INVE · Identiv, Inc.

Identiv reported Q1 2026 revenue of $7.4 million, exceeding its previously announced guidance and representing a 40% increase from $5.3 million in Q1 2025. The year-over-year growth was slightly higher than expected and included the benefit of one customer ordering their full-year 2026 sales volume in Q1. GAAP gross margin improved dramatically to 17.4% from 2.5% in the prior year, driven by continued cost savings and efficiencies in production processes, improved utilization at the Thailand facility, and the elimination of manufacturing costs from the Singapore operation. Non-GAAP gross margin rose to 23.8% from 10.8%. GAAP operating expenses were $5.5 million, slightly down from $5.6 million, while non-GAAP operating expenses were $4.4 million versus $4.5 million, reflecting lower restructuring and severance costs partially offset by higher strategic review-related costs. GAAP net loss improved to ($3.4 million) or ($0.15) per share from ($4.8 million) or ($0.21) per share. Management attributed the results to strong customer demand and the company's Perform-Accelerate-Transform strategy. For Q2 2026, Identiv guided revenue in the range of $5.4 million to $6.0 million, which implies a sequential decline from Q1's $7.4 million, likely due to the pull-forward of full-year volume from one customer in Q1. The company ended the quarter with $124.5 million in cash and equivalents.