UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 000-12196
NVE CORPORATION
(Exact name of registrant as specified in its charter)
Minnesota | 41-1424202 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
11409 Valley View Road, Eden Prairie, Minnesota | 55344 | |
(Address of principal executive offices) | (Zip Code) | |
(952) 829-9217 | ||
(Registrant’s telephone number, including area code) | ||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ | Accelerated filer ☐ | |
Non-accelerated filer ☒ | Smaller reporting company ☒ | |
Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Common Stock, $0.01 par value | NVEC | The NASDAQ Stock Market, LLC |
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $0.01 Par Value – 4,837,166 shares outstanding as of December 31, 2025.
NVE CORPORATION
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
2
PART I–FINANCIAL INFORMATION
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
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
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 gainfrom marketable securities, net of tax | 185,113 | 482,279 | ||||||
Comprehensive income | $ | 10,456,411 | $ | 11,654,421 | ||||
See accompanying notes.
5
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
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
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
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
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
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 gainson 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 gainon 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 |
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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 | Nine Months Ended | |||||||||
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 not 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, 2021through 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 | ||||||||||
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% | ||||||
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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 not 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.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Forward-looking statements
Some of the statements made in this Report or in the documents incorporated by reference in this Report and in other materials filed or to be filed by us with the Securities and Exchange Commission (“SEC”) as well as information included in verbal or written statements made by us constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to the safe harbor provisions of the reform act. Forward-looking statements may be identified by the use of terminology such as may, will, expect, anticipate, intend, believe, estimate, should, or continue, or the negatives of these terms or other variations on these words or comparable terminology. To the extent that this Report contains forward-looking statements regarding the financial condition, operating results, business prospects, or any other aspect of NVE, you should be aware that our actual financial condition, operating results, and business performance may differ materially from that projected or estimated by us in the forward-looking statements. We have attempted to identify, in context, some of the factors that we currently believe may cause actual future experience and results to differ from their current expectations. These differences may be caused by a variety of factors, including but not limited to risks related to our reliance on several large customers for a significant percentage of revenue, uncertainties related to the economic environments in the industries we serve, uncertainties related to future sales and revenues, risks and uncertainties related to tariffs, customs, duties, and other trade barriers, risks and uncertainties related to future stock repurchases and dividend payments, and other specific risks that may be alluded to in this Report or in the documents incorporated by reference in this Report.
Further information regarding our risks and uncertainties is contained in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 as updated in Part II, Item 1A of this report.
General
NVE Corporation referred to as NVE, we, us, or our, develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. We manufacture high-performance spintronic products including sensors and couplers that are used to acquire and transmit data.
Critical accounting policies
A description of our critical accounting policies is provided in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025. As of December 31, 2025, our critical accounting policies and estimates continued to include marketable securities valuation, inventory valuation, and deferred tax assets estimation.
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Quarter ended December 31, 2025, compared to quarter ended December 31, 2024
The table shown below summarizes the percentage of revenue and quarter-to-quarter changes for various items:
Percentage of Revenue Quarter Ended December 31, | Quarter- to-Quarter | |||||||
2025 | 2024 | Change | ||||||
Revenue | ||||||||
Product sales | 92.8 | % | 98.0 | % | 16.5 | % | ||
Contract research and development | 7.2 | % | 2.0 | % | 335.0 | % | ||
Total revenue | 100.0 | % | 100.0 | % | 22.9 | % | ||
Cost of sales | 21.4 | % | 15.8 | % | 67.1 | % | ||
Gross profit | 78.6 | % | 84.2 | % | 14.7 | % | ||
Expenses | ||||||||
Research and development | 12.8 | % | 17.2 | % | (8.5 | ) % | ||
Selling, general, and administrative | 5.6 | % | 8.6 | % | (19.0 | )% | ||
Total expenses | 18.4 | % | 25.8 | % | (12.0 | )% | ||
Income from operations | 60.2 | % | 58.4 | % | 26.5 | % | ||
Interest income | 7.4 | % | 9.4 | % | (2.6 | ) % | ||
Other income | - | % | 2.7 | % | - | |||
Income before taxes | 67.6 | % | 70.5 | % | 17.8 | % | ||
Provision for income taxes | 13.2 | % | 10.3 | % | 57.5 | % | ||
Net income | 54.4 | % | 60.2 | % | 11.0 | % | ||
Total revenue for the quarter ended December 31, 2025 (the third quarter of fiscal 2026) increased 23% compared to the quarter ended December 31, 2024 (the third quarter of fiscal 2025). The increase was due to a 16% increase in product sales and a 335% increase in contract research and development revenue. The increase in product sales was due to increases in both defense and non-defense sales, as well as increases in sales through both direct and distributor channels. The increase in contract research and development revenue was dueto new research and development contracts.
Gross margin for the third quarter of fiscal 2026 was 79% of revenue compared to 84% the prior-year quarter. The decrease in gross margin percentage was due to a less profitable product mix and increased distributor sales for the quarter. Distributor sales typically have lower gross margin than direct sales.
