Identiv(INVE) - 2024 Q4 - Annual Results

Revenue Performance - Revenue for fiscal year 2024 was $26.6 million, a decrease of 38.7$43.4 million in fiscal year 2023[3] - Revenue for the fourth quarter of 2024 was $6.7 million, a decline of 41.9$11.3 million in the fourth quarter of 2023[7] - Management expects net revenue for Q1 2025 to be in the range of $4.8 million to$5.1 million[11] Profitability Metrics - GAAP gross margin for fiscal year 2024 was 1.3%, down from 13.8% in fiscal year 2023[3] - Fourth quarter 2024 GAAP gross margin was (14.9%), compared to 16.2% in the fourth quarter of 2023[7] - Non-GAAP gross profit for Q4 2024 was $(349) thousand, while Q4 2023 reported a gross profit of$2.210 million[23] - Non-GAAP gross margin for Q4 2024 was -5%, down from 19% in Q4 2023[23] Net Loss - GAAP net loss from continuing operations for fiscal year 2024 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[5] - GAAP net loss from continuing operations for the fourth quarter of 2024 was ($4.3) million, or ($0.19) per share, compared to a loss of ($3.3) million, or ($0.16) per share in the fourth quarter of 2023[9] - GAAP net loss from continuing operations for Q4 2024 was $4.277 million, compared to a loss of$3.325 million in Q4 2023[23] - Non-GAAP adjusted EBITDA loss for fiscal year 2024 was ($15.8) million, compared to ($9.5) million in fiscal year 2023[6] - Non-GAAP adjusted EBITDA for the year ended December 31, 2024, was $(15.791) million, compared to$(9.492) million for the year ended December 31, 2023[23] Operating Expenses - GAAP operating expenses for fiscal year 2024 were $28.3 million, up from$19.5 million in fiscal year 2023[4] - Non-GAAP operating expenses for fiscal year 2024 were $17.9 million, compared to$16.7 million in fiscal year 2023[4] Balance Sheet Highlights - Total assets decreased to $160.951 million from$177.029 million, a decline of approximately 9.6%[21] - Current liabilities significantly reduced to $7.812 million from$19.011 million, a decrease of about 58.9%[21] - Total stockholders' equity increased to $151.943 million from$156.740 million, a decrease of about 3.6%[21] - Cash and cash equivalents decreased to $135.646 million from$145.361 million, a decline of about 6.4%[21] - Operating lease liabilities decreased to $852 thousand from$880 thousand, a reduction of approximately 3.2%[21] - Non-current liabilities held-for-sale decreased to $0 from$3.136 million, indicating a complete divestiture[21]