Everspin Technologies shares jump after $40 million MRAM agreement
Updated
Updated · MarketWatch · Apr 30
Everspin Technologies shares jump after $40 million MRAM agreement
8 articles · Updated · MarketWatch · Apr 30
The stock surged 43% to $18.76 as first-quarter revenue rose to $14.9 million from $13.1 million and the deal targeted US defense customers.
Everspin said the 2.5-year agreement makes it a subcontractor to a US prime contractor providing engineering and foundry services under an existing Defense Department contract.
The company reported a quarterly net loss of $296,000, improved from $1.17 million a year earlier, while adjusted earnings reached 11 cents a share and the stock is up 93% this year.
Can Everspin's $40M defense deal overcome risks from its partner's past and a looming patent lawsuit?
Is this contract the critical step for MRAM to become a key technology in America's defense supply chain?