NVE Corp (NVEC) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to the NVE Corporation conference call for the quarter and fiscal year ended March 31, 2025. I'm Dan Baker, NVE's President and CEO. I'm joined as usual by Controller and Principal Financial Officer, Daniel Nelson. This call is being webcast live via YouTube and Amazon Chime and being recorded. A replay will be available through our website, nve.com, and our YouTube channel, youtube.com/nvecorporation. (Event Instructions)

下午好，歡迎參加 NVE 公司 2025 年 3 月 31 日止季度及財政年度電話會議。我是 NVE 總裁兼執行長 Dan Baker。像往常一樣，財務總監兼首席財務官丹尼爾·尼爾森 (Daniel Nelson) 也與我一起出席。此次通話透過 YouTube 和 Amazon Chime 進行網路直播並錄音。您可以透過我們的網站 nve.com 和 YouTube 頻道 youtube.com/nvecorporation 觀看重播。（活動須知）

After my opening comments, Daniel Nelson will present our financial results. I'll cover tariffs, manufacturing, R&D and sales and marketing, and then we'll open the call to questions.

在我的開場白之後，丹尼爾尼爾森將介紹我們的財務表現。我將討論關稅、製造、研發以及銷售和行銷等問題，然後我們將開始提問。

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 the 10-K are available through our website, the SEC's website, and X, formerly known as Twitter.

我們在市場收盤後一小時內發布了包含財務結果的新聞稿，並提交了 10-K 表格年度報告。新聞稿和 10-K 的連結可透過我們的網站、SEC 網站和 X（前身為 Twitter）取得。

Please refer to the Safe Harbor statement on your screen. 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, risks and uncertainties related to future sales and revenue, and risks and uncertainties related to tariffs, customs, duties, and other trade barriers as well as the risk 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.

請參閱螢幕上的安全港聲明。我們可能就未來計劃、事件、財務結果或業績作出的評論均為前瞻性陳述，受某些風險和不確定性的影響，包括但不限於與我們所服務行業的經濟環境相關的不確定性、與未來銷售和收入相關的風險和不確定性、與關稅、關稅和其他貿易壁壘相關的風險和不確定性以及我們向美國證券交易委員會 (SEC) 提交的數據報告中不列出的年度報告實際結果可能與所提供的資訊有重大差異，我們不承擔更新我們可能做出的前瞻性陳述的義務。

We're pleased to report a 3% year-over-year increase in revenue and 44% sequential revenue growth for the quarter and a 2% increase in earnings as industry conditions improve.

我們很高興地報告，隨著產業狀況的改善，本季營收年增 3%，環比成長 44%，收益成長 2%。

Daniel Nelson will cover details of the financials. Daniel?

丹尼爾·尼爾森 (Daniel Nelson) 將介紹財務細節。丹尼爾？

Thanks, Dan. The 3% year-over-year revenue increase for the fourth quarter was due to a $270,000 or 558% increase in contract R&D revenue, partially offset by a 1% decrease in product sales. Sequentially, total revenue increased 44% from the immediately prior quarter, driven by a 40% increase in product sales and a 210% increase in contract R&D. We were pleased to see revenue stabilize with improving industry conditions in the quarter. We are also seeing interest in our new products.

謝謝，丹。第四季營收年增 3%，原因是合約研發收入增加了 27 萬美元，即增加了 558%，但產品銷售額下降 1% 部分抵消了這一增長。總營收較上一季成長 44%，主要得益於產品銷售額成長 40% 以及合約研發支出成長 210%。我們很高興看到本季收入隨著行業狀況的改善而穩定下來。我們也看到了人們對我們新產品的興趣。

Gross margin increased to 79% from 76% due to a more profitable product mix and a larger portion of direct rather than distributor sales. Total expenses increased 17% for the fourth quarter of fiscal 2025 compared to the fourth quarter of fiscal 2024 due to a 28% increase in R&D, partially offset by a 2% decrease in SG&A. The increase in R&D expense was primarily due to an increase in new product development.

