What changed in this filing

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Item 1. Financial Statements

2026-07-22 compared with 2026-01-21 · 57 added, 123 removed, 188 unchanged (49% of the section changed)

2 unchanged sentences

BALANCE SHEETS

June 30, 2026

March 31, 2026

1 unchanged sentence

Cash and cash equivalents

Marketable securities, short-term (amortized cost of $ 17,137,942 as of December 31, 2025, and $ 13,730,266 as of March 31, 2025)

Marketable securities, short-term

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

5 unchanged sentences

Less accumulated depreciation and amortization

Fixed assets, net

Deferred tax assets

Marketable securities, long-term (amortized cost of $ 23,310,800 as of December 31, 2025, and $ 26,353,692 as of March 31, 2025)

Net fixed assets

Marketable securities, long-term

Right-of-use asset – operating lease

5 unchanged sentences

Total current liabilities

Deferred tax liabilities

Long-term operating lease liability

2 unchanged sentences

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

4,837,166 issued and outstanding as of June 30, 2026 and March 31, 2026

Additional paid-in capital

7 unchanged sentences

STATEMENTS OF INCOME

Quarter Ended December 31,

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

Quarter Ended December 31,

Unrealized gain (loss) from marketable securities, net of tax

Comprehensive income

See accompanying notes.

NVE CORPORATION

STATEMENTS OF INCOME

Nine Months Ended December 31,

Quarter Ended June 30,

Product sales

14 unchanged sentences

STATEMENTS OF COMPREHENSIVE INCOME

Nine Months Ended December 31,

Unrealized gain from marketable securities, net of tax

Quarter Ended June 30,

Unrealized gain (loss) on marketable securities, net of tax

Comprehensive income

6 unchanged sentences

Comprehensive income:

Unrealized gain on marketable securities, net of tax

Unrealized loss on marketable securities, net of tax

Total comprehensive income

2 unchanged sentences

Balance as of June 30, 2026

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

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 December 31, 2025

* Balances as of March 31, 2026 are derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

9 unchanged sentences

Stock-based compensation

Cash dividends ($1.00 per share of common stock)

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

Balance as of June 30, 2025

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

Exercise of stock options

Comprehensive income:

Unrealized loss on marketable securities, net of tax

Total comprehensive income

Stock-based compensation

Cash dividends ($1.00 per share of common stock)

Balance as of December 31, 2024

* 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.

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

Quarter Ended June 30,

OPERATING ACTIVITIES

Adjustments to reconcile net income to net cash provided by operating activities:

Bonds discount amortization

Bond discount amortization

Stock-based compensation

Deferred income taxes

Non-cash operating lease expense (credit)

Non-cash operating lease expense

Changes in operating assets and liabilities:

5 unchanged sentences

INVESTING ACTIVITIES

Purchases of fixed assets

Purchases of marketable securities

Proceeds from maturities of marketable securities

Purchases of fixed assets

Net cash used in investing activities

Net cash provided by (used in) investing activities

FINANCING ACTIVITIES

Payment of dividends to shareholders

Net proceeds from exercise of stock options

Net cash used in financing activities

Decrease in cash and cash equivalents

Increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of period

12 unchanged sentences

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.

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, which is for the fiscal year ended March 31, 2026.

The results of operations for the quarter ended June 30, 2026, are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2027.

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, 2026.

As of December 31, 2025, there were no changes to our significant accounting policies or estimates.

NEW ACCOUNTING STANDARDS NOT YET ADOPTED

As of June 30, 2026, there were no changes to our significant accounting policies or estimates.

NEW ACCOUNTING STANDARDS

Recently Adopted Accounting Standards

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

2 unchanged sentences

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.

We adopted this practical expedient as permitted by ASU 2025-05.

ASU 2025-05 was effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, which is fiscal 2027 for us.

Adoption of ASU 2025-05 did not have a material impact on our Financial Statements.

New Accounting Standards Not Yet Adopted

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

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

7 unchanged sentences

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.

1 unchanged sentence

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,

Weighted average common shares outstanding – basic

Dilutive effect of stock options

Shares used in computing net income per share – diluted

Nine Months Ended December 31,

Net income per diluted share amounts assume exercise of all in-the-money stock options.

The following table show the components of diluted shares:

Quarter Ended June 30,

Weighted average common shares outstanding – basic

2 unchanged sentences

MARKETABLE SECURITIES

The following table shows the major categories of our marketable securities and their contractual maturities as of December 31, 2025:

The following table shows the major categories of our marketable securities and their contractual maturities as of June 30, 2026:

Money market funds

1 unchanged sentence

Corporate bonds

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.”

Total marketable securities and money market funds represented approximately 69% of our total assets as of June 30, 2026.

Marketable securities as of June 30, 2026, had remaining maturities between two and 56 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, short-term.” Accrued interest receivables were $ 453,532 as of June 30, 2026, and $ 455,566 as of March 31, 2026, 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

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 June 30, 2026

As of March 31, 2026

2 unchanged sentences

Corporate bonds

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

Our available-for-sales securities as of June 30 and March 31, 2026, aggregated into classes of securities, were as follows:

As of June 30, 2026

As of March 31, 2026

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 December 31 and March 31, 2025.

Less Than 12 Months

12 Months or Greater

As of December 31, 2025

As of June 30, 2026

Corporate bonds

4 unchanged sentences

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,

Unrealized gain on marketable securities

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

Quarter Ended June 30,

Unrealized gain (loss) on marketable securities

Unrealized gain (loss) on marketable securities, net of tax

Nine Months Ended December 31,

Unrealized gain on marketable securities

Unrealized gain on marketable securities, net of tax

Inventories are shown in the following table:

June 30, 2026

March 31, 2026

4 unchanged sentences

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.

Stock-based compensation expense was $ 14,049 for the first quarter of fiscal 2027 and $ 6,838 for the first quarter of fiscal 2026.

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

Quarter Ended

Nine Months Ended

Stock options grant

Stock options granted

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 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.

As of June 30, 2026, federal and state estimated tax liabilities of $ 238,356 were included in the balance sheet in “Accrued payroll and other.”

We had no unrecognized tax benefits as of June 30, 2026, 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.

As of June 30, 2026, we had no accrued interest related to uncertain tax positions.

The tax years ended March 31, 2023 through March 31, 2026 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 operating lease expiring May 31, 2031.

We conduct our operations in a leased facility under a non-cancellable 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.

Nine Months Ended Dec.

Details of our operating lease are as follows:

Quarter Ended

Operating lease cost

2 unchanged sentences

Operating cash flows for leases

Right-of-use assets obtained in exchange for new lease liabilities

Operating lease

Remaining lease term

Discount rate

The following table shows the maturities of lease liabilities as of December 31, 2025:

The following table shows the maturities of lease liabilities as of June 30, 2026:

Year Ending March 31,

5 unchanged sentences

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.

The timing and extent of any repurchases depend on market conditions, the trading price of the company’s stock, and other factors, and are 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.

2 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 December 31, 2025.

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

The remaining authorization was $ 3,520,369 as of June 30, 2026.

We did no t repurchase any of our Common Stock during the first quarter of fiscal 2027.

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 $ 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.

Our matching contributions were $ 28,078 for the first quarter of fiscal 2027 and $ 28,834 for the first quarter of fiscal 2026.

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 .

On July 22, 2026 , 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 31, 2026 , to shareholders of record as of the close of business August 3, 2026 .

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