While Everspin is somewhat comparable to Weebit, a cursory look...

While Everspin is somewhat comparable to Weebit, a cursory look at their financial results indicate a low market share, having shipped only 120M chips in 12 years of operation, with gross revenues of ~$60M PA and gross profits of ~$34M PA (according to latest quarterly). In 2020 alone there were 401M flash memory chips sold worldwide for a total of $60B, MRAM's total potential market, according to Everspin, accounted for $1.6B during that same year. Put simply ReRAM has the potential to take any/all of the typical flash market, which with the latest figures from 2020 stood at 30x MRAM's potential market.

Is Everspin undervalued? Maybe, but for different reasons. The P:E does look to be sub 10, so if thats what you define as undervalued, sure. Will Weebit bust out of the gate with hundreds of millions in revenue their first year of operation? Hell no, but their potential market will always be far larger than Everspins, so they definitely have the right to be worth more on a potential earnings basis. Not to mention the stellar BoD Weebit has with its industry connections and the fact that its just begun tape out of 22nm, whereas Everspin is still in the design stages of their 22nm process. Hope this helps clear things up