Identiv Reports 4Q, Fiscal Year 2024 Financial Results

Identiv, Inc. released its financial results for the fourth quarter and fiscal year ended Dec. 31, 2024.

“The fourth quarter of 2024 marks the beginning of Identiv’s evolution into a pure-play IoT solutions company,” said Identiv CEO Kirsten Newquist. “With our Perform-Accelerate-Transform strategic framework in place, we are focused on driving future growth. We are strengthening our team, adding new strategic partnerships, keeping our new product development pipeline robust, and making steady progress in the Thailand production transition. We are confident that Identiv’s capabilities and focused approach will enable us to capitalize on emerging growth opportunities and deliver meaningful returns to our shareholders.”

Financial Results for Fiscal Year 2024

Revenue for fiscal year 2024 was $26.6 million compared to $43.4 million in fiscal year 2023. Fiscal year 2024 GAAP gross margin was 1.3% and non-GAAP gross margin was 8.0%, compared to fiscal year 2023 GAAP gross margin of 13.8% and non-GAAP gross margin of 16.6%.

Fiscal year 2024 GAAP net loss from continuing operations was ($25.9) million, or ($1.14) per basic and diluted share, compared to GAAP net loss from continuing operations of ($13.9) million, or ($0.66) per basic and diluted share, in fiscal year 2023.

Non-GAAP adjusted EBITDA loss in fiscal year 2024 was ($15.8) million, compared to ($9.5) million in fiscal year 2023.

Financial Results for Fiscal Fourth Quarter 2024

Revenue for the fourth quarter of 2024 was $6.7 million, compared to $11.3 million in the fourth quarter of 2023. Fourth quarter 2024 GAAP gross margin was (14.9%) and non-GAAP gross margin was (5.2%), compared to fourth quarter 2023 GAAP gross margin of 16.2% and non-GAAP gross margin of 19.5%.

GAAP operating expenses, including research and development, selling and marketing, general and administrative, and restructuring and severance, were $5.6 million in the fourth quarter of 2024, compared to $5.2 million in the fourth quarter of 2023. Non-GAAP operating expenses were $4.1 million in the fourth quarter of 2024, compared to $4.1 million in the fourth quarter of 2023.

Fourth quarter 2024 GAAP net loss from continuing operations was ($4.3) million, or ($0.19) per basic and diluted share, compared to GAAP net loss from continuing operations of ($3.3) million, or ($0.16) per basic and diluted share, in the fourth quarter of 2023. Non-GAAP adjusted EBITDA loss in the fourth quarter of 2024 was ($4.5) million, compared to ($1.9) million in the fourth quarter of 2023.

Identiv provides guidance based on current market conditions and expectations, including macroeconomic conditions and customer demand. For fiscal Q1 2025, management currently expects net revenue to be in the range of $4.8 million to $5.1 million.