NVE Corp
NASDAQ:NVEC
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NVE Corp
NVE Corp. engages in the development and sale of devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. The company is headquartered in Eden Prairie, Minnesota and currently employs 44 full-time employees. The firm manufactures spintronic products, including sensors and couplers that are used to acquire and transmit data. The firm has also licensed its spintronic magnetoresistive random access memory technology (MRAM). Its parts are found Industrial, scientific, and medical applications, as well as the Industrial Internet of Things. The firm's products include sensor, coupler, and MRAM product. Its sensor products detect the strength or gradient of magnetic fields and are often used to determine position or speed. Its spintronic couplers combine a giant magnetoresistance (GMR) sensor element and a microscopic coil. MRAM uses spintronics to store data. The company combines the speed of static random-access memory (SRAM), the density of dynamic random-access memory (DRAM) and the nonvolatility of flash memory.
NVE Corp. engages in the development and sale of devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. The company is headquartered in Eden Prairie, Minnesota and currently employs 44 full-time employees. The firm manufactures spintronic products, including sensors and couplers that are used to acquire and transmit data. The firm has also licensed its spintronic magnetoresistive random access memory technology (MRAM). Its parts are found Industrial, scientific, and medical applications, as well as the Industrial Internet of Things. The firm's products include sensor, coupler, and MRAM product. Its sensor products detect the strength or gradient of magnetic fields and are often used to determine position or speed. Its spintronic couplers combine a giant magnetoresistance (GMR) sensor element and a microscopic coil. MRAM uses spintronics to store data. The company combines the speed of static random-access memory (SRAM), the density of dynamic random-access memory (DRAM) and the nonvolatility of flash memory.
Revenue: Revenue rose 4% from the previous quarter, driven by strong distributor and nondefense sales, but fell 6% year-over-year due to a steep drop in contract R&D revenue.
Margins: Gross margin declined significantly to 78% from 86% a year ago because of a less profitable product mix and higher distributor sales, which typically carry lower margins.
Profitability: Net income for the quarter was $3.31 million ($0.68 per share), down from $4.03 million ($0.83 per share) a year ago, mainly due to lower revenue, lower margins, and a higher tax rate.
Tax Benefits: The company expects its full-year tax rate to fall to 16%-17% thanks to advanced manufacturing investment tax credits and accelerated R&D deductions, which will reduce cash taxes by about $1 million over the next three quarters.
R&D and New Products: NVE launched three new products this quarter and completed installation of new equipment to boost capacity and support advanced packaging, aiming for future growth.
Market Focus: Management emphasized strong growth in core nondefense markets, particularly medical, industrial, and robotics, while defense remains profitable but not a primary growth driver.
