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    Identiv Reports Fourth Quarter and Full Year 2023 Financial Results

    3/12/24 4:00:00 PM ET
    $INVE
    Computer peripheral equipment
    Technology
    Get the next $INVE alert in real time by email

    Record Fiscal Year Revenues of $116.4 million

    Delivered $4.8 million in Cash Flow from Operations in Fourth Quarter 2023

    Secured Second Facility in Thailand for Future RFID Production

    Identiv, Inc. (NASDAQ:INVE), a global digital security and identification leader in the Internet of Things (IoT), today released its financial results for the fourth quarter and fiscal year ended December 31, 2023.

    Recent Financial and Operational Highlights

    • FY 2023 revenue was $116.4 million, up 3% year-over-year.
    • Ended Q4 2023 with $24.4 million in cash, cash equivalents and restricted cash. Maintained a strong working capital position of $48.7 million exiting the fourth quarter.
    • Federal billings in FY 2023 increased 9% year-over-year.
    • Software, services, and recurring revenues grew to a record 24% of Premises segment revenues in Q4 2023.
    • FY 2023 RFID units shipped increased to just under 200 million units.
    • Continued to scale production in Thailand, the facility's first year in operation, and exited 2023 with a capacity for primary processes of 200 million units.
    • Signed lease for adjacent building in Thailand, securing our ability to expand production as needed.
    • Collaborated with Energous and Wiliot on a real-time tracking solution for temperature-sensitive assets; currently in pilot with several logistics companies in Europe.
    • Commenced engagement with retail data platform company Nexite to support further growth of BLE-enabled RFID category.
    • Launched ScrambleFactor reader with biometrics and multi-factor authentication for Federal market customers.
    • Partnered with Mazars USA LLP Consulting Group on a new AI-enabled retail operations solution that integrates Microsoft Dynamics 365 with our bitse.io platform.
    • Opened the IoT Excellence Center in Germany, showcasing the breadth of our complete IoT portfolio for current and prospective customers.
    • Secured a $2 million contract from a global electronics retailer for a secure employee login application.
    • Released bitse.io 3.0, the latest version of our global IoT connecting cloud platform, which includes advanced features for supply chain monitoring and customer engagement.
    • Showed continued strength in OEM reader sales, doubling category revenues quarter-over-quarter.
    • Board-led strategic review continued to be a major focus and activity in Q4 2023.

    Fiscal Year 2023 Financial Results

    Revenue for fiscal year 2023 was $116.4 million, a 3% increase from $112.9 million in fiscal year 2022. By segment, Identity revenues were $68.1 million and Premises revenues were $48.3 million.

    Fiscal year 2023 GAAP gross margin was 36.2% and non-GAAP gross margin was 37.9%.

    GAAP operating expenses, including research and development, sales, and marketing, and general and administrative, totaled $47.2 million in fiscal year 2023, compared to $41.3 million in fiscal year 2022. Non-GAAP operating expenses totaled $41.3 million in fiscal year 2023, compared to $37.1 million in fiscal year 2022.

    GAAP net loss in fiscal year 2023 was ($5.5) million, or ($0.29) per basic and diluted share, compared to GAAP net loss of ($0.4) million, or ($0.07) per basic and diluted share, in fiscal year 2022.

    Non-GAAP adjusted EBITDA for fiscal year 2023 was $2.8 million, compared to $5.4 million in fiscal year 2022.

    Fourth Quarter 2023 Financial Summary

    Revenue for the fourth quarter 2023 was $29.0 million, compared to $31.8 million in the prior quarter and $29.0 million in the fourth quarter of 2022. By segment, Identity revenues were $17.5 million and Premises revenues totaled $11.5 million.

    Fourth quarter 2023 GAAP gross margin was 35.1% and non-GAAP gross margin was 37.0%.

