NVE CORP /NEW/ 10-Q

Item 1. Financial Statements. NVE CORPORATION BALANCE SHEETS (Unaudited) Dec. 31, 2025 March 31, 2025 * ASSETS Current assets Cash and cash equivalents $ 3,408,531 $ 8,036,564 Marketable securities, short-term (amortized cost of $ 17,137,942 as of December 31, 2025, and $ 13,730,266 as of March 31, 2025) 17,156,488 13,691,593 Accounts receivable, net of allowance for credit losses of $15,000 2,483,045 3,589,268 Inventories, net 7,271,798 7,449,083 Prepaid expenses and other assets 756,715 433,414 Total current assets 31,076,577 33,199,922 Fixed assets Machinery and equipment 13,834,355 11,758,205 Leasehold improvements 2,059,853 1,956,309 15,894,208 13,714,514 Less accumulated depreciation and amortization 11,996,423 11,727,615 Fixed assets, net 3,897,785 1,986,899 Deferred tax assets 722,602 1,867,069 Marketable securities, long-term (amortized cost of $ 23,310,800 as of December 31, 2025, and $ 26,353,692 as of March 31, 2025) 23,441,471 26,304,623 Right-of-use asset – operating lease 824,631 917,349 Total assets $ 59,963,066 $ 64,275,862 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable $ 226,856 $ 214,691 Accrued payroll and other 504,710 871,169 Operating lease 160,413 83,010 Total current liabilities 891,979 1,168,870 Long-term operating lease liability 773,996 838,221 Total liabilities 1,665,975 2,007,091 Shareholders’ equity Common stock, $ 0.01 par value, 6,000,000 shares authorized; 4,837,166 issued and outstanding as of December 31, 2025 and March 31, 2025 48,372 48,372 Additional paid-in capital 19,904,513 19,821,106 Accumulated other comprehensive income (loss) 116,569 ( 68,544 ) Retained earnings 38,227,637 42,467,837 Total shareholders’ equity 58,297,091 62,268,771 Total liabilities and shareholders’ equity $ 59,963,066 $ 64,275,862 *The March 31, 2025 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025. See accompanying notes. 3 Table of Contents NVE CORPORATION STATEMENTS OF INCOME (Unaudited ) Quarter Ended December 31, 2025 2024 Revenue Product sales $ 5,778,674 $ 4,960,488 Contract research and development 446,102 102,557 Total revenue, net 6,224,776 5,063,045 Cost of sales 1,332,679 797,622 Gross profit 4,892,097 4,265,423 Expenses Research and development 795,585 869,677 Selling, general, and administrative 352,136 434,783 Total expenses 1,147,721 1,304,460 Income from operations 3,744,376 2,960,963 Interest income 461,954 474,180 Other income - 135,057 Income before taxes 4,206,330 3,570,200 Provision for income taxes 821,688 521,790 Net income $ 3,384,642 $ 3,048,410 Net income per share – basic $ 0.70 $ 0.63 Net income per share – diluted $ 0.70 $ 0.63 Cash dividends declared per common share $ 1.00 $ 1.00 Weighted average shares outstanding Basic 4,837,166 4,835,262 Diluted 4,839,257 4,839,124 STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Quarter Ended December 31, 2025 2024 Net income $ 3,384,642 $ 3,048,410 Unrealized gain (loss) from marketable securities, net of tax 26,403 ( 226,848 ) Comprehensive income $ 3,411,045 $ 2,821,562 See accompanying notes. 4 Table of Contents NVE CORPORATION STATEMENTS OF INCOME (Unaudited ) Nine Months Ended December 31, 2025 2024 Revenue Product sales $ 17,826,016 $ 17,680,780 Contract research and development 850,396 924,199 Total revenue, net 18,676,412 18,604,979 Cost of sales 3,893,696 2,720,370 Gross profit 14,782,716 15,884,609 Expenses Research and development 2,389,286 2,595,808 Selling, general, and administrative 1,207,695 1,543,428 Total expenses 3,596,981 4,139,236 Income from operations 11,185,735 11,745,373 Interest income 1,444,492 1,432,568 Other income 3,905 135,057 Income before taxes 12,634,132 13,312,998 Provision for income taxes 2,362,834 2,140,856 Net income $ 10,271,298 $ 11,172,142 Net income per share – basic $ 2.12 $ 2.31 Net income per share – diluted $ 2.12 $ 2.31 Cash dividends declared per common share $ 3.00 $ 3.00 Weighted average shares outstanding Basic 4,837,166 4,834,382 Diluted 4,839,120 4,839,247 STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Nine Months Ended December 31, 2025 2024 Net income $ 10,271,298 $ 11,172,142 Unrealized gain from marketable securities, net of tax 185,113 482,279 Comprehensive income $ 10,456,411 $ 11,654,421 See accompanying notes. 