Business
Identiv Reports Third Quarter 2020 Results
Revenue Increases 30% Sequentially to $24.9 Million, RFID Revenue Increases over 100% Year-over-Year, Driving Positive Earnings per Share FREMONT, Calif.,
About this update from Identiv, Inc.
[{"type":"text","content":"Revenue Increases 30% Sequentially to $24.9 Million, RFID Revenue Increases over 100% Year-over-Year, Driving Positive Earnings per Share\n FREMONT, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Identiv, Inc. (NASDAQ: INVE), a global leader in digital security and identification, reported financial results for the third quarter ended September 30, 2020. Third Quarter and Subsequent Financial and Operational Highlights Total revenue grew 30% sequentially to $24.9 millionRevenue in Identity grew 33% sequentially to $15.4 millionRFID grew over 100% year-over-year, on track for full-year 80% growthRevenue in Premises grew 26% sequentially, predominantly due to demand from federal customersTotal backlog for orders requested to ship in the fourth quarter 2020 grew 68% year-over-year, with RFID backlog up 125%GAAP net income was $0.4 million. Non-GAAP adjusted EBITDA increased to $2.8 million with positive GAAP earnings per share (EPS)Net income adjusted for non-cash items was a source of cash of $2.2 millionIdentity readers grew 38% year-over-year, driven by sustained work-from-home and work-mobileLaunched FIDO keys for extremely secure, easy-to-use, made in USA cybersecurityReceived first major subscription 3VR Prime managed video services order, $650,000 in recurring revenue over six yearsLaunched Freedom Cloud Access Control-as-a-Service, we believe the industry's lightest-footprint hardware and software access & video system that is cloud, web, and mobile first Third Quarter 2020 Financial ResultsRevenue for the third quarter of 2020 was $24.9 million, an increase of 30% from $19.1 million in the prior quarter. Revenues in the Identity segment grew sequentially and year-over-year due to higher sales of RFID transponder products and Identity readers, partially offset by lower access card sales. Revenues in the Premises segment rebounded sequentially as the initial market impact of lockdowns subsided. Premises revenues grew overall, while Hirsch Velocity Cirrus orders and 3VR Prime’s pipeline also grew, reflecting preferences for recurring revenue pricing in both access control and video analytics. Federal sales grew approximately 90% sequentially, reflecting strength in the federal market. GAAP gross margin was 40% in the third quarter of 2020, consistent with the prior quarter and a decrease from 46% in the third quarter of 2019. GAAP...