    GAAP operating expenses, including research and development, sales, and marketing, and general and administrative, totaled $11.8 million in the fourth quarter of 2023, compared to $11.6 million in the prior quarter and $10.2 million in the fourth quarter of 2022. Non-GAAP operating expenses were $9.8 million in the fourth quarter of 2023, compared to $10.3 million in the prior quarter and $9.3 million in the fourth quarter of 2022. Excluded from our fourth quarter 2023 non-GAAP operating expenses were $0.4 million in costs related to the ongoing Board-led strategic review.

    GAAP net loss for the fourth quarter 2023 was ($1.6) million, or ($0.08) per basic and diluted share, compared to GAAP net loss of ($0.02) million, or ($0.01) per basic and diluted share, in the prior quarter and GAAP net income of $0.3 million, or $0.00 per basic and diluted share, in the fourth quarter of 2022.

    Non-GAAP adjusted EBITDA in the fourth quarter of 2023 was $0.9 million, compared to $2.2 million in the prior quarter and $1.7 million in the fourth quarter of 2022.

    Management Commentary

    "In 2023, we delivered record fiscal year revenue while keeping margins healthy with a consistent focus on delivering disciplined growth," said Identiv CEO Steven Humphreys. "Our commitment to maintaining a strong balance sheet enabled us to deliver a record quarter for cash flow from operations, while investing to build our foundation for strategic growth."

    Financial Outlook

    Identiv provides guidance based on current market conditions and expectations, including macroeconomic conditions and customer demand. For fiscal Q1 2024, management currently expects net revenues in the range of $22 million to $24 million, with normal seasonality expected to continue.

    Conference Call

    Identiv management will hold a conference call today, March 12, 2024, at 5:00 p.m. EDT (2:00 p.m. PDT) to discuss the company's fourth quarter and fiscal year 2023 financial results. A question-and-answer session will follow management's presentation.

    Toll-Free: 888-506-0062

    International Number: 973-528-0011

    Call ID: 107746

    Webcast link: Register and Join

    The teleconference replay will be available through March 26, 2024, by dialing 877-481-4010 (Toll-Free Replay Number) or 919-882-2331 (International Replay Number) and entering passcode 49814.

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

    About Identiv

    Identiv, Inc. is a global leader in digitally securing the physical world. Identiv's platform encompasses RFID and NFC, cybersecurity, and the full spectrum of physical access, video, and audio security. Identiv is a publicly traded company, and its common stock is listed on the Nasdaq Stock Market LLC in the U.S. under the symbol "INVE." For more information, visit identiv.com.

    Non-GAAP Financial Measures

    This press release includes financial information that has not been prepared in accordance with 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, interest expense, net foreign currency gains (losses), net 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, and restructuring and severance. For historical periods, 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 the Company's management 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, including statements regarding: the Company's expectations regarding future operating and financial outlook and performance, including 2024 first quarter guidance and outlook; the Company's strategy, focus and its foundation for growth; the Company's expectations regarding seasonality; expected benefits of the Company's Thailand production facilities, including the Company's ability to expand production capacity; and the Company's expectations with respect to demand and customer orders. Forward-looking statements are only predictions and are subject to a number of risks and uncertainties, many of which are outside our 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 completion of the 2023 audit and any related adjustments; the Company's ability to continue the momentum in its business, its ability to successfully execute its business strategy, its ability to capitalize on trends in its business, its ability to satisfy customer demand and expectations, the level and timing of customer orders and changes/cancellations, the success of its products and strategic partnerships, industry trends and seasonality, the impact of macroeconomic conditions and customer demand, inflation and increases in prices, the effects of the strategic review on the Company's business, and the other factors discussed in its periodic reports, including its Annual Report on Form 10-K for the year ended December 31, 2022, and subsequent reports filed with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update such statements.

    Identiv, Inc.

