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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, 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

Picture 

NVE CORPORATION

(Exact name of registrant as specified in its charter)

 

Minnesota

 

41-1424202

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

11409 Valley View Road, Eden Prairie, Minnesota

 

55344

(Address of principal executive offices)

 

(Zip Code)

 

(952) 829-9217 

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes   No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes   No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

Non-accelerated filer

Smaller reporting company

 

 

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.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes   No

 

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 the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, $0.01 Par Value – 4,837,166 shares outstanding as of December 31, 2024.


 

Table of Contents

 

NVE CORPORATION

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements

 

 

 

Balance Sheets

 

 

 

Statements of Income for the Quarters Ended December 31, 2024 and 2023

 

 

 

Statements of Comprehensive Income for the Quarters Ended December 31, 2024 and 2023

 

 

 

Statements of Income for the Nine Months Ended December 31, 2024 and 2023

 

 

 

Statements of Comprehensive Income for the Nine Months Ended December 31, 2024 and 2023

 

 

 

Statements of Cash Flows for the Nine Months Ended December 31, 2024 and 2023

 

 

 

Statements of Shareholders’ Equity for the Nine Months Ended December 31, 2024

 

 

 

Statements of Shareholders’ Equity for the Nine Months Ended December 31, 2023

 

 

 

Notes to Financial Statements

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

 

 

Item 4. Controls and Procedures

 

 

 

PART II. OTHER INFORMATION

 

 

 

Item 1. Legal Proceedings

 

 

 

Item 1A. Risk Factors

 

 

 

Item 4. Mine Safety Disclosures

 

 

 

Item 6. Exhibits

 

 

 

SIGNATURES

 

 

 

2


 

Table of Contents

 

PART IFINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

NVE CORPORATION

BALANCE SHEETS

 

 

(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 as of December 31 and March 31, 2024

 

 

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

 

 

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 liability

 

 

84,838

 

 

 

179,372

 

Total current liabilities

 

 

751,110

 

 

 

1,035,741

 

Long-term operating lease liability

 

 

864,966

 

 

 

175,775

 

Total liabilities

 

 

1,616,076

 

 

 

1,211,516

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

Common stock, $0.01 par value, 6,000,000 shares authorized; 4,837,166 issued and outstanding as of December 31, 2024 and 4,833,676 as of March 31, 2024

 

 

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

 

 

*The March 31, 2024 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024.

 

See accompanying notes.

 

3


Table of Contents

 

NVE CORPORATION

STATEMENTS OF INCOME

(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

 

 

 

 

STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Quarter Ended December 31,

 

 

 

2024

 

 

2023

 

Net income

 

$

3,048,410

 

 

$

4,184,422

 

Unrealized gain (loss) on marketable securities, net of tax

 

 

(226,848

)

 

 

748,830

 

Comprehensive income

 

$

2,821,562

 

 

$

4,933,252

 

 

See accompanying notes.

 

4


 

Table of Contents

 

NVE CORPORATION

STATEMENTS OF INCOME

(Unaudited)

 

 

 

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

 

 

 

 

STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Nine Months Ended December 31,

 

 

 

2024

 

 

2023

 

Net income

 

$

11,172,142

 

 

$

13,311,718

 

Unrealized gain on marketable securities, net of tax

 

 

482,279

 

 

 

460,541

 

Comprehensive income

 

$

11,654,421

 

 

$

13,772,259

 

 

See accompanying notes.

 

5


 

Table of Contents

 

NVE CORPORATION

STATEMENTS OF SHAREHOLDERS EQUITY

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Retained

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Earnings

 

 

Total

 

Balance as of March 31, 2024

 

 

4,833,676

 

 

$

48,337

 

 

$

19,554,812

 

 

$

(777,637

)

 

$

46,743,005

 

 

$

65,568,517

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on marketable securities, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,710

 

 

 

 

 

 

 

28,710

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,097,587

 

 

 

4,097,587

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,126,297

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

18,442

 

 

 

 

 

 

 

 

 

 

 

18,442

 

Cash dividends ($1.00 per share of common stock)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,833,676

)

 

 

(4,833,676

)

Balance as of June 30, 2024

 

 

4,833,676

 

 

48,337

 

 

$

19,573,254

 

 

$

(748,927

)

 

$

46,006,916

 

 

$

64,879,580

 

Exercise of stock options

 

 

344

 

 

 

3

 

 

 

(32

)

 

 

 

 

 

 

 

 

 

 

(29

)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on marketable securities, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

680,417

 

 

 

 

 

 

 

680,417

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,026,145

 

 

 

4,026,145

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,706,562

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

105,203

 

 

 

 

 

 

 

 

 

 

 

105,203

 

Cash dividends ($1.00 per share of common stock)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,833,676

)

 

 

(4,833,676

)

Balance as of September 30, 2024

 

 

4,834,020

 

 

 $

48,340

 

 

$

19,678,425

 

 

$

(68,510

)

 

$

45,199,385

 

 

$

64,857,640

 

Exercise of stock options

 

 

3,146

 

 

 

32

 

 

 

114,159

 

 

 

 

 

 

 

 

 

 

 

114,191

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on marketable securities, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(226,848

)

 

 

 

 

 

 

(226,848

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,048,410

 

 

 

3,048,410

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,821,562

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

14,261

 

 

 

 

 

 

 

 

 

 

 

14,261

 

Cash dividends ($1.00 per share of common stock)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,835,166

)

 

 

(4,835,166

)

Balance as of December 31, 2024

 

 

4,837,166

 

 

 $

48,372

 

 

$

19,806,845

 

 

$

(295,358

)

 

$

43,412,629

 

 

$

62,972,488

 

 

See accompanying notes. 

 

6


Table of Contents

 

NVE CORPORATION

STATEMENTS OF SHAREHOLDERS EQUITY

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Retained

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Earnings

 

 

Total

 

Balance as of March 31, 2023

 

 

4,830,826

 

 

$

48,308

 

 

$

19,295,442

 

 

$

(1,213,858

)

 

$

48,949,610

 

 

$

67,079,502

 

Exercise of stock options

 

 

2,575

 

 

 

26

 

 

 

117,501

 

 

 

 

 

 

 

 

 

 

 

117,527

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on marketable securities, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(234,701

)

 

 

 

 

 

 

(234,701

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,403,730

 

 

 

4,403,730

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,169,029

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

10,536

 

 

 

 

 

 

 

 

 

 

 

10,536

 

Cash dividends declared ($1.00 per share of common stock)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,830,826

)

 

 

(4,830,826

)

Balance as of June 30, 2023

 

 

4,833,401

 

 

$

48,334

 

 

$

19,423,479

 

 

$

(1,448,559

)

 

$

48,522,514

 

 

$

66,545,768

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on marketable securities, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(53,588

)

 

 

 

 

 

 

(53,588

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,723,566

 

 

 

4,723,566

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,669,978

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

106,312

 

 

 

 

 

 

 

 

 

 

 

106,312

 

Cash dividends declared ($1.00 per share of common stock)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,833,401

)

 

 

(4,833,401

)

Balance as of September 30, 2023

 

 

4,833,401

 

 

$

48,334

 

 

$

19,529,791

 

 

$

(1,502,147

)

 

$

48,412,679

 

 

$

66,488,657

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on marketable securities, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

748,830

 

 

 

 

 

 

 

748,830

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,184,422

 

 

 

4,184,422

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,933,252

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

12,544

 

 

 

 

 

 

 

 

 

 

 

12,544

 

Cash dividends declared ($1.00 per share of common stock)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,833,401

)

 

 

(4,833,401

)

Balance as of December 31, 2023

 

 

4,833,401

 

 

$

48,334

 

 

$

19,542,335

 

 

$

(753,317

)

 

$

47,763,700

 

 

$

66,601,052

 

 

See accompanying notes. 

 

7


Table of Contents

 

NVE CORPORATION

STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Nine Months Ended December 31,

 

 

 

2024

 

 

2023

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

11,172,142

 

 

$

13,311,718

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

241,816

 

 

 

231,749

 

Bonds discount amortization

 

 

(212,554

)

 

 

(75,676

)

Provision for credit losses

 

 

-

 

 

 

9,514

 

Stock-based compensation

 

 

137,906

 

 

 

129,392

 

Deferred income taxes

 

 

(371,436

 

 

(847,235

Non-cash operating lease credit

 

 

(63,322

)

 

 

(20,039

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

1,789,769

 

 

 

4,268,102

 

Inventories

 

 

(629,039

)

 

 

(932,801

)

Prepaid expenses and other assets

 

 

(47,132

)

 

 

66,154

 

Accounts payable

 

 

27,529

 

 

 

(111,011

)

Accrued payroll and other

 

 

(217,626

)

 

 

(914,836

)

Net cash provided by operating activities

 

 

11,828,053

 

 

 

15,115,031

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Purchases of fixed assets

 

 

(1,162,790

)

 

 

(16,731

)

Purchases of marketable securities

 

 

(11,279,773

)

 

 

(6,103,185

)

Proceeds from maturities of marketable securities

 

 

10,205,000

 

 

 

8,400,000

 

Net cash provided by (used in) investing activities

 

 

(2,237,563

)

 

 

2,280,084

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

114,162

 

 

 

117,527

 

Payment of dividends to shareholders

 

 

(14,502,518

)

 

 

(14,497,628

)

Net cash used in financing activities

 

 

(14,388,356

)

 

 

(14,380,101

)

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

 

(4,797,866

)

 

 

3,015,014

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 

10,283,550

 

 

 

1,669,896

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

5,485,684

 

 

$

4,684,910

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the period for income taxes

 

$

2,782,289

 

 

$

3,685,861

 

 

See accompanying notes. 

 

8


Table of Contents

 

NVE CORPORATION

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

NOTE 1. DESCRIPTION OF BUSINESS

We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. 

 

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, certain disclosures have been omitted as allowed, and the Notes to Financial Statements have been condensed as permitted. It is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and Notes included in our latest Annual Report on Form 10-K for the fiscal year ended March 31, 2024. The results of operations for the quarter ended December 31, 2024, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2025.

 

Significant accounting policies

A description of our significant accounting policies and estimates is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. As of December 31, 2024, there were no changes to our significant accounting policies or estimates.

 

Reclassification

The presentation of certain items in the statement of cash flows for the three- and nine-month periods ending December 31, 2023 has been changed to conform to the classifications used in 2024. These reclassifications had no effect on shareholders’ equity, net income, or comprehensive net income as previously reported.

