Revenue has contracted sharply following the Premises segment divestiture, with the company reporting a -56.4% operating margin in 2026Q1 as fixed costs continue to outpace the reduced hardware-centric revenue base.
| 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 |
|---|
| Sales/Revenue | 23.63M | 21.48M | 26.63M | 43.45M | 112.92M | 103.77M | 86.92M | 83.75M | 78.14M | 60.22M | 56.17M | 60.79M | 81.25M | 75.61M | 94.6M | 102.71M | 84.84M | 41.31M | 28.36M | 30.43M | 33.61M | 48.72M | 49.08M | 66.49M | 177.7M | 184.94M | 157.83M | 127.3M | 85M | 27.8M | 21.5M |
| Revenue Growth % | -6.38% | -19.32% | -38.71% | -61.52% | 8.81% | 19.38% | 3.78% | 7.18% | 29.76% | 7.21% | -7.61% | -25.18% | 7.46% | -20.07% | -7.9% | 21.06% | 105.36% | 45.67% | -6.81% | -9.45% | -31.01% | -0.74% | -26.18% | -62.58% | -3.91% | 17.17% | 23.99% | 49.76% | 205.76% | 29.3% | - |
| Cost of Goods Sold | 21.16M | 20.18M | 26.29M | 37.44M | 71.97M | 66.7M | 53.24M | 47.1M | 44.81M | 38.06M | 32.44M | 37.65M | 47.79M | 41.97M | 56.16M | 59.91M | 47.48M | 22.8M | 15.82M | 17.78M | 21.76M | 31.15M | 34.19M | 39.66M | 126.15M | 136.32M | 100.27M | 79.4M | 49.2M | 16.8M | 14.3M |
| COGS % of Revenue | - | 93.92% | 98.72% | 86.17% | 63.74% | 64.28% | 61.25% | 56.24% | 57.34% | 63.2% | 57.75% | 61.92% | 58.82% | 55.51% | 59.37% | 58.33% | 55.97% | 55.2% | 55.77% | 58.42% | 64.72% | 63.94% | 69.66% | 59.65% | 70.99% | 73.71% | 63.53% | 62.37% | 57.88% | 60.43% | 66.51% |
| Gross Profit | 2.47M | 1.31M | 340K | 6.01M | 40.94M | 37.07M | 33.68M | 36.65M | 33.33M | 22.16M | 23.73M | 23.15M | 33.46M | 33.64M | 38.44M | 42.8M | 37.36M | 18.51M | 12.54M | 12.65M | 11.86M | 17.57M | 14.89M | 26.83M | 51.54M | 48.61M | 57.56M | 47.9M | 35.8M | 11M | 7.2M |
| Gross Margin % | 10.44% | 6.08% | 1.28% | 13.83% | 36.26% | 35.72% | 38.75% | 43.76% | 42.66% | 36.8% | 42.25% | 38.08% | 41.18% | 44.49% | 40.63% | 41.67% | 44.03% | 44.8% | 44.23% | 41.58% | 35.27% | 36.06% | 30.34% | 40.35% | 29.01% | 26.29% | 36.47% | 37.63% | 42.12% | 39.57% | 33.49% |
| Gross Profit Growth % | - | 284.41% | -94.34% | -85.32% | 10.46% | 10.05% | -8.11% | 9.97% | 50.42% | -6.61% | 2.51% | -30.81% | -0.55% | -12.48% | -10.2% | 14.57% | 101.82% | 47.56% | -0.86% | 6.72% | -32.51% | 17.97% | -44.49% | -47.95% | 6.03% | -15.55% | 20.18% | 33.8% | 225.45% | 52.78% | - |
| Operating Expenses | 22.88M | 21.93M | 28.3M | 19.52M | 41.28M | 38.41M | 37.13M | 36.76M | 34.45M | 26.84M | 31.86M | 48.99M | 43.8M | 39.44M | 50.87M | 53.03M | 46.9M | 31.32M | 20.14M | 17.13M | 19.48M | 29.59M | 33.8M | 33.63M | 72.29M | 114.11M | 66.05M | 38M | 32.5M | 10.3M | 8.2M |
| OpEx % of Revenue | - | 102.07% | 106.28% | 44.92% | 36.56% | 37.02% | 42.72% | 43.89% | 44.09% | 44.57% | 56.72% | 80.59% | 53.91% | 52.16% | 53.78% | 51.63% | 55.28% | 75.81% | 71.02% | 56.28% | 57.95% | 60.72% | 68.87% | 50.59% | 40.68% | 61.7% | 41.84% | 29.85% | 38.24% | 37.05% | 38.14% |
