Identiv(US:INVE)2025-11-10 21:21Revenue Performance - Revenue for Q3 2025 was $5.0 million, a decrease of 23.1% from $6.5 million in Q3 2024[2] - For Q4 2025, management expects net revenue to be in the range of $5.4 million to $5.9 million[7] Gross Margin and Profitability - GAAP gross margin improved to 10.7% in Q3 2025 from 3.6% in Q3 2024, while non-GAAP gross margin increased to 19.1% from 9.3%[3] - GAAP gross profit for Q3 2025 was $534 million, compared to $238 million in Q3 2024, representing a 125% increase[19] - Non-GAAP gross profit for the nine months ended September 30, 2025, was $1,484 million, up from $2,482 million in the same period of 2024, indicating a decrease of 40%[19] - Non-GAAP gross margin improved to 19% in Q3 2025 from 9% in Q3 2024[19] Operating Expenses - GAAP operating expenses decreased to $6.1 million in Q3 2025 from $9.8 million in Q3 2024, primarily due to reduced strategic review-related costs[4] - GAAP operating expenses decreased to $6,116 million in Q3 2025 from $9,791 million in Q3 2024, a reduction of 37%[19] - Non-GAAP operating expenses for the nine months ended September 30, 2025, were $13,540 million, slightly down from $13,814 million in the same period of 2024[19] - Strategic review-related costs in GAAP operating expenses were $372 million in Q3 2025, down from $3,551 million in Q3 2024[19] Net Loss and Adjusted EBITDA - GAAP net loss from continuing operations was ($3.5) million, or ($0.15) per share, compared to a loss of ($9.3) million, or ($0.40) per share in Q3 2024[5] - GAAP net loss from continuing operations narrowed to $3,451 million in Q3 2025 from $9,329 million in Q3 2024, a 63% improvement[19] - Non-GAAP adjusted EBITDA loss improved to ($3.6) million in Q3 2025 from ($4.5) million in Q3 2024[6] - Non-GAAP adjusted EBITDA for the nine months ended September 30, 2025, was $(12,056) million, compared to $(11,332) million in the same period of 2024[19] Assets and Liabilities - Total current assets decreased to $142.1 million as of September 30, 2025, down from $152.8 million at the end of 2024[17] - Total liabilities decreased to $7.4 million as of September 30, 2025, compared to $9.2 million at the end of 2024[17] Strategic Focus - The company continues to focus on its Perform-Accelerate-Transform (P-A-T) strategy to drive growth and improve operational efficiency[2] - The transition of production to Thailand contributed to reduced manufacturing overhead and direct labor costs, enhancing gross margins[3] Stock-Based Compensation - Stock-based compensation included in GAAP gross profit was $5 million for Q3 2025, consistent with Q3 2024[19] Reconciling Items - Total reconciling items included in GAAP net loss from continuing operations amounted to $(117) million in Q3 2025, compared to $4,849 million in Q3 2024[19]