0000724910 false 0000724910 2025-01-22 2025-01-22

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)  January 22, 2025

Picture
NVE Corporation
(Exact name of registrant as specified in its charter)

 

Minnesota

000-12196

41-1424202

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

 

 

11409 Valley View Road, Eden Prairie, Minnesota

55344

(Address of principal executive offices)

(Zip Code)


Registrant’s telephone number, including area code (952) 829-9217

                                                                                                                                
(Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

NVEC

The NASDAQ Stock Market, LLC

 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

Item 2.02. Results of Operations and Financial Condition.

Furnished as Exhibit 99 is a press release of NVE Corporation reporting results for the quarter ended December 31, 2024.

 

Item 8.01. Other Events.

NVE Corporation announced that its Board of Directors approved a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable February 28, 2025 to shareholders of record as of February 3, 2025.

 

 

 

 

 

 

2


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

Date  January 22, 2025

NVE CORPORATION
(Registrant)


 /s/ DANIEL NELSON
Daniel Nelson
Principal Financial Officer

 

 

 

3


 

INDEX TO EXHIBITS

Exhibit #

Description

 

99

Press release of NVE Corporation reporting results for the quarter ended December 31, 2024 and announcing a quarterly dividend.

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

4

 

 

 

NVE Corporation Reports Third Quarter Results and Announces Quarterly Dividend

 
EDEN PRAIRIE, Minn.—January 22, 2025—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended December 31, 2024.

Total revenue for the third quarter of fiscal 2025 decreased 25% to $5.06 million from $6.76 million for the prior-year quarter. The decrease was due to a 22% decrease in product sales and a 74% decrease in contract research and development revenue. Net income for the third quarter of fiscal 2025 decreased 27% to $3.05 million, or $0.63 per diluted share, compared to $4.18 million, or $0.87 per share, for the prior-year quarter.

 

For the first nine months of fiscal 2025, total revenue decreased 18% to $18.6 million from $22.7 million for the first nine months of the prior year. The decrease was due to a 20% decrease in product sales, partially offset by a 72% increase in contract research and development revenue. Net income decreased 16% to $11.2 million, or $2.31 per diluted share, from $13.3 million, or $2.75 per share, for the first nine months of fiscal 2024.

 

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable February 28, 2025, to shareholders of record as of February 3, 2025.


“We are pleased to report solid earnings for the quarter and first nine months of the fiscal year, despite challenging industry conditions,” 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, risks and uncertainties related to future dividend payments, 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, 2024.

 

###


NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND NINE MONTHS ENDED DECEMBER 31, 2024 AND 2023
(Unaudited)
 

 

 

Quarter Ended December 31,

 

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

Product sales

 

$

4,960,488

 

 

$

6,366,009

 

Contract research and development

 

 

102,557

 

 

 

390,251

 

Total revenue

 

 

5,063,045

 

 

 

6,756,260

 

Cost of sales

 

 

797,622

 

 

 

1,355,067

 

Gross profit

 

 

4,265,423

 

 

 

5,401,193

 

Expenses

 

 

 

 

 

 

 

 

Research and development

 

 

869,677

 

 

 

540,895

 

Selling, general, and administrative

 

 

434,783

 

 

 

389,311

 

Total expenses

 

 

1,304,460

 

 

 

930,206

 

Income from operations

 

 

2,960,963

 

 

 

4,470,987

 

Interest income

 

 

474,180

 

 

 

491,671

 

Other income

 

 

135,057

 

 

 

-

 

Income before taxes

 

 

3,570,200

 

 

 

4,962,658

 

Provision for income taxes

 

 

521,790

 

 

 

778,236

 

Net income

 

$

3,048,410

 

 

$

4,184,422

 

Net income per share – basic

 

$

0.63

 

 

$

0.87

 

Net income per share – diluted

 

$

0.63

 

 

$

0.87

 

Cash dividends declared per common share

 

$

1.00

 

 

$

1.00

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

4,835,262

 

 

 

4,833,401

 

Diluted

 

 

4,839,124

 

 

 

4,837,230

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended December 31,

 

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

Product sales

 

$

17,680,780

 

 

$

22,183,223

 

Contract research and development

 

 

924,199

 

 

 

537,727

 

Total revenue

 

 

18,604,979

 

 

 

22,720,950

 

Cost of sales

 

 

2,720,370

 

 

 

5,034,556

 

Gross profit

 

 

15,884,609

 

 

 

17,686,394

 

Expenses

 

 

 

 

 

 

