Page 1

NVE NVE CORPORATION PRESS RELEASE For immediate release NVE Corporation Reports Third Quarter Results and Announces Quarterly Dividend EDEN PRAIRIE , Minn . — January 20 , 2021 — NVE Corporation ( Nasdaq : NVEC ) announced today financial results for the quarter and nine months ended December 31 , 2020 . Total revenue for the third quarter of fiscal 2021 increased 1 % to $ 6.53 million from $ 6.46 million for the the prior - year quarter . The increase was due to a 3 % increase in product sales , partially offset by a 34 % decrease in contract research and development revenue . Net income for the third quarter of fiscal 2021 increased 5 % to $ 3.93 million , or $ 0.81 per diluted share , compared to $ 3.73 million , or $ 0.77 per share , for the prior - year quarter . For the first nine months of fiscal 2021 , total revenue decreased 20 % to $ 15.5 million from $ 19.3 million for the first nine months of the prior year . The decrease was due to a 19 % decrease in product sales and a 21 % decrease in contract research and development revenue . Net income decreased 23 % to $ 8.56 million , or $ 1.77 per diluted share , compared to $ 11.2 million , or $ 2.30 per share , for the first nine months of fiscal 2020 . The company also announced a quarterly cash dividend to shareholders of $ 1.00 per share of common stock , payable February 26 , 2021 to shareholders of record as of February 1 , 2021 . " We are pleased to report growth in product sales , total revenue , and net income despite the impact of the COVID - 19 pandemic , " said NVE President and Chief Executive Officer Daniel A. Baker , Ph.D. NVE is a leader in the practical commercialization of spintronics , a nanotechnology that relies on electron spin rather than electron charge to acquire , store and transmit information . The company manufactures high - performance spintronic products including sensors and couplers that are used to acquire and transmit data . Statements used in this press release that relate to future plans , events , financial results or performance are forward - looking statements that are subject to certain risks and uncertainties including , among others , such factors as risks and uncertainties related to future sales and revenues and risks related to the COVID - 19 pandemic , as well as the risk factors listed from time to time in our filings with the SEC , including our Annual Report on Form 10 - K for the fiscal year ended March 31 , 2020 as updated in our Quarterly Reports on Form 10 - Q for the quarters ended June 30 , September 30 , December 31 , 2020 and other reports filed with the SEC . ###