Operational cash flow remains challenged, with the firm reporting a negative free cash flow of $3.7 million in 2026Q1, highlighting the difficulty in achieving self-sustaining cash generation post-restructuring.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -6.26M | -6.7M | -15.43M | 1.16M | -7.81M | 1.23M | -1.77M | 427K | -5.2M | -7.83M | -6.22M | -23M | -11.73M | -2.43M | -12.18M | -4.64M | -9.3M | -5.93M | -11.21M | -5.44M | 179K | -12.81M | -11.17M | 2.29M | -1.52M | 1.08M | -21.92M | 2M | -500K | 1.2M | -1.7M |
| Operating CF Margin % | - | -31.2% | -57.96% | 2.66% | -6.91% | 1.18% | -2.03% | 0.51% | -6.65% | -13.01% | -11.07% | -37.84% | -14.44% | -3.21% | -12.88% | -4.52% | -10.96% | -14.35% | -39.53% | -17.89% | 0.53% | -26.3% | -22.76% | 3.44% | -0.86% | 0.59% | -13.89% | 1.57% | -0.59% | 4.32% | -7.91% |
| Operating CF Growth % | -34.58% | 56.57% | -1433.88% | 114.82% | -735.75% | 169.54% | -513.58% | 108.22% | 33.66% | -25.98% | 72.97% | -96.05% | -383.24% | 80.07% | -162.22% | 50.05% | -56.84% | 47.12% | -105.95% | -3141.34% | 101.4% | -14.69% | -588.07% | 250.1% | -240.81% | 104.94% | -1195.8% | 500% | -141.67% | 170.59% | - |
| Net Income | -16.66M | -18M | 74.82M | -5.49M | -392K | 1.62M | -5.11M | -1.15M | -4.7M | -8.15M | -13.7M | -39.22M | -18.36M | -40.62M | -53.57M | -9.97M | -10.37M | -14.56M | -10.49M | -1.92M | 1.04M | -12.44M | -18.66M | -38.18M | -49.07M | -68.35M | -4.71M | 9.1M | -5M | 1.1M | -1.1M |
| Depreciation & Amortization | 2.46M | 2.45M | 2.87M | 2.73M | 2.27M | 1.97M | 3.31M | 3.58M | 3.17M | 2.75M | 3.17M | 3.15M | 3.02M | 3.98M | 5.56M | 5.58M | 4.7M | 1.06M | 297K | 580K | 1.04M | 1.97M | 3.24M | 3.87M | 4.75M | 18.85M | 10.06M | 3.2M | 7.9M | 700K | 600K |
| Stock-Based Compensation | 2.41M | 3.2M | 8.73M | 3.97M | 3.16M | 2.61M | 3.03M | 2.65M | 2.65M | 2.48M | 2.84M | 4.67M | 2.23M | 1.47M | 1.21M | 1.23M | 2.57M | 347K | 355K | 0 | 632K | 0 | 51K | 51K | 0 | 699K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 1.29M | 0 | 1.37M | 788K | 331K | 8.79M | 3.52M | -120K | -6.72M | -2.1M | -204K | -2.06M | 364K | -26K | 2K | -30K | -224K | 315K | 0 | -7.98M | -983K | -1.1M | -1.2M | 0 | 0 |
| Other Non-Cash Items | 1.82M | 1.44M | -102.49M | -89K | 38K | -563K | 375K | 105K | 566K | 1.11M | 1.21M | 944K | 2.82M | 29.57M | 48.1M | 1.48M | -90K | 1.74M | -956K | 725K | 1.84M | -1.1M | -244K | 32.8M | 32.33M | 44.16M | 5.49M | 100K | 5.7M | 400K | 0 |
| Working Capital Changes | 3.72M | 4.21M | 638K | 32K | -12.89M | -4.41M | -4.67M | -4.76M | -8.24M | -6.81M | -67K | -1.33M | -4.95M | 3.29M | -6.77M | -865K | -5.91M | 7.54M | -786K | -3.97M | -4.37M | -1.22M | 4.67M | 3.44M | 10.47M | 13.69M | -31.78M | -11.4M | -7.9M | -1M | -1.2M |
| Change in Receivables | 420K | 150K | 6.16M | 2.89M | -5.05M | -3.57M | -591K | -2.75M | -68K | -2.79M | -1.44M | 5.45M | -1.47M | 1.02M | -3.13M | 2.14M | -4.4M | 4.86M | -327K | 0 | -2.39M | 0 | 4.48M | 4.48M | 0 | 8.94M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.5M | -309K | 4.48M | 219K | -9.33M | 389K | -4.11M | -2.28M | -959K | 484K | 3.29M | -5.86M | -710K | -1.8M | 484K | 1.92M | -2.05M | 1.48M | -2.48M | -731K | 398K | 2.1M | 1.35M | 6.06M | -4.36M | 2.68M | -18.28M | -2.3M | -5.1M | -1.3M | -100K |
| Change in Payables | 3.56M | 1.03M | -5.32M | -2.53M | 4.07M | -441K | 2.46M | 2.76M | -1.82M | -222K | -191K | -1.89M | 115K | 1.35M | -433K | -2.11M | 3.31M | 25K | 724K | 0 | 81K | 0 | -1.45M | -1.45M | 0 | 1.96M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.39M | -810K | 141.49M | -4.15M | -3.87M | -1.48M | -1.56M | -1.48M | -3.37M | -967K | -549K | -341K | 84K | -4.36M | -2.67M | -6.88M | 4.14M | -9.53M | 12.25M | -9.26M | 17.46M | -3.49M | -9.87M | -2.31M | -9.97M | 25.91M | 5.53M | -6.8M | -67.8M | -31.1M | -600K |
