Identiv Reports Third Quarter 2021 Results

Identiv reported financial results for the third quarter ended September 30, 2021, demonstrating sustained growth in the broad adoption of RFID devices, and continued strong demand from the federal market.

Revenue for the third quarter of 2021 was $29.1 million, an increase of 17% from $24.9 million in the third quarter of 2020.

Revenues in the Identity segment grew 21% year-over-year to $18.7 million from $15.4 million, primarily due to higher sales of RFID products. Revenues in the Premises segment grew 10% year-over-year to $10.4 million from $9.4 million.

GAAP gross margin was 38% in the third quarter of 2021, compared to 37% in the prior quarter and 40% in the third quarter of 2020.

GAAP operating expenses, including research and development, selling and marketing, and general and administrative were $9.1 million in the third quarter of 2021, compared to $8.9 million in the third quarter of 2020.

The company expanded its growing list of RFID customers with new design wins and use cases, especially in health care and medical devices, while our transformational RFID projects progressed.