Company Announcements

Identiv, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

Three Months Ended 

Six Months Ended 

June 30,

June 30,

June 30,

June 30,

2025

2024

2025

2024

Net revenue

$                  5,040

$               6,741

$             10,309

$             13,399

Cost of revenue  

5,514

6,127

10,651

12,302

Gross profit (loss)

(474)

614

(342)

1,097

Operating expenses:

Research and development 

890

966

1,677

1,863

Selling and marketing 

1,546

1,828

2,953

2,997

General and administrative 

3,057

4,540

6,203

8,020

Restructuring and severance

420

—

680

-

          Total operating expenses 

5,913

7,334

11,513

12,880

Loss from continuing operations 

(6,387)

(6,720)

(11,855)

(11,783)

Non-operating income (expense):

Interest income (expense), net 

1,320

(149)

2,532

(236)

Foreign currency losses, net 

(870)

(59)

(1,400)

(285)

Loss from continuing operations before income tax benefit (provision)

(5,937)

(6,928)

(10,723)

(12,304)

Income tax benefit (provision) 

(105)

5

(108)

(1)

Net loss from continuing operations

(6,042)

(6,923)

(10,831)

(12,305)

Income from discontinued operations, net of tax

—

707

—

1,531

Net loss

(6,042)

(6,216)

(10,831)

(10,774)

Cumulative dividends on Series B convertible preferred stock

(205)

(233)

(410)

(481)

Net loss available to common stockholders

$                (6,247)

$             (6,449)

$           (11,241)

$           (11,255)

Net income (loss) per common share:

Basic and diluted - continuing operations

$                  (0.26)

$               (0.31)

$               (0.47)

$               (0.55)

Basic and diluted - discontinued operations

$                       —

$                 0.03

$                    —

$                 0.07

Basic and diluted - net loss

$                  (0.26)

$               (0.27)

$               (0.47)

$               (0.48)

Weighted average common shares outstanding: 

Basic and diluted

23,760

23,459

23,679

23,413

Identiv, Inc. 

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

June 30,

December 31,

2025

2024

ASSETS

Current assets:

Cash and cash equivalents

$               129,339

$               135,646

Restricted cash

300

300

Accounts receivable, net of allowances

3,466

4,214

Inventories

6,133

7,475

Prepaid expenses and other current assets

4,874

5,210

Total current assets

144,112

152,845

Property and equipment, net

7,526

7,694

Operating lease right-of-use assets

1,395

2,000

Other assets

843

686

Total assets

$               153,876

$               163,225

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$                   1,809

$                   2,746

Operating lease liabilities

895

852

Accrued compensation and related benefits

792

862

Accrued income taxes payable

1,223

1,173

Other accrued expenses and liabilities

1,923

2,327

Total current liabilities

6,642

7,960

Long-term operating lease liabilities

790

1,167

Other long-term liabilities

29

29

Total liabilities

7,461

9,156

Total stockholders' equity

146,415

154,069

Total liabilities and stockholders' equity

$               153,876

$               163,225

Identiv, Inc. 

Reconciliation of GAAP to Non-GAAP Financial Information - Continuing Operations

(in thousands)

(unaudited)

Three Months Ended 

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2025

2024

2025

2024

Reconciliation of GAAP gross margin to non-GAAP gross margin 

GAAP gross profit (loss)

$                  (474)

$                   614

$                  (342)

$                1,097

Reconciling items included in GAAP gross profit (loss):

Stock-based compensation

5

5

10

12

Amortization and depreciation

428

364

862

768

Total reconciling items included in GAAP gross profit (loss)

433

369

872

780

Non-GAAP gross profit (loss)

$                    (41)

$                   983

$                    530

$                1,877

Non-GAAP gross margin 

(0.8 %)

14.6 %

5.1 %

14.0 %

Reconciliation of GAAP operating expenses to non-GAAP operating expenses

GAAP operating expenses

$                 5,913

$                7,334

$               11,513

$              12,880

Reconciling items included in GAAP operating expenses:

Stock-based compensation

(902)

(980)

(1,693)

(1,492)

Amortization and depreciation 

(61)

(65)

(118)

(90)

Strategic review-related costs

—

(1,616)

(4)

(2,569)

Restructuring and severance

(420)

—

(680)

—

Total reconciling items included in GAAP operating expenses

(1,383)

(2,661)

(2,495)

(4,151)

Non-GAAP operating expenses

$                 4,530

$                4,673

$                 9,018

$                8,729

Reconciliation of GAAP net loss from continuing operations to non-GAAP adjusted EBITDA

GAAP net loss

$               (6,042)

$              (6,923)

$             (10,831)

$            (12,305)

Reconciling items included in GAAP net loss: 

Income tax provision (benefit)

105

(5)

108

1

Interest expense (income), net

(1,320)

149

(2,532)

236

Foreign currency losses, net 

870

59

1,400

285

Stock-based compensation

907

986

1,703

1,504

Amortization and depreciation 

489

429

980

858

Strategic review-related costs

—

1,616

4

2,569

Restructuring and severance

420

—

680

—

 Total reconciling items included in GAAP net loss from continuing operations

1,471

3,234

2,343

5,453

 Non-GAAP adjusted EBITDA

$               (4,571)

$              (3,689)

$               (8,488)

$              (6,852)