由於產品組合利潤更高以及直接銷售（而非分銷商銷售）的比例更大，毛利率從 76% 上升至 79%。2025 財年第四季的總支出與 2024 財年第四季相比增加了 17%，原因是研發費用增加了 28%，但銷售、一般及行政費用 (SG&A) 減少了 2%，部分抵銷了這一增長。研發費用的增加主要是因為新產品開發的增加。

Net income for the fourth quarter of fiscal 2025 increased 2% to $3.89 million or $0.80 per diluted share compared to $3.81 million or $0.79 per diluted share for the prior-year quarter. The increase in net income for the fourth quarter of fiscal 2025 compared to the prior-year quarter was primarily due to increased revenue and higher margins, partially offset by increased expenses.

2025 財年第四季淨收入成長 2% 至 389 萬美元或每股攤薄收益 0.80 美元，去年同期為 381 萬美元或每股攤薄收益 0.79 美元。2025 財年第四季淨收入與去年同期相比有所增加，主要是由於收入增加和利潤率上升，但部分被費用增加所抵消。

Our profitability metrics remain strong. Operating margin was 58%, pretax margin was 65%, and net margin was 54% for the quarter.

我們的獲利指標依然強勁。本季營業利益率為 58%，稅前利潤率為 65%，淨利潤率為 54%。

For the fiscal year, revenue decreased 13% due to decreases in the first three quarters of the fiscal year, partially offset by the increase in the most recent quarter. Gross margin increased to 84% for fiscal 2025 from 77% for fiscal 2024 due to a more profitable product mix and the larger portion of direct rather than distributor sales.

本財年，由於前三個季度的下降，收入下降了 13%，但最近一個季度的成長部分抵消了這一下降。由於產品組合利潤較高且直接銷售（而非經銷商銷售）的比例較大，毛利率從 2024 財年的 77% 增至 2025 財年的 84%。

Total expenses increased 25% for the year due to a 33% increase in R&D and a 13% increase in SG&A, primarily due to increased new product development and increased sales and marketing. We believe these investments will pay off in the future with higher revenues. Non-operating income for the fiscal year includes interest and other income. Interest for the year decreased 2% due to a decrease in marketable securities, partially offset by higher bond yields in the past year.

由於研發費用增加 33% 以及銷售、一般及行政費用增加 13%，本年度總支出增加了 25%，這主要由於新產品開發的增加以及銷售和行銷的增加。我們相信這些投資未來將帶來更高的收入。本財務年度的營業外收入包括利息和其他收入。由於有價證券減少，本年度利息下降了 2%，但去年債券殖利率上升部分抵銷。

We also reported other income of $135,000 for the fiscal year, primarily from reclaiming precious metals used in our manufacturing process. Net income was down 12% to $15.1 million in a tough industry environment, but still a solid $3.12 per share. Adding in approximately $700,000 in unrealized gain on marketable securities, comprehensive income for the year was $15.8 million.

我們還報告了本財政年度的其他收入 135,000 美元，主要來自回收製造過程中使用的貴金屬。在艱難的產業環境下，淨收入下降 12% 至 1,510 萬美元，但每股仍穩定在 3.12 美元。加上約 70 萬美元的有價證券未實現收益，全年綜合收入為 1,580 萬美元。

Operating margin was 62%, pretax margin was 70%, and net margin was 58% for the year. Fixed asset purchases were $1.2 million last fiscal year, which is unusually large for us. We are planning even more this fiscal year, $2 million to $3 million in capital investment for fiscal 2026. The biggest chunk of that investment is for cluster of wafer fabrication equipment, which we expect to receive next quarter, the September quarter. Dan Baker will provide color on capital investments in a few minutes.

全年營業利益率為 62%，稅前利潤率為 70%，淨利潤率為 58%。上個財政年度的固定資產購買額為 120 萬美元，這對我們來說異常大。我們計劃在本財年投入更多資金，在 2026 財年投入 200 萬至 300 萬美元的資本投資。這項投資的最大部分是用於晶圓製造設備集群，我們預計將於下個季度（即九月季度）收到這些設備。丹貝克 (Dan Baker) 將在幾分鐘內介紹資本投資的情況。

Turning to cash flows. Accounts receivable increased $444,000 during fiscal 2025 due to increased revenue in the fourth quarter and the timing of customer payments. Inventories increased $291,000 in the year. Work-in-process inventories increased by a significant $968,000. Work-in-process inventories generally have the flexibility to make different products depending on market demand.

轉向現金流。由於第四季收入增加和客戶付款時間的增加，2025 財年應收帳款增加了 444,000 美元。當年庫存增加了 291,000 美元。在製品庫存大幅增加了 968,000 美元。在製品庫存通常具有根據市場需求靈活生產不同產品的靈活性。

As we've said before, we believe inventories provide a buffer against supply disruptions and other disruptions such as tariffs.

