What changed in this filing

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Item 1. Financial Statements

2025-10-22 compared with 2025-07-23 · 94 added, 40 removed, 206 unchanged (39% of the section changed)

2 unchanged sentences

BALANCE SHEETS

June 30, 2025

March 31, 2025

1 unchanged sentence

Cash and cash equivalents

Marketable securities, short-term (amortized cost of $ 12,610,115 as of June 30, 2025, and $ 13,730,266 as of March 31, 2025)

Marketable securities, short-term (amortized cost of $ 12,597,421 as of September 30, 2025, and $ 13,730,266 as of March 31, 2025)

Accounts receivable, net of allowance for credit losses of $ 15,000

7 unchanged sentences

Deferred tax assets

Marketable securities, long-term (amortized cost of $ 31,679,330 as of June 30, 2025, and $ 26,353,692 as of March 31, 2025)

Marketable securities, long-term (amortized cost of $ 27,771,414 as of September 30, 2025, and $ 26,353,692 as of March 31, 2025)

Right-of-use asset – operating lease

9 unchanged sentences

Common stock, $ 0.01 par value, 6,000,000 shares authorized;

4,837,166 issued and outstanding as of June 30, 2025 and March 31, 2025

4,837,166 issued and outstanding as of September 30, 2025 and March 31, 2025

Additional paid-in capital

7 unchanged sentences

STATEMENTS OF INCOME

Quarter Ended June 30,

Quarter Ended September 30,

Product sales

14 unchanged sentences

STATEMENTS OF COMPREHENSIVE INCOME

Quarter Ended June 30,

Unrealized gain on marketable securities, net of tax

Quarter Ended September 30,

Unrealized gain from marketable securities, net of tax

Comprehensive income

1 unchanged sentence

NVE CORPORATION

STATEMENTS OF INCOME

Six Months Ended September 30,

Product sales

Contract research and development

Total revenue, net

Cost of sales

Research and development

Selling, general, and administrative

Total expenses

Income from operations

Interest income

Income before taxes

Provision for income taxes

Net income per share – basic

Net income per share – diluted

Cash dividends declared per common share

Weighted average shares outstanding

STATEMENTS OF COMPREHENSIVE INCOME

Six Months Ended September 30,

Unrealized gain from marketable securities, net of tax

Comprehensive income

See accompanying notes.

NVE CORPORATION

STATEMENTS OF SHAREHOLDERS ’ EQUITY

8 unchanged sentences

Balance as of June 30, 2025

Comprehensive income:

Unrealized gain on marketable securities, net of tax

Total comprehensive income

Stock-based compensation

Cash dividends ($1.00 per share of common stock)

Balance as of September 30, 2025

* Balances as of March 31, 2025 are derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

9 unchanged sentences

Stock-based compensation

Cash dividends paid ($1.00 per share of common stock)

Cash dividends ($1.00 per share of common stock)

Balance as of June 30, 2024

Exercise of stock options

Comprehensive income:

Unrealized gain on marketable securities, net of tax

Total comprehensive income

Stock-based compensation

Cash dividends ($1.00 per share of common stock)

Balance as of September 30, 2024

* Balances as of March 31, 2024 are derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Quarter Ended June 30,

Six Months Ended September 30,

OPERATING ACTIVITIES

16 unchanged sentences

FINANCING ACTIVITIES

Payments on exercise of stock options

Payment of dividends to shareholders

16 unchanged sentences

It is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and Notes included in our latest Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

The results of operations for the quarter ended June 30, 2025, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2026.

Sales, expenses, cash flows, assets, and liabilities can and do vary throughout the year, therefore are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2026.

Significant accounting policies

A description of our significant accounting policies and estimates is provided in Note 2 to the Financial Statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

As of June 30, 2025, there were no changes to our significant accounting policies or estimates.

As of September 30, 2025, there were no changes to our significant accounting policies or estimates.

NEW ACCOUNTING STANDARDS NOT YET ADOPTED

In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No.

In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No.

2025-05, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses for Accounts Receivable and Contract Assets .

