EVERSPIN TECHNOLOGIES INC. — Call Transcript 2026

Hello everyone and good morning. Thank you for joining us for the first day of Needham's 28th Annual Growth Conference. My name is Neil Young, and I am a semiconductor analyst at Needham. It is my pleasure to host this fireside chat with Everspin Technologies. Everspin Technologies is the worldwide leader in designing, manufacturing, and commercially shipping discrete and embedded MRAM and spin transfer torque MRAM into markets and applications where data persistence and integrity, low latency, and security are paramount. Joining me from the company today are. Sanjeev Aggarwal, I'm the CEO for Everspin. Bill Cooper, I'm the CFO for Everspin. Thank you for joining us. So to kick things off, can you give us a brief overview of Everspin's story, sort of where the company started and where it stands today, and any key milestones in that journey that's shaped Everspin into the leader in MRAM technology it is today? Yeah, sure. So Everspin Technologies is a spinoff from Freescale in 2008, and then we went public in 2016. We are a specialty memory manufacturer based on magnetic materials. And what's great about Everspin is we've actually successfully commercialized two different technologies: toggle MRAM and spin transfer torque MRAM over this period of two decades or so. In terms of some of the milestones, I think what I would highlight is we formed a partnership with GlobalFoundries in 2014. That was our way of scaling densities from less than 32 megabit all the way up to one gigabit using STT-MRAM. We successfully commercialized a DDR-like interface with a one gigabit density, and that part is actually shipping into IBM today since 2018. And then more recently, over the last two years, we also commercialized our xSPi part with densities going from four megabit to 256 megabit, also using our STT-MRAM technology. And those are the parts that are actually especially getting traction in the low Earth orbit satellite markets, the FPGA markets, and the aerospace and defense markets. And then over the last couple of years, we've also brought on TSMC as a foundry using their MRAM technology and our designs. So that brings me to the other point I would like to make, which is we have our own design in-house. So all the products that we are shipping today were designed internally at Everspin in the U.S. We have an eight-inch factory in the U.S. for manufacturing Toggle MRAM, and we obviously manufacture our STT at GlobalFoundries. So what we focus on is innovation and then finding a path to commercialize that innovation and finding the customers that actually want to use that technology and products. Great. Yeah, so moving in a little bit of the product portfolio and technology. So Everspin's known for two main MRAM technologies: the classic Toggle MRAM and the newer spin transfer torque, or the STT-MRAM, which you mentioned. Could you please start by explaining your Toggle MRAM portfolio? Exactly what is Toggle MRAM for those less familiar in the audience, and what are its typical use cases and end market applications? Yeah, sure. So when you think of MRAM, you basically have two magnetic layers. I say one is a fixed layer and one is a free layer. And these two magnetic layers are separated by an insulating layer. So when the fixed layer and the free layer are aligned in the same direction, you basically have a low resistance state or a zero state. And when they're pointing in opposite directions, you have a high resistance state or a one state. So toggle MRAM actually switches the free layer using a magnetic field that is generated internally in the CMOS using a copper lines that we actually line up with a magnetic material to generate that magnetic field. Spin transfer torque actually switches the free layer by passing a current through the insulating layer. So what that does is with Toggle MRAM, for us to generate a certain amount of field, you need a certain width of the copper lines, and then you need a certain volume. So that actually limits the scaling of the Toggle MRAM. With spin transfer torque, because you can switch by passing current through the tunnel barrier, you can actually scale. So Toggle MRAM, like I was saying earlier, it goes up to 32 megabit. And then STT-MRAM, we have parts out there that go all the way up to one gigabit. In terms of applications, that was something you asked, right? Yeah, yeah. Typical use cases for toggle MRAM and any end market applications. So if you're looking at MRAM, whether it's toggle or STT, you're basically looking for an application where data logging speeds are important. So I'll give you an example where, for example, on a manufacturing floor, you have a robot that's actually doing all the manufacturing. It is constantly communicating with a central computer and letting the central computer know what it's doing. So in case there is a power loss, for example, there can be an instant on or instant off type process when you're using our technology. So there is no scrap on the floor. If you're using standard technology like NOR Flash, it takes so long to write, almost a couple of minutes compared to a couple of nanoseconds, all the work in progress is actually scrap. So that's a good example. That's where you would be using it. Several of our industrial automation guys, Siemens, Schneider, IFM, Mitsubishi, they all use our memory technology, preferably over standard memory technology for that reason. Another example is casino gaming, right? With casino gaming, you need to record the events that are happening on the slot machine at least at three different locations. And if it takes forever minutes to write to that memory, then obviously there are only so many operations that you can do in a minute. Replace that with MRAM, and you can actually now suddenly double or triple the number of actions you can do per minute. And also the data is stored more reliably. And our chips actually have a tamper detect. So in case somebody tries to turn off the power or bring a magnetic field or some other tampering on the machine, it actually detects and shuts the machine down completely. Like I was saying earlier, good traction with the lower orbital satellite markets. And the idea over there is if you are a satellite that is actually communicating with the ground, you have only so much time in which you can update a configuration to that satellite, right? And if you're using a NOR Flash, because it takes so long to write, you're not able to reliably write to that satellite in a particular amount of time that you're given, the short amount of time that you're given. So that's where MRAM is making inroads. Also, because it's based on magnetic charges, sorry, magnetic spins and not electric charges, it's radiation immune. So you don't get disturbed when you're actually deployed in the space. That's the reason why it's being used by aerospace and defense for several applications like low-Earth orbital satellites or drones and those kinds of applications. Okay, great. So I think you covered STT-MRAM a little bit there, but I just want to ask, how are the different product portfolios manufactured and what advantages does that bring to Everspin? That's a good one. So when we spun out of Freescale, we actually had our eight-inch manufacturing line in Chandler, Arizona. Actually, that line that we have in Chandler never moved. The ownership moved from Motorola to Freescale to NXP, but we still own the tools and we still run the operations independent of the owners. We had a landlord over there. It's been that way now since almost 2000, so about 25 years. And that's where we build all our Toggle MRAM. And that is the reason why, actually not the reason why, but we are the only U.S. supplier of MRAM. And that's the reason why the U.S. government is actually specifically interested in partnering with Everspin on many of their programs that are related to aerospace and defense, military applications, contractors like Honeywell, QuickLogic, and Frontgrade, for example. When we wanted to go from Toggle MRAM to STT-MRAM, we developed our first products on the line that we have in Chandler, but it became very clear that if you actually wanted to have a cost-effective solution, you needed to move to 12-inch. That's when we partnered with GlobalFoundries. GlobalFoundries does our STT manufacturing. We licensed our technology to them so that they can manufacture for us. They also got the rights to actually offer embedded MRAM products, which they do on 22 nanometer MRAM, on 22 nanometer CMOS. They basically pay us a royalty every time a wafer is shipped for that application. We have a good relationship with GF. It's ongoing since 2014. We have product shipping over there on 28 nanometer for Everspin and 22 nanometer for GlobalFoundries. Okay, so going back to those end markets that you were talking about, I noticed that I wanted you to touch on STT-MRAM and how it enables higher densities and is being used in data center memory applications. If you could just talk a little bit about that opportunity. Yeah, so like I was saying earlier, it's easier to scale STT compared to toggle, and the idea is the size of the magnetic cell keeps shrinking as you go to advanced nodes. But because the size of the MRAM is also shrinking, the current required to switch it also decreases, so it actually lends itself favorably to advanced nodes, and that's the reason why all the foundries are looking at 22- and 16- and 12- and 7-nanometer CMOS because the MRAM cell is shrinking and they can actually use less current to switch it. And that's the reason why those embedded solutions are enabled, so for Everspin's STT, we actually built a one-gigabit product. If we had done that same one-gigabit on toggle, it would have probably been six times the size that one gigabit is today. That's the scaling question over there. And we've been shipping that part to IBM, and they're using it as a cache memory or a buffer memory. So they have the working memory, then they have Everspin's MRAM, and then they have the storage memory, which is NAND flash. So absent our memory, they would have to use batteries to make sure that the data is not lost in flight. But now, because they have our MRAM in place, they have removed all the batteries. So it turns out that the BOM using our MRAM is actually less than if they were to use storage capacitors or batteries. And the idea is the working memory is downloaded to our STT-MRAM, and then over time they can download it to the NAND flash, which takes forever to write, just like NOR Flash. So that's the value that we bring to that