Financial Data and Key Metrics Changes - Identiv reported net revenue of $5.3 million for Q1 2025, slightly above guidance but down from $6.7 million in Q1 2024, primarily due to the exit of low-margin business [11][12] - GAAP gross margin was 2.5% and non-GAAP gross margin was 10.8% for Q1 2025, compared to 7.3% and 13.4% respectively in Q1 2024, with the decrease attributed to transition costs and lower revenue [12] - GAAP net loss from continuing operations was $4.8 million or $0.21 per share, an improvement from a loss of $5.4 million or $0.24 per share in Q1 2024 [13] - Cash and cash equivalents at the end of Q1 2025 were $132.7 million, with cash usage of $3.3 million during the quarter [14] Business Line Data and Key Metrics Changes - The transition of production from Singapore to Thailand is progressing well, with over 75% of volume now transitioned [50] - The company is focusing on higher-margin opportunities and has made significant progress in its new product development (NPD) pipeline, with 21 active projects [31][32] Market Data and Key Metrics Changes - Approximately 25% of Identiv's business is exposed to U.S. import tariffs due to its manufacturing footprint in Thailand and Singapore [5][16] - The company is preparing for various tariff scenarios and expects to pass along incurred tariffs to customers as surcharges [16] Company Strategy and Development Direction - Identiv is executing its Perform, Accelerate, Transform (PAT) strategic framework to strengthen its core business and expand into high-value applications [7][18] - The company aims to drive future growth through strategic partnerships and innovative product development, particularly in the IoT space [10][36] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing market uncertainty and high volatility, with a cautious outlook due to shifting trade policies and a softening global GDP [5][10] - Despite challenges, the company believes its value proposition remains strong, driven by long-term trends in RFID and IoT solutions [36] Other Important Information - A new strategic partnership with Tag and Track was announced, aimed at enhancing IoT solutions for the pharmaceutical industry [9] - The company is also collaborating with Inplay to develop a new portfolio of BLE-enabled smart labels for logistics applications [9][27] Q&A Session Summary Question: Impact of tariffs on customer pipeline - Management acknowledged some customer concerns regarding indirect impacts from tariffs but noted no significant effects observed so far [40][41] Question: Status of grocery logistics deal - The grocery logistics project is tracking as planned, with initial orders expected by the end of the year and a go-live target for mid-2026 [43] Question: Transition from Singapore to Thailand and margin guidance - Over 75% of production volume has transitioned to Thailand, with expectations to complete the transition by the end of Q2 [50][52] - Margin guidance for Q4 remains uncertain pending the outcome of tariff reviews [53] Question: Order pull-ins in Q1 - Management confirmed that Q1 did not benefit from any pull-ins, maintaining normal order flow [58] Question: Quoting activity in Q2 - There is caution among customers, but no significant concerns for Q2 have been noted, with guidance reflecting potential slowdowns [61]

Financial Performance - Net revenue decreased to $53 million in Q1 2025 from $67 million in Q1 2024 due to the planned exit of low margin business[10] - GAAP gross margin decreased to 25% in Q1 2025 from 73% in Q1 2024 due to Thailand to Singapore transition and decreased utilization[10] - Non-GAAP gross margin decreased to 108% in Q1 2025 from 134% in Q1 2024[10] - GAAP net loss from continuing operations improved to ($48 million) in Q1 2025 from ($54 million) in Q1 2024 due to reduction in strategic review costs[10] - Non-GAAP adjusted EBITDA was ($39 million) in Q1 2025 compared to ($32 million) in Q1 2024[10] Business Strategy and Outlook - The company is in "Execution Mode" of Perform-Accelerate-Transform (P-A-T) strategy[8] - The company expects Q2 2025 net revenue to be between $49 million and $53 million[12] - The company anticipates continued market uncertainty and is closely monitoring risks[7] - The company is transitioning RFID production to Thailand and expects to conclude Singapore-based production by the end of Q2 or shortly thereafter[8] - The company announced strategic partnerships with Tag-N-Trac for cold chain tracking solutions and is collaborating with InPlay on BLE-enabled smart labels[8]

"In the first quarter of 2025, we began executing our Perform-Accelerate-Transform ("P-A-T") strategic framework as a pure-play IoT solutions provider, supported by a strengthened commercial organization," said Kirsten Newquist, CEO of Identiv. "Our specialized RFID and BLE tags, inlays, and labels are an important component enabling the digital transformation and addressing key industry challenges. Even as we navigate through today's challenging macro environment, Identiv's value proposition remains strong ...

