INVE - Identiv provides Q3 preliminary update

Identiv ([[INVE]] +11.4%) provides preliminary Q3 results:Total revenue grew ~30% sequentially to $24.8M-25M, driven by higher sales of RFID transponder products and Identity readers.Identity readers up 38%Y/Y, driven by sustained work-from-home and work-mobile.GAAP gross margin is expected to range between 39-40%.Cash is expected to be ~$12.3M at September 30, 2020,Total backlog for orders requested to ship in Q4 2020 grew ~68% Y/Y, with RFID backlog up approximately 125%.GAAP net income range of $0.3M-0.4M.“Based on our preliminary results, we believe the third quarter was another proof point of the growth potential of our business as our revenues and profitability were in-line with our projections. Revenues are expected to range between $24.8 million and $25.0 million, which at the midpoint of the range, would be a 30% sequential increase from last quarter, and we also expect to earn positive GAAP net income." says CEO Sandra Wallach.Results will be released on November 10, 2020.Press

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Identiv provides Q3 preliminary update