Bill, are you ready to go?
I'm ready.
All right. Awesome. Good afternoon, everyone, and thank you for joining us for the 28th annual H.C. Wainwright global investment conference. For this session, we are thrilled to welcome Bill Cooper, Chief Financial Officer at Everspin Technologies, the world's leading developer and manufacturer of MRAM solutions, trading under the ticker MRAM. Bill, take it away.
Super. Thanks, Dylan. Appreciate that. I'm Bill Cooper. I am here today to talk to you about MRAM and Everspin Technologies. Quick housekeeping note here, presentation does contain forward-looking statements. We just wanted to note that sometimes those statements could differ materially from actual results. Everspin has been around for 20 years. It actually was a spinoff out of Motorola Freescale. We've actually shipped over 200 million units worldwide. We have over 2,000 customers and 700 patents. We are a worldwide seller of MRAM products. We sell both in all across North America, Europe, as well as Asia. We sell in a number of verticals, as you can see here on the screen: industrial automation, automotive, rad-hard applications- so think aerospace; also, data center as well is a significant driver of our revenues. We have really strong partnerships with a number of fabs.
We are nested within NXP today. GlobalFoundries actually makes our 300-mm STT-MRAM product on 28 nm. We also partner with TSMC, as well as Microchip, with the new facility that we are building out in Gresham, Oregon. As you can see on the chart, we do have a presence. Chandler, Arizona is our headquarters. That is a suburb of Phoenix. We have a design center in North America in Austin, Texas. We have a number of sales offices, again, across Europe and Asia. Everspin is the singular domestic provider of MRAM, and that is used in critical applications for aerospace and defense. We have a very strong customer base, including some very significant customers. We will show that here in a few minutes. We also have a significant TAM.
We are actually just entering into the NOR flash market with a new product that we will bring to market early in 2027. That TAM is significant. It is $3.5 billion- $4.5 billion. We do have a very proven management team with extensive experience. I myself, I spent 20 years with Advanced Micro Devices. Sanjeev, the CEO, was with Texas Instruments as well as Motorola and has been with Everspin since the beginning. Many of the folks that have also been with Sanjeev and the team, the core team, since the beginning of Everspin. Finally, Everspin has a very strong financial position. We have actually been cash flow positive from operations for the last three years. We have $44 million reported in our last balance sheet date, June 30th, with no debt. We have very strong gross margins.
We have been 50%+ for the last several years, and we have, again, positive cash flow from operations. What makes MRAM unique? MRAM is a standalone memory, but usually attached to CPUs. It is persistent, and what that really means is that you can write to it an almost unlimited amount of times. When the engineers put out the data sheets, it is usually 10 with 12 or 14 zeroes behind it.
It is quite impressive. It is also you can actually write to MRAM, and it is non-volatile. What that means is if the power were to go out or be cut, MRAM, when you bring it back up, will actually remember up to the very last instance exactly what you wrote to it. Whether you bring that memory back up in a day, a week, a month, or a year, or a decade, that memory is maintained.
For example, we are used in black boxes on airplanes would be an example of that. The performance, MRAM is actually quite fast, so it is much faster than NOR flash. It is actually three orders of magnitude faster than NOR flash. So it has SRAM-like performance. I lost my page. It is also extremely reliable memory as well and with strong endurance. Again, we are used in aerospace applications is a very good example for this. It has some strong radiation hardness as well, and so we are used in satellite markets, both in terms of low Earth orbit or geosynchronous orbit for satellites, as well as there are some examples here where we are actually on the Mars Perseverance Rover, and we are actually on the Lucy Mission to Jupiter for NASA.
MRAM itself, again, strong in terms of its speed and its persistence, has the features of being non-volatile as well as radiation hardness. MRAM products: this product lays out both current products as they exist today, as well as looking forward a little bit. I will walk through it. The PERSYST family of products consists of the original Toggle MRAM products, and then more recently, we brought out the STT, or Spin Transfer Torque, MRAM products, and that's very strong in both aerospace and data center. Then we more recently brought out the xSPI products. Again, you will see that as the high-reliability parts that we produced. On the roadmap, we actually are taping out the first part in the UNISYST family of products, and that's really meant to be a NOR-like product.
That product is a 256-Mb part, and that will be a monolithic part that then you can then package up to go to 1 gig. Then ultimately, we also expect to do a LPDDR5/6 ultra-fast product as well, and that product would be more geared toward the data center market. Then, as we look forward, MRAM can be combined either for use in an FPGA product, or it can also potentially be used for AI inferencing on the edge. Whereas today you have to go through and for AI inferencing models, you use the various weights, and it has to go back and touch on the server, you would actually be able to do that locally on the part.