application over there. Great. I wanted to shift to IP licensing and your royalty business. So beyond product sales, you guys also generate revenue from licensing, royalties, and patent IP. Could you elaborate on this side of the business, sort of where have licensing and royalty revenues traditionally come from? Where do you see them going? Okay, yeah, thanks, Neil. I'll take that one. So for MRAM, right, we've built up a very strong IP portfolio over the past 20 years. We spent over $100 million developing this IP. We have over 650 patents in that space. And as Sanjeev mentioned, we do license the MRAM technology. We've licensed to GlobalFoundries, Honeywell, Bosch is a good example. Also some of our magnetics portfolio with Bosch and with Alps. Sorry for the pause. Should investors view the licensing business as a growth opportunity or more of an opportunistic, lumpy income stream? Yes, that opportunity, the licensing, we like to target that space to kind of be in the 10%-15% of revenue. It does tend to be lumpy because they tend to be specific projects with a discrete beginning and end, and then some royalty revenue over time as well. So it's one that is high margin, and we like it for that reason. And of course, we do look for opportunities to license. Okay. I want to go back to the low Earth orbit satellite and space applications you were talking about before. I know you sort of dove in a little bit of why you guys are such a strong fit for LEO satellites. Maybe talk about how you're approaching this market and if you can share any design wins or customer engagements in this satellite arena? Yeah, sure. So in terms of design wins, there are a couple that we can talk about openly. We have made press releases with respect to that. One is Blue Origin, and then the other one is Astro Digital. There we have design wins. And the idea with the Astro Digital is they have flight control systems, and they basically are looking for a reliable, fast boot memory. And that's where Everspin's MRAM comes in place. So if you're using NOR Flash, the reads are very fast, but the writes are actually pretty slow, right? And if you're trying to update the configuration system, that's where Everspin's MRAM plays a strong role and is a preferred solution compared to NOR Flash. In terms of how we are approaching it, we basically have clear ideas on who is actually planning to launch satellites. We are actually getting in there, talking about the advantages that we bring to the table and trying to get design wins from that. Also, we have reps all around the U.S. and Europe that actually go and talk about our technology. Combined with the distis, the reps, and our marketing team, including myself, and we visit customers, we talk about the benefits and see if we can actually land a design win. Great. And then if you could talk about how large is the content opportunity per satellite in your view? I know, for example, I've seen some estimates suggest that each LEO satellite could use on the order of anywhere from four to eight MRAM units. So just any quantitative measures you can put around the opportunity, I think would be helpful. Yeah, so I think there was a report from one of the banks that quoted about 70,000 satellites over the next five years. And that actually includes China as well. So with the relations changing, I don't know how many of that necessarily MRAM can serve, but I think a number of four to eight units per satellite is a reasonably good number. So let's round it up to 10 just for convenience. So 70,000 satellites times 10 units over the next five years is a good enough number with an ASP of anywhere from $50-$100. So it actually is good revenue to go after that market. Yeah. Shifting to competitive landscape, I want to dive in. Who does Everspin typically compete against across your different product lines? In other words, what are the alternative technologies or even rival companies that you might come up against in your target markets? Okay. If I might, I'll step back a little bit and first differentiate between embedded MRAM and discrete MRAM, right? So all the foundries today do offer embedded MRAM. So GlobalFoundries, Samsung, TSMC, UMC, they all have an offering of embedded MRAM. Everspin does not compete with them. We don't offer embedded MRAM. We only offer standalone or discrete MRAM. With GlobalFoundries, we license them so that they could ship embedded MRAM, and we collect royalty on it. But we only ship standalone or discrete MRAM. Over there, if you're looking at traditional memories, I've been talking about NOR Flash forever. So clearly we compete with them on if you're looking at memories that are used for storing configuration or when you boot up your phone or whatever it is, that's any device that basically typically boots out of a NOR Flash. So we compete with NOR Flash over there. If you're looking for data logging that I was talking about earlier with the robots and the computer, that's where we compete with non-volatile SRAM, or we compete with battery-backed SRAM, or we compete with ferroelectric RAM or FRAM. So those are our competitors in the data logging market. And that market is on the order of $700 million or so at the time. And with the Flash, the market is on the order of $3-$4 billion. So these are pretty different markets. And the NOR Flash is obviously a larger market that we are targeting. Finally, it's the data center, the one that I talked about where we ship into IBM. There, the market is much larger, but we only made one part so far. It's a DDR4-like one gigabit part, and we are serving mainly IBM. Our next product over there in that line would have to be something that can be more universally adopted than IBM. The challenge with our DDR4 part, it's not true DDR4. So you can't remove a DRAM and put an MRAM in there because all the parameters don't match. Unlike NOR Flash and SRAM, we can replace those parts directly with our MRAM product. So the next product that we bring out in that storage line would be socket compatible so that it's easier to proliferate in the market and get more design wins. Okay, and then so you talked about how you guys are one of the only few, or you're few, if not one of the only doing the embedded MRAM. Have you seen or heard anything about these larger companies, maybe developing technology that would compete directly with yours, and sort of if so, what differentiates you guys versus them? So I think you mean standalone, right? Yeah, sorry. Yeah, sorry. Correct. So we are not seeing any of the larger companies actually stepping into the standalone business. But for example, there are two smaller companies that did copy our business model or that use the same business model. One is Avalanche. They actually licensed their technology to UMC, and they tried to enter the standalone market a few years ago. Unfortunately, I think, well, they're no longer available, at least in Japan and Europe. The other company is NETSOL, and they're actually using Samsung as a foundry. They do have a 16 megabit part that can actually be scaled down to one megabit, and it offers serial and parallel interfaces as well. But they don't have an entire roadmap that could actually support a customer. So I think perhaps that is one of the challenges that they're facing as they try to get customers or compete with Everspin. Okay. I want to touch on. I know you guys were talking earlier how you are a uniquely U.S.-based manufacturer of MRAM. So that obviously ties into national security interests, especially with everything going on. So in September 2025, the U.S. Department of the Navy put out a request for information seeking industry input on establishing a domestic 300 millimeter back-end of line MRAM production capability for national security applications. Obviously, not going to ask any confidential details, but generally, how do you view this initiative for Everspin and your guys' positioning? Yeah, thanks, Neil. Yes, we did receive the RFI from the government for a 300 millimeter onshore MRAM line. We did submit a response to that RFI on a timely basis back in October after that came out. And given MRAM's IP portfolio and some of the partners that we submitted with, we feel good about our chances for getting a positive response from the government. So would this be something in a standalone effort? Would it be a partnership? Maybe if you could talk about it from that angle. Yeah, it would definitely be a partnership. We expect that partnership effort. I think from that perspective, we obviously have a close partnership with GlobalFoundries as well. So there's logic there. And of course, they have also a fab facility here onshore as well. And so we would look to partner with those folks to potentially bring that 300 millimeter line onshore, as well as other partners potentially. Any thoughts on the potential timeline or scale of this effort to the extent that you can share, of course? Right. So the key thing is, of course, we have the Chandler line, which has been here in the U.S. for 20 plus years on 200 millimeter, natural progression, right, to move to the current generation technology, 300 millimeter. We submitted the RFI. I will say the folks on the U.S. government side were still working even across the shutdown. And so we would expect to see some next steps come out, hopefully sometime here in the next several months. And that next step would be an RFP that we would then, again, with our partners, respond to. And then we would expect to, hopefully by the end of the year, have the response to the RFP. Okay, great. That's really helpful. Last question for me. Finally, is there anything that we haven't covered that you think investors should know about Everspin? So I'll leave the floor to you guys here. I would say that I think what I've learned in my years at Everspin. I actually joined it before it was spun out of Freescale in 2006. The attention to detail and quality that the team pays to its products speaks volumes. I think we have probably less than a few handful of parts that have been returned to Everspin since its inception, and we have shipped about 200 million plus units. The depth of the technology team that we have at Everspin, I think we are very well positioned not only to innovate, but then also the experience that we have to actually commercialize it and productize it. I think we're in a good position. I think with this flash market and this edge AI market in the storage industry, I think we have a lot to contribute, and you will see us within the next few years. Thank you for your attention. Thank you, Young. Thank you.

