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1. Company Snapshot

1.a. Company Description

Identiv, Inc.operates as a security technology company that secures things, data, and physical places in the Americas, Europe, the Middle East, and the Asia-Pacific.The company operates in two segments, Identity and Premises.


The Identity segment offers products and solutions that enables secure access to information serving the logical access and cyber security markets, as well as protecting connected objects and information using radio-frequency identification embedded security.The Premises segment provides solutions for premises security market, such as access control, video surveillance, analytics, audio, access readers, and identities to government facilities, schools, utilities, hospitals, stores, apartment buildings, and shops.The company sells its products through dealers, systems integrators, value added resellers, and resellers.


The company was formerly known as Identive Group, Inc.and changed its name to Identiv, Inc.in May 2014.


Identiv, Inc.was founded in 1990 and is headquartered in Fremont, California.

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1.b. Last Insights on INVE

Identiv, Inc.'s recent performance was negatively impacted by a quarterly loss of $0.15 per share, although it beat revenue estimates. The company's Thailand-based production drove expanded gross margins, but significant progress in BLE innovation may not offset concerns. With a history of losses, investors may view the stock's prospects cautiously. According to Zacks, the company's industry participants face growing demand, but Identiv's loss per share compares unfavorably to the prior year's loss of $0.25.

1.c. Company Highlights

2. Identiv's Q3 2025 Earnings: A Step in the Right Direction

Identiv reported third-quarter 2025 sales of $5 million, within the guided range, representing a year-over-year decrease from $6.5 million in Q3 2024, primarily due to the exited lower-margin business. Despite the revenue decline, the company achieved significant improvements in gross profit margin, with GAAP and non-GAAP gross margins of 10.7% and 19.1%, respectively, compared to 3.6% and 60.3% in Q3 2024. The GAAP net loss from continuing operations was $3.5 million, or $0.15 per basic and diluted share, an improvement from the net loss of $9.3 million, or $0.40 per basic and diluted share, in Q3 2024. The non-GAAP adjusted EBITDA loss for Q3 2025 was $3.6 million, compared to $4.5 million in Q3 2024. The actual EPS of -$0.15 beat estimates of -$0.23.

Publication Date: Nov -24

📋 Highlights
  • Q3 Sales Decline:: Revenue fell to $5 million (vs. $6.5 million YoY) due to exited lower-margin business, but met guidance.
  • Gross Margin Expansion:: GAAP gross margin rose to 10.7% (from 3.6%) and non-GAAP to 19.1% (from 60.3%), driven by production shift to Thailand.
  • Operating Expenses Drop:: GAAP operating expenses decreased to $6.1 million (from $9.8 million YoY), and non-GAAP to $4.5 million (from $5.1 million).
  • Narrower Net Loss:: GAAP net loss improved to $3.5 million ($0.15/share) from $9.3 million ($0.40/share); adjusted EBITDA loss narrowed to $3.6 million (from $4.5 million).
  • Strong Cash Position:: Closed Q3 with $126.6 million in cash/cash equivalents, and Q4 guidance of $5.4–$5.9 million revenue with expected margin gains from Thailand operations.

Operational Highlights

The improvement in gross margin reflects the successful transition of production from Singapore to the new manufacturing facility in Thailand. The company expects further margin expansion as it completes the Singapore site shutdown by year-end and the Thailand team reaches full productivity. The team achieved significant benefits from the Singapore shutdown in Q3, with reduced fixed costs and direct labor. The full impact of the shutdown will be seen in Q1 of next year.

Outlook and Pipeline

For Q4 2025, Identiv expects net revenue in the range of $5.4 million to $5.9 million. The company is making progress across its Perform, Accelerate, and Transform strategy, including advancing key R&D and commercialization initiatives. The new product development (NPD) projects are ramping up, contributing to a slight increase in mix overall. The company converted 18% of its new opportunity pipeline year-to-date, representing about 10% of sales in Q3, with roughly two-thirds having gross margins above 30%.

Valuation and Growth Prospects

With a P/S Ratio of 3.28 and an EV/EBITDA of 2.23, the market seems to be pricing in a moderate growth trajectory. Analysts estimate next year's revenue growth at 11.8%, which could potentially drive the stock higher if achieved. The company's focus on high-margin NPD projects and the Williot opportunity, which is expected to have significantly higher margins than two years ago, are positive indicators for future growth and margin expansion.

