$NVEC
NVE CORP /NEW/

2023 Q4 Form 10-Q Financial Statement

#000175392623001369 Filed on October 18, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $6.756M $7.133M
YoY Change -8.72% -33.44%
Cost Of Revenue $1.355M $1.600M
YoY Change -8.34% -33.42%
Gross Profit $5.401M $5.533M
YoY Change -8.81% -33.45%
Gross Profit Margin 79.94% 77.57%
Selling, General & Admin $389.3K $230.0K
YoY Change -3.5% -47.2%
% of Gross Profit 7.21% 4.16%
Research & Development $540.9K $683.2K
YoY Change -22.8% 1.97%
% of Gross Profit 10.01% 12.35%
Depreciation & Amortization $46.07K $50.00K
YoY Change 59.25% -29.8%
% of Gross Profit 0.85% 0.9%
Operating Expenses $930.2K $914.1K
YoY Change -15.75% -17.32%
Operating Profit $4.471M $4.619M
YoY Change -7.23% -35.93%
Interest Expense $491.7K $510.0K
YoY Change 21.07% 45.14%
% of Operating Profit 11.0% 11.04%
Other Income/Expense, Net
YoY Change
Pretax Income $4.963M $5.131M
YoY Change -5.03% -32.13%
Income Tax $778.2K $407.9K
% Of Pretax Income 15.68% 7.95%
Net Earnings $4.184M $4.724M
YoY Change -1.11% -22.44%
Net Earnings / Revenue 61.93% 66.22%
Basic Earnings Per Share $0.87 $0.98
Diluted Earnings Per Share $0.87 $0.98
COMMON SHARES
Basic Shares Outstanding 4.833M shares 4.833M shares
Diluted Shares Outstanding 4.837M shares 4.841M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.02M $14.20M
YoY Change 53.8% 2.08%
Cash & Equivalents $4.685M $6.953M
Short-Term Investments $14.34M $7.200M
Other Short-Term Assets $597.3K $1.100M
YoY Change -35.37% 83.06%
Inventory $7.350M $6.968M
Prepaid Expenses $597.3K $1.065M
Receivables $2.246M $2.916M
Other Receivables $0.00 $0.00
Total Short-Term Assets $29.21M $25.13M
YoY Change 33.71% -3.98%
LONG-TERM ASSETS
Property, Plant & Equipment $1.455M $1.207M
YoY Change -21.47% 174.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $35.67M $39.60M
YoY Change -13.35% 0.22%
Other Assets $1.290M $1.400M
YoY Change 49.61% 56.59%
Total Long-Term Assets $1.130M $42.58M
YoY Change -18.89% 3.01%
TOTAL ASSETS
Total Short-Term Assets $29.21M $25.13M
Total Long-Term Assets $1.130M $42.58M
Total Assets $67.63M $67.71M
YoY Change 2.89% 0.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $170.7K $244.2K
YoY Change -63.75% -38.83%
Accrued Expenses $460.4K $539.5K
YoY Change -63.03% -82.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $809.6K $961.3K
YoY Change -56.88% -71.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $218.8K $300.0K
YoY Change -44.93% -19.99%
Total Long-Term Liabilities $218.8K $300.0K
YoY Change -44.93% -19.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $809.6K $961.3K
Total Long-Term Liabilities $218.8K $300.0K
Total Liabilities $1.028M $1.222M
YoY Change -54.79% -67.79%
SHAREHOLDERS EQUITY
Retained Earnings $47.76M $48.41M
YoY Change 4.87% 4.91%
Common Stock $48.33K $48.33K
YoY Change 0.05% -99.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.60M $66.49M
YoY Change
Total Liabilities & Shareholders Equity $67.63M $67.71M
YoY Change 2.89% 0.3%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $4.184M $4.724M
YoY Change -1.11% -22.44%
Depreciation, Depletion And Amortization $46.07K $50.00K
YoY Change 59.25% -29.8%
Cash From Operating Activities $4.735M $5.350M
YoY Change -12.28% -11.13%
INVESTING ACTIVITIES
Capital Expenditures -$3.270K $20.00K
YoY Change -99.63%
Acquisitions
YoY Change
Other Investing Activities -$2.163M $5.000M
YoY Change 74.79% -145.85%
Cash From Investing Activities -$2.170M $4.990M
YoY Change 2.32% -145.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.830M -4.840M
YoY Change -0.02% 0.19%
NET CHANGE
Cash From Operating Activities 4.735M 5.350M
Cash From Investing Activities -2.170M 4.990M
Cash From Financing Activities -4.830M -4.840M
Net Change In Cash -2.265M 5.500M
YoY Change 45.77% -156.61%
FREE CASH FLOW
Cash From Operating Activities $4.735M $5.350M
Capital Expenditures -$3.270K $20.00K
Free Cash Flow $4.738M $5.330M
YoY Change -24.56% -11.46%