| Capital Expenditures | -1.75M | -1.11M | -1.49M | -4.28M | -3.9M | -2.09M | -1.56M | -289K | -1.35M | -967K | -549K | -341K | -1.31M | -2.07M | -3.24M | -1.73M | -758K | -727K | -694K | -222K | -73K | -76K | -362K | -1.19M | -1.57M | -4.68M | -6.97M | -4.4M | -12.9M | -800K | -600K |
| CapEx % of Revenue | 7.4% | 5.16% | 5.61% | 9.86% | 3.46% | 2.01% | 1.8% | 0.35% | 1.72% | 1.61% | 0.98% | 0.56% | 1.61% | 2.74% | 3.43% | 1.68% | 0.89% | 1.76% | 2.45% | 0.73% | 0.22% | 0.16% | 0.74% | 1.78% | 0.88% | 2.53% | 4.42% | 3.46% | 15.18% | 2.88% | 2.79% |
| Acquisitions | 0 | 0 | 142.99M | 0 | 0 | 0 | 0 | -1.29M | -2.03M | 0 | 0 | 0 | 1.4M | -2.29M | 572K | -5.15M | 3.88M | -10.89M | 694K | 0 | 0 | 0 | 0 | 0 | -4.16M | -2.2M | -31.42M | 800K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4M | -2.29M | 572K | 0 | -758K | 2.09M | 877K | 22K | 3.5M | 383K | 32K | -227K | 42K | 590K | 496K | -6M | -2.5M | 0 | 0 |
| Cash from Financing | -612K | -431K | -13.63M | 10.07M | -1.04M | 19.34M | 4.85M | -227K | 808K | 18.08M | -221K | 2.13M | 41.91M | 5.7M | 4.86M | 17.64M | 11.58M | 23.79M | 18K | 109K | 262K | 279K | 784K | -1.05M | 615K | 857K | 6.15M | 3.6M | 89.3M | 53.6M | 4.5M |
| Debt Issued (Net) | 0 | 0 | -10.11M | 9.91M | 0 | -17.38M | 5.73M | 650K | -6.41M | -5.71M | 0 | 4M | 7.04M | -5.17M | 5.01M | 17.61M | 11.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.51M | 0 | -800K | -3.4M | 4.7M |
| Equity Issued (Net) | 0 | 0 | -1.88M | 963K | 0 | 37.63M | 13K | 13K | 7.88M | 24.56M | -221K | -1.92M | -1.79M | 0 | 341K | 19.34M | 11.53M | 0 | 19K | 109K | 262K | 279K | 784K | -1.05M | 615K | 857K | 10.66M | 3.6M | 90.1M | 56.9M | 0 |
| Dividends Paid | 0 | 0 | 0 | -1.27M | 0 | 0 | -1.09M | -1.04M | -833K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -1.88M | 0 | 0 | 0 | 0 | 0 | -668K | 0 | -221K | -1.92M | -1.79M | 132K | 341K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.1M | -674K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -612K | -431K | -1.64M | 470K | -1.04M | -902K | 204K | 152K | -655K | -777K | 0 | 46K | 36.66M | 10.88M | -500K | -19.31M | -11.59M | 0 | -1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | -100K |
| Net Change in Cash | -7.86M | -7.04M | 111.56M | 7.25M | -12.67M | 18.4M | 2.03M | -1.48M | -8.19M | 9.94M | -7.55M | -19.88M | 31.45M | -1.01M | -9.86M | 6.44M | 5.96M | -15.71M | 1.95M | -13.5M | 18.44M | -17.52M | -18.2M | -751K | -9.29M | 25.72M | -11.96M | -1.5M | 21.3M | 23M | 1.9M |
| Free Cash Flow | -8.01M | -7.81M | -16.93M | -3.13M | -11.71M | -859K | -3.33M | 138K | -6.54M | -8.8M | -6.77M | -23.34M | -13.04M | -4.5M | -15.42M | -6.37M | -10.06M | -6.66M | -11.91M | -5.67M | 106K | -12.89M | -11.53M | 1.1M | -3.1M | -3.59M | -28.89M | -2.4M | -13.4M | 400K | -2.3M |
| FCF Margin % | -33.88% | -36.36% | -63.56% | -7.2% | -10.37% | -0.83% | -3.83% | 0.16% | -8.37% | -14.61% | -12.05% | -38.4% | -16.05% | -5.95% | -16.3% | -6.21% | -11.85% | -16.11% | -41.98% | -18.62% | 0.32% | -26.45% | -23.5% | 1.66% | -1.74% | -1.94% | -18.3% | -1.89% | -15.76% | 1.44% | -10.7% |
| FCF Growth % | 57.51% | 53.85% | -441.29% | 73.29% | -1263.1% | 74.2% | -2513.04% | 102.11% | 25.65% | -30.05% | 71.02% | -78.96% | -189.74% | 70.81% | -141.97% | 36.63% | -51.1% | 44.1% | -110.13% | -5445.28% | 100.82% | -11.75% | -1144.75% | 135.67% | 13.86% | 87.56% | -1103.63% | 82.09% | -3450% | 117.39% | - |
| FCF per Share | -0.33 | -0.33 | -0.72 | -0.14 | -0.52 | -0.04 | -0.19 | 0.01 | -0.42 | -0.66 | -0.62 | -2.16 | -1.51 | -0.68 | -2.59 | -1.19 | -2.35 | -3.02 | -7.56 | -3.60 | 0.07 | -8.30 | -7.40 | 0.72 | -1.98 | -2.35 | -19.73 | -1.59 | -10.11 | 0.53 | -0.21 |
