Identiv Reports Second Quarter 2024 Financial Results

Rhea-AI Summary

Identiv, Inc. (NASDAQ: INVE) reported its Q2 2024 financial results, highlighting progress on its $145 million asset sale transaction of its Physical Security Business to Vitaprotech. The deal, approved by stockholders on June 28, is expected to close in Q3 2024, subject to CFIUS approval. The company's IoT business reported Q2 revenue of $6.7 million, down from $11.5 million in Q2 2023. GAAP net loss for the IoT Business was ($6.9) million, or ($0.31) per share. Non-GAAP adjusted EBITDA was ($3.7) million. The company's Thailand production facility earned ISO 9001:2015 and ISO 14001:2015 certifications. For Q3 2024, Identiv expects revenue from continuing operations to be between $5.8 million and $6.1 million.

Positive

• Asset sale transaction of $145 million approved by stockholders
• Thailand production facility earned ISO 9001:2015 and ISO 14001:2015 certifications
• Anticipated strengthening of financial position from sale proceeds

Negative

• Q2 revenue decreased to $6.7 million from $11.5 million in Q2 2023
• GAAP net loss of ($6.9) million in Q2 2024
• Non-GAAP adjusted EBITDA loss of ($3.7) million in Q2 2024
• Expected Q3 2024 revenue lower than Q2 2024

Financial Analyst

The $145 million asset sale of Identiv's Physical Security Business is a significant move that will reshape the company's focus. This transaction, expected to close in Q3 2024, will provide substantial capital for Identiv to pursue growth in its IoT solutions business. However, the Q2 2024 financial results show some concerning trends:

• Revenue from continuing operations dropped to $6.7 million from $11.5 million in Q2 2023
• GAAP gross margin declined to 9.1% from 14.2% year-over-year
• GAAP net loss widened to ($6.9 million) from ($3.5 million)

The company's transition period may lead to short-term volatility, but the strategic focus on IoT could drive long-term growth if executed well. Investors should closely monitor the company's ability to leverage the sale proceeds effectively.

IoT Technology Expert

Identiv's strategic shift towards IoT solutions presents both opportunities and challenges. The company's focus on RFID-enabled IoT applications aligns with growing market trends, but execution will be crucial. Key points to consider:

• Expansion of RFID production in Thailand, with new ISO certifications, enhances manufacturing capabilities
• The IoT strategic growth plan, expected to conclude in Q4 2024, will be pivotal for future success
• Current financial performance of the IoT Business segment is concerning, with declining revenues and margins

The company needs to demonstrate clear product differentiation and market penetration strategies in the competitive IoT space. The success of this transition will depend on Identiv's ability to innovate and capture market share in high-growth IoT verticals.

Market Research Analyst

Identiv's market position is in flux due to the pending asset sale and strategic shift. Key market considerations include:

• The global IoT market is projected to grow significantly, offering potential for Identiv's refocused business
• Competition in the IoT space is intense, with both established players and innovative startups
• The $145 million cash infusion could provide a competitive advantage if invested wisely in R&D and market expansion

However, the current financial performance raises concerns about market traction. The 46.7% year-over-year revenue decline in continuing operations suggests challenges in the IoT segment. Identiv must quickly establish a strong market presence and demonstrate growth to maintain investor confidence during this transition period.

Transformative $145 Million Agreement Approved by Stockholders on June 28; On Track to Close in Q3 2024, Subject to Regulatory Approval

IoT Strategic Growth and Go-to-Market Plan Advances; Conclusion Expected in Q4 2024

Thailand Production Facility Earns ISO 9001:2015 and ISO 14001:2015 Certifications

FREMONT, Calif.--(BUSINESS WIRE)-- Identiv, Inc. (NASDAQ: INVE), a global digital security and identification leader in the Internet of Things (IoT), today released its financial results for the second quarter ended June 30, 2024.