 

NOTE 3. NEW ACCOUNTING STANDARDS NOT YET ADOPTED

In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 aims to enhance transparency for users of financial statements by requiring public business entities to disaggregate specific expense categories. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date for non-calendar year-end entities such as us. ASU 2024-03 mandates disclosures in the notes to financial statements detailing the composition and trends of key expense categories within major income statement captions. These enhanced disclosures are intended to help investors more effectively assess the entity’s performance, understand its cost structure, and make more accurate forecasts of future cash flows. For public business entities, ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, which for us will be for fiscal 2028 and for interim reporting periods beginning with the first quarter of fiscal 2029. The adoption will result in disclosure changes only.

 

We do not expect the adoption of other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date to have a material impact on our financial statements when they are adopted.

 

NOTE 4. NET INCOME PER SHARE

Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume exercise of all stock options. The following tables show the components of diluted shares:

 

 

Quarter Ended December 31,

 

2024

 

2023

Weighted average common shares outstanding – basic

4,835,262

 

4,833,401

Dilutive effect of stock options

3,862

 

3,829

Shares used in computing net income per share – diluted

4,839,124

 

4,837,230

 

9


 

Table of Contents

 

Nine Months Ended December 31,

 

2024

 

2023

Weighted average common shares outstanding – basic

4,834,382

 

4,832,992

Dilutive effect of stock options

4,865

 

6,733

Shares used in computing net income per share – diluted

4,839,247

 

4,839,725

  

NOTE 5. MARKETABLE SECURITIES

The following table shows the major categories of our marketable securities and their contractual maturities as of December 31, 2024:

 

 

Total

 

<1 Year

 

1–3 Years

 

3–5 Years

 

Money market funds

 

$

5,109,218

 

$

5,109,218

 

$

-

 

$

-

 

Treasury securities

 

 

4,686,781

 

 

-

 

 

4,686,781

 

 

-

 

Corporate bonds

 

 

39,924,838

 

 

14,907,252

 

 

17,149,882

 

 

7,867,704

 

Total

 

$

49,720,837

 

$

20,016,470

 

$

21,836,663

 

$

7,867,704

 

 

Total marketable securities and money market funds represented approximately 77% of our total assets as of December 31, 2024. Marketable securities as of December 31, 2024, had remaining maturities between 10 weeks and 52 months.

 

Money market funds are included on the balance sheets in “Cash and cash equivalents.” Corporate bonds are included in “Marketable securities, short term” and “Marketable securities, long term.” Treasury securities are included in “Marketable securities, long term.” Accrued interest receivable was $354,529 as of December 31, 2024, and $460,627 as of March 31, 2024, and is included in the balance sheets in “Prepaid expenses and other assets.”

 

We monitor the credit ratings of our marketable securities at least quarterly as reported by Standard & Poor’s. The following table summarizes the fair values of our marketable securities as of December 31, 2024, aggregated by credit rating:

 

Credit Rating

 

Fair Value

AAA

$

9,795,999

AA+

 

3,877,878

AA

 

9,755,138

AA-

 

18,408,078

A+

 

2,915,398

A

 

4,968,346

Total

$

49,720,837

 

Because we believe it is more likely than not we will recover the cost basis of our investments, we did not record any allowance attributable to credit losses. None of the marketable securities purchased during the period had experienced more-than-insignificant deterioration in credit quality since its origination and were therefore not considered “Purchased Financial Assets with Credit Deterioration.”

 

The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values:

 

 

 

As of December 31, 2024

 

 

As of March 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Total

Money market funds

 

$

5,109,218

 

 

$

-

 

 

$

5,109,218

 

 

$

9,842,796

 

 

$

-

 

 

$

9,842,796

Treasury securities

 

 

-

 

 

 

4,686,781

 

 

 

4,686,781

 

 

 

-

 

 

 

-

 

 

 

-

Corporate bonds

 

 

-

 

 

 

39,924,838

 

 

 

39,924,838

 

 

 

-

 

 

 

42,706,080

 

 

 

42,706,080

Total

 

$

5,109,218

 

 

$

44,611,619

 

 

$

49,720,837

 

 

$

9,842,796

 

 

$

42,706,080

 

 

$

52,548,876

 

10


 

Table of Contents

The following table shows the amortized cost, fair value and gross unrealized holding gains and losses of our marketable securities as of December 31 and March 31, 2024:

 

 

 

As of December 31, 2024

 

 

As of March 31, 2024

 

 

Amortized

Cost

 

 

Gross

Unrealized

Holding

Gains

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

 

 

Amortized

Cost

 

 

Gross

Unrealized

Holding

Gains

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

Money market funds

 

$

5,109,218

 

 

$

-

 

 

$

-

 

 

$

5,109,218

 

 

$

9,842,796

 

 

$

-

 

 

$

-

 

 

$

9,842,796

Treasury securities

 

 

4,699,645

 

 

 

-

 

 

 

(12,864

)

 

 

4,686,781

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

Corporate bonds

 

 

40,289,749

 

 

 

40,688

 

 

 

(405,599

)

 

 

39,924,838

 

 

 

43,701,520

 

 

 

930

 

 

 

(996,370

)

 

 

42,706,080

Total

 

$

50,098,612

 

 

$

40,688

 

 

$

(418,463

)

 

$

49,720,837

 

 

$

53,544,316

 

 

$

930

 

 

$

(996,370

)

 

$

52,548,876

 

The following table shows the gross unrealized holding losses and estimated fair value of our marketable securities, aggregated by category of securities and length of time that individual securities had been in a continuous unrealized loss position as of December 31 and March 31, 2024.

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Estimated

Fair

Value

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

 

 

Gross

Unrealized

Holding

Losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury securities

 

$

4,686,781

 

 

$

(12,864

)

 

$

-

 

 

$

-

 

 

 

4,686,781

 

 

 

(12,864

)

Corporate bonds

 

 

7,364,614

 

 

 

(97,789

)

 

 

25,812,127

 

 

 

(307,810

)

 

$

33,176,741

 

 

$

(405,599

)

Total

 

$

12,051,395

 

 

$

(110,653

)

 

$

25,812,127

 

 

$

(307,810

)

 

$

37,863,522

 

 

$

(418,463

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

3,154,764

 

 

$

(4,902

)

 

$

36,551,534

 

 

$

(991,468

)

 

$

39,706,298

 

 

$

(996,370

)

Total

 

$

3,154,764

 

 

$

(4,902

)

 

$

36,551,534

 

 

$

(991,468

)

 

$

39,706,298

 

 

$

(996,370

)

 

None of the securities were impaired at acquisition, and subsequent declines in fair value are attributable to interest rate increases. We do not intend to sell, and it is not more likely than not that we will be required to sell, these securities before recovery of their amortized cost basis. The issuers continue to make timely interest payments on these securities.

 

Unrealized gains and losses on our marketable securities and their tax effects are as follows:

 

 

 

Quarter Ended December 31,

 

 

 

2024

 

 

2023

 

Unrealized gain (loss) on marketable securities

 

$

(290,384

)

 

$

958,564

 

Tax effects

 

 

63,536

 

 

 

(209,734

Unrealized gain (loss) on marketable securities, net of tax

 

$

(226,848

)

 

$

748,830

 

 

 

 

Nine Months Ended December 31,

 

 

 

2024

 

 

2023

 

Unrealized gain from marketable securities

 

$

617,665

 

 

$

589,530

 

Tax effects

 

 

(135,386

)

 

 

(128,989

Unrealized gain on marketable securities, net of tax

 

$

482,279

 

 

$

460,541

 

 

NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES

The following table shows a roll forward of the allowance for credit losses on our accounts receivable:

 

 

Allowance for credit losses as of March 31, 2024

 

$

15,000

Change in provision for current expected credit losses

 

 

-

Allowance for credit losses as of December 31, 2024

 

$

15,000

 

11

Table of Contents

 

NOTE 7. INVENTORIES

Inventories are shown in the following table:

 

 

 

Dec. 31, 2024

 

 

March 31, 2024

Raw materials

$

1,742,871

 

$

1,982,657

Work in process

 

3,795,112

 

 

2,641,085

Finished goods

 

2,249,641

 

 

2,534,843

Total inventories

$

7,787,624

 

$

7,158,585

 

NOTE 8. STOCK-BASED COMPENSATION

Stock-based compensation expense was $14,261 for the third quarter of fiscal 2025, $12,544 for the third quarter of fiscal 2024, $137,906 for the first nine months of fiscal 2025, and $129,392 for the first nine months of fiscal 2024. We calculate share-based compensation expense using the Black-Scholes-Merton standard option-pricing model.

 

 

Quarter Ended
December 31,

 

Nine Months Ended
December 31,

2024

 

2023

 

2024

 

2023

Stock options grant

-

 

4,000

 

6,500

 

6,500

Stock options exercised

8,000

 

-

 

9,000

 

4,000

 

During the three and nine months ended December 31, 2024 there were 6,000 and 7,000 stock options, respectively, exchanged in a cashless net option exercise which resulted in 1,146 and 1,490 shares issued, respectively. During the nine months ended December 31, 2023 there were 2,000 stock options exchanged in a cashless net option exercise which resulted in 575 shares issued.

 

NOTE 9. INCOME TAXES

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. As of December 31, 2024, federal and state estimated tax overpayments of $301,246 were included in the balance sheet in “Prepaid expenses and other assets.”

 

We had no unrecognized tax benefits as of December 31, 2024, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2024, we had no accrued interest related to uncertain tax positions. The tax years ended March 31, 2020 through March 31, 2024 remain open to examination by the major taxing jurisdictions to which we are subject.

 

NOTE 10. LEASES

We conduct our operations in a leased facility under a non-cancellable lease expiring May 31, 2031. Effective November 4, 2024 we executed an Amendment extending our lease, which would have expired March 31, 2026 without the Amendment. Liabilities under the lease Amendment are included in the lease-liabilities table below. For further details on obligations under our lease as amended, refer to our Form 8-K/A filed on November 7, 2024 and referenced in Item 6 of this Report.

