| Thursday | ||||
The deal priced below the… The deal priced below the last closing price of $10.68. B. Riley and Lake Street are acting as joint book running managers for the offering. | ||||
| Wednesday | ||||
Identiv announced that it… Identiv announced that it intends to offer shares of its common stock for sale in an underwritten public offering. B. Riley Securities is acting as the sole book-running manager for the offering. Lake Street Capital Markets is acting as lead manager and Northland Capital Markets is acting as a co-manager for the offering. | ||||
| Over a week ago | ||||
| Over a month ago | ||||
Reports Q4 revenue… Reports Q4 revenue $24.84M, consensus $24.67M. The company exited Q4 with backlog for Q1 of $10.5M, up 121% compared to the same time last year. "As our fourth quarter and fiscal year results confirm, we've exceeded our growth metrics and believe we're well positioned to capitalize on the secular growth trends driving our business in 2021 and beyond," said Identiv's CEO, Steven Humphreys. "For the second consecutive quarter, our RFID business grew over 100% year-over-year. For the full year, we shipped more than 130 million RFID units while increasing average unit prices by 20%, and we grew federal sales approximately 30%. | ||||
Identiv announced that… Identiv announced that the company has amended its short term debt facility with East West Bank, or EWB, and the second of two promissory notes to 21 April Fund to ensure the company has access to the working capital required to support its anticipated growth in 2021. On February 8 Identiv entered into a two-year extension of its current loan and security agreement with EWB. The extension includes: Lower interest rates of prime + 25bps for the first half of 2021, which will subsequently decrease to prime with no floor if compliance is maintained with all covenants; a one-year increase in the total facility from $20-$24M; and no additional warrants. Additionally, the company modified the maturity date of its remaining short term note with 21 April Fund to March 31. The amendment, which is interest free and contains no additional warrants, provides Identiv with flexible access to capital during the Q1. | ||||
RFID Momentum: In 2020,… RFID Momentum: In 2020, Identiv shipped more than 130 million RFID units, and because NFC-enabled RFID products have increased in complexity, the company expanded its AUPs by more than 20%. Identiv expects these trends to accelerate, favoring its technology leadership and development partnerships with industry leaders who are deploying increasingly sophisticated RFID-enabled products at scale. Federal Government Expansion: In 2020, the company's federal sales grew 30% year-over-year. Federal spending was driven by physical and cybersecurity programs, as well as work-from-home and work-mobile initiatives. The company expects security to remain a top investment priority across the government. As a result, Identiv anticipates federal government demand will remain strong throughout 2021, contributing to revenue and gross margin growth. Recurring Revenue: During 2021, Identiv intends to drive recurring revenues and maintain high customer retention rates, particularly with RFID customers' multi-year project development and deployment programs. The company expects adoption of its subscription options for physical access and video analytics to accelerate given the current economic environment. | |
The company said,… The company said, "Due to the operational momentum exiting the fourth quarter of 2020, the company believes it is well positioned to meet its previously issued guidance for 20% to 25% revenue growth in the first half of 2021. Total orders booked in January were 60% higher than the same period in 2020, providing confidence that the company's growth expectations are on track, and the company believes that full-year guidance ranges may be somewhat conservative considering the current business momentum. Identiv expects to update its full year guidance ranges as it develops further visibility. " | |
Sees RFID revenue up 100%… Sees RFID revenue up 100% year-over-year for the second consecutive quarter; Exited the fourth quarter of 2020 with backlog for Q1 2021 of approximately $10.5 million, up 121% compared to the same time last year ; GAAP net loss of ($0.4) million to ($0.6) million; Non-GAAP adjusted EBITDA of $1.2 million to $1.4 million; Positive GAAP net cash flows from operations of $3.4 million to $3.6 million; Strengthened balance sheet after repaying term debt with East West Bank and the first of two promissory notes to 21 April Funds ahead of schedule. |
| Over a quarter ago | ||||
Identiv announced the… Identiv announced the Company repaid its term debt with East West Bank and the first of two promissory notes to 21 April Funds ahead of schedule. In early December, Identiv repaid its 12-month, $4.5 million term loan with East West Bank. Subsequently, on December 30, 2020, the Company repaid its initial $1.2 million promissory note to 21 April Fund LP. As a result, Identiv strengthened its balance sheet and positioned the Company for sustained growth funded from operations. As previously reported, in the third quarter of 2020 RFID revenues more than doubled year-over-year. The Company expects to experience similar RFID growth in the fourth quarter of 2020 and anticipates continued RFID strength in fiscal 2021. | ||||
Virtual Meetings to be… Virtual Meetings to be held December 9-10 hosted by Lake Street. | ||||