What changed in this filing

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Item 1A. Risk Factors

2020-07-22 compared with 2020-01-22 · 56 added, 3 removed, 27 unchanged (69% of the section changed)

2 unchanged sentences

factors disclosed in our Annual Report on Form 10-K for the fiscal year ended

March 31, 2019.

March 31, 2020, except the following two risk factors are replaced in their

entirety by the following to reflect the expiration of certain COVID-19 related

restrictions:

Public health crises could have an adverse effect on our operations and

financial results.

Public health crises could adversely affect our

ongoing business operations.

In particular, the COVID-19 pandemic has severely

impacted global economic activity and caused many of our important customers to

delay or cancel orders.

We were allowed to operate under Minnesota Emergency Executive

Orders because the Company is in several Critical Sectors as defined

in the Orders, however there can be no assurance we will be exempted from any

future restrictions imposed by Federal, State, or local authorities in response

to possible future surges or waves of COVID-19.

Such restrictions

could limit or prohibit our operations.

Furthermore, if one or more of our employees

become infected with COVID-19, we could be forced to curtail or cease operations

to protect the health of our employees or to prevent the spread of the disease.

Additionally, any customer or supplier disruptions could affect our ability to

These and other impacts of COVID-19 pandemic or other public health crises

could have a material adverse effect on our results of operations or our financial

The loss of supply from any of our packaging vendors could impact our ability

to produce and deliver products and cause loss of revenue.

We are dependent on our packaging vendors.

of the unique materials our products use, the complexity of some of our products,

unique magnetic requirements, and high isolation voltage specifications, many

of our products are more challenging to package than conventional integrated circuits.

Some of our products use processes or tooling unique to a particular packaging

vendor, and it might be expensive, time-consuming, or impractical to convert to

another vendor in the event of a supply interruption due to vendors business

decisions, business condition, or acts of God, including floods, typhoons, earthquakes,

or pandemics.

One of our packaging vendors was forced to suspend its factory operations

from late March 2020 until mid-May, and has been permitted only limited operation

since mid-May pursuant to COVID-19 government orders.

The COVID-19 pandemic has

also caused shortages of materials and subassemblies our packaging vendors need

for the packaging process.

Additionally, certain of our packaging vendors are

in flood-susceptible areas.

Flooding risks to such vendors may increase in the

future due to possible higher ocean levels, extreme weather, and other potential

effects of climate change.

We have alternate vendors or potential alternate vendors

for the majority of our products, but it can be expensive, time-consuming, and

technically challenging to convert to alternate vendors.

Furthermore, we may not

be able to recover work in process or finished goods at a packaging vendor in

the event of a disruption.

Any supply interruptions or loss of inventory could

seriously jeopardize our ability to provide products that are critical to our

business and operations and may cause us to lose revenue.

Mine Safety Disclosures.

19 unchanged sentences

NVE CORPORATION

January 22, 2020

July 22, 2020

/s/ DANIEL A.

President and Chief Executive Officer

January 22, 2020

July 22, 2020

Chief Financial Officer

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors