Identiv Reports 4Q, Fiscal Year 2022 Results

Identiv, Inc. reported financial results for the fourth quarter and fiscal year ended Dec. 31, 2022, reflecting record levels of fiscal year revenue and adjusted EBITDA with year-over-year margin growth.

Fiscal year 2022 revenue was a record $112.9 million, while fourth quarter revenue grew to $29 million. Fiscal year 2022 GAAP gross margin was 36.3%, while fiscal year 2022 non-GAAP gross margin improved to 37.6%.

Identiv exited the fourth quarter of 2022 with total backlog for all future shipments of $35 million, up 16% year-over-year. Backlog for shipments in Q1 2023 grew 22% year-over-year to $14.3 mil-lion. Premises revenue in fiscal year 2022 increased 17% year-over-year, more than double the average industry growth rate, to a record $45.5 million.

The company shipped 58 million RFID units in the fourth quarter 2022 while continuing to man-age supply headwinds for key components, and maintained 100% customer retention in RFID while managing 54 non-recurring engineering (NRE) contracts. Identiv shipped its first million units of Wiliot’s IoT Pixel tags, with remainder of initial 25-million-unit order expected to ship in the first half of fiscal year 2023.

Revenue for fiscal year 2022 was $112.9 million, a 9% increase from $103.8 million in fiscal year 2021. Revenues in the Premises segment grew 17% year-over-year to $45.5 million from $39.0 million, driven primarily by product and channel strength. Revenues in the Identity segment grew 4% year-over-year to $67.4 million from $64.7 million.

Revenue for the fourth quarter of 2022 was $29 million, an increase of 2% from $28.5 million in the fourth quarter of 2021. Revenues in the Premises segment grew 11% year-over-year to $12.2 million from $11 million, driven primarily by product and channel strength. Revenues in the Identi-ty segment were $16.8 million.

“We believe the financial and operational milestones we achieved in fiscal year 2022 have strength-ened our foundation for continued revenue growth and margin expansion in fiscal year 2023,” said Identiv CEO Steven Humphreys. “We delivered record fiscal year revenue of $112.9 million while growing non-GAAP adjusted EBITDA 33% over fiscal year 2021 and expanding our gross mar-gins.  In our Identity segment, we maintained 100% customer retention and managed a robust pipe-line of NRE projects, with more than three dozen contracts focused on healthcare applications.

“Our transformational opportunities in medical devices, mobile devices, and smart packaging each remain active, and though the timeline to ramp up has extended, we are confident they’ll reach scale. Our relationship with IoT pioneer Wiliot continues to strengthen; by the end of the fourth quarter, we shipped the first million units of Wiliot’s initial 25-million-unit order, with the remain-der expected to ship in the first half of 2023 and anticipated follow-on orders later this year,” Humphreys added.

“In fiscal year 2022 we continued to make progress towards achieving our long-term operating model, reflected in record revenue coupled with margin and non-GAAP adjusted EBITDA expansion year-over-year,” Identiv CFO Justin Scarpulla added. “Demand for our IoT and physical se-curity solutions remains strong, as evidenced by a 16% increase in total backlog. As our revenues increase, we are focused on high-value, higher margin business that protects and expands our margin profile. We are confident that, with our team’s focused execution on our strategic plan, we be-lieve we are well-positioned for growth in 2023.”