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Mar 31, 2024
Identiv Q1 2024 Earnings Report
Identiv's Q1 2024 financial results were released, revealing revenue within the guidance range and the highest GAAP and non-GAAP gross margins achieved in ten quarters. A definitive agreement was signed on April 2 for the sale of its physical security business. Kirsten Newquist was appointed as President of IoT Solutions, slated to become CEO post-transaction.
Key Takeaways
Identiv reported Q1 2024 revenue of $22.5 million, with GAAP gross margin at 37.3% and non-GAAP gross margin at 39.9%. The company signed a definitive agreement on April 2 to sell its physical security business for $145 million and welcomed Kirsten Newquist as President of IoT Solutions.
Signed a $145 million asset purchase agreement with Vitaprotech, expected to close in Q3 2024.
Kirsten Newquist joined as President of IoT Solutions and will become CEO after the asset sale.
GAAP gross margin was 37.3% and non-GAAP gross margin was 39.9%, the highest since Q3 2021.
Ended Q1 2024 with $22.4 million in cash, cash equivalents and restricted cash.
Forward Guidance
For Q2 2024, Identiv expects total company net revenues in the range of $23 million to $25 million, with normal seasonality expected to continue.
Positive Outlook
- Total company net revenues are expected to be in the range of $23 million to $25 million.
- Guidance reflects current market conditions and expectations.
- Expectations include macroeconomic conditions and customer demand.
- Normal seasonality is expected to continue.
- Management provides the guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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