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, 2022 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 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 NVE CORPORATION (Exact name of registrant as specified in its charter) Minnesota 41-1424202 (State ...

NVE Corporation (NASDAQ:NVEC) Q1 2023 Earnings Conference Call July 20, 2022 5:00 PM ET Company Participants Sue Miller - Senior Accountant Daniel Baker - President and Chief Executive Officer Joseph Schmitz - Chief Financial Officer Conference Call Participants Jeff Bernstein - Cowen Alex Woodward - Bridge City Capital Daniel Baker Thank you and good afternoon. Welcome to our conference call for the quarter ended June 30, 2022. My name is Dan Baker, I'm the President and CEO of NVE Corporation. This call i ...

Revenue and Profitability - Total revenue for the quarter ended June 30, 2022, increased by 3% compared to the same quarter in 2021, driven by a 2% increase in product sales and a 32% increase in contract research and development revenue[53]. - Gross profit margin improved to 77% for the first quarter of fiscal 2023, up from 75% in the prior year, primarily due to increased prices[54]. - Net income for the first quarter of fiscal 2023 increased by 16% compared to the prior-year quarter, attributed to higher revenue, improved gross profit margin, and reduced expenses[56]. Expenses and Cost Management - Total expenses decreased by 24% year-over-year, with research and development expenses down by 26% and selling, general, and administrative expenses down by 20%[55]. Cash Flow and Investments - Cash and cash equivalents rose to $13,299,264 as of June 30, 2022, an increase of $2,849,754 from March 31, 2022, due to net cash provided by operating and investing activities[59]. - Net cash provided by operating activities was $3,331,143 for the first quarter of fiscal 2023, slightly up from $3,300,394 in the same quarter of the previous year[60]. - Cash provided by investing activities included $9,250,000 from maturities of marketable securities, with expectations for significantly more fixed asset purchases in fiscal 2023[63]. - Cash dividends paid to shareholders amounted to $4,830,826 in the first quarter of fiscal 2023, with a declared cash dividend of $1.00 per share to be paid on August 31, 2022[64]. Operational Challenges - The company experienced supply chain disruptions related to the COVID-19 pandemic, which negatively impacted revenues and costs during the quarter[57]. - Accounts receivable decreased by $1,191,613 during the first quarter of fiscal 2023, primarily due to the timing of sales and payments from customers[60].

