Business Context and Reporting Period
Everspin Technologies, Inc. (MRAM) filed a Form 8-K on April 24, 2026, reporting the entry into a material definitive agreement. The Company is a Delaware corporation incorporated to develop and manufacture Toggle Magnetoresistive Random Access Memory (MRAM).
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, debt, or liquidity metrics. It discloses a specific contract value:
- Total Aggregate Contract Value: $40,000,000
- Contract Type: Firm Fixed Price IDIQ Subcontract with Task Orders
- Performance Period: 30 months (April 20, 2026, through November 21, 2028)
Material Changes and Agreement Details
The Company entered into Subcontract Number S26-03-01 with Amentum Services Inc. under the U.S. government's Microelectronics RDT&E program (Prime Contract FA8075-18-D-0014). Key terms include:
- Objective: Develop on-shore Toggle MRAM production capability and provide process technology, engineering services, and electrical characterization.
- Payment Structure: Milestone payments triggered upon completion of deliverables across two phases.
- IP Provisions: The Company will provide process know-how and IP for Toggle MRAM manufacturing if it exits the Toggle MRAM business during the agreement term.
- Termination: The Contractor may terminate for convenience only if the Prime Contract with NSWC Crane is terminated. In such cases, the Company is entitled to full amounts paid or obligated to vendors and ancillary costs.
- Options: The Contractor may exercise option periods and require continued performance for up to six months beyond the final option period.
Guidance, Outlook, and Risks
The filing contains forward-looking statements regarding the Company's ability to achieve the contract's objectives. Management notes that actual results may differ due to risks described in the Company's Form 10-K filed on March 4, 2026. The Company does not undertake an obligation to update these statements. No specific financial guidance or outlook beyond the contract terms is provided in this document.
Investor Verification Checklist
- Verify the full text of the Agreement, which is incorporated by reference in the upcoming Form 10-Q for the quarter ending June 30, 2026.
- Review the "Risk Factors" section of the March 4, 2026, Form 10-K for details on government contract risks and termination clauses.
- Monitor future 10-Q filings for revenue recognition related to the $40 million milestone payments.
- Confirm the status of the Prime Contract (FA8075-18-D-0014) held by Amentum Services Inc. with NSWC Crane.