Speaker 1: Hello everyone and good morning. Thank you for joining us for the first day of Needham's 28th Annual Growth Conference. My name is Neil Young, and I am a semiconductor analyst at Needham. It is my pleasure to host this fireside chat with Everspin Technologies. Everspin Technologies is the worldwide leader in designing, manufacturing, and commercially shipping discrete and embedded MRAM and spin transfer torque MRAM into markets and applications where data persistence and integrity, low latency, and security are paramount. Joining me from the company today are. Hello everyone and good morning. hello everyone and good morning Thank you for joining us for the first day of Needham's 28th Annual Growth Conference. thank you for joining us for the first day of needham's 28th annual growth conference My name is Neil Young, and I am a semiconductor analyst at Needham. my name is neil young and i am a semiconductor analyst at needham It is my pleasure to host this fireside chat with Everspin Technologies. it is my pleasure to host this fireside chat with everspin technologies Everspin Technologies is the worldwide leader in designing, manufacturing, and commercially shipping discrete and embedded MRAM and spin transfer torque MRAM into markets and applications where data persistence and integrity, low latency, and security are paramount. everspin technologies is the worldwide leader in designing manufacturing and commercially shipping discrete and embedded mram and spin transfer torque mram into markets and applications where data persistence and integrity low latency and security are paramount Joining me from the company today are. joining me from the company today are

Speaker 2: Sanjeev Aggarwal, I'm the CEO for Everspin. Sanjeev Aggarwal, I'm the CEO for Everspin. sanjeev aggarwal i'm the ceo for everspin

Speaker 3: Bill Cooper, I'm the CFO for Everspin. Bill Cooper, I'm the CFO for Everspin. bill cooper i'm the cfo for everspin

Speaker 1: Thank you for joining us. So to kick things off, can you give us a brief overview of Everspin's story, sort of where the company started and where it stands today, and any key milestones in that journey that's shaped Everspin into the leader in MRAM technology it is today? Thank you for joining us. thank you for joining us So to kick things off, can you give us a brief overview of Everspin's story, sort of where the company started and where it stands today, and any key milestones in that journey that's shaped Everspin into the leader in MRAM technology it is today? so to kick things off can you give us a brief overview of everspin's story sort of where the company started and where it stands today and any key milestones in that journey that's shaped everspin into the leader in mram technology it is today

Speaker 2: Yeah, sure. So Everspin Technologies is a spinoff from Freescale in 2008, and then we went public in 2016. We are a specialty memory manufacturer based on magnetic materials. And what's great about Everspin is we've actually successfully commercialized two different technologies: toggle MRAM and spin transfer torque MRAM over this period of two decades or so. In terms of some of the milestones, I think what I would highlight is we formed a partnership with GlobalFoundries in 2014. That was our way of scaling densities from less than 32 megabit all the way up to one gigabit using STT-MRAM. We successfully commercialized a DDR-like interface with a one gigabit density, and that part is actually shipping into IBM today since 2018. Yeah, sure. yeah sure So Everspin Technologies is a spinoff from Freescale in 2008, and then we went public in 2016. so everspin technologies is a spinoff from freescale in 2008 and then we went public in 2016 We are a specialty memory manufacturer based on magnetic materials. we are a specialty memory manufacturer based on magnetic materials And what's great about Everspin is we've actually successfully commercialized two different technologies: toggle MRAM and spin transfer torque MRAM over this period of two decades or so. and what's great about everspin is we've actually successfully commercialized two different technologies toggle mram and spin transfer torque mram over this period of two decades or so In terms of some of the milestones, I think what I would highlight is we formed a partnership with GlobalFoundries in 2014. in terms of some of the milestones i think what i would highlight is we formed a partnership with globalfoundries in 2014 That was our way of scaling densities from less than 32 megabit all the way up to one gigabit using STT- MRAM. that was our way of scaling densities from less than 32 megabit all the way up to one gigabit using stt- mram We successfully commercialized a DDR-like interface with a one gigabit density, and that part is actually shipping into IBM today since 2018. we successfully commercialized a ddr-like interface with a one gigabit density and that part is actually shipping into ibm today since 2018 And then more recently, over the last two years, we also commercialized our xSPi part with densities going from four megabit to 256 megabit, also using our STT-MRAM technology. And those are the parts that are actually especially getting traction in the low Earth orbit satellite markets, the FPGA markets, and the aerospace and defense markets. And then over the last couple of years, we've also brought on TSMC as a foundry using their MRAM technology and our designs. So that brings me to the other point I would like to make, which is we have our own design in-house. So all the products that we are shipping today were designed internally at Everspin in the U.S. We have an eight-inch factory in the U.S. for manufacturing Toggle MRAM, and we obviously manufacture our STT at GlobalFoundries. And then more recently, over the last two years, we also commercialized our xSPi part with densities going from four megabit to 256 megabit, also using our STT- MRAM technology. and then more recently over the last two years we also commercialized our xspi part with densities going from four megabit to 256 megabit also using our stt- mram technology And those are the parts that are actually especially getting traction in the low Earth orbit satellite markets, the FPGA markets, and the aerospace and defense markets. and those are the parts that are actually especially getting traction in the low earth orbit satellite markets the fpga markets and the aerospace and defense markets And then over the last couple of years, we've also brought on TSMC as a foundry using their MRAM technology and our designs. and then over the last couple of years we've also brought on tsmc as a foundry using their mram technology and our designs So that brings me to the other point I would like to make, which is we have our own design in-house. so that brings me to the other point i would like to make which is we have our own design in-house So all the products that we are shipping today were designed internally at Everspin in the U.S. so all the products that we are shipping today were designed internally at everspin in the u.s We have an eight-inch factory in the U.S. for manufacturing Toggle MRAM, and we obviously manufacture our STT at GlobalFoundries. we have an eight-inch factory in the u.s for manufacturing toggle mram and we obviously manufacture our stt at globalfoundries So what we focus on is innovation and then finding a path to commercialize that innovation and finding the customers that actually want to use that technology and products. So what we focus on is innovation and then finding a path to commercialize that innovation and finding the customers that actually want to use that technology and products. so what we focus on is innovation and then finding a path to commercialize that innovation and finding the customers that actually want to use that technology and products

Speaker 1: Great. Yeah, so moving in a little bit of the product portfolio and technology. So Everspin's known for two main MRAM technologies: the classic Toggle MRAM and the newer spin transfer torque, or the STT-MRAM, which you mentioned. Could you please start by explaining your Toggle MRAM portfolio? Exactly what is Toggle MRAM for those less familiar in the audience, and what are its typical use cases and end market applications? Great. great Yeah, so moving in a little bit of the product portfolio and technology. yeah so moving in a little bit of the product portfolio and technology So Everspin's known for two main MRAM technologies: the classic Toggle MRAM and the newer spin transfer torque, or the STT- MRAM, which you mentioned. so everspin's known for two main mram technologies the classic toggle mram and the newer spin transfer torque or the stt- mram which you mentioned Could you please start by explaining your Toggle MRAM portfolio? could you please start by explaining your toggle mram portfolio Exactly what is Toggle MRAM for those less familiar in the audience, and what are its typical use cases and end market applications? exactly what is toggle mram for those less familiar in the audience and what are its typical use cases and end market applications

