Business growth in the spintronics and non-volatile magnetic memory market is turning the corner from Covid-19 while advancing into more applications, at least according to the fortunes of two key players, NVE Corporation and Everspin Technologies. Both companies develop non-volatile memory products, which do not have the traditional wear-out problems associated with some alternative memory technologies.
Spintronics developer NVE Corporation saw its product sales jump 60% recently. MRAM specialist Everspin Technologies posted a 15% rise in sales while also reporting an important new design placement by startup EV automobile manufacturer Lucid Motors into its powertrain.
“We are pleased to report large increases in product sales, total revenue, and earnings for the quarter as the effects of the Covid-19 pandemic on our revenue subsided,” said NVE president and CEO Daniel Baker. Announcing results for the three months ended June 30, the company reported that total revenue increased 56% to $7.15 million from $4.59 million in the same period a year earlier.
NVE, whose name is an acronym for non-volatile electronics, is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. Based in Eden Prairie, Minnesota, the company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data.
Everspin, a provider of magnetoresistive random access memory (MRAM) non-volatile solutions, said that during its recent three months revenues increased 15% to $11.85 million from the earlier quarter, albeit at a similar level to the same period in 2020. Yet it was enough to push the company into the black, setting a milestone.
For the first time in company history, Everspin posted a positive net income positive for a quarter. “This is a testament to the hard work and extra effort by the Everspin team to increase revenue and gross margins, while holding the line on spending,” stated Darin Billerbeck, executive chairman and interim CEO.
In June, Everspin announced that Lucid Motors has designed-in its 256 Kilobit MRAM into the master powertrain system of its innovative Lucid Air all-electric luxury sedan. The device is designed for use in demanding memory applications such as automotive that require extreme reliability in critical data capturing systems. Everspin believes the adoption of its MRAM technology in the Lucid Air, which delivers new benchmarks in range, efficiency, and power for electric vehicles, is a strong endorsement of the value of persistent, non-volatile memory that does not have the traditional wear-out problems associated with alternative memory technologies.
“We are very excited to have been designed into the Lucid Air series of all-electric vehicles. Our MRAM products have been utilized in automotive applications across the industry due to the merits of extremely high endurance, 20-year data retention, and a wide operating temperature range that are required to meet the needs of this high-growth market,” said Troy Winslow, vice president of sales and marketing at Everspin. Based in Chandler, Arizona, the company specializes in magnetic memory design and development of both in-plane and perpendicular magnetic tunnel junction STT-MRAM bit cells, shipping discrete and embedded MRAM and spin-transfer torque MRAM (STT-MRAM) products.