 

Our lease does not provide an implicit interest rate, so we used our incremental borrowing rate to determine the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. Details of our operating lease are as follows:

 

 

Quarter Ended
December 31,

 

Nine Months Ended
December 31,

 

2024

 

2023

 

2024

 

2023

 

Operating lease cost

$

44,727

 

37,754

 

$

120,235

 

113,261

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for amounts included
in the measurement of lease liabilities

 

 

 

 

 

 

 

 

 

 

Operating cash flows for leases

$

45,341

 

44,433

 

$

136,023

 

133,299

 

Right-of-use assets obtained in exchange for new lease liabilities

 

 

 

 

 

 

 

 

 

 

  Operating lease

$

710,665

 

-

 

 

-

 

-

 

Remaining lease term

 

78 months

 

 

 

 

78 months

 

 

 

Discount rate

 

7.8

%

 

 

 

7.8

%

 

 

 

12


 

Table of Contents

The following table shows the maturities of lease liabilities as of December 31, 2024:

 

Year Ending March 31,

Operating Lease Liabilities

 

2025

 

46,249

 

2026

 

84,995

 

2027

 

172,142

 

2028

 

213,284

 

2029

 

220,216

 

2030

 

227,373

 

2031

 

234,762

 

2032

 

40,399

 

Total lease payments

 

1,239,420

 

Imputed lease interest

 

(289,616

)

Total lease liabilities

$

949,804

 

 

NOTE 11. STOCK REPURCHASE PROGRAM

On January 21, 2009, we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock from time to time in open market, block, or privately negotiated transactions. The timing and extent of any repurchases depend on market conditions, the trading price of the company’s stock, and other factors, and subject to the restrictions relating to volume, price, and timing under applicable law. On August 27, 2015, we announced that our Board of Directors authorized up to $5,000,000 of additional repurchases. Our repurchase program does not have an expiration date and does not obligate us to purchase any shares. The Program may be modified or discontinued at any time without notice. We intend to finance any stock repurchases with cash provided by operating activities or maturing marketable securities. The remaining authorization was $3,520,369 as of December 31, 2024. We did not repurchase any of our Common Stock during the first nine months of fiscal 2025.

 

 

NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS

All of our employees are eligible to participate in our 401(k) savings plan the first quarter after reaching age 18. Employees may contribute up to the Internal Revenue Code maximum. We make matching contributions of 100% of the first 3% of participants’ salary deferral contributions. Our matching contributions were $22,375 for the third quarter of fiscal 2025, $27,904 for the third quarter of fiscal 2024, $72,442 for the first nine months of fiscal 2025, and $79,388 for the first nine months of fiscal 2024.

 

 

NOTE 13. SUBSEQUENT EVENTS

On January 22, 2025, we announced that our Board of Directors had declared a quarterly cash dividend of $1.00 per share of Common Stock to be paid February 28, 2025, to shareholders of record as of the close of business February 3, 2025.

 

13


Table of Contents

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

Forward-looking statements

Some of the statements made in this Report or in the documents incorporated by reference in this Report and in other materials filed or to be filed by us with the Securities and Exchange Commission (“SEC”) as well as information included in verbal or written statements made by us constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to the safe harbor provisions of the reform act. Forward-looking statements may be identified by the use of terminology such as may, will, expect, anticipate, intend, believe, estimate, should, or continue, or the negatives of these terms or other variations on these words or comparable terminology. To the extent that this Report contains forward-looking statements regarding the financial condition, operating results, business prospects, or any other aspect of NVE, you should be aware that our actual financial condition, operating results, and business performance may differ materially from that projected or estimated by us in the forward-looking statements. We have attempted to identify, in context, some of the factors that we currently believe may cause actual future experience and results to differ from their current expectations. These differences may be caused by a variety of factors, including but not limited to risks related to our reliance on several large customers for a significant percentage of revenue, our dependence on critical suppliers and packaging vendors, uncertainties related to the economic environments in the industries we serve, uncertainties related to future sales and revenues, risks of credit losses, risks and uncertainties related to future stock repurchases and dividend payments, and other specific risks that may be alluded to in this Report or in the documents incorporated by reference in this Report.

 

Further information regarding our risks and uncertainties is contained in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended March 31, 2024.

 

General

NVE Corporation referred to as NVE, we, us, or our, develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. We manufacture high-performance spintronic products including sensors and couplers that are used to acquire and transmit data.

 

Critical accounting policies

A description of our critical accounting policies is provided in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. As of December 31, 2024, our critical accounting policies and estimates continued to include investment valuation, inventory valuation, and deferred tax assets estimation.

 

14


Table of Contents

 

Quarter ended December 31, 2024, compared to quarter ended December 31, 2023

The table shown below summarizes the percentage of revenue and quarter-to-quarter changes for various items:

 

 

Percentage of Revenue

Quarter Ended December 31,

 

 

Quarter-

to-Quarter

 

 

2024

 

2023

 

 

Change

 

Revenue

 

 

 

 

 

 

 

 

Product sales

98.0

%

 

94.2

 %

 

(22.1

)%

Contract research and development

2.0

%

 

5.8

 %

 

(73.7

)%

Total revenue

100.0

%

 

100.0

 %

 

(25.1

)%

Cost of sales

15.8

%

 

20.1

 %

 

(41.1

)%

Gross profit

84.2

%

 

79.9

 %

 

(21.0

) %

Expenses

 

 

 

 

 

 

 

 

Research and development

17.2

%

 

8.0

 %

 

60.8

%

Selling, general, and administrative

8.6

%

 

5.8

 %

 

11.7

%

Total expenses

25.8

%

 

13.8

 %

 

40.2

%

Income from operations

58.4

%

 

66.1

 %

 

(33.8

) %

Interest income

9.4

%

 

7.3

 %

 

(3.6

)%

Other income

2.7

%

 

-

 %

 

-

 

Income before taxes

70.5

%

 

73.4

 %

 

(28.1

)%

Provision for income taxes

10.3

%

 

11.5

 %

 

(33.0

) %

Net income

60.2

%

 

61.9

 %

 

(27.1

)%

 

Total revenue for the quarter ended December 31, 2024 (the third quarter of fiscal 2025) decreased 25% compared to the quarter ended December 31, 2023 (the third quarter of fiscal 2024). The decrease was due to a 22% decrease in product sales and a 74% decrease in contract research and development revenue. The decrease in product sales was due to decreased purchases by existing customers. The decrease in contract research and development revenue was due to the completion of certain contracts.

 

Gross margin for the third quarter of fiscal 2025 was 84% of revenue, compared to 80% the prior-year quarter. The increase in gross margin percentage was due to a more profitable product mix and a larger portion of direct rather than distributor sales.

 

Total expenses increased 40% for the third quarter of fiscal 2025 compared to the third quarter of fiscal 2024 due to a 61% increase in research and development expense and a 12% increase in selling, general, and administrative expense. The increase in research and development expense was due to increased new product development activities. The increase in selling, general, and administrative expenses was primarily due to increased sales and marketing activities.

 

Interest income for the third quarter of fiscal 2025 decreased 4% due to a decrease in marketable securities and lower yields on recently purchased marketable securities.

 

Other income in the third quarter of fiscal 2025 was primarily from the reclaiming of precious metals used in our manufacturing process.

 

Our effective tax rate, which is the provision for income taxes as a percentage of income before taxes, decreased to 15% for the third quarter of fiscal 2025 compared to 16% for the third quarter of fiscal 2024. The decrease in our effective tax rate compared to the prior-year quarter was due changes in the timing and amounts of federal tax credits and deductions.

 

The 27% decrease in net income in the third quarter of fiscal 2025 compared to the prior-year quarter was primarily due to decreased revenue, increased operating expenses, and decreased interest income, partially offset by increased gross profit margin, increased other income, and a lower effective tax rate.

 

15


Nine months ended December 31, 2024, compared to nine months ended December 31, 2023

The table shown below summarizes the percentage of revenue and period-to-period changes for various items:

 

 

Percentage of Revenue

Nine Months Ended Dec. 31, 

 


Period-
to-Period

 

 

2024

 

 

2023

 

 

Change

 

Revenue

 

 

 

 

 

 

 

 

Product sales

95.0

%

 

97.6

%

 

(20.3

)%

Contract research and development

5.0

%

 

2.4

%

 

71.9

 %

Total revenue

100.0

%

 

100.0

%

 

(18.1

)%

Cost of sales

14.6

%

 

22.2

%

 

(46.0

)%

Gross profit

85.4

%

 

77.8

%

 

(10.2

)%

Expenses

 

 

 

 

 

 

 

 

Research and development

14.0

%

 

8.5

%

 

35.2

%

Selling, general, and administrative

8.2

%

 

5.7

%

 

18.9

%

Provision for credit losses

-

%

 

0.0

%

 

-

 

Total expenses

22.2

%

 

14.2

%

 

28.2

 %

Income from operations

63.2

%

 

63.6

%

 

(18.8

)%

Interest income

7.7

%

 

6.3

%

 

(0.5

) %

Other income

0.7

%

 

-

 

 

-

 

Income before taxes

71.6

%

 

69.9

%

 

(16.3

)%

Provision for income taxes

11.6

%

 

11.3

%

 

(17.3

)%

Net income

60.0

%

 

58.6

%

 

(16.1

)%

 

Total revenue for the nine months ended December 31, 2024, decreased 18% compared to the nine months ended December 31, 2023. The decrease was due to a 20% decrease in product sales, partially offset by a 72% increase in contract research and development revenue. The decrease in product sales was due to decreased purchases by existing customers. The increase in contract research and development revenue was due to a major research and development contract completed during the nine months ended December 31, 2024.

 

Gross margin for the first nine months of fiscal 2025 was 85% of revenue, compared to 78% for the first nine months of fiscal 2024. The increase in gross margin percentage was due to a more profitable product mix and a larger portion of direct rather than distributor sales.

 

Total expenses increased 28% for the first nine months of fiscal 2025 compared to the first nine months of fiscal 2024 due to a 35% increase in research and development expense and a 19% increase in selling, general, and administrative expense. The increase in research and development expense was due to increased new product development activities. The increase in selling, general, and administrative expenses was primarily due to increased sales and marketing activities.

 

The 16% decrease in net income for the first nine months of fiscal 2025 compared to the prior-year period was primarily due to decreased revenue, increased operating expenses, and decreased interest income, partially offset by increased other income and increased gross profit margin.

 

16


 

Table of Contents

 

Liquidity and Capital Resources

 

Overview

Cash and cash equivalents were $5,485,684 as of December 31, 2024, compared to $10,283,550 as of March 31, 2024. The $4,797,866 decrease in cash and cash equivalents during the first nine months of fiscal 2025 was due to $2,237,563 of cash used in investing activities and $14,388,356 of net cash used in financing activities, partially offset by $11,828,053 in net cash provided by operating activities.

 

Operating Activities

Net cash provided by operating activities related to product sales and research and development contract revenue was our primary source of working capital for the current and prior-year quarters.