5 Table of Contents NVE CORPORATION STATEMENTS OF SHAREHOLDERS ’ EQUITY (Unaudited) Accumulated Additional Other Common Stock Paid-In Comprehensive Retained Shares Amount Capital Income (Loss) Earnings Total Balance as of March 31, 2025* 4,837,166 $ 48,372 $ 19,821,106 $ ( 68,544 ) $ 42,467,837 $ 62,268,771 Comprehensive income: Unrealized gain on marketable securities, net of tax 75,362 75,362 Net income 3,575,818 3,575,818 Total comprehensive income 3,651,180 Stock-based compensation 6,838 6,838 Cash dividends paid ($1.00 per share of common stock) ( 4,837,166 ) ( 4,837,166 ) Balance as of June 30, 2025 4,837,166 $ 48,372 $ 19,827,944 $ 6,818 $ 41,206,489 $ 61,089,623 Comprehensive income: Unrealized gain on marketable securities, net of tax 83,348 83,348 Net income 3,310,838 3,310,838 Total comprehensive income 3,394,186 Stock-based compensation 66,312 66,312 Cash dividends ($1.00 per share of common stock) ( 4,837,166 ) ( 4,837,166 ) Balance as of September 30, 2025 4,837,166 $ 48,372 $ 19,894,256 $ 90,166 $ 39,680,161 $ 59,712,955 Comprehensive income: Unrealized gain on marketable securities, net of tax 26,403 26,403 Net income 3,384,642 3,384,642 Total comprehensive income 3,411,045 Stock-based compensation 10,257 10,257 Cash dividends ($1.00 per share of common stock) ( 4,837,166 ) ( 4,837,166 ) Balance as of December 31, 2025 4,837,166 $ 48,372 $ 19,904,513 $ 116,569 $ 38,227,637 $ 58,297,091 * 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. See accompanying notes. 6 Table of Contents NVE CORPORATION STATEMENTS OF SHAREHOLDERS ’ EQUITY (Unaudited) Accumulated Additional Other Common Stock Paid-In Comprehensive Retained Shares Amount Capital Income (Loss) Earnings Total Balance as of March 31, 2024* 4,833,676 $ 48,337 $ 19,554,812 $ ( 777,637 ) $ 46,743,005 $ 65,568,517 Comprehensive income: Unrealized gain on marketable securities, net of tax 28,710 28,710 Net income 4,097,587 4,097,587 Total comprehensive income 4,126,297 Stock-based compensation 18,442 18,442 Cash dividends ($1.00 per share of common stock) ( 4,833,676 ) ( 4,833,676 ) Balance as of June 30, 2024 4,833,676 $ 48,337 $ 19,573,254 $ ( 748,927 ) $ 46,006,916 $ 64,879,580 Exercise of stock options 344 3 ( 32 ) ( 29 ) Comprehensive income: Unrealized gain on marketable securities, net of tax 680,417 680,417 Net income 4,026,145 4,026,145 Total comprehensive income 4,706,562 Stock-based compensation 105,203 105,203 Cash dividends ($1.00 per share of common stock) ( 4,833,676 ) ( 4,833,676 ) Balance as of September 30, 2024 4,834,020 $ 48,340 $ 19,678,425 $ ( 68,510 ) $ 45,199,385 $ 64,857,640 Exercise of stock options 3,146 32 114,159 114,191 Comprehensive income: Unrealized loss on marketable securities, net of tax ( 226,848 ) ( 226,848 ) Net income 3,048,410 3,048,410 Total comprehensive income 2,821,562 Stock-based compensation 14,261 14,261 Cash dividends ($1.00 per share of common stock) ( 4,835,166 ) ( 4,835,166 ) Balance as of December 31, 2024 4,837,166 $ 48,372 $ 19,806,845 $ ( 295,358 ) $ 43,412,629 $ 62,972,488 * 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. See accompanying notes. 