Speaker 2: Yeah, sure. So when you think of MRAM, you basically have two magnetic layers. I say one is a fixed layer and one is a free layer. And these two magnetic layers are separated by an insulating layer. So when the fixed layer and the free layer are aligned in the same direction, you basically have a low resistance state or a zero state. And when they're pointing in opposite directions, you have a high resistance state or a one state. So toggle MRAM actually switches the free layer using a magnetic field that is generated internally in the CMOS using a copper lines that we actually line up with a magnetic material to generate that magnetic field. Spin transfer torque actually switches the free layer by passing a current through the insulating layer. Yeah, sure. yeah sure So when you think of MRAM, you basically have two magnetic layers. so when you think of mram you basically have two magnetic layers I say one is a fixed layer and one is a free layer. i say one is a fixed layer and one is a free layer And these two magnetic layers are separated by an insulating layer. and these two magnetic layers are separated by an insulating layer So when the fixed layer and the free layer are aligned in the same direction, you basically have a low resistance state or a zero state. so when the fixed layer and the free layer are aligned in the same direction you basically have a low resistance state or a zero state And when they're pointing in opposite directions, you have a high resistance state or a one state. and when they're pointing in opposite directions you have a high resistance state or a one state So toggle MRAM actually switches the free layer using a magnetic field that is generated internally in the CMOS using a copper lines that we actually line up with a magnetic material to generate that magnetic field. so toggle mram actually switches the free layer using a magnetic field that is generated internally in the cmos using a copper lines that we actually line up with a magnetic material to generate that magnetic field Spin transfer torque actually switches the free layer by passing a current through the insulating layer. spin transfer torque actually switches the free layer by passing a current through the insulating layer So what that does is with Toggle MRAM, for us to generate a certain amount of field, you need a certain width of the copper lines, and then you need a certain volume. So that actually limits the scaling of the Toggle MRAM. With spin transfer torque, because you can switch by passing current through the tunnel barrier, you can actually scale. So Toggle MRAM, like I was saying earlier, it goes up to 32 megabit. And then STT-MRAM, we have parts out there that go all the way up to one gigabit. In terms of applications, that was something you asked, right? So what that does is with Toggle MRAM, for us to generate a certain amount of field, you need a certain width of the copper lines, and then you need a certain volume. so what that does is with toggle mram for us to generate a certain amount of field you need a certain width of the copper lines and then you need a certain volume So that actually limits the scaling of the Toggle MRAM. so that actually limits the scaling of the toggle mram With spin transfer torque, because you can switch by passing current through the tunnel barrier, you can actually scale. with spin transfer torque because you can switch by passing current through the tunnel barrier you can actually scale So Toggle MRAM, like I was saying earlier, it goes up to 32 megabit. so toggle mram like i was saying earlier it goes up to 32 megabit And then STT- MRAM, we have parts out there that go all the way up to one gigabit. and then stt- mram we have parts out there that go all the way up to one gigabit In terms of applications, that was something you asked, right? in terms of applications that was something you asked right

Speaker 1: Yeah, yeah. Typical use cases for toggle MRAM and any end market applications. Yeah, yeah. yeah yeah Typical use cases for toggle MRAM and any end market applications. typical use cases for toggle mram and any end market applications

Speaker 2: So if you're looking at MRAM, whether it's toggle or STT, you're basically looking for an application where data logging speeds are important. So I'll give you an example where, for example, on a manufacturing floor, you have a robot that's actually doing all the manufacturing. It is constantly communicating with a central computer and letting the central computer know what it's doing. So in case there is a power loss, for example, there can be an instant on or instant off type process when you're using our technology. So there is no scrap on the floor. If you're using standard technology like NOR Flash, it takes so long to write, almost a couple of minutes compared to a couple of nanoseconds, all the work in progress is actually scrap. So that's a good example. That's where you would be using it. So if you're looking at MRAM, whether it's toggle or STT, you're basically looking for an application where data logging speeds are important. so if you're looking at mram whether it's toggle or stt you're basically looking for an application where data logging speeds are important So I'll give you an example where, for example, on a manufacturing floor, you have a robot that's actually doing all the manufacturing. so i'll give you an example where for example on a manufacturing floor you have a robot that's actually doing all the manufacturing It is constantly communicating with a central computer and letting the central computer know what it's doing. it is constantly communicating with a central computer and letting the central computer know what it's doing So in case there is a power loss, for example, there can be an instant on or instant off type process when you're using our technology. so in case there is a power loss for example there can be an instant on or instant off type process when you're using our technology So there is no scrap on the floor. so there is no scrap on the floor If you're using standard technology like NOR Flash, it takes so long to write, almost a couple of minutes compared to a couple of nanoseconds, all the work in progress is actually scrap. if you're using standard technology like nor flash it takes so long to write almost a couple of minutes compared to a couple of nanoseconds all the work in progress is actually scrap So that's a good example. so that's a good example That's where you would be using it. that's where you would be using it Several of our industrial automation guys, Siemens, Schneider, IFM, Mitsubishi, they all use our memory technology, preferably over standard memory technology for that reason. Another example is casino gaming, right? With casino gaming, you need to record the events that are happening on the slot machine at least at three different locations. And if it takes forever minutes to write to that memory, then obviously there are only so many operations that you can do in a minute. Replace that with MRAM, and you can actually now suddenly double or triple the number of actions you can do per minute. And also the data is stored more reliably. And our chips actually have a tamper detect. So in case somebody tries to turn off the power or bring a magnetic field or some other tampering on the machine, it actually detects and shuts the machine down completely. Several of our industrial automation guys, Siemens, Schneider, IFM, Mitsubishi, they all use our memory technology, preferably over standard memory technology for that reason. several of our industrial automation guys siemens schneider ifm mitsubishi they all use our memory technology preferably over standard memory technology for that reason Another example is casino gaming, right? another example is casino gaming right With casino gaming, you need to record the events that are happening on the slot machine at least at three different locations. with casino gaming you need to record the events that are happening on the slot machine at least at three different locations And if it takes forever minutes to write to that memory, then obviously there are only so many operations that you can do in a minute. and if it takes forever minutes to write to that memory then obviously there are only so many operations that you can do in a minute Replace that with MRAM, and you can actually now suddenly double or triple the number of actions you can do per minute. replace that with mram and you can actually now suddenly double or triple the number of actions you can do per minute And also the data is stored more reliably. and also the data is stored more reliably And our chips actually have a tamper detect. and our chips actually have a tamper detect So in case somebody tries to turn off the power or bring a magnetic field or some other tampering on the machine, it actually detects and shuts the machine down completely. so in case somebody tries to turn off the power or bring a magnetic field or some other tampering on the machine it actually detects and shuts the machine down completely Like I was saying earlier, good traction with the lower orbital satellite markets. And the idea over there is if you are a satellite that is actually communicating with the ground, you have only so much time in which you can update a configuration to that satellite, right? And if you're using a NOR Flash, because it takes so long to write, you're not able to reliably write to that satellite in a particular amount of time that you're given, the short amount of time that you're given. So that's where MRAM is making inroads. Also, because it's based on magnetic charges, sorry, magnetic spins and not electric charges, it's radiation immune. So you don't get disturbed when you're actually deployed in the space. Like I was saying earlier, good traction with the lower orbital satellite markets. like i was saying earlier good traction with the lower orbital satellite markets And the idea over there is if you are a satellite that is actually communicating with the ground, you have only so much time in which you can update a configuration to that satellite, right? and the idea over there is if you are a satellite that is actually communicating with the ground you have only so much time in which you can update a configuration to that satellite right And if you're using a NOR Flash, because it takes so long to write, you're not able to reliably write to that satellite in a particular amount of time that you're given, the short amount of time that you're given. and if you're using a nor flash because it takes so long to write you're not able to reliably write to that satellite in a particular amount of time that you're given the short amount of time that you're given So that's where MRAM is making inroads. so that's where mram is making inroads Also, because it's based on magnetic charges, sorry, magnetic spins and not electric charges, it's radiation immune. also because it's based on magnetic charges sorry magnetic spins and not electric charges it's radiation immune So you don't get disturbed when you're actually deployed in the space. so you don't get disturbed when you're actually deployed in the space That's the reason why it's being used by aerospace and defense for several applications like low-Earth orbital satellites or drones and those kinds of applications. That's the reason why it's being used by aerospace and defense for several applications like low-Earth orbital satellites or drones and those kinds of applications. that's the reason why it's being used by aerospace and defense for several applications like low-earth orbital satellites or drones and those kinds of applications

