Everspin Technologies pushed mram stock to a 52-week high after news of a $40 million U.S. Navy microelectronics subcontract became public. The shares closed Friday at $26.99, up about 25.5%, then reached $36.14 in after-hours trading as investors repriced the company’s defense-linked growth path.
Everspin and the Navy subcontract
The contract runs through Amentum Services as part of a U.S. Navy microelectronics program. That puts a small memory supplier into a Pentagon-adjacent demand stream that is usually tied to domestic production, security requirements, and long procurement cycles.
Everspin produces magnetoresistive memory chips. The company already has a fab in Arizona, and in April it entered a ten-year manufacturing partnership with Microchip that set up MRAM production at Microchip’s Oregon facility with ITAR-capable wafer processing.
Microchip Oregon line and Chandler fab
The Oregon line is scheduled to operate alongside Everspin’s current Chandler fab. The first products from Oregon are not anticipated to ship until late 2027, so the stock move is running ahead of the physical output that would support it.
That timing creates the friction in the story. Traders are valuing the subcontract and the manufacturing setup now, while the new production line remains years from shipping product.
Sales, earnings, and valuation
In the first quarter, product sales rose from $11 million to $14.1 million. Everspin also posted a GAAP net loss of one penny per share and non-GAAP diluted earnings of 11 cents, which exceeded forecasts.
Sanjeev Aggarwal said the first-quarter increase came from data centers, transportation, and industrial automation. Bill Cooper called the cost profile “prudent expense management,” and Needham kept its buy rating while lifting its price target from $14 to $18.50.
Needham also said the new contract’s revenue will be erratic, milestone-driven, and not yet factored into guidance. Everspin still faces competition from Microchip, Micron, and Samsung, along with an Avalanche Technology patent suit and an ITC complaint.
