Identiv Delivers Impressive 41% Year-over-Year Growth in RFID Business
Identiv, Inc. (NASDAQ: INVE) announced significant growth, with a 41% year-over-year increase in RFID revenue, driven by rising demand for its solutions in the IoT market. To support this growth, the company is expanding its capacity by opening a second facility in Southeast Asia, set to begin operations in 2023, increasing production to over 350M units. Identiv maintains a perfect 100% customer retention rate over multiple quarters and has secured a record 38 NRE contracts in the second quarter of 2022, indicating strong market traction.
- 41% year-over-year growth in RFID revenue.
- Expansion of production capacity to 350M+ units.
- Opening a second facility in Southeast Asia in 2023.
- 100% customer retention rate over multiple quarters.
- Record 38 non-recurring engineering contracts in Q2 2022.
- None.
Significant demand for company's RFID solutions fuels capacity expansion to second location in Southeast Asia
FREMONT, Calif., Aug. 10, 2022 /PRNewswire/ -- Identiv, Inc. (NASDAQ: INVE), global digital security and identification leader in the Internet of Things (IoT), recently announced a pivotal quarter for its transponder business, with radio frequency identification (RFID) revenue up
Identiv's RFID and NFC solutions are driving the future of the IoT. RFID-based IoT devices require complex, highly integrated designs. Identiv is the industry leader in deep technology and specialty RFID applications, powering use cases with multi-technologies and flexible designs for its IoT partners. Identiv's complete solutions stack for the IoT, building on the company's unique, proprietary IP, offer RFID customers value-add services, including encoding and converting. These services increase the technical sophistication of Identiv's solutions, resulting in higher ASPs and building margin strength.
"We've secured an outstanding leadership role in the RFID industry as a solutions provider in the IoT sector, as evidenced by our multi-quarter track record of
Identiv is on track to expand its RFID team in sales, product, engineering, and operations through 2023. The company's Singapore location has expanded RFID product demand capacity to meet 350M+ units and expects to open a second operations facility in Southeast Asia to increase volume substantially beginning in 2023.
"Our growing team is steering world-class RFID design innovation and leading us deeper into specialty applications in medical devices, pharma, cannabis, and mobile device accessories, adding new customers and transformational use cases every quarter. Our RFID business has the potential for tremendous growth in 2023, particularly in higher margin specialty applications," Khoshniyati added.
As a total solution provider, creating unique designs for industry-leading companies and market-leading technology launches, Identiv continues to collaborate with multiple platform partners on encoding services, digital object summoning, and data mining.
To purchase from Identiv's complete end-to-end portfolio, visit shop.identiv.com. For custom options, contact transponder_sales@identiv.com or +1 888-809-8880.
About Identiv
Identiv, Inc. is a global leader in digitally securing the physical world. Identiv's platform encompasses RFID and NFC, cybersecurity, and the full spectrum of physical access, video, and audio security. Identiv is a publicly traded company, and its common stock is listed on the NASDAQ Stock Market LLC in the U.S. under the symbol "INVE." For more information, visit identiv.com.
Identiv Media Contact:
arose@identiv.com
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SOURCE Identiv
