Page 1

NVE NVE CORPORATION PRESS RELEASE For immediate release NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend EDEN PRAIRIE , Minn . - July 21 , 2021 - NVE Corporation ( Nasdaq : NVEC ) announced today financial results for the quarter ended June 30 , 2021 . Total revenue for the first quarter of fiscal 2022 increased 56 % to $ 7.15 million from $ 4.59 million in the prior - year quarter . The increase was due to a 60 % increase in product sales partially offset by a 14 % decrease in contract research and development revenue . Product sales increased $ 6.95 million from $ 4.36 million in the prior - year quarter . Net income for the first quarter of fiscal 2022 increased 48 % to $ 3.58 million , or $ 0.74 per diluted share , compared to $ 2.41 million , or $ 0.50 per share , for the prior - year quarter . The company also announced a quarterly cash dividend to shareholders of $ 1.00 per share of common stock , payable August 31 , 2021 to shareholders of record as of August 2 , 2021 . " We are pleased to report large increases in product sales , total revenue , and earnings for the quarter as the effects of the COVID - 19 pandemic on our revenue subsided , " 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 , 2021 and other reports filed with the SEC . ###