7 Table of Contents NVE CORPORATION STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended December 31, 2025 2024 OPERATING ACTIVITIES Net income $ 10,271,298 $ 11,172,142 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 268,808 241,816 Bonds discount amortization ( 255,802 ) ( 212,554 ) Stock-based compensation 83,407 137,906 Deferred income taxes 1,092,621 ( 371,436 ) Non-cash operating lease expense (credit) 105,896 ( 63,322 ) Changes in operating assets and liabilities: Accounts receivable 1,106,223 1,789,769 Inventories 177,285 ( 629,039 ) Prepaid expenses and other assets ( 323,301 ) ( 47,132 ) Accounts payable 12,165 27,529 Accrued payroll and other ( 366,459 ) ( 217,626 ) Net cash provided by operating activities 12,172,141 11,828,053 INVESTING ACTIVITIES Purchases of marketable securities ( 10,108,982 ) ( 11,279,773 ) Proceeds from maturities of marketable securities 10,000,000 10,205,000 Purchases of fixed assets ( 2,179,694 ) ( 1,162,790 ) Net cash used in investing activities ( 2,288,676 ) ( 2,237,563 ) FINANCING ACTIVITIES Payment of dividends to shareholders ( 14,511,498 ) ( 14,502,518 ) Net proceeds from exercise of stock options - 114,162 Net cash used in financing activities ( 14,511,498 ) ( 14,388,356 ) Decrease in cash and cash equivalents ( 4,628,033 ) ( 4,797,866 ) Cash and cash equivalents at beginning of period 8,036,564 10,283,550 Cash and cash equivalents at end of period $ 3,408,531 $ 5,485,684 Supplemental disclosures of cash flow information: Cash paid during the period for income taxes $ 1,694,659 $ 2,782,289 See accompanying notes. 8 Table of Contents NVE CORPORATION NOTES TO FINANCIAL STATEMENTS (Unaudited) NOTE 1. DESCRIPTION OF BUSINESS We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, certain disclosures have been omitted as allowed, and the Notes to Financial Statements have been condensed as permitted. 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. 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 December 31, 2025, there were no changes to our significant accounting policies or estimates. NOTE 3. NEW ACCOUNTING STANDARDS NOT YET ADOPTED 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). ASU 2024-03 aims to enhance transparency for users of financial statements by requiring public business entities to disaggregate specific expense categories. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date , which clarified the effective date for non-calendar year-end entities such as us. ASU 2024-03 mandates disclosures in the notes to financial statements detailing the composition and trends of key expense categories within major income statement captions. These enhanced disclosures are intended to help investors more effectively assess the entity’s performance, understand its cost structure, and make more accurate forecasts of future cash flows. For public business entities, ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, which for us will be for fiscal 2028 and for interim reporting periods beginning with the first quarter of fiscal 2029. The adoption will result in disclosure changes only. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. 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 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. 