We are a pioneer in the successful commercialization of Magnetoresistive Random Access Memory (MRAM) technology.
−Removed: Our portfolio of MRAM technologies, including Toggle MRAM and Spin-transfer Torque MRAM (STT-MRAM), is delivering superior performance, persistence and reliability in non-volatile memories that transform how mission-critical data is protected against power loss.
+Added: Our portfolio of MRAM technologies, including Toggle MRAM, Tunnel Magneto Resistance (TMR) Sensors, and Spin-transfer Torque MRAM (STT-MRAM), is delivering superior performance, persistence and reliability in non-volatile memories that transform how mission-critical data is protected against power loss.
With over 20 years of MRAM technology and manufacturing leadership, our memory solutions deliver significant value to our customers in key markets such as industrial, medical, automotive/transportation, aerospace and defense, and data center.
5 unchanged sentences
(GLOBALFOUNDRIES).
−Removed: For the years ended December 31, 2024 and 2023, we recorded revenue of $50.4 million and $63.8 million, gross margin of 51.8% and 58.4%, and net income of $0.8 million and $9.1 million, respectively.
+Added: For the years ended December 31, 2025 and 2024, we recorded revenue of $55.2 million and $50.4 million, gross margin of 51.2% and 51.8%, and net loss of $0.6 million and net income of $0.8 million, respectively.
Our headquarters is located in Chandler, Arizona.
5 unchanged sentences
These high performance, non-volatile memories are designed primarily to address applications in the industrial, medical, automotive/transportation, and data center markets.
−Removed: We offer these products with industry standard interfaces, including Parallel, Serial Peripheral Interface (SPI) and Quad SPI (QSPI) interfaces, enabling our customers to easily replace legacy memory components like Static Random Access Memory (SRAM) and Ferroelectric Random Access Memory (FRAM) with Toggle MRAM.
−Removed: We have never had an end-of-life event for any of our Toggle MRAM products which enables our customers to design a product incorporating our technology with the assurance that it will be available for many years to come.
+Added: We offer these products with industry standard interfaces, including Parallel, Serial Peripheral Interface (SPI) and Quad SPI (QSPI) interfaces, enabling our customers to easily replace legacy memory components like Static Random Access Memory (SRAM), Battery Backed Random Access Memory (BBRAM), and Ferroelectric Random Access Memory (FRAM) with Toggle MRAM.
+Added: Everspin enables our customers to design products incorporating our technology with the assurance that it will be available for many years to come.
Spin-Transfer Torque MRAM
STT-MRAM technology can be tuned to deliver products in Dynamic Random Access Memory (DRAM), SRAM and NOR Flash applications.
−Removed: Our STT-MRAM products targeting DRAM replacement started production in 2017 and are currently shipping in 256Mb and 1Gb densities.
+Added: Our STT-MRAM products targeting DRAM replacement started production in 2017 and are currently shipping in 1Gb density.
These high density, high performance persistent memories are delivering significant value to SSD, Persistent Memory Cards, Fabric Accelerator, and other applications in the data center market.
1 unchanged sentence
STT-MRAM enabled scaling of our Toggle MRAM products to higher densities on advanced CMOS nodes.
−Removed: In 2022, we started production of high density (4Mb to 128Mb) STT-MRAM products on 28nm CMOS node with standardized SPI, xSPI, QSPI, and Octal SPI (OSPI) interfaces.
−Removed: These products are enabling our customers to simplify their system architecture and easily replace legacy memory components like SRAM, FRAM and NOR Flash.
+Added: In 2022, we started production of 4Mb to 128Mb STT-MRAM products on 28nm CMOS node.
+Added: These products are enabling our customers to simplify their system architecture and easily replace legacy memory components like SRAM, FRAM and
They are ideal for use in electronic systems where data persistence and integrity, low power, low latency, and security are paramount, such as industrial IoT, artificial intelligence (AI), network/enterprise infrastructure, process automation and control, aeronautics/avionics, and medical and gaming applications.
Due to the limitations of NOR scaling past 45nm and availability of STT-MRAM on 28nm and 22nm technology nodes, we believe there is potential for STT-MRAM to enter multiple non-volatile memory (NVM) markets where fast reads/writes, high cycle counts, and extended data retention are required.
−Removed: We introduced the first STT-MRAM product addressing this segment of the market in 2022 and are currently shipping in 16Mb to 128Mb densities.
−Removed: STT-MRAM is uniquely positioned to deliver higher density (> 256Mb) monolithic parts for NOR replacement.
−Removed: These products are ideal for replacing NOR in Field Programmable Gate Array (FPGA) systems to store configuration memory while simultaneously enabling 100x faster Over The Air (OTA) updates.
+Added: We introduced the first STT-MRAM product addressing this segment of the market in 2022 and are currently shipping in 16Mb to 256Mb densities with standardized SPI, xSPI, QSPI, and Octal SPI (OSPI) interfaces.
