Revenue increases 81% and net income increases 79%
EDEN PRAIRIE, Minn.—July 22, 2026—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2026.
Total revenue for the first quarter of fiscal 2027 increased 81% to $11.0 million from $6.10 million for the prior-year quarter. The increase was due to an 82% increase in product sales and a 53% increase in contract research and development revenue. Net income for the first quarter of fiscal 2027 increased 79% to $6.39 million, or $1.32 per diluted share, compared to $3.58 million, or $0.74 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 31, 2026 to shareholders of record as of August 3, 2026.
“We’re pleased to report exceptional growth in revenue and earnings driven by new product sales and a strong semiconductor market,” 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 tariffs, customs, duties, and other trade barriers, 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.
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Contact: investor@nve.com
NVE CORPORATION | |||||||
Quarter Ended June 30, | |||||||
2026 | 2025 | ||||||
Revenue | |||||||
Product sales | $ | 10,734,735 | $ | 5,908,570 | |||
Contract research and development | 299,322 | 196,074 | |||||
Total revenue, net | 11,034,057 | 6,104,644 | |||||
Cost of sales | 2,066,045 | 1,182,523 | |||||
Gross profit | 8,968,012 | 4,922,121 | |||||
Expenses | |||||||
Research and development | 946,582 | 720,231 | |||||
Selling, general, and administrative | 755,594 | 418,640 | |||||
Total expenses | 1,702,176 | 1,138,871 | |||||
Income from operations | 7,265,836 | 3,783,250 | |||||
Interest income | 449,920 | 498,208 | |||||
Other income | - | ||||||
Income before taxes | 7,715,756 | 4,282,269 | |||||
Provision for income taxes | 1,321,565 | 706,451 | |||||
Net income | $ | 6,394,191 | $ | 3,575,818 | |||
Net income per share – basic | $ | 1.32 | $ | 0.74 | |||
Net income per share – diluted | $ | 1.32 | $ | 0.74 | |||
Weighted average shares outstanding | |||||||
Basic | 4,837,166 | 4,837,166 | |||||
Diluted | 4,845,744 | 4,838,877 | |||||
NVE CORPORATION
BALANCE SHEETS
JUNE 30 AND MARCH 31, 2026
(Unaudited) June 30, | March 31, | |||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ | 2,896,148 | $ | 1,714,040 |
Marketable securities, short-term | 18,875,009 | 18,125,060 | ||
Accounts receivable, net of allowance for credit losses of $15,000 | 6,545,713 | 3,408,941 | ||
Inventories, net | 6,673,227 | 7,082,821 | ||
Prepaid expenses and other assets | 685,921 | 1,860,415 | ||
Total current assets | 35,676,018 | 32,191,277 | ||
Fixed assets | ||||
Machinery and equipment | 13,900,632 | 13,843,799 | ||
Leasehold improvements | 2,059,853 | 2,059,853 | ||
15,960,485 | 15,903,652 | |||
Less accumulated depreciation and amortization | 12,419,993 | 12,187,643 | ||
Net fixed assets | 3,540,492 | 3,716,009 | ||
Marketable securities, long-term | 22,137,350 | 23,678,452 | ||
Right-of-use asset – operating lease | 763,080 | 793,794 | ||
Total assets | $ | 62,116,940 | $ | 60,379,532 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Current liabilities | ||||
Accounts payable | $ | 265,953 | $ | 278,599 |
Accrued payroll and other | 1,037,155 | 697,611 | ||
Operating lease | 201,008 | 165,116 | ||
Total current liabilities | 1,504,116 | 1,141,326 | ||
Deferred tax liabilities | 128,217 | 248,284 | ||
Long-term operating lease liability | 704,817 | 740,423 | ||
Total liabilities | 2,337,150 | 2,130,033 | ||
Shareholders’ equity | ||||
Common stock | 48,372 | 48,372 | ||
Additional paid-in capital | 19,928,818 | 19,914,769 | ||
Accumulated other comprehensive income (loss) | (72,793 | ) | (32,010 | ) |
Retained earnings | 39,875,393 | 38,318,368 | ||
Total shareholders’ equity | 59,779,790 | 58,249,499 | ||
Total liabilities and shareholders’ equity | $ | 62,116,940 | $ | 60,379,532 |