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Jun 30, 2022
Identiv Q2 2022 Earnings Report
Identiv's Q2 2022 performance highlighted by significant growth in RFID and Premises revenues, coupled with improvements in gross profit margins and a strong backlog.
Key Takeaways
Identiv reported a 16% year-over-year increase in total revenue, reaching $27.9 million in Q2 2022. The company saw substantial growth in RFID revenue (41%) and Premises revenue (19%). GAAP gross profit margin was 37%, and non-GAAP gross profit margin was 38%. The company ended the quarter with a total backlog of $34.2 million, up 23% year-over-year.
RFID revenue grew 41% year-over-year.
Premises revenue increased 19% year-over-year.
Total revenue for Q2 2022 reached $27.9 million, a 16% increase year-over-year.
GAAP and non-GAAP gross profit margins improved sequentially to 37% and 38%, respectively.
Identiv
Identiv
Forward Guidance
Identiv is expanding its revenue guidance range for fiscal year 2022, with expected revenues of $125 million to $135 million. Management is reaffirming its guidance for 30% to 35% year-over-year revenue growth in fiscal year 2023.
Positive Outlook
- Momentum exiting the second quarter of 2022.
- Robust backlog.
- Expanding revenue guidance range for fiscal year 2022.
- Expected revenues of $125 million to $135 million for fiscal year 2022.
- Reaffirming guidance for 30% to 35% year-over-year revenue growth in fiscal year 2023.