    Condensed Consolidated Statements of Operations

    (in thousands, except per share data)

    (unaudited)

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Year Ended

     

    December 31,

     

    September 30,

     

    December 31,

     

    December 31,

     

    December 31,

     

    2023

     

    2023

     

    2022

     

    2023

     

    2022

    Net revenue

    $

    28,985

     

    $

    31,846

     

    $

    29,001

     

    $

    116,383

     

    $

    112,915

     

    Cost of revenue

     

    18,821

     

     

    19,905

     

     

    18,421

     

     

    74,219

     

     

    71,971

     

    Gross profit

     

    10,164

     

     

    11,941

     

     

    10,580

     

     

    42,164

     

     

    40,944

     

    Operating expenses:
    Research and development

     

    2,952

     

     

    2,916

     

     

    2,283

     

     

    11,590

     

     

    9,916

     

    Selling and marketing

     

    4,938

     

     

    5,641

     

     

    5,021

     

     

    22,555

     

     

    20,730

     

    General and administrative

     

    3,570

     

     

    2,939

     

     

    2,806

     

     

    12,360

     

     

    10,429

     

    Restructuring and severance

     

    338

     

     

    104

     

     

    70

     

     

    714

     

     

    202

     

    Total operating expenses

     

    11,798

     

     

    11,600

     

     

    10,180

     

     

    47,219

     

     

    41,277

     

    Income (loss) from operations

     

    (1,634

    )

     

    341

     

     

    400

     

     

    (5,055

    )

     

    (333

    )

    Non-operating income (expense):
    Interest expense, net

     

    (76

    )

     

    (211

    )

     

    (42

    )

     

    (427

    )

     

    (143

    )

    Gain on investment

     

    —

     

     

    132

     

     

    —

     

     

    132

     

     

    30

     

    Foreign currency gains (losses), net

     

    209

     

     

    (264

    )

     

    44

     

     

    25

     

     

    155

     

    Income (loss) before income tax provision

     

    (1,501

    )

     

    (2

    )

     

    402

     

     

    (5,325

    )

     

    (291

    )

    Income tax provision

     

    (103

    )

     

    (20

    )

     

    (63

    )

     

    (164

    )

     

    (101

    )

    Net income (loss)

     

    (1,604

    )

     

    (22

    )

     

    339

     

     

    (5,489

    )

     

    (392

    )

    Cumulative dividends on Series B convertible preferred stock

     

    (319

    )

     

    (319

    )

     

    (304

    )

     

    (1,266

    )

     

    (1,206

    )

    Net income (loss) available to common stockholders

    $

    (1,923

    )

    $

    (341

    )

    $

    35

     

    $

    (6,755

    )

    $

    (1,598

    )

     
    Net income (loss) per common share:
    Basic

    $

    (0.08

    )

    $

    (0.01

    )

    $

    0.00

     

    $

    (0.29

    )

    $

    (0.07

    )

    Diluted

    $

    (0.08

    )

    $

    (0.01

    )

    $

    0.00

     

    $

    (0.29

    )

    $

    (0.07

    )

     
    Weighted average shares used in computing net income (loss) per common share:
    Basic

     

    23,248

     

     

    23,174

     

     

    22,737

     

     

    23,068

     

     

    22,659

     

    Diluted

     

    23,248

     

     

    23,174

     

     

    23,160

     

     

    23,068

     

     

    22,659

     

    Identiv, Inc.
    Condensed Consolidated Balance Sheets
    (in thousands)
    (unaudited)
     

    December 31,

    September 30,

    December 31,

    2023

    2023

    2022

     
    ASSETS
    Current assets:
    Cash and cash equivalents

    $

    23,312

    $

    19,674

    $

    16,650

    Restricted cash

     

    1,072

     

    1,254

     

    487

    Accounts receivable, net of allowances

     

    21,969

     

    25,892

     

    24,826

    Inventories

     

    28,712

     

    29,423

     

    28,958

    Prepaid expenses and other current assets

     

    4,421

     

    5,238

     

    4,177

    Total current assets

     

    79,486

     

