Everspin Technologies Inc (MRAM)
NASDAQInformation TechnologySemiconductorsSnapshot 2026-09-09
$16.72+0.42%
Close 2026-09-09 · 1-day change
NASDAQInformation TechnologySemiconductorsSnapshot 2026-09-09
Warn: Primary pillar under pressure — Achieve revenue growth to at least $16 million in Q2 2026: rev $18.7M vs $15.5M target.
Everspin is growing revenue from $13.5M to $15.5M recently. Profit margins improved with gross profit rising from $7.515M to $7.843M. They expanded MRAM production with Microchip, supporting future growth. Earnings beat expectations in recent quarters.
The stock is down nearly 60% from its high and recently sold off 10% in one day. A short seller report raised concerns about fundamentals. Litigation risk and slowing analyst estimate revisions add pressure.
The price is about 26% below our fair value near $25. Analysts expect 23% revenue growth, which aligns with management guidance. The market prices in a cautious but improving outlook.
Breaks if: Foundry agreement fails or production expansion stalls
Execute and expand manufacturing capacity through a long-term foundry services agreement with Microchip to support growth and supply chain resilience.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a speculative growth opportunity. The current thesis state is cautious, as MRAM has shown some growth in revenue and margins, but faces significant risks and recent performance challenges.
The market appears to have priced in a stretched valuation, reflecting high expectations despite MRAM's recent struggles. There is a low fragility tier, indicating that while the valuation is expensive, it does not fully account for the current weak performance.
Management is on track with revenue growth and improving gross profit margins, which supports a positive outlook. However, recent financial performance has been weak, and there is a low probability of missing expectations in the near term.
The future performance of MRAM hinges on several factors, including guidance updates from management, potential interest rate cuts by the Fed, and the performance of key sector peers like NVDA and TSM. Any negative guidance could lead to a significant decline.
The most important moves since the prior daily snapshot.
Yes, our read has strengthened. The latest earnings beat supports confidence in revenue growth. Everspin's growth plan is gaining speed, aligning with its revenue growth objectives. The partnership with Teledyne HiRel expands MRAM production capabilities in key sectors.
as of 2026-09-09
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Stated in 3 of last 3 quarters. Management signed a 10-year foundry services agreement with Microchip to expand onshore MRAM production capacity, with first products expected in second half 2027. This strategic supply chain expansion is progressing as planned, supporting growth and supply stability.
“Executing on our product pipeline and developing solutions that will further expand Everspin's addressable market and drive long-term growth.”
“Providing capital to execute our recently signed Foundry Services Agreement with Microchip and invest in product development.”
“Entered into a 10-year agreement with Microchip to augment onshore manufacturing capacity for MRAM and TMR sensor products.”
Breaks if: Gross profit falls below $7.5 million in 2026-Q1
Breaks if: Revenue falls below $15.5 million in 2026-Q2
Drive revenue growth through increased MRAM product sales and expanded licensing and service revenues across key end markets.
Stated in 4 of last 4 quarters. Revenue increased from $13.2 million in 2025-Q2 to $18.7 million in 2026-Q2, driven by MRAM product sales and new contract revenue. The trajectory shows delivering growth consistent with management's stated priorities.
“Second quarter results driven by strong product revenue and initial non-product revenue under a $40 million contract.”
“First quarter results driven by strength in Industrial Automation, Transportation, and Data Center applications.”
“Revenue of $14.8 million, up 13% year over year.”
“Revenue of $14.8 million, up 13% year over year.”
Over the next 1 to 3 years, MRAM's performance will depend on its ability to navigate risks and capitalize on growth opportunities in a challenging environment. Not investment advice.