Revenue slipped 8% to $5.8 million compared to the previous year, hampered by a 9% reduction in product sales. While gains in contract research and development provided some cushion, they were insufficient to offset the weakness in the core product segment. Net profit followed suit, falling to $3.2 million, or 65 cents a share, down from the $3.3 million and 68 cents recorded in the same quarter last year.

Despite the quarterly dip, the company’s broader financial picture remains resilient. Total revenue for the first half of the fiscal year sits at $16.9 million, a 36% increase over the prior period. NVE maintained its commitment to shareholders by declaring a quarterly dividend of $1.00 a share.