If you have a camera that's being deployed and you're trying to figure out is it a black cat or a person dressed in black to do something untoward, the weights would actually be able to be captured there locally on the camera, and it would speed up the AI inferencing in that case. This is a slide on our customer base. You can see here that in enterprise, we do play in the data center and with the hyperscalers today. IBM, Dell, Broadcom, as well as Microchip and NetApp.
Industrial automation: you can see again, Siemens, Schneider Electric, Mitsubishi Electric Corporation, Omron Corporation are all very significant customers. Great number of examples there. Strong growth in that segment as well. On the medical side, you can see there Nikkiso, Canon, GE HealthCare. Networking and infrastructure, again, some fairly big names here, including NXP Semiconductors and Supermicro, as well as Cisco.
Casino gaming. It's very interesting. MRAM is actually used, probably the number one memory currently for casino gaming. The reason for that is that whenever you have a play on a slot machine in a casino, it has to record that play in triplicate. What happens today is if you use one of the older memory technologies, it's actually fairly slow. It will take a bit of time. You can sometimes see a player trying to hit the machine, and nothing's happening, and that's why the music is going. But with MRAM, it's actually much faster, then the player can get more plays, and the casino obviously can generate more revenue. That's been a strong sector for us as well. Then finally, here on this slide, you can see the aerospace and defense, A&D category.
You can see some of the customers that we have there, including BAE, Frontgrade, Honeywell, Northrop Grumman as well, and, as I mentioned, Airbus black boxes. One of the other burgeoning groups, Aerospace, is in the satellite market. We can talk publicly about Blue Origin, as well as Astro Digital, which makes reference designs for satellites. We just did a press release on one of the designs with Astro Digital for a geosynchronous orbit satellite. That has been a very strong, very burgeoning marketplace for us and helping drive some of this revenue growth that we have seen. As I mentioned before, Everspin is in mission-critical applications. This one, obviously, this slide is talking about space in particular, as I mentioned, Mars Perseverance Rover, Lucy Mission to Jupiter.
Also, you can see here high- rail for automotive applications up to 125C, and it is used in some of the hypercars, Bugatti, as well as the Lucid Air and Lucid Gravity sedans. Everspin has been, in 2025, our revenues were at $55 million. We set a target earlier this year for a path to get to $100 million of revenue. Today we have just the PERSYST family of products. As we move on and we continue to develop our roadmap and add to our product portfolio, we will tape out that UNISYST part, the first part under the UNISYST, the NOR flash-type part, at the end of this year. We will start sampling it next year and going into production next year as well. We expect to see that grow.
Even with a fairly modest penetration into that $4 billion TAM on the NOR flash market, we expect to be able to meet this $100 million revenue. We will see growth in our existing products both in the LEO market as well as the data center market, and then with UNISYST in the NOR flash market, and further penetration into the data center market. A couple of things that we are doing, a couple of checkpoints for people. We are actually going to demonstrate MRAM compatibility with the CXL protocol at the Storage Networking Industry Association meeting at the end of September 29th in San Francisco. That will happen later this year. We just published a press release where we have signed an MOU with MaxLinear. We are working on potentially development parts under that agreement.
Also recently, we also issued a press release in conjunction with Teledyne, where we are doing some additional defense rad-hard- specific, rad-hard- type applications of the product as well. The path to $100 million, we had our best quarter of revenue ever in Q2 of 2026, at $18.7 million. Then we guided to $19.5 million-$20.5 million of revenue in Q3. I would say we are a little bit ahead of that 15% revenue growth rate that we needed to get to the $100 million by 2029. Too early to declare victory just yet. Again, doing very well in terms of our progress to our $100 million revenue target. I think that one is fine. This gives an overview of the revenue split, and this is based on 2025 actual revenues.
What you can see here is, just much like the chart before, the PERSYST family is really the primary revenue driver today. You see that includes both Toggle MRAM as well as STT-MRAM. Then you can see that some of the additional revenues besides product revenues. Product revenue is going to be really in the 90% range, but we do have non-product revenue. We actually signed a $40 million agreement with a prime contractor to the U.S. government. We're a subcontractor under that arrangement. That subcontract for $40 million will be recognized over the next two and a half years. That will flow into our revenues as well. But at the end of the day, Everspin is primarily a product company, and those non-product revenues are, again, going to be in that 10%-15% range.
The chart on the right shows the different verticals that we're in. Again, you think of mil aero in 2025. At 10%, we would expect to see that, as well as raw dollars increase, we'd expect it to increase as a percent of revenue. Enterprise, that includes some of those enterprise customers that we mentioned earlier: the hyperscalers, Dell, EMC, as well as IBM. Then we've got industrial automation and casino gaming make up the rest of the revenues today. Again, I would expect as a percent for those revenues to start to move downward as we see more in the enterprise and the aerospace and defense market as we move forward. I think that was it.