 

 

Research and development

 

 

2,595,808

 

 

 

1,920,095

 

Selling, general, and administrative

 

 

1,543,428

 

 

 

1,298,211

 

Provision for credit losses

 

 

-

 

 

 

9,514

 

Total expenses

 

 

4,139,236

 

 

 

3,227,820

 

Income from operations

 

 

11,745,373

 

 

 

14,458,574

 

Interest income

 

 

1,432,568

 

 

 

1,440,289

 

Other income

 

 

135,057

 

 

 

-

 

Income before taxes

 

 

13,312,998

 

 

 

15,898,863

 

Provision for income taxes

 

 

2,140,856

 

 

 

2,587,145

 

Net income

 

$

11,172,142

 

 

$

13,311,718

 

Net income per share – basic

 

$

2.31

 

 

$

2.75

 

Net income per share – diluted

 

$

2.31

 

 

$

2.75

 

Cash dividends declared per common share

 

$

3.00

 

 

$

3.00

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

4,834,382

 

 

 

4,832,992

 

Diluted

 

 

4,839,247

 

 

 

4,839,725

 


 

NVE CORPORATION
BALANCE SHEETS
DECEMBER 31 AND MARCH 31, 2024

 

 

 

 

 

 

(Unaudited)

December 31,
2024

 

 

March 31,
2024

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,485,684

 

 

$

10,283,550

 

Marketable securities, short-term (amortized cost of $14,993,163 as of December 31, 2024,
and $12,283,630 as of March 31, 2024)

 

 

14,907,252

 

 

 

11,917,779

 

Accounts receivable, net of allowance for credit losses of $15,000

 

 

1,355,064

 

 

 

3,144,833

 

Inventories

 

 

7,787,624

 

 

 

7,158,585

 

Prepaid expenses and other assets

 

 

736,481

 

 

 

689,349

 

Total current assets

 

 

30,272,105

 

 

 

33,194,096

 

Fixed assets

 

 

 

 

 

 

 

 

Machinery and equipment

 

 

11,663,886

 

 

 

10,501,096

 

Leasehold improvements

 

 

1,956,309

 

 

 

1,956,309

 

 

 

 

13,620,195

 

 

 

12,457,405

 

Less accumulated depreciation and amortization

 

 

11,645,199

 

 

 

11,403,383

 

Net fixed assets

 

 

1,974,996

 

 

 

1,054,022

 

Deferred tax assets

 

 

1,689,207

 

 

 

1,453,704

 

Marketable securities, long-term (amortized cost of $29,996,231 as of December 31, 2024,
and $31,417,890 as of March 31, 2024)

 

 

29,704,367

 

 

 

30,788,301

 

Right-of-use asset – operating lease

 

 

947,889

 

 

 

289,910

 

Total assets

 

$

64,588,564

 

 

$

66,780,033

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

154,683

 

 

$

127,154

 

Accrued payroll and other

 

 

511,589

 

 

 

729,215

 

Operating lease

 

 

84,838

 

 

 

179,372

 

Total current liabilities

 

 

751,110

 

 

 

1,035,741

 

Operating lease

 

 

864,966

 

 

 

175,775

 

Total liabilities

 

 

1,616,076

 

 

 

1,211,516

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

Common stock

 

 

48,372

 

 

 

48,337

 

Additional paid-in capital

 

 

19,806,845

 

 

 

19,554,812

 

Accumulated other comprehensive loss

 

 

(295,358

)

 

 

(777,637

)

Retained earnings

 

 

43,412,629

 

 

 

46,743,005

 

Total shareholders’ equity

 

 

62,972,488

 

 

 

65,568,517

 

Total liabilities and shareholders’ equity

 

$

64,588,564

 

 

$

66,780,033

 

 

v3.24.4
Document and Entity Information
Jan. 22, 2025
Details  
Registrant CIK 0000724910
Document Type 8-K
Document Period End Date Jan. 22, 2025
Document Effective Date Jan. 22, 2025
Entity Registrant Name NVE Corp
Entity Incorporation, State or Country Code MN
Securities Act File Number 000-12196
Entity Tax Identification Number 41-1424202
Entity Address, Address Line One 11409 Valley View Road
Entity Address, City or Town Eden Prairie
Entity Address, State or Province MN
Entity Address, Postal Zip Code 55344
Entity Address, Address Description Address of principal executive offices
Phone Fax Number Description Registrant’s telephone number, including area code
City Area Code 952
Local Phone Number 829-9217
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol NVEC
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false

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