 |
EARNINGS REPORT |
NVE Corporation Reports Fourth Quarter and Fiscal Year Results
and Announces Quarterly Dividend
EDEN PRAIRIE, Minn.—May 6, 2026—NVE Corporation (Nasdaq: NVEC) announced
today financial results for the quarter and fiscal year ended March 31, 2026.
Total revenue for the fourth quarter of fiscal 2026 increased 5% to $7.65 million
from $7.27 million for the prior-year quarter. The increase was due to a 6% increase
in product sales, partially offset by a 19% decrease in contract research and
development revenue. Net income for the fourth quarter of fiscal 2026 increased
27% to $4.93 million, or $1.02 per diluted share, compared to $3.89 million, or
$0.80 per share, for the prior-year quarter.
For fiscal 2026, total revenue increased 1.8% to $26.3 million, compared to
$25.9 million in the prior year. The increase was due to a 2.4% increase in product
sales, partially offset by an 11% decrease in contract research and development
revenue. Net income for fiscal 2026 increased 1% to $15.2 million, or $3.14 per
diluted share, from $15.1 million, or $3.11 per share, for fiscal 2025.
The company also announced a quarterly cash dividend to shareholders of $1.00 per
share of common stock, payable May 29, 2026 to shareholders of record as of
May 18, 2026.
“We’re pleased to report strong revenue and earnings growth for the
second consecutive quarter,” said NVE President and Chief Executive Officer
Daniel A. Baker, Ph.D.
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 information. The company manufactures high-performance spintronic products
including sensors and couplers that are used to acquire and transmit data.
Statements used in this press release that relate to future plans, events,
financial results, or performance are forward-looking statements that are subject
to certain risks and uncertainties including, among others, such factors as our
reliance on several large customers for a significant percentage of revenue, uncertainties
related to the economic environments in the industries we serve, uncertainties
related to future sales and revenues, as well as the risk factors listed from
time to time in our filings with the SEC, including our Annual Report on Form
10-K for the fiscal year ended March 31, 2026.
###
|
NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS ENDED MARCH 31, 2026 AND 2025
|
| |
Quarter Ended March 31, |
| |
2026 |
|
2025 |
| Revenue |
|
Product sales
|
$ |
7,395,903 |
|
|
$ |
6,951,322 |
|
|
Contract research and development
|
|
258,903 |
|
|
|
318,393 |
|
| Total revenue, net |
|
7,654,806 |
|
|
|
7,269,715 |
|
| Cost of sales |
|
1,705,758 |
|
|
|
1,515,410 |
|
| Gross profit |
|
5,949,048 |
|
|
|
5,754,305 |
|
| Expenses |
|
|
|
|
|
|
|
|
Research and development
|
|
771,197 |
|
|
|
1,039,711 |
|
|
Selling, general, and administrative
|
|
443,095 |
|
|
|
465,818 |
|
| Total expenses |
|
1,214,292 |
|
|
|
1,505,529 |
|
| Income from operations |
|
4,734,756 |
|
|
|
4,248,776 |
|
| Interest income |
|
447,433 |
|
|
|
476,650 |
|
| Other income |
|
- |
|
|
|
313 |
|
| Income before taxes |
|
5,182,189 |
|
|
|
4,725,739 |
|
| Provision for income taxes |
|
254,292 |
|
|
|
833,365 |
|
| Net income |
$ |
4,927,897 |
|
|
$ |
3,892,374 |
|
| Net income per share – basic |
$ |
1.02 |
|
|
$ |
0.80 |
|
| Net income per share – diluted |
$ |
1.02 |
|
|
$ |
0.80 |
|
| Weighted average shares outstanding |
|
|
|
|
|
|
|
|
Basic
|
|
4,837,166 |
|
|
|
4,837,166 |
|
|
Diluted
|
|
