Financial Data and Key Metrics Changes - The company reported its financial results for the quarter ended December 31, 2024, with a press release issued shortly after market close [3] - Specific financial metrics and performance indicators will be detailed in the upcoming presentation by the Principal Financial Officer [2] Business Line Data and Key Metrics Changes - The presentation will cover R&D, sales and marketing, and capital expenditures, indicating a focus on these areas for future growth [2] Market Data and Key Metrics Changes - The company has acknowledged uncertainties related to the economic environments in the industries it serves, which may impact future sales and revenue [4] Company Strategy and Development Direction - The management is expected to discuss future plans and strategic direction during the call, particularly in relation to R&D and market positioning [2] Management Comments on Operating Environment and Future Outlook - Management has indicated that actual results could differ materially from forward-looking statements due to various risks and uncertainties [4][5] Other Important Information - The call is being webcast live and will be available for replay, ensuring transparency and accessibility for stakeholders [2] Q&A Session Summary - The Q&A session will follow the presentation, allowing participants to engage with management on various topics [2]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents NVE Corporation's unaudited consolidated financial statements for the quarter and nine months ended December 31, 2024, detailing financial position, performance, and cash flows - NVE Corporation develops and sells devices using spintronics, a nanotechnology that relies on electron spin to acquire, store, and transmit information[31](index=31&type=chunk) Condensed Balance Sheet (Unaudited) | Assets & Liabilities | Dec 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $30,272,105 | $33,194,096 | | **Total Assets** | **$64,588,564** | **$66,780,033** | | **Total Current Liabilities** | $751,110 | $1,035,741 | | **Total Liabilities** | $1,616,076 | $1,211,516 | | **Total Shareholders' Equity** | $62,972,488 | $65,568,517 | Statements of Income (Quarter Ended Dec 31) | Metric | Q3 2024 (FY25) | Q3 2023 (FY24) | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$5,063,045** | **$6,756,260** | **-25.1%** | | Product Sales | $4,960,488 | $6,366,009 | -22.1% | | Gross Profit | $4,265,423 | $5,401,193 | -21.0% | | Income from Operations | $2,960,963 | $4,470,987 | -33.8% | | **Net Income** | **$3,048,410** | **$4,184,422** | **-27.1%** | | **Net Income per Share (Diluted)** | **$0.63** | **$0.87** | **-27.6%** | Statements of Income (Nine Months Ended Dec 31) | Metric | Nine Months 2024 (FY25) | Nine Months 2023 (FY24) | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$18,604,979** | **$22,720,950** | **-18.1%** | | Product Sales | $17,680,780 | $22,183,223 | -20.3% | | Gross Profit | $15,884,609 | $17,686,394 | -10.2% | | Income from Operations | $11,745,373 | $14,458,574 | -18.8% | | **Net Income** | **$11,172,142** | **$13,311,718** | **-16.1%** | | **Net Income per Share (Diluted)** | **$2.31** | **$2.75** | **-16.0%** | Statements of Cash Flows (Nine Months Ended Dec 31) | Cash Flow Activity | Nine Months 2024 (FY25) | Nine Months 2023 (FY24) | | :--- | :--- | :--- | | Net cash provided by operating activities | $11,828,053 | $15,115,031 | | Net cash provided by (used in) investing activities | ($2,237,563) | $2,280,084 | | Net cash used in financing activities | ($14,388,356) | ($14,380,101) | | **Decrease in cash and cash equivalents** | **($4,797,866)** | **$3,015,014** | | Cash and cash equivalents at end of period | $5,485,684 | $4,684,910 | - On January 22, 2025, the Board of Directors declared a quarterly cash dividend of **$1.00 per share**, payable on February 28, 2025[56](index=56&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for Q3 and the first nine months of fiscal 2025, highlighting decreased revenue and net income, improved gross margin, and details on liquidity, capital resources, and cash flow activities [Results of Operations](index=15&type=section&id=Results%20of%20Operations) Total revenue decreased by **25%** in Q3 FY25 and **18%** for the nine-month period, primarily due to lower product sales, while gross margin percentage improved due to product mix and direct sales - Q3 FY25 revenue decreased **25% YoY**, driven by a **22% decrease** in product sales from existing customers and a **74% decrease** in contract R&D revenue[63](index=63&type=chunk) - Q3 FY25 gross margin increased to **84%** from **80%** in the prior-year quarter, attributed to a more profitable product mix and a higher proportion of direct sales[64](index=64&type=chunk) - Q3 FY25 total expenses rose **40% YoY**, primarily due to a **61% increase** in R&D expense for new product development and a **12% increase** in SG&A for sales and marketing activities[65](index=65&type=chunk) - For the first nine months of FY25, total revenue decreased **18% YoY**, resulting from a **20% drop** in product sales, which was partially offset by a **72% increase** in contract R&D revenue[70](index=70&type=chunk) - The **16% decrease** in net income for the first nine months of FY25 was primarily due to decreased revenue and increased operating expenses, partially offset by increased gross profit margin and other income[73](index=73&type=chunk) [Liquidity and Capital Resources](index=17&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and cash equivalents decreased by **$4.8 million** in the first nine months of fiscal 2025, primarily due to financing and investing activities, partially offset by operating cash flow, with plans for increased fixed asset purchases - Cash and cash equivalents decreased by **$4,797,866** in the first nine months of fiscal 2025, primarily due to **$14,388,356** used in financing activities (dividends) and **$2,237,563** used in investing, offset by **$11,828,053** provided by operations[75](index=75&type=chunk) - Investing activities included a **$1,125,437** downpayment on production equipment expected to be delivered in fiscal 2026, with plans for significantly increased fixed asset purchases in fiscal 2025 and 2026[78](index=78&type=chunk) - Financing activities consisted of **$14,502,518** in cash dividends paid to shareholders, partially offset by **$114,162** from stock option exercises[79](index=79&type=chunk) - Future dividends are subject to Board approval and will be funded through cash from operations and proceeds from maturing marketable securities[81](index=81&type=chunk) [Controls and Procedures](index=18&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of December 31, 2024, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of December 31, 2024, the company's disclosure controls and procedures were effective[83](index=83&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended December 31, 2024, that materially affected, or are reasonably likely to materially affect, internal controls[84](index=84&type=chunk) [PART II. OTHER INFORMATION](index=18&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=18&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any material pending or threatened legal proceedings that would significantly impact its financial condition or operations - As of the reporting date, the company is not aware of any material pending or threatened legal proceedings[86](index=86&type=chunk) [Risk Factors](index=18&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended March 31, 2024 - No material changes have occurred in the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended March 31, 2024[87](index=87&type=chunk) [Mine Safety Disclosures](index=18&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - None[88](index=88&type=chunk) [Exhibits](index=19&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including a lease amendment, officer certifications, and Inline XBRL data files List of Exhibits | Exhibit | Description | | :--- | :--- | | 10.1 | Sixth amendment to lease... (incorporated by reference) | | 31.1 | Certification by Daniel A. Baker... | | 31.2 | Certification by Daniel Nelson... | | 32 | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act... | | 101 & 104 | Inline XBRL and Cover Page Interactive Data Files |