    81,481

     

    75,098

    Property and equipment, net

     

    9,320

     

    8,518

     

    6,719

    Operating lease right-of-use assets

     

    5,214

     

    5,525

     

    4,373

    Intangible assets, net

     

    4,251

     

    4,483

     

    5,265

    Goodwill

     

    10,218

     

    10,189

     

    10,190

    Other assets

     

    1,234

     

    1,261

     

    1,120

    Total assets

    $

    109,723

    $

    111,457

    $

    102,765

     
    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
    Accounts payable

    $

    12,250

    $

    12,099

    $

    15,231

    Financial liabilities

     

    9,949

     

    9,939

     

    —

    Operating lease liabilities

     

    1,714

     

    1,708

     

    1,190

    Deferred revenue

     

    2,341

     

    2,474

     

    2,068

    Accrued compensation and related benefits

     

    2,334

     

    2,580

     

    2,757

    Other accrued expenses and liabilities

     

    2,194

     

    2,872

     

    2,147

    Total current liabilities

     

    30,782

     

    31,672

     

    23,393

    Long-term operating lease liabilities

     

    3,716

     

    4,037

     

    3,366

    Long-term deferred revenue

     

    927

     

    904

     

    587

    Other long-term liabilities

     

    26

     

    25

     

    25

    Total liabilities

     

    35,451

     

    36,638

     

    27,371

    Total stockholders' equity

     

    74,272

     

    74,819

     

    75,394

    Total liabilities and stockholders' equity

    $

    109,723

    $

    111,457

    $

    102,765

     

    Identiv, Inc.

    Reconciliation of GAAP to Non-GAAP Financial Information

    (in thousands)

    (unaudited)

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Year Ended

     

    December 31,

     

    September 30,

     

    December 31,

     

    December 31,

     

    December 31,

     

    2023

     

    2023

     

    2022

     

    2023

     

    2022

    Reconciliation of GAAP gross margin to non-GAAP gross margin
    GAAP gross profit

    $

    10,164

     

    $

    11,941

     

    $

    10,580

     

    $

    42,164

     

    $

    40,944

     

    Reconciling items included in GAAP gross profit:
    Stock-based compensation

     

    60

     

     

    45

     

     

    53

     

     

    195

     

     

    191

     

    Amortization and depreciation

     

    491

     

     

    458

     

     

    363

     

     

    1,737

     

     

    1,312

     

    Total reconciling items included in GAAP gross profit

     

    551

     

     

    503

     

     

    416

     

     

    1,932

     

     

    1,503

     

    Non-GAAP gross profit

    $

    10,715

     

    $

    12,444

     

    $

    10,996

     

    $

    44,096

     

    $

    42,447

     

    Non-GAAP gross margin

     

    37

    %

     

    39

    %

     

    38

    %

     

    38

    %

     

    38

    %

     
    Reconciliation of GAAP operating expenses to non-GAAP operating expenses
    GAAP operating expenses

    $

    11,798

     

    $

    11,600

     

    $

    10,180

     

    $

    47,219

     

    $

    41,277

     

    Reconciling items included in GAAP operating expenses:
    Stock-based compensation

     

    (938

    )

     

    (944

    )

     

    (543

    )

     

    (3,776

    )

     

    (2,970

    )

    Amortization and depreciation

     

    (241

    )

     

    (274

    )

     

    (236

    )

     

    (995

    )

     

    (960

    )

    Loss on disposal of property and equipment

     

    —

     

     

    —

     

     

    (68

    )

     

    —

     

     

    (68

    )

    Strategic review-related costs

     

    (435

    )

     

    —

     

     

    —

     

     

    (435

    )

     

    —

     

    Restructuring and severance

     

    (338

    )

     

    (104

    )

     

    (70

    )

     

    (714

    )

     

    (202

    )

    Total reconciling items included in GAAP operating expenses

     

    (1,952

    )

     

    (1,322

    )