3. NewsRoom

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Identiv, Inc. (INVE) Reports Q3 Loss, Beats Revenue Estimates

Nov -11

Source: zacks.com

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Identiv, Inc. (INVE) Q3 2025 Earnings Call Transcript

Nov -11

Source: seekingalpha.com

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Identiv Reports Third Quarter 2025 Financial Results

Nov -10

Source: prnewswire.com

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Identiv Sets Third Quarter 2025 Earnings Call for Monday, November 10, 2025, at 5:00 PM EST

Nov -03

Source: prnewswire.com

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3 Small-Cap Stocks to Watch After the Fed's Rate Cuts

Sep -29

Source: marketbeat.com

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4 Computer Peripheral Equipment Stocks in Focus in a Thriving Industry

Sep -29

Source: zacks.com

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Identiv, Inc. (INVE) Q2 2025 Earnings Call Transcript

Aug -08

Source: seekingalpha.com

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Identiv (INVE) Q2 Revenue Drops 25%

Aug -08

Source: fool.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.43%)

6. Segments

Identity

Expected Growth: 10.43%

Identiv, Inc.'s 10.43% growth is driven by increasing demand for secure identification and authentication solutions, particularly in the IoT and smart building markets. Strong sales of RFID and NFC products, as well as growth in the company's Identity segment, contribute to this growth. Additionally, strategic partnerships and acquisitions have expanded Identiv's offerings and customer base, further fueling growth.

Premises

Expected Growth: 10.43%

Identiv's 10.43% growth driven by increasing demand for secure identification and authentication solutions, particularly in the IoT and smart building markets. Strong sales of its premises products, including access control and video analytics, contribute to growth. Additionally, strategic partnerships and expanding presence in key verticals, such as government and education, further boost revenue.

7. Detailed Products

Physical Access Control Systems (PACS)

Identiv's PACS solutions provide secure, scalable, and customizable access control systems for government, enterprise, and commercial organizations.

Identity and Credentialing Solutions

Identiv's identity and credentialing solutions provide trusted identities, secure credentials, and authentication for government, enterprise, and commercial organizations.

RFID and NFC Tags

Identiv's RFID and NFC tags provide secure, high-frequency identification and tracking solutions for various industries.

Smart Card Readers and Tokens

Identiv's smart card readers and tokens provide secure authentication and identification solutions for government, enterprise, and commercial organizations.

CivicTrust Identity and Credentialing Platform

Identiv's CivicTrust platform provides a trusted identity and credentialing solution for government agencies and enterprises.

Hirsch Velocity and Mx Controllers

Identiv's Hirsch Velocity and Mx controllers provide scalable, secure, and customizable access control solutions for government, enterprise, and commercial organizations.

8. Identiv, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Identiv, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the evolving nature of the industry.

Bargaining Power Of Customers

Identiv, Inc.'s customers are largely dependent on the company's products and services, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

Identiv, Inc. relies on a few key suppliers for its components, giving them some bargaining power, but the company's size and reputation mitigate this threat.

Threat Of New Entrants

The security and identification industry is rapidly evolving, and new entrants with innovative technologies could potentially disrupt Identiv, Inc.'s market share.

Intensity Of Rivalry

The security and identification industry is highly competitive, with several established players competing for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.15%
Debt Cost 3.95%
Equity Weight 82.85%
Equity Cost 10.89%
WACC 9.70%
Leverage 20.71%

11. Quality Control: Identiv, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Quantum

A-Score: 4.4/10

Value: 10.0

Growth: 1.0

Quality: 5.8

Yield: 0.0

Momentum: 9.5

Volatility: 0.3

1-Year Total Return ->

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Identiv

A-Score: 4.4/10

Value: 8.4

Growth: 3.6

Quality: 6.3

Yield: 0.0

Momentum: 4.5

Volatility: 3.7

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Stratasys

A-Score: 4.3/10

Value: 8.6

Growth: 2.3

Quality: 3.5

Yield: 0.0

Momentum: 8.5

Volatility: 3.0

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Corsair Gaming

A-Score: 4.0/10

Value: 6.5

Growth: 2.7

Quality: 4.5

Yield: 0.0

Momentum: 7.5

Volatility: 3.0

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Fathom Digital

A-Score: 3.9/10

Value: 8.1

Growth: 4.9

Quality: 4.8

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

1-Year Total Return ->

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Red Cat Holdings

A-Score: 3.7/10

Value: 6.0

Growth: 2.8

Quality: 3.3

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.58$

Current Price

3.58$

Potential

-0.00%

Expected Cash-Flows