Business
Identiv Reports Third Quarter 2021 Results
Total Revenue Increases 17% Year-Over-Year, Driven by 27% Sequential Growth in Identity $2.9 million in Cash Flow from Operations, All Outstanding Debt
About this update from Identiv, Inc.
[{"type":"text","content":"Total Revenue Increases 17% Year-Over-Year, Driven by 27% Sequential Growth in Identity $2.9 million in Cash Flow from Operations, All Outstanding Debt Retired FREMONT, Calif., Nov. 02, 2021 (GLOBE NEWSWIRE) -- Identiv, Inc. (NASDAQ: INVE), a global leader in digital security and identification, reported financial results for the third quarter ended September 30, 2021, demonstrating sustained growth in the broad adoption of RFID devices, and continued strong demand from the federal market. Third Quarter and Subsequent Financial and Operational Highlights Total revenue grew 21% quarter-over-quarter and 17% year-over-year to a record $29.1 million.Identity grew 27% quarter-over-quarter and 21% year-over-year; Premises grew 13% quarter-over-quarter and 10% year-over-year.Delivered positive operating cash flow of $2.9 million, an increase of $5.3 million compared to the prior quarter.Generated GAAP net income of $2.5 million, an increase of $2.2 million compared to Q3 2020, EPS of $0.09 per diluted share, and non-GAAP adjusted EBITDA of $3.2 million.Retired all remaining debt, ending the quarter, with $29.2 million in cash, providing sufficient resources to support future NFC growth.Sequential improvement in GAAP and non-GAAP gross margins to 38% and 39%, respectively.Exited the third quarter of 2021 with backlog for Q4 2021 of $11.7 million, up 18% year-over-year; total backlog for all future shipments was up 51% year-over-year.Total new orders booked through the first three weeks of Q4 2021 was $7.5 million, up 46% over the same period in the prior year.RFID units shipped increased 19% year-over-year, bringing the total units shipped year-to-date to approximately 120 million units.Launched NFC Software Development Kit to high industry interest, providing tools and support to application developers to integrate NFC RFID into new use cases.Secured an initial 20-million-unit frame order with a cannabis-related customer.Intensive trade show presence including RFID Journal Live!, GSX, MJ Biz, ISC West, IoT World, and IFSEC.On track to double RFID technical sales and business development team. Third Quarter 2021 Financial ResultsRevenue for the third quarter of 2021 was $29.1 million, an increase of 17% from $24.9 million in the third quarter of 2020. Revenues in the Identity segment grew 21% year-over-year to $18.7 million from $15.4 m...