正如我們之前所說，我們認為庫存可以緩衝供應中斷和關稅等其他中斷。

We paid our $1 per share quarterly dividend in the past quarter and declared another dividend to be paid at the end of this month. We have now paid over $200 million, more than $42 per share in dividends since we started paying dividends 10 years ago.

我們在上個季度支付了每股 1 美元的季度股息，並宣布將在本月底支付另一筆股息。自 10 年前開始派發股息以來，我們已支付超過 2 億美元、每股超過 42 美元的股息。

Now, I'll turn the call back to Dan Baker to cover the business. Back to you, Dan.

現在，我將把電話轉回給丹貝克來處理業務。回到你身邊，丹。

Thanks, Daniel. I'll cover tariffs, manufacturing, R&D, and sales and marketing.

謝謝，丹尼爾。我將介紹關稅、製造、研發以及銷售和行銷。

We've identified three major risks related to tariffs. The first risk is that tariffs trigger a global recession or industry downturn, which probably isn't good for anybody. Other than those broad-based macroeconomic concerns, however, we're uniquely well situated with respect to tariffs.

我們確定了與關稅相關的三大風險。第一個風險是關稅引發全球經濟衰退或產業低迷，這可能對任何人都沒有好處。然而，除了那些廣泛的宏觀經濟擔憂之外，我們在關稅方面處於獨特的有利地位。

The second risk is tariffs on imported raw materials. This represents a relatively small portion of our costs since we do spintronics fabrication in-house. We have been paying 25% tariffs on raw material imports from China since 2018, and it has not been significant.

第二個風險是進口原料的關稅。由於我們內部進行自旋電子學製造，因此這只占我們成本的一小部分。自2018年以來，我們一直對從中國進口的原材料支付25%的關稅，但關稅金額並不大。

Most of what we purchase from China has not been subject to the recent so-called reciprocal tariffs imposed by the United States since there is an exception for semiconductors. Furthermore, as Daniel noted, we have ample raw material and work-in-process inventories.

由於半導體除外，我們從中國購買的大部分產品並未受到美國最近實施的所謂互惠關稅的影響。此外，正如丹尼爾所說，我們有充足的原料和在製品庫存。

The third risk is that our exported parts would be subject to another country's retaliatory tariffs. Fortunately, other countries such as China exempt semiconductor products such as ours. Furthermore, China classifies country of origin based on foundry wafers, which we source primarily from outside the United States. Therefore, the great majority of our exports to China are exempt from retaliatory tariffs.

第三個風險是，我們出口的零件可能遭遇別國的報復性關稅。幸運的是，中國等其他國家對我們這樣的半導體產品實施豁免。此外，中國根據晶圓代工來劃分原產國，而我們的晶圓主要從美國以外採購。因此，我們對華出口的絕大多數產品都免徵報復性關稅。

Most countries other than China classify country of origin based on the packaging location, which is also outside the United States for us. So the great majority of exports to other countries would not be subject to retaliatory tariffs.

除中國以外，大多數國家都是根據包裝地點來劃分原產國的，對我們來說，這也在美國境外。因此，絕大多數出口到其他國家的產品不會受到報復性關稅的影響。

We have discussed plans to offer some parts as wafer-level chip scale parts with final processing here. We believe those wafer-level chip scale parts could be subject to some retaliatory tariffs, but most of the potential business we've identified is in the United States. Our unique tariff situation and ample inventories could provide competitive opportunities compared to other US-based companies with more tariff exposure.

我們已經討論了提供一些零件作為晶圓級晶片規模零件並在此進行最終處理的計劃。我們認為這些晶圓級晶片規模零件可能會受到一些報復性關稅，但我們發現的大部分潛在業務都在美國。與其他面臨更多關稅風險的美國公司相比，我們獨特的關稅狀況​​和充足的庫存可以提供競爭機會。

Turning to manufacturing. We're continuing our plans to expand our capacity and capabilities. We completed our planned expansion in the past quarter, including construction work and recently completed electrical and other infrastructure upgrades to support new equipment. We deployed one new machine in the past fiscal year. We just deployed another machine this quarter and a several million dollar machine is scheduled to arrive next quarter, the September quarter.