Status of Asset Sale Transaction

On April 2, 2024, Identiv entered into a definitive asset purchase agreement to sell its physical security, access card, and identity reader operations and assets (the “Physical Security Business”) to a wholly owned subsidiary of Vitaprotech, a security solutions provider. Under the terms of the agreement, Identiv will receive a cash payment of $145 million upon closing of the transaction, subject to customary adjustments. As of August 8, 2024, Identiv has received approval or cleared applicable waiting periods under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, and the United Kingdom National Security and Investment Act 2021. The transaction was approved by Identiv’s stockholders on June 28, 2024, and remains subject to approval by the Committee on Foreign Investment in the United States (CFIUS). Identiv anticipates that the transaction will close in the third quarter of 2024. The proceeds from the sale will significantly strengthen Identiv’s financial position, providing capital to pursue growth opportunities for its specialty IoT solutions business.

Management Commentary

"We achieved significant milestones in the second quarter toward concluding the previously announced asset sale transaction,” said Identiv CEO Steven Humphreys. “This included a highly supportive stockholder vote in favor of the transaction, affirming our decision to focus exclusively on growing our IoT solutions business. At the same time, we made progress expanding RFID production in Thailand and advancing our strategic plan for RFID-enabled IoT applications. We are excited for the future of Identiv and remain on track for an expected close of the asset sale transaction in the third quarter.”

“I am excited to lead the IoT team through this transformational period in Identiv’s history,” said Identiv President, IoT Solutions Kirsten Newquist. “With a clear vision, a comprehensive and disciplined plan, and focused execution, we believe we can capitalize on the opportunity before us.”

GAAP Financial Results for Fiscal Second Quarter 2024

GAAP Earnings for second quarter 2024 reflect the continuing operations of the company, the “IoT Business,” as of June 30, 2024. GAAP earnings do not include revenue and operating expenses from our discontinued operations, the Physical Security Business, due to the pending sale of the assets of this business.

Revenue from continuing operations for the second quarter of 2024 was $6.7 million, compared to $11.5 million in the second quarter of 2023. Second quarter 2024 GAAP gross margin was 9.1% and non-GAAP gross margin was 14.6%, compared to second quarter 2023 GAAP gross margin of 14.2% and non-GAAP gross margin of 16.6%.

GAAP operating expenses from the IoT Business, including research and development, sales, and marketing, and general and administrative, were $7.3 million in the second quarter of 2024, compared to $5.0 million in the second quarter of 2023. Non-GAAP operating expenses from the IoT Business were $4.7 million in the second quarter of 2024, compared to $4.4 million in the second quarter of 2023. Strategic transaction-related costs included in second quarter 2024 GAAP operating expenses totaled $1.6 million. As of June 30, 2024, cumulative strategic transaction-related costs totaled $3.0 million.

GAAP net loss from the IoT Business in the second quarter of 2024 was ($6.9) million, or ($0.31) per basic and diluted share, compared to GAAP net loss of ($3.5) million, or ($0.16) per basic and diluted share, in the second quarter of 2023.

Non-GAAP adjusted EBITDA for the IoT Business in the second quarter of 2024 was ($3.7) million, compared to ($2.6) million in the second quarter of 2023.

Non-GAAP Aggregated Information for Fiscal Second Quarter 2024

In accordance with GAAP, revenue and operating expenses directly related to the Physical Security Business must be removed from their applicable statements of operations captions for continuing operations and reported for all periods presented as net income from discontinued operations in the GAAP financial statements. For this transition quarter, Identiv is presenting non-GAAP aggregated summary data to provide investors with an aggregated view of the entire business, including the Physical Security Business, to facilitate a direct comparison to prior historical results and guidance. A reconciliation of this non-GAAP aggregated information to the most directly comparable GAAP measures is included at the end of this press release.

Total revenue from continuing operations and revenue included in discontinued operations for the second quarter 2024 would have been $24.3 million, compared to GAAP revenue of $29.6 million in the second quarter of 2023. Second quarter 2024 non-GAAP aggregated gross margin would have been 35.0% and adjusted non-GAAP aggregated gross margin would have been 37.3%.