     

    (917

    )

     

    (5,920

    )

     

    (4,200

    )

    Non-GAAP operating expenses

    $

    9,846

     

    $

    10,278

     

    $

    9,263

     

    $

    41,299

     

    $

    37,077

     

     
    Reconciliation of GAAP net income (loss) to non-GAAP adjusted EBITDA
    GAAP net income (loss)

    $

    (1,604

    )

    $

    (22

    )

    $

    339

     

    $

    (5,489

    )

    $

    (392

    )

    Reconciling items included in GAAP net income (loss):
    Income tax provision

     

    103

     

     

    20

     

     

    63

     

     

    164

     

     

    101

     

    Interest expense, net

     

    76

     

     

    211

     

     

    42

     

     

    427

     

     

    143

     

    Gain on investment

     

    —

     

     

    (132

    )

     

    —

     

     

    (132

    )

     

    (30

    )

    Loss on disposal of property and equipment

     

    —

     

     

    —

     

     

    68

     

     

    —

     

     

    68

     

    Foreign currency gains (losses), net

     

    (209

    )

     

    264

     

     

    (44

    )

     

    (25

    )

     

    (155

    )

    Stock-based compensation

     

    998

     

     

    989

     

     

    596

     

     

    3,971

     

     

    3,161

     

    Amortization and depreciation

     

    732

     

     

    732

     

     

    599

     

     

    2,732

     

     

    2,272

     

    Strategic review-related costs

     

    435

     

     

    —

     

     

    —

     

     

    435

     

     

    —

     

    Restructuring and severance

     

    338

     

     

    104

     

     

    70

     

     

    714

     

     

    202

     

    Total reconciling items included in GAAP net income (loss)

     

    2,473

     

     

    2,188

     

     

    1,394

     

     

    8,286

     

     

    5,762

     

    Non-GAAP adjusted EBITDA

    $

    869

     

    $

    2,166

     

    $

    1,733

     

    $

    2,797

     

    $

    5,370

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240312612773/en/

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      10/19/22 8:30:00 AM ET
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    • Identiv Appoints Amir Khoshniyati as General Manager and Vice President, Transponder Business

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      12/6/21 8:00:00 AM ET
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    • Identiv upgraded by B. Riley Securities with a new price target

      B. Riley Securities upgraded Identiv from Neutral to Buy and set a new price target of $11.00 from $10.00 previously

      6/26/23 9:12:55 AM ET
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      Northland Capital downgraded Identiv from Outperform to Market Perform

      11/3/22 9:19:51 AM ET
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      11/3/22 6:13:23 AM ET
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    • Identiv Reports First Quarter 2025 Financial Results

      Seasoned Financial Expert Mick Lopez Appointed to Identiv Board of Directors Partnering with Tag-N-Trac to Deliver Cold Chain Tracking and Compliance Solutions for Pharmaceutical Industry Collaborating with InPlay to Co-Develop Smart BLE Labels for IoT Logistics Applications SANTA ANA, Calif., May 7, 2025 /PRNewswire/ -- Identiv, Inc. (NASDAQ:INVE), a global leader in RFID- and BLE-enabled Internet of Things (IoT) solutions, today released its financial results for the first quarter ended March 31, 2025. "In the first quarter of 2025, we began executing our Perform-Accelerate-

      5/7/25 4:05:00 PM ET
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    • Identiv and InPlay Introduce Next-Generation BLE-Enabled Smart Labels for Industrial IoT Applications

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      5/1/25 7:00:00 AM ET
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    • Identiv Partners with Tag-N-Trac to Market IoT Solutions for Cold Chain Tracking and Compliance

      New condition monitoring IoT solution enhances supply chain visibility for pharmaceutical companies SANTA ANA, Calif., April 24, 2025 /PRNewswire/ -- Identiv, Inc. (NASDAQ:INVE), a global leader in RFID- and BLE-enabled Internet of Things (IoT) solutions, today announced a strategic business development and marketing partnership with Tag-N-Trac, a full stack IoT platform provider for real-time supply chain visibility and traceability. This new partnership will initially focus on developing and commercializing specialized IoT solutions for cold chain tracking within the pharmaceutical industry supply chain.