轉向製造業。我們正在繼續執行擴大產能和能力的計劃。我們在上個季度完成了計劃中的擴張，包括建築工程以及最近完成的電力和其他基礎設施升級以支援新設備。我們在上個財政年度部署了一台新機器。我們本季剛剛部署了另一台機器，價值數百萬美元的機器預計將於下個季度（9月份）到貨。

Turning to customers. We're proud to supply products to some of the world's most demanding customers, including Abbott Laboratories. Abbott is a leading supplier of implantable medical devices. In the past quarter, we executed an extension of our supplier partnering agreement with Abbott. The agreement was filed with a Form 8-K and is available via our website or the SEC's website.

轉向客戶。我們很榮幸能夠為包括雅培實驗室在內的一些全球最苛刻的客戶提供產品。雅培是植入式醫療設備的領導供應商。上個季度，我們與雅培續簽了供應商合作協議。該協議以 8-K 表格形式提交，可透過我們的網站或美國證券交易委員會的網站取得。

Turning to marketing. We're exhibiting at two major trade shows this quarter. The Sensor+Test show is underway now in Nuremberg, Germany. Its build as the leading international trade fair for sensor measuring and testing technology.

轉向行銷。本季我們將參加兩個大型貿易展覽會。感測器+測試展目前正在德國紐倫堡舉行。其旨在打造感測器測量和測試技術領域領先的國際貿易展覽會。

We will also be at Sensor Converge in Silicon Valley in late June. That show is build as North America's largest electronics event. We have several new products and new demonstrations at this year's shows. We believe the investments in these shows will pay off in future sales.

我們也將於 6 月底參加在矽谷舉辦的 Sensor Converge 活動。該展會被打造為北美最大的電子產品盛會。我們在今年的展會上推出了幾款新產品和新演示。我們相信對這些演出的投資將在未來的銷售中獲得回報。

We had an excellent quarter in fiscal year for product development. As Daniel mentioned, we've significantly increased our investment in R&D. We spent 14% of revenue in the past year on R&D. Additionally, we do customer-sponsored R&D, which is included in cost of sales.

本財年的一個季度，我們的產品開發工作進展順利。正如丹尼爾所提到的，我們大幅增加了對研發的投資。去年我們將 14% 的收入用於研發。此外，我們也進行客戶贊助的研發，這包含在銷售成本中。

In the past quarter, we launched the world's most advanced magnetic switch sensors with more reliable data, more information, and rugged operation. There are several demonstrations of the new products on our website and our YouTube channel.

在過去的一個季度，我們推出了世界上最先進的磁性開關感測器，它具有更可靠的數據、更多資訊和堅固的操作。我們的網站和 YouTube 頻道上有幾個新產品的示範。

In the fiscal year, we introduced a new high-sensitivity ultra miniature sensor, a high-sensitivity rotation sensor, our first wafer-level chip scale sensors, a number of new evaluation and breakout boards and the advanced position sensors I discussed earlier. We also invested in advanced R&D initiatives with the potential to drive future growth, including next-generation MRAM for anti-tamper applications, next-generation sensors for hearing aids and medical devices, extremely sensitive TMR sensors, and more wafer-level chip scale sensors.

在本財政年度，我們推出了一種新的高靈敏度超微型感測器、一種高靈敏度旋轉感測器、我們的第一款晶圓級晶片尺寸感測器、一些新的評估和分線板以及我之前討論過的先進位置感測器。我們還投資了具有推動未來成長潛力的先進研發計劃，包括用於防篡改應用的下一代 MRAM、用於助聽器和醫療設備的下一代感測器、極其靈敏的 TMR 感測器以及更多晶圓級晶片規模感測器。

Now, we'd like to open the call for questions.

現在，我們開始提問。

Hi, Dan, it's Jeff Bernstein from Silverberg Bernstein Capital.

你好，丹，我是 Silverberg Bernstein Capital 的 Jeff Bernstein。

Hi, Jeff.

你好，傑夫。

So yeah, a couple of questions here. Last quarter, revenue was somewhat disappointing. We were talking about potentially being near the end of liquidation of inventory by customers in the distribution channel. Obviously, a strong snapback here in the quarter. And at the same time, you guys have been investing aggressively in R&D and in CapEx in a way that you haven't really in the past.