Non-GAAP aggregated operating expenses would have been $14.5 million in the second quarter of 2024, compared to GAAP operating expenses of $11.9 million in the second quarter of 2023. Adjusted non-GAAP aggregated operating expenses would have been $11.1 million in the second quarter of 2024, compared to adjusted non-GAAP operating expenses of $10.6 million in the second quarter of 2023.

Non-GAAP aggregated net loss for the second quarter of 2024 would have been ($6.2) million, or ($0.27) per basic and diluted share, compared to GAAP net loss of ($1.1) million, or ($0.06) per basic and diluted share, in the second quarter of 2023.

Non-GAAP aggregated adjusted EBITDA in the second quarter of 2024 would have been ($2.0) million, compared to non-GAAP adjusted EBITDA $0.7 million in the second quarter of 2023.

Financial Outlook

Identiv provides guidance based on current market conditions and expectations, including macroeconomic conditions and customer demand. For fiscal Q3 2024, management currently expects revenue from continuing operations to be in the range of $5.8 million to $6.1 million. If the asset sale transaction has not closed by the end of the third quarter of 2024 as anticipated, then management expects total revenue from continuing operations and revenue included in discontinued operations to be in the range of $24 million to $26 million.

Conference Call

Identiv management will hold a conference call today, August 8, 2024, at 5:00 p.m. EDT (2:00 p.m. PDT) to discuss the company’s second quarter 2024 financial results. A question-and-answer session will follow management's presentation.

Toll-Free: 888-506-0062
International Number: +1 973-528-0011
Call ID: 242005
Webcast link: Register and Join

The teleconference replay will be available through August 22, 2024, by dialing 877-481-4010 (Toll-Free Replay Number) or +1 919-882-2331 (International Replay Number) and entering passcode 50852.

If you have any difficulty connecting with the teleconference, please contact Identiv Investor Relations at IR@identiv.com.

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. For more information, visit identiv.com.

Non-GAAP Financial Measures

This press release includes financial information that has not been prepared in accordance with GAAP, including non-GAAP adjusted EBITDA, non-GAAP gross margin and non-GAAP operating expenses. Identiv uses non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating ongoing operational performance. Identiv believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. Non-GAAP gross margin excludes stock-based compensation and amortization and depreciation. Non-GAAP adjusted EBITDA excludes items that are included in GAAP net income (loss), GAAP operating expenses, and GAAP gross margin, and excludes income tax provision (benefit), interest expense, net foreign currency gains (losses), net stock-based compensation, amortization and depreciation, restructuring and severance, and strategic review-related costs. Non-GAAP operating expenses exclude stock-based compensation, amortization and depreciation, strategic review-related expenses, and restructuring and severance. In addition, Identiv is providing a non-GAAP aggregated summary to provide an aggregated view of the entire business, including the Physical Security Business, to facilitate a direct comparison by investors to prior historical results and guidance. In accordance with GAAP, revenue and operating expenses directly related to the Physical Security Business must be removed from their applicable statements of operations captions for continuing operations and reported for all periods presented as net income from discontinued operations in the GAAP financial statements. For historical periods, the exclusions are detailed in the reconciliation table included in this press release. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures as detailed in this press release.

Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations as well as the current beliefs and assumptions of management of Identiv and can be identified by words such as “anticipate,” “believe,” “continue,” “plan,” “will,” “intend,” “expect,” “outlook,” and similar references to the future. Any statement that is not a historical fact is a forward-looking statement, including statements regarding: Identiv’s expectations regarding future operating and financial outlook and performance, including 2024 third quarter guidance and outlook; Identiv’s strategy, opportunities, focus and goals; Identiv’s belief that the stockholder vote in favor of the proposed asset sale transaction reflects high interest in and support of the company’s strategic direction and focus on its IoT solutions business; the timing of the closing of the transaction; expected amount of proceeds from the transaction; the terms and conditions related to the transaction, including regulatory approvals; Identiv’s expectations with respect to the use of proceeds from the proposed transaction; Identiv’s beliefs regarding access to future capital; and Identiv’s expectations relating to the growth of its IoT business. Forward-looking statements are only predictions and are subject to a number of risks and uncertainties, many of which are outside Identiv’s control, which could cause actual results to differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the risk that the conditions to the closing of the transaction are not satisfied, including the risk that CFIUS approval is not obtained; the occurrence of any event, change or other circumstances that could give rise to the termination of the asset purchase agreement; the failure of the proposed transaction to close for any reason; potential litigation relating to the transaction and the effects of any outcome related thereto; any purchase price adjustments to the amount of proceeds from the transaction; the timing of closing of the proposed transaction and its effect on third quarter guidance and outlook; risks that the proposed transaction disrupts current business, plans and operations of Identiv or its business prospects; diversion of management’s attention from Identiv’s ongoing business; the ability of Identiv to retain and hire key personnel; the effect of the change in management following the completion of the proposed transaction; competitive responses to the proposed transaction; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; Identiv’s ability to continue the momentum in its business; Identiv’s ability to successfully execute its business strategy; Identiv’s ability to capitalize on trends in its business; Identiv’s ability to satisfy customer demand and expectations; the level and timing of customer orders and changes/cancellations; the loss of customers, suppliers or partners; the success of Identiv’s products and strategic partnerships; industry trends and seasonality; the impact of macroeconomic conditions and customer demand, inflation and increases in prices; and the other factors discussed in its periodic reports, including its Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements are based on information available to Identiv on the date hereof, and Identiv assumes no obligation to update such statements.

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,
		2024				2023				2024				2023
Net revenue	$	6,741			$	11,476			$	13,399			$	20,365
Cost of revenue		6,127				9,844				12,302				17,515
Gross profit		614				1,632				1,097				2,850
Operating expenses:
Research and development		966				1,151				1,863				2,131
Selling and marketing		1,828				1,602				2,997				3,121
General and administrative		4,540				2,161				8,020				4,362
Restructuring and severance		—				45				—				46
Total operating expenses		7,334				4,959				12,880				9,660
Loss from continuing operations		(6,720	)			(3,327	)			(11,783	)			(6,810	)
Non-operating income (expense):
Interest expense, net		(149	)			(90	)			(236	)			(140	)
Foreign currency gains (losses), net		(59	)			(34	)			(285	)			62
Loss from continuing operations before income tax benefit (provision)		(6,928	)			(3,451	)			(12,304	)			(6,888	)
Income tax benefit (provision)		5				—				(1	)			(2	)
Net loss from continuing operations		(6,923	)			(3,451	)			(12,305	)			(6,890	)
Income from discontinued operations, net of tax		707				2,307				1,531				3,027
Net loss		(6,216	)			(1,144	)			(10,774	)			(3,863	)
Cumulative dividends on Series B convertible preferred stock		(232	)			(315	)			(481	)			(628	)
Net loss available to common stockholders	$	(6,448	)		$	(1,459	)		$	(11,255	)		$	(4,491	)
Net income (loss) per common share:
Basic and diluted - continuing operations	$	(0.31	)		$	(0.16	)		$	(0.55	)		$	(0.33	)
Basic and diluted - discontinued operations	$	0.03			$	0.10			$	0.07			$	0.13
Basic and diluted - net loss	$	(0.27	)		$	(0.06	)		$	(0.48	)		$	(0.20	)
Weighted average common shares outstanding:
Basic and diluted		23,459				23,051				23,413				22,924

