Core Insights - Everspin Technologies reported fourth-quarter 2025 results that were at the high end of its guidance, driven by strong performance in data center, energy management, and industrial automation markets [4][3] - The company aims to achieve $100 million in annual revenue over the next three to five years, with significant contributions expected from its PERSYST products and licensing solutions [18][4] Financial Performance - Everspin's fourth-quarter revenue was $14.8 million, representing a 12% year-over-year increase, with non-GAAP EPS of $0.11 per diluted share [3][6] - GAAP gross margin was 50.8%, slightly down from 51.3% in the previous year, primarily due to lower licensing and other revenue [1] - GAAP operating expenses were $8.6 million, showing a slight increase from $8.4 million in the previous quarter [1] Product and Market Developments - MRAM product sales, including Toggle and STT-MRAM, reached $13.5 million, up 22% from the year-ago quarter [2][6] - Everspin ramped its PERSYST 64 Mb xSPI STT-MRAM to full production and began shipping, with plans to qualify higher-density parts [6][12] - The company is also working on a monolithic 256 Mb xSPI device on a 16-nanometer node at TSMC, aimed at edge AI and industrial markets [12][13] Strategic Contracts and Partnerships - Everspin recognized $10.5 million to date from a $14.6 million Department of Defense sustainment contract, with completion expected in the first half of 2027 [5][9] - The company is qualifying its PERSYST 64 Mb xSPI STT-MRAM for Microchip's PIC64-HPSC series, targeting aerospace and defense markets [14] Future Outlook - For the first quarter of 2026, Everspin expects total revenue of $14 million to $15 million, consistent with the fourth quarter [17] - The company anticipates a sequential decline in non-product revenue due to project completion, but still targets gross margin in the 50% range [18] - Everspin expects its first enhanced serial NOR-like xSPI product family to be in production by 2027, contributing to the $100 million revenue target [18]