Core Insights - NVE Corporation is adapting to market changes by shifting focus towards research-driven growth, particularly in contract R&D, to diversify revenue sources amid declining product sales [1][2][3] Q2 Results - Earnings per diluted share decreased by 15% to 83 cents from 98 cents year-over-year, reflecting a challenging market environment [2] - Total quarterly revenues fell by 5% to $6.76 million from $7.13 million in the prior-year quarter, primarily due to a significant decline in product sales [2] Product Sales vs Contract R&D Growth - Product sales declined by 14% to $6.1 million in Q2 fiscal 2025 from $7.1 million in Q2 fiscal 2024, attributed to softened demand in target markets [3] - Contract R&D revenues surged by 3,950% from $16,154 to $654,257, indicating a strategic pivot towards innovation-driven partnerships [3] Profitability Metrics - Gross profit increased by 5% to $5.81 million, resulting in a gross margin of approximately 86%, up from 78% a year ago, driven by a decrease in the cost of sales [4] - Operating income declined by 5% year-over-year to $4.40 million, impacted by higher R&D and operational expenses [4] Net Income and Margins - Net income decreased by 15% to $4.03 million from $4.72 million, with a net margin of approximately 60%, down from 66% in the previous year [5] Cost Analysis - Cost of sales decreased by 41% to $0.95 million from $1.6 million, attributed to streamlined production processes [6] Operating Expenses - Operating expenses rose, with R&D expenses increasing by 24% to $0.85 million and selling, general, and administrative expenses growing by 31% to $0.57 million [7] Cash Position and Investments - Cash and cash equivalents decreased to $3.1 million from $10.3 million, while short-term marketable securities increased to $19.8 million from $11.9 million, indicating a shift towards higher-yielding investments [8] Dividend Declaration - The board declared a quarterly dividend of $1 per share, reflecting confidence in cash-generative capacity despite declining revenues [9]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-12196 NVE CORPORATION (Exact name of registrant as specified in its charter) Minnesota 41-1424202 (State or other jurisdict ...

