Everspin

Everspin Technologies announced new additiontions to its PERSYST EMxxLX family, the EM064LX HR and EM128LX HR, targeting automotive applications. These new chips will operate at temperatures from -40°C to +125°C, meeting the AEC-Q100 Grade 1 standard.

The new chips offer capacities of 64Mb and 128Mb, Quad SPI Interface, fast write speeds and a simple architecture. Everspin will start offering engineering samples in June 2025, with mass production scheduled by the end of the year.

Last month, during Everspin's conference call, the company updated that it has signed a contract with Purdue University to advance AI hardware based on its MRAM technology, valued at $10.5 million over four years. Now the company has officially announced this new contract. 

Everspin says that this is a strategic award to work with a consortium led by Purdue University to utilize Everspin MRAM as the underpinning in a program called CHEETA (CMOS+MRAM Hardware for Energy Efficient AI). The contract allows for phases totaling up to $10.5 million for Everspin Technologies over four years. The current phase with Everspin Technologies is valued at approximately $4 million.

Everspin Technologies reported its financial results for Q4 2024, with revenues of $13.2 million, and net income of $1.2 million. 

Reflecting on the whole year, revenues in 2024 reached $50.4 million (down 21% from 2023) and net profit  was $0.8 million. At the end of Q4 2024, the company had 42.1 million in cash and equivalents, up $3.8 million from the previous quarter. 

Everspin Technologies announced that its PERSYST MRAM is now validated for configuration across all Lattice Semiconductor Field Programmable Gate Arrays (FPGA). 

Everspin says that customers are already taking advantage of the MRAM support in their designs that utilize Lattice’s FPGA.

Everspin Technologies reported its financial results for Q3 2024, with revenues reaching $12.1 million (down from $16.5 million in Q3 2023), and a net profit of $2.3 million. 

For the fourth quarter 2024, Everspin expects total revenue in a range of $12 million to $13 million. At the end of Q3 2024, the company had $39.6 million in cash and equivalents, up $2.8 million from the previous quarter. 

Everspin Technologies announced that Lucid Motors has chosen the company's PERSYST MRAM technology to be used in its latest all-electric Gravity SUV. 

Lucid's Gravity uses Everspin's MR25H256A, a 256Kb serial MRAM. Everspin says it was selected because it meets the AEC Q100 Grade 1 specification of -40C to 125C temperature operation. The MRAM is used in the Gravity to handle data logging and parameter storage to assist in the efficient operation of the all-electric powertrain.

Everspin Technologies is at the forefront of the MRAM industry, with a product range that spans Toggle MRAM and STT-MRAM, embedded MRAM IP, more. The company's president and CEO, Sanjeev Aggarwal, was kind enough to answer a few questions we had about the company, it's recent announcements and its future roadmap.

Thank you for your time Sanjeev, we appreciate it. A few days ago, Everspin announced it had received a strategic $14.55 million 2.5-year DoD project to provide continued and stable manufacturing services. Can you share more info? How will that money be allocated, and how will you ensure stable support?

Everspin has partnered with the DoD on various projects to deploy our MRAM technology and fab MRAM products for Defense Industrial Base customers in Chandler, Arizona. The award money will be used to strength the US MRAM manufacturing supply chain.  Everspin will look at its supply chain and mitigate any risks identified. This can include second-sourcing gases and chemicals as well as upgrading processes.  

US-based Carnegie Mellon University spinoff Efficient has signed a strategic partnership with GlobalFoundries to launch its low-power Fabric chip on GlobalFoundries' 22FDX low power silicon on insulator process. Efficient will adopt embedded MRAM in its chip, and expects to launch it (first samples) by the summer of 2025.

Efficient is an early stage company that raised over $16 million to develop the power-efficient Fabric processor, targeting edge applications such as machine learning-enabled extreme-edge machine vision, continuous audio intelligence and versatile sensory and signals intelligence.

GlobalFoundries has been offering eMRAM 22nm process solutions since 2017, based on Everspin's pMTJ technology and IP.

Everspin Technologies announced that it has received a strategic $14.55 million 2.5-years project from the Department of Defense (DoD) to provide continued and stable manufacturing services for aerospace and defense segments. Under the award, Everspin will provide a plan to mitigate risks to its MRAM manufacturing supply chain.

Everspin is producing its MRAM products at its manufacturing line in Chandler, Arizon. In March 2024, Everspin announced that it has applied for the CHIPS Incentives Program, asking for funding for an additional 200mm MRAM production line. It seems as if this current DoD award is not that project that was applied to in March. In 2022, Everspin asked for funding to build a new MRAM production line in Indiana.