Everspin Wins $40 Million Navy Microelectronics MRAM Contract

Everspin Technologies ( (MRAM) ) just unveiled an update.

On April 24, 2026, Everspin Technologies entered into a $40 million Indefinite Delivery/Indefinite Quantity subcontract with Amentum Services to support the U.S. Navy’s Microelectronics Research, Development, Test, and Evaluation program aimed at creating proven processes and manufacturing capability for new Toggle MRAM used in strategic government systems. Under the 30‑month firm fixed price agreement running from April 20, 2026 through November 21, 2028, Everspin will manage the program, develop on‑shore Toggle MRAM production, provide process technology, engineering and characterization services, and supply process know‑how and IP, while the structure of milestone payments, options and termination protections underscores the program’s operational and financial significance for both the company and its government-focused memory business.

The contract’s design, including milestone-based payments over two phases and defined rights for termination and option periods, provides Everspin with visibility on cash flows and safeguards on reimbursing committed vendor and subcontractor costs if the prime contract is terminated. By committing to transfer process know‑how and intellectual property for Toggle MRAM manufacturing should it exit that business, Everspin reinforces its role in ensuring continuity of domestic MRAM supply for strategic U.S. defense applications, potentially strengthening its standing as a key partner in secure microelectronics infrastructure.

The most recent analyst rating on (MRAM) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Everspin Technologies stock, see the MRAM Stock Forecast page.

Spark’s Take on MRAM Stock

According to Spark, TipRanks’ AI Analyst, MRAM is a Neutral.

MRAM scores as moderately attractive primarily due to balance-sheet strength and positive cash generation, plus favorable momentum in the stock and generally constructive earnings-call commentary around design wins and product ramps. The score is constrained by weakened profitability (including negative EBITDA), a negative P/E, and elevated near-term risk signals (overbought technicals and revenue timing/non-product revenue declines).

To see Spark’s full report on MRAM stock, click here.

More about Everspin Technologies

Everspin Technologies, Inc. operates in the microelectronics and semiconductor industry, focusing on the development and manufacturing of Toggle Magnetoresistive Random Access Memory (MRAM). The company’s technology targets demanding strategic and defense-related applications, where on-shore, secure and reliable non-volatile memory production is a critical requirement for U.S. government systems.

Average Trading Volume: 566,792

Technical Sentiment Signal: Strong Buy

Current Market Cap: $321.7M

For an in-depth examination of MRAM stock, go to TipRanks’ Overview page.