      4/24/25 7:00:00 AM ET
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    • Chief Financial Officer Scarpulla Justin bought $20,999 worth of shares (6,565 units at $3.20), increasing direct ownership by 3% to 231,178 units (SEC Form 4)

      4 - Identiv, Inc. (0001036044) (Issuer)

      3/17/25 8:29:38 PM ET
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    • Chief Executive Officer Newquist Kirsten F. bought $63,107 worth of shares (19,000 units at $3.32), increasing direct ownership by 8% to 258,931 units (SEC Form 4)

      4 - Identiv, Inc. (0001036044) (Issuer)

      3/17/25 8:21:21 PM ET
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    • Newquist Kirsten F. bought $76,732 worth of shares (17,166 units at $4.47) (SEC Form 4)

      4 - Identiv, Inc. (0001036044) (Issuer)

      5/23/24 6:24:21 PM ET
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    • Identiv Reports First Quarter 2025 Financial Results

      Seasoned Financial Expert Mick Lopez Appointed to Identiv Board of Directors Partnering with Tag-N-Trac to Deliver Cold Chain Tracking and Compliance Solutions for Pharmaceutical Industry Collaborating with InPlay to Co-Develop Smart BLE Labels for IoT Logistics Applications SANTA ANA, Calif., May 7, 2025 /PRNewswire/ -- Identiv, Inc. (NASDAQ:INVE), a global leader in RFID- and BLE-enabled Internet of Things (IoT) solutions, today released its financial results for the first quarter ended March 31, 2025. "In the first quarter of 2025, we began executing our Perform-Accelerate-

      5/7/25 4:05:00 PM ET
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      3/5/25 4:05:00 PM ET
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    • Identiv Reports Third Quarter 2024 Financial Results

      Closed Asset Sale Transaction on September 6, 2024 Announces $10 Million Stock Repurchase Program Introduces Perform-Accelerate-Transform Strategy Framework Identiv, Inc. (NASDAQ:INVE), a global leader in RFID-enabled Internet of Things (IoT) solutions, today released its financial results for the third quarter ended September 30, 2024. "The third quarter was transformative for Identiv, marked by the successful completion of our asset sale transaction," said Identiv CEO Kirsten Newquist. "This has strengthened our cash position, providing resources to fund our future growth. With a clear vision for the direction of our business, our ‘Perform, Accelerate, and Transform' strategy serves a

      11/7/24 4:05:00 PM ET
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    • SEC Form 3 filed by new insider Lopez Miguel A

      3 - Identiv, Inc. (0001036044) (Issuer)

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    • Chief Executive Officer Newquist Kirsten F. covered exercise/tax liability with 25,390 shares, decreasing direct ownership by 10% to 233,541 units (SEC Form 4)

      4 - Identiv, Inc. (0001036044) (Issuer)

      4/16/25 2:37:10 PM ET
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    • Chief Financial Officer Scarpulla Justin covered exercise/tax liability with 15,847 shares, decreasing direct ownership by 7% to 212,655 units (SEC Form 4)

      4 - Identiv, Inc. (0001036044) (Issuer)

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    • Amendment: SEC Form SC 13G/A filed by Identiv Inc.

      SC 13G/A - Identiv, Inc. (0001036044) (Subject)

      11/13/24 12:40:18 PM ET
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    • Amendment: SEC Form SC 13G/A filed by Identiv Inc.

      SC 13G/A - Identiv, Inc. (0001036044) (Subject)

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    • Amendment: SEC Form SC 13D/A filed by Identiv Inc.

      SC 13D/A - Identiv, Inc. (0001036044) (Subject)

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