Earnings Feed
Start Free
$MRAM·8-K

EVERSPIN TECHNOLOGIES INC. · Apr 29, 4:45 PM ET

Compare

EVERSPIN TECHNOLOGIES INC. 8-K

Research Summary

AI-generated summary

Updated

Everspin Technologies Enters $40M Navy MRAM R&D Subcontract

What Happened
Everspin Technologies, Inc. (MRAM) announced on April 29, 2026 (agreement dated April 24, 2026) that it entered Subcontract S26-03-01 and an associated Statement of Work with Amentum Services Inc. The subcontract supports the Microelectronics RDT&E program under Prime Contract FA8075-18-D-0014 issued by Naval Surface Warfare Center, Crane Division (NSWC Crane). The agreement is an IDIQ (indefinite delivery/indefinite quantity) subcontract structured as a firm‑fixed‑price contract with milestone payments and a total aggregate value of $40,000,000.

Key Details

  • Counterparty and program: Subcontract with Amentum Services Inc. for NSWC Crane Toggle MRAM RDT&E under Prime Contract FA8075-18-D-0014.
  • Value and term: $40,000,000 aggregate, 30‑month performance period from April 20, 2026 through November 21, 2028; milestone payments across two phases.
  • Scope and obligations: Everspin will manage the program, develop on‑shore Toggle MRAM production capability, provide process technology, electrical characterization, statistical process control and related IP/know‑how (including transfer if Everspin exits the Toggle MRAM business).
  • Contract mechanics: Firm‑fixed‑price with option periods Amentum may unilaterally exercise; Amentum may terminate for convenience only if NSWC Crane first terminates the prime contract; Amentum may require continued performance up to six months at final option rates.

Why It Matters
This is a material government R&D subcontract that funds Everspin’s work to qualify on‑shore Toggle MRAM production and provides a clear revenue stream tied to milestones ($40M total). For investors, the deal signals continued defense program involvement and potential commercialization pathways for Toggle MRAM technology, while including protections and IP transfer provisions that could affect Everspin’s strategic options for the Toggle MRAM business. The filing also contains standard forward‑looking statement disclosures and references the company’s public risk factors.