Everspin Technologies, Inc. (MRAM): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Everspin Technologies, Inc. makes money with its unique MRAM (Magnetoresistive Random-Access Memory) tech, and after two decades analyzing these deep-tech plays, I've mapped out their entire nine-block strategy for you. Honestly, the story isn't just about fast memory; it's about securing a high-reliability, on-shore supply chain, evidenced by their $14.6 million DoD contract and Q3 2025 product sales hitting $12.7 million. Below, you'll see the precise structure-from their key foundry partnership with GLOBALFOUNDRIES to how they balance transactional distributor sales with direct defense work-that underpins their path forward, so dive in to see the full, unvarnished canvas.

Everspin Technologies, Inc. (MRAM) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Everspin Technologies, Inc. running and scaling its MRAM technology. These aren't just vendor agreements; they are strategic anchors in manufacturing, R&D, and sales distribution. Honestly, the reliance on a tight partner ecosystem is typical for a specialized semiconductor firm like Everspin Technologies, Inc.

The manufacturing backbone relies heavily on established players. Everspin Technologies, Inc. maintains its foundry services with GLOBALFOUNDRIES, a relationship that underpins the production of fully processed 300mm wafers integrating Everspin's ST-MRAM technology, starting with nodes like 40nm and 28nm, and extending to embedded 22nm solutions. This is fundamental for volume scaling.

On the cutting edge of R&D, strategic alliances drive future product development. Everspin Technologies, Inc. has a key collaboration with Quintauris. This partnership specifically targets integrating Everspin's MRAM technologies into Quintauris' reference architectures and real-time platforms to ensure reliability and functional safety for RISC-V-based solutions, especially in automotive, industrial, and edge applications.

Government support is a significant validation point and revenue stream. Everspin Technologies, Inc. secured a strategic on-shore MRAM manufacturing contract from the US Department of Defense (DoD) valued at $14.55 million over 2.5 years to bolster supply chain resilience for aerospace and defense segments. Furthermore, a major academic/research award came from Purdue University, a contract allowing for phases totaling up to $10.5 million over four years for MRAM IP and foundry services related to AI computing (CHEETA program), with the current phase valued at approximately $4 million.

The sales channel is heavily weighted toward indirect sales. For the three months ended September 30, 2025, Everspin Technologies, Inc. generated 86% of its revenue from product sales to its global network of distributors. This channel is critical for reaching the broad customer base that contributed to the Q3 2025 total revenue of $14.1 million.

Here's a quick look at the financial weight of some of these key partnerships and recent performance metrics:

The company's operational success is clearly tied to these external relationships. For instance, the $14.55 million DoD award is specifically designed to secure the on-shore MRAM manufacturing supply chain, which is a direct benefit to Everspin Technologies, Inc.'s long-term stability. Also, note that the 86% distributor revenue share means channel management is a top priority for the sales team.

You can see the impact of these segments in the recent guidance, too. Everspin Technologies, Inc. anticipates Q4 2025 total revenue in a range of $14.0 million to $15.0 million, suggesting these partnerships are expected to maintain momentum into year-end.

The relationships can be summarized by their primary focus area:

• Foundry Services (GLOBALFOUNDRIES): 300mm wafer capacity and advanced nodes.
• Technology Integration (Quintauris): Enabling RISC-V for safety-critical markets.
• Government Funding (DoD): Securing on-shore manufacturing resilience.
• R&D/AI Focus (Purdue University): Advancing MRAM for energy-efficient AI.
• Sales Channel (Distributors): Handling 86% of product revenue.

Finance: review the cash position of $45.3 million as of September 30, 2025, against the Q4 revenue guidance.

Everspin Technologies, Inc. (MRAM) - Canvas Business Model: Key Activities

You're looking at the core actions Everspin Technologies, Inc. takes to deliver its value proposition. These aren't just things they do; these are the revenue-generating engines of the business, grounded in their unique semiconductor process.

The company's Key Activities are centered on the entire lifecycle of MRAM, from the lab bench to the customer's system. For instance, in the third quarter of 2025, $12.7 million of the total $14.1 million revenue came directly from MRAM product sales, showing the primacy of manufacturing and sales.

Here's a quick look at the financial context as of late 2025:

The following details the five primary activities driving these results.

