03.14.24
Identiv, Inc. released its financial results for the fourth quarter and fiscal year ended Dec. 31, 2023.
Revenue for fiscal year 2023 was $116.4 million, a 3% increase from $112.9 million in fiscal year 2022. By segment, Identity revenues were $68.1 million and Premises revenues were $48.3 million.
Fiscal year 2023 GAAP gross margin was 36.2% and non-GAAP gross margin was 37.9%. GAAP net loss in fiscal year 2023 was ($5.5) million, or ($0.29) per basic and diluted share, compared to GAAP net loss of ($0.4) million, or ($0.07) per basic and diluted share, in fiscal year 2022.
During 2023, RFID units shipped increased to just under 200 million units. Identiv continued to scale production in Thailand, the facility’s first year in operation, and now has a capacity of 200 million units. Identiv also signed a lease for an adjacent building in Thailand, securing the ability to expand production as needed. Identiv also opened the IoT Excellence Center in Germany.
Identiv collaborated with Energous and Wiliot on a real-time tracking solution for temper-ature-sensitive assets, which is currently in pilot with several logistics companies in Europe, and began engagement with retail data platform company Nexite to support fur-ther growth of BLE-enabled RFID category.
Fourth quarter 2023 revenue was $29 million, compared to $31.8 million in the prior quarter and $29 million in 4Q 2022. By segment, Identity revenues were $17.5 million and Premises revenues totaled $11.5 million. Fourth quarter 2023 GAAP gross margin was 35.1% and non-GAAP gross margin was 37%.
“In 2023, we delivered record fiscal year revenue while keeping margins healthy with a consistent focus on delivering disciplined growth,” said Identiv CEO Steven Humphreys. “Our commitment to maintaining a strong balance sheet enabled us to deliver a record quarter for cash flow from operations, while investing to build our foundation for strategic growth.”
Revenue for fiscal year 2023 was $116.4 million, a 3% increase from $112.9 million in fiscal year 2022. By segment, Identity revenues were $68.1 million and Premises revenues were $48.3 million.
Fiscal year 2023 GAAP gross margin was 36.2% and non-GAAP gross margin was 37.9%. GAAP net loss in fiscal year 2023 was ($5.5) million, or ($0.29) per basic and diluted share, compared to GAAP net loss of ($0.4) million, or ($0.07) per basic and diluted share, in fiscal year 2022.
During 2023, RFID units shipped increased to just under 200 million units. Identiv continued to scale production in Thailand, the facility’s first year in operation, and now has a capacity of 200 million units. Identiv also signed a lease for an adjacent building in Thailand, securing the ability to expand production as needed. Identiv also opened the IoT Excellence Center in Germany.
Identiv collaborated with Energous and Wiliot on a real-time tracking solution for temper-ature-sensitive assets, which is currently in pilot with several logistics companies in Europe, and began engagement with retail data platform company Nexite to support fur-ther growth of BLE-enabled RFID category.
Fourth quarter 2023 revenue was $29 million, compared to $31.8 million in the prior quarter and $29 million in 4Q 2022. By segment, Identity revenues were $17.5 million and Premises revenues totaled $11.5 million. Fourth quarter 2023 GAAP gross margin was 35.1% and non-GAAP gross margin was 37%.
“In 2023, we delivered record fiscal year revenue while keeping margins healthy with a consistent focus on delivering disciplined growth,” said Identiv CEO Steven Humphreys. “Our commitment to maintaining a strong balance sheet enabled us to deliver a record quarter for cash flow from operations, while investing to build our foundation for strategic growth.”