Business
NVE : Quarter and Fiscal Year Ended March 31, 2026
NVE : Quarter and Fiscal Year Ended March 31,
About this update from Nve Corporation
NVE Corporation Reports Fourth Quarter and Fiscal Year Results and Announces Quarterly Dividend EDEN PRAIRIE, Minn.-May 6, 2026-NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter and fiscal year ended March 31, 2026. Total revenue for the fourth quarter of fiscal 2026 increased 5% to $7.65 million from $7.27 million for the prior-year quarter. The increase was due to a 6% increase in product sales, partially offset by a 19% decrease in contract research and development revenue. Net income for the fourth quarter of fiscal 2026 increased 27% to $4.93 million, or $1.02 per diluted share, compared to $3.89 million, or $0.80 per share, for the prior-year quarter. For fiscal 2026, total revenue increased 1.8% to $26.3 million, compared to $25.9 million in the prior year. The increase was due to a 2.4% increase in product sales, partially offset by an 11% decrease in contract research and development revenue. Net income for fiscal 2026 increased 1% to $15.2 million, or $3.14 per diluted share, from $15.1 million, or $3.11 per share, for fiscal 2025. The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable May 29, 2026 to shareholders of record as of May 18, 2026. "We're pleased to report strong revenue and earnings growth for the second consecutive quarter," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data. Statements used in this press release that relate to future plans, events, financial results, or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as 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, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2026. NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED MARCH 31, 2026 AND 2025 Quarter Ended March 31, 2026 2025 Revenue Product sales $ 7,395,903 $ 6,951,322 Contract research and development 258,903 318,393 Total revenue, net 7,654,806 7,269,715 Cost of sales 1,705,758 1,515,410 Gross profit 5,949,048 5,754,305 Expenses Research and development 771,197 1,039,711 Selling, general, and administrative 443,095 465,818 Total expenses 1,214,292 1,505,529 Income from operations 4,734,756 4,248,776 Interest income 447,433 476,650 Other income - 313 Income before taxes 5,182,189 4,725,739 Provision for income taxes 254,292 833,365 Net income $ 4,927,897 $ 3,892,374 Net income per share - basic $ 1.02 $ 0.80 Net income per share - diluted $ 1.02 $ 0.80 Weighted average shares outstanding Basic 4,837,166 4,837,166 Diluted 4,839,328 4,839,194 Year Ended March 31, 2026 2025 Revenue Product sales $ 25,221,918 $ 24,632,102 Contract research and development 1,109,300 1,242,592 Total revenue, net 26,331,218 25,874,694 Cost of sales 5,599,454 4,235,780 Gross profit 20,731,764 21,638,914 Expenses Research and development 3,160,483 3,635,519 Selling, general, and administrative 1,650,790 2,009,246 Total expenses 4,811,273 5,644,765 Income from operations 15,920,491 15,994,149 Interest income 1,891,925 1,909,218 Other income 3,905 135,370 Income before taxes 17,816,321 18,038,737 Provision for income taxes 2,617,126 2,974,221 Net income $ 15,199,195 $ 15,064,516 Net income per share - basic $ 3.14 $ 3.12 Net income per share - diluted $ 3.14 $ 3.11 Weighted average shares outstanding Basic 4,837,166 4,835,069 Diluted 4,839,169 4,839,154 NVE CORPORATION BALANCE SHEETS MARCH 31 AND 31, 2025 March 31, 2026 March 31, 2025 ASSETS Current assets Cash and cash equivalents $ 1,714,040 $ 8,036,564 Marketable securities, short-term (amortized cost of $18,118,460 as of March 31, 2026, and $13,730,266 as of March 31, 2025) 18,125,060 13,691,593 Accounts receivable, net of allowance for credit losses of $15,000 3,408,941 3,589,268 Inventories, net 7,082,821 7,449,083 Prepaid expenses and other assets 1,860,415 433,414 Total current assets 32,191,277 33,199,922 Fixed assets Machinery and equipment 13,843,799 11,758,205 Leasehold improvements 2,059,853 1,956,309 15,903,652 13,714,514 Less accumulated depreciation and amortization 12,187,643 11,727,615 Net fixed assets 3,716,009 1,986,899 Deferred tax assets - 1,867,069 Marketable securities, long-term (amortized cost of $23,726,027 as of March 31, 2026, and $26,353,692 as of March 31, 2025) 23,678,452 26,304,623 Right-of-use asset - operating lease 793,794 917,349 Total assets $ 60,379,532 $ 64,275,862 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 278,599 $ 214,691 Accrued payroll and other 697,611 871,169 Operating lease 165,116 83,010 Deferred tax liabilities 248,284 Total current liabilities 1,141,326 1,168,870 Operating lease 740,423 838,221 Total liabilities 2,130,033 2,007,091 Shareholders' equity Common stock 48,372 48,372 Additional paid-in capital 19,914,769 19,821,106 Accumulated other comprehensive loss (32,010 ) (68,544 ) Retained earnings 38,318,368 42,467,837 Total shareholders' equity 58,249,499 62,268,771 Total liabilities and shareholders' equity $ 60,379,532 $ 64,275,862