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Identiv, Inc. reports developments in RFID- and Bluetooth Low Energy-enabled Internet of Things solutions that give physical products digital identities. Company news centers on RFID inlays, tags, labels, ID-Safe HF and NFC tags, BLE smart labels, and applications in healthcare, logistics, consumer electronics, luxury goods, smart packaging, pharmaceuticals, food and beverage, and retail.
Recurring updates include quarterly financial results, earnings calls, customer and supply agreements, product authentication and tamper-detection offerings, cold-chain tracking partnerships, and manufacturing capabilities for multicomponent RFID and BLE tags. News also covers the completed move of manufacturing from Singapore to Bangkok, Thailand, and operational updates tied to its Perform-Accelerate-Transform strategy.
Identiv, Inc. (NASDAQ: INVE) reported a 26% increase in total revenue year-over-year, reaching $24.0 million in Q2 2021, driven by a 39% growth in RFID sales. Federal government sales surged 34%, reinforcing the company's strength in this segment. The backlog for Q3 2021 rose 46% sequentially, indicating positive momentum. GAAP net income was $2.5 million, a turnaround from losses in the previous year. The company also announced an increase in revenue guidance to a range of $100 million to $106 million for FY 2021. An interim CFO will be appointed following the resignation of CFO Sandra Wallach.
Identiv (NASDAQ: INVE) has appointed Amir Khoshniyati as the Vice President of Business Development for the Americas, focusing on enhancing its RFID technology solutions. This addition is part of a strategy to expand the RFID sales team by 50% by the end of 2021. Khoshniyati brings extensive experience in NFC, RFID, and IoT, previously holding senior roles at leading manufacturers. The company recently reported a 53% increase in RFID unit shipments and 59% growth in RFID revenue year-over-year, indicating a robust market position.
Identiv (NASDAQ: INVE) will announce its second-quarter financial results for the period ending June 30, 2021, following market close on August 3, 2021. A conference call is scheduled for 5 PM ET to discuss the outcomes. Interested parties can connect via a toll-free number or through a live webcast. The replay of the call will be accessible until August 17, 2021. Identiv specializes in securing digital and physical environments through its innovative solutions.
Identiv (NASDAQ: INVE) will showcase advanced visual intelligence and operating expense (OPEX) solutions at ISC West 2021 on July 19-20 in Las Vegas. Key offerings include the Velocity Vision video management system (VMS) and Freedom Cloud access-control-as-a-service (ACaaS). These innovations target sectors like government and healthcare, aiming to enhance security and operational efficiency. Identiv's ACaaS model emphasizes flexibility and cost efficiency, positioning the company as a leader in the evolving digital security landscape.
Identiv (NASDAQ: INVE) announced new orders from Banco Azteca and Ross Stores, signaling growth in its Premises segment. The company recognized over $1.1 million in software license revenue from Banco Azteca to expand surveillance across 400 stores, resuming operations after pandemic interruptions. Additionally, Ross Stores renewed service for its 37,500 cameras, contributing to projected annual revenue of $0.8 - $1.0 million. Identiv expects a 30% year-over-year growth in the Premises segment in Q2 2021, bolstered by strong market recovery.
Identiv, Inc. (NASDAQ: INVE) announced its membership in the DoseID Consortium on June 21, 2021, to enhance the use of RFID technology in healthcare. This initiative aims to establish industry standards for RFID applications, ensuring quality and interoperability. Identiv's RFID solutions cater to various healthcare needs, including patient compliance and anti-counterfeiting. The company's innovative products, like the uTrust Sense SyringeCheck, showcase its commitment to improving patient safety and care delivery through advanced technology.
Identiv, Inc. (NASDAQ: INVE) will be included in the Russell 2000® and Russell 3000® Indexes starting June 28, 2021. This milestone underscores the company's strong operational execution, highlighted by a 22% year-over-year growth in Q1 2021. CEO Steven Humphreys emphasized that joining these indexes will enhance Identiv's visibility to investors and reflect its growth potential in the RFID and digital security markets. The Russell indexes are determined by market capitalization, ranking the largest U.S. stocks.
Identiv, a leader in digital security and identification, reported a 22% year-over-year increase in total revenue to $22.2 million for Q1 2021, driven by a 59% rise in RFID segment sales. The company shipped over 40 million RFID units, marking a 53% increase. Federal sales grew approximately 30%. Despite a GAAP net loss of $1.5 million, non-GAAP adjusted EBITDA improved to $0.4 million. Identiv raised $40.25 million through a public offering and ended Q1 with a backlog of $10.0 million, up 30% year-over-year, reinforcing growth confidence for the remainder of 2021.
Identiv (NASDAQ: INVE) will release its financial results for Q1 2021 on May 6, 2021, after market close. A conference call is scheduled for the same day at 5 PM ET to discuss the results.
Participants can join the call by dialing +1 888.506.0062 or +1 973.528.0011 (international). The event will also be available via webcast, with a replay accessible through May 20, 2021.
Identiv, Inc. (NASDAQ: INVE) announced that Leigh Dow, VP of Global Marketing, received the 2021 Top 25 Women Leaders in Cybersecurity award from The Software Report. The recognition highlights her leadership and mentorship in the security industry, especially amid increasing cybersecurity challenges. Dow emphasized the growing necessity for digital security and transformative marketing strategies in a rapidly evolving landscape. Her commitment to promoting diversity in tech is also noted, contributing to the industry's future growth.