Research and development (R&D) of next-generation MRAM technology (e.g., 1GB density)

R&D is crucial for advancing the technology beyond current commercial offerings, like the STT-MRAM used in IBM's Flash Core Module 4. This activity is heavily supported by strategic, long-term funding vehicles.

• Advancing MRAM capabilities through work on next-generation computing architectures.
• Conducting cross-layer exploration of MTJ-based In-Memory Compute (IMC) macros.
• Focusing R&D efforts to drastically reduce memory transaction power by orders of magnitude.

The investment in future density, like the targeted 1GB, is evidenced by the multi-year, strategic funding Everspin Technologies secures. For example, the company is engaged in a program with Purdue University valued up to $10.5 million over four years, with the initial phase valued at approximately $4 million.

Manufacturing and fabrication of Toggle MRAM and STT-MRAM products

This is the core production activity, utilizing the manufacturing facility in Chandler, Arizona. The success of this activity directly impacts the gross margin, which stood at 51.3% in the third quarter of 2025. The product mix drives revenue, with MRAM product sales reaching $12.7 million in Q3 2025.

Key product lines under fabrication include:

• Toggle MRAM for data center RAID applications, seeing strong demand from customers like Dell and Supermicro.
• STT-MRAM, which contributed to the Q3 2025 gross margin improvement due to yield enhancements.
• High-reliability PERSYST MRAM series devices.

The company generated 86% of its Q3 2025 revenue from product sales to distributors.

Securing and executing government/defense contracts for high-reliability MRAM

This activity targets mission-critical applications, specifically aerospace and defense, which require radiation-hardened solutions. Everspin Technologies' Chandler facility has a history of supporting strategic radiation-hardened solutions for the Department of Defense (DoD).

Recent contract execution highlights include:

• A strategic $14.55 million, 2.5-year project from the DoD for stable manufacturing services for aerospace and defense segments.
• A $9.25 million contract with Frontgrade Technologies to develop a Strategic Radiation Hardened (SRH) high-reliability eMRAM macro, with the current phase valued at approximately $1.25 million.

These contracts are vital for maintaining expertise in high-reliability manufacturing processes. The revenue from licensing and royalties, which can be tied to government-funded projects, surged to $2.1 million in Q2 2025, showing milestone completion impact.

IP licensing and technology transfer to foundry partners

Leveraging its broad Intellectual Property (IP) portfolio generates revenue streams from non-core applications. This revenue stream was $1.4 million in Q3 2025. This activity is less predictable but can be sizable when major agreements finalize.

Specific technology transfer examples include:

• Licensing to GLOBALFOUNDRIES to offer embedded MRAM for their customers' solutions.
• Licensing base MRAM design technology (EAR99) for radiation-tolerant aerospace applications.

This activity supports the overall ecosystem development, such as the partnership with Quintauris to enhance RISC-V platforms.

Global sales and technical support for design-in wins

This involves the direct engagement with customers to secure design wins, which then translate into product sales. The sales success is reflected in the Q3 2025 revenue breakdown by geography, showing strong international performance.

Geographical revenue contribution for the three months ended September 30, 2025:

• Asia-Pacific (APAC): $8.6 million
• Europe, Middle East, and Africa (EMEA): $3.0 million
• North America: $2.5 million

Technical support is integral to securing design wins in markets like Low Earth Orbital Satellite, Casino Gaming, and Energy Management, which drove Q3 2025 strength. The company recently expanded its executive team to include a dedicated VP of Sales and a dedicated VP of Business Development to better serve customers.

Everspin Technologies, Inc. (MRAM) - Canvas Business Model: Key Resources

The foundation of Everspin Technologies, Inc.'s business model rests on tangible and intangible assets developed over years of pioneering work in persistent memory.

The intellectual property forms a significant moat. As of late 2024, Everspin Technologies, Inc. held an intellectual property portfolio comprising 563 issued patents and 131 pending patent applications, covering technologies like Toggle MRAM and Spin-transfer Torque MRAM (STT-MRAM). This extensive IP base, which the company states is over 650 patents and pending applications in total, enables licensing and royalty revenue streams from non-core applications.

Financially, the company maintained a solid liquidity position. As of September 30, 2025, Everspin Technologies, Inc. reported $45.3 million in cash and cash equivalents, while remaining debt-free.

Here is a snapshot of some of the core quantitative resources:

The proprietary manufacturing facility, located in Chandler, Arizona, is critical, as it supports full-flow 300mm CMOS wafers with STT-MRAM magnetic-bit technology integrated in BEOL through a strategic relationship with GLOBALFOUNDRIES Inc.. This facility also supports strategic, radiation-hardened solutions for the Department of Defense (DOD).

The engineering talent is deeply specialized, with nearly 50% of some staff having been dedicated to the technology since the Motorola days, representing almost 25 years of experience. This expertise is leveraged for both internal product development and foundry services for partners, such as providing foundry services for a leading provider of sensor devices.

The established flight heritage and product qualifications underscore the reliability of Everspin Technologies, Inc.'s memory solutions in demanding environments. This includes qualifications for:

• Applications from Low Earth Orbit (LEO) to Geosynchronous Orbit (GEO).
• Radiation-tolerant aerospace applications via licensed base MRAM design technology.
• New xSPI products featuring an expanded temperature range for aerospace, defense, and extreme industrial environments.
• Support for a DOD contractor to provide continuous onshore MRAM capabilities.

The company continues to convert design wins into revenue across key segments, including LEO satellite applications.

Everspin Technologies, Inc. (MRAM) - Canvas Business Model: Value Propositions

You're looking at what makes Everspin Technologies, Inc. stand out in the memory market, especially as systems demand more persistence and speed. Here are the hard numbers backing up their core value claims as of late 2025.

Persistent memory (non-volatile) with SRAM/DRAM-like speed and low latency.

The technology offers a blend of persistence and speed that traditional volatile memories like SRAM and DRAM lack the non-volatility for. For data center applications, Toggle MRAM demand remains strong for Redundant Array of Independent Disks (RAID) power loss protection (PLP). The company is also advancing concepts using Compute Express Link (CXL) to provide fast, persistent, scalable memory solutions for edge processing.

The performance advantage over older non-volatile memory is clear:

Unlimited read/write endurance, superior to NOR Flash in high-density applications.

The endurance profile simplifies software design because you don't have to manage erase cycles like with flash. For STT-MRAM, the write endurance cycle is cited as up to 1E14. This is a key differentiator when replacing NOR Flash, which is slower and less durable.

High-reliability (HR) and radiation-tolerant products for extreme environments.

Everspin Technologies, Inc. has expanded its PERSYST family with high-reliability components like the EM064LX HR (64 Mb) and EM128LX HR (128 Mb). These devices are engineered for mission-critical reliability metrics:

• Qualification: AEC-Q100 Grade 1.
• Operating Temperature Range: -40°C to 125°C.
• Data Retention: 10 years at 125°C.
• Endurance: Unlimited read/write over the 10-year period.
• Pre-Deployment Testing: Each device undergoes a 48-hour burn-in process.
• Radiation Tolerance: Independently tested to show zero hard errors greater than 1 Mrad and at LET values of 84 MeV-cm²/mg. A partner's Toggle MRAM showed Radiation Hardness (RadHard) greater than 1Mrad (Si) TID.

The company states it has more MRAM in space and radiation prone environments than any other company.

Reduced system complexity by eliminating the need for battery backup.

Because MRAM is non-volatile, it safeguards data against abrupt power loss, which reduces the need for external power-holding components. For example, IBM has used MRAM in its FlashCore Module for power loss protection (PLP), reducing the need for supercapacitors used in some conventional enterprise SSD designs.

On-shore, secure MRAM supply chain for US defense and aerospace customers.

Everspin Technologies, Inc. is positioned as the only MRAM provider with US manufacturing capabilities, delivering 8" MRAM wafers in its back end of line (BEOL) FAB in Chandler, Arizona. This domestic capability is strategically supported by federal funding:

• Strategic Award Value: $14.55 million.
• Award Duration: Over 2.5 years.
• Purpose: To develop a long-term plan to mitigate risks to the MRAM manufacturing supply chain for aerospace and defense segments.

The company reported Q3 2025 total revenue of $14.1 million, with MRAM product sales at $12.7 million, and cash and cash equivalents of $45.3 million as of September 30, 2025. Finance: draft 13-week cash view by Friday.