 

Accounts receivable decreased $1,789,769 during the first nine months of fiscal 2025 primarily due to decreased revenue and the timing of customer payments. Inventories increased $629,039 primarily due to our decision to increase inventories in anticipation of a semiconductor industry recovery. Prepaid expenses and other assets increased $47,132 primarily due to the timing of federal estimated tax payments. Accrued payroll and other expenses decreased $217,626 primarily due to decreased accrual for performance-based compensation.

 

Investing Activities

Cash used by investing activities during the nine months ended December 31, 2024, consisted of $11,279,773 of marketable securities purchases and $1,162,790 of fixed asset purchases, partially offset by $10,205,000 in proceeds from maturities of marketable securities. Fixed asset purchases consisted primarily of a $1,125,437 downpayment on production equipment expected to be delivered in fiscal 2026. We plan to significantly increase fixed asset purchases in fiscal 2025 and 2026 compared to fiscal 2024 to support increases in production capacity and new product development.

 

Financing Activities

Cash used in financing activities during the nine months ended December 31, 2024, consisted of $14,502,518 of cash dividends paid to shareholders, partially offset by $114,162 in proceeds from stock option exercises.

 

In addition to cash dividends to shareholders paid in the first quarter of fiscal 2025, on January 22, 2025, we announced that our Board of Directors had declared a cash dividend of $1.00 per share of Common Stock, or $4,837,166 based on shares outstanding as of December 31, 2024, to be paid on February 28, 2025.

 

We plan to fund dividends through cash provided by operating activities and proceeds from maturities of marketable securities. All future dividends will be subject to Board approval and subject to the company’s results of operations, cash and marketable security balances, estimates of future cash requirements, and other factors the Board may deem relevant. Furthermore, dividends may be modified or discontinued at any time without notice.

 

17


Table of Contents

 

Item 4. Controls and Procedures.

 

Disclosure Controls and Procedures

Management, with the participation of the Chief Executive Officer and Principal Financial Officer, has performed an evaluation of our disclosure controls and procedures that are defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”) as of the end of the period covered by this Report. This evaluation included consideration of the controls, processes, and procedures that are designed to ensure that information required to be disclosed by us in the reports we file under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Our management concluded that, as of December 31, 2024, our disclosure controls and procedures were effective.

 

Changes in Internal Controls

During the quarter ended December 31, 2024, there was no change in our internal control over financial reporting that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 

PART IIOTHER INFORMATION

 

Item 1. Legal Proceedings.

In the ordinary course of business, we may become involved in litigation. At this time, we are not aware of any material pending or threatened legal proceedings or other proceedings contemplated by governmental authorities that we expect would have a material adverse impact on our future results of operation and financial condition.

 

Item 1A. Risk Factors.

There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024.

.

 

Item 4. Mine Safety Disclosures.

None.

 

18


 

Table of Contents

 

Item 6. Exhibits. 

 

Exhibit #

 

Description

 

10.1

Sixth amendment to lease between the company and GRE–Bryant Lake, LLC
(incorporated by reference to the Form 8-K/A filed November 7, 2024).

 

 

31.1

Certification by Daniel A. Baker pursuant to Rule 13a-14(a)/15d-14(a).

 

 

31.2

Certification by Daniel Nelson pursuant to Rule 13a-14(a)/15d-14(a).

 

 

32

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

101.INS

Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

 

 

101.SCH

Inline XBRL Taxonomy Extension Schema Document

 

 

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

 

 

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

 

 

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

 

 

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

 

 

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

19


 

Table of Contents

 

SIGNATURES

 

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 thereunto duly authorized.

 

 

 

NVE CORPORATION

 

 

 

 (Registrant)

 

 

 

 

 

January 22, 2025

 

/s/ DANIEL A. BAKER 

 

Date

 

Daniel A. Baker

 

 

 

President and Chief Executive Officer

 

 

 

 

 

January 22, 2025

 

/s/ DANIEL NELSON

 

Date

 

Daniel Nelson

 

 

 

Principal Financial Officer

 

 

 

20

Exhibit 31.1

 

CERTIFICATION

 

I, Daniel A. Baker, certify that:

 

1.                                        I have reviewed this Quarterly Report on Form 10-Q of NVE Corporation;

 

2.                                        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.                                        The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)                                  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)                                  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

 

(c)                                  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)                                  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.                                        The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)                                  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)                                 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 22, 2025

 

 

 

/s/ DANIEL A. BAKER

 

 

Daniel A. Baker

 

President and Chief Executive Officer

 

Exhibit 31.2

 

CERTIFICATION

 

I, Daniel Nelson, certify that:

 

1.                                        I have reviewed this Quarterly Report on Form 10-Q of NVE Corporation;

 

2.                                        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.                                        The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)                                  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)                                  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

 

(c)                                  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)                                  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.                                        The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)                                  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)                                 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 22, 2025

 

 

 

/s/ DANIEL NELSON

 

 

Daniel Nelson

 

Principal Financial Officer

 

Exhibit 32

 

 

CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350)

 

The undersigned certify pursuant to 18 U.S.C. Section 1350, that to the undersigned’s knowledge:

 

1. The accompanying Annual Report of NVE Corporation (the “Company”) on Form 10-Q for the quarter ended December 31, 2024, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date: January 22, 2025

 

 

/s/ DANIEL A. BAKER

 

Daniel A. Baker

President and Chief Executive Officer

 

 

/s/ DANIEL NELSON

 

Daniel Nelson

Principal Financial Officer

 

