Business
Identiv Reports Fourth Quarter and Full Year 2023 Financial Results
Record Fiscal Year Revenues of $116.4 million Delivered $4.8 million in Cash Flow from Operations in Fourth Quarter 2023 Secured Second Facility in Thailand
About this update from Identiv, Inc.
[{"type":"text","content":"\nRecord Fiscal Year Revenues of $116.4 million\n\n\nDelivered $4.8 million in Cash Flow from Operations in Fourth Quarter 2023\n\n\nSecured Second Facility in Thailand for Future RFID Production\n\n\n FREMONT, Calif.--(BUSINESS WIRE)--\nIdentiv, Inc. (NASDAQ: INVE), a global digital security and identification leader in the Internet of Things (IoT), today released its financial results for the fourth quarter and fiscal year ended December 31, 2023.\n\n\nRecent Financial and Operational Highlights\n\n\n\nFY 2023 revenue was $116.4 million, up 3% year-over-year.\n\n\n\nEnded Q4 2023 with $24.4 million in cash, cash equivalents and restricted cash. Maintained a strong working capital position of $48.7 million exiting the fourth quarter.\n\n\n\nFederal billings in FY 2023 increased 9% year-over-year.\n\n\n\nSoftware, services, and recurring revenues grew to a record 24% of Premises segment revenues in Q4 2023.\n\n\n\nFY 2023 RFID units shipped increased to just under 200 million units.\n\n\n\nContinued to scale production in Thailand, the facility’s first year in operation, and exited 2023 with a capacity for primary processes of 200 million units.\n\n\n\nSigned lease for adjacent building in Thailand, securing our ability to expand production as needed.\n\n\n\nCollaborated with Energous and Wiliot on a real-time tracking solution for temperature-sensitive assets; currently in pilot with several logistics companies in Europe.\n\n\n\nCommenced engagement with retail data platform company Nexite to support further growth of BLE-enabled RFID category.\n\n\n\nLaunched ScrambleFactor reader with biometrics and multi-factor authentication for Federal market customers.\n\n\n\nPartnered with Mazars USA LLP Consulting Group on a new AI-enabled retail operations solution that integrates Microsoft Dynamics 365 with our bitse.io platform.\n\n\n\nOpened the IoT Excellence Center in Germany, showcasing the breadth of our complete IoT portfolio for current and prospective customers.\n\n\n\nSecured a $2 million contract from a global electronics retailer for a secure employee login application.\n\n\n\nReleased bitse.io 3.0, the latest version of our global IoT connecting cloud platform, which includes advanced features for supply chain monitoring and customer engagement.\n\n\n\nShowed continued strength in OEM reader sales, doubling category reven...