Business
Identiv Reports Fourth Quarter and Fiscal Year 2020 Results
Fourth Quarter Revenue Increases 31% and RFID Revenue Increases over 100% Year-over-Year, Positioning the Company for a Strong 2021 FREMONT, Calif., March 04,
About this update from Identiv, Inc.
[{"type":"text","content":"Fourth Quarter Revenue Increases 31% and RFID Revenue Increases over 100% Year-over-Year, Positioning the Company for a Strong 2021 FREMONT, Calif., March 04, 2021 (GLOBE NEWSWIRE) -- Identiv, Inc. (NASDAQ: INVE), a global leader in digital security and identification, reported financial results for the fourth quarter and fiscal year ended December 31, 2020, demonstrating the increasingly broad adoption of RFID and expansion within the federal government. Fourth Quarter and Subsequent Financial and Operational Highlights Total revenue grew 31% year-over-year to $24.8 millionRFID grew over 100% year-over-year for the second consecutive quarterRevenue in Identity grew 53% year-over-year to $15.8 million; revenue in Premises grew 5% year-over-yearExited the fourth quarter of 2020 with backlog for Q1 2021 of $10.5 million, up 121% compared to the same time last yearImproved profitability over prior year comparable period in both GAAP net loss at $0.7 million and non-GAAP adjusted EBITDA at $1.4 millionGenerated positive GAAP net cash flows from operations of $3.6 millionStrengthened balance sheet after repaying term debt with East West Bank (EWB) and the first of two promissory notes to 21 April Funds ahead of scheduleIn fiscal year 2020, shipped more than 130 million RFID units while increasing average unit prices (AUP) by 20%, and grew federal sales approximately 30% over comparable prior year period Fourth Quarter 2020 Financial ResultsRevenue for the fourth quarter of 2020 was $24.8 million, an increase of 31% from $19.0 million in the fourth quarter of 2019. Revenues in the Identity segment grew 53% year-over-year to $15.8 million from $10.3 million, primarily due to higher sales of RFID products and higher sales of smart card readers. Revenues in the Premises segment grew 5% year-over-year to $9.0 million from $8.6 million. GAAP gross margin was 35% in the fourth quarter of 2020, compared to 40% in the prior quarter and 40% in the fourth quarter of 2019, temporarily compressed due to investments in technology and manufacturing processes and systems to meet the short- and long-term growth profiles of customers, as well as by the mix of products as high growth RFID customers ramped in the second half of 2020. GAAP operating expenses, including research and development, sales and marketing, and general and administrative were $8....