Identiv(INVE) - 2024 Q3 - Quarterly Results

Revenue Performance - Revenue for Q3 2024 was $6.5 million, a decrease of 44.5$11.7 million in Q3 2023[3]. - For Q4 2024, management expects net revenue to be in the range of $6.0 million to$6.3 million[7]. Gross Margin and Profitability - GAAP gross margin for Q3 2024 was 3.6%, down from 11.2% in Q3 2023; non-GAAP gross margin was 9.3%, compared to 14.0% in the same period[3]. - Non-GAAP gross profit for the three months ended September 30, 2024, was $605 thousand, down from$1,641 thousand for the same period in 2023, reflecting a 63% decrease[16]. - Non-GAAP gross margin for the three months ended September 30, 2024, was 9%, down from 14% in the same period of 2023[16]. Operating Expenses - GAAP operating expenses increased to $9.8 million in Q3 2024 from$4.6 million in Q3 2023, with non-GAAP operating expenses rising to $5.1 million from$4.1 million[4]. - Non-GAAP operating expenses for the three months ended September 30, 2024, were $5,086 thousand, compared to$4,080 thousand for the same period in 2023, an increase of 25%[16]. Net Loss - GAAP net loss from continuing operations was ($9.3) million, or ($0.40) per share, compared to a loss of ($3.7) million, or ($0.17) per share in Q3 2023[5]. - GAAP net loss for the three months ended September 30, 2024, was $(9,329) thousand, compared to$(3,660) thousand for the same period in 2023, indicating a 155% increase in losses[16]. - Non-GAAP adjusted EBITDA for the nine months ended September 30, 2024, was $(11,332) thousand, worsening from$(7,583) thousand for the same period in 2023[16]. Asset Management and Financial Position - Total current assets increased to $166,003 thousand as of September 30, 2024, compared to$79,486 thousand at December 31, 2023, representing a 109% increase[15]. - Total liabilities decreased to $20,289 thousand as of September 30, 2024, from$35,451 thousand at December 31, 2023, a reduction of 43%[15]. - Current liabilities decreased to $19,011 thousand as of September 30, 2024, from$30,782 thousand at December 31, 2023, a decline of 38%[15]. - Cash and cash equivalents significantly increased to $145,361 thousand as of September 30, 2024, from$23,312 thousand at December 31, 2023, a growth of 523%[15]. - Total stockholders' equity rose to $156,740 thousand as of September 30, 2024, compared to$74,272 thousand at December 31, 2023, an increase of 111%[15]. Strategic Initiatives - The "Perform, Accelerate, and Transform" strategy framework has been introduced to guide future growth[2]. - Identiv anticipates total net proceeds from the asset sale transaction to be approximately $135 million after costs[6]. - Identiv plans to allocate 25$10 million stock repurchase program[1].