MRAM · Everspin Technologies, Inc.

This agreement represents a strategic, capital-efficient expansion of Everspin’s manufacturing footprint, directly addressing long-term supply chain resilience and scalability needs without requiring Everspin to build and operate its own additional fab. By leveraging Microchip’s established, expandable Oregon facility — including ITAR-capable processing — Everspin secures a second on-shore source for mission-critical MRAM and TMR sensor products while retaining full control over its proprietary magnetic technology and product designs. The 10-year term with automatic renewal underscores deep alignment and commitment, reducing near-term execution risk and signaling confidence in multi-year demand growth across industrial, automotive, aerospace, and data center applications. The phased $13.95M reimbursement reflects disciplined capital allocation: Everspin funds only the incremental costs necessary to replicate its ‘copy exact (plus)’ MRAM line, avoiding fixed asset ownership while preserving balance sheet strength. Minimum purchase commitments tied to quarterly wafer volumes create revenue visibility and incentivize joint capacity planning, though the shortfall payment mechanism introduces modest financial exposure if demand falls short. Critically, the IP framework protects Everspin’s core differentiators — product architecture and roadmap — while granting Microchip rights only to process-specific innovations, ensuring competitive insulation. First shipments expected in second half of 2027 position this partnership to support next-generation high-density MRAM adoption cycles, reinforcing Everspin’s role as the sole commercial supplier of persistent MRAM solutions.