NVEC — what changed in the latest 10-Q
A section-by-section comparison of NVEC's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-22 vs the prior 10-Q · 2026-01-21
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +9 | −23 | ~5 | 3 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-22
Total operating expenses increased 50% for the first quarter of fiscal 2027 compared to the first quarter of fiscal 2026, due to a 31% increase in research and development expense and an 81% increase in selling, general, and administrative expense. The increase in research and development expense wa…
Interest income decreased 10% due to a decrease in our marketable securities portfolio as proceeds from bond maturities partially funded dividends and fixed asset purchases in the prior fiscal year.
The 79% increase in net income in the first quarter of fiscal 2027 compared to the prior-year quarter was primarily due to increased revenue, partially offset by increased operating expenses and decreased interest income.
Cash and cash equivalents were $2,896,148 as of June 30, 2026, compared to $1,714,040 as of March 31, 2026. The $1,182,108 increase in cash and cash equivalents during the first quarter of fiscal 2027 was due to $5,306,318 of net cash provided by operating activities and $712,956 of net cash provide…
Net cash provided by operating activities related to product sales and research and development contract revenue was our primary source of working capital for the current and prior-year quarters.
Text removed vs the prior filing · source: 10-Q · 2026-01-21
Gross margin for the third quarter of fiscal 2026 was 79% of revenue compared to 84% the prior-year quarter. The decrease in gross margin percentage was due to a less profitable product mix and increased distributor sales for the quarter. Distributor sales typically have lower gross margin than dire…
Total expenses decreased 12% for the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025, due to a 9% decrease in research and development expense and a 19% decrease in selling, general, and administrative expense. The decrease in research and development expense was due to the…
Interest income decreased 3% due to decrease in our marketable securities portfolio as proceeds from bond maturities partially funded dividends and fixed asset purchases. Other income decreased by $135,057, which was primarily from reclaiming precious metals used in our manufacturing process in the …
Our effective tax rate, which is the provision for income taxes as a percentage of income before taxes, increased to 20% for the third quarter of fiscal 2026 from 15% for the third quarter of fiscal 2025. The increase in our effective tax rate was primarily due to the unfavorable non-cash impact of …
We currently expect a full-year tax rate of 16% to 17% for fiscal 2026. This expectation includes the unfavorable impact of tax law changes and the favorable impact of $700,000 to $1,000,000 in anticipated advanced manufacturing investment tax credits.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice