Fourth Quarter Net Revenue Identiv Exceeds Guidance
Revenue for the fourth quarter of 2025 was $6.2 million, compared to $6.7 million in the fourth quarter of 2024. This year-over-year decrease was as expected and due to the exit of lower-margin business which we did not transfer to Thailand.
Fourth quarter 2025 GAAP gross margin was 18.1% and non-GAAP gross margin was 25.6%, compared to fourth quarter 2024 GAAP gross margin of (14.9%) and non-GAAP gross margin of (5.2%). The year-over-year improvement primarily reflects the reduction in direct labor and manufacturing overhead costs associated with the transition of all production to Thailand in 2025.
GAAP operating expenses, including research and development, selling and marketing, general and administrative, and restructuring and severance, were $5.8 million in the fourth quarter of 2025, compared to $5.6 million in the fourth quarter of 2024. Non-GAAP operating expenses were $4.1 million in the fourth quarter of 2025, compared to $4.1 million in the fourth quarter of 2024. The management of non-GAAP operating expenses reflects the disciplined operating expense spending to support of the company's organic growth initiatives as outlined in the P-A-T strategic framework.
Fourth quarter 2025 GAAP net loss from continuing operations was ($3.7) million, or ($0.16) per basic and diluted share, compared to GAAP net loss from continuing operations of ($4.3) million, or ($0.19) per basic and diluted share, in the fourth quarter of 2024. This reduction was primarily due to our production transition to our Thailand facility, combined with our disciplined spending of operating expenses as we executed on our P-A-T strategic initiatives.
Non-GAAP adjusted EBITDA loss in the fourth quarter of 2025 was ($2.5) million, compared to ($4.5) million in the fourth quarter of 2024.
Revenue for fiscal year 2025 was $21.5 million compared to $26.6 million in fiscal year 2024. Fiscal year 2025 GAAP gross margin was 6.1% and non-GAAP gross margin was 14.3%, compared to fiscal year 2024 GAAP gross margin of 1.3% and non-GAAP gross margin of 8.0%. The year-over-year expansion in gross margin reflects the lower cost structure and operational efficiencies gained from moving our production to Thailand and shutting down our Singapore site.
GAAP operating expenses, including research and development, selling and marketing, general and administrative, and restructuring and severance, were $23.5 million in fiscal year 2025, compared to $28.3 million in fiscal year 2024. Non-GAAP operating expenses were $17.6 million in fiscal year 2025, compared to $17.9 million in fiscal year 2024. Fiscal year 2024 GAAP operating expenses included higher strategic review-related costs of $5.3 million compared to 2025.
Fiscal year 2025 GAAP net loss from continuing operations was ($18.0) million, or ($0.79) per basic and diluted share, compared to GAAP net loss from continuing operations of ($25.9) million, or ($1.14) per basic and diluted share, in fiscal year 2024.
Non-GAAP adjusted EBITDA loss in fiscal year 2025 was ($14.5) million, compared to ($15.8) million in fiscal year 2024.
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