Business
Identiv Reports First Quarter 2020 Results
FREMONT, Calif., May 07, 2020 (GLOBE NEWSWIRE) -- Identiv, Inc. (NASDAQ: INVE), a global provider of physical security and secure identification, reported
About this update from Identiv, Inc.
[{"type":"text","content":"FREMONT, Calif., May 07, 2020 (GLOBE NEWSWIRE) -- Identiv, Inc. (NASDAQ: INVE), a global provider of physical security and secure identification, reported financial results for the fiscal first quarter ended March 31, 2020.\n Q1 2020 Financial and Recent Operational Highlights Recurring revenue increased 13% year-over-year to $2.0 millionSoftware and services revenue was 15% of total revenue or $2.8 millionGAAP gross margin increased 164 basis points from Q4 2019 to 41%; Non-GAAP gross margin increased 163 basis points from Q4 2019 to 43%Backlog for Q2’2020 increased 85% from the prior quarter and a 100% from the same period last year. Tripled backlog in our work-from-home Smart Card Readers products Developed and deployed the Hirsch Velocity Contact Tracing Utility, enabling offices and other facilities to instantly alert exposed people, teams, and locations if an infectious case is reported Launched subscription-based Thursby Sub Rosa PDF signing expansion, enabling government personnel to sign official documents with authenticated, secure digital signatures from a mobile device Received certification from the Centre for the Protection of National Infrastructure (CPNI) for Hirsch Physical Access Control Solution, one of only four access security systems authorized for MoD, UK government, and infrastructureLaunched the MobilisID touchless access point, integrating Bluetooth, mobility, and cloud platform for touchless, frictionless accessStrengthened federal focus by doubling federal sales and program team in D.C. officeSigned and delivered bulk license of PDF signing to U.S. Navy Reserves for 45,000 reservistsConfirmed essential business status for all operational locations worldwide, providing continuity of product to customers to date First Quarter 2020 Financial ResultsRevenue for the first quarter of 2020 was $18.1 million, a decrease of 7% from $19.5 million in the first quarter of 2019 and a decrease of 4% from $19.0 million in the fourth quarter of 2019. Revenue in the Premises segment decreased 12% from the first quarter of 2019 and decreased 5% from the prior quarter to $8.2 million. Revenue in the Identity segment decreased 3% from the first quarter of 2019 and decreased 4% from the prior quarter to $9.9 million. The year-over-year decrease in the Premises segment was mainly driven by lower sales of video technology a...