Slide 1: Q2 2023 Earnings Conference Call
Q2 2023 Earnings Conference Call Thursday, August 3, 2023, at 5:00PM EDT © 2023 Identiv, Inc. | All Rights Reserved | NASDAQ: INVE
Slide 2: Safe Harbor
Safe Harbor Note Regarding Forward-Looking Information This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectati
Slide 3: Agenda
Agenda I. Q2 2023 Highlights II. Financial Review III. 2023 Business Drivers 3 © 2023 Identiv, Inc. | All Rights Reserved | NASDAQ: INVE
Slide 4: Q2 2023 Business Highlights
Q2 2023 Business Highlights Began production at new facility in Bangkok, Thailand • Identity Segment Updates • Identity revenue grew 5% year-over-year and shipped over 44 million units • Managed nearly 60 NRE projects, more than half are focused on medical use cases • Chip availability normalized; p
Slide 5: Q2 2023 Financial Overview
Q2 2023 Financial Overview
Slide 6: Financial Overview
Financial Overview Metric Q2’23 Q1’23 Q2’22 Revenue $29.6M $26.0M $27.9M Recurring Revenue (% of Revenue) 6% 6% 5% GAAP Gross Margin 36.7% 35.4% 36.7% Non-GAAP Gross Margin 38.2% 37.1% 38.0% GAAP Operating Expenses $11.9M $11.9M $10.5M Non-GAAP Operating Expenses $10.6M $10.6M $9.2M GAAP Net Loss ($
Slide 7: Segment Revenue and Non-GAAP Gross Margin
Segment Revenue and Non-GAAP Gross Margin Premises Identity Non-GAAP Gross Margin $31.0 $29.1 $29.0 $29.6 $28.5 $27.9 $26.0 $25.1 $24.0 $22.2 $19.2 $16.8 $17.7 $18.7 $17.5 $17.0 $14.7 $14.6 $14.8 $13.7 38% 39% 38% 38% 37% 37% 38% 37% 36% 34% $11.0 $10.9 $11.8 $12.2 $11.3 $11.9 $9.2 $10.4 $10.5 $8.5
Slide 8: Total Revenue and Non-GAAP Adjusted EBITDA Operating Expenses
Total Revenue and Non-GAAP Adjusted EBITDA Operating Expenses Revenue Adj. EBITDA Non-GAAP Operating Expenses % $31.0 $29.1 $29.0 $29.6 $28.5 $27.9 $26.0 $25.1 $24.0 $22.2 41% 37% 36% 36% 34% 33% 33% 31% 32% 28% $3.2 $2.0 $1.4 $1.7 $0.4 $1.2 -$0.7 $0.2 -$0.9 $0.7 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22
Slide 9: Q2 2023 Cash Flow and Balance Sheet
Q2 2023 Cash Flow and Balance Sheet (in $M) Cash Position Assets Q2'22 Q1'23 Q2'23 Liabilities & Equity Q2'22 Q1'23 Q2'23 Cash Flow Q2'22 Q1'23 Q2'23 Cash & cash equivalents* 25.9 21.2 22.2 Accounts payable 13.8 9.9 12.8 From operations* (0.9) (4.7) 1.4 Accounts receivable 21.0 21.1 22.9 Financial l
Slide 10: 2023 Business Drivers
2023 Business Drivers
Slide 11: 2023 Overall Strategy
2023 Overall Strategy Delivering Healthy Expanding Our Growth with Strong Technology Leadership Margins Protecting Our Progress Towards Our Balance Sheet and Long-Term Operating Working Capital Model 11 © 2023 Identiv, Inc. | All Rights Reserved | NASDAQ: INVE
Slide 12: 2023 IoT Business Drivers
2023 IoT Business Drivers • IoT Strategy • Winning NRE projects for strategic, technically complicated applications • Build technical lead in key verticals: medical & pharma, specialty packaging, industrial • Cost competitiveness and capacity expansion via our Thailand facility • Increase customer a
Slide 13: 2023 Physical Security Business Drivers
2023 Physical Security Business Drivers • Physical Security Strategy • Complete security platform combining Velocity Ecosystem across access control, video, and analytics with TouchSecure readers and credentials • Leverage our channels to bring our complete product range into all our target market s
Slide 14: Thank You Q&A Session
THANK YOU Q&A Session Visit identiv.com for more information today.
Slide 15: Appendix
Appendix
Slide 16: Income Statement
Income Statement Identiv, Inc. (unaudited, in $’000) Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2023 2023 2022 2023 2022 Net revenue $ 29,555 $ 25,997 $ 27,857 $ 5
Slide 17: Balance Sheet
Balance Sheet Identiv, Inc. (in $’000) Condensed Consolidated Balance Sheets (in thousands) (unaudited) June 30, March 31, December 31, 2023 2023 2022 ASSETS Current assets: Cash and cash equivalents $ 21,905 $ 20,804 $ 16,650 Restricted cash 300 363 487 Accounts receivable, net of allowances 22,911
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (in $M) Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 2021 2021 2021 2021 2022 2022 2022 2022 2022 2023 2023 Reconciliation of GAAP gross margin to non-GAAP gross margin GAAP gross margin (%) 37% 38% 33% 36% 36% 37% 36% 36% 36% 35% 37% GAAP gross profit $8.8 $11.1 $9.4 $37.1 $9.0