Driven by 100% growth in its RFID business, Identiv, Inc. reported its financial results for the fourth quarter and fiscal year ended Dec. 31, 2020.
In the fourth quarter of 2020, total revenue grew 31% year-over-year to $24.8 million, led by RFID, which grew more than 100% year-over-year for the second consecutive quarter. In fiscal year 2020, Identiv shipped more than 130 million RFID units while increasing average unit prices (AUP) by 20%, and grew federal sales approximately 30% over the comparable prior year period. Revenue in Identity grew 53% year-over-year to $15.8 million.
Improved profitability over prior year comparable period in both GAAP net loss at $0.7 million and non-GAAP adjusted EBITDA at $1.4 million. Identiv is well-positioned for 2021, with a backlog for Q1 2021 of $10.5 million, up 121% compared to the same time last year.
Revenue for the fiscal year 2020 was $86.9 million, an increase of 4% from $83.8 million in the fiscal year 2019. Revenues in the Identity segment increased 25% to $52.7 million from $42.2 million in the fiscal year 2019 primarily due to higher sales of RFID products and smart card readers.
GAAP gross margin was 39% in the fiscal year 2020 compared to 44% in the fiscal year 2019. The change in gross margin was primarily due to investments in quality and technology to support high-end RFID customers along with a change in product mix driven by rapid RFID growth.
GAAP net loss in the fiscal year 2020 was $5.1 million, or $(0.34) per basic and diluted share compared to a GAAP net loss of $1.2 million, or $(0.13) per basic and diluted share in the fiscal year 2019.
“As our fourth quarter and fiscal year results confirm, we’ve exceeded our growth metrics and believe we’re well-positioned to capitalize on the secular growth trends driving our business in 2021 and beyond,” said Identiv CEO Steven Humphreys. “For the second consecutive quarter, our RFID business grew over 100% year-over-year. For the full year, we shipped more than 130 million RFID units while increasing average unit prices by 20%, and we grew federal sales by approximately 30%.
“We entered 2021 with a backlog for the first quarter 121% greater than at the same time last year, and with total orders booked in the first month and a half of 2021 up 60% year-over-year,” he added.