Speaker 1: Okay, great. So I think you covered STT-MRAM a little bit there, but I just want to ask, how are the different product portfolios manufactured and what advantages does that bring to Everspin? Okay, great. okay great So I think you covered STT- MRAM a little bit there, but I just want to ask, how are the different product portfolios manufactured and what advantages does that bring to Everspin? so i think you covered stt- mram a little bit there but i just want to ask how are the different product portfolios manufactured and what advantages does that bring to everspin

Speaker 2: That's a good one. So when we spun out of Freescale, we actually had our eight-inch manufacturing line in Chandler, Arizona. Actually, that line that we have in Chandler never moved. The ownership moved from Motorola to Freescale to NXP, but we still own the tools and we still run the operations independent of the owners. We had a landlord over there. It's been that way now since almost 2000, so about 25 years. And that's where we build all our Toggle MRAM. And that is the reason why, actually not the reason why, but we are the only U.S. supplier of MRAM. And that's the reason why the U.S. government is actually specifically interested in partnering with Everspin on many of their programs that are related to aerospace and defense, military applications, contractors like Honeywell, QuickLogic, and Frontgrade, for example. That's a good one. that's a good one So when we spun out of Freescale, we actually had our eight-inch manufacturing line in Chandler, Arizona. so when we spun out of freescale we actually had our eight-inch manufacturing line in chandler arizona Actually, that line that we have in Chandler never moved. actually that line that we have in chandler never moved The ownership moved from Motorola to Freescale to NXP, but we still own the tools and we still run the operations independent of the owners. the ownership moved from motorola to freescale to nxp but we still own the tools and we still run the operations independent of the owners We had a landlord over there. we had a landlord over there It's been that way now since almost 2000, so about 25 years. it's been that way now since almost 2000 so about 25 years And that's where we build all our Toggle MRAM. and that's where we build all our toggle mram And that is the reason why, actually not the reason why, but we are the only U.S. supplier of MRAM. and that is the reason why actually not the reason why but we are the only u.s supplier of mram And that's the reason why the U.S. government is actually specifically interested in partnering with Everspin on many of their programs that are related to aerospace and defense, military applications, contractors like Honeywell, QuickLogic, and Frontgrade, for example. and that's the reason why the u.s government is actually specifically interested in partnering with everspin on many of their programs that are related to aerospace and defense military applications contractors like honeywell quicklogic and frontgrade for example When we wanted to go from Toggle MRAM to STT-MRAM, we developed our first products on the line that we have in Chandler, but it became very clear that if you actually wanted to have a cost-effective solution, you needed to move to 12-inch. That's when we partnered with GlobalFoundries. GlobalFoundries does our STT manufacturing. We licensed our technology to them so that they can manufacture for us. They also got the rights to actually offer embedded MRAM products, which they do on 22 nanometer MRAM, on 22 nanometer CMOS. They basically pay us a royalty every time a wafer is shipped for that application. We have a good relationship with GF. It's ongoing since 2014. We have product shipping over there on 28 nanometer for Everspin and 22 nanometer for GlobalFoundries. When we wanted to go from Toggle MRAM to STT- MRAM, we developed our first products on the line that we have in Chandler, but it became very clear that if you actually wanted to have a cost-effective solution, you needed to move to 12-inch. when we wanted to go from toggle mram to stt- mram we developed our first products on the line that we have in chandler but it became very clear that if you actually wanted to have a cost-effective solution you needed to move to 12-inch That's when we partnered with GlobalFoundries. that's when we partnered with globalfoundries GlobalFoundries does our STT manufacturing. globalfoundries does our stt manufacturing We licensed our technology to them so that they can manufacture for us. we licensed our technology to them so that they can manufacture for us They also got the rights to actually offer embedded MRAM products, which they do on 22 nanometer MRAM, on 22 nanometer CMOS. they also got the rights to actually offer embedded mram products which they do on 22 nanometer mram on 22 nanometer cmos They basically pay us a royalty every time a wafer is shipped for that application. they basically pay us a royalty every time a wafer is shipped for that application We have a good relationship with GF. we have a good relationship with gf It's ongoing since 2014. it's ongoing since 2014 We have product shipping over there on 28 nanometer for Everspin and 22 nanometer for GlobalFoundries. we have product shipping over there on 28 nanometer for everspin and 22 nanometer for globalfoundries

Speaker 1: Okay, so going back to those end markets that you were talking about, I noticed that I wanted you to touch on STT-MRAM and how it enables higher densities and is being used in data center memory applications. If you could just talk a little bit about that opportunity. Okay, so going back to those end markets that you were talking about, I noticed that I wanted you to touch on STT- MRAM and how it enables higher densities and is being used in data center memory applications. okay so going back to those end markets that you were talking about i noticed that i wanted you to touch on stt- mram and how it enables higher densities and is being used in data center memory applications If you could just talk a little bit about that opportunity. if you could just talk a little bit about that opportunity

Speaker 2: Yeah, so like I was saying earlier, it's easier to scale STT compared to toggle, and the idea is the size of the magnetic cell keeps shrinking as you go to advanced nodes. But because the size of the MRAM is also shrinking, the current required to switch it also decreases, so it actually lends itself favorably to advanced nodes, and that's the reason why all the foundries are looking at 22- and 16- and 12- and 7-nanometer CMOS because the MRAM cell is shrinking and they can actually use less current to switch it. And that's the reason why those embedded solutions are enabled, so for Everspin's STT, we actually built a one-gigabit product. If we had done that same one-gigabit on toggle, it would have probably been six times the size that one gigabit is today. That's the scaling question over there. Yeah, so like I was saying earlier, it's easier to scale STT compared to toggle, and the idea is the size of the magnetic cell keeps shrinking as you go to advanced nodes. yeah so like i was saying earlier it's easier to scale stt compared to toggle and the idea is the size of the magnetic cell keeps shrinking as you go to advanced nodes But because the size of the MRAM is also shrinking, the current required to switch it also decreases, so it actually lends itself favorably to advanced nodes, and that's the reason why all the foundries are looking at 22- and 16- and 12- and 7-nanometer CMOS because the MRAM cell is shrinking and they can actually use less current to switch it. but because the size of the mram is also shrinking the current required to switch it also decreases so it actually lends itself favorably to advanced nodes and that's the reason why all the foundries are looking at 22- and 16- and 12- and 7-nanometer cmos because the mram cell is shrinking and they can actually use less current to switch it And that's the reason why those embedded solutions are enabled, so for Everspin's STT, we actually built a one-gigabit product. and that's the reason why those embedded solutions are enabled so for everspin's stt we actually built a one-gigabit product If we had done that same one-gigabit on toggle, it would have probably been six times the size that one gigabit is today. if we had done that same one-gigabit on toggle it would have probably been six times the size that one gigabit is today That's the scaling question over there. that's the scaling question over there And we've been shipping that part to IBM, and they're using it as a cache memory or a buffer memory. So they have the working memory, then they have Everspin's MRAM, and then they have the storage memory, which is NAND flash. So absent our memory, they would have to use batteries to make sure that the data is not lost in flight. But now, because they have our MRAM in place, they have removed all the batteries. So it turns out that the BOM using our MRAM is actually less than if they were to use storage capacitors or batteries. And the idea is the working memory is downloaded to our STT-MRAM, and then over time they can download it to the NAND flash, which takes forever to write, just like NOR Flash. So that's the value that we bring to that application over there. And we've been shipping that part to IBM, and they're using it as a cache memory or a buffer memory. and we've been shipping that part to ibm and they're using it as a cache memory or a buffer memory So they have the working memory, then they have Everspin's MRAM, and then they have the storage memory, which is NAND flash. so they have the working memory then they have everspin's mram and then they have the storage memory which is nand flash So absent our memory, they would have to use batteries to make sure that the data is not lost in flight. so absent our memory they would have to use batteries to make sure that the data is not lost in flight But now, because they have our MRAM in place, they have removed all the batteries. but now because they have our mram in place they have removed all the batteries So it turns out that the BOM using our MRAM is actually less than if they were to use storage capacitors or batteries. so it turns out that the bom using our mram is actually less than if they were to use storage capacitors or batteries And the idea is the working memory is downloaded to our STT- MRAM, and then over time they can download it to the NAND flash, which takes forever to write, just like NOR Flash. and the idea is the working memory is downloaded to our stt- mram and then over time they can download it to the nand flash which takes forever to write just like nor flash So that's the value that we bring to that application over there. so that's the value that we bring to that application over there

