Identiv, Inc. reported a net revenue of $5.3 million for the first quarter of 2025, a decline of 21% from $6.7 million in the same period of 2024. The decrease in revenue was primarily attributed to lower unit sales of RFID transponder products as the company continues to exit low-margin business opportunities. Gross profit for the quarter was $0.1 million, down from $0.5 million a year earlier, resulting in a gross profit margin of 3%, compared to 7% in the prior year. The decline in gross margin was influenced by increased costs associated with transitioning production to Thailand and underutilization of manufacturing facilities due to reduced sales.
Operating expenses for the quarter totaled $5.6 million, slightly up from $5.5 million in the previous year. Research and development expenses decreased by 12% to $0.8 million, while selling and marketing expenses rose by 20% to $1.4 million, reflecting higher headcount and associated costs. General and administrative expenses fell by 10% to $3.1 million, primarily due to the absence of strategic review-related costs incurred in the first quarter of 2024. The company reported a loss from continuing operations of $5.5 million, compared to a loss of $5.1 million in the prior year.
Identiv's operational changes include the ongoing transition of RFID device production from Singapore to Thailand, which is expected to be completed by the third quarter of 2025. This transition aims to streamline operations and improve efficiency. The company also continues to focus on higher-margin opportunities, prioritizing complex devices that require customization, which may lead to longer development cycles. As of March 31, 2025, Identiv had 23,617,379 shares of common stock outstanding.
The company’s cash and cash equivalents stood at $132.4 million as of March 31, 2025, a slight decrease from $135.6 million at the end of 2024. Identiv has authorized a stock repurchase program of up to $10 million, although no shares were repurchased under this program during the first quarter. Looking ahead, Identiv anticipates that its gross profit margins will improve as the transition to the Thailand facility is completed, although it expects to continue facing challenges related to market adoption of its products and macroeconomic conditions.
About Identiv, Inc.
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