是的，這裡有幾個問題。上個季度的營收有些令人失望。我們談論的是分銷渠道中的客戶可能即將清算庫存的情況。顯然，本季出現了強勁反彈。同時，你們一直在積極投資研發和資本支出，這是過去從未有過的。

So can you just parse for us how much of this quarter's improvement in revenue was the result of a snapback in the channel, some channel fill or people being a little bit more aggressive on ordering in line with their consumption versus new business?

那麼，您能否為我們分析一下，本季收入的成長有多少是由於通路的回彈、一些通路的填充，還是人們根據消費而非新業務更積極地訂購？

It was a combination of both. We saw inventories continuing to be bled down, which is a positive sign. So customers are replenishing and buying more for their end use. Also, we've seen new business and significant interest in our new products. So we think that, that all bodes well, and we were pleased that it was high-quality revenues for the past quarter.

這是兩者的結合。我們看到庫存持續減少，這是一個正面的訊號。因此，客戶正在補充並購買更多產品以供最終使用。此外，我們還看到了新業務以及對我們新產品的濃厚興趣。因此我們認為，這一切都是好兆頭，我們很高興看到上個季度的收入很高品質。

Okay. And then can you just talk a little bit about the new parts that you introduced this year in terms of their expansion of your TAM, what end markets or capabilities are they enabling?

好的。然後，您能否簡單談談今年推出的新產品，它們如何擴大您的 TAM，它們將支援哪些終端市場或實現哪些功能？

Our new products are focused on markets where we have traditional strength. Those are medical devices and industrial control and the industrial Internet of Things. So the products that we introduced most recently were advanced magnetic sensors that are so-called omnidirectional, meaning that they can sense magnetic fields in any direction. So that provides tremendous flexibility for industrial controls for advanced robotics, and they provide much higher-quality data from the mechatronics.

我們的新產品專注於我們具有傳統優勢的市場。這些是醫療設備、工業控制和工業物聯網。因此，我們最近推出的產品是所謂的全向先進磁性感測器，這意味著它們可以感知任何方向的磁場。因此，這為先進機器人的工業控制提供了巨大的靈活性，並且它們從機電一體化中提供了更高品質的數據。

So we've seen significant interest in those products. And then the other products tend to focus on markets where we're strong, and we increase our advantages in terms of size and sensitivity. So our strategy is to lead the industry in terms of the performance, the accuracy, the size, and the power consumption and efficiency of sensors.

因此，我們看到人們對這些產品的濃厚興趣。其他產品則傾向於專注於我們實力雄厚的市場，並在規模和靈敏度方面增強我們的優勢。因此，我們的策略是在感測器的性能、精度、尺寸、功耗和效率方面引領產業。

Got you. And then I'm just curious on the isolator side. There's some new solid-state technology to be used in very high-voltage systems that replace mechanical switches and things. And I'm just curious as to how high-voltage environments can your isolators work in?

明白了。然後我只是對隔離器方面感到好奇。有一些新的固態技術可用來取代機械開關等高壓系統。我只是好奇你們的隔離器可以在多高的電壓環境下運作？

Well, that's a great point. So what Jeff is referring to are what are so-called wide band gap FETs or transistors, which can switch higher voltages with less losses. So we provide interfaces. Our isolators provide interfaces between the controller systems and those switches because you can't directly hook them up to microcontrollers. And our devices have the highest isolation voltage in the industry up to 7 kilovolts, which is truly remarkable. And that allows us to interface to some of those higher voltage switches where other isolators would fail.

嗯，這是一個很好的觀點。所以 Jeff 指的是所謂的寬頻隙場效電晶體 (FET) 或電晶體，它們可以以更少的損耗切換更高的電壓。所以我們提供介面。我們的隔離器在控制器系統和這些開關之間提供接口，因為您不能將它們直接連接到微控制器。而且我們的裝置隔離電壓是業界最高的，高達7千伏，這確實非常了不起。這使我們能夠與其他隔離器會發生故障的一些高電壓開關進行介面。

The other figure of merit that we have best in the industry is the -- what's called the Common-Mode Transient Immunity, which is the rate of change of the voltage. So that's rated typically in kilovolts per microsecond. And our devices have by far the highest CMTI or Common-Mode Transient Immunity in the industry. So again, that helps to allow much faster switching at higher voltages, which allows customers to harness the advantages of those new wide band gap transistors.

