Everspin Tech Targets $100M Revenue by 2029 With MRAM Expansion, Foundry Push

Everspin targets more than $100 million in annual revenue by fiscal 2029 , up from roughly $50 million–$55 million in recent years, with existing PERSYST MRAM products and licensing expected to drive most near-term growth. The company plans to expand into the estimated $3 billion–$4 billion NOR flash market with its UNISYST product line; a 256-megabit device is expected to enter production in mid-2027, with larger contributions anticipated in 2028–2029. Everspin is strengthening manufacturing capacity through agreements with Microchip and TSMC, while a $40 million U.S. government-related subcontract is expected to provide margin-accretive revenue primarily in 2027. Everspin Tech NASDAQ: MRAM outlined plans to expand its MRAM memory product portfolio, manufacturing footprint and revenue base during an Oppenheimer presentation, with management targeting more than $100 million in annual revenue by fiscal 2029. President and CEO Sanjeev Aggarwal said Everspin develops semiconductor memory products using magnetic materials. The company’s MRAM products are nonvolatile, meaning they retain data when power is removed, and are designed for mission-critical uses including data centers, industrial automation, Internet of Things applications, automotive systems and radiation-hardened environments. Aggarwal said the company has shipped more than 200 million units since its 2008 spinout from Freescale and has more than 2,000 customers. He also said Everspin holds more than 700 patents and patent applications worldwide. Chief Financial Officer Bill Cooper said Everspin’s existing PERSYST product family, which includes Toggle MRAM and spin-transfer torque MRAM products, remains the foundation of the company’s business. The company is also preparing to introduce a new UNISYST product family aimed at the NOR flash market. The first UNISYST product, a 256-megabit part, is expected to tape out by the end of 2026, with production anticipated to begin in mid-2027. Cooper said the product could begin generating revenue late in 2027, with more meaningful volume expected in 2028 and 2029. According to Cooper, the new product is intended to address a NOR flash market estimated at roughly $3 billion to $4 billion. Management said MRAM offers faster performance and stronger data-retention properties than NOR flash. Initial UNISYST applications are expected to focus on aerospace and data-center markets, with the company planning to scale the product to 1-gigabit and 2-gigabit densities over time. Aggarwal said the design cycle in industrial automation typically ranges from 12 to 18 months, which is why the company does not expect substantial UNISYST revenue immediately after engineering samples become available. He said PERSYST products and licensing revenue are expected to account for most of the company’s path to its 2029 revenue target, while UNISYST could become a larger contributor in 2030 and 2031. Cooper said Everspin had operated in a revenue range of approximately $50 million to $55 million for the prior two years, but expects revenue to exceed $100 million by fiscal 2029. The company reported record quarterly revenue of $18.7 million in the second quarter of 2026 and guided for third-quarter revenue of $19.5 million to $20.5 million. Product revenue increased 38% from the second quarter of 2025 to the second quarter of 2026, Cooper said. He attributed growth to demand across enterprise, industrial, casi...