05.10.21
RFID is a strong growth opportunity for companies that have developed successful solutions. Identiv, Inc. is one such company, and its 22% overall sales growth, led by a 59% increase in RFID revenue, is proof that it is on the right track.
Identiv reported its financial results for the first quarter ended March 31, 2021, with total revenue grew 22% year-over-year to $22.2 million with RFID revenue up 59% year-over-year. The company shipped more than 40 million RFID units, a 53% increase year-over-year.
Identiv exited 1Q 2021 with backlog for Q2 2021 of $10 million; as of April 30, 2021, backlog for Q2 2021 was up 30% compared to the same time last year, and total company backlog was up 50% year-over-year. Identiv improved profitability over prior year comparable period in both GAAP net loss at $1.5 million and non-GAAP adjusted EBITDA at $0.4 million.
In the RFID side, Identiv reported an additional RFID device statement of work for a large mobile device customer, extending demand forecast through 2021 and into 2022, and is in final stages for two other RFID device statements of work for a Fortune 5 company. The company completed initial RFID capacity expansion to 220 million units per year.
“In the first quarter of 2021, we continued to build on last year’s momentum. We grew total revenue 22%, our Identity business 38%, and our RFID business 59% year-over-year,” said Identiv CEO Steven Humphreys.
“RFID remains our key growth driver for our business, and in RFID we maintained a 100% customer retention rate, and we made substantial progress winning new customers with new design wins across medical devices, wearables, personal transportation and several other use cases,” added Humphreys. “These designs are increasingly complex, leading to expanded gross margins and an improved competitive advantage for our business in the long-run. We expanded designs and production launches within existing customers, moving new designs through the production cycle, and we increased the number of RFID units shipped by 53% year-over-year to 40 million units.
“The financial results of the first quarter, and our progress subsequent to its end, have positioned us not only to grow revenues 20% – 25% in the first half of 2021 but to continue building efficiently throughout the year,” noted Sandra Wallach, Identiv’s CFO. “We increased revenues 22% while decreasing expenses 5%, demonstrating the leverage we have in our business model, and as of April 30, our backlog for the second quarter was up more than 30% from the same time last year, while our backlog for all of 2021 was up 50%. In addition to these highlights, we strengthened our balance sheet by successfully raising $40.25 million in gross proceeds including full exercise of the overallotment option from a public offering and by paying off our second promissory note.”
Identiv reported its financial results for the first quarter ended March 31, 2021, with total revenue grew 22% year-over-year to $22.2 million with RFID revenue up 59% year-over-year. The company shipped more than 40 million RFID units, a 53% increase year-over-year.
Identiv exited 1Q 2021 with backlog for Q2 2021 of $10 million; as of April 30, 2021, backlog for Q2 2021 was up 30% compared to the same time last year, and total company backlog was up 50% year-over-year. Identiv improved profitability over prior year comparable period in both GAAP net loss at $1.5 million and non-GAAP adjusted EBITDA at $0.4 million.
In the RFID side, Identiv reported an additional RFID device statement of work for a large mobile device customer, extending demand forecast through 2021 and into 2022, and is in final stages for two other RFID device statements of work for a Fortune 5 company. The company completed initial RFID capacity expansion to 220 million units per year.
“In the first quarter of 2021, we continued to build on last year’s momentum. We grew total revenue 22%, our Identity business 38%, and our RFID business 59% year-over-year,” said Identiv CEO Steven Humphreys.
“RFID remains our key growth driver for our business, and in RFID we maintained a 100% customer retention rate, and we made substantial progress winning new customers with new design wins across medical devices, wearables, personal transportation and several other use cases,” added Humphreys. “These designs are increasingly complex, leading to expanded gross margins and an improved competitive advantage for our business in the long-run. We expanded designs and production launches within existing customers, moving new designs through the production cycle, and we increased the number of RFID units shipped by 53% year-over-year to 40 million units.
“The financial results of the first quarter, and our progress subsequent to its end, have positioned us not only to grow revenues 20% – 25% in the first half of 2021 but to continue building efficiently throughout the year,” noted Sandra Wallach, Identiv’s CFO. “We increased revenues 22% while decreasing expenses 5%, demonstrating the leverage we have in our business model, and as of April 30, our backlog for the second quarter was up more than 30% from the same time last year, while our backlog for all of 2021 was up 50%. In addition to these highlights, we strengthened our balance sheet by successfully raising $40.25 million in gross proceeds including full exercise of the overallotment option from a public offering and by paying off our second promissory note.”