Core Viewpoint - NVE Corporation reported a decline in total revenue and net income for the second quarter and the first half of fiscal 2025, primarily due to decreased product sales, although there was a significant increase in contract research and development revenue [1][2]. Financial Performance - Total revenue for Q2 fiscal 2025 decreased by 5% to $6.76 million from $7.13 million in the same quarter of the previous year, driven by a 14% decrease in product sales, partially offset by a 3,950% increase in contract research and development revenue [1]. - For the first six months of fiscal 2025, total revenue decreased by 15% to $13.5 million from $16.0 million in the prior year, with a 20% decrease in product sales and a 457% increase in contract research and development revenue [2]. - Net income for Q2 fiscal 2025 decreased by 15% to $4.03 million, or $0.83 per diluted share, compared to $4.72 million, or $0.98 per share, in the prior-year quarter [1][6]. - Net income for the first half of fiscal 2025 decreased by 11% to $8.12 million, or $1.68 per diluted share, from $9.13 million, or $1.89 per share, in the first half of fiscal 2024 [2][7]. Dividend Announcement - The company declared a quarterly cash dividend of $1.00 per share of common stock, payable on November 29, 2024, to shareholders of record as of November 4, 2024 [2]. Business Overview - NVE Corporation is a leader in the commercialization of spintronics, a nanotechnology that utilizes electron spin for data acquisition, storage, and transmission [3]. - The company manufactures high-performance spintronic products, including sensors and couplers used for data transmission [3]. Revenue Breakdown - For Q2 fiscal 2025, product sales were $6.10 million, down from $7.12 million in the prior year, while contract research and development revenue rose to $654,257 from $16,154 [4]. - For the first six months of fiscal 2025, product sales were $12.72 million, down from $15.82 million, while contract research and development revenue increased to $821,642 from $147,476 [7]. Expense and Profit Analysis - Total expenses for Q2 fiscal 2025 were $1.42 million, compared to $914,067 in the prior year, with research and development expenses increasing to $847,603 from $683,208 [4]. - Gross profit for Q2 fiscal 2025 was $5.81 million, compared to $5.53 million in the prior year [4]. - For the first half of fiscal 2025, total expenses were $2.83 million, up from $2.30 million in the previous year [7]. Balance Sheet Highlights - As of September 30, 2024, total assets were $65.88 million, a decrease from $66.78 million as of March 31, 2024 [8][9]. - Total liabilities were $1.02 million, down from $1.21 million in the previous year [9]. - Shareholders' equity was $64.86 million, compared to $65.57 million in the prior year [9].

EDEN PRAIRIE, Minn., Oct. 16, 2024 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq: NVEC) announced that it plans to release its financial results for the quarter ended September 30, 2024 on Wednesday, October 23, 2024 after the close of the Nasdaq Regular Market. The company will hold its quarterly conference call later that day at 4:00 p.m. Central Time. The quarterly call will be webcast live in a listen-only mode through the Investor Events page of NVE's Website (www.nve.com). An archive of the call will al ...

NVE Corporation's (NVEC) first-quarter fiscal 2025 results reflect a strategic approach to navigating a challenging industry environment. Despite facing declines in product sales and total revenues, the company demonstrated strong cost management and continued investment in research and development. This balanced strategy underscores NVE's commitment to innovation and shareholder value, as reflected in its consistent dividend payments and financial resilience. Q1 Results NVE Corp reported first-quarter fisc ...

Revenue Performance - Total revenue for the quarter ended June 30, 2024, decreased by 23% compared to the same quarter in 2023, primarily due to a 24% decrease in product sales [52]. - Contract research and development revenue increased by 28% due to new contracts, partially offsetting the decline in product sales [52]. Profitability - Gross margin percentage improved to 86% in the first quarter of fiscal 2025, up from 77% in the prior-year quarter, attributed to a more profitable product mix [53]. - The effective tax rate decreased to 16% for the first quarter of fiscal 2025, down from 24% in the prior-year quarter, due to changes in federal tax credits and deductions [55]. Expenses - Research and development expenses rose by 26% due to increased new product development activities [54]. Cash Flow and Liquidity - Net cash provided by operating activities increased by 16% to $5,852,392 for the first quarter of fiscal 2025 compared to $5,025,302 for the same quarter in fiscal 2024 [58]. - Cash and cash equivalents decreased by $4,278,058 to $6,005,492 as of June 30, 2024, primarily due to cash used in financing and investing activities [57]. Investments - Fixed asset purchases included a $916,634 down payment on production equipment expected to be delivered in fiscal 2026, with plans to significantly increase fixed asset purchases in fiscal 2025 and 2026 [60]. Dividends - A cash dividend of $1.00 per share was declared, totaling $4,833,676 based on shares outstanding as of June 30, 2024, to be paid on August 30, 2024 [61]. Interest Income - Interest income increased by 13% due to higher yields on securities purchased after June 30, 2023 [55].

EDEN PRAIRIE, Minn., July 17, 2024 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2024. The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable August 30, 2024, to shareholders of record as of July 29, 2024. NVE 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 infor ...

The quarterly call will be webcast live in a listen-only mode through the Investor Events page of NVE's Website (www.nve.com). An archive of the call will also be available on NVE's Website. Statements we use that relate to future plans, events, financial results or performance are forwardlooking statements that are subject to certain risks and uncertainties including, among others, the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K and other repo ...