Speaker 1: Great. I wanted to shift to IP licensing and your royalty business. So beyond product sales, you guys also generate revenue from licensing, royalties, and patent IP. Could you elaborate on this side of the business, sort of where have licensing and royalty revenues traditionally come from? Where do you see them going? Great. great I wanted to shift to IP licensing and your royalty business. i wanted to shift to ip licensing and your royalty business So beyond product sales, you guys also generate revenue from licensing, royalties, and patent IP. so beyond product sales you guys also generate revenue from licensing royalties and patent ip Could you elaborate on this side of the business, sort of where have licensing and royalty revenues traditionally come from? could you elaborate on this side of the business sort of where have licensing and royalty revenues traditionally come from Where do you see them going? where do you see them going

Speaker 3: Okay, yeah, thanks, Neil. I'll take that one. So for MRAM, right, we've built up a very strong IP portfolio over the past 20 years. We spent over $100 million developing this IP. We have over 650 patents in that space. And as Sanjeev mentioned, we do license the MRAM technology. We've licensed to GlobalFoundries, Honeywell, Bosch is a good example. Also some of our magnetics portfolio with Bosch and with Alps. Sorry for the pause. Okay, yeah, thanks, Neil. okay yeah thanks neil I'll take that one. i'll take that one So for MRAM, right, we've built up a very strong IP portfolio over the past 20 years. so for mram right we've built up a very strong ip portfolio over the past 20 years We spent over $100 million developing this IP. we spent over $100 million developing this ip We have over 650 patents in that space. we have over 650 patents in that space And as Sanjeev mentioned, we do license the MRAM technology. and as sanjeev mentioned we do license the mram technology We've licensed to GlobalFoundries, Honeywell, Bosch is a good example. we've licensed to globalfoundries honeywell bosch is a good example Also some of our magnetics portfolio with Bosch and with Alps. also some of our magnetics portfolio with bosch and with alps Sorry for the pause. sorry for the pause

Speaker 1: Should investors view the licensing business as a growth opportunity or more of an opportunistic, lumpy income stream? Should investors view the licensing business as a growth opportunity or more of an opportunistic, lumpy income stream? should investors view the licensing business as a growth opportunity or more of an opportunistic lumpy income stream

Speaker 3: Yes, that opportunity, the licensing, we like to target that space to kind of be in the 10%-15% of revenue. It does tend to be lumpy because they tend to be specific projects with a discrete beginning and end, and then some royalty revenue over time as well. So it's one that is high margin, and we like it for that reason. And of course, we do look for opportunities to license. Yes, that opportunity, the licensing, we like to target that space to kind of be in the 10%-15% of revenue. yes that opportunity the licensing we like to target that space to kind of be in the 10%-15% of revenue It does tend to be lumpy because they tend to be specific projects with a discrete beginning and end, and then some royalty revenue over time as well. it does tend to be lumpy because they tend to be specific projects with a discrete beginning and end and then some royalty revenue over time as well So it's one that is high margin, and we like it for that reason. so it's one that is high margin and we like it for that reason And of course, we do look for opportunities to license. and of course we do look for opportunities to license

Speaker 1: Okay. I want to go back to the low Earth orbit satellite and space applications you were talking about before. I know you sort of dove in a little bit of why you guys are such a strong fit for LEO satellites. Maybe talk about how you're approaching this market and if you can share any design wins or customer engagements in this satellite arena? Okay. okay I want to go back to the low Earth orbit satellite and space applications you were talking about before. i want to go back to the low earth orbit satellite and space applications you were talking about before I know you sort of dove in a little bit of why you guys are such a strong fit for LEO satellites. i know you sort of dove in a little bit of why you guys are such a strong fit for leo satellites Maybe talk about how you're approaching this market and if you can share any design wins or customer engagements in this satellite arena? maybe talk about how you're approaching this market and if you can share any design wins or customer engagements in this satellite arena

Speaker 2: Yeah, sure. So in terms of design wins, there are a couple that we can talk about openly. We have made press releases with respect to that. One is Blue Origin, and then the other one is Astro Digital. There we have design wins. And the idea with the Astro Digital is they have flight control systems, and they basically are looking for a reliable, fast boot memory. And that's where Everspin's MRAM comes in place. So if you're using NOR Flash, the reads are very fast, but the writes are actually pretty slow, right? And if you're trying to update the configuration system, that's where Everspin's MRAM plays a strong role and is a preferred solution compared to NOR Flash. In terms of how we are approaching it, we basically have clear ideas on who is actually planning to launch satellites. Yeah, sure. yeah sure So in terms of design wins, there are a couple that we can talk about openly. so in terms of design wins there are a couple that we can talk about openly We have made press releases with respect to that. we have made press releases with respect to that One is Blue Origin, and then the other one is Astro Digital. one is blue origin and then the other one is astro digital There we have design wins. there we have design wins And the idea with the Astro Digital is they have flight control systems, and they basically are looking for a reliable, fast boot memory. and the idea with the astro digital is they have flight control systems and they basically are looking for a reliable fast boot memory And that's where Everspin's MRAM comes in place. and that's where everspin's mram comes in place So if you're using NOR Flash, the reads are very fast, but the writes are actually pretty slow, right? so if you're using nor flash the reads are very fast but the writes are actually pretty slow right And if you're trying to update the configuration system, that's where Everspin's MRAM plays a strong role and is a preferred solution compared to NOR Flash. and if you're trying to update the configuration system that's where everspin's mram plays a strong role and is a preferred solution compared to nor flash In terms of how we are approaching it, we basically have clear ideas on who is actually planning to launch satellites. in terms of how we are approaching it we basically have clear ideas on who is actually planning to launch satellites We are actually getting in there, talking about the advantages that we bring to the table and trying to get design wins from that. Also, we have reps all around the U.S. and Europe that actually go and talk about our technology. Combined with the distis, the reps, and our marketing team, including myself, and we visit customers, we talk about the benefits and see if we can actually land a design win. We are actually getting in there, talking about the advantages that we bring to the table and trying to get design wins from that. we are actually getting in there talking about the advantages that we bring to the table and trying to get design wins from that Also, we have reps all around the U.S. and Europe that actually go and talk about our technology. also we have reps all around the u.s and europe that actually go and talk about our technology Combined with the distis, the reps, and our marketing team, including myself, and we visit customers, we talk about the benefits and see if we can actually land a design win. combined with the distis the reps and our marketing team including myself and we visit customers we talk about the benefits and see if we can actually land a design win

Speaker 1: Great. And then if you could talk about how large is the content opportunity per satellite in your view? I know, for example, I've seen some estimates suggest that each LEO satellite could use on the order of anywhere from four to eight MRAM units. So just any quantitative measures you can put around the opportunity, I think would be helpful. Great. great And then if you could talk about how large is the content opportunity per satellite in your view? and then if you could talk about how large is the content opportunity per satellite in your view I know, for example, I've seen some estimates suggest that each LEO satellite could use on the order of anywhere from four to eight MRAM units. i know for example i've seen some estimates suggest that each leo satellite could use on the order of anywhere from four to eight mram units So just any quantitative measures you can put around the opportunity, I think would be helpful. so just any quantitative measures you can put around the opportunity i think would be helpful