| FCF Conversion (FCF/Net Income) | 0.48x | 0.37x | -0.21x | -0.21x | 19.92x | 0.76x | 0.35x | -0.37x | 1.10x | 0.96x | 0.45x | 0.59x | 0.66x | 0.07x | 0.24x | 0.49x | 0.98x | 0.42x | 1.11x | 2.83x | 0.17x | 1.03x | 0.60x | -0.06x | 0.03x | -0.02x | 4.65x | 0.22x | 0.10x | 1.09x | 1.55x |
| Interest Paid | 0 | 0 | 324K | 451K | 6K | 340K | 945K | 857K | 1.79M | 2.66M | 1.61M | 1.4M | 1.53M | 1.95M | 1.5M | 1.05M | 865K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 96K | 0 | 4.18M | 123K | 88K | 74K | 112K | 220K | 179K | 140K | 167K | 104K | 353K | 243K | 115K | 50K | 91K | 286K | 194K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent operational cash burn
As reported in quarterly filings, Identiv's operating cash flow consistently fails to track with net income, evidenced by an OCF/NI ratio that frequently fluctuates into negative territory, suggesting that the company's accounting earnings are not being supported by actual cash generation from its core IoT operations.
The persistent gap between net income and operating cash flow indicates that the company's reported losses are compounded by cash-consuming operational activities. Investors should monitor this divergence, as it suggests that the business model requires significant external liquidity to sustain its current hardware-centric manufacturing footprint.
Based on financial data from the last ten quarters, Identiv's free cash flow trajectory remains deeply negative, with FCF margins reaching as low as -118.2% in 2024Q3, highlighting the severe difficulty the firm faces in achieving self-sustaining cash flow following its recent strategic divestiture of the Premises segment.
The inability to generate positive free cash flow suggests that the current revenue scale is insufficient to cover both operating expenses and necessary capital investments. This trend warrants further investigation into whether the company can reach a break-even point before its current cash reserves are exhausted.
According to recent cash flow statements, Identiv exhibits highly erratic working capital movements, with quarterly changes ranging from a $4.6 million inflow to a $4.0 million outflow, indicating significant instability in the company's ability to manage its inventory and accounts receivable effectively during its business pivot.
These sharp swings in working capital suggest that the company's cash position is highly sensitive to timing differences in customer payments and inventory procurement. Such volatility complicates cash flow forecasting and may indicate underlying inefficiencies in the supply chain management of its RFID tag production.
As evidenced by the cash flow statements, Identiv relies on stock-based compensation and depreciation adjustments to reconcile its cash position, with SBC reaching $907,000 in 2025Q2, which effectively obscures the true extent of the cash burn required to retain talent during this period of corporate restructuring.
The reliance on non-cash adjustments to bridge the gap between net income and operating cash flow suggests that the company's operational losses are more severe than the headline figures might imply. Analysts should be cautious, as these adjustments do not represent actual cash inflows and may mask the true cost of maintaining the current organizational structure.
Quick answers to the most common questions about buying INVE stock.
Identiv, Inc. (INVE) generated $-6.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Identiv, Inc. (INVE) reported negative free cash flow of $7.8M in 2025, indicating capital requirements exceeded cash from operations.
Identiv, Inc. (INVE) spent $1.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.