| Selling, General & Admin | 18.57M | 18.65M | 23.87M | 14.96M | 31.16M | 28.92M | 25.89M | 27.58M | 27.21M | 20.69M | 25.34M | 39.84M | 33.39M | 33.16M | 42.21M | 46M | 42.18M | 27.68M | 17.7M | 13.73M | 15.05M | 19.62M | 21.9M | 22.97M | 42.61M | 49.96M | 42.46M | 25.9M | 18.2M | 6.7M | 5.2M |
| SG&A % of Revenue | - | 86.81% | 89.66% | 34.43% | 27.6% | 27.87% | 29.79% | 32.93% | 34.83% | 34.36% | 45.12% | 65.53% | 41.09% | 43.85% | 44.62% | 44.79% | 49.72% | 66.99% | 62.39% | 45.13% | 44.76% | 40.26% | 44.61% | 34.55% | 23.98% | 27.02% | 26.9% | 20.35% | 21.41% | 24.1% | 24.19% |
| Research & Development | 3.49M | 3.28M | 3.89M | 4.4M | 9.92M | 8.67M | 9.78M | 8.62M | 7.24M | 6.15M | 6.52M | 9.15M | 6.9M | 6.28M | 8.66M | 7.03M | 4.71M | 5.06M | 3.9M | 3.12M | 3.77M | 9.29M | 10.44M | 9.54M | 12.61M | 13.23M | 13.53M | 8.9M | 6.4M | 2.9M | 2.4M |
| R&D % of Revenue | - | 15.26% | 14.6% | 10.13% | 8.78% | 8.36% | 11.25% | 10.29% | 9.26% | 10.21% | 11.61% | 15.05% | 8.49% | 8.3% | 9.16% | 6.84% | 5.56% | 12.25% | 13.76% | 10.26% | 11.21% | 19.08% | 21.27% | 14.34% | 7.1% | 7.15% | 8.57% | 6.99% | 7.53% | 10.43% | 11.16% |
| Other Operating Expenses | 822K | 0 | 540K | 157K | 202K | 817K | 1.46M | 564K | 0 | 0 | 0 | 0 | 3.51M | 0 | -106K | 0 | 337K | -1.42M | -1.46M | 272K | 666K | 673K | 1.47M | 1.13M | 17.07M | 50.92M | 10.06M | 3.2M | 7.9M | 700K | 600K |
| Operating Income | -20.42M | -20.62M | -27.96M | -13.51M | -333K | -1.35M | -3.45M | -109K | -1.86M | -4.63M | -11.22M | -35.88M | -13.44M | -23.32M | -58.97M | -10.23M | -9.88M | -13.46M | -7.6M | -4.47M | -8.74M | -12.35M | -18.73M | -11.54M | -32.38M | -70.81M | -8.48M | 9.9M | 3.3M | 700K | -1M |
| Operating Margin % | -86.41% | -95.99% | -105.01% | -31.09% | -0.29% | -1.3% | -3.97% | -0.13% | -2.39% | -7.69% | -19.98% | -59.02% | -16.54% | -30.84% | -62.34% | -9.96% | -11.64% | -32.57% | -26.79% | -14.69% | -26.01% | -25.35% | -38.15% | -17.35% | -18.22% | -38.29% | -5.37% | 7.78% | 3.88% | 2.52% | -4.65% |
| Operating Income Growth % | - | 26.25% | -107.04% | -3955.56% | 75.28% | 60.93% | -3063.3% | 94.16% | 59.72% | 58.73% | 68.73% | -166.96% | 42.35% | 60.46% | -476.69% | -3.52% | 26.59% | -77.12% | -69.88% | 48.84% | 29.21% | 34.05% | -62.33% | 64.37% | 54.27% | -735.02% | -185.66% | 200% | 371.43% | 170% | - |
| EBITDA | -17.96M | -18.6M | -25.09M | -10.77M | 1.94M | 624K | -135K | 3.47M | 1.3M | -1.88M | -8.05M | -32.73M | -10.43M | -19.33M | -53.41M | -4.64M | -5.18M | -12.39M | -7.3M | -3.89M | -7.71M | -10.38M | -15.49M | -7.67M | -27.63M | -51.96M | 1.58M | 13.1M | 11.2M | 1.4M | -400K |
| EBITDA Margin % | -76.01% | -86.56% | -94.23% | -24.8% | 1.72% | 0.6% | -0.16% | 4.15% | 1.67% | -3.12% | -14.33% | -53.84% | -12.83% | -25.57% | -56.46% | -4.52% | -6.11% | -30% | -25.74% | -12.79% | -22.93% | -21.29% | -31.56% | -11.53% | -15.55% | -28.09% | 1% | 10.29% | 13.18% | 5.04% | -1.86% |
