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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Identiv Inc | NASDAQ:INVE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.13 | -3.10% | 4.06 | 4.02 | 4.24 | 4.25 | 4.01 | 4.22 | 244,202 | 01:00:00 |
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
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 IR@identiv.com.
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/
Investor Relations Contact: IR@identiv.com
Media Contact: press@identiv.com
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