EVERSPIN TECHNOLOGIES INC. 8-K

What Happened
Everspin Technologies, Inc. announced on April 8, 2026 (filed via Form 8-K) that it entered a Foundry Services Agreement with Microchip Technology to manufacture 8-inch MRAM, TMR sensor and STT-MRAM wafers at Microchip’s Fab 4 in Gresham, Oregon. The agreement has an initial 10-year term with automatic two-year renewals unless either party gives two years’ notice.

Key Details

• Effective date: April 8, 2026; Form 8-K filed April 10, 2026.
• Term and renewal: 10-year initial term, auto-renews in 2-year increments unless 2 years’ prior notice given.
• Capacity timing: Toggle and sensor wafer flows expected ~18 months after effective date; STT-MRAM flows ~30 months after effective date.
• Customer payments: Everspin will reimburse an estimated $13.95 million in two phases for tooling relocation/installation, deinstallation, process set-up, project management and initial qualification (Phase 1 ≈ $8.95M; Phase 2 ≈ $5.0M). Relocation/install cost estimates may be adjusted to actual documented expenditures.
• Volume and purchase commitments: Minimum purchase commitments ramp to a maximum of 1,300 wafers per quarter; shortfalls must be paid in cash within 45 days after the quarter.
• Intellectual property and restrictions: Each party keeps pre-existing IP; Everspin owns foreground IP that improves its product designs, Microchip owns foreground process technology. Cross-licenses granted for respective fields of use. Microchip is restricted during the term and for two years after from making TMR-related devices for Everspin competitors or sharing related know-how (with limited third-party sourcing exceptions).

Why It Matters
This agreement secures a long-term manufacturing partner for Everspin’s MRAM, TMR sensor and STT-MRAM production, which could improve supply stability and support product scaling plans. It also commits Everspin to near-term capital reimbursement of roughly $14 million and to minimum wafer purchases (or cash payments for shortfalls), which are important for cash planning. IP provisions and non-compete-like restrictions help protect Everspin’s technology for the duration of the deal and two years afterward. Investors should note the timelines for volume ramp (18–30 months) and the financial and operational commitments embedded in the contract.