Business
Identiv Reports Fourth Quarter and Fiscal Year 2022 Results
FY 2022 Revenue was a Record $112.9 Million Total Backlog Grew 16% Year-Over-Year to $35.0 Million FY 2022 Revenue from Premises Up 17% Year-Over-Year to
About this update from Identiv, Inc.
[{"type":"text","content":"\nFY 2022 Revenue was a Record $112.9 Million\n\nTotal Backlog Grew 16% Year-Over-Year to $35.0 Million\n\n FY 2022 Revenue from Premises Up 17% Year-Over-Year to $45.5 Million\n\nRFID Units Shipped Grew 28% Sequentially\n\n FREMONT, Calif.--(BUSINESS WIRE)--\nIdentiv, Inc. (NASDAQ: INVE), global digital security and identification leader in the Internet of Things (IoT), reported financial results for the fourth quarter and fiscal year ended December 31, 2022, reflecting record levels of fiscal year revenue and adjusted EBITDA with year-over-year margin growth.\n\nFiscal Year 2022, Fourth Quarter 2022, and Recent Financial and Operational Highlights\n\n\nFiscal year 2022 revenue was a record $112.9 million; fourth quarter revenue grew to $29.0 million.\n\n\nFiscal year 2022 GAAP gross margin was 36.3%; fiscal year 2022 non-GAAP gross margin improved to 37.6%.\n\n\nFourth quarter 2022 GAAP gross margin was 36.5%; fourth quarter 2022 non-GAAP gross margin improved 376 basis points year-over-year to 37.9%.\n\n\nExited the fourth quarter of 2022 with total backlog for all future shipments of $35.0 million, up 16% year-over-year. Backlog for shipments in Q1 2023 grew 22% year-over-year to $14.3 million.\n\n\nPremises revenue in fiscal year 2022 increased 17% year-over-year, more than double the average industry growth rate, to a record $45.5 million.\n\n\nGAAP net loss in fiscal year 2022 was $0.4 million, or $0.07 per basic and diluted share; fourth quarter 2022 GAAP net income was $0.3 million, or $0.00 per basic and diluted share.\n\n\nFiscal year non-GAAP adjusted EBITDA grew 33% year-over-year to $5.4 million; fourth quarter 2022 non-GAAP adjusted EBITDA grew to $1.7 million.\n\n\nShipped 58 million RFID units in the fourth quarter 2022 while continuing to manage supply headwinds for key components.\n\n\nRemained debt free with ample working capital resources, with $17.1 million of cash, cash equivalents, and restricted cash at fiscal year-end.\n\n\nMaintained 100% customer retention in RFID while managing 54 non-recurring engineering (NRE) contracts.\n\n\nShipped first million units of Wiliot’s IoT Pixel tags, with remainder of initial 25-million-unit order expected to ship in the first half of fiscal year 2023.\n\n\nLaunched Identiv Hyperconverged Infrastructure (HCI), in partnership with Scale Computing, to streamline future ...