Business
Identiv Reports Fourth Quarter and Fiscal Year 2019 Results
FREMONT, Calif., March 12, 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., March 12, 2020 (GLOBE NEWSWIRE) -- Identiv, Inc. (NASDAQ: INVE), a global provider of physical security and secure identification, reported financial results for the fiscal fourth quarter and year ended December 31, 2019.\n Fiscal Year 2019 Financial Highlights (compared to Fiscal Year 2018) Revenue increased 7% to a record $83.8 millionPremises revenue increased 20% to $41.6 millionSoftware and Services revenue increased 27% to $11.3 millionGross profit increased 10% to $36.7 million, or 43.8% of total revenueNet loss attributable to Identiv, Inc. improved by $3.6 million to $(1.2) millionNon-GAAP adjusted EBITDA increased 20% to $6.8 million Fourth Quarter 2019 and Recent Operational Highlights Launched subscription-based Hirsch Velocity Cirrus, the industry’s most reliable cloud-based access control as a service (ACaaS) solutionLaunched subscription-based secure mobile PDF signing for armed forces, federal agencies, and commercial customers to provide CAC and PIC-Authenticated document signing from mobile devicesPartnered with SiteWatch Safety to deliver cloud-based emergency electronic mustering via Freedom Cloud Access Control to enhance personnel safety for a major oil and gas infrastructure project in CanadaPartnered with Kensington® to embed secure authentication technology into Kensington’s Blackbelt™ Rugged Case for the Microsoft Surface Pro and Microsoft Surface GoLaunched eco-friendly RFID and NFC tags for environmentally conscious companies focusing on a sustainable ecological footprintAs of December 31, 2019, backlog was up 50% from the same period last year Fourth Quarter 2019 Financial ResultsRevenue for the fourth quarter of 2019 was $19.0 million, a decrease of 11% from $21.3 million in the fourth quarter of 2018 and a decrease of 18% from $23.0 million in the third quarter of 2019. Revenue in the Premises segment decreased 3% from the fourth quarter of 2018 and decreased 33% from the prior quarter to $8.6 million. Revenue in the Identity segment decreased 17% from the fourth quarter of 2018 and increased 2% from the prior quarter to $10.3 million. The year-over-year decrease in the Premises segment was mainly driven by un-evenness of our large video analytics deployments to enterprise customers, offset by higher sales of our traditional physical access control product lines and new incremental...