Everspin Technologies, Inc. (MRAM) - Canvas Business Model: Customer Relationships

You're looking at how Everspin Technologies, Inc. structures its interactions with the market, which is clearly segmented based on the criticality and volume of the application. It's a blended approach, moving from deep, dedicated engineering support for key accounts to broad, efficient distribution for the rest of the transactional volume.

Dedicated technical engagement for strategic design-in customers (e.g., Dell, Supermicro).

For strategic accounts, especially those in high-reliability segments like data centers, the relationship is highly technical and direct. Everspin Technologies maintains direct sales and support for large-volume customers, such as Dell and Supermicro, who show continued demand for Toggle MRAM products for RAID applications as of Q3 2025. This engagement involves deep technical collaboration to ensure seamless integration of MRAM, which offers speed and non-volatility superior to legacy components like NOR Flash. The company's overall Q3 2025 revenue reached $14.1 million, showing the ongoing business flow from these established segments.

Transactional relationships managed primarily through global distributors.

The bulk of transactional sales, particularly for lower-volume or less complex integration needs, flows through a global network of authorized distributors. Everspin Technologies leverages this channel to service its broad customer base, which included more than 1,435 end customers for the year ended December 31, 2024. Key authorized distributors across the Americas, Asia Pacific, and EMEA include Arrow Electronics, DigiKey, Future Electronics, and Mouser Electronics. In the Asia Pacific region, partners like Excelpoint Technology Ltd. manage local logistics and support. This structure helps manage the sales and logistics for a company that has shipped over 200 million MRAM products in total.

Co-development and joint reference design projects with partners like Quintauris.

Co-development is a critical, forward-looking relationship type, exemplified by the strategic collaboration with Quintauris, announced in October 2025. This joint effort focuses on integrating Everspin Technologies' MRAM into Quintauris' RISC-V-based reference architectures for automotive, industrial, and edge applications. The goal is to ensure memory subsystems meet stringent performance and functional safety requirements. Quintauris itself is backed by major semiconductor players like Bosch, Infineon, NXP, and Qualcomm, positioning Everspin Technologies at the forefront of next-generation, safety-critical computing platforms. This partnership is designed to help developers build systems that retain data integrity under power loss, radiation, or extreme temperatures.

Direct sales and support for large-volume, mission-critical defense contracts.

Mission-critical sectors, particularly aerospace and defense, are served through direct, long-term engagements that prioritize supply chain security and radiation tolerance. Everspin Technologies secured a strategic contract valued at $14.55 million over a 2.5-year period to ensure domestic MRAM manufacturing in Chandler, Arizona, directly supporting U.S. Department of Defense (DoD) system requisites. Furthermore, the company is engaged in a multiyear project with Purdue University's CHEETA program, with the initial phase valued at $4 million, focusing on developing AI-driven MRAM solutions relevant to defense applications. Demand from the Low Earth Orbital (LEO) Satellite market, which requires radiation-hardened MRAM, was cited as a strong driver for Q3 2025 revenue.

Here's a quick look at how these relationship types map to key focus areas and financial anchors:

The company's direct sales representatives are specifically located in North America, Germany, Italy, and Japan, supporting these high-touch relationships alongside the broader distributor network in Asia. Everspin Technologies also leverages its IP portfolio through licensing, such as with GLOBALFOUNDRIES Inc., for embedded MRAM solutions, which is another form of deep, strategic relationship that generates royalty revenue streams.

• Radiation-hardened MRAM is essential for LEO satellites, a key growth driver in H2 2025.
• The company has a strong IP portfolio with over 600 active patents and applications.
• The Purdue CHEETA project involves an initial phase worth $4 million.

If onboarding takes 14+ days for a new distributor partner, churn risk rises due to the specialized nature of MRAM integration.

Finance: draft 13-week cash view by Friday.

Everspin Technologies, Inc. (MRAM) - Canvas Business Model: Channels

You're looking at how Everspin Technologies, Inc. gets its MRAM products into the hands of customers as of late 2025. The channel strategy heavily leans on established third parties.

The global network of distributors is the core engine for product sales. For the third quarter ended September 30, 2025, this channel accounted for $86\%$ of Everspin Technologies, Inc.'s total revenue of $14.1 million. This is up from $84\%$ in the same period of 2024, showing an increasing reliance or success through this route. The dollar value flowing through distributors for Q3 2025 is approximately $12.126 million ($14.1 million multiplied by 0.86).

