NVE Corp Files Q1 FY25 10-Q

TL;DR

NVE Corp's Q1 FY25 10-Q is in. Check financials.

AI Summary

NVE Corp filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the first quarter of fiscal year 2025. Specific financial figures and operational details are contained within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for NVE Corp, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• NVE Corp (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of reporting period
• 2024-07-17 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value NVEC The NASDAQ Stock Mar
• $1.00 — 442 18,442 Cash dividends declared ($1.00 per share of common stock) ( 4,833,676
• $5,000,000 — our Board of Directors authorized up to $5,000,000 of additional repurchases. Our repurcha
• $212,440 — strative expense, partially offset by a $212,440 decrease in credit loss expense. The in
• $6,005,492 — erview Cash and cash equivalents were $6,005,492 as of June 30, 2024, compared to $10,28
• $10,283,550 — 05,492 as of June 30, 2024, compared to $10,283,550 as of March 31, 2024. The $4,278,058 de
• $4,278,058 — o $10,283,550 as of March 31, 2024. The $4,278,058 decrease in cash and cash equivalents d
• $4,833,676 — first quarter of fiscal 2025 was due to $4,833,676 of cash used in financing activities an
• $5,296,774 — f cash used in financing activities and $5,296,774 of net cash used in investing activitie
• $5,852,392 — vesting activities, partially offset by $5,852,392 in net cash provided by operating activ
• $5,025,302 — irst quarter of fiscal 2025 compared to $5,025,302 for the first quarter of fiscal 2024.
• $1,044,815 — al 2024. Accounts receivable decreased $1,044,815 during the first quarter of fiscal 2025

Filing Documents

• nvec-20240630.htm (10-Q) — 576KB
• nve_ex31z1.htm (EX-31.1) — 9KB
• nve_ex31z2.htm (EX-31.2) — 9KB
• nve_ex32.htm (EX-32) — 4KB
• nve10q_1.jpg (GRAPHIC) — 10KB
• 0001376474-24-000323.txt ( ) — 3151KB
• nvec-20240630_cal.xml (EX-101.CAL) — 31KB
• nvec-20240630_def.xml (EX-101.DEF) — 59KB
• nvec-20240630_lab.xml (EX-101.LAB) — 165KB
• nvec-20240630_pre.xml (EX-101.PRE) — 149KB
• nvec-20240630.xsd (EX-101.SCH) — 30KB
• nvec-20240630_htm.xml (XML) — 423KB

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) June 30, 2024 March 31, 2024* ASSETS Current assets Cash and cash equivalents $ 6,005,492 $ 10,283,550 Marketable securities, short-term (amortized cost of $ 16,022,057 as of June 30, 2024, and $ 12,283,630 as of March 31, 2024) 15,670,927 11,917,779 Accounts receivable, net of allowance for credit losses of $ 15,000 as of June 30, and March 31, 2024 2,100,018 3,144,833 Inventories 7,164,632 7,158,585 Prepaid expenses and other assets 515,383 689,349 Total current assets 31,456,452 33,194,096 Fixed assets Machinery and equipment 11,417,730 10,501,096 Leasehold improvements 1,956,309 1,956,309 13,374,039 12,457,405 Less accumulated depreciation 11,478,977 11,403,383 Net fixed assets 1,895,062 1,054,022 Deferred tax assets 1,593,506 1,453,704 Marketable securities, long-term (amortized cost of $ 32,112,822 as of June 30, 2024, and $ 31,417,890 as of March 31, 2024) 31,505,264 30,788,301 Right-of-use asset – operating lease 255,000 289,910 Total assets $ 66,705,284 $ 66,780,033 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 174,243 $ 127,154 Accrued payroll and other 1,338,811 729,215 Operating lease liability 180,262 179,372 Total current liabilities 1,693,316 1,035,741 Long-term operating lease liability 132,388 175,775 Total liabilities 1,825,704 1,211,516 Shareholders' equity Common stock, $ 0.01 par value, 6,000,000 shares authorized; 4,833,676 issued and outstanding as of June 30 and March 31, 2024 48,337 48,337 Additional paid-in capital 19,573,254 19,554,812 Accumulated other comprehensive loss ( 748,927 ) ( 777,637 ) Retained earnings 46,006,916 46,743,005 Total shareholders' equity 64,879,580 65,568,517 Total liabilities and shareholders' equity $ 66,705,284 $ 66,780,033 *The March 31, 2024 Balance Sh

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 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 June 30, 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 June 30, 2024, there were no changes to our significant accounting policies . NOTE 3. NEW ACCOUNTING STANDARDS NOT YET ADOPTED There were no additions to the new accounting standards not yet adopted as described in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. We do not expect the adoption of accounting standards that have been

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.

Forward-looking statements

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 "Ri

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