Identiv, Inc. (NASDAQ:INVE) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET

Company Participants

Steve Humphreys – Chief Executive Officer

Justin Scarpulla – Chief Financial Officer

Conference Call Participants

Ethan Widell – B. Riley Securities

Brian Ruttenbur – Imperial Capital

Operator

Good afternoon. Welcome to Identiv’s presentation of its First Quarter Fiscal 2023 Earnings Call. My name is Holly, and I’ll be your operator this afternoon. Joining us for today’s presentation are the company’s CEO, Steve Humphreys; and CFO, Justin Scarpulla. Following management’s remarks, we will open up the call for questions.

Before we begin, please note that during this call, management may be making references to non-GAAP financial measures or guidance, including adjusted EBITDA, non-GAAP gross margin and non-GAAP operating expenses.

In addition, during the call, management will be making