Everspin Technologies (MRAM) Stock Forecast & Price Target

Everspin Technologies is benefiting from a stronger MRAM adoption cycle, with its 1Gb STT-MRAM gaining traction in data center, industrial, and satellite applications, while a first GEO satellite design win broadens its aerospace exposure beyond LEO. Financially, the business is showing operating leverage and better mix: 2Q26 revenue reached $18.7MM, up 41.9% Y/Y, non-product revenue rose to $3.4MM, and non-GAAP gross margin improved to 54.7%, supported by a $40MM defense subcontract and growing licensing activity. Its outlook is further supported by CXL and UNISYST development, the Microchip foundry buildout, and management’s ability to keep high-reliability and higher-density product milestones moving ahead of schedule.

Everspin Technologies is viewed negatively because its near-term revenue upside is increasingly dependent on non-recurring or uneven licensing and royalty recognition from the $40MM Toggle MRAM subcontract agreement, which management itself said will ramp in a bell-curve pattern rather than scale linearly. Despite 2Q26 revenue guidance of $16.0MM and expected non-GAAP gross margin of 54.4%, non-GAAP EPS is only $0.02 at the midpoint, reflecting elevated non-GAAP OpEx of about $8.4MM and limited operating leverage. The bearish case is further supported by slow STT-MRAM adoption, macro deterioration in industrial end markets, slowdown in Toggle sales, and rising competitive pressure as peers develop their own MRAM products.