Identiv, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
	June 30,			December 31,
		2024			2023
ASSETS
Current assets:
Cash and cash equivalents	$	18,435		$	23,312
Restricted cash		566			1,072
Accounts receivable, net of allowances		3,716			7,404
Inventories		11,267			13,560
Prepaid expenses and other current assets		1,797			1,222
Current assets held-for-sale		33,600			32,916
Total current assets		69,381			79,486
Property and equipment, net		7,669			8,472
Operating lease right-of-use assets		2,228			2,289
Other assets		681			678
Non-current assets held-for-sale		17,801			18,798
Total assets	$	97,760		$	109,723
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	2,946		$	4,652
Financial liabilities		7,905			9,949
Operating lease liabilities		815			782
Accrued compensation and related benefits		1,191			1,376
Other accrued expenses and liabilities		3,036			1,021
Current liabilities held-for-sale		12,334			13,002
Total current liabilities		28,227			30,782
Long-term operating lease liabilities		1,393			1,507
Other long-term liabilities		27			26
Non-current liabilities held-for-sale		3,056			3,136
Total liabilities		32,703			35,451
Total stockholders' equity		65,057			74,272
Total liabilities and stockholders' equity	$	97,760		$	109,723

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,
		2024				2023				2024				2023
Reconciliation of GAAP gross margin to non-GAAP gross margin
GAAP gross profit	$	614			$	1,632			$	1,097			$	2,850
Reconciling items included in GAAP gross profit:
Stock-based compensation		5				9				12				19
Amortization and depreciation		364				262				768				509
Total reconciling items included in GAAP gross profit		369				271				780				528
Non-GAAP gross profit	$	983			$	1,903			$	1,877			$	3,378
Non-GAAP gross margin		15	%			17	%			14	%			17	%
Reconciliation of GAAP operating expenses to non-GAAP operating expenses
GAAP operating expenses	$	7,334			$	4,959			$	12,880			$	9,660
Reconciling items included in GAAP operating expenses:
Stock-based compensation		(981	)			(498	)			(1,492	)			(972	)
Amortization and depreciation		(65	)			(33	)			(90	)			(80	)
Strategic review-related costs		(1,616	)			—				(2,569	)			—
Restructuring and severance		—				(45	)			—				(46	)
Total reconciling items included in GAAP operating expenses		(2,662	)			(576	)			(4,151	)			(1,098	)
Non-GAAP operating expenses	$	4,672			$	4,383			$	8,729			$	8,562
Reconciliation of GAAP net loss from continuing operations to non-GAAP adjusted EBITDA
GAAP net loss	$	(6,923	)		$	(3,451	)		$	(12,305	)		$	(6,890	)
Reconciling items included in GAAP net loss:
Income tax provision (benefit)		(5	)			—				1				2
Interest expense, net		149				90				236				140
Foreign currency gains (losses), net		59				9				285				(155	)
Stock-based compensation		986				507				1,504				991
Amortization and depreciation		429				295				858				589
Strategic review-related costs		1,616				—				2,569				—
Restructuring and severance		—				(45	)			—				(46	)
Total reconciling items included in GAAP net loss from continuing operations		3,234				856				5,453				1,521
Non-GAAP adjusted EBITDA	$	(3,689	)		$	(2,595	)		$	(6,852	)		$	(5,369	)

Identiv, Inc.
Reconciliation of GAAP Financial Information to Non-GAAP Aggregated View
(in thousands)
(unaudited)
	Three Months Ended								Six Months Ended
	June 30,				June 30,				June 30,				June 30,
		2024				2023				2024				2023
Net Revenue:
Continuing operations	$	6,741			$	11,476			$	13,399			$	20,365
Non-GAAP discontinued operations - Physical Security Business		17,592				18,079				33,428				35,187
Non-GAAP Total Aggregated	$	24,333			$	29,555			$	46,827			$	55,552
Gross Profit:
Continuing operations	$	614			$	1,632			$	1,097			$	2,850
Non-GAAP discontinued operations - Physical Security Business		7,904				9,216				15,813				17,209
Non-GAAP Total Aggregated	$	8,518			$	10,848			$	16,910			$	20,059
Operating Expenses
Continuing operations	$	7,334			$	4,959			$	12,880			$	9,660
Non-GAAP discontinued operations - Physical Security Business		7,148				6,919				14,189				14,161
Non-GAAP Total Aggregated	$	14,482			$	11,878			$	27,069			$	23,821
Net income (loss):
Continuing operations	$	(6,923	)		$	(3,451	)		$	(12,305	)		$	(6,890	)
Non-GAAP discontinued operations - Physical Security Business		707				2,307				1,531				3,027
Non-GAAP Total Aggregated	$	(6,216	)		$	(1,144	)		$	(10,774	)		$	(3,863	)
Non-GAAP EBITDA:
Continuing operations	$	(3,689	)		$	(2,595	)		$	(6,852	)		$	(5,369	)
Discontinued operations - Physical Security Business		1,678				3,285				3,425				5,131
Non-GAAP Total Aggregated	$	(2,011	)		$	690			$	(3,427	)		$	(238	)

