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Mar 31, 2021
Identiv Q1 2021 Earnings Report
Total revenue increased by 22% year-over-year, driven by 59% growth in RFID.
Key Takeaways
Identiv reported a 22% increase in total revenue year-over-year, reaching $22.2 million, driven by a 59% increase in RFID revenue. The company also decreased GAAP operating expenses by 5% and improved profitability with a GAAP net loss of $1.5 million and non-GAAP adjusted EBITDA of $0.4 million.
Total revenue grew 22% year-over-year to $22.2 million, with RFID revenue up 59% year-over-year.
Shipped over 40 million RFID units, a 53% increase year-over-year.
GAAP operating expenses decreased by 5% while revenues increased by 22%.
GAAP net loss was $1.5 million, and non-GAAP adjusted EBITDA was $0.4 million.
Identiv
Identiv
Forward Guidance
Identiv anticipates growth of 20-25% in the first half of 2021 and reiterates the low end of expected revenues of $100 million for the year. Management believes full-year guidance ranges may still be somewhat conservative given the current business momentum.
Positive Outlook
- Momentum building in the federal government.
- Commercial businesses starting to make up for deployments that were delayed last year.
- New product launches.
- Total orders booked for Q2 2021 were $9.8 million, a 45% increase over the same period in 2020.
- Strong backlog growth.