Everspin Technologies FY Conference Summary Company Overview - **Company**: Everspin Technologies (NasdaqGM:MRAM) - **Industry**: Semiconductor, specifically in MRAM (Magnetoresistive Random Access Memory) technology - **Founded**: Spun off from Freescale in 2008, went public in 2016 - **Key Milestones**: - Partnership with GlobalFoundries in 2014 to scale MRAM densities from less than 32 megabits to 1 gigabit using STT MRAM technology - Commercialization of DDR-like interface with 1 gigabit density, shipping to IBM since 2018 - Recent commercialization of XPi parts with densities from 4 megabit to 256 megabit, gaining traction in low Earth orbit satellite, FPGA, and aerospace markets [5][6][17] Product Portfolio - **MRAM Technologies**: - **Toggle MRAM**: Limited to 32 megabit, used in applications requiring fast data logging - **Spin Transfer Torque (STT) MRAM**: Scalable up to 1 gigabit, preferred for applications needing high density and low power consumption - **Applications**: - Industrial automation (e.g., Siemens, Mitsubishi) for real-time data logging - Casino gaming for rapid event recording - Aerospace and defense for low Earth orbit satellites due to radiation immunity and fast write speeds [12][14][15][20] Manufacturing and Partnerships - **Manufacturing Facilities**: - Owns an eight-inch factory in Chandler, Arizona for Toggle MRAM - Partners with GlobalFoundries for STT MRAM manufacturing on 12-inch wafers - **Government Interest**: U.S. government is interested in Everspin for national security applications, particularly in establishing a domestic 300mm MRAM production line [16][36][38] Market Opportunities - **Low Earth Orbit Satellites**: - Estimated 70,000 satellites to be launched in the next five years, with each satellite potentially using 4 to 10 MRAM units - Average Selling Price (ASP) of $50-$100 per unit, indicating significant revenue potential [27][28] - **Data Center Applications**: - Current focus on IBM for cache memory, with plans to develop socket-compatible products for broader market adoption [21][31] Competitive Landscape - **Competitors**: - Competes with NOR Flash, non-volatile SRAM, battery-backed SRAM, and ferroelectric RAM (FRAM) - Everspin does not compete in the embedded MRAM market, as it focuses on standalone MRAM [29][30] - **Market Size**: - Data logging market estimated at $700 million, while the NOR Flash market is $3-$4 billion [30] Licensing and Royalties - **IP Portfolio**: Over 650 patents developed with an investment of over $100 million - **Revenue from Licensing**: Targeting 10%-15% of revenue from licensing, which tends to be lumpy but high margin [22][23] Conclusion - Everspin Technologies is well-positioned in the MRAM market with a strong focus on innovation, manufacturing capabilities, and strategic partnerships. The company is targeting significant growth opportunities in aerospace, defense, and data center applications while maintaining a robust IP portfolio to support its licensing business [43][44]