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What were the key takeaways from NVE's earnings call?

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- **Revenue Growth**: 4% QoQ from distributor and non-defense sales, despite 6% YoY decline.
- **Margin Challenges**: Gross margin 78% (vs. 86%) due to distributor mix; net income down 17% YoY.
- **New Products**: Wafer-level packaging, medical sensors, and industrial IoT solutions launched.
- **Market Focus**: Medical devices, electric vehicles, and domestic defense supply chain.
- **Financial Outlook**: 16-17% tax rate with $0.7-1M credits; R&D investments to fuel future growth.

**【CEO Opening Remarks】**
- Q2 2026 revenue increased 4% sequentially, driven by strong distributor and non-defense sales (+21%), offsetting a 64% decline in defense sales.
- Highlighted new product launches: rotation sensor, data coupler, and wafer-level chip scale voltage regulator.
- Emphasized medical device market growth through miniaturization and low-power solutions for implantable devices and surgical robots.

**【CFO Financial Commentary】**
- Revenue $12.5M (FYTD), down 6% YoY due to 68% drop in contract R&D revenue.
- Gross margin 78% (vs. 86% prior year), impacted by lower-margin distributor sales.
- Operating expenses decreased 7%: +3% R&D, -23% SG&A (timing of marketing activities).
- Net income $3.31M ($0.68/share) vs. $4.0M ($0.83/share) YoY, driven by lower revenue and margins.
- Tax rate 20% (FY26: 16-17% expected with $0.7-1M manufacturing credits).

**【VP of Advanced Technology】**
- Installed new production equipment enabling wafer-level chip scale packaging in-house.
- R&D focus on medical devices, electric vehicles, and industrial IoT.
- New products include sensors for robotics, energy conversion, and harsh environment power management.

**【Sales & Marketing】**
- Exhibited at medical design shows, showcasing ultra-low power sensors for implantables.
- Annual shareholder meeting featured new production capabilities and live demos.
- Distributor sales recovery offset defense volatility.

**【Q&A Highlights】**
- New equipment to drive industrial IoT and medical device growth within 12 months.
- Domestic supply chain for wafer-level packaging reduces tariff risk.
- Targeting 800V DC data centers and eVTOLs with high-isolation voltage products.
- Defense R&D contracts (6% revenue) balance IP development with commercial opportunities.
- Rare earth-free magnet sensors gaining design wins in robotics and EVs.

NVE Corporation (NVEC) Q2 2026 Earnings Call Transcript

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