9 Table of Contents NOTE 4. NET INCOME PER SHARE Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume exercise of all stock options. The following tables show the components of diluted shares: Quarter Ended December 31, 2025 2024 Weighted average common shares outstanding – basic 4,837,166 4,835,262 Dilutive effect of stock options 2,091 3,862 Shares used in computing net income per share – diluted 4,839,257 4,839,124 Nine Months Ended December 31, 2025 2024 Weighted average common shares outstanding – basic 4,837,166 4,834,382 Dilutive effect of stock options 1,954 4,865 Shares used in computing net income per share – diluted 4,839,120 4,839,247 NOTE 5. MARKETABLE SECURITIES The following table shows the major categories of our marketable securities and their contractual maturities as of December 31, 2025: Total <1 Year 1–3 Years 3–4 Years Money market funds $ 2,991,905 $ 2,991,905 $ - $ - Treasury securities 4,731,027 - 4,731,027 - Corporate bonds 35,866,932 17,156,488 14,695,231 4,015,213 Total $ 43,589,864 $ 20,148,393 $ 19,426,258 $ 4,015,213 Total marketable securities and money market funds represented approximately 73% of our total assets as of December 31, 2025. Marketable securities as of December 31, 2025, had remaining maturities between three weeks and 40 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 $ 382,896 as of December 31, 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 December 31, 2025, aggregated by credit rating: Credit Rating Fair Value AAA $ 7,722,932 AA+ 3,970,369 AA 4,952,313 AA- 13,808,329 A+ 13,135,921 Total $ 43,589,864 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 December 31, 2025 As of March 31, 2025 Level 1 Level 2 Total Level 1 Level 2 Total Money market funds $ 2,991,905 $ - $ 2,991,905 $ 7,905,042 $ - $ 7,905,042 Treasury securities - 4,731,027 4,731,027 - 4,715,238 4,715,238 Corporate bonds - 35,866,932 35,866,932 - 35,280,978 35,280,978 Total $ 2,991,905 $ 40,597,959 $ 43,589,864 $ 7,905,042 $ 39,996,216 $ 47,901,258 10 Table of Contents Our available-for-sale securities as of December 31 and March 31, 2025, aggregated into classes of securities, were as follows: As of December 31, 2025 As of March 31, 2025 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Money market funds $ 2,991,905 $ - $ - $ 2,991,905 $ 7,905,042 $ - $ - $ 7,905,042 Treasury securities 4,699,812 31,215 - 4,731,027 4,699,686 15,552 - 4,715,238 Corporate bonds 35,748,930 134,856 ( 16,854 ) 35,866,932 35,384,272 55,858 ( 159,152 ) 35,280,978 Total $ 43,440,647 $ 166,071 $ ( 16,854 ) $ 43,589,864 $ 47,989,000 $ 71,410 $ ( 159,152 ) $ 47,901,258 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 December 31 and March 31, 2025. Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses As of December 31, 2025 Corporate bonds $ - $ - $ 8,233,807 $ ( 16,854 ) $ 8,233,807 $ ( 16,854 ) Total $ - $ - $ 8,233,807 $ ( 16,854 ) $ 8,233,807 $ ( 16,854 ) As of March 31, 2025 Corporate bonds $ 7,323,059 $ ( 31,808 ) $ 21,020,717 $ ( 127,344 ) $ 28,343,776 $ ( 159,152 ) Total $ 7,323,059 $ ( 31,808 ) $ 21,020,717 $ ( 127,344 ) $ 28,343,776 $ ( 159,152 ) None of the securities were impaired at acquisition, and subsequent declines in fair value are attributable to interest rate increases. We do not intend to sell, and it is not more likely than not that we will be required to sell, these securities before recovery of their amortized cost basis. The issuers continue to make timely interest payments on these securities. Unrealized gains on our marketable securities and their tax effects are as follows: Quarter Ended December 31, 2025 2024 Unrealized gain on marketable securities $ 33,798 $ ( 290,384 ) Tax effects ( 7,395 ) 63,536 Unrealized gain (loss) on marketable securities, net of tax $ 26,403 $ ( 226,848 ) Nine Months Ended December 31, 2025 2024 Unrealized gain on marketable securities $ 236,960 $ 617,665 Tax effects ( 51,847 ) ( 135,386 ) Unrealized gain on marketable securities, net of tax $ 185,113 $ 482,279 NOTE 6. INVENTORIES Inventories are shown in the following table: Dec. 31, 2025 March 31, 2025 Raw materials $ 1,615,202 $ 1,608,632 Work in process 3,222,657 3,609,273 Finished goods 2,433,939 2,231,178 Total inventories $ 7,271,798 $ 