NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend

EDEN PRAIRIE, Minn., July 17, 2024 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2024.

Total revenue for the first quarter of fiscal 2025 decreased 23% to $6.78 million from $8.83 million for the prior-year quarter. The decrease was due to a 24% decrease in product sales partially offset by a 28% increase in contract research and development revenue. Net income for the first quarter of fiscal 2025 decreased 7% to $4.10 million, or $0.85 per diluted share, compared to $4.40 million, or $0.91 per share, for the prior-year quarter.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable August 30, 2024, to shareholders of record as of July 29, 2024.

“We are pleased to report solid earnings for the quarter despite a challenging industry environment,” 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, risks and uncertainties related to future dividend payments, 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, 2024.