Core Insights - Identiv, Inc. has appointed Mick Lopez to its Board of Directors and is focusing on strategic partnerships to enhance its IoT solutions in the pharmaceutical industry and logistics applications [1][2] Financial Performance - For Q1 2025, Identiv reported revenue of $5.3 million, down from $6.7 million in Q1 2024, primarily due to exiting low-margin business [3] - GAAP gross margin for Q1 2025 was 2.5%, compared to 7.3% in Q1 2024, while non-GAAP gross margin decreased from 13.4% to 10.8% [3] - GAAP operating expenses were $5.6 million in Q1 2025, slightly up from $5.5 million in Q1 2024, reflecting targeted investments for organic growth [4] - The GAAP net loss from continuing operations was $4.8 million, or $0.21 per share, an improvement from a loss of $5.4 million, or $0.24 per share, in Q1 2024 [5] - Non-GAAP adjusted EBITDA loss increased to $3.9 million in Q1 2025 from $3.2 million in Q1 2024 [6] Financial Outlook - Management expects Q2 2025 net revenue to be between $4.9 million and $5.3 million, reflecting current market conditions and customer demand [7] Company Overview - Identiv specializes in RFID- and BLE-enabled IoT solutions, creating digital identities for physical objects and enhancing connectivity across various industries [10]

Core Insights - Identiv, Inc. has announced a strategic partnership with Tag-N-Trac to enhance supply chain visibility for pharmaceutical companies through specialized IoT solutions focused on cold chain tracking [1][4] Company Overview - Identiv is a leader in RFID- and BLE-enabled IoT solutions, with its technology integrated into over 1.5 billion applications globally, driving innovation across various sectors including healthcare and consumer electronics [6] - Tag-N-Trac provides a full stack IoT platform for real-time supply chain visibility and traceability, focusing on solving complex supply chain and inventory management challenges [7] Partnership Details - The partnership combines Identiv's advanced BLE smart labels with Tag-N-Trac's RELATIVITY™ SaaS platform, which offers item-level visibility and actionable insights from origin to delivery [2] - The RELATIVITY platform enables real-time monitoring of ambient conditions such as temperature and humidity, ensuring compliance for temperature-sensitive products [2][3] Industry Context - The need for real-time data and visibility in the pharmaceutical cold chain is increasing due to growing regulatory requirements and patient safety concerns [3] - The collaboration aims to provide pharmaceutical companies with the necessary data intelligence to manage temperature-sensitive products safely and efficiently [4]

New Director Brings Strong Record of Delivering Shareholder Value to Identiv's BoardSANTA ANA, Calif., April 14, 2025 /PRNewswire/ -- Identiv, Inc. (NASDAQ: INVE), a global leader in RFID and BLE-enabled Internet of Things (IoT) solutions, today announced the appointment of Mick Lopez to its Board of Directors. Mr. Lopez is a public company board director and former CFO who brings decades of strategic and financial governance expertise to Identiv's Board of Directors. His extensive experience in mergers and ...

Earnings Conference Call Q4 and FY 2024 March 5, 2025 Safe Harbor | Note Regarding Forward-Looking Information This presentation 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," "pla ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 0-29440 IDENTIV, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 77-0444317 (State or other jurisdiction of (I.R.S. Employer In ...