7,449,083 11 Table of Contents NOTE 7. STOCK-BASED COMPENSATION Stock-based compensation expense was $ 10,257 for the third quarter of fiscal 2026, $ 14,261 for the third quarter of fiscal 2025, $ 83,407 for the first nine months of fiscal 2026, and $ 137,906 for the first nine months of fiscal 2025. We calculate share-based compensation expense using the Black-Scholes-Merton standard option-pricing model . Quarter Ended December 31, Nine Months Ended December 31, 2025 2024 2025 2024 Stock options grant - - 6,500 6,500 Stock options exercised - 8,000 - 9,000 NOTE 8. INCOME TAXES 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 December 31, 2025, federal estimated tax overpayments of $ 181,860 were included in the balance sheet in “Prepaid expenses and other assets” and a state tax balance due of $809 was included in “Accrued payroll and other.” We had no unrecognized tax benefits as of December 31, 2025 and March 31, 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 December 31, 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. NOTE 9. LEASES 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. 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 Dec. 31 Nine Months Ended Dec. 31 2025 2024 2025 2024 Operating lease cost $ 48,214 44,727 $ 144,643 120,235 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for leases $ 46,249 45,341 $ 38,746 136,023 Right-of-use assets obtained in exchange for new lease liabilities Operating lease $ 710,665 710,665 $ 710,665 710,665 Remaining lease term 65 months 78 months 65 months 78 months Discount rate 7.8 % 7.8 % 7.8 % 7.8 % 12 Table of Contents The following table shows the maturities of lease liabilities as of December 31, 2025: Year Ending March 31, Operating Lease Liabilities 2026 46,249 2027 172,142 2028 213,284 2029 220,216 2030 227,373 2031 234,762 2032 40,399 Total lease payments 1,154,425 Imputed lease interest ( 220,016 ) Total lease liabilities $ 934,409 NOTE 10. STOCK REPURCHASE PROGRAM On January 21, 2009, we announced that our Board of Directors authorized the repurchase of up to $ 2,500,000 of our Common Stock from time to time in open market, block, or privately negotiated transactions. The timing and extent of any repurchases depend on market conditions, the trading price of the company’s stock, and other factors, and subject to the restrictions relating to volume, price, and timing under applicable law. On August 27, 2015, we announced that our Board of Directors authorized up to $5,000,000 of additional repurchases. Our repurchase program does not have an expiration date and does not obligate us to purchase any shares. The Program may be modified or discontinued at any time without notice. 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 December 31, 2025. We have no t repurchased any of our Common Stock during fiscal 2026. NOTE 11. INFORMATION AS TO EMPLOYEE STOCK PURCHASE, SAVINGS, AND SIMILAR PLANS All of our employees are eligible to participate in our 401(k) savings plan the first quarter after reaching age 18. Employees may contribute up to the Internal Revenue Code maximum. We make matching contributions of 100 % of the first 3 % of participants’ salary deferral contributions. Our matching contributions were $ 24,462 for the third quarter of fiscal 2026, $ 22,375 for the third quarter of fiscal 2025, $ 77,037 for the first nine months of fiscal 2026, and $ 72,442 for the first nine months of fiscal 2025. NOTE 12. SUBSEQUENT EVENTS On January 21, 2026 , we announced that our Board of Directors had declared a cash dividend of $ 1.00 per share of Common Stock, to be paid on February 27, 2026 , to shareholders of record as of the close of business on February 2, 2026 . 13 Table of Contents