MRAM · Everspin Technologies, Inc.

Everspin Technologies has secured a significant $40 million IDIQ subcontract with Amentum Services Inc. to support the U.S. Navy's Microelectronics RDT&E program. The agreement, structured as firm fixed price with milestone payments, spans 30 months and focuses on developing on-shore Toggle MRAM production capability. This strategic partnership positions Everspin to provide process technology, engineering services, and IP for Toggle MRAM manufacturing, which is critical for U.S. government strategic systems. The contract includes provisions for termination for convenience only if the prime contract is terminated, with full payment protection for Everspin. Option periods and potential extensions provide additional revenue opportunities. The agreement underscores Everspin's role in advancing MRAM technology for defense applications, though forward-looking statements highlight inherent risks.