| EBITDA Growth % | 32.19% | 25.89% | -132.91% | -655.6% | 210.74% | 562.22% | -103.89% | 166.82% | 169.33% | 76.67% | 75.41% | -213.97% | 46.08% | 63.8% | -1049.82% | 10.36% | 58.19% | -69.79% | -87.56% | 49.49% | 25.73% | 33.02% | -101.98% | 72.24% | 46.83% | -3390.5% | -87.95% | 16.96% | 700% | 450% | - |
| D&A (Non-Cash Add-back) | 2.46M | 2.03M | 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 |
| EBIT | -18.71M | -20.62M | -27.42M | -13.38M | -148K | 2.13M | -3.57M | 92K | -3.03M | -5.78M | -11.19M | -37.09M | -14.71M | -22.75M | -34.08M | -10.36M | -9.83M | -14.23M | -9.73M | -4.48M | -7.62M | -10.16M | -11.55M | -6.81M | -4.13M | -2.71M | -8.48M | 9.9M | 3.3M | 1.9M | -800K |
| Net Interest Income | 3.55M | 5.02M | 1.35M | -427K | -143K | -483K | -1.46M | -917K | -1.52M | -2.59M | -2.38M | -1.91M | -3.62M | -2.17M | -1.08M | -939K | -865K | -487K | 757K | 1.64M | 1.35M | 2.55M | 809K | 801K | 841K | 1.93M | 5.93M | 0 | 0 | 0 | -300K |
| Interest Income | 3.55M | 5.02M | 1.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 757K | 1.64M | 1.35M | 2.55M | 809K | 801K | 841K | 1.93M | 5.93M | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 427K | 143K | 483K | 1.46M | 917K | 1.52M | 2.59M | 2.38M | 1.91M | 3.62M | 2.17M | 1.6M | 939K | 865K | 487K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K |
| Other Income/Expense | 3.49M | 2.35M | 2.14M | -305K | 42K | 3M | -1.58M | -716K | -2.68M | -3.74M | -2.35M | -3.12M | -4.89M | -1.46M | -41.47M | -760K | -835K | -2.65M | -2.14M | 1.29M | 1.13M | 2.16M | -6.96M | 1.28M | -22.67M | 63.71M | 2.74M | 4M | -5.5M | 2.7M | 200K |
| Pretax Income | -16.93M | -18.27M | -25.82M | -13.81M | -291K | 1.65M | -5.03M | -825K | -4.55M | -8.37M | -13.57M | -39M | -18.33M | -24.77M | -60.39M | -11.41M | -10.71M | -16.11M | -9.73M | -3.18M | -7.92M | -9.8M | -19.12M | -10.26M | -35.29M | -75.28M | -5.74M | 13.9M | -2.2M | 1.4M | -800K |
| Pretax Margin % | -71.64% | -85.04% | -96.97% | -31.79% | -0.26% | 1.59% | -5.79% | -0.98% | -5.82% | -13.89% | -24.16% | -64.15% | -22.56% | -32.77% | -63.84% | -11.11% | -12.63% | -39% | -34.32% | -10.45% | -23.55% | -20.11% | -38.95% | -15.43% | -19.86% | -40.7% | -3.64% | 10.92% | -2.59% | 5.04% | -3.72% |
| Income Tax | -266K | -268K | 90K | 65K | 101K | 28K | 73K | 326K | 155K | -214K | 132K | 222K | 95K | 47K | -6.82M | -1.44M | -345K | -1.55M | 752K | 113K | 73K | -33K | 178K | -1.44M | 13.78M | -6.7M | -1.03M | 4.8M | 2.8M | 300K | 100K |
| Effective Tax Rate % | 1.57% | 1.47% | -0.35% | -0.47% | -34.71% | 1.7% | -1.45% | -39.52% | -3.41% | 2.56% | -0.97% | -0.57% | -0.52% | -0.19% | 11.3% | 12.63% | 3.22% | 9.61% | -7.73% | -3.55% | -0.92% | 0.34% | -0.93% | 14.05% | -39.04% | 8.9% | 17.98% | 34.53% | -127.27% | 21.43% | -12.5% |
| Net Income | -16.66M | -18M | 74.82M | -5.49M | -392K | 1.62M | -5.11M | -1.15M | -4.71M | -8.14M | -13.7M | -39.14M | -17.79M | -34.87M | -50.34M | -9.5M | -9.52M | -14.18M | -10.11M | -1.92M | 1.04M | -12.44M | -18.66M | -38.18M | -49.07M | -68.35M | -4.71M | 9.1M | -5M | 1.1M | -1.1M |