Identiv, Inc.
Reconciliation of GAAP to Adjusted Non-GAAP Financial Information - Non-GAAP Aggregated View
(in thousands)
(unaudited)
	Three Months Ended								Six Months Ended
	June 30,				June 30,				June 30,				June 30,
		2024				2023				2024				2023
Reconciliation of GAAP gross margin to adjusted non-GAAP aggregated gross margin
GAAP gross profit - continuing operations	$	614			$	1,632			$	1,097			$	2,850
Non-GAAP gross profit - discontinued operations		7,904				9,216				15,813				17,209
Non-GAAP Total Aggregated		8,518				10,848				16,910				20,059
Reconciling items included in non-GAAP gross profit:
Stock-based compensation		46				45				93				90
Amortization and depreciation		505				403				1,052				788
Total reconciling items included in non-GAAP aggregated gross profit		551				448				1,145				878
Adjusted non-GAAP aggregated gross profit	$	9,069			$	11,296			$	18,055			$	20,937
Adjusted non-GAAP aggregated gross margin		37	%			38	%			39	%			38	%
Reconciliation of GAAP operating expenses to adjusted non-GAAP aggregated operating expenses
GAAP operating expenses - continuing operations	$	7,334			$	4,959			$	12,880			$	9,660
Non-GAAP operating expenses - discontinued operations		7,148				6,919				14,189				14,161
Non-GAAP Total Aggregated		14,482				11,878				27,069				23,821
Reconciling items included in non-GAAP aggregated operating expenses:
Stock-based compensation		(1,429	)			(949	)			(2,401	)			(1,894	)
Amortization and depreciation		(234	)			(242	)			(472	)			(480	)
Strategic review-related costs		(1,616	)			—				(2,569	)			—
Restructuring and severance		(123	)			(81	)			(145	)			(272	)
Total reconciling items included in non-GAAP aggregated operating expenses		(3,402	)			(1,272	)			(5,587	)			(2,646	)
Adjusted non-GAAP aggregated operating expenses	$	11,080			$	10,606			$	21,482			$	21,175
Reconciliation of GAAP net loss to non-GAAP adjusted EBITDA
GAAP net loss		(6,216	)			(1,144	)			(10,774	)			(3,863	)
Reconciling items included in non-GAAP net loss:
Income tax provision		29				15				49				41
Interest expense, net		149				90				236				140
Foreign currency gains (losses), net		74				9				330				(80	)
Stock-based compensation		1,475				994				2,494				1,984
Amortization and depreciation		739				645				1,524				1,268
Strategic review-related costs		1,616				—				2,569				—
Restructuring and severance		123				81				145				272
Total reconciling items included in non-GAAP net loss		4,205				1,834				7,347				3,625
Non-GAAP adjusted EBITDA	$	(2,011	)		$	690			$	(3,427	)		$	(238	)

 

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Investor Relations Contact:

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Source: Identiv, Inc.

FAQ

What was Identiv's Q2 2024 revenue for its IoT business?

Identiv's Q2 2024 revenue for its IoT business was $6.7 million.

When is Identiv's asset sale transaction expected to close?

Identiv's asset sale transaction is expected to close in the third quarter of 2024, subject to CFIUS approval.

What is Identiv's revenue guidance for Q3 2024?

Identiv expects revenue from continuing operations to be between $5.8 million and $6.1 million for Q3 2024.

What certifications did Identiv's Thailand production facility earn?

Identiv's Thailand production facility earned ISO 9001:2015 and ISO 14001:2015 certifications.