Identiv(US:INVE)2025-05-09 20:44Discontinued Operations - For the three months ended March 31, 2024, the discontinued operations reported net revenue of $15.8 million and income from discontinued operations of $824,000[28]. - The Company’s total operating expenses for discontinued operations were $7.041 million for the three months ended March 31, 2024[28]. Financial Performance - The company reported a net loss from continuing operations of $4,789,000 for the three months ended March 31, 2025, compared to a net loss of $5,382,000 for the same period in 2024[54]. - Basic net loss per common share for the three months ended March 31, 2025, was $(0.21), consistent with the loss per share for the same period in 2024[54]. - Total stock-based compensation expense for the three months ended March 31, 2025, was $796,000, a decrease from $1,019,000 in the same period in 2024[51]. Inventory and Assets - The Company’s total inventories increased from $7.475 million as of December 31, 2024, to $7.760 million as of March 31, 2025[37]. - The Company’s accumulated depreciation for property and equipment was $13.069 million as of March 31, 2025[37]. - The balance of Series B Convertible Preferred Stock increased from $26.589 million at the beginning of the period to $27.472 million by March 31, 2025[42]. - The number of common shares issuable upon conversion of Series B Convertible Preferred Stock increased to 6,919,148 shares as of March 31, 2025[42]. Cash and Equivalents - As of March 31, 2025, cash equivalents included $1.6 million in money market accounts and $110.5 million in treasury bills[32]. - As of March 31, 2025, the company repurchased a total of 463,779 shares of common stock for approximately $1.9 million under the Stock Repurchase Program[45]. Revenue and Customer Concentration - Geographic net revenue for the three months ended March 31, 2025, was $5,269,000, down from $6,658,000 in 2024, with the Americas contributing 42% of total revenue[59]. - One customer accounted for 16% of net revenue for the three months ended March 31, 2025, compared to 22% for the same period in 2024[60]. Lease and Warranty Obligations - The present value of future minimum lease payments as of March 31, 2025, was $1.818 million, with long-term operating lease liabilities amounting to $957,000[65]. - The warranty accrual balance at the end of Q1 2025 was $341,000, up from $141,000 at the end of Q1 2024[68]. - The Company recorded a charge of $127,000 to cost of revenue for warranty accruals during the three months ended March 31, 2025[68]. Restructuring and Impairment - The company incurred restructuring expenses of $238,000 related to the impairment of an operating lease right-of-use asset during the three months ended March 31, 2025[62]. - An impairment charge of $238,000 was recorded in Q1 2025 related to an operating lease right-of-use asset at the Singapore manufacturing facility[66]. Stock Options and Commitments - As of March 31, 2025, the company had 444,460 stock options outstanding with a weighted average exercise price of $4.36[47]. - Total principal contractual commitments, excluding operating leases, as of March 31, 2025, amounted to $3.019 million, with $2.455 million in purchase commitments for inventories[67].