Still, Everspin Technologies, Inc. maintains a direct sales team. This team focuses on securing and managing key strategic accounts, which often include large enterprise customers, plus the specialized needs of government and defense customers. While the exact revenue split from this direct channel isn't explicitly broken out against the distributor number, the remaining portion of the revenue, about $1.974 million for Q3 2025, flows through direct engagement or other sources like licensing.

Technical engagement is supported by Field Application Engineers (FAEs). Their role is critical for securing design wins by providing deep technical support during the customer's evaluation and integration phase for Everspin Technologies, Inc.'s MRAM solutions. Specific metrics on FAE-driven design wins for 2025 aren't public, but this function directly supports the pipeline feeding the sales channels.

For initial product exploration, the company website and sales representatives handle sample requests and provide foundational product information. This acts as the top-of-funnel entry point for many potential customers before they engage with the distributor network or the direct sales force.

Here's a quick look at the Q3 2025 revenue composition, which directly relates to how these channels are performing:

The product sales, which are the primary focus of the distribution and direct sales efforts, saw a significant increase year-over-year:

• MRAM product sales in Q3 2025 were $12.7 million.
• This represents a 22% increase over Q3 2024 product sales of $10.4 million.
• The company ended Q3 2025 with $45.3 million in cash and cash equivalents.

Finance: draft 13-week cash view by Friday.

Everspin Technologies, Inc. (MRAM) - Canvas Business Model: Customer Segments

You're looking at the core markets driving Everspin Technologies, Inc.'s revenue growth as of late 2025. The numbers from the third quarter of 2025 show a clear pivot toward high-reliability product sales.

For the three months ended September 30, 2025, Everspin Technologies, Inc. reported total revenue of $14.1 million. The MRAM product sales segment, which includes both Toggle and STT-MRAM, was $12.7 million, marking a 22% increase year-over-year. This product revenue represented 86% of total revenue in Q3 2025, up from 84% in Q3 2024. Licensing, royalty, patent, and other revenue was $1.4 million for the same period.

Data Center/Enterprise Storage

This segment shows continued strength, particularly with demand for toggle MRAM products used in Redundant Array of Independent Disks (RAID) systems. Key customers mentioned include Dell, Supermicro, and others. Shipments also continue for IBM's Flash Core Module 4 data storage solution.

Aerospace and Defense

Aerospace and Defense is a critical, high-reliability market for Everspin Technologies, Inc. The company cited strong sales driven by demand from the Low Earth Orbital Satellite segment. Design wins have been secured from Astro Digital and Blue Origin. Everspin Technologies, Inc. is also executing on significant defense-related contracts:

• A strategic project from the Department of Defense (DoD) valued at $14.55 million over 2.5 years to ensure MRAM manufacturing supply chain resilience.
• A contract with Frontgrade Technologies to develop a Strategic Radiation Hardened (SRH) high-reliability eMRAM macro, with phases totaling up to $9.25 million for Everspin Technologies, Inc. over multiple years, with the current phase valued at approximately $1.25 million.

Industrial IoT and Automation

The Industrial IoT sector is a target for growth, supported by the reliability of MRAM technology. The Energy Management segment was specifically noted as a driver of strong sales in Q3 2025. Furthermore, a strategic partnership was initiated with Quintauris to enhance RISC-V platforms in industrial sectors.

Automotive

Everspin Technologies, Inc. is focused on high-reliability, AEC-Q100 qualified products for the automotive space. The company announced new automotive-grade MRAM products in March 2025, specifically the EM064LX HR and EM128LX HR MRAM devices. Design wins have been secured with Lucid Motors and Bugatti for use in electric vehicle powertrain systems and high-performance automotive electronics, including ongoing shipments for Lucid's Gravity SUV.

Gaming and Medical

Specialized, high-end equipment markets are also contributing to the revenue base. The Casino Gaming segment was cited as a driver of strong sales in Q3 2025. The Medical sector is also anticipated to be a market for continued growth in MRAM technology solutions.

Here is a quick view mapping the mentioned customer types to the latest reported revenue contribution:

Finance: review the Q4 2025 revenue guidance range of $14.0 million to $15.0 million against the Q3 actual of $14.1 million by Monday.