4,839,328 |
|
|
|
4,839,194 |
|
| |
|
| |
Year Ended March 31, |
| |
2026 |
|
2025 |
| Revenue |
| Product sales |
$ |
25,221,918 |
|
|
$ |
24,632,102 |
|
| Contract research and development |
|
1,109,300 |
|
|
|
1,242,592 |
|
| Total revenue, net |
|
26,331,218 |
|
|
|
25,874,694 |
|
| Cost of sales |
|
5,599,454 |
|
|
|
4,235,780 |
|
| Gross profit |
|
20,731,764 |
|
|
|
21,638,914 |
|
| Expenses |
|
|
|
|
|
|
|
|
Research and development
|
|
3,160,483 |
|
|
|
3,635,519 |
|
|
Selling, general, and administrative
|
|
1,650,790 |
|
|
|
2,009,246 |
|
| Total expenses |
|
4,811,273 |
|
|
|
5,644,765 |
|
| Income from operations |
|
15,920,491 |
|
|
|
15,994,149 |
|
| Interest income |
|
1,891,925 |
|
|
|
1,909,218 |
|
| Other income |
|
3,905 |
|
|
|
135,370 |
|
| Income before taxes |
|
17,816,321 |
|
|
|
18,038,737 |
|
| Provision for income taxes |
|
2,617,126 |
|
|
|
2,974,221 |
|
| Net income |
$ |
15,199,195 |
|
|
$ |
15,064,516 |
|
| Net income per share – basic |
$ |
3.14 |
|
|
$ |
3.12 |
|
| Net income per share – diluted |
$ |
3.14 |
|
|
$ |
3.11 |
|
| Weighted average shares outstanding |
|
|
|
|
|
|
|
| Basic |
|
4,837,166 |
|
|
|
4,835,069 |
|
| Diluted |
|
4,839,169 |
|
|
|
4,839,154 |
|
NVE CORPORATION
BALANCE SHEETS
MARCH 31 AND 31, 2025 |
| |
March 31, 2026 |
|
March 31,
2025 |
| ASSETS |
|
Current assets
|
|
Cash and cash equivalents
|
$ |
1,714,040 |
|
|
$ |
8,036,564 |
|
|
Marketable securities, short-term
(amortized cost of $18,118,460 as of March 31,
2026, and $13,730,266 as of March 31, 2025)
|
|
18,125,060 |
|
|
|
13,691,593 |
|
|
Accounts receivable, net of allowance for credit
losses of $15,000
|
|
3,408,941 |
|
|
|
3,589,268 |
|
|
Inventories, net
|
|
7,082,821 |
|
|
|
7,449,083 |
|
|
Prepaid expenses and other assets
|
|
1,860,415 |
|
|
|
433,414 |
|
| Total current assets |
|
32,191,277 |
|
|
|
33,199,922 |
|
| Fixed assets |
|
|
|
|
|
|
|
|
Machinery and equipment
|
|
13,843,799 |
|
|
|
11,758,205 |
|
|
Leasehold improvements
|
|
2,059,853 |
|
|
|
1,956,309 |
|
| |
|
15,903,652 |
|
|
|
13,714,514 |
|
|
Less accumulated depreciation and amortization
|
|
12,187,643 |
|
|
|
11,727,615 |
|
| Net fixed assets |
|
3,716,009 |
|
|
|
1,986,899 |
|
| Deferred tax assets |
|
- |
|
|
|
1,867,069 |
|
Marketable securities, long-term
(amortized cost of $23,726,027 as of March 31,
2026, and $26,353,692 as of March 31, 2025)
|
|
23,678,452 |
|
|
|
26,304,623 |
|
| Right-of-use asset – operating lease |
|
793,794 |
|
|
|
917,349 |
|
| Total assets |
$ |
60,379,532 |
|
|
$ |
64,275,862 |
|
| |
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
| Current liabilities |
|
Accounts payable
|
$ |
278,599 |
|
|
$ |
214,691 |
|
|
Accrued payroll and other
|
|
697,611 |
|
|
|
871,169 |
|
|
Operating lease
|
|
165,116 |
|
|
|
83,010 |
|
| Deferred tax liabilities |
|
248,284 |
|
|
|
|
|
| Total current liabilities |
|
1,141,326 |
|
|
|
1,168,870 |
|
| Operating lease |
|
740,423 |
|
|
|
838,221 |
|
| Total liabilities |
|
2,130,033 |
|
|
|
2,007,091 |
|
| |
|
|
|
|
|
|
|
| Shareholders’ equity |
|
|
|
|
|
|
|
|
Common stock
|
|
48,372 |
|
|
|
48,372 |
|
|
Additional paid-in capital
|
|
19,914,769 |
|
|
|
19,821,106 |
|
|
Accumulated other comprehensive loss
|
|
(32,010 |
) |
|
|
(68,544 |
) |
|
Retained earnings
|
|
38,318,368 |
|
|
|
42,467,837 |
|
| Total shareholders’ equity |
|
58,249,499 |
|
|
|
62,268,771 |
|
| Total liabilities and shareholders’ equity |
$ |
60,379,532 |
|
|
$ |
64,275,862 |
|
|
