分组1 - Identiv, Inc. reported a quarterly loss of $0.25 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.26, compared to a loss of $0.01 per share a year ago, indicating an earnings surprise of 3.85% [1] - The company posted revenues of $6.53 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 8.87%, but down from $31.85 million in the same quarter last year [2] - Identiv shares have declined approximately 55.5% year-to-date, contrasting with the S&P 500's gain of 24.3% [3] 分组2 - The earnings outlook for Identiv is mixed, with the current consensus EPS estimate for the upcoming quarter at -$0.27 on revenues of $6.2 million, and -$1.02 on revenues of $41.4 million for the current fiscal year [7] - The Zacks Industry Rank for Computer - Peripheral Equipment is in the top 29% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8]

Revenue Performance - Revenue for Q3 2024 was $6.5 million, a decrease of 44.5% compared to $11.7 million in Q3 2023[3]. - For Q4 2024, management expects net revenue to be in the range of $6.0 million to $6.3 million[7]. Gross Margin and Profitability - GAAP gross margin for Q3 2024 was 3.6%, down from 11.2% in Q3 2023; non-GAAP gross margin was 9.3%, compared to 14.0% in the same period[3]. - Non-GAAP gross profit for the three months ended September 30, 2024, was $605 thousand, down from $1,641 thousand for the same period in 2023, reflecting a 63% decrease[16]. - Non-GAAP gross margin for the three months ended September 30, 2024, was 9%, down from 14% in the same period of 2023[16]. Operating Expenses - GAAP operating expenses increased to $9.8 million in Q3 2024 from $4.6 million in Q3 2023, with non-GAAP operating expenses rising to $5.1 million from $4.1 million[4]. - Non-GAAP operating expenses for the three months ended September 30, 2024, were $5,086 thousand, compared to $4,080 thousand for the same period in 2023, an increase of 25%[16]. Net Loss - GAAP net loss from continuing operations was ($9.3) million, or ($0.40) per share, compared to a loss of ($3.7) million, or ($0.17) per share in Q3 2023[5]. - GAAP net loss for the three months ended September 30, 2024, was $(9,329) thousand, compared to $(3,660) thousand for the same period in 2023, indicating a 155% increase in losses[16]. - Non-GAAP adjusted EBITDA for the nine months ended September 30, 2024, was $(11,332) thousand, worsening from $(7,583) thousand for the same period in 2023[16]. Asset Management and Financial Position - Total current assets increased to $166,003 thousand as of September 30, 2024, compared to $79,486 thousand at December 31, 2023, representing a 109% increase[15]. - Total liabilities decreased to $20,289 thousand as of September 30, 2024, from $35,451 thousand at December 31, 2023, a reduction of 43%[15]. - Current liabilities decreased to $19,011 thousand as of September 30, 2024, from $30,782 thousand at December 31, 2023, a decline of 38%[15]. - Cash and cash equivalents significantly increased to $145,361 thousand as of September 30, 2024, from $23,312 thousand at December 31, 2023, a growth of 523%[15]. - Total stockholders' equity rose to $156,740 thousand as of September 30, 2024, compared to $74,272 thousand at December 31, 2023, an increase of 111%[15]. Strategic Initiatives - The "Perform, Accelerate, and Transform" strategy framework has been introduced to guide future growth[2]. - Identiv anticipates total net proceeds from the asset sale transaction to be approximately $135 million after costs[6]. - Identiv plans to allocate 25% to 30% of net proceeds from the asset sale for investments in core business and growth initiatives[6]. - The transition of production to Thailand is progressing, and the new product development pipeline remains strong[2]. - The company announced a $10 million stock repurchase program[1].