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

v3.24.4
Document and Entity Information
9 Months Ended
Dec. 31, 2024
$ / shares
shares
Details  
Registrant CIK 0000724910
Fiscal Year End --03-31
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Dec. 31, 2024
Document Transition Report false
Securities Act File Number 000-12196
Entity Registrant Name NVE CORP
Entity Incorporation, State or Country Code MN
Entity Tax Identification Number 41-1424202
Entity Address, Address Line One 1409 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
City Area Code 952
Local Phone Number 829-9217
Phone Fax Number Description Registrant’s telephone number, including area code
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Non-accelerated Filer
Entity Small Business true
Entity Emerging Growth Company false
Entity Shell Company false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol NVEC
Security Exchange Name NASDAQ
Entity Listing, Par Value Per Share | $ / shares $ 0.01
Entity Common Stock, Shares Outstanding | shares 4,837,166
Amendment Flag false
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q3
v3.24.4
BALANCE SHEETS (December 31, 2024 Unaudited) - USD ($)
Dec. 31, 2024
Mar. 31, 2024
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 as of December 31 and March 31, 2024 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
Less accumulated depreciation 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
Long-Lived Assets 13,620,195 12,457,405
Current liabilities    
Accounts payable 154,683 127,154
Accrued payroll and other 511,589 729,215
Operating lease liability 84,838 179,372
Total current liabilities 751,110 1,035,741
Long-term operating lease liability 864,966 175,775
Total liabilities 1,616,076 1,211,516
Shareholders' equity    
Common Stock, Value 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
BALANCE SHEETS (December 31, 2024 Unaudited) - Parenthetical - USD ($)
Dec. 31, 2024
Mar. 31, 2024
BALANCE SHEETS (December 31, 2024 Unaudited)    
Debt Instrument, Unamortized Discount, Current $ 14,993,163 $ 12,283,630
Accounts Receivable, Allowance for Credit Loss 15,000 15,000
Debt Instrument, Unamortized Discount, Noncurrent $ 29,996,231 $ 31,417,890
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares Authorized 6,000,000 6,000,000
Common Stock, Shares, Issued 4,837,166 4,833,676
Common Stock, Shares, Outstanding 4,837,166 4,833,676
v3.24.4
STATEMENTS OF INCOME (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenue        
Product sales $ 4,960,488 $ 6,366,009 $ 17,680,780 $ 22,183,223
Contract research and development 102,557 390,251 924,199 537,727
Total revenue 5,063,045 6,756,260 18,604,979 22,720,950
Cost of sales 797,622 1,355,067 2,720,370 5,034,556
Gross profit 4,265,423 5,401,193 15,884,609 17,686,394
Expenses        
Research and development 869,677 540,895 2,595,808 1,920,095
Selling, general, and administrative 434,783 389,311 1,543,428 1,298,211
Total expenses 1,304,460 930,206 4,139,236 3,227,820
Income from operations 2,960,963 4,470,987 11,745,373 14,458,574
Interest income 474,180 491,671 1,432,568 1,440,289
Other income 135,057 0 135,057 0
Income before taxes 3,570,200 4,962,658 13,312,998 15,898,863
Provision for income taxes 521,790 778,236 2,140,856 2,587,145
Net income $ 3,048,410 $ 4,184,422 $ 11,172,142 $ 13,311,718
Net income per share - basic $ 0.63 $ 0.87 $ 2.31 $ 2.75
Net income per share - diluted 0.63 0.87 2.31 2.75
Cash dividends declared per common share $ 1 $ 1 $ 3 $ 3
Weighted average shares outstanding        
Weighted Average Number of Shares Outstanding, Basic 4,835,262 4,833,401 4,834,382 4,832,992
Weighted Average Number of Shares Outstanding, Diluted 4,839,124 4,837,230 4,839,247 4,839,725
Accounts Receivable, Credit Loss Expense (Reversal)     $ 0 $ 9,514
v3.24.4
STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)                
Net income $ 3,048,410 $ 4,026,145 $ 4,097,587 $ 4,184,422 $ 4,723,566 $ 4,403,730 $ 11,172,142 $ 13,311,718
Unrealized loss from marketable securities, net of tax (226,848) 680,417 28,710 748,830 (53,588) (234,701) 482,279 460,541
Comprehensive income $ 2,821,562 $ 4,706,562 $ 4,126,297 $ 4,933,252 $ 4,669,978 $ 4,169,029 $ 11,654,421 $ 13,772,259
v3.24.4
STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
Common Stock
Additional Paid-in Capital
AOCI Including Portion Attributable to Noncontrolling Interest
Retained Earnings
Total
Equity Balance, Starting at Mar. 31, 2023 $ 48,308 $ 19,295,442 $ (1,213,858) $ 48,949,610 $ 67,079,502
Shares Outstanding, Starting at Mar. 31, 2023 4,830,826        
Unrealized loss from marketable securities, net of tax     (234,701)   (234,701)
Net income       4,403,730 4,403,730
Total comprehensive income         4,169,029
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture   10,536     10,536
Dividends, Cash       (4,830,826) (4,830,826)
Stock Issued During Period, Value, Stock Options Exercised $ 26 117,501     117,527
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period 2,575        
Shares Outstanding, Ending at Jun. 30, 2023 4,833,401        
Equity Balance, Ending at Jun. 30, 2023 $ 48,334 19,423,479 (1,448,559) 48,522,514 66,545,768
Equity Balance, Starting at Mar. 31, 2023 $ 48,308 19,295,442 (1,213,858) 48,949,610 67,079,502
Shares Outstanding, Starting at Mar. 31, 2023 4,830,826        
Unrealized loss from marketable securities, net of tax         460,541
Net income         13,311,718
Total comprehensive income         $ 13,772,259
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period         4,000
Shares Outstanding, Ending at Dec. 31, 2023 4,833,401        
Equity Balance, Ending at Dec. 31, 2023 $ 48,334 19,542,335 (753,317) 47,763,700 $ 66,601,052
Equity Balance, Starting at Jun. 30, 2023 $ 48,334 19,423,479 (1,448,559) 48,522,514 66,545,768
Shares Outstanding, Starting at Jun. 30, 2023 4,833,401        
Unrealized loss from marketable securities, net of tax     (53,588)   (53,588)
Net income       4,723,566 4,723,566
Total comprehensive income         4,669,978
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture   106,312     106,312
Dividends, Cash       (4,833,401) (4,833,401)
Shares Outstanding, Ending at Sep. 30, 2023 4,833,401        
Equity Balance, Ending at Sep. 30, 2023 $ 48,334 19,529,791 (1,502,147) 48,412,679 66,488,657
Unrealized loss from marketable securities, net of tax     748,830   748,830
Net income       4,184,422 4,184,422
Total comprehensive income         4,933,252
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture   12,544     12,544
Dividends, Cash       (4,833,401) $ (4,833,401)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period         0
Shares Outstanding, Ending at Dec. 31, 2023 4,833,401        
Equity Balance, Ending at Dec. 31, 2023 $ 48,334 19,542,335 (753,317) 47,763,700 $ 66,601,052
Equity Balance, Starting at Mar. 31, 2024 $ 48,337 19,554,812 (777,637) 46,743,005 65,568,517
Shares Outstanding, Starting at Mar. 31, 2024 4,833,676        
Unrealized loss from marketable securities, net of tax     28,710   28,710
Net income       4,097,587 4,097,587
Total comprehensive income         4,126,297
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture   18,442     18,442
Dividends, Cash       (4,833,676) (4,833,676)
Shares Outstanding, Ending at Jun. 30, 2024 4,833,676        
Equity Balance, Ending at Jun. 30, 2024 $ 48,337 19,573,254 (748,927) 46,006,916 64,879,580
Equity Balance, Starting at Mar. 31, 2024 $ 48,337 19,554,812 (777,637) 46,743,005 65,568,517
Shares Outstanding, Starting at Mar. 31, 2024 4,833,676        
Unrealized loss from marketable securities, net of tax         482,279
Net income         11,172,142
Total comprehensive income         $ 11,654,421
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period         9,000
Shares Outstanding, Ending at Dec. 31, 2024 4,837,166        
Equity Balance, Ending at Dec. 31, 2024 $ 48,372 19,806,845 (295,358) 43,412,629 $ 62,972,488
Equity Balance, Starting at Jun. 30, 2024 $ 48,337 19,573,254 (748,927) 46,006,916 64,879,580
Shares Outstanding, Starting at Jun. 30, 2024 4,833,676        
Unrealized loss from marketable securities, net of tax     680,417   680,417
Net income       4,026,145 4,026,145
Total comprehensive income         4,706,562
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture   105,203     105,203
Dividends, Cash       (4,833,676) (4,833,676)
Stock Issued During Period, Value, Stock Options Exercised $ 3 (32)     (29)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period 344        
Shares Outstanding, Ending at Sep. 30, 2024 4,834,020        
Equity Balance, Ending at Sep. 30, 2024 $ 48,340 19,678,425 (68,510) 45,199,385 64,857,640
Unrealized loss from marketable securities, net of tax     (226,848)   (226,848)
Net income       3,048,410 3,048,410
Total comprehensive income         2,821,562
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture   14,261     14,261
Dividends, Cash       (4,835,166) (4,835,166)
Stock Issued During Period, Value, Stock Options Exercised $ 32 114,159     $ 114,191
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period 3,146       8,000
Shares Outstanding, Ending at Dec. 31, 2024 4,837,166        
Equity Balance, Ending at Dec. 31, 2024 $ 48,372 $ 19,806,845 $ (295,358) $ 43,412,629 $ 62,972,488
v3.24.4
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES    
Net income $ 11,172,142 $ 13,311,718
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 241,816 231,749
Bonds discount amortization (212,554) (75,676)
Provision for credit losses 0 9,514
Stock-based compensation 137,906 129,392
Deferred income taxes (371,436) (847,235)
Non-cash operating lease credit (63,322) (20,039)
Changes in operating assets and liabilities    
Accounts receivable 1,789,769 4,268,102
Inventories (629,039) (932,801)
Prepaid expenses and other assets (47,132) 66,154
Accounts payable 27,529 (111,011)
Accrued payroll and other (217,626) (914,836)
Net cash provided by operating activities 11,828,053 15,115,031
INVESTING ACTIVITIES    
Purchases of fixed assets (1,162,790) (16,731)
Purchases of marketable securities (11,279,773) (6,103,185)
Proceeds from maturities of marketable securities 10,205,000 8,400,000
Net cash provided by (used in) investing activities (2,237,563) 2,280,084
FINANCING ACTIVITIES    
(Payments on) proceeds from exercise of stock options 114,162 117,527
Payment of dividends to shareholders (14,502,518) (14,497,628)
Net cash used in financing activities (14,388,356) (14,380,101)
Increase (decrease) in cash and cash equivalents (4,797,866) 3,015,014
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance 10,283,550 1,669,896
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance 5,485,684 4,684,910
Supplemental disclosures of cash flow information    
Cash paid during the period for income taxes $ 2,782,289 $ 3,685,861
v3.24.4
NOTE 1. DESCRIPTION OF BUSINESS
9 Months Ended
Dec. 31, 2024
Notes  
NOTE 1. DESCRIPTION OF BUSINESS

NOTE 1. DESCRIPTION OF BUSINESS

We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. 

v3.24.4
NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Dec. 31, 2024
Notes  
NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, certain disclosures have been omitted as allowed, and the Notes to Financial Statements have been condensed as permitted. It is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and Notes included in our latest Annual Report on Form 10-K for the fiscal year ended March 31, 2024. The results of operations for the quarter ended December 31, 2024, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2025.

 

Significant accounting policies

A description of our significant accounting policies and estimates is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. As of December 31, 2024, there were no changes to our significant accounting policies or estimates.

 

Reclassification

The presentation of certain items in the statement of cash flows for the three- and nine-month periods ending December 31, 2023 has been changed to conform to the classifications used in 2024. These reclassifications had no effect on shareholders’ equity, net income, or comprehensive net income as previously reported.

v3.24.4
NOTE 3. NEW ACCOUNTING STANDARDS NOT YET ADOPTED
9 Months Ended
Dec. 31, 2024
Notes  
NOTE 3. NEW ACCOUNTING STANDARDS NOT YET ADOPTED

NOTE 3. NEW ACCOUNTING STANDARDS NOT YET ADOPTED

In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 aims to enhance transparency for users of financial statements by requiring public business entities to disaggregate specific expense categories. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date for non-calendar year-end entities such as us. ASU 2024-03 mandates disclosures in the notes to financial statements detailing the composition and trends of key expense categories within major income statement captions. These enhanced disclosures are intended to help investors more effectively assess the entity’s performance, understand its cost structure, and make more accurate forecasts of future cash flows. For public business entities, ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, which for us will be for fiscal 2028 and for interim reporting periods beginning with the first quarter of fiscal 2029. The adoption will result in disclosure changes only.

 

We do not expect the adoption of other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date to have a material impact on our financial statements when they are adopted.

v3.24.4
NOTE 4. NET INCOME PER SHARE
9 Months Ended
Dec. 31, 2024
Notes  
NOTE 4. NET INCOME PER SHARE

NOTE 4. NET INCOME PER SHARE

Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume exercise of all stock options. The following tables show the components of diluted shares:

 

 

Quarter Ended December 31,

 

2024

 

2023

Weighted average common shares outstanding – basic

4,835,262

 

4,833,401

Dilutive effect of stock options

3,862

 

3,829

Shares used in computing net income per share – diluted

4,839,124

 

4,837,230

 

Nine Months Ended December 31,

 

2024

 

2023

Weighted average common shares outstanding – basic

4,834,382

 

4,832,992

Dilutive effect of stock options

4,865

 

6,733

Shares used in computing net income per share – diluted

4,839,247

 

4,839,725

v3.24.4
NOTE 5. MARKETABLE SECURITIES
9 Months Ended
Dec. 31, 2024
Notes  
NOTE 5. MARKETABLE SECURITIES

NOTE 5. MARKETABLE SECURITIES

The following table shows the major categories of our marketable securities and their contractual maturities as of December 31, 2024:

 

 

Total

 

<1 Year

 

1–3 Years

 

3–5 Years

 

Money market funds

 

$

5,109,218

 

$

5,109,218

 

$

-

 

$

-

 

Treasury securities

 

 

4,686,781

 

 

-

 

 

4,686,781

 

 

-

 

Corporate bonds

 

 

39,924,838

 

 

14,907,252

 

 

17,149,882

 

 

7,867,704

 

Total

 

$

49,720,837

 

$

20,016,470

 

$

21,836,663

 

$

7,867,704

 

 

Total marketable securities and money market funds represented approximately 77% of our total assets as of December 31, 2024. Marketable securities as of December 31, 2024, had remaining maturities between 10 weeks and 52 months.

 

Money market funds are included on the balance sheets in “Cash and cash equivalents.” Corporate bonds are included in “Marketable securities, short term” and “Marketable securities, long term.” Treasury securities are included in “Marketable securities, long term.” Accrued interest receivable was $354,529 as of December 31, 2024, and $460,627 as of March 31, 2024, and is included in the balance sheets in “Prepaid expenses and other assets.”

 

We monitor the credit ratings of our marketable securities at least quarterly as reported by Standard & Poor’s. The following table summarizes the fair values of our marketable securities as of December 31, 2024, aggregated by credit rating:

 

Credit Rating

 

Fair Value

AAA

$

9,795,999

AA+

 

3,877,878

AA

 

9,755,138

AA-

 

18,408,078

A+

 

2,915,398

A

 

4,968,346

Total

$

49,720,837

 

Because we believe it is more likely than not we will recover the cost basis of our investments, we did not record any allowance attributable to credit losses. None of the marketable securities purchased during the period had experienced more-than-insignificant deterioration in credit quality since its origination and were therefore not considered “Purchased Financial Assets with Credit Deterioration.”

