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what it is
Identiv sells tools that help buildings, devices, and users prove who gets in and who does not.
how it gets paid
Last year Identiv made $27M in revenue. RFID and IoT identification was the main engine at $10.0M, or 37% of sales.
what just happened
Latest quarter revenue hit $15M, but a 1.3% gross margin kept the business stuck in loss mode.
At a glance
C++ balance sheet — some cracks in the foundation
35/100 earnings predictability — expect surprises
2.2% return on capital — nothing to write home about
-$1.14 fy2024 eps est
$27M fy2024 rev est
xvary composite: 41/100 — below average
What they do
Identiv sells tools that help buildings, devices, and users prove who gets in and who does not.
Identiv's edge is reach, not size. Its technology is already embedded in over 1.5 billion applications worldwide, from healthcare to smart packaging, which means your customers do not switch vendors casually. Integration (your systems are already wired into the product) → painful replacement work → so what: a 166-employee company can still stay relevant in security niches.
How they make money
$27M
annual revenue
RFID and IoT identification
$10.0M
Premises access control
$7.0M
Video surveillance
$4.0M
Logical access and cybersecurity
$3.0M
Security analytics and software
$3.0M
The products that matter
iot tracking labels
BLE Smart Labels
26–35% growth guide support
This is the product behind management's $6.7M–$7.2M Q1 2026 revenue guide. One new customer order is already booked, which tells you how concentrated the near-term growth story is.
new-customer driven
secure identification hardware
RFID Tags & Inlays
25.6% non-gaap gross margin
This is core Identiv technology, and the headline improvement is margin: 25.6% versus negative 5.2% vs. prior year after production moved to Thailand. Better unit economics help. At this size, volume still decides the story.
margin recovery
physical access control
Access Control Systems
part of a $27M business
This is the legacy security side of the company. It helps explain what Identiv does, but with total annual revenue at just $27M, scale is the issue across the whole portfolio.
legacy base
Key numbers
-105%
operating margin
Operating margin → profit after running the business → so what: Identiv is losing more than it sells.
$27M
2024 revenue
This is a very small revenue base for a public company, which makes every contract matter more.
1.3%
gross margin
Gross margin → money left after production → so what: there is almost no buffer for error.
1.35
beta
Beta → how violently a stock moves versus the market → so what: you should expect bigger swings than the index.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $1M (1% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for INVE right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue hit $15M, but a 1.3% gross margin kept the business stuck in loss mode.
Sales jumped 206% vs. prior year in the latest quarter, but EPS was still -$0.63. Revenue growth without margin is just running faster on a broken treadmill.
$15M
revenue
$0.63
eps
1.3%
gross margin
the number that mattered
The 1.3% gross margin mattered most because almost none of the $15 million in quarterly revenue stayed behind.
source: company earnings report, 2026
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What could go wrong
the top risk is that the growth story is still mostly guidance, not evidence. when total annual revenue is only $27M, one quarter can move the story fast in either direction.
med
the Q1 guide has to convert into reported sales
Management guided to $6.7M–$7.2M of Q1 2026 revenue after reporting $6.2M last quarter. If that growth does not show up in the reported numbers, the turnaround case weakens immediately.
This matters because the guide is doing a lot of valuation work before the revenue arrives.
med
the Thailand fix may not hold up
Non-gaap gross margin improved to 25.6% from negative 5.2% vs. prior year after production moved to Thailand. That swing is real. It also means one operational change is carrying a lot of credibility.
If gross margin falls back while revenue stays around $6.2M a quarter, you are back to a loss story with better marketing.
med
one new customer is not a growth engine yet
The BLE smart-label order is booked, but the current page only points to one new customer as the near-term catalyst. For a company this small, concentration cuts both ways.
If follow-on orders do not appear, the market will read the recent demand signal as a one-off instead of a ramp.
med
thin finances shrink your margin for error
The balance sheet grade is C++, the latest quarter still showed a $3.7M GAAP net loss, and annual revenue is expected to be just $27M. Long-term debt is only $1M, which helps, but small scale still makes funding choices more painful.
This is where dilution risk comes from. Not a debt wall. Just limited room for a slow turnaround.
The catch is simple: Identiv is trying to prove growth, margin durability, and financial staying power at the same time. Micro-cap turnarounds rarely get three free passes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings report
The next print needs to land inside the $6.7M–$7.2M revenue guide. If it does not, the market will treat the 26–35% growth promise like wishful thinking.
customer ramp
BLE smart-label follow-through
One new customer order is already booked. You want proof that this turns into repeat shipments, not a one-quarter headline.
metric
gross margin at or above 25.6%
The margin rebound is the cleanest sign of progress on the page. If it falls back sharply, the Thailand story loses credibility fast.
risk
losses shrinking with scale
A $3.7M GAAP net loss on a $6.2M quarter tells you the business still has real work to do. Watch whether losses narrow as revenue moves up.
Analyst rankings
earnings predictability
35 / 100
A 35 / 100 predictability score means earnings history is inconsistent. In human-speak, analysts do not trust the quarter-to-quarter pattern yet.
balance sheet strength
C++
Below-average balance sheet grade with limited resources. You are not looking at a distress case. You are looking at a company with thin room for delays.
source: institutional data
Institutional activity
institutional ownership data for INVE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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