Discontinued Operations - In Q2 2024, the Company entered into a Purchase Agreement to sell its Physical Security Business for $145.0 million in cash consideration[22] - The net revenue from discontinued operations for Q2 2024 was $17.592 million, a decrease of 2.7% compared to $18.079 million in Q2 2023[23] - The gross profit from discontinued operations for Q2 2024 was $7.904 million, down from $9.216 million in Q2 2023, reflecting a gross margin decrease[23] - Total operating expenses for discontinued operations in Q2 2024 were $7.148 million, compared to $6.919 million in Q2 2023, indicating a 3.3% increase[23] - The Company reported a net income of $707,000 from discontinued operations in Q2 2024, a significant decrease from $2.307 million in Q2 2023[23] - The Company anticipates closing the transaction for the sale of the Physical Security Business in Q3 2024, pending regulatory approvals[22] - The transition service agreement for the sale will provide support for 12 to 18 months post-transaction[22] - The Company performed its annual goodwill impairment analysis and found no impairment indicators related to the goodwill of its Physical Security Business[23] Financial Performance - Total net revenue for the three months ended June 30, 2024, was $6,741,000, compared to $11,476,000 for the same period in 2023, representing a decrease of approximately 41.5%[32] - Revenue from the Americas for the three months ended June 30, 2024, was $3,386,000, down from $7,948,000 in 2023, a decline of about 57.4%[32] - The Company reported total revenue of $13,399,000 for the six months ended June 30, 2024, compared to $20,365,000 for the same period in 2023, indicating a decrease of approximately 34.2%[33] - Geographic net revenue for the Americas was $6,344,000 for the six months ended June 30, 2024, down from $14,336,000 in the same period in 2023, representing a decline of approximately 56%[66] - The company reported a net loss from continuing operations of $12,305,000 for the six months ended June 30, 2024, compared to a loss of $6,890,000 for the same period in 2023[61] - The company’s net loss per common share for the six months ended June 30, 2024, was $(0.48), compared to $(0.20) for the same period in 2023[61] Assets and Liabilities - As of June 30, 2024, total current assets held-for-sale amounted to $33.600 million, slightly up from $32.916 million as of December 31, 2023[25] - The carrying value of goodwill related to the discontinued operations was $10.180 million as of June 30, 2024, compared to $10.218 million at the end of 2023[25] - As of June 30, 2024, the Company had $348,000 of privately-held investments measured at fair value on a nonrecurring basis, classified as Level 3 assets[36] - The Company’s total inventories decreased from $13,560,000 as of December 31, 2023, to $11,267,000 as of June 30, 2024, a reduction of approximately 16.9%[39] - Financial liabilities, net of debt issuance costs, decreased from $9,949,000 as of December 31, 2023, to $7,905,000 as of June 30, 2024, a decline of about 20.6%[42] - Total property and equipment, net decreased from $8,472,000 as of December 31, 2023, to $7,669,000 as of June 30, 2024, a decline of approximately 9.5%[67] - Total operating lease right-of-use assets decreased from $2,289,000 as of December 31, 2023, to $2,228,000 as of June 30, 2024, a decline of approximately 2.7%[67] Stock and Compensation - Common stock reserved for future issuance as of June 30, 2024, totaled 10,811,851 shares, including 7,541,449 shares issuable upon conversion of Series B convertible preferred stock[49] - The balance of Series B convertible preferred stock increased from $25,951,000 as of June 30, 2023, to $27,070,000 as of June 30, 2024, reflecting an increase of approximately 4.3%[47] - The company granted 658,015 restricted stock units (RSUs) during the six months ended June 30, 2024, with an unvested balance of 1,099,948 RSUs as of the same date[54][56] - The total stock-based compensation expense for the six months ended June 30, 2024, was $2,494,000, compared to $1,984,000 for the same period in 2023[57] - As of June 30, 2024, there was $7.7 million of unrecognized compensation expense related to unvested RSUs expected to be recognized over a weighted average period of 2.5 years[56] Compliance and Commitments - The Company was not in compliance with a financial covenant under the Loan Agreement as of June 30, 2024, which was subsequently waived by East West Bank on August 5, 2024[43] - The company has total contractual commitments of $7,253,000 as of June 30, 2024, including purchase commitments of $7,021,000[72] Other Financial Metrics - The company recorded depreciation expense of $0.4 million for the three months ended June 30, 2024, compared to $0.3 million for the same period in 2023, representing a 33.3% increase[40] - Cash paid for operating lease liabilities was $0.5 million for the six months ended June 30, 2024, compared to $0.2 million for the same period in 2023, representing a 150% increase[71] - The total minimum lease payments as of June 30, 2024, amounted to $2,488,000, with long-term operating lease liabilities of $1,393,000[70] - Warranty accrual balance at the end of the three months ended June 30, 2024, was $128,000, down from $197,000 for the same period in 2023[74] - A hypothetical 10% movement in foreign currency exchange rates would result in increased foreign currency gains or losses of $0.4 million as of June 30, 2024[128] - The weighted average remaining lease term for the company's operating leases was 2.7 years as of June 30, 2024[70] Restructuring - The company incurred restructuring expenses of $45,000 and $46,000 for the three and six months ended June 30, 2023, respectively[68]