 

The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values:

 

 

 

As of December 31, 2024

 

 

As of March 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Total

Money market funds

 

$

5,109,218

 

 

$

-

 

 

$

5,109,218

 

 

$

9,842,796

 

 

$

-

 

 

$

9,842,796

Treasury securities

 

 

-

 

 

 

4,686,781

 

 

 

4,686,781

 

 

 

-

 

 

 

-

 

 

 

-

Corporate bonds

 

 

-

 

 

 

39,924,838

 

 

 

39,924,838

 

 

 

-

 

 

 

42,706,080

 

 

 

42,706,080

Total

 

$

5,109,218

 

 

$

44,611,619

 

 

$

49,720,837

 

 

$

9,842,796

 

 

$

42,706,080

 

 

$

52,548,876

The following table shows the amortized cost, fair value and gross unrealized holding gains and losses of our marketable securities as of December 31 and March 31, 2024:

 

 

 

As of December 31, 2024

 

 

As of March 31, 2024

 

 

Amortized

Cost

 

 

Gross

Unrealized

Holding

Gains

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

 

 

Amortized

Cost

 

 

Gross

Unrealized

Holding

Gains

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

Money market funds

 

$

5,109,218

 

 

$

-

 

 

$

-

 

 

$

5,109,218

 

 

$

9,842,796

 

 

$

-

 

 

$

-

 

 

$

9,842,796

Treasury securities

 

 

4,699,645

 

 

 

-

 

 

 

(12,864

)

 

 

4,686,781

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

Corporate bonds

 

 

40,289,749

 

 

 

40,688

 

 

 

(405,599

)

 

 

39,924,838

 

 

 

43,701,520

 

 

 

930

 

 

 

(996,370

)

 

 

42,706,080

Total

 

$

50,098,612

 

 

$

40,688

 

 

$

(418,463

)

 

$

49,720,837

 

 

$

53,544,316

 

 

$

930

 

 

$

(996,370

)

 

$

52,548,876

 

The following table shows the gross unrealized holding losses and estimated fair value of our marketable securities, aggregated by category of securities and length of time that individual securities had been in a continuous unrealized loss position as of December 31 and March 31, 2024.

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Estimated

Fair

Value

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

 

 

Gross

Unrealized

Holding

Losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury securities

 

$

4,686,781

 

 

$

(12,864

)

 

$

-

 

 

$

-

 

 

 

4,686,781

 

 

 

(12,864

)

Corporate bonds

 

 

7,364,614

 

 

 

(97,789

)

 

 

25,812,127

 

 

 

(307,810

)

 

$

33,176,741

 

 

$

(405,599

)

Total

 

$

12,051,395

 

 

$

(110,653

)

 

$

25,812,127

 

 

$

(307,810

)

 

$

37,863,522

 

 

$

(418,463

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

3,154,764

 

 

$

(4,902

)

 

$

36,551,534

 

 

$

(991,468

)

 

$

39,706,298

 

 

$

(996,370

)

Total

 

$

3,154,764

 

 

$

(4,902

)

 

$

36,551,534

 

 

$

(991,468

)

 

$

39,706,298

 

 

$

(996,370

)

 

None of the securities were impaired at acquisition, and subsequent declines in fair value are attributable to interest rate increases. We do not intend to sell, and it is not more likely than not that we will be required to sell, these securities before recovery of their amortized cost basis. The issuers continue to make timely interest payments on these securities.

 

Unrealized gains and losses on our marketable securities and their tax effects are as follows:

 

 

 

Quarter Ended December 31,

 

 

 

2024

 

 

2023

 

Unrealized gain (loss) on marketable securities

 

$

(290,384

)

 

$

958,564

 

Tax effects

 

 

63,536

 

 

 

(209,734

Unrealized gain (loss) on marketable securities, net of tax

 

$

(226,848

)

 

$

748,830

 

 

 

 

Nine Months Ended December 31,

 

 

 

2024

 

 

2023

 

Unrealized gain from marketable securities

 

$

617,665

 

 

$

589,530

 

Tax effects

 

 

(135,386

)

 

 

(128,989

Unrealized gain on marketable securities, net of tax

 

$

482,279

 

 

$

460,541

 

v3.24.4
NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES
9 Months Ended
Dec. 31, 2024
Notes  
NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES

NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES

The following table shows a roll forward of the allowance for credit losses on our accounts receivable:

 

 

Allowance for credit losses as of March 31, 2024

 

$

15,000

Change in provision for current expected credit losses

 

 

-

Allowance for credit losses as of December 31, 2024

 

$

15,000

v3.24.4
NOTE 7. INVENTORIES
9 Months Ended
Dec. 31, 2024
Notes  
NOTE 7. INVENTORIES

NOTE 7. INVENTORIES

Inventories are shown in the following table:

 

 

 

Dec. 31, 2024

 

 

March 31, 2024

Raw materials

$

1,742,871

 

$

1,982,657

Work in process

 

3,795,112

 

 

2,641,085

Finished goods

 

2,249,641

 

 

2,534,843

Total inventories

$

7,787,624

 

$

7,158,585

v3.24.4
NOTE 8. STOCK-BASED COMPENSATION
9 Months Ended
Dec. 31, 2024
Notes  
NOTE 8. STOCK-BASED COMPENSATION

NOTE 8. STOCK-BASED COMPENSATION

Stock-based compensation expense was $14,261 for the third quarter of fiscal 2025, $12,544 for the third quarter of fiscal 2024, $137,906 for the first nine months of fiscal 2025, and $129,392 for the first nine months of fiscal 2024. We calculate share-based compensation expense using the Black-Scholes-Merton standard option-pricing model.

 

 

Quarter Ended
December 31,

 

Nine Months Ended
December 31,

2024

 

2023

 

2024

 

2023

Stock options grant

-

 

4,000

 

6,500

 

6,500

Stock options exercised

8,000

 

-

 

9,000

 

4,000

 

During the three and nine months ended December 31, 2024 there were 6,000 and 7,000 stock options, respectively, exchanged in a cashless net option exercise which resulted in 1,146 and 1,490 shares issued, respectively. During the nine months ended December 31, 2023 there were 2,000 stock options exchanged in a cashless net option exercise which resulted in 575 shares issued.

v3.24.4
NOTE 9. INCOME TAXES
9 Months Ended
Dec. 31, 2024
Notes  
NOTE 9. INCOME TAXES

NOTE 9. INCOME TAXES

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. As of December 31, 2024, federal and state estimated tax overpayments of $301,246 were included in the balance sheet in “Prepaid expenses and other assets.”

 

We had no unrecognized tax benefits as of December 31, 2024, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2024, we had no accrued interest related to uncertain tax positions. The tax years ended March 31, 2020 through March 31, 2024 remain open to examination by the major taxing jurisdictions to which we are subject.

v3.24.4
NOTE 10. LEASES
9 Months Ended
Dec. 31, 2024
Notes  
NOTE 10. LEASES

NOTE 10. LEASES

We conduct our operations in a leased facility under a non-cancellable lease expiring May 31, 2031. Effective November 4, 2024 we executed an Amendment extending our lease, which would have expired March 31, 2026 without the Amendment. Liabilities under the lease Amendment are included in the lease-liabilities table below. For further details on obligations under our lease as amended, refer to our Form 8-K/A filed on November 7, 2024 and referenced in Item 6 of this Report.

 

Our lease does not provide an implicit interest rate, so we used our incremental borrowing rate to determine the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. Details of our operating lease are as follows:

 

 

Quarter Ended
December 31,

 

Nine Months Ended
December 31,

 

2024

 

2023

 

2024

 

2023

 

Operating lease cost

$

44,727

 

37,754

 

$

120,235

 

113,261

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for amounts included
in the measurement of lease liabilities

 

 

 

 

 

 

 

 

 

 

Operating cash flows for leases

$

45,341

 

44,433

 

$

136,023

 

133,299

 

Right-of-use assets obtained in exchange for new lease liabilities

 

 

 

 

 

 

 

 

 

 

  Operating lease

$

710,665

 

-

 

 

-

 

-

 

Remaining lease term

 

78 months

 

 

 

 

78 months

 

 

 

Discount rate

 

7.8

%

 

 

 

7.8

%

 

 

The following table shows the maturities of lease liabilities as of December 31, 2024:

 

Year Ending March 31,

Operating Lease Liabilities

 

2025

 

46,249

 

2026

 

84,995

 

2027

 

172,142

 

2028

 

213,284

 

2029

 

220,216

 

2030

 

227,373

 

2031

 

234,762

 

2032

 

40,399

 

Total lease payments

 

1,239,420

 

Imputed lease interest

 

(289,616

)

Total lease liabilities

$

949,804

 

v3.24.4
NOTE 11. STOCK REPURCHASE PROGRAM
9 Months Ended
Dec. 31, 2024
Notes  
NOTE 11. STOCK REPURCHASE PROGRAM

NOTE 11. STOCK REPURCHASE PROGRAM

On January 21, 2009, we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock from time to time in open market, block, or privately negotiated transactions. The timing and extent of any repurchases depend on market conditions, the trading price of the company’s stock, and other factors, and subject to the restrictions relating to volume, price, and timing under applicable law. On August 27, 2015, we announced that our Board of Directors authorized up to $5,000,000 of additional repurchases. Our repurchase program does not have an expiration date and does not obligate us to purchase any shares. The Program may be modified or discontinued at any time without notice. We intend to finance any stock repurchases with cash provided by operating activities or maturing marketable securities. The remaining authorization was $3,520,369 as of December 31, 2024. We did not repurchase any of our Common Stock during the first nine months of fiscal 2025.

v3.24.4
NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS
9 Months Ended
Dec. 31, 2024
Notes  
NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS

NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS

All of our employees are eligible to participate in our 401(k) savings plan the first quarter after reaching age 18. Employees may contribute up to the Internal Revenue Code maximum. We make matching contributions of 100% of the first 3% of participants’ salary deferral contributions. Our matching contributions were $22,375 for the third quarter of fiscal 2025, $27,904 for the third quarter of fiscal 2024, $72,442 for the first nine months of fiscal 2025, and $79,388 for the first nine months of fiscal 2024.