Financial Data and Key Metrics Changes - Net income for Q4 increased by 22% to $0.79 per diluted share, driven by a 15% revenue increase [3][4] - For the full fiscal year, net income rose 24% to $3 per share, supported by a 26% revenue increase [3][7] - Total revenue for the most recent quarter was $6.75 million, up from $5.87 million in the prior year [4][7] - Gross margin was 77%, slightly down from 78% the previous year [6][8] - Total revenue for the fiscal year increased 26% to $27 million from $21.4 million in the prior year [7][8] Business Line Data and Key Metrics Changes - Product sales increased by 26%, while R&D and contract revenue rose by 36% for the fiscal year [7][8] - SG&A expenses decreased by 15%, partially offset by a 4% increase in R&D expenses [6][7] Market Data and Key Metrics Changes - Lead times for parts from traditional semiconductor competitors have increased to 52 to 90 weeks, compared to 12 to 20 weeks for the company [6] - The company has seen new sales opportunities due to competitors' longer lead times [6] Company Strategy and Development Direction - The company is focusing on expanding its product offerings, including new isolators for smart grids and power supplies [20] - Investments have been made to increase production capacity and diversify the supply chain [15] - The company is actively participating in trade shows to showcase new products and engage with potential customers [10][11] Management's Comments on Operating Environment and Future Outlook - The semiconductor supply chain remains fragile, with potential global shortages lasting into 2024 [9] - The company is optimistic about growth opportunities in the automotive market, particularly in hybrid electric vehicles [42][43] - Management believes that the impact of the COVID-19 pandemic on customer demand has lessened, while supply chain disruptions have increased [7] Other Important Information - The company repurchased $154,000 of its stock and declared a quarterly dividend of $1 per share [8][15] - The company has introduced several new products, including a new current sensor and a high sensitivity Smart Magnetometer [14][15] Q&A Session Summary Question: Update on traction in isolators for hybrid high voltage and low-voltage systems - The company is gaining traction with new isolators used for smart grids and power supplies, with modest revenue contributions but excellent growth potential [20] Question: Background on replacing milli and micro ohm resistors in current sensing applications - The company sees significant opportunities in non-contact current sensors that avoid energy waste and provide safety in high-voltage applications [21][22] Question: Size of the current sensing market - The current sensing market is large and fast-growing, driven by energy efficiency mandates [24] Question: Growth in MOSFET drivers for GaN and silicon carbide - The company is well-positioned in the market for MOSFET drivers, enabling more efficient control of motors and battery chargers [26][27] Question: Update on the hearing aid and hearables market - The company is prepared for the over-the-counter hearing aid market and sees growth potential in the broader hearables market, estimated to reach $93 billion by 2026 [30][31] Question: R&D spending rebound - R&D spending has increased due to ramped-up activity related to chemicals and supplies for current and future business [33][34] Question: Normalized tax rate - The tax rate was lower due to tax breaks for foreign sales, with a mix of more foreign source income [35]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2022 ☐ 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) Min ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2022 decreased 4% to $6.29 million from $6.53 million in the prior-year quarter, attributed to a 7% decrease in product sales, partially offset by an 86% increase in contract R&D [9] - Net income for Q3 2022 decreased 12% to $3.47 million, or $0.72 per diluted share, compared to $3.93 million, or $0.81 for the prior-year quarter [9][14] - Gross profit margin decreased to 78% in Q3 2022 from 84% in Q3 2021, primarily due to product mix and increased product costs [11] - Operating margin was 64%, pre-tax margin was 69%, and net margin was 55% [15] Business Line Data and Key Metrics Changes - For the first nine months of fiscal 2022, total revenue increased 31% to $20.3 million from $15.5 million in the prior year, with product sales and contract R&D both increasing by 31% and 17% respectively [15][16] - Expenses for Q3 decreased 14% from the prior year due to a 15% decrease in R&D and a 13% decrease in SG&A [13] Market Data and Key Metrics Changes - The company noted that global semiconductor shortages could last several more years, presenting both medium-term opportunities and threats [19] - Lead times for parts quoted were 16 weeks, significantly longer than pre-pandemic levels, but still better than industry averages of 52 to 80 weeks [12][19] Company Strategy and Development Direction - The company is investing in additional production and test equipment, expanding production space, and investing in tooling for alternate packaging vendors to address supply chain challenges [20] - A tentative agreement was reached to extend the supplier partnering contract with Abbott, including a price increase to address rising materials and manufacturing costs [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining customer relationships despite shipment delays, indicating that delays were not losses and that they had picked up business from competitors [32] - The company is committed to growth, adding equipment and expanding facilities to meet delayed product deliveries [33] Other Important Information - Capital expenditures were $58,000 in the first nine months, expected to increase significantly in the fourth quarter due to new test handlers [17] - A quarterly dividend of $1 per share was declared, payable on February 28 [18] Q&A Session Summary Question: How much business was lost due to shipment delays? - Management indicated that while there was significant revenue disruption, it was largely delayed rather than lost, and they had picked up additional business [32] Question: What is the status of onshoring packaging? - The company is redesigning parts for onshore packaging to reduce logistics delays, with expectations for the first wafers from onshore foundries soon [34] Question: What progress is being made in the automotive sector? - The automotive market remains a target, with ongoing work on designs and sampling parts for power conversion applications [37] Question: How is the company positioned in the hearable market? - Management expressed optimism about opportunities in the hearable market, particularly with upcoming regulatory changes [44] Question: What is the cycle time from wafer to finished product? - The cycle time has increased to approximately four to five months due to challenges with packaging vendors [53] Question: How is the company managing inventory amidst supply concerns? - The company has been able to build finished goods inventory by shipping available products while managing production effectively [57]

Table of Contents 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 December 31, 2021 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 o ...

NVE Corporation (NASDAQ:NVEC) Q2 2022 Earnings Conference Call October 20, 2021 5:00 PM ET Company Participants Daniel Baker - President and Chief Executive Officer Jon Larson - Corporate Controller and Principal Financial Officer Conference Call Participants Jeff Bernstein - Cowen Operator Ladies and gentlemen, thank you for standing by and welcome to the NVE Conference Call Second Quarter Results. [Operator Instructions] As a reminder, today's conference call is being recorded. I would now like to turn th ...

Table of Contents 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, 2021 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 ...

NVE Corporation (NASDAQ:NVEC) Q1 2022 Earnings Conference Call July 21, 2021 5:00 PM ET Company Participants Daniel Baker ??? President and Chief Executive Officer Curt Reynders ??? Chief Financial Officer Conference Call Participants Jeff Bernstein ??? Cowen Operator Thank you for standing by and welcome to the NVE Corporation???s First Quarter of 2022 Fiscal Year Results. At this time, all participants are in listen-only mode. After the speakers??? presentation, there will be a question-and-answer session ...