ASU 2025-05 aims to reduce the cost and complexity of estimating credit losses while maintaining decision-useful information for financial statement users.

The guidance allows a practical expedient of assuming current conditions as of the balance sheet date remain unchanged for the remaining life of the assets.

ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, which will be for fiscal 2027 for us, with early adoption permitted.

We are not currently planning early adoption.

Adoption of ASU 2025-05 will result in disclosure changes, however we do not currently expect the adoption to have a material impact on our financial statements.

In November 2024, the FASB issued Accounting Standards Update (ASU) No.

2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40).

11 unchanged sentences

ASU 2023-09 requires additional quantitative and qualitative income tax disclosures to enable financial statements users to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows.

For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024, which for us will be for fiscal 2026.

The adoption will result in disclosure changes only.

For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024, which is fiscal 2026 for us.

The adoption will result in disclosure changes only in our next Annual Report on Form 10-K.

We do not expect the adoption of other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date to have a material impact on our financial statements when they are adopted.

3 unchanged sentences

The following tables show the components of diluted shares:

Quarter Ended June 30,

Quarter Ended September 30,

Weighted average common shares outstanding – basic

1 unchanged sentence

Shares used in computing net income per share – diluted

Six Months Ended September 30,

Weighted average common shares outstanding – basic

Dilutive effect of stock options

Shares used in computing net income per share – diluted

MARKETABLE SECURITIES

The following table shows the major categories of our marketable securities and their contractual maturities as of June 30, 2025:

The following table shows the major categories of our marketable securities and their contractual maturities as of September 30, 2025:

Money market funds

1 unchanged sentence

Corporate bonds

Total marketable securities and money market funds represented approximately 74% of our total assets as of June 30, 2025.

Marketable securities as of June 30, 2025, had remaining maturities between two and 46 months.

Money market funds are included on the balance sheets in “Cash and cash equivalents.” Corporate bonds are included in “Marketable securities, short term” and “Marketable securities, long term.” Treasury securities are included in “Marketable securities, long term.” Accrued interest receivables were $ 455,810 as of June 30, 2025, and $ 340,241 as of March 31, 2025, and are included in the balance sheets in “Prepaid expenses and other assets.”

Total marketable securities and money market funds represented approximately 74% of our total assets as of September 30, 2025.

Marketable securities as of September 30, 2025, had remaining maturities between 16 weeks and 43 months.

Money market funds are included on the balance sheets in “Cash and cash equivalents.” Corporate bonds are included in “Marketable securities, short term” and “Marketable securities, long term.” Treasury securities are included in “Marketable securities, long term.” Accrued interest receivables were $ 400,667 as of September 30, 2025, and $ 340,241 as of March 31, 2025, and are included in the balance sheets in “Prepaid expenses and other assets.”

We monitor the credit ratings of our marketable securities at least quarterly as reported by Standard & Poor’s.

The following table summarizes the fair values of our marketable securities as of June 30, 2025, aggregated by credit rating:

The following table summarizes the fair values of our marketable securities as of September 30, 2025, aggregated by credit rating:

Credit Rating

The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values:

As of June 30, 2025

As of September 30, 2025

As of March 31, 2025

2 unchanged sentences

Corporate bonds

Our available-for-sales securities as of June 30 and March 31, 2025, aggregated into classes of securities, were as follows:

As of June 30, 2025

Our available-for-sales securities as of September 30 and March 31, 2025, aggregated into classes of securities, were as follows:

As of September 30, 2025

As of March 31, 2025

2 unchanged sentences

Corporate bonds

The following table shows the gross unrealized holding losses and estimated fair value of our marketable securities, aggregated by category of securities and length of time that individual securities had been in a continuous unrealized loss position as of June 30 and March 31, 2025.

