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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_______________
SCHEDULE
14A INFORMATION
Proxy
Statement Pursuant to Section 14(a) of the Securities Exchange Act of
1934
(Amendment No. )
Filed by the Registrant ☑
Filed by a party other than the Registrant ☐
Check the appropriate box:
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Preliminary Proxy Statement |
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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Definitive Proxy Statement |
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Definitive Additional Materials |
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Soliciting Material under § 240.14a-12 |
NVE Corporation
(Name of Registrant
as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
| Payment of Filing Fee (Check all boxes that apply): |
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No fee required. |
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Fee paid previously with preliminary materials. |
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Fee computed on table in exhibit required by Item
25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |
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11409 Valley View Road
Eden Prairie, MN 55344-3617
www.nve.com |
Fellow Shareholders,
We continued our strong earnings and above-market shareholder returns the past
year. We continued to develop
innovative products and invest in R&D, and we began expanding our capabilities.
Strong Earnings
High-value products allowed us to weather an industry downturn the past fiscal
year. We were pleased to report strong earnings and exceptional operating and
net income margins for fiscal 2024 despite a decrease in revenue from a record-shattering
previous year. The industry is recovering and we continue to develop innovative
products, which bode well for the future.
Product Innovation
Our products acquire and transmit information and power. We develop technologies
for high-value market opportunities such as the industrial internet of things
and medical devices. Past year product innovations included:
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Network transceivers and data couplers that operate in harsh environments.
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More products combining data couplers with isolated DC-to-DC convertors to
transmit power as well as data.
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New product evaluation and demonstration kits to allow customers to easily
visualize and implement compelling
solutions with our unique products.
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We earned “CE” markings for our line of the world’s smallest
DC-to-DC convertors. |
Please visit our website or YouTube channel for more information and demonstrations
of these unique products.
R&D for the Future
We invested in advanced R&D initiatives we expect will drive future growth. Medium-term
product development programs the past year included next-generation MRAM for antitamper
applications, next-generation sensors for medical devices, extremely sensitive
TMR sensors, and wafer-level, chip-scale packaged sensors. Long-term programs
included technology that could provide the energy efficiency needed to accelerate
the use of spintronics in memory, logic, and neuromorphic computing. Some of this
research was published in the past year.
Aggressive Expansion
We are beginning a multimillion-dollar expansion over the next two years. The
investments will increase our capacity and capabilities, including wafer-level
chip-scale manufacturing. Wafer-level chip-scale parts will be smaller and will
allow us to be more self-sufficient and capture more value. We plan to begin production
this fiscal year.
Other Highlights
We extended our partnering agreement with Abbott Laboratories to provide medical
device components, and we are proud to partner with Abbott on life-changing devices
that demand impeccable quality. We have increased product promotion with more
tradeshows, newsletters, and demonstration videos. We continued to pay generous
dividends to enhance your shareholder value, returning $19.3 million in the past
fiscal year. As reported in the accompanying proxy statement, our Total Shareholder
Return for the past three fiscal years was 46%.
A New Director
Sadly, Richard W. Kramp passed away in May 2024. We appreciated his dedicated
service for the past ten years and mourn his loss. We are pleased to welcome Dr.
Kelly Wei to our Board of Directors. Her strong medical device background and
senior executive experience make her exceptionally well-qualified. Dr. Wei looks
forward to meeting shareholders at our upcoming annual meeting.
A Bright Future
Our valued customers, our dedicated employees, and our culture of ingenuity set
the stage for growth and continued success. Thank you for your support.
Sincerely,
Daniel A. Baker
President and Chief Executive Officer
Statements in this letter that relate to future plans, events, or performance
are forward-looking statements that are subject to certain risks and uncertainties
including the risk factors listed from time to time in our filings with the SEC,
including our Annual Report on Form 10-K and other reports filed with the SEC.
Actual results could differ materially from the information provided, and we undertake
no obligation to update forward-looking statements.