Identiv Reports Preliminary Fiscal Year 2019 and Fourth Quarter Results - Seite 2

Preliminary Fourth Quarter 2019 Results
Based on preliminary unaudited results, the Company expects total revenues for the fourth quarter of 2019 to range between $18.7 million and $18.8 million. The preliminary unaudited fourth quarter revenues include a reserve of $0.5 million related to a 3VR shipment during Q4 of 2019 discussed  above. This compares to total revenues of $21.3 million in the fourth quarter of 2018.

GAAP gross margin for the fourth quarter of 2019 is expected to be 39%, based on preliminary unaudited results. This compares to GAAP gross margin of 48% in the fourth quarter of 2018. The change in gross margin was primarily due to differences in segment mix as well as a $2.5 million deployment of Thursby software solutions with gross margins in excess of 70%, which was recognized in Q4 2018.

GAAP net loss attributable to Identiv, Inc. for the fourth quarter of 2019 is expected to range between $2.2 million and $2.1 million, or $(0.14) and $(0.13) per basic and diluted share, based on preliminary unaudited results. This compares to net income attributable to Identiv, Inc. of $0.6 million, or $(0.01) per basic and diluted share, in the fourth quarter of 2018.

Non-GAAP adjusted EBITDA for the fourth quarter of 2019 is expected to range between $0.0 million and $0.1 million, based on preliminary unaudited results. This compares to non-GAAP adjusted EBITDA of $3.1 million in the fourth quarter of 2018.

All financial information for the fourth quarter and fiscal year ended December 31, 2019 included in this press release is preliminary, unaudited and subject to change. The Company has not completed preparation of its financial statements for the quarter or year ended December 31, 2019, nor has the audit of its financial statements been completed. The preliminary, unaudited financial results included in this press release are based on current expectations and are subject to adjustment. Actual results may differ materially from those disclosed in this press release. Complete audited financial results for the fourth quarter and fiscal year ended December 31, 2019 will be released in March 2020.

Fourth Quarter 2019 and Recent Operational Highlights

• Launched subscription-based Hirsch Velocity Cirrus, the industry’s most reliable cloud-based access control as a service (ACaaS) solution
• Launched subscription-based secure mobile PDF signing for armed forces, federal agencies, and commercial customers to provide CAC and PIC-Authenticated document signing from mobile devices
• Partnered with SiteWatch Safety to deliver cloud-based emergency electronic mustering via Freedom Access Control to enhance personnel safety for a major oil and gas infrastructure project in Canada
• Launched eco-friendly RFID and NFC tags for environmentally conscious companies focusing on a sustainable ecological footprint
• Booked $2.0 million from multiple contract orders in the first week of January 2020
• Backlog as of January 17, 2020 was up 36% from the same period last year

Amended Loan and Security Agreement with East West Bank