Financial Data and Key Metrics Changes - Fourth quarter 2024 revenue was $6.7 million, exceeding the midpoint of the previously announced outlook by approximately $600,000 [17] - Fourth quarter GAAP and non-GAAP gross margin was negative 14.9% and negative 5.2%, respectively, compared to positive gross margins of 16.2% and 19.5% in Q4 2023 [18] - Fiscal year 2024 revenue was $26.6 million, a decrease of $16.8 million compared to the prior year period [23] - Fiscal year 2024 GAAP and non-GAAP gross margin was 1.3% and 8%, respectively, compared to 13.8% and 16.6% in fiscal year 2023 [24] - Fiscal year GAAP net loss from continuing operations was $25.9 million or $1.14 per share, compared to a loss of $13.9 million or $0.66 per share in fiscal year 2023 [26] - The company exited Q4 2024 with $135.9 million in cash and cash equivalents, an increase of $111 million since December 31, 2023 [27] Business Line Data and Key Metrics Changes - The transition of RFID production from Singapore to Thailand is progressing well, with approximately 75% of current volume transitioned by December [9] - The company expects to achieve a non-GAAP gross margin in the range of 26% to 28% once production is fully transitioned to Thailand [10] Market Data and Key Metrics Changes - The company is focusing on high-margin opportunities in healthcare and other high-value segments, which are expected to drive future growth [20] Company Strategy and Development Direction - The company has shifted to a pure-play provider of specialty RFID and Bluetooth Low Energy solutions following the sale of its physical security business [5][6] - The PAT (Perform, Accelerate, Transform) framework is being executed to strengthen core business, accelerate growth, and transform into a market leader in specialty IoT solutions [7][14] - New product development is a key focus, with several customer-driven projects underway, including smart labels for various applications [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic direction and the potential for growth driven by macro trends in digitization, IoT, and heightened security measures [34][55] - The company anticipates that 2025 will be a year of development, with growth expected to materialize more significantly in 2026 [80] Other Important Information - The company has a strong balance sheet, enabling it to pursue organic and inorganic growth initiatives [30] - A capital allocation plan prioritizes organic growth, strategic M&A, and working capital [31] Q&A Session Summary Question: Can you expand on the Novanta partnership and revenue expectations? - The partnership is focused on technology and business development, with no specific revenue target but aims to leverage complementary technologies for medical device OEMs [59][60] Question: What is the expected impact of the grocery store device opportunity? - The BLE device is expected to be at a higher price point than typical products, with hopes for early volumes by the end of this year or early next year [63][65] Question: What are the expectations for gross margins and operating expenses going forward? - The target for Q4 2025 gross margins is in the range of 26% to 28%, with a slight increase in operating expenses expected due to merit increases and new hires [68][72] Question: Will the transition of customers from Singapore to Thailand affect revenue? - Revenue from transitioning customers is expected to remain consistent, with no disruption anticipated [86][88]

Financial Data and Key Metrics Changes - Fourth quarter 2024 revenue was $6.7 million, exceeding the midpoint of previously announced outlook by approximately $600,000 [17] - Fourth quarter GAAP and non-GAAP gross margin was negative 14.9% and negative 5.2%, respectively, compared to positive gross margins of 16.2% and 19.5% in Q4 2023 [18] - Fiscal year 2024 revenue was $26.6 million, a decrease of $16.8 million compared to the prior year period [23] - Fiscal year 2024 GAAP and non-GAAP gross margin was 1.3% and 8%, respectively, compared to 13.8% and 16.6% in fiscal year 2023 [24] - Fiscal year GAAP net loss from continuing operations was $25.9 million or $1.14 per share, compared to a loss of $13.9 million or $0.66 per share in fiscal year 2023 [26] Business Line Data and Key Metrics Changes - The transition of RFID production from Singapore to Thailand is a key priority, with 75% of current volume transitioned by year-end [9] - The company aims for a long-term non-GAAP gross margin target of 35% [10] - New product development pipeline includes several high-value applications, such as smart labels for home appliances and BLE devices for industrial applications [12] Market Data and Key Metrics Changes - The company is focusing on higher-margin opportunities in healthcare and other high-value segments [21] - The partnership with Novanta aims to streamline the development process for medical devices, enhancing patient safety [13] Company Strategy and Development Direction - The company has shifted to a pure-play provider of specialty RFID and BLE solutions following the sale of its physical security business [6] - The PAT (Perform, Accelerate, Transform) framework is designed to strengthen core business, accelerate growth, and transform into a market leader in specialty IoT solutions [7][36] - The company is actively assessing M&A opportunities to add scale and technical capabilities [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for RFID and BLE technologies driven by digitization, security, and sustainability trends [34] - The company anticipates that growth from new projects will be more pronounced in 2026 [80] Other Important Information - The company exited Q4 2024 with $135.9 million in cash and cash equivalents, an increase of $111 million since December 31, 2023 [27] - The capital allocation plan prioritizes organic growth and strategic M&A, with a stock repurchase program of $10 million [31] Q&A Session Summary Question: Can you expand on the Novanta partnership and revenue expectations? - The partnership is focused on technology and business development, with no specific revenue target but aims for higher gross margins in healthcare applications [59][61] Question: What is the expected impact of the grocery store device opportunity? - The BLE device is expected to have a higher price point than typical products, with hopes for early volumes by the end of this year or early next year [63][65] Question: Can you quantify the pull-in order in Q4? - The pull-in order contributed approximately $600,000 to the revenue increase in Q4 [75] Question: What are the expectations for gross margins throughout the year? - The company does not provide detailed guidance beyond one quarter but expects to be in the ballpark of mid- to high 20% margins [78] Question: Is there a timeline for EBITDA breakeven? - The company has not formally provided a timeline for EBITDA breakeven [84]