Total expenses decreased 12% for the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025, due to a9% decrease in research and development expense and a 19% decrease in selling, general, and administrative expense. The decrease in research and development expense was due to the completion of some of our wafer-level chip scale packaging activities and reassignment of some research and development resources to manufacturing. The decrease in selling, general, and administrative expenses was primarily due to the timing of marketing activities and reassignment of some selling, general and administrative resources to manufacturing and new product development.
Interest income decreased 3% due to decrease in our marketable securities portfolio as proceeds from bond maturities partially funded dividends and fixed asset purchases. Other income decreased by $135,057, which was primarily from reclaiming precious metals used in our manufacturing process in the prior-year quarter.
Our effective tax rate, which is the provision for income taxes as a percentage of income before taxes, increased to 20% for the third quarter of fiscal 2026 from 15% for the third quarter of fiscal 2025. The increase in our effective tax rate was primarily due to the unfavorable non-cash impact of tax law changes on certain tax deductions this fiscal year.
We currently expect a full-year tax rate of 16% to 17% for fiscal 2026. This expectation includes the unfavorable impact of tax law changes and the favorable impact of $700,000 to $1,000,000 in anticipated advanced manufacturing investment tax credits.
The increase in net income in the third quarter of fiscal 2026 compared to the prior-year quarter was primarily due to increased revenue and decreased expenses, partially offset by decreased gross margin, decreased interest and other income, and an increase in our effective tax rate.
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Nine months ended December 31, 2025, compared to nine months ended December 31, 2024
The table shown below summarizes the percentage of revenue and year-to-year changes for various items:
Percentage of Revenue Nine Months Ended Dec. 31, | Period- to-Period | |||||||
2025 | 2024 | Change | ||||||
Revenue | ||||||||
Product sales | 95.4 | % | 95.0 | % | 0.8 | % | ||
Contract research and development | 4.6 | % | 5.0 | % | (8.0 | )% | ||
Total revenue | 100.0 | % | 100.0 | % | 0.4 | % | ||
Cost of sales | 20.8 | % | 14.6 | % | 43.1 | % | ||
Gross profit | 79.2 | % | 85.4 | % | (6.9 | ) % | ||
Expenses | ||||||||
Research and development | 12.8 | % | 14.0 | % | (8.0 | )% | ||
Selling, general, and administrative | 6.5 | % | 8.2 | % | (21.8 | )% | ||
Total expenses | 19.3 | % | 22.2 | % | (13.1 | )% | ||
Income from operations | 59.9 | % | 63.2 | % | (4.8 | ) % | ||
Interest income | 7.7 | % | 7.7 | % | 0.8 | % | ||
Other income | 0.0 | % | 0.7 | % | (97.1 | ) | ||
Income before taxes | 67.6 | % | 71.6 | % | (5.1 | )% | ||
Provision for income taxes | 12.6 | % | 11.6 | % | 10.4 | % | ||
Net income | 55.0 | % | 60.0 | % | (8.1 | )% | ||
Total revenue for the nine months ended December 31, 2025 increased 0.4% compared to the nine months ended December 31, 2024. The increase was due to a 0.8% increase in product sales, partially offset by an 8% decrease in contract research and development revenue. The decrease in contract research and development revenue was primarily due to the timing of revenue recognition and fewer research and development contracts for the nine months ended December 31, 2025, compared to the prior-year period.
Gross margin for the first nine months of fiscal 2026 was 79% of revenue, compared to 85% for the first nine months of fiscal 2025. The decrease in gross margin percentage was due to a less profitable product mix and increased distributor sales for the nine months ended December 31, 2025, compared to the prior-year period. Distributor sales typically have lower gross margin than direct sales.
Total expenses decreased by 13% for the first nine months of fiscal 2026 compared to the first nine months of fiscal 2025, due to an 8% decrease in research and development expense and a 22% decrease in selling, general, and administrative expense. The decrease in research and development expense was due to the completion of some of our wafer-level chip scale packaging activities and reassignment of some research and development resources to manufacturing. The decrease in selling, general, and administrative expenses was primarily due to the timing of marketing activities, and reassignment of some selling, general and administrative resources to manufacturing and new product development.
Our effective tax rate increased to 19% for the first nine months of fiscal 2026 compared to 16% for the first nine months of fiscal 2025. The increase in our effective tax rate was primarily due to the non-cash impact of tax law changes on certain tax deductions this fiscal year.
Net income for first nine months of fiscal 2026 decreased 8% from the prior-year period to $10.3 million, or $2.12 per diluted share. The decrease was primarily due to decreased gross margin, decreased other income, and an increase in our effective tax rate, partially offset by decreased expenses.
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Liquidity and Capital Resources
Overview
Cash and cash equivalents were $3,408,531 as of December 31, 2025, compared to $8,036,564 as of March 31, 2025. The $4,628,033 decrease in cash and cash equivalents during the first nine months of fiscal 2026 was due to $2,288,676 of net cash used in investing activities and $14,511,498 of cash used in financing activities, partially offset by $12,172,141 in net cash provided by operating activities.