Facts In Submission

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StockholdersEquity
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CY2022Q3 us-gaap Net Income Loss
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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IncomeTaxesPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80C_eus-gaap--NatureOfOperations_zvN8HjqLJ6Q1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_824_zdeMtls2LuC4">DESCRIPTION OF BUSINESS</span></b> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. </span></p>
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4833401 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4830826 shares
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
7369 shares
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
130 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4840770 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4830956 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
7902 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
101 shares
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
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CY2023Q3 nvec Available For Sale Securities Debt Maturities After One Through Three Years Fair Value
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AvailableForSaleSecuritiesDebtMaturitiesAfterThreeThroughSixYearsFairValue
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nvec Description Of Securities
DescriptionOfSecurities
Total marketable securities represent approximately 79% of our total assets as of September 30, 2023. Marketable securities as of September 30, 2023, had remaining maturities between one and 67 months.
CY2023Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
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AvailableForSaleSecuritiesDebtSecurities
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CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
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CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
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CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
39848531 usd
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CY2023Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
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CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
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CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
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CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
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CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
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CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
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CY2023Q3 nvec Unrealized Loss From Marketable Securities
UnrealizedLossFromMarketableSecurities
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CY2022Q3 nvec Unrealized Loss From Marketable Securities
UnrealizedLossFromMarketableSecurities
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CY2023Q3 nvec Tax Effects
TaxEffects
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TaxEffects
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CY2023Q3 nvec Unrealized Loss From Marketable Securities Net Of Tax
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CY2022Q3 nvec Unrealized Loss From Marketable Securities Net Of Tax
UnrealizedLossFromMarketableSecuritiesNetOfTax
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nvec Unrealized Loss From Marketable Securities
UnrealizedLossFromMarketableSecurities
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nvec Unrealized Loss From Marketable Securities
UnrealizedLossFromMarketableSecurities
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nvec Tax Effects
TaxEffects
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nvec Tax Effects
TaxEffects
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nvec Unrealized Loss From Marketable Securities Net Of Tax
UnrealizedLossFromMarketableSecuritiesNetOfTax
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nvec Unrealized Loss From Marketable Securities Net Of Tax
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
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nvec Specific Accounts Deemed Uncollectible
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CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2023Q3 us-gaap Inventory Raw Materials Net Of Reserves
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CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2023Q3 us-gaap Inventory Work In Process Net Of Reserves
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CY2023Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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InventoryFinishedGoodsNetOfReserves
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CY2023Q3 us-gaap Inventory Net
InventoryNet
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CY2023Q1 us-gaap Inventory Net
InventoryNet
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CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023Q3 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
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CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2023Q3 us-gaap Lessee Operating Lease Discount Rate
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
457040 usd
CY2023Q3 us-gaap Unrecorded Unconditional Purchase Obligation Imputed Interest
UnrecordedUnconditionalPurchaseObligationImputedInterest
18946 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2019Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
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CY2015Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
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CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
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us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
1 pure
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.03 pure
CY2024Q3 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
24406 usd
CY2023Q3 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
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us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
51483 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
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CY2023Q4 us-gaap Subsequent Event Description
SubsequentEventDescription
we announced that our Board of Directors had declared a quarterly cash dividend
CY2023Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.00

Files In Submission

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