NVE(US:NVEC)2024-07-17 20:09Revenue 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].