v3.24.4
NOTE 13. SUBSEQUENT EVENTS
9 Months Ended
Dec. 31, 2024
Notes  
NOTE 13. SUBSEQUENT EVENTS

NOTE 13. SUBSEQUENT EVENTS

On January 22, 2025, we announced that our Board of Directors had declared a quarterly cash dividend of $1.00 per share of Common Stock to be paid February 28, 2025, to shareholders of record as of the close of business February 3, 2025.

v3.24.4
NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies)
9 Months Ended
Dec. 31, 2024
Policies  
Basis of Presentation

Basis of Presentation

The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, certain disclosures have been omitted as allowed, and the Notes to Financial Statements have been condensed as permitted. It is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and Notes included in our latest Annual Report on Form 10-K for the fiscal year ended March 31, 2024. The results of operations for the quarter ended December 31, 2024, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2025.

v3.24.4
NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Significant accounting policies (Policies)
9 Months Ended
Dec. 31, 2024
Policies  
Significant accounting policies

Significant accounting policies

A description of our significant accounting policies and estimates is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. As of December 31, 2024, there were no changes to our significant accounting policies or estimates.

v3.24.4
NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Reclassification (Policies)
9 Months Ended
Dec. 31, 2024
Policies  
Reclassification

Reclassification

The presentation of certain items in the statement of cash flows for the three- and nine-month periods ending December 31, 2023 has been changed to conform to the classifications used in 2024. These reclassifications had no effect on shareholders’ equity, net income, or comprehensive net income as previously reported.

v3.24.4
NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES: Schedule of Accounts, Notes, Loans and Financing Receivable (Policies)
9 Months Ended
Dec. 31, 2024
Policies  
Schedule of Accounts, Notes, Loans and Financing Receivable

 

 

Allowance for credit losses as of March 31, 2024

 

$

15,000

Change in provision for current expected credit losses

 

 

-

Allowance for credit losses as of December 31, 2024

 

$

15,000

v3.24.4
NOTE 4. NET INCOME PER SHARE: Schedule of Earnings Per Share, Basic and Diluted (Tables)
9 Months Ended
Dec. 31, 2024
Tables/Schedules  
Schedule of Earnings Per Share, Basic and Diluted

 

 

Quarter Ended December 31,

 

2024

 

2023

Weighted average common shares outstanding – basic

4,835,262

 

4,833,401

Dilutive effect of stock options

3,862

 

3,829

Shares used in computing net income per share – diluted

4,839,124

 

4,837,230

 

Nine Months Ended December 31,

 

2024

 

2023

Weighted average common shares outstanding – basic

4,834,382

 

4,832,992

Dilutive effect of stock options

4,865

 

6,733

Shares used in computing net income per share – diluted

4,839,247

 

4,839,725

v3.24.4
NOTE 5. MARKETABLE SECURITIES: Contractual maturities of marketable securities (Tables)
9 Months Ended
Dec. 31, 2024
Tables/Schedules  
Contractual maturities of marketable securities

 

 

Total

 

<1 Year

 

1–3 Years

 

3–5 Years

 

Money market funds

 

$

5,109,218

 

$

5,109,218

 

$

-

 

$

-

 

Treasury securities

 

 

4,686,781

 

 

-

 

 

4,686,781

 

 

-

 

Corporate bonds

 

 

39,924,838

 

 

14,907,252

 

 

17,149,882

 

 

7,867,704

 

Total

 

$

49,720,837

 

$

20,016,470

 

$

21,836,663

 

$

7,867,704

 

v3.24.4
NOTE 5. MARKETABLE SECURITIES: Fair values of our marketable securities aggregated by credit rating (Tables)
9 Months Ended
Dec. 31, 2024
Tables/Schedules  
Fair values of our marketable securities aggregated by credit rating

 

Credit Rating

 

Fair Value

AAA

$

9,795,999

AA+

 

3,877,878

AA

 

9,755,138

AA-

 

18,408,078

A+

 

2,915,398

A

 

4,968,346

Total

$

49,720,837

v3.24.4
NOTE 5. MARKETABLE SECURITIES: Estimated fair value of marketable securities aggregated by fair value hierarchy inputs used in estimating their fair values (Tables)
9 Months Ended
Dec. 31, 2024
Tables/Schedules  
Estimated fair value of marketable securities aggregated by fair value hierarchy inputs used in estimating their fair values

 

 

 

As of December 31, 2024

 

 

As of March 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Total

Money market funds

 

$

5,109,218

 

 

$

-

 

 

$

5,109,218

 

 

$

9,842,796

 

 

$

-

 

 

$

9,842,796

Treasury securities

 

 

-

 

 

 

4,686,781

 

 

 

4,686,781

 

 

 

-

 

 

 

-

 

 

 

-

Corporate bonds

 

 

-

 

 

 

39,924,838

 

 

 

39,924,838

 

 

 

-

 

 

 

42,706,080

 

 

 

42,706,080

Total

 

$

5,109,218

 

 

$

44,611,619

 

 

$

49,720,837

 

 

$

9,842,796

 

 

$

42,706,080

 

 

$

52,548,876

v3.24.4
NOTE 5. MARKETABLE SECURITIES: Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities (Tables)
9 Months Ended
Dec. 31, 2024
Tables/Schedules  
Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities

 

 

 

As of December 31, 2024

 

 

As of March 31, 2024

 

 

Amortized

Cost

 

 

Gross

Unrealized

Holding

Gains

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

 

 

Amortized

Cost

 

 

Gross

Unrealized

Holding

Gains

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

Money market funds

 

$

5,109,218

 

 

$

-

 

 

$

-

 

 

$

5,109,218

 

 

$

9,842,796

 

 

$

-

 

 

$

-

 

 

$

9,842,796

Treasury securities

 

 

4,699,645

 

 

 

-

 

 

 

(12,864

)

 

 

4,686,781

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

Corporate bonds

 

 

40,289,749

 

 

 

40,688

 

 

 

(405,599

)

 

 

39,924,838

 

 

 

43,701,520

 

 

 

930

 

 

 

(996,370

)

 

 

42,706,080

Total

 

$

50,098,612

 

 

$

40,688

 

 

$

(418,463

)

 

$

49,720,837

 

 

$

53,544,316

 

 

$

930

 

 

$

(996,370

)

 

$

52,548,876

v3.24.4
NOTE 5. MARKETABLE SECURITIES: Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded (Tables)
9 Months Ended
Dec. 31, 2024
Tables/Schedules  
Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Estimated

Fair

Value

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

 

 

Gross

Unrealized

Holding

Losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury securities

 

$

4,686,781

 

 

$

(12,864

)

 

$

-

 

 

$

-

 

 

 

4,686,781

 

 

 

(12,864

)

Corporate bonds

 

 

7,364,614

 

 

 

(97,789

)

 

 

25,812,127

 

 

 

(307,810

)

 

$

33,176,741

 

 

$

(405,599

)

Total

 

$

12,051,395

 

 

$

(110,653

)

 

$

25,812,127

 

 

$

(307,810

)

 

$

37,863,522

 

 

$

(418,463

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

3,154,764

 

 

$

(4,902

)

 

$

36,551,534

 

 

$

(991,468

)

 

$

39,706,298

 

 

$

(996,370

)

Total

 

$

3,154,764

 

 

$

(4,902

)

 

$

36,551,534

 

 

$

(991,468

)

 

$

39,706,298

 

 

$

(996,370

)

v3.24.4
NOTE 5. MARKETABLE SECURITIES: Unrealized losses on marketable securities and their tax effects (Tables)
9 Months Ended
Dec. 31, 2024
Tables/Schedules  
Unrealized losses on marketable securities and their tax effects

 

 

 

Quarter Ended December 31,

 

 

 

2024

 

 

2023

 

Unrealized gain (loss) on marketable securities

 

$

(290,384

)

 

$

958,564

 

Tax effects

 

 

63,536

 

 

 

(209,734

Unrealized gain (loss) on marketable securities, net of tax

 

$

(226,848

)

 

$

748,830

 

 

 

 

Nine Months Ended December 31,

 

 

 

2024

 

 

2023

 

Unrealized gain from marketable securities

 

$

617,665

 

 

$

589,530

 

Tax effects

 

 

(135,386

)

 

 

(128,989

Unrealized gain on marketable securities, net of tax

 

$

482,279

 

 

$

460,541

 

v3.24.4
NOTE 7. INVENTORIES: Schedule of Inventory (Tables)
9 Months Ended
Dec. 31, 2024
Tables/Schedules  
Schedule of Inventory

 

 

 

Dec. 31, 2024

 

 

March 31, 2024

Raw materials

$

1,742,871

 

$

1,982,657

Work in process

 

3,795,112

 

 

2,641,085

Finished goods

 

2,249,641

 

 

2,534,843

Total inventories

$

7,787,624

 

$

7,158,585

v3.24.4
NOTE 8. STOCK-BASED COMPENSATION: Schedule of Stock-based Compensation (Tables)
9 Months Ended
Dec. 31, 2024
Tables/Schedules  
Schedule of Stock-based Compensation

 

 

Quarter Ended
December 31,

 

Nine Months Ended
December 31,

2024

 

2023

 

2024

 

2023

Stock options grant

-

 

4,000

 

6,500

 

6,500

Stock options exercised

8,000

 

-

 

9,000

 

4,000

v3.24.4
NOTE 10. LEASES: Lease, Cost (Tables)
9 Months Ended
Dec. 31, 2024
Tables/Schedules  
Lease, Cost

 

 

Quarter Ended
December 31,

 

Nine Months Ended
December 31,

 

2024

 

2023

 

2024

 

2023

 

Operating lease cost

$

44,727

 

37,754

 

$

120,235

 

113,261

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for amounts included
in the measurement of lease liabilities

 

 

 

 

 

 

 

 

 

 

Operating cash flows for leases

$

45,341

 

44,433

 

$

136,023

 

133,299

 

Right-of-use assets obtained in exchange for new lease liabilities

 

 

 

 

 

 

 

 

 

 

  Operating lease

$

710,665

 

-

 

 

-

 

-

 

Remaining lease term

 

78 months

 

 

 

 

78 months

 

 

 

Discount rate

 

7.8

%

 

 

 

7.8

%

 

 

v3.24.4
NOTE 10. LEASES: Lessee, Operating Lease, Liability, Maturity (Tables)
9 Months Ended
Dec. 31, 2024
Tables/Schedules  
Lessee, Operating Lease, Liability, Maturity

 

Year Ending March 31,

Operating Lease Liabilities

 

2025

 

46,249

 

2026

 

84,995

 

