NVE Corporation (NASDAQ:NVEC) Q4 2024 Earnings Conference Call May 1, 2024 5:00 PM ET

Company Participants

Daniel Baker - President and Chief Executive Officer
Daniel Nelson - Accounting Manager and Principal Financial Officer

Conference Call Participants

Jeffrey Bernstein - Silverberg Bernstein Capital Management

Operator

Good day and thank you for standing by. Welcome to the NVE Corporation Conference Call on Fourth Quarter Results. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please note that today's conference is being recorded.

I would now like to hand the conference over to Mr. Dan Baker, President and CEO. Please go ahead sir.

Daniel Baker

Good afternoon, and welcome to our conference call for the quarter and fiscal year ended March 31st, 2024. This call is being webcast live and recorded. A replay will be available through our website nve.com.

I'm joined by Controller and Principal Financial Officer, Daniel Nelson. After my opening comments, Daniel will present our financial results. I'll cover products, and marketing and we will open the call to questions.

We issued our press release with financial results and filed our annual report on Form 10-K in the past hour following the close of market. Links to the press release and 10-K are available through the SEC's website, our website, and on X formerly known as Twitter.

Comments we may make 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 uncertainties related to the economic environments in the industries we serve, and risks and uncertainties related to future sales and revenue as well as the risks factors listed from time to time in our filings with the SEC, including our just filed annual report on Form 10-K.

Actual results could differ materially from the information provided and we undertake no obligation to update forward-looking statements we may make. We're pleased to report strong earnings despite the decreased revenues from a record shattering quarter a year ago.

Daniel Nelson will cover the details of our financials. Daniel?

Daniel Nelson

Thanks, Dan. Total revenue for the fourth quarter ended March 31, 2024 decrease 45% compared to our record prior year quarter. The decrease was due to a 43% decrease in product sales and an 88% decrease in contract research and development revenue with a tough comparison.