Strategic Transition to Pure-Play IoT Solutions
Identiv successfully transitioned to a pure-play provider of specialty RFID and Bluetooth Low Energy (BLE) solutions, following the sale of its physical security business. This move has significantly strengthened its financial position.
Significant Production Transition
75% of RFID production transitioned from Singapore to a low-cost facility in Thailand by year-end, with expectations to complete the transition by the end of Q2 2025, which is anticipated to improve gross margins.
Partnership with Novanta
A strategic partnership with Novanta was announced to offer comprehensive consumable authentication solutions to medical device and diagnostic OEMs, enhancing product safety and accuracy.
Revenue Above Guidance
Fourth quarter 2024 revenue was $6.7 million, exceeding the midpoint of the previously announced outlook by approximately $600,000.
Strong Cash Position
Exited Q4 2024 with $135.9 million in cash and cash equivalents and restricted cash, an increase of $111 million since December 31, 2023.