NVEC · CIK 0000724910
What NVE Corp. told the SEC could break it.
NVE's disclosures concentrate at both ends of its spintronics chip business. A single customer accounted for 37% of fiscal 2026 revenue and 27% of receivables, concentrating both revenue and credit exposure in one account. On the supply side, it depends on single-source suppliers for many foundry and silicon wafers — with no qualified alternates — and for critical chemicals and materials like gases, photoresists, and metals, any of which could face shortages or discontinuation. Because most of its wafer purchases come from foreign manufacturers and most dicing and packaging happens in Asia, it is also exposed to tariffs, trade restrictions, and geopolitical disruption on those imported wafers and outsourced packaging.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Customer A (unnamed) — 37% of revenuehigh
A single customer ('Customer A') accounted for 37% of total revenue in fiscal 2026 (35% in 2025) and 27% of accounts receivable, concentrating both revenue and credit exposure in one account.
“One customer accounted for 10% or more of total revenue for fiscal 2026: % of Revenue % of Accounts Receivable Year Ended March 31, 2026 2025 2026 2025 Customer A 37 % 35 % 27 % 26 %”
SEC filing →As of 2026
Sole-source dependency
- single-source foundry wafers & critical chemicals/materialshigh
NVE depends on single-source suppliers for many foundry/silicon wafers (no qualified alternates) and for critical chemicals and materials (gases, photoresists, polymers, metals, alloys); a shortage or discontinuation could jeopardize production.
“We maintain inventory of critical chemicals and materials, but in many cases, we are dependent on single sources, and some of the materials could be subject to shortages or be discontinued by their suppliers at any time.”
SEC filing →As of 2026
Regulatory & policy
- tariffs on imported wafers/materials & Asia packaging dependencemedium
Most wafer purchases are from foreign manufacturers and most dicing/packaging takes place in Asia, exposing NVE to tariffs, trade restrictions and geopolitical disruption on imported wafers and outsourced packaging.
“Most of our wafer purchases are from foreign manufacturers, some of which have been subject to tariffs and could be subject to increased tariffs or restrictions in the future.”
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