2027

 

172,142

 

2028

 

213,284

 

2029

 

220,216

 

2030

 

227,373

 

2031

 

234,762

 

2032

 

40,399

 

Total lease payments

 

1,239,420

 

Imputed lease interest

 

(289,616

)

Total lease liabilities

$

949,804

 

v3.24.4
NOTE 4. NET INCOME PER SHARE: Schedule of Earnings Per Share, Basic and Diluted (Details) - shares
3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Details        
Weighted Average Number of Shares Outstanding, Basic 4,835,262 4,833,401 4,834,382 4,832,992
Dilutive effect of stock options 3,862 3,829 4,865 6,733
Shares used in computing net income per share - diluted 4,839,124 4,837,230 4,839,247 4,839,725
v3.24.4
NOTE 5. MARKETABLE SECURITIES: Contractual maturities of marketable securities (Details) - USD ($)
Dec. 31, 2024
Mar. 31, 2024
Marketable Securities $ 49,720,837 $ 52,548,876
(1 Year 20,016,470  
1-3 Years 21,836,663  
3-5 Years 7,867,704  
Money Market Funds    
Marketable Securities 5,109,218 9,842,796
(1 Year 5,109,218  
1-3 Years 0  
3-5 Years 0  
US Treasury Securities    
Marketable Securities 4,686,781 0
(1 Year 0  
1-3 Years 4,686,781  
3-5 Years 0  
Corporate Bond Securities    
Marketable Securities 39,924,838 $ 42,706,080
(1 Year 14,907,252  
1-3 Years 17,149,882  
3-5 Years $ 7,867,704  
v3.24.4
NOTE 5. MARKETABLE SECURITIES (Details) - USD ($)
Dec. 31, 2024
Mar. 31, 2024
Details    
Debt Securities, Available-for-Sale, Excluding Accrued Interest $ 354,529 $ 460,627
v3.24.4
NOTE 5. MARKETABLE SECURITIES: Fair values of our marketable securities aggregated by credit rating (Details) - USD ($)
Dec. 31, 2024
Mar. 31, 2024
Marketable Securities $ 49,720,837 $ 52,548,876
Standard & Poor's, AAA Rating    
Marketable Securities 9,795,999  
Standard & Poor's, AA+ Rating    
Marketable Securities 3,877,878  
Standard & Poor's, AA Rating    
Marketable Securities 9,755,138  
Standard & Poor's, AA- Rating    
Marketable Securities 18,408,078  
Standard & Poor's, A+ Rating    
Marketable Securities 2,915,398  
Standard & Poor's, A Rating    
Marketable Securities $ 4,968,346  
v3.24.4
NOTE 5. MARKETABLE SECURITIES: Estimated fair value of marketable securities aggregated by fair value hierarchy inputs used in estimating their fair values (Details) - USD ($)
Dec. 31, 2024
Mar. 31, 2024
Marketable Securities $ 49,720,837 $ 52,548,876
Money Market Funds    
Marketable Securities 5,109,218 9,842,796
US Treasury Securities    
Marketable Securities 4,686,781 0
Corporate Bond Securities    
Marketable Securities 39,924,838 42,706,080
Fair Value, Inputs, Level 1    
Marketable Securities 5,109,218 9,842,796
Fair Value, Inputs, Level 1 | Money Market Funds    
Marketable Securities 5,109,218 9,842,796
Fair Value, Inputs, Level 1 | US Treasury Securities    
Marketable Securities 0 0
Fair Value, Inputs, Level 1 | Corporate Bond Securities    
Marketable Securities 0 0
Fair Value, Inputs, Level 2    
Marketable Securities 44,611,619 42,706,080
Fair Value, Inputs, Level 2 | Money Market Funds    
Marketable Securities 0 0
Fair Value, Inputs, Level 2 | US Treasury Securities    
Marketable Securities 4,686,781 0
Fair Value, Inputs, Level 2 | Corporate Bond Securities    
Marketable Securities $ 39,924,838 $ 42,706,080
v3.24.4
NOTE 5. MARKETABLE SECURITIES: Amortized cost, fair value and gross unrealized holding gains and losses of marketable securities (Details) - USD ($)
Dec. 31, 2024
Mar. 31, 2024
Amortized Cost $ 50,098,612 $ 53,544,316
Gross Unrealized Holding Gains 40,688 930
Gross Unrealized Holding Losses (418,463) (996,370)
Marketable Securities 49,720,837 52,548,876
Money Market Funds    
Amortized Cost 5,109,218 9,842,796
Gross Unrealized Holding Gains 0 0
Gross Unrealized Holding Losses 0 0
Marketable Securities 5,109,218 9,842,796
US Treasury Securities    
Amortized Cost 4,699,645 0
Gross Unrealized Holding Gains 0 0
Gross Unrealized Holding Losses (12,864) 0
Marketable Securities 4,686,781 0
Corporate Bond Securities    
Amortized Cost 40,289,749 43,701,520
Gross Unrealized Holding Gains 40,688 930
Gross Unrealized Holding Losses (405,599) (996,370)
Marketable Securities $ 39,924,838 $ 42,706,080
v3.24.4
NOTE 5. MARKETABLE SECURITIES: Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded (Details) - USD ($)
Dec. 31, 2024
Mar. 31, 2024
Estimated Fair Value $ 12,051,395 $ 3,154,764
Gross Unrealized Holding Losses (110,653) (4,902)
Estimated Fair Value 25,812,127 36,551,534
Gross Unrealized Holding Losses (307,810) (991,468)
Estimated Fair Value 37,863,522 39,706,298
Gross Unrealized Holding Losses (418,463) (996,370)
US Treasury Securities    
Estimated Fair Value 4,686,781  
Gross Unrealized Holding Losses (12,864)  
Estimated Fair Value 0  
Gross Unrealized Holding Losses 0  
Estimated Fair Value 4,686,781  
Gross Unrealized Holding Losses (12,864)  
Corporate Bond Securities    
Estimated Fair Value 7,364,614 3,154,764
Gross Unrealized Holding Losses (97,789) (4,902)
Estimated Fair Value 25,812,127 36,551,534
Gross Unrealized Holding Losses (307,810) (991,468)
Estimated Fair Value 33,176,741 39,706,298
Gross Unrealized Holding Losses $ (405,599) $ (996,370)
v3.24.4
NOTE 5. MARKETABLE SECURITIES: Unrealized losses on marketable securities and their tax effects (Details) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Details        
Unrealized loss from marketable securities $ (290,384) $ 958,564 $ 617,665 $ 589,530
Tax effects 63,536 (209,734) (135,386) (128,989)
Unrealized loss from marketable securities, net of tax $ (226,848) $ 748,830 $ 482,279 $ 460,541
v3.24.4
NOTE 6. ALLOWANCE FOR CREDIT LOSSES ON ACCOUNTS RECEIVABLES: Schedule of Accounts, Notes, Loans and Financing Receivable (Details)
9 Months Ended
Dec. 31, 2024
USD ($)
Details  
Allowance for credit losses as of March 31, 2024 $ 15,000
Change in provision for current expected credit losses 0
Allowance for credit losses as of December 31, 2024 $ 15,000
v3.24.4
NOTE 7. INVENTORIES: Schedule of Inventory (Details) - USD ($)
Dec. 31, 2024
Mar. 31, 2024
Details    
Raw materials $ 1,742,871 $ 1,982,657
Work in process 3,795,112 2,641,085
Finished goods 2,249,641 2,534,843
Inventories $ 7,787,624 $ 7,158,585
v3.24.4
NOTE 8. STOCK-BASED COMPENSATION (Details) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Details        
Share-Based Payment Arrangement, Expense $ 14,261 $ 12,544 $ 137,906 $ 129,392
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term, Simplified Method     Black-Scholes-Merton standard option-pricing model  
Deferred Compensation Arrangement with Individual, Shares Issued 1,146   1,490 575
v3.24.4
NOTE 8. STOCK-BASED COMPENSATION: Schedule of Stock-based Compensation (Details) - shares
3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Details        
Stock options grant 0 4,000 6,500 6,500
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period 8,000 0 9,000 4,000
v3.24.4
NOTE 9. INCOME TAXES (Details)
Dec. 31, 2024
USD ($)
Details  
Accrued Income Taxes $ 301,246
Unrecognized Tax Benefits 0
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit 0
Unrecognized Tax Benefits, Interest on Income Taxes Accrued $ 0
v3.24.4
NOTE 10. LEASES: Lease, Cost (Details) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Details        
Operating lease cost $ 44,727 $ 37,754 $ 120,235 $ 113,261
Operating cash flows for leases 45,341 44,433 136,023 133,299
Right of use assets obtained in exchange for new lease liabilities Operating lease $ 710,665 $ 0 $ 0 $ 0
Remaining lease term 78 months   78 months  
Discount rate 7.80%   7.80%  
v3.24.4
NOTE 10. LEASES: Lessee, Operating Lease, Liability, Maturity (Details)
Dec. 31, 2024
USD ($)
Details  
2025 $ 46,249
2026 84,995
2027 172,142
2028 213,284
2029 220,216
Lessee Operating Lease Liability Payments due Year Six 227,373
Lessee Operating Lease Liability Payments due Year Seven 234,762
Lessee Operating Lease Liability Payments due Year Eight 40,399
Total lease payments 1,239,420
Imputed lease interest (289,616)
Total lease liabilities $ 949,804
v3.24.4
NOTE 11. STOCK REPURCHASE PROGRAM (Details) - USD ($)
9 Months Ended
Dec. 31, 2024
Jan. 21, 2009
Details    
Share Repurchase Program, Authorized, Amount   $ 2,500,000
Share Repurchase Program, Remaining Authorized, Amount $ 3,520,369  
Treasury Stock, Shares, Acquired 0  
v3.24.4
NOTE 12. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS (Details) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Details        
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay     100.00%  
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent     3.00%  
Defined Benefit Plan, Plan Assets, Contributions by Employer $ 22,375 $ 27,904 $ 72,442 $ 79,388
v3.24.4
NOTE 13. SUBSEQUENT EVENTS (Details) - $ / shares
3 Months Ended 9 Months Ended
Jan. 22, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Details          
Subsequent Event, Date Jan. 22, 2025        
Subsequent Event, Description we announced that our Board of Directors had declared a quarterly cash dividend        
Cash dividends declared per common share $ 1 $ 1 $ 1 $ 3 $ 3
Dividends Payable, Date to be Paid Feb. 28, 2025        
Dividends Payable, Date of Record Feb. 03, 2025        

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