Business
Identiv Reports First Quarter 2023 Business Results
Record Revenue for a Fiscal First Quarter, with Stable Gross Margins Year-over-Year FREMONT, Calif.--(BUSINESS WIRE)-- Identiv, Inc. (NASDAQ: INVE), global
About this update from Identiv, Inc.
[{"type":"text","content":"\nRecord Revenue for a Fiscal First Quarter, with Stable Gross Margins Year-over-Year\n\n\n FREMONT, Calif.--(BUSINESS WIRE)--\nIdentiv, Inc. (NASDAQ: INVE), global digital security and identification leader in the Internet of Things (IoT), today reported its financial results for the first quarter ended March 31, 2023.\n\n\nRecent Financial and Operational Highlights\n\n\n\nFirst quarter revenue grew 4% year-over-year to $26.0 million, a fiscal first quarter record.\n\n\n\nPremises revenue grew 8% year-over-year to $11.3 million; Identity revenue grew 1% year-over-year to $14.7 million.\n\n\n\nGAAP gross margin in Q1 2023 was 35.4%; non-GAAP gross margin in the first quarter was flat year-over-year at 37.1%.\n\n\n\nShipped 10 million units of Wiliot’s IoT Pixels in Q1 2023, on track to ship 14 million units in Q2 2023. Received a follow-on order of similar magnitude from Wiliot for delivery through the end of 2023.\n\n\n\nEnded Q1 2023 with $21.2 million in cash, cash equivalents and restricted cash; accounts receivable at $21.1 million; and accounts payable at a 24-month low of $9.9 million.\n\n\n\nManaged 54 non-recurring engineering (NRE) contracts and continued to maintain 100% RFID customer retention.\n\n\n\nLaunched the Velocity Vision Ecosystem, a comprehensive video, access, and analytics solution.\n\n\n\nPartnered with IoT company ProQure to launch new NFC Type 2 RFID tags, expanding chip supplier relationships.\n\n\n\nCollaborated with ST Microelectronics to launch eco-friendly and small format RFID tags encoded to easily integrate with the bitse.io SaaS platform for data analytics.\n\n\n\nAwarded three 2023 Cybersecurity Excellence Awards for the uTrust FIDO2 NFC+ Security Key for Multi-Factor Authentication (MFA).\n\n\n\nAccelerated build out of new production facility in Thailand, with first production runs on track and expected to begin in July.\n\n\n\nFirst Quarter 2023 Financial Summary\n\n\nRevenue for the first quarter 2023 was $26.0 million, an increase of 4% from $25.1 million in the first quarter of 2022. By segment, Identity revenues were $14.7 million and Premises revenues totaled $11.3 million.\n\n\nFirst quarter 2023 GAAP gross margin was 35.4% and non-GAAP gross margin was 37.1%.\n\n\nGAAP operating expenses, including research and development, sales, and marketing, and general and administrative were ...