Business
Identiv Reports Second Quarter 2023 Business Results
Record Revenue for a Fiscal Second Quarter, with Strong Gross Margins Year-over-Year Generated Net Operating Cash and Non-GAAP Positive Free Cash Flow RFID
About this update from Identiv, Inc.
[{"type":"text","content":"\nRecord Revenue for a Fiscal Second Quarter, with Strong Gross Margins Year-over-Year\n\n\nGenerated Net Operating Cash and Non-GAAP Positive Free Cash Flow\n\n\nRFID Production Facility in Thailand Fully Operational\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 reported its financial results for the second quarter ended June 30, 2023.\n\n\nRecent Financial and Operational Highlights\n\n\n\nSecond quarter revenue grew 6% year-over-year to $29.6 million, a fiscal second quarter record.\n\n\n\nPremises revenue grew 8% year-over-year to $11.9 million; Identity revenue grew 5% year-over-year to $17.7 million.\n\n\n\nQ2 2023 GAAP gross margin was 36.7%; non-GAAP gross margin grew to 38.2%.\n\n\n\nEnded Q2 2023 with $22.2 million in cash, cash equivalents and restricted cash.\n\n\n\nBegan production at new facility in Bangkok, Thailand, expanding RFID manufacturing capacity and cost competitiveness to meet growing demand for IoT solutions.\n\n\n\nCompleted Wiliot’s initial IoT Pixels order and began production of follow-on order.\n\n\n\nNon-recurring engineering (NRE) strong at nearly 60 projects, with more than half focused on medical use cases.\n\n\n\nIntroduced the Primis access control suite and EG2 edge gateway, which deliver strong security and reliability to small- and medium-sized organizations via cloud or on-premises.\n\n\n\nSeveral cloud-based access control and video solutions listed on FedRAMP Marketplace following a rigorous evaluation process, one of only three FedRAMP access control systems.\n\n\n\nLaunched IoT Product Advisor, an intuitive search tool that guides customers to the optimal Identiv IoT solution for their specific needs.\n\n\n\nPartnered with Asygn to introduce battery-free metal sensor IoT device, enabling long-range product identification and condition monitoring in adverse industrial environments.\n\n\n\nSecond Quarter 2023 Financial Summary\n\n\nRevenue for the second quarter 2023 was $29.6 million, compared to $26.0 million in the prior quarter and $27.9 million in the second quarter of 2022. By segment, Identity revenues were $17.7 million and Premises revenues totaled $11.9 million.\n\n\nSecond quarter 2023 GAAP gross margin was 36.7% and non-GAAP gross margin was 38.2%.\n\n\nGAAP o...