Identiv Reports 3Q 2021 Results, Led by Growth in RFID

Identiv, Inc. reported financial results for the third quarter ended Sept. 30, 2021, demonstrating sustained growth in the broad adoption of RFID devices and continued strong demand from the federal market.

Total revenue grew 21% quarter-over-quarter and 17% year-over-year to a record $29.1 million. Revenues in the Identity segment grew 21% year-over-year to $18.7 million from $15.4 million, primarily due to higher sales of RFID products. Revenues in the Premises segment grew 10% year-over-year to $10.4 million from $9.4 million.

Identiv delivered positive operating cash flow of $2.9 million, an increase of $5.3 million compared to the prior quarter, and retired all remaining debt, ending the quarter with $29.2 million in cash, providing sufficient resources to support future NFC growth.

The company exited the third quarter of 2021 with backlog for Q4 2021 of $11.7 million, up 18% year-over-year; total backlog for all future shipments was up 51% year-over-year. Total new orders booked through the first three weeks of Q4 2021 was $7.5 million,

RFID units shipped increased 19% year-over-year, bringing the total units shipped year-to-date to approximately 120 million units. Meanwhile, Identiv launched its NFC Software Development Kit to high industry interest, providing tools and support to application developers to integrate NFC RFID into new use cases.

“In the third quarter of 2021, our growth momentum continued, positioning us for a strong finish to 2021 and an exciting 2022, especially within our Identity segment, driven primarily by RFID growth,” said Identiv CEO Steven Humphreys. “We grew total revenue by 17% and our Identity business grew by 21%.

“In Q3, we made progress solidifying our competitive position in RFID, which continues to be our long-term growth driver,” added Humphreys. “This includes launching our NFC Software Development Kit to high industry interest, to support developers as they integrate NFC-based RFID into their apps. We expanded our world-class, global RFID team, and are on track to double headcount in technical sales and business development, adding some of the best talent in the industry. We expanded our growing list of RFID customers with new design wins and use cases, especially in health care and medical devices, while our transformational RFID projects progressed. Due to effective supply chain management, we were able to deliver on every customer order.”

“Fast operational execution enabled us to make great progress in Q3 in our key focus areas – growing our RFID business and strengthening our position as an industry leader, driving demand in the federal market, and increasing our revenue predictability,” he noted. “With a strong, debt-free balance sheet to support our NFC growth, we entered Q4 with a total backlog up 51% versus a year ago, and in the first three weeks of Q4 we’ve booked over $7.5 million in new orders, 46% higher than last year in the same period. With this momentum, we believe we’re on track to meet our growth guidance in 2021 and outlook for 2022. With our current visibility, and with several transformational projects in our pipeline, we’re confident that our business momentum will continue well into the future.”