Financial Data and Key Metrics Changes - GAAP revenue from the IoT business for Q2 2024 was $6.7 million, down from $11.5 million in Q2 2023, primarily due to lower sales of BLE transponder products [15][16] - GAAP net loss from the IoT business in Q2 2024 was $6.9 million, or $0.31 per share, compared to a net loss of $3.5 million, or $0.16 per share, in Q2 2023 [18] - Aggregated non-GAAP revenue for Q2 2024 was $24.3 million, down from $29.6 million in Q2 2023, attributed to lower sales of BLE transponder products [19] - Aggregated non-GAAP net loss for Q2 2024 was $6.2 million, compared to a net loss of $1.1 million in Q2 2023 [21] Business Line Data and Key Metrics Changes - The IoT business experienced a decrease in GAAP and non-GAAP gross margins, with Q2 2024 margins at 9.1% and 14.6% respectively, down from 14.2% and 16.6% in Q2 2023 [16] - Non-GAAP gross margin for the IoT business is expected to reach 26% to 28% post-transition to Thailand, with a long-term goal of over 30% [12][16] Market Data and Key Metrics Changes - The company is focusing on high-value and high-growth segments outside of healthcare, including smart home devices, smart packaging, and specialty retail, with expected growth rates of over 25% CAGR in RFID inlays for specialty retail applications [27] Company Strategy and Development Direction - The company aims to strengthen relationships with channel customers and shift to a collaborative partnership model, focusing on high-potential and sustainable opportunities [8][9] - A Stage Gate process is being implemented to manage new product development projects, ensuring they meet acceptance criteria before proceeding [10] - The company is exploring strategic options such as mergers, partnerships, and acquisitions to drive growth [14] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in closing the divestiture of the security business, expecting to add approximately $130 million in net cash post-transaction [5][22] - The company anticipates achieving EBITDA breakeven at $60 million to $70 million in annual sales, with a focus on scaling the IoT business [13][14] Other Important Information - The company exited Q2 2024 with $19 million in cash, a decrease of $5.4 million since December 31, 2023 [22] - The transition of RFID production from Singapore to Thailand is a key priority, with expectations to complete the majority of the transition by Q1 2025 [11][12] Q&A Session Summary Question: Are there any low-probability projects in the current pipeline? - Management confirmed that they are continuously assessing the new product development pipeline and will discontinue projects that do not meet the new criteria [34] Question: Does the $60 million to $70 million EBITDA target assume a gross margin of 26% to 28%? - Management clarified that the target assumes getting close to a 30% gross margin [36] Question: What are the plans for operating expenses related to the Thailand facility? - Management indicated that overhead expenses will continue to grow as they ramp up operations in Thailand, with a steady reduction expected after the transition is complete [37] Question: How will cash burn be managed in the short and long term? - Management provided guidance of $14 million to $16 million in cash use over the next 12 months, with expectations of linear distribution across the quarters [39] Question: What is the outlook for sequential growth and seasonality? - Management noted that the seasonality previously seen in the combined business will change, with the IoT side expected to show a slight decline in Q3 revenue compared to Q2 [40]

Company Performance - Identiv, Inc. reported a quarterly loss of $0.31 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.26, and compared to a loss of $0.06 per share a year ago, indicating a significant decline in performance [1] - The company posted revenues of $6.74 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 71.91%, and a sharp decline from year-ago revenues of $29.56 million [2] - Over the last four quarters, Identiv has surpassed consensus EPS estimates only once, indicating ongoing challenges in meeting market expectations [2] Stock Performance - Identiv shares have lost approximately 56.3% since the beginning of the year, contrasting sharply with the S&P 500's gain of 9% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.17 on revenues of $29.5 million, and for the current fiscal year, it is -$0.82 on revenues of $104.3 million [7] Industry Outlook - The Computer - Peripheral Equipment industry, to which Identiv belongs, is currently ranked in the top 43% of over 250 Zacks industries, suggesting a relatively favorable position within the market [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Identiv's stock performance [5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 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: 000-29440 IDENTIV, INC. (Exact Name of Registrant as Specified in its Charter) DELAWARE 77-0444317 (State or other ju ...

Exhibit 99.1 Identiv Reports First Quarter 2024 Financial Results Signed Transformative $145 Million Agreement on April 2, 2024; Expected Closing in Q3 FY 2024, Subject to Approvals New President, IoT Solutions Joins Identiv; Will Become CEO Post-Close of Transaction Gross Margins Expand to Highest Levels since Q3 2021 FREMONT, Calif. — May 8, 2024 — Identiv, Inc. (NASDAQ: INVE), a global digital security and identification leader in the Internet of Things (IoT), today released its financial results for the ...

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, 2023 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) (State or other jurisdiction of (I.R.S. Employer 2201 Walnut Avenue, Su ...

Exhibit 99.1 Identiv Reports Fourth Quarter and Full Year 2023 Financial Results 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 FREMONT, Calif. — March 12, 2024 — 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, 20 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 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: 000-29440 IDENTIV, INC. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of in ...