Less Than 12 Months

12 Months or Greater

As of June 30, 2025

As of September 30, 2025

Corporate bonds

5 unchanged sentences

Unrealized gains on our marketable securities and their tax effects are as follows:

Quarter Ended June 30,

Quarter Ended September 30,

Unrealized gain on marketable securities

Unrealized gain on marketable securities, net of tax

Six Months Ended September 30,

Unrealized gain on marketable securities

Unrealized gain on marketable securities, net of tax

Inventories are shown in the following table:

June 30, 2025

March 31, 2025

4 unchanged sentences

STOCK-BASED COMPENSATION

Stock-based compensation expense was $ 6,838 for the first quarter of fiscal 2026 and $ 18,442 for the first quarter of fiscal 2025.

Stock-based compensation expense was $ 66,312 for the second quarter of fiscal 2026, $ 105,203 for the second quarter of fiscal 2025, $ 73,150 for the first six months of fiscal 2026, and $ 123,645 for the first six months of fiscal 2025.

We calculate share-based compensation expense using the Black-Scholes-Merton standard option-pricing model .

Quarter Ended

Stock options granted

September 30,

Six Months Ended

September 30,

Stock options grant

Stock options exercised

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

As of June 30, 2025, federal and state estimated tax liabilities of $ 952,884 were included in the balance sheet in “Accrued payroll and other.”

We had no unrecognized tax benefits as of June 30, 2025, and we do no t expect any significant unrecognized tax benefits within 12 months of the reporting date.

As of September 30, 2025, federal and state estimated tax overpayments of $ 462,533 were included in the balance sheet in “Prepaid expenses and other assets.”

We had no unrecognized tax benefits as of September 30, 2025, and we do no t expect any significant unrecognized tax benefits within 12 months of the reporting date.

We recognize interest and penalties related to income tax matters in income tax expense.

As of June 30, 2025, we had no accrued interest related to uncertain tax positions.

As of September 30, 2025, we had no accrued interest related to uncertain tax positions.

The tax years ended March 31, 2021 through March 31, 2025 remain open to examination by the major taxing jurisdictions to which we are subject.

We conduct our operations in a leased facility under a non-cancellable lease expiring May 31, 2031.

We conduct our operations in a leased facility under a non-cancellable operating lease expiring May 31, 2031.

Our lease does not provide an implicit interest rate, so we used our incremental borrowing rate to determine the present value of lease payments.

Lease expense is recognized on a straight-line basis over the lease term.

Details of our operating lease are as follows:

Quarter Ended

Effective November 4, 2024 we executed an Amendment extending our lease, which would have expired March 31, 2026 without the Amendment.

Details of our lease are as follows:

Quarter Ended Sept.

Six Months Ended Sept.

Operating lease cost

6 unchanged sentences

Discount rate

The following table shows the maturities of lease liabilities as of June 30, 2025:

The following table shows the maturities of lease liabilities as of September 30, 2025:

Year Ending March 31,

10 unchanged sentences

We intend to finance any stock repurchases with cash provided by operating activities or maturing marketable securities.

The remaining authorization was $ 3,520,369 as of June 30, 2025.

We did no t repurchase any of our Common Stock during the first quarter of fiscal 2026.

The remaining authorization was $ 3,520,369 as of September 30, 2025.

We have no t repurchased any of our Common Stock during fiscal 2026.

INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS

2 unchanged sentences

We make matching contributions of 100 % of the first 3 % of participants’ salary deferral contributions.

Our matching contributions were $ 28,834 for the first quarter of fiscal 2026 and $ 28,767 for the first quarter of fiscal 2025.

Our matching contributions were $ 23,742 for the second quarter of fiscal 2026, $ 21,300 for the second quarter of fiscal 2025, $ 52,575 for the first six months of fiscal 2026, and $ 50,067 for the first six months of fiscal 2025.

SUBSEQUENT EVENTS

On July 23, 2025 , we announced that our Board of Directors had declared a quarterly cash dividend of $ 1.00 per share of Common Stock to be paid August 29, 2025 , to shareholders of record as of the close of business August 4, 2025 .

On October 22, 2025 , we announced that our Board of Directors had declared a quarterly cash dividend of $ 1.00 per share of Common Stock to be paid November 28, 2025 , to shareholders of record as of the close of business on November 3, 2025 .

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 1. Financial Statements