Operating Activities
Net cash provided by operating activities related to product sales and research and development contract revenue was our primary source of working capital for the current and prior-year periods.
Non-cash operating lease expenses increased by $105,896 primarily due to our receipt of a $100,000 leasehold improvement allowance.
Accounts receivable decreased by $1,106,223 during the first nine months of fiscal 2026 primarily due to the timing of customer payments.
Inventories decreased by $177,285 due to increased product sales.
Prepaid expenses and other assets increased by $323,301 primarily due to increased accrued bond interest and a decrease in federal and state taxes due. The decrease in taxes due was because we deducted previously unamortized research and development expenses in the quarter ended December 31, 2025 as permitted under the Federal budget reconciliation bill enacted July 4, 2025. We expect accelerated deductions of previously unamortized research and development expenses to reduce our cash taxes for the full fiscal year ending March 31, 2026 by approximately $1,100,000.
Accrued payroll and other current liabilities decreased by $366,459 primarily due to the payment of federal and state taxes balance due as of March 31, 2025 and decreased accrual for performance-based compensation.
Investing Activities
Cash used by investing activities during the nine months ended December 31, 2025, consisted of $10,108,982 of marketable securities purchases and $2,179,694 of fixed asset purchases, partially offset by $10,000,000 in proceeds from maturities of marketable securities. Fixed asset purchases were primarily production equipment.
Financing Activities
Cash used in financing activities during the nine months ended December 31, 2025, consisted of $14,511,498 of cash dividends paid to shareholders.
In addition to cash dividends paid to shareholders in the first nine months of fiscal 2026, on January 21, 2026, we announced that our Board of Directors had declared a cash dividend of $1.00 per share of Common Stock, or $4,837,166 based on shares outstanding as of December 31, 2025, to be paid on February 27, 2026.
We plan to fund dividends through cash provided by operating activities and proceeds from maturities of marketable securities. All future dividends will be subject to Board approval and subject to the company’s results of operations, cash and marketable security balances, estimates of future cash requirements, and other factors the Board may deem relevant. Furthermore, dividends may be modified or discontinued at any time without notice.
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Item 4. Controls and Procedures.
Disclosure Controls and Procedures
Management, with the participation of the Chief Executive Officer and Principal Financial Officer, has performed an evaluation of our disclosure controls and procedures that are defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”) as of the end of the period covered by this Report. This evaluation included consideration of the controls, processes, and procedures that are designed to ensure that information required to be disclosed by us in the reports we file under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Our management concluded that, as of December 31, 2025, our disclosure controls and procedures were effective.
Changes in Internal Controls
During the quarter ended December 31, 2025, there was no change in our internal control over financial reporting that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II–OTHER INFORMATION
Item 1. Legal Proceedings.
In the ordinary course of business, we may become involved in litigation. At this time, we are not aware of any material pending or threatened legal proceedings or other proceedings contemplated by governmental authorities that we expect would have a material adverse impact on our future results of operation and financial condition.
Item 1A. Risk Factors.
There have been nomaterial changes from the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 except the following risk factor is added:
Changes in state regulatory requirements may materially and adversely affect our financial condition, results of operations, and cash flows.
Minnesota state legislation effective January 1, 2026 mandates paid leave, which has increased our employment costs and expenses. The provisions may also increase our risk of employee absences. Future changes in state regulatory requirements, such as paid leave, mandatory healthcare coverage, or unemployment insurance, may adversely impact our financial results.
Additionally, the following risk factor is replaced in its entirety by the following to reflect an amendment to our Supplier Partnering Agreement with Abbott Laboratories that extended the term of the Agreement through December 31, 2027:
“We may lose revenue if we are unable to renew customer agreements
We have agreements with certain customers, including a Supplier Partnering Agreement, as amended, with Abbott Laboratories, which expires December 31, 2027. We cannot predict if these agreements will be renewed, or if renewed, under what terms. Although it is possible we could continue to sell products to these customers without formal agreements, an inability to agree on mutually acceptable terms could have a significant adverse impact on our revenue or profitability.”
Item 4. Mine Safety Disclosures.
None.
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Item 6. Exhibits.
Exhibit # 10 | Description Amendment No. 12 to Supplier Partnering Agreement between Abbott and the company (incorporated by reference to the Form 8-K/A filed December 17, 2025).* |
31.1 | Certification by Daniel A. Baker pursuant to Rule 13a-14(a)/15d-14(a). |
31.2 | Certification by Daniel Nelson pursuant to Rule 13a-14(a)/15d-14(a). |
32 | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
*Certain confidential portions redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The omitted information is (i) not material and (ii) would likely cause us competitive harm if publicly disclosed. We agree to furnish supplementally an unredacted copy of the exhibit to the Securities and Exchange Commission on its request.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
NVE CORPORATION | |||
(Registrant) | |||
January 21, 2026 | /s/ DANIEL A. BAKER | ||
Date | Daniel A. Baker | ||
President and Chief Executive Officer | |||
January 21, 2026 | /s/ DANIEL NELSON | ||
Date | Daniel Nelson | ||
Principal Financial Officer | |||
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