Everspin Technologies, Inc. (MRAM) - Canvas Business Model: Cost Structure

You're looking at the expenses that keep Everspin Technologies, Inc. running, especially as they push advanced MRAM. The cost structure is heavily weighted toward development and production, which is typical for a deep-tech semiconductor firm.

The GAAP Operating Expenses for the third quarter ended September 30, 2025, totaled $8.8 million. This is up from $8.1 million in the third quarter of 2024. For context on the scale of these overheads, the full year 2024 GAAP operating expenses were $33.2 million.

A major component is the Significant manufacturing and wafer fabrication costs (cost of goods sold). With total revenue in Q3 2025 hitting $14.1 million and a GAAP gross margin of 51.3%, the implied cost of goods sold for that quarter was approximately $6.867 million (calculated as $14.1 million (1 - 0.513)). This cost is tied directly to the production of MRAM units, including the strategic relationship with GLOBALFOUNDRIES Inc. for full-flow 300mm CMOS wafers.

The high fixed costs are rooted in R&D for advanced MRAM technology. While the specific R&D spend for Q3 2025 isn't itemized here, it is a primary driver within the total $8.8 million operating expense base. Similarly, Personnel costs for specialized engineering and sales teams are substantial, necessary to maintain the technical lead and drive adoption in markets like Low Earth Orbital Satellite and data centers.

The company also incurs costs related to maintaining and defending its intellectual property. Everspin Technologies, Inc. reports having over 650 Patents & applications, which requires ongoing legal and administrative expenditure to protect its technology leadership.

Here are some key financial metrics related to the cost and operational scale as of late 2025:

You should keep an eye on the following cost-related factors:

• Cost of securing and maintaining foundry capacity commitments.
• Expenditures on hiring and retaining key engineering talent.
• The lumpy nature of licensing, royalty, and patent revenue offsetting some costs.
• Costs associated with defending against IP infringement claims.
• Potential price increases due to tariffs or inflation impacting wafer supply.

Finance: draft 13-week cash view by Friday.

Everspin Technologies, Inc. (MRAM) - Canvas Business Model: Revenue Streams

You're looking at the specific ways Everspin Technologies, Inc. brings in cash, which is critical for valuing any hardware play like this. It's not just about selling chips; it's about the mix of product sales versus the more project-based income streams. Here's the quick math on their recent performance and guidance.

The core of the revenue comes from the actual hardware. For the third quarter of 2025, MRAM product sales, which bundle both the legacy Toggle MRAM and the newer Spin-Transfer Torque MRAM (STT-MRAM), hit $12.7 million. This product revenue was the main driver, showing a year-over-year increase of 22% compared to Q3 2024.

To give you a clearer picture of the Q3 2025 revenue composition, look at this breakdown:

The secondary revenue stream, Licensing, royalty, patent, and other revenue, was reported at $1.4 million for Q3 2025. Honestly, management notes this stream can be lumpy because it depends on project timing, which is something to watch for in future quarters.

Government contract revenue and foundry services represent important, high-value, and often strategic revenue sources. Everspin Technologies, Inc. is actively engaged in R&D and services for government and academic partners. For instance, they have a strategic award with Purdue University's consortium for the CHEETA program, valued up to $10.5 million over four years, with the initial phase valued at approximately $4 million. Furthermore, the company continues to recognize revenue from a significant contract with a DoD contractor related to MRAM manufacturing facility sustainment, where $8.5 million had been recognized to date as of Q3 2025 against a total contract value of $14.6 million. They also recognize revenue from foundry services for a leading sensor device provider's latest generation TMR sensor.

Sales of high-margin, high-reliability products are clearly a focus, especially targeting sectors where data persistence and durability are non-negotiable. This is where you see the value in their radiation-hardened offerings. Key revenue drivers in this category include:

• Continued strong demand in the Low Earth Orbital (LEO) satellite market.
• Sales of PERSYST 1 gigabit STT-MRAM into IBM's FlashCore Module 4.
• Recognition of revenue from Lucid Motors for their Gravity SUV.
• A strategic agreement with Frontgrade for radiation hardened MRAM technology valued at $9.25 million.

Looking ahead, the near-term expectation for total revenue is set between $14.0 million and $15.0 million for the fourth quarter of 2025. This guidance suggests continued product sales momentum, even as the lumpy non-product revenue stream fluctuates. Finance: draft 13-week cash view by Friday.