NVE Corp Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>NVE Corp has filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing financial performance for Q3 FY2024.</b>

AI Summary

NVE CORP /NEW/ (NVEC) filed a Quarterly Report (10-Q) with the SEC on January 17, 2024. NVE Corp filed a 10-Q report for the period ending December 31, 2023. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on March 31st. NVE Corp is incorporated in Minnesota and operates in the Semiconductors & Related Devices industry. The filing includes financial data for various periods, including Q3 2023 and Q3 2022.

Why It Matters

For investors and stakeholders tracking NVE CORP /NEW/, this filing contains several important signals. This filing provides investors with the latest financial performance data for NVE Corp, crucial for assessing the company's current health and future prospects. Understanding the quarterly results allows for comparison against previous periods and industry benchmarks, informing investment decisions.

Risk Assessment

Risk Level: low — NVE CORP /NEW/ shows low risk based on this filing. The filing is a standard 10-Q, which typically contains routine financial disclosures and does not indicate any unusual or significant events requiring immediate attention.

Analyst Insight

Monitor NVE Corp's subsequent filings for detailed financial statements and management's discussion and analysis to understand revenue trends and profitability.

Key Numbers

• 2023-12-31 — Report Period End Date (Conformed Period of Report)
• 2024-01-17 — Filing Date (Filed as of Date)
• 03-31 — Fiscal Year End (Fiscal Year End)
• 2024 — Fiscal Quarter (Fiscal Quarter)

Key Players & Entities

• NVE CORP /NEW/ (company) — Filer name
• 0000724910 (company) — Central Index Key
• 3674 (company) — Standard Industrial Classification
• MN (company) — State of Incorporation
• 411424202 (company) — IRS Number
• PREMIS CORP (company) — Former company name

FAQ

Industry Context

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

Regulatory Implications

As a publicly traded company, NVE Corp is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Compare NVE Corp's Q3 FY2024 results with prior periods and industry peers.
3. Analyze any disclosed risk factors or forward-looking statements for potential impacts on future performance.

Key Dates

• 2024-01-17: 10-Q Filing — Filing of quarterly report for period ending 2023-12-31

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 31, 2023. Comparison to prior filings will be possible once those are analyzed.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value NVEC The NASDAQ Stock Mar
• $1.00 — 536 10,536 Cash dividends declared ($1.00 per share of common stock) ( 4,830,826

Filing Documents

• nvec-20231231.htm (10-Q) — 808KB
• nve_ex31z1.htm (EX-31.1) — 9KB
• nve_ex31z2.htm (EX-31.2) — 9KB
• nve_ex32z1.htm (EX-32.1) — 4KB
• nve10q_1.jpg (GRAPHIC) — 10KB
• 0001376474-24-000040.txt (&nbsp;) — 3551KB
• nvec-20231231_cal.xml (EX-101.CAL) — 32KB
• nvec-20231231_def.xml (EX-101.DEF) — 60KB
• nvec-20231231_lab.xml (EX-101.LAB) — 168KB
• nvec-20231231_pre.xml (EX-101.PRE) — 153KB
• nvec-20231231.xsd (EX-101.SCH) — 31KB
• nvec-20231231_htm.xml (XML) — 495KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Balance Sheets

Notes to Financial Statements

Notes to Financial Statements

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

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

Controls and Procedures

Item 4. Controls and Procedures

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings

Risk Factors

Item 1A. Risk Factors

Mine Safety Disclosures

Item 4. Mine Safety Disclosures

SIGNATURES

SIGNATURES 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. NVE CORPORATION BALANCE SHEETS (Unaudited) Dec. 31, 2023 March 31, 2023* ASSETS Current assets Cash and cash equivalents $ 4,684,910 $ 1,669,896 Marketable securities, short-term (amortized cost of $ 14,556,450 as of December 31, 2023, and $ 15,696,135 as of March 31, 2023) 14,335,619 15,513,095 Accounts receivable, net of allowance for credit losses of $ 15,000 2,245,728 6,523,344 Inventories 7,349,811 6,417,010 Prepaid expenses and other assets 597,305 663,459 Total current assets 29,213,373 30,786,804 Fixed assets Machinery and equipment 10,501,096 10,484,365 Leasehold improvements 1,956,309 1,956,309 12,457,405 12,440,674 Less accumulated depreciation and amortization 11,326,985 11,095,236 Net fixed assets 1,130,420 1,345,438 Deferred tax assets 1,290,284 572,038 Marketable securities, long-term (amortized cost of $ 36,414,391 as of December 31, 2023, and $ 37,495,846 as of March 31, 2023) 35,670,914 36,125,047 Right-of-use asset – operating lease 324,451 425,843 Total assets $ 67,629,442 $ 69,255,170 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 170,701 $ 281,712 Accrued payroll and other 460,414 1,375,250 Operating lease 178,490 175,798 Total current liabilities 809,605 1,832,760 Operating lease 218,785 342,908 Total liabilities 1,028,390 2,175,668 Shareholders' equity Common stock, $ 0.01 par value, 6,000,000 shares authorized; 4,833,401 issued and outstanding as of December 31, 2023, and 4,830,826 as of March 31, 2023 48,334 48,308 Additional paid-in capital 19,542,335 19,295,442 Accumulated other comprehensive loss ( 753,317 ) ( 1,213,858 ) Retained earnings 47,763,700 48,949,610 Total shareholders' equity 66,601,052 67,079,502 Total liabilities and shareholders' equity $ 67,629,442 $ 69,255,170 *The March 31, 2023 Balance Sheet is derive

NOTES TO FINANCIAL STATEMENTS

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 it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest Annual Report on Form 10-K for the fiscal year ended March 31, 2023. The results of operations for the quarter ended December 31, 2023, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2024. Significant accounting policies A description of our significant accounting policies is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the year ended March 31, 2023. As of December 31, 2023, there were no changes to our significant accounting policies except for changes resulting from the adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments—Credit Losses (ASC Topic 326) as described in the "Marketable securities and credit losses" section below and in Note 3. Marketable securities and credit losses Our marketable securities consi

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