Identiv Reports Fourth Quarter and Fiscal Year 2024 Financial Results

Perform-Accelerate-Transform Strategy Implementation Underway with Strengthened Commercial Team

SANTA ANA, Calif., March 5, 2025 /PRNewswire/ -- Identiv, Inc. (NASDAQ:INVE), a global leader in RFID-enabled Internet of Things (IoT) solutions, today released its financial results for the fourth quarter and fiscal year ended December 31, 2024.

"The fourth quarter of 2024 marks the beginning of Identiv's evolution into a pure play IoT solutions company," said Identiv CEO Kirsten Newquist. "With our Perform-Accelerate-Transform strategic framework in place, we are focused on driving future growth. We are strengthening our team, adding new strategic partnerships, keeping our new product development pipeline robust, and making steady progress in the Thailand production transition. We are confident that Identiv's capabilities and focused approach will enable us to capitalize on emerging growth opportunities and deliver meaningful returns to our shareholders."

Financial Results for Fiscal Year 2024

Revenue for fiscal year 2024 was $26.6 million compared to $43.4 million in fiscal year 2023. Fiscal year 2024 GAAP gross margin was 1.3% and non-GAAP gross margin was 8.0%, compared to fiscal year 2023 GAAP gross margin of 13.8% and non-GAAP gross margin of 16.6%.

GAAP operating expenses, including research and development, selling and marketing, general and administrative, and restructuring and severance, were $28.3 million in fiscal year 2024, compared to $19.5 million in fiscal year 2023. Non-GAAP operating expenses were $17.9 million in fiscal year 2024, compared to $16.7 million in the fiscal year 2023. Fiscal year 2024 GAAP operating expenses included $6.2 million in strategic transaction-related costs and $3.5 million in stock-based compensation.

Fiscal year 2024 GAAP net loss from continuing operations was ($25.9) million, or ($1.14) per basic and diluted share, compared to GAAP net loss from continuing operations of ($13.9) million, or ($0.66) per basic and diluted share, in fiscal year 2023.

Non-GAAP adjusted EBITDA loss in fiscal year 2024 was ($15.8) million, compared to ($9.5) million in fiscal year 2023. 

Financial Results for Fiscal Fourth Quarter 2024

Revenue for the fourth quarter of 2024 was $6.7 million, compared to $11.3 million in the fourth quarter of 2023. Fourth quarter 2024 GAAP gross margin was (14.9%) and non-GAAP gross margin was (5.2%), compared to fourth quarter 2023 GAAP gross margin of 16.2% and non-GAAP gross margin of 19.5%. 

GAAP operating expenses, including research and development, selling and marketing, general and administrative, and restructuring and severance, were $5.6 million in the fourth quarter of 2024, compared to $5.2 million in the fourth quarter of 2023. Non-GAAP operating expenses were $4.1 million in the fourth quarter of 2024, compared to $4.1 million in the fourth quarter of 2023.

Fourth quarter 2024 GAAP net loss from continuing operations was ($4.3) million, or ($0.19) per basic and diluted share, compared to GAAP net loss from continuing operations of ($3.3) million, or ($0.16) per basic and diluted share, in the fourth quarter of 2023.

Non-GAAP adjusted EBITDA loss in the fourth quarter of 2024 was ($4.5) million, compared to ($1.9) million in the fourth quarter of 2023. 

Financial Outlook

Identiv provides guidance based on current market conditions and expectations, including macroeconomic conditions and customer demand. For fiscal Q1 2025, management currently expects net revenue to be in the range of $4.8 million to $5.1 million. 

Conference Call

Identiv management will hold a conference call today, March 5, 2025, at 5:00 p.m. EST (2:00 p.m. PST) to discuss the company's fourth quarter and fiscal year 2024 financial results. A question-and-answer session will follow management's presentation.

Toll-Free: 888-506-0062

International Number: +1 973-528-0011

Call ID: 652910

Webcast link: Register and Join

The teleconference replay will be available through March 19, 2025, by dialing +1 877-481-4010 (Toll-Free Replay Number) or +1 919-882-2331 (International Replay Number) and entering passcode 51938.

If you have any difficulty connecting with the teleconference, please contact Identiv Investor Relations at [email protected].

About Identiv

Identiv's full-circle RFID-enabled IoT solutions create digital identities for physical objects, enhancing global connectivity for businesses, people, and the planet. Its solutions, integrated into over 1.5 billion applications worldwide, drive innovation across healthcare, consumer electronics, luxury goods, smart packaging, and more. For additional information, visit identiv.com.

Non-GAAP Financial Measures

This press release includes financial information that has not been prepared in accordance with accounting principles generally accepted in the United States (GAAP), including non-GAAP adjusted EBITDA, non-GAAP gross margin and non-GAAP operating expenses. Identiv uses non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating ongoing operational performance. Identiv believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. Non-GAAP gross margin excludes stock-based compensation and amortization and depreciation. Non-GAAP adjusted EBITDA excludes items that are included in GAAP net income (loss), GAAP operating expenses, and GAAP gross margin, and excludes income tax provision (benefit), net interest income (expense), net foreign currency gains (losses), stock-based compensation, amortization and depreciation, restructuring and severance, gain on investment and strategic review-related costs. Non-GAAP operating expenses exclude stock-based compensation, amortization and depreciation, strategic review-related costs, and restructuring and severance. The exclusions are detailed in the reconciliation table included in this press release. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures as detailed in this press release.

Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations as well as the current beliefs and assumptions of management of Identiv and can be identified by words such as "anticipate," "believe," "continue," "plan," "will," "intend," "expect," "outlook," and similar references to the future. Any statement that is not a historical fact is a forward-looking statement, including statements regarding: Identiv's expectations regarding future operating and financial outlook and performance, including 2025 first quarter guidance and outlook; Identiv's strategy, opportunities, focus and goals; Identiv's beliefs that its capabilities and focused approach will enable it to capitalize on emerging growth opportunities and deliver meaningful returns to shareholders; and Identiv's expectations regarding its team, new strategic partnerships, new product development pipeline and Thailand production transition. Forward-looking statements are only predictions and are subject to a number of risks and uncertainties, many of which are outside Identiv's control, which could cause actual results to differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: Identiv's ability to continue the momentum in its business; Identiv's ability to successfully execute its business strategy, including, but not limited to, its capital allocation plan and organic and inorganic growth; changes in uses of capital; Identiv's ability to capitalize on trends in its business; the effect of the change in management following the completion of the asset sale transaction; Identiv's ability to satisfy customer demand and expectations; the level and timing of customer orders and changes/cancellations; the loss of customers, suppliers or partners; the success of Identiv's products and strategic partnerships; changes in Identiv's strategies and capital allocation framework; industry trends and seasonality; the impact of macroeconomic conditions and customer demand, inflation and increases in prices; and the other factors discussed in its periodic reports, including its Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Report on Form 10-Q for the quarter ended September 30, 2024  and subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements are based on information available to Identiv on the date hereof, and Identiv assumes no obligation to update such statements.

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