Speaker 2: Yeah, so I think there was a report from one of the banks that quoted about 70,000 satellites over the next five years. And that actually includes China as well. So with the relations changing, I don't know how many of that necessarily MRAM can serve, but I think a number of four to eight units per satellite is a reasonably good number. So let's round it up to 10 just for convenience. So 70,000 satellites times 10 units over the next five years is a good enough number with an ASP of anywhere from $50-$100. So it actually is good revenue to go after that market. Yeah, so I think there was a report from one of the banks that quoted about 70,000 satellites over the next five years. yeah so i think there was a report from one of the banks that quoted about 70,000 satellites over the next five years And that actually includes China as well. and that actually includes china as well So with the relations changing, I don't know how many of that necessarily MRAM can serve, but I think a number of four to eight units per satellite is a reasonably good number. so with the relations changing i don't know how many of that necessarily mram can serve but i think a number of four to eight units per satellite is a reasonably good number So let's round it up to 10 just for convenience. so let's round it up to 10 just for convenience So 70,000 satellites times 10 units over the next five years is a good enough number with an ASP of anywhere from $50-$100. so 70,000 satellites times 10 units over the next five years is a good enough number with an asp of anywhere from $50-$100 So it actually is good revenue to go after that market. so it actually is good revenue to go after that market

Speaker 1: Yeah. Shifting to competitive landscape, I want to dive in. Who does Everspin typically compete against across your different product lines? In other words, what are the alternative technologies or even rival companies that you might come up against in your target markets? Yeah. yeah Shifting to competitive landscape, I want to dive in. shifting to competitive landscape i want to dive in Who does Everspin typically compete against across your different product lines? who does everspin typically compete against across your different product lines In other words, what are the alternative technologies or even rival companies that you might come up against in your target markets? in other words what are the alternative technologies or even rival companies that you might come up against in your target markets

Speaker 2: Okay. If I might, I'll step back a little bit and first differentiate between embedded MRAM and discrete MRAM, right? So all the foundries today do offer embedded MRAM. So GlobalFoundries, Samsung, TSMC, UMC, they all have an offering of embedded MRAM. Everspin does not compete with them. We don't offer embedded MRAM. We only offer standalone or discrete MRAM. With GlobalFoundries, we license them so that they could ship embedded MRAM, and we collect royalty on it. But we only ship standalone or discrete MRAM. Over there, if you're looking at traditional memories, I've been talking about NOR Flash forever. So clearly we compete with them on if you're looking at memories that are used for storing configuration or when you boot up your phone or whatever it is, that's any device that basically typically boots out of a NOR Flash. Okay. okay If I might, I'll step back a little bit and first differentiate between embedded MRAM and discrete MRAM, right? if i might i'll step back a little bit and first differentiate between embedded mram and discrete mram right So all the foundries today do offer embedded MRAM. so all the foundries today do offer embedded mram So GlobalFoundries, Samsung, TSMC, UMC, they all have an offering of embedded MRAM. so globalfoundries samsung tsmc umc they all have an offering of embedded mram Everspin does not compete with them. everspin does not compete with them We don't offer embedded MRAM. we don't offer embedded mram We only offer standalone or discrete MRAM. we only offer standalone or discrete mram With GlobalFoundries, we license them so that they could ship embedded MRAM, and we collect royalty on it. with globalfoundries we license them so that they could ship embedded mram and we collect royalty on it But we only ship standalone or discrete MRAM. but we only ship standalone or discrete mram Over there, if you're looking at traditional memories, I've been talking about NOR Flash forever. over there if you're looking at traditional memories i've been talking about nor flash forever So clearly we compete with them on if you're looking at memories that are used for storing configuration or when you boot up your phone or whatever it is, that's any device that basically typically boots out of a NOR Flash. so clearly we compete with them on if you're looking at memories that are used for storing configuration or when you boot up your phone or whatever it is that's any device that basically typically boots out of a nor flash So we compete with NOR Flash over there. If you're looking for data logging that I was talking about earlier with the robots and the computer, that's where we compete with non-volatile SRAM, or we compete with battery-backed SRAM, or we compete with ferroelectric RAM or FRAM. So those are our competitors in the data logging market. And that market is on the order of $700 million or so at the time. And with the Flash, the market is on the order of $3-$4 billion. So these are pretty different markets. And the NOR Flash is obviously a larger market that we are targeting. Finally, it's the data center, the one that I talked about where we ship into IBM. There, the market is much larger, but we only made one part so far. It's a DDR4-like one gigabit part, and we are serving mainly IBM. So we compete with NOR Flash over there. so we compete with nor flash over there If you're looking for data logging that I was talking about earlier with the robots and the computer, that's where we compete with non-volatile SRAM, or we compete with battery-backed SRAM, or we compete with ferroelectric RAM or FRAM. if you're looking for data logging that i was talking about earlier with the robots and the computer that's where we compete with non-volatile sram or we compete with battery-backed sram or we compete with ferroelectric ram or fram So those are our competitors in the data logging market. so those are our competitors in the data logging market And that market is on the order of $700 million or so at the time. and that market is on the order of $700 million or so at the time And with the Flash, the market is on the order of $3-$4 billion. and with the flash the market is on the order of $3-$4 billion So these are pretty different markets. so these are pretty different markets And the NOR Flash is obviously a larger market that we are targeting. and the nor flash is obviously a larger market that we are targeting Finally, it's the data center, the one that I talked about where we ship into IBM. finally it's the data center the one that i talked about where we ship into ibm There, the market is much larger, but we only made one part so far. there the market is much larger but we only made one part so far It's a DDR4-like one gigabit part, and we are serving mainly IBM. it's a ddr4-like one gigabit part and we are serving mainly ibm Our next product over there in that line would have to be something that can be more universally adopted than IBM. The challenge with our DDR4 part, it's not true DDR4. So you can't remove a DRAM and put an MRAM in there because all the parameters don't match. Unlike NOR Flash and SRAM, we can replace those parts directly with our MRAM product. So the next product that we bring out in that storage line would be socket compatible so that it's easier to proliferate in the market and get more design wins. Our next product over there in that line would have to be something that can be more universally adopted than IBM. our next product over there in that line would have to be something that can be more universally adopted than ibm The challenge with our DDR4 part, it's not true DDR4. the challenge with our ddr4 part it's not true ddr4 So you can't remove a DRAM and put an MRAM in there because all the parameters don't match. so you can't remove a dram and put an mram in there because all the parameters don't match Unlike NOR Flash and SRAM, we can replace those parts directly with our MRAM product. unlike nor flash and sram we can replace those parts directly with our mram product So the next product that we bring out in that storage line would be socket compatible so that it's easier to proliferate in the market and get more design wins. so the next product that we bring out in that storage line would be socket compatible so that it's easier to proliferate in the market and get more design wins

Speaker 1: Okay, and then so you talked about how you guys are one of the only few, or you're few, if not one of the only doing the embedded MRAM. Have you seen or heard anything about these larger companies, maybe developing technology that would compete directly with yours, and sort of if so, what differentiates you guys versus them? Okay, and then so you talked about how you guys are one of the only few, or you're few, if not one of the only doing the embedded MRAM. okay and then so you talked about how you guys are one of the only few or you're few if not one of the only doing the embedded mram Have you seen or heard anything about these larger companies, maybe developing technology that would compete directly with yours, and sort of if so, what differentiates you guys versus them? have you seen or heard anything about these larger companies maybe developing technology that would compete directly with yours and sort of if so what differentiates you guys versus them

Speaker 2: So I think you mean standalone, right? So I think you mean standalone, right? so i think you mean standalone right

Speaker 1: Yeah, sorry. Yeah, sorry. yeah sorry

Speaker 2: Yeah, sorry. Yeah, sorry. yeah sorry

Speaker 1: Correct. Correct. correct

Speaker 2: So we are not seeing any of the larger companies actually stepping into the standalone business. But for example, there are two smaller companies that did copy our business model or that use the same business model. One is Avalanche. They actually licensed their technology to UMC, and they tried to enter the standalone market a few years ago. Unfortunately, I think, well, they're no longer available, at least in Japan and Europe. The other company is NETSOL, and they're actually using Samsung as a foundry. They do have a 16 megabit part that can actually be scaled down to one megabit, and it offers serial and parallel interfaces as well. But they don't have an entire roadmap that could actually support a customer. So I think perhaps that is one of the challenges that they're facing as they try to get customers or compete with Everspin. So we are not seeing any of the larger companies actually stepping into the standalone business. so we are not seeing any of the larger companies actually stepping into the standalone business But for example, there are two smaller companies that did copy our business model or that use the same business model. but for example there are two smaller companies that did copy our business model or that use the same business model One is Avalanche. one is avalanche They actually licensed their technology to UMC, and they tried to enter the standalone market a few years ago. they actually licensed their technology to umc and they tried to enter the standalone market a few years ago Unfortunately, I think, well, they're no longer available, at least in Japan and Europe. unfortunately i think well they're no longer available at least in japan and europe The other company is NETSOL, and they're actually using Samsung as a foundry. the other company is netsol and they're actually using samsung as a foundry They do have a 16 megabit part that can actually be scaled down to one megabit, and it offers serial and parallel interfaces as well. they do have a 16 megabit part that can actually be scaled down to one megabit and it offers serial and parallel interfaces as well But they don't have an entire roadmap that could actually support a customer. but they don't have an entire roadmap that could actually support a customer So I think perhaps that is one of the challenges that they're facing as they try to get customers or compete with Everspin. so i think perhaps that is one of the challenges that they're facing as they try to get customers or compete with everspin

Speaker 1: Okay. I want to touch on. I know you guys were talking earlier how you are a uniquely U.S.-based manufacturer of MRAM. So that obviously ties into national security interests, especially with everything going on. So in September 2025, the U.S. Department of the Navy put out a request for information seeking industry input on establishing a domestic 300 millimeter back-end of line MRAM production capability for national security applications. Obviously, not going to ask any confidential details, but generally, how do you view this initiative for Everspin and your guys' positioning? Okay. okay I want to touch on. i want to touch on I know you guys were talking earlier how you are a uniquely U.S.-based manufacturer of MRAM. i know you guys were talking earlier how you are a uniquely u.s.-based manufacturer of mram So that obviously ties into national security interests, especially with everything going on. so that obviously ties into national security interests especially with everything going on So in September 2025, the U.S. so in september 2025 the u.s Department of the Navy put out a request for information seeking industry input on establishing a domestic 300 millimeter back-end of line MRAM production capability for national security applications. department of the navy put out a request for information seeking industry input on establishing a domestic 300 millimeter back-end of line mram production capability for national security applications Obviously, not going to ask any confidential details, but generally, how do you view this initiative for Everspin and your guys' positioning? obviously not going to ask any confidential details but generally how do you view this initiative for everspin and your guys' positioning

Speaker 3: Yeah, thanks, Neil. Yes, we did receive the RFI from the government for a 300 millimeter onshore MRAM line. We did submit a response to that RFI on a timely basis back in October after that came out. And given MRAM's IP portfolio and some of the partners that we submitted with, we feel good about our chances for getting a positive response from the government. Yeah, thanks, Neil. yeah thanks neil Yes, we did receive the RFI from the government for a 300 millimeter onshore MRAM line. yes we did receive the rfi from the government for a 300 millimeter onshore mram line We did submit a response to that RFI on a timely basis back in October after that came out. we did submit a response to that rfi on a timely basis back in october after that came out And given MRAM's IP portfolio and some of the partners that we submitted with, we feel good about our chances for getting a positive response from the government. and given mram's ip portfolio and some of the partners that we submitted with we feel good about our chances for getting a positive response from the government

Speaker 1: So would this be something in a standalone effort? Would it be a partnership? Maybe if you could talk about it from that angle. So would this be something in a standalone effort? so would this be something in a standalone effort Would it be a partnership? would it be a partnership Maybe if you could talk about it from that angle. maybe if you could talk about it from that angle

Speaker 3: Yeah, it would definitely be a partnership. We expect that partnership effort. I think from that perspective, we obviously have a close partnership with GlobalFoundries as well. So there's logic there. And of course, they have also a fab facility here onshore as well. And so we would look to partner with those folks to potentially bring that 300 millimeter line onshore, as well as other partners potentially. Yeah, it would definitely be a partnership. yeah it would definitely be a partnership We expect that partnership effort. we expect that partnership effort I think from that perspective, we obviously have a close partnership with GlobalFoundries as well. i think from that perspective we obviously have a close partnership with globalfoundries as well So there's logic there. so there's logic there And of course, they have also a fab facility here onshore as well. and of course they have also a fab facility here onshore as well And so we would look to partner with those folks to potentially bring that 300 millimeter line onshore, as well as other partners potentially. and so we would look to partner with those folks to potentially bring that 300 millimeter line onshore as well as other partners potentially

Speaker 1: Any thoughts on the potential timeline or scale of this effort to the extent that you can share, of course? Any thoughts on the potential timeline or scale of this effort to the extent that you can share, of course? any thoughts on the potential timeline or scale of this effort to the extent that you can share of course

Speaker 3: Right. So the key thing is, of course, we have the Chandler line, which has been here in the U.S. for 20 plus years on 200 millimeter, natural progression, right, to move to the current generation technology, 300 millimeter. We submitted the RFI. I will say the folks on the U.S. government side were still working even across the shutdown. And so we would expect to see some next steps come out, hopefully sometime here in the next several months. And that next step would be an RFP that we would then, again, with our partners, respond to. And then we would expect to, hopefully by the end of the year, have the response to the RFP. Right. right So the key thing is, of course, we have the Chandler line, which has been here in the U.S. for 20 plus years on 200 millimeter, natural progression, right, to move to the current generation technology, 300 millimeter. so the key thing is of course we have the chandler line which has been here in the u.s for 20 plus years on 200 millimeter natural progression right to move to the current generation technology 300 millimeter We submitted the RFI. we submitted the rfi I will say the folks on the U.S. government side were still working even across the shutdown. i will say the folks on the u.s government side were still working even across the shutdown And so we would expect to see some next steps come out, hopefully sometime here in the next several months. and so we would expect to see some next steps come out hopefully sometime here in the next several months And that next step would be an RFP that we would then, again, with our partners, respond to. and that next step would be an rfp that we would then again with our partners respond to And then we would expect to, hopefully by the end of the year, have the response to the RFP. and then we would expect to hopefully by the end of the year have the response to the rfp

Speaker 1: Okay, great. That's really helpful. Last question for me. Finally, is there anything that we haven't covered that you think investors should know about Everspin? So I'll leave the floor to you guys here. Okay, great. okay great That's really helpful. that's really helpful Last question for me. last question for me Finally, is there anything that we haven't covered that you think investors should know about Everspin? finally is there anything that we haven't covered that you think investors should know about everspin So I'll leave the floor to you guys here. so i'll leave the floor to you guys here

Speaker 2: I would say that I think what I've learned in my years at Everspin. I actually joined it before it was spun out of Freescale in 2006. The attention to detail and quality that the team pays to its products speaks volumes. I think we have probably less than a few handful of parts that have been returned to Everspin since its inception, and we have shipped about 200 million plus units. The depth of the technology team that we have at Everspin, I think we are very well positioned not only to innovate, but then also the experience that we have to actually commercialize it and productize it. I think we're in a good position. I would say that I think what I've learned in my years at Everspin. i would say that i think what i've learned in my years at everspin I actually joined it before it was spun out of Freescale in 2006. i actually joined it before it was spun out of freescale in 2006 The attention to detail and quality that the team pays to its products speaks volumes. the attention to detail and quality that the team pays to its products speaks volumes I think we have probably less than a few handful of parts that have been returned to Everspin since its inception, and we have shipped about 200 million plus units. i think we have probably less than a few handful of parts that have been returned to everspin since its inception and we have shipped about 200 million plus units The depth of the technology team that we have at Everspin, I think we are very well positioned not only to innovate, but then also the experience that we have to actually commercialize it and productize it. the depth of the technology team that we have at everspin i think we are very well positioned not only to innovate but then also the experience that we have to actually commercialize it and productize it I think we're in a good position. i think we're in a good position I think with this flash market and this edge AI market in the storage industry, I think we have a lot to contribute, and you will see us within the next few years. Thank you for your attention. I think with this flash market and this edge AI market in the storage industry, I think we have a lot to contribute, and you will see us within the next few years. i think with this flash market and this edge ai market in the storage industry i think we have a lot to contribute and you will see us within the next few years Thank you for your attention. thank you for your attention

Speaker 1: Thank you, Young. Thank you, Young. thank you young

Speaker 3: Thank you. Thank you. thank you