+Added: STT-MRAM is uniquely positioned to deliver even higher density (> 256Mb to 2Gb) monolithic parts for NOR replacement.
+Added: These products are ideal for Field Programmable Gate Array (FPGA) systems, micro controllers and automotive applications, etc.
+Added: to store configuration memory while simultaneously enabling 100x faster Over The Air (OTA) updates.
Typically, on power up of a FPGA, the configuration memory that is stored off- or on- chip in a NOR chip is downloaded to the SRAM cells that execute the Look Up Tables (LUTs).
15 unchanged sentences
Foundry Services Overview
−Removed: In our Chandler facility, we perform BEOL manufacturing services for customers who want to add MRAM and TMR sensor functionality to their memory or application base circuits.
+Added: In our Chandler facility, we perform BEOL manufacturing services for customers who want to add MRAM and TMR sensor functionality to their base CMOS wafers.
These services allow aerospace and satellite electronic system manufacturers to integrate our EAR99 technology that is able to withstand exposure to the levels of radiation encountered in avionics and space applications by virtue of such technology being magnetic rather than electrical charge based which would be susceptible to alpha particles.
2 unchanged sentences
The majority of our customers, and their associated contract manufacturers, buy our products through our distributors.
−Removed: We maintain sales, support, supply chain and logistics operations and have distributors in Asia to service the production needs of contract manufacturers.
+Added: We maintain sales, support, supply chain and logistics operations and have distributors in Asia to service the production needs of contract
+Added: manufacturers.
We also maintain direct selling relationships with several strategic customers.
14 unchanged sentences
Our two largest end customers together accounted for 33% of our total revenue for the year ended December 31, 2025 and one of these customers accounted for more than 10% of our revenue during that period.
−Removed: Our two largest end customers together accounted for 32% of our total revenue for the year ended December 31, 2023, and each of these customers accounted for more than 10% of our total revenue during the period.
+Added: Our two largest end customers together accounted for 37% of our total revenue for the year ended December 31, 2024 and one of these customers accounted for more than 10% of our total revenue during that period.
Manufacturing
5 unchanged sentences
Our STT-MRAM products are produced in 300mm fabrication facilities operated by GLOBALFOUNDRIES.
+Added: See “Risk Factors” for further discussion of our reliance on third parties.
Assembly and Test
2 unchanged sentences
We have successfully qualified our MRAM devices in various packages at temperatures ranging from commercial to automotive grade.
−Removed: As part of our commitment to quality, our quality management system has been certified to ISO 9001:2015 and ISO 14001:2015 standards.
+Added: As part of our commitment to quality, our quality management system has been certified
+Added: to ISO 9001:2015 and ISO 14001:2015 standards.
Our foundry vendors and sub-contractors are also ISO 9001 and ISO 14001 certified.
22 unchanged sentences
The initial term of the manufacturing agreement is for three years, which automatically renews for successive one-year periods thereafter unless either party provides sufficient advance notice of non-renewal.
−Removed: Except for breaches of confidentiality provisions and each party’s indemnification obligations to one another under the agreement, liability under the agreement is capped at the lesser of a set amount or the total purchase price received by GLOBALFOUNDRIES from us in the 12 months immediately preceding the claim for the specific product that
−Removed: caused the damages.
+Added: Except for breaches of confidentiality provisions and each party’s indemnification obligations to one another under the agreement, liability under the agreement is capped at the lesser of a set amount or the total purchase price received by GLOBALFOUNDRIES from us in the 12 months immediately preceding the claim for the specific product that caused the damages.
Either party may terminate the agreement if the other party materially breaches a term of the agreement and fails to remedy the breach after receiving notice from the non-breaching party.
28 unchanged sentences
To accomplish this, we rely on a combination of intellectual property rights, including patents, trade secrets, copyrights, and trademarks, as well as customary contractual protections.
−Removed: As of December 31, 2024, we held 563 issued patents that expire at various times between March 2025 and January 2043 and had 131 patent applications pending.
+Added: As of December 31, 2025, we held 596 issued patents that expire at various times over approximately the next 18 years and had 141 patent applications pending.
Included in our issued patents and pending applications are patents/applications in the United States, China, Europe, France, Germany, Ireland, Italy, Japan, the Netherlands, the Republic of Korea, Singapore, Taiwan, and the United Kingdom.
9 unchanged sentences
We also require them to agree to disclose and assign to us all inventions conceived or made in connection with the employment or consulting relationship.
+Added: See “Risk Factors” for further discussion of Intellectual Property as third parties may assert patent and other intellectual property rights claims against us and our customers.
Environmental Regulation
3 unchanged sentences
Any failure by us to adequately control the storage, use, discharge, and disposal of regulated substances could result in significant future liabilities.
−Removed: As of December 31, 2024, we had 87 total employees in the United States, of which 86 were full-time employees and 1 was a part-time employee.
+Added: As of December 31, 2025, we had 85 total employees in the United States, of which all were full-time employees.
None of our employees are either represented by a labor union or subject to a collective bargaining agreement.
12 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.