Identiv Inc · Q3 2020 earnings

Briefing

Identiv's Q3 2020 results were released, with revenue increasing sequentially and RFID revenue growing significantly year-over-year, leading to positive earnings per share.

Identiv reported a 30% sequential increase in revenue to $24.9 million in Q3 2020. RFID revenue grew over 100% year-over-year. The company achieved GAAP net income of $0.4 million and non-GAAP adjusted EBITDA of $2.8 million.

• Total revenue grew 30% sequentially to $24.9 million.
• Revenue in Identity grew 33% sequentially to $15.4 million.
• RFID grew over 100% year-over-year, on track for full-year 80% growth.
• GAAP net income was $0.4 million, with non-GAAP adjusted EBITDA increasing to $2.8 million.

Headline financials

Revenue & EPS history

Identiv forecasts full year 2020 revenue to range between $86 million and $88 million, resulting in growth in the second half of 2020 of more than 30% over the first half of 2020. Additionally, management expects to be non-GAAP free cash flow positive in the fourth quarter of 2020. For the full year 2021, management forecasts growth in RFID and Identity readers both in the low-to-mid 20% range, and growth in Premises in the mid-teens. As a result, management expects revenues for fiscal 2021 to range between $96 million and $102 million, year-over-year growth of more than double the market’s rate.