Identiv(US:INVE) Prnewswireยท2025-03-05 21:05Core Insights - Identiv, Inc. is transitioning into a pure play IoT solutions company, focusing on growth through strategic partnerships and product development [2] - The company reported a significant decline in revenue for fiscal year 2024, totaling $26.6 million, down from $43.4 million in fiscal year 2023 [3] - Identiv's 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] Financial Results for Fiscal Year 2024 - Revenue for fiscal year 2024 was $26.6 million, a decrease of 38.7% from $43.4 million in fiscal year 2023 [3] - GAAP gross margin for fiscal year 2024 was 1.3%, down from 13.8% in fiscal year 2023; non-GAAP gross margin was 8.0%, compared to 16.6% in the previous year [3] - GAAP operating expenses increased to $28.3 million in fiscal year 2024 from $19.5 million in fiscal year 2023, with non-GAAP operating expenses rising to $17.9 million from $16.7 million [4] Financial Results for Fiscal Fourth Quarter 2024 - Revenue for the fourth quarter of 2024 was $6.7 million, down from $11.3 million in the fourth quarter of 2023, representing a decline of 40.5% [6] - GAAP gross margin for the fourth quarter of 2024 was (14.9%), compared to 16.2% in the fourth quarter of 2023; non-GAAP gross margin was (5.2%), down from 19.5% [6] - 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 [8] Financial Outlook - For fiscal Q1 2025, Identiv expects net revenue to be in the range of $4.8 million to $5.1 million, indicating a cautious outlook based on current market conditions [9]