Printed Electronics Now staff05.11.20
Identiv, Inc. reported financial results for the fiscal first quarter ended March 31, 2020.
Revenue for the first quarter of 2020 was $18.1 million, a decrease of 7% from $19.5 million in the first quarter of 2019 and a decrease of 4% from $19 million in the fourth quarter of 2019.
Recurring revenue increased 13% year-over-year to $2 million. Software and services revenue were 15% of total revenue or $2.8 million. Backlog for Q2’2020 increased 85% from the prior quarter and a 100% from the same period last year, and Identiv tripled backlog in its work-from-home Smart Card Readers products.
The year-over-year decrease in the Identity segment primarily reflects lower sales of access cards and lower shipments of smart card readers which contributed in part to the spike in backlog, and a large non-recurring order from the U.S. Navy Reserve in the first quarter of 2019, which were partially offset by higher sales of RFID transponder products for the first quarter 2020 over comparable period 2019.
GAAP gross margin was 41% in the first quarter of 2020, a decrease compared to 45% in the first quarter of 2019 and an increase from 40% in the fourth quarter of 2019.
GAAP net loss attributable to Identiv, Inc. was $2 million in the first quarter of 2020, compared to a net loss of $(0.8) million in the first quarter of 2019 and net loss of $1.8 million in the fourth quarter of 2019.
Revenue for the first quarter of 2020 was $18.1 million, a decrease of 7% from $19.5 million in the first quarter of 2019 and a decrease of 4% from $19 million in the fourth quarter of 2019.
Recurring revenue increased 13% year-over-year to $2 million. Software and services revenue were 15% of total revenue or $2.8 million. Backlog for Q2’2020 increased 85% from the prior quarter and a 100% from the same period last year, and Identiv tripled backlog in its work-from-home Smart Card Readers products.
The year-over-year decrease in the Identity segment primarily reflects lower sales of access cards and lower shipments of smart card readers which contributed in part to the spike in backlog, and a large non-recurring order from the U.S. Navy Reserve in the first quarter of 2019, which were partially offset by higher sales of RFID transponder products for the first quarter 2020 over comparable period 2019.
GAAP gross margin was 41% in the first quarter of 2020, a decrease compared to 45% in the first quarter of 2019 and an increase from 40% in the fourth quarter of 2019.
GAAP net loss attributable to Identiv, Inc. was $2 million in the first quarter of 2020, compared to a net loss of $(0.8) million in the first quarter of 2019 and net loss of $1.8 million in the fourth quarter of 2019.
