies use Everspin’s technology and patents in return for license fees, royalties or patent-sale proceeds. GLOBALFOUNDRIES, for example, licenses its technology to offer embedded MRAM. Despite serving many end customers, Everspin receives a substantial share of revenue from its two largest end customers.
Everspin performs part of its manufacturing at its Chandler, Arizona facility, but relies on GLOBALFOUNDRIES as the sole foundry for higher-density products on advanced manufacturing processes. This makes access to that production capacity important to fulfilling orders. U.S. export controls and sanctions also limit which customers, destinations and end uses Everspin may supply.
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Everspin’s results hinge on customers choosing MRAM over conventional memory from rivals including Infineon and Samsung, with Avalanche also worth watching as a potential future MRAM competitor.
Everspin depends on GlobalFoundries to manufacture its STT-MRAM wafers; GlobalFoundries also licenses Everspin’s technology to offer embedded MRAM to chip designers. Watch its embedded-MRAM offering, which connects its chip-manufacturing business to Everspin’s technology-licensing business.
Microchip competes with Everspin’s Toggle MRAM for the memory components customers choose for embedded systems, selling memory alongside chips that control those systems. Its memory products—not its broader controller business—are the part to watch for this rivalry.
Micron’s DRAM and NOR memory compete with Everspin’s MRAM when embedded-system and data-center customers choose what memory to buy. Watch Micron’s improvements in memory cost, power use and performance against Everspin’s push to replace battery-backed DRAM in data centers and NOR in embedded systems.
GSI Technology sells standalone SRAM chips to networking and aerospace customers, where Everspin offers MRAM as a replacement. Its SRAM revenue is the relevant line to watch for Everspin, rather than its newer processing technology, which has not yet generated material revenue.
GSI Technology earningsGSIT
GSI Technology's report will show demand for its standalone SRAM chips, a competing choice for customers considering Everspin's Toggle MRAM.
Focus on GSI Technology's SRAM business, not its newer processing technology, which has not generated material revenue. Steady SRAM sales would show that customers Everspin targets still have an established alternative; weaker sales could mean that demand for this type of memory is softening, but would not prove customers are switching to Everspin's MRAM.
Everspin Technologies, Inc earningsThis company
Everspin gets most of its revenue from MRAM products, and this report will show whether product demand is holding up without gross margin slipping, even if licensing revenue moves around.
Read product sales alongside gross margin, and separate them from licensing and royalty revenue, which can swing with a small number of transactions. Rising product sales with steady margin would show MRAM demand growing without product mix or manufacturing costs eating into the gain. Falling sales or margin would point to weaker demand, a less favorable mix, or higher costs—even if licensing temporarily props up total revenue.
GlobalFoundries Inc. earningsGFS
If GlobalFoundries discusses embedded MRAM using Everspin's technology, its report can show whether that licensed technology is reaching chip designers.
Look for any disclosure of customer adoption or progress in GlobalFoundries' embedded-MRAM offering. Clear signs of adoption would suggest Everspin's licensed technology could reach more chip designers; no relevant disclosure would leave that licensing path unconfirmed. GlobalFoundries also supplies wafers for Everspin's higher-density products, but its overall results cannot establish Everspin's supply situation.
Micron Technology, Inc. earningsMU
Micron Technology's report will show demand and competitive conditions for its DRAM and NOR memory, alternatives to Everspin's MRAM for data-center and embedded-system customers.
Focus on Micron Technology's DRAM and NOR business and any commentary on demand, pricing, or cost competitiveness for those products—not its overall results. Strong demand or improved price or cost competitiveness in these alternatives would make it harder for Everspin to persuade customers to adopt MRAM; weaker demand or competitiveness could ease that pressure, but would not show that customers have switched to Everspin.