| Net Margin % | -70.52% | -83.8% | 280.98% | -12.63% | -0.35% | 1.56% | -5.87% | -1.37% | -6.02% | -13.51% | -24.38% | -64.39% | -21.9% | -46.11% | -53.21% | -9.25% | -11.22% | -34.32% | -35.65% | -6.31% | 3.1% | -25.52% | -38.02% | -57.42% | -27.62% | -36.96% | -2.98% | 7.15% | -5.88% | 3.96% | -5.12% |
| Net Income Growth % | -122.34% | -124.06% | 1463.09% | -1300.26% | -124.2% | 131.73% | -343.53% | 75.55% | 42.15% | 40.58% | 65.01% | -119.98% | 48.96% | 30.74% | -429.74% | 0.17% | 32.87% | -40.25% | -426.29% | -284.36% | 108.38% | 33.37% | 51.11% | 22.21% | 28.2% | -1351.41% | -151.75% | 282% | -554.55% | 200% | - |
| Net Income (Continuing) | -16.66M | -18M | -25.91M | -13.88M | -392K | 1.62M | -5.11M | -1.15M | -4.7M | -8.15M | -13.7M | -39.22M | -18.42M | -24.82M | -53.57M | -8.37M | -10.37M | -14.56M | -10.49M | -3.29M | -7.69M | -8.15M | -19.3M | -8.82M | -18.75M | -7.58M | -4.71M | 9.1M | -5M | 2.3M | -900K |
| Discontinued Operations | 0 | 0 | 100.73M | 8.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 226K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -170K | -178K | -180K | -156K | -1.74M | -1.75M | -873K | 1.79M | 1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 90K | 636K | 100K | 0 | 0 | 0 |
| EPS (Diluted) | -0.69 | -0.76 | 3.14 | -0.29 | -0.07 | 0.02 | -0.34 | -0.07 | -0.30 | -0.61 | -1.25 | -3.62 | -2.06 | -5.26 | -8.44 | -1.77 | -2.23 | -6.43 | -6.42 | -1.22 | 0.70 | -8.01 | -11.97 | -24.90 | -31.46 | -44.62 | -3.22 | 6.00 | -3.77 | 0.60 | -0.10 |
| EPS Growth % | -124.07% | -124.2% | 1182.76% | -311.35% | -419% | 106.5% | -401.47% | 77.4% | 50.82% | 51.2% | 65.47% | -75.73% | 60.84% | 37.68% | -376.84% | 20.63% | 65.32% | -0.16% | -426.23% | -274.29% | 108.74% | 33.08% | 51.93% | 20.85% | 29.49% | -1285.71% | -153.67% | 259.15% | -728.33% | 700.6% | - |
| EPS (Basic) | - | -0.76 | 3.14 | -0.29 | -0.07 | 0.02 | -0.34 | -0.07 | -0.30 | -0.61 | -1.25 | -3.62 | -2.06 | -5.26 | -8.44 | -1.77 | -2.23 | -6.43 | -6.42 | -1.22 | 0.70 | -8.01 | -12.12 | -24.92 | -31.46 | -44.62 | -3.22 | 6.50 | -3.77 | 0.80 | -0.10 |
| Diluted Shares Outstanding | 24.04M | 23.78M | 23.58M | 23.07M | 22.66M | 21.34M | 17.98M | 16.98M | 15.65M | 13.27M | 10.92M | 10.81M | 8.65M | 6.63M | 5.96M | 5.37M | 4.27M | 2.2M | 1.57M | 1.57M | 1.56M | 1.55M | 1.56M | 1.53M | 1.56M | 1.53M | 1.46M | 1.51M | 1.33M | 750K | 11.01M |
| Basic Shares Outstanding | 24.04M | 23.78M | 23.58M | 23.07M | 22.66M | 21.34M | 17.98M | 16.98M | 15.65M | 13.27M | 10.92M | 10.81M | 8.65M | 6.63M | 5.96M | 5.37M | 4.27M | 2.2M | 1.57M | 1.57M | 1.56M | 1.55M | 1.54M | 1.53M | 1.56M | 1.53M | 1.46M | 1.41M | 1.33M | 750K | 11.01M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent negative operating margins
As reported in recent financial statements, Identiv's revenue experienced a sharp decline from $29.0 million in 2023Q4 to $7.4 million by 2026Q1, reflecting the structural impact of the Premises segment divestiture and a transition toward a lower-volume, hardware-centric IoT business model for the remaining entity.