我們在業界擁有的另一個最佳品質因數是──所謂的共模瞬態抗擾度，也就是電壓的變化率。通常以千伏每微秒為單位。我們的設備擁有目前業界最高的 CMTI 或共模瞬態抗擾度。因此，這有助於實現更高電壓下的更快切換，從而使客戶能夠利用這些新型寬頻隙電晶體的優勢。

That's great. And then last, Dan, just -- so I think in the 10-K, you're usually very picky 10-K, it does say that you're planning CapEx in 2026 of $2 million to $3 million. That would be significantly above the $1.3 million spend in 2025, which also I think was a record (technical difficulty)

那太棒了。最後，丹，只是 - 所以我認為在 10-K 中，你通常非常挑剔，它確實說你計劃在 2026 年的資本支出為 200 萬至 300 萬美元。這將大大高於 2025 年的 130 萬美元支出，我認為這也是創紀錄的（技術難度）

Well, I think Jeff might have had some audio difficulties there, but he was asking about CapEx. So as Jeff pointed out in the premise of his question, we are planning significant capital expenditures this fiscal year, which is the fiscal year ending March 31, 2026, after already making significant investments in the past fiscal year. So those will allow us to increase our capability, increase our capacity and give us the possibility of making more wafer-level chip scale parts in-house. So those plans are proceeding.

嗯，我認為傑夫可能遇到了一些音頻困難，但他詢問的是資本支出。正如傑夫在問題的前提中指出的那樣，在上個財政年度已經進行了大量投資之後，我們計劃在本財政年度（即截至 2026 年 3 月 31 日的財政年度）進行大量資本支出。因此，這些將使我們能夠提高能力，增加容量，並使我們有可能在內部製造更多的晶圓級晶片規模零件。所以這些計劃正在進行中。

And as Daniel and I both mentioned in our prepared remarks, one of the major investments is a cluster of equipment that we expect in the September quarter, next quarter, the quarter following this quarter. And we're already prepared with the construction and the infrastructure for that equipment, and we'll be working to install it and get it running as quickly as possible.

正如丹尼爾和我在我們的準備好的發言中提到的那樣，一項主要投資是我們預計將在 9 月季度、下個季度以及本季度之後的季度推出的一組設備。我們已經為該設備做好了建設和基礎設施的準備，我們將盡快安裝並運行它。

So Dan, before I lost you, I was asking what kind of gives you the confidence that you're going to earn a return on this CapEx investment?

所以丹，在我失去你之前，我在問什麼讓你有信心你將從這筆資本支出投資中獲得回報？

So yes, we -- as you know, Jeff, we look pretty carefully at getting a return when we spend our shareholders' money as we are planning to do with this equipment. And the confidence that we have is that we've made prototype and sample devices, and the customer feedback has been excellent on those devices. And we feel based on the customer input that while there are no guarantees, we're very optimistic that this is going to open significant new markets for us.

所以是的，正如你所知，傑夫，當我們花股東的錢時，我們會非常仔細地考慮獲得回報，就像我們計劃用這台設備所做的那樣。我們有信心，我們已經製作了原型和樣品設備，而且客戶對這些設備的回饋非常好。根據客戶的意見，我們認為，雖然沒有任何保證，但我們非常樂觀地認為這將為我們開闢重要的新市場。

That's great. Thanks for the questions.

那太棒了。感謝您的提問。

Are there any other questions? (Event Instructions)

還有其他問題嗎？（活動須知）

Well, if there are no other questions, to sum up, we were pleased to report increased revenue and earnings for the quarter year-over-year and strong quarter-over-quarter revenue growth. We had an exceptional year for product development and completed a significant expansion in the past quarter and deployed new equipment in the past fiscal year.

好吧，如果沒有其他問題，總而言之，我們很高興地報告本季收入和收益同比增長，並且收入環比增長強勁。今年我們的產品開發表現十分出色，上個季度我們完成了重大擴張，並在上個財年部署了新設備。

We look forward to speaking with you again in July for our first-quarter fiscal 2026 earnings call. A replay of this call will be available on the Investor Events page of our website, nve.com, and our YouTube channel, that's youtube.com/nvecorporation.

我們期待在 7 月 2026 財年第一季財報電話會議上再次與您交談。本次電話會議的重播將在我們的網站 nve.com 的投資者活動頁面和我們的 YouTube 頻道 youtube.com/nvecorporation 上提供。