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NVE Corporation (NVEC-0.73%) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $5,063,045 from $6,756,260 in the same quarter the previous year. The decrease is attributed to a 22% decline in product sales and a 74% decrease in contract research and development revenue.
Gross profit for the quarter was $4,265,423, representing 84% of revenue, compared to 80% in the same quarter of the previous year. The increase in gross margin percentage was due to a more profitable product mix and a larger portion of direct rather than distributor sales.
Research and development expenses increased to $869,677 from $540,895, primarily due to increased new product development activities. Selling, general, and administrative expenses rose to $434,783 from $389,311, driven by increased sales and marketing activities.
Net income for the quarter was $3,048,410, down from $4,184,422 in the previous year. The decrease in net income was primarily due to decreased revenue, increased operating expenses, and decreased interest income, partially offset by increased gross profit margin and other income.
For the nine months ended December 31, 2024, total revenue decreased by 18% to $18,604,979, with a 20% decrease in product sales partially offset by a 72% increase in contract research and development revenue.
Cash and cash equivalents were $5,485,684 as of December 31, 2024, compared to $10,283,550 as of March 31, 2024. The decrease was due to cash used in investing and financing activities, partially offset by cash provided by operating activities.
NVE announced a quarterly cash dividend of $1.00 per share to be paid on February 28, 2025, to shareholders of record as of February 3, 2025. The company plans to fund dividends through cash provided by operating activities and proceeds from maturities of marketable securities.
The filing also details the company's lease amendment extending the lease term to May 31, 2031, and provides updates on stock-based compensation, income taxes, and marketable securities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NVE Corporation quarterly 10-Q report dated January 22, 2025. To report an error, please email earnings@qz.com.