NVE Corporation Reports Fourth Quarter and Fiscal Year Results and Announces Quarterly Dividend

EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--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 AND YEARS 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, 2026 AND 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		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
Total current liabilities		1,141,326			1,168,870
Deferred tax liabilities		248,284			-
Long-term operating lease liability		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