The significant drop in top-line figures suggests that the company is currently operating at a much smaller scale than its historical baseline. Investors should monitor whether the recent 40.7% year-over-year growth in 2026Q1 represents a sustainable recovery or merely a stabilization following the volatility of the divestiture process.
Based on the company's reported figures, gross margins have fluctuated significantly, reaching a low of -14.9% in 2024Q4 before recovering to 17.4% in 2026Q1, highlighting the inherent instability of a hardware-heavy cost structure lacking consistent economies of scale in its specialized RFID manufacturing operations.
The inability to maintain stable gross margins suggests that Identiv may face intense pricing pressure or high variable production costs that are difficult to pass on to customers. This volatility warrants further investigation into the company's supply chain efficiency and its ability to achieve higher-value product mixes.
According to quarterly income statements, Identiv continues to struggle with negative operating margins, which reached -56.4% in 2026Q1, indicating that the current revenue base remains insufficient to cover the fixed SG&A and R&D expenses required to maintain its public technology infrastructure and engineering capabilities.
The persistent gap between gross profit and operating expenses suggests a lack of operational leverage, as the company has not yet scaled its revenue to absorb its fixed cost base. Without a significant increase in high-margin software or service revenue, the company may continue to face challenges in achieving break-even operating performance.
As evidenced by the 2024Q3 net income spike to $85.9 million, the company's bottom line is heavily influenced by non-recurring items, such as divestiture proceeds, which mask the underlying operational losses that have characterized the firm's performance throughout the majority of the observed ten-quarter period.
Investors should be cautious when evaluating net income, as these non-operating gains do not reflect the core business's ability to generate sustainable earnings. The reliance on one-time events to bolster the balance sheet suggests that the fundamental business model remains in a state of transition and potential distress.
Quick answers to the most common questions about buying INVE stock.
For fiscal year 2025, Identiv, Inc. (INVE) reported total revenue of $21.5M. This represents a 0.1% decline compared to $21.5M in 1996.
Identiv, Inc. (INVE) reported a net loss of $18.0M for the fiscal year ending 2025.
Identiv, Inc. (INVE) reported an operating income of $-20.6M, resulting in an operating profit margin of -96.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Identiv, Inc. (INVE) generated $1.3M in gross profit for the year, representing a gross profit margin of 6.1%. This demonstrates the company's core pricing power and production efficiency.