NVE Corp Files 10-K for Fiscal Year Ended March 31, 2024

TL;DR

<b>NVE Corp has filed its 2024 10-K report detailing its financial performance and operations for the fiscal year ending March 31, 2024.</b>

AI Summary

NVE CORP /NEW/ (NVEC) filed a Annual Report (10-K) with the SEC on May 1, 2024. NVE Corp filed its annual 10-K report for the fiscal year ending March 31, 2024. The company is incorporated in Minnesota and operates in the Semiconductors & Related Devices industry. Its principal business address is 11409 Valley View Road, Eden Prairie, MN 55344. The filing includes financial data for the fiscal years ending March 31, 2024, 2023, and 2022. NVE Corp was formerly known as Premis Corp, with a name change on July 3, 1992.

Why It Matters

For investors and stakeholders tracking NVE CORP /NEW/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of NVE Corp's financial health, operational status, and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. As a semiconductor company, understanding NVE Corp's annual filing is key to gauging its competitive standing, technological advancements, and market trends within the highly dynamic electronics industry.

Risk Assessment

Risk Level: low — NVE CORP /NEW/ shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a stable operational and financial status.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand NVE Corp's performance and potential challenges.

Key Numbers

• 2024-03-31 — Fiscal Year End (Conformed period of report)
• 2024-05-01 — Filing Date (Date the 10-K was filed)
• 1992-07-03 — Date of Name Change (From Premis Corp to NVE Corp)

Key Players & Entities

• NVE CORP (company) — Filer of the 10-K report
• PREMIS CORP (company) — Former name of NVE Corp
• MN (location) — State of incorporation for NVE Corp
• 3674 (industry_code) — Standard Industrial Classification for Semiconductors & Related Devices

FAQ

Industry Context

NVE Corp operates within the Semiconductors & Related Devices industry, a sector characterized by rapid technological advancements and global supply chain dynamics.

Regulatory Implications

The filing adheres to the requirements of the Securities Exchange Act of 1934, ensuring compliance with SEC regulations for public companies.

What Investors Should Do

1. Analyze NVE Corp's financial statements for the fiscal year ended March 31, 2024.
2. Review the business description and risk factors to understand the company's operations and potential challenges.
3. Compare the current filing's data with previous years to identify trends and changes in performance.

Key Dates

• 2024-03-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-05-01: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending March 31, 2024, providing updated financial and operational data compared to the previous year's filings.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value NVEC The NASDAQ Stock Mar
• $50 million — ounding, we have been awarded more than $50 million in government research contracts. These

Filing Documents

• nvec-20240331.htm (10-K) — 755KB
• nve_ex23.htm (EX-23) — 2KB
• nve_ex31z1.htm (EX-31.1) — 11KB
• nve_ex31z2.htm (EX-31.2) — 11KB
• nve_ex32.htm (EX-32) — 4KB
• nve_ex97.htm (EX-97) — 8KB
• nve10k_1.jpg (GRAPHIC) — 9KB
• nve10k_2.jpg (GRAPHIC) — 3KB
• 0001376474-24-000214.txt (&nbsp;) — 4359KB
• nvec-20240331_cal.xml (EX-101.CAL) — 42KB
• nvec-20240331_def.xml (EX-101.DEF) — 73KB
• nvec-20240331_lab.xml (EX-101.LAB) — 226KB
• nvec-20240331_pre.xml (EX-101.PRE) — 204KB
• nvec-20240331.xsd (EX-101.SCH) — 48KB
• nvec-20240331_htm.xml (XML) — 634KB

Business

Item 1. Business. Our Strategy Our Products and Markets Product Manufacturing Sales and Product Distribution New Product Status Our Competition Sources and Availability of Raw Materials Intellectual Property Dependence on Major Customers Compliance With Government Regulations Human Capital Resources Available Information

Risk Factors

Item 1A. Risk Factors.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments.

Cybersecurity

Item 1C. Cybersecurity .

Legal Proceedings

Item 3. Legal Proceedings.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information and Dividends Shareholders Securities Authorized for Issuance Under Equity Compensation Plans Stock Repurchase Program

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data.

Controls and Procedures

Item 9A. Controls and Procedures.

Other Information

Item 9B. Other Information.

Disclosure Regarding Foreign Jurisdiction That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdiction That Prevent Inspections PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance.

Executive Compensation

Item 11. Executive Compensation.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence.

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services. PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 542) Balance Sheets

Notes to Financial Statements

Notes to Financial Statements 2 Table of Contents PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Some of the statements made in this Report or 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 of 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, uncertainties related to the economic environments in the industries we serve, uncertainties related to future sales and revenues, risks and uncertainties related to future stock repurchases and dividend payments, and other specific risks that may be alluded to in this Report or the documents incorporated by reference in this Report. For more information regarding our risks and uncertainties, see Item 1A "Risk Factors" of this Report.

BUSINESS

ITEM 1. BUSINESS. In 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. NVE History and Background NVE is a Minnesota corporation headquartered in a suburb of Minneapolis. We were founded in 1989 by James M. Daughton, Ph.D., a spintronics pioneer. Our common stock became publicly traded in 2000 through a reverse merger and became NASDAQ listed in 2003. Since our founding, we have been awarded more than $50 million in government research contracts. These contracts have helped us develop products and build our intellectual property portfolio. We have adopted a March 31 fiscal year, so fiscal years referenced in this report end March 31. Industry Background Much of the electronics industry is devoted to the acquisition, storage, and transmission of information. We have focused on three applications for our spintronic technology: magnetic sensors, couplers, and memories. Sensors acquire information, couplers transmit information, and memories store information. In that sense, our technology can provide the eyes, nerves, and brains of electronic systems. Magnetic sensors can be used for many purposes including detecting the position or speed of robotics and mechanisms, or for communicating with implantable medical devices. We believe our spintronic sensors are smaller, more precise, and more reliable than competing devices. Couplers are widely used in factory automation, providing reliable digital communication between electronic subsystems in factories. For example, couplers are used to send high-speed data between robots and central controllers. As manufacturing automation expands, there is a need for higher-speed data and more channel density. Because of the

RISK FACTORS

ITEM 1A. RISK FACTORS. We caution readers that the following important factors, among others, could affect our financial condition, operating results, business prospects, or any other aspect of NVE, and could cause our actual results to differ materially from that projected or estimated by us in the forward-looking statements made by us or on our behalf. Although we have attempted to list below the important factors that do or may affect our financial condition, operating results, business prospects, or any other aspect of NVE, other factors may in the future prove to be more important. New factors emerge from time to time and it is not possible for us to predict all of such factors. Similarly, we cannot necessarily assess or quantify the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in forward-looking statements. Risks Related to Our Business We face a tight labor market, competition for employees, and wage inflation. In the past two fiscal years, we have experienced increased competition for employees, increased employee turnover, and increased wage inflation. The labor market has been especially tight in Minnesota. We have significantly increased the wages we pay to remain competitive and attract new workers, especially production workers. Labor shortages could impact our revenue and profitability, and increases in labor costs could adversely affect our profit margins and results of operations. The loss of supply from any of our key single-source waf

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View this 10-K filing on SEC EDGAR