NVE Corp Files Q3 2024 10-Q

TL;DR

NVE Corp 10-Q filed. Q3 FY24 financials out.

AI Summary

NVE Corp filed its 10-Q for the period ending December 31, 2024. The company, incorporated in Minnesota, operates in the Semiconductors & Related Devices industry. Its principal executive offices are located at 11409 Valley View Road, Eden Prairie, MN 55344. The filing covers the third quarter of its fiscal year, which ends on March 31.

Why It Matters

This filing provides investors with an update on NVE Corp's financial performance and position as of the end of the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Players & Entities

• NVE CORP (company) — Filer
• 2024-12-31 (date) — Period of Report
• 11409 VALLEY VIEW ROAD (address) — Business Address
• EDEN PRAIRIE (city) — Business Address City
• MN (state) — Business Address State
• 55344 (zip_code) — Business Address Zip
• 0331 (date) — Fiscal Year End

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value NVEC The NASDAQ Stock Mar
• $1.00 — tion 18,442 18,442 Cash dividends ($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

Filing Documents

• nvec-20241231.htm (10-Q) — 863KB
• 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
• 0001376474-25-000101.txt ( ) — 3820KB
• nvec-20241231_cal.xml (EX-101.CAL) — 36KB
• nvec-20241231_def.xml (EX-101.DEF) — 57KB
• nvec-20241231_lab.xml (EX-101.LAB) — 175KB
• nvec-20241231_pre.xml (EX-101.PRE) — 157KB
• nvec-20241231.xsd (EX-101.SCH) — 33KB
• nvec-20241231_htm.xml (XML) — 582KB

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) 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 $ 66,78

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 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 sharehold

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