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Get filing alertsEverspin wins $40M government contract to develop Toggle MRAM manufacturing capability
Filed April 29, 2026 · Period ending April 24, 2026 · ~1 min read
Key Changes
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Everspin secured a $40 million subcontract with Amentum Services under a U.S. Navy microelectronics research program to develop domestic Toggle MRAM production capability over 30 months ending November 2028.
Item 1.01 verify on EDGAR → -
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Payments are milestone-based across two phases, providing revenue visibility but dependent on achieving technical deliverables including process qualification and statistical process control.
Item 1.01 verify on EDGAR → -
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Everspin must transfer Toggle MRAM intellectual property and manufacturing know-how to the government if it exits that business line during the contract period, potentially limiting future strategic flexibility.
Item 1.01 verify on EDGAR → -
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The contractor can terminate only if the Navy terminates the prime contract first, and must reimburse Everspin's committed vendor and supplier costs in that scenario.
Item 1.01 verify on EDGAR →
Summary
Everspin Technologies announced a significant $40 million government subcontract to develop Toggle MRAM manufacturing capability for strategic defense applications. The 30-month program, running through November 2028, represents substantial revenue visibility for the specialty memory chip maker, though payments are contingent on hitting technical milestones across two phases.
The company will essentially transfer its Toggle MRAM process technology to create a qualified U.S.-based production capability accessible to government contractors. For retail investors, this contract validates Everspin's Toggle MRAM technology for critical defense systems and provides meaningful near-term revenue. However, the milestone structure means actual cash flow depends on execution risk.
The IP transfer provision is notable: if Everspin exits the Toggle MRAM business during the contract, it must hand over manufacturing know-how to the government, which could constrain future strategic options in that product line. Watch for quarterly updates on milestone achievement rates and any commentary about Toggle MRAM's role in Everspin's broader product strategy, particularly given the IP transfer commitment.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On April 24, 2026, Everspin Technologies, Inc. (the “Company”) and Amentum Services Inc. (“Contractor”) entered into Subcontract Number S26-03-01 and a Statement of Work (collectively, the “Agreement”), structured as an IDIQ Subcontract with Firm Fixed Price Task Orders, in connection with the Microelectronics Research, Development, Test, and Evaluation (“RDT&E”) program under Prime Contract Number FA8075-18-D-0014 (the “Prime Contract”) issued by Naval Surface Warfare Center, Crane Division (“NSWC Crane”) to Contractor.
Everspin signed a subcontract with Amentum Services to support a U.S. Navy microelectronics research program. The work involves developing Toggle MRAM manufacturing processes for strategic government systems. This is a firm fixed-price arrangement under an indefinite delivery/indefinite quantity structure.
Added in current filing · verify on EDGAR →
Pursuant to the Agreement, milestone payments are structured across two phases over a 30-month period of performance from April 20, 2026 through November 21, 2028, with payments triggered upon completion of each milestone deliverable, for a total aggregate value of $40,000,000.
The contract is worth $40 million total, paid in milestone-based installments over 30 months ending November 2028. This represents significant revenue visibility for Everspin, though payments depend on achieving technical milestones across two phases.
Added in current filing · verify on EDGAR →
Key technical obligations of the Company include managing the program and developing on-shore Toggle MRAM Production capability; providing process technology and engineering services; providing electrical characterization results; and providing statistical process control matching with physical dimension details with the goal of providing a qualified process to manufacture Contractor Toggle MRAM products.
Everspin must develop domestic Toggle MRAM manufacturing capability, deliver process technology and engineering services, and provide characterization data to qualify the manufacturing process. The company is essentially transferring its Toggle MRAM know-how to create a U.S. government-accessible production capability.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
Contractor reserves the right to terminate the Agreement for convenience, but only if and to the extent that NSWC Crane first terminates the Prime Contract. In the event of termination for convenience, Contractor agrees to pay the Company the full amounts paid or obligated to vendors, subcontractors, and suppliers, as well as any ancillary costs or expenses.
Amentum can terminate only if the Navy terminates the prime contract, and must reimburse Everspin's committed costs. Amentum can also unilaterally exercise option periods and extend performance up to six months beyond the base period at specified rates.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 2, 2026 · How we verify