Identiv Reports First Quarter 2025 Financial Results

Identiv, Inc. released its financial results for the first quarter ended March 31, 2025.

“In the first quarter of 2025, we began executing our Perform-Accelerate-Transform (P-A-T) strategic framework as a pure-play IoT solutions provider, supported by a strengthened commercial organization,” said Kirsten Newquist, CEO of Identiv.

“Our specialized RFID and BLE tags, inlays, and labels are an important component enabling the digital transformation and addressing key industry challenges,” Newquist added. “Even as we navigate through today’s challenging macro environment, Identiv’s value proposition remains strong and consistent. By reinforcing our core strengths while expanding our reach through new strategic partnerships and innovative product development, we believe we are well-positioned to drive long-term growth.”

Revenue for the first quarter of 2025 was $5.3 million, compared to $6.7 million in the first quarter of 2024. The year-over-year decrease was as expected and due primarily to the exit of low margin business.

First quarter 2025 GAAP gross margin was 2.5% and non-GAAP gross margin was 10.8%, compared to first quarter 2024 GAAP gross margin of 7.3% and non-GAAP gross margin of 13.4%. The year-over-year decrease was primarily driven by the incremental costs related to the transition of production to Thailand and the dual manufacturing sites required during the transition.

First quarter 2025 GAAP net loss from continuing operations was ($4.8) million, or ($0.21) per basic and diluted share, compared to GAAP net loss from continuing operations of ($5.4) million, or ($0.24) per basic and diluted share, in the first quarter of 2024. This was primarily due to strategic review-related costs associated with the asset sale of $0.9 million incurred in the first quarter of 2024 that did not recur in the first quarter of 2025.

Financial Outlook

Identiv provides guidance based on current market conditions and expectations, including macroeconomic conditions and customer demand. For the second quarter of fiscal 2025, management currently expects net revenue to be in the range of $4.9 million to $5.3 million.