Identiv Reports Preliminary Third Quarter 2020 Results
Company Expects Approximately 30% Sequential Increase in Revenue to $24.8 Million to $25.0 Million and Positive Earnings per Share
FREMONT, Calif., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Identiv, Inc.
(NASDAQ: INVE), a global leader in digital security and identification, reported preliminary results for the third quarter ended September 30, 2020.
The preliminary financial results included in this press release are based on current expectations and are subject to adjustment. Actual results may differ from those disclosed in this press release. Financial results for the third quarter ended September 30, 2020 will be released on November 10, 2020.
Third Quarter Financial and Operational Highlights
- Total revenue grew approximately 30% sequentially to $24.8 million to $25.0 million
- Revenue in Identity grew approximately 33% sequentially to $15.3 million to $15.5 million
- RFID grew over 100% year-over-year
- Revenue in Premises grew approximately 26% sequentially, predominantly due to demand from federal customers
- Recurring revenue was approximately 6% of total revenue, or $1.4 million to $1.5 million
- Total backlog for orders requested to ship in the fourth quarter 2020 grew approximately 68% year-over-year, with RFID backlog up approximately 125%
- Within the last quarter, backlog for fiscal year 2021 doubled
- GAAP net income to range from $0.3 million to $0.4 million. Non-GAAP adjusted EBITDA increased to between $2.7 million and $2.8 million, with positive GAAP earnings per share (EPS)
- Net income adjusted for non-cash items to be a source of cash of approximately $2.2 million
- RFID on track for full-year 80% growth
- Identity readers up 38% year-over-year, driven by sustained work-from-home and work-mobile
- Launched FIDO keys for extremely secure, easy-to-use, made in USA cybersecurity
Preliminary Third Quarter 2020 Financial Results
The Company expects revenue for the third quarter of 2020 to range between $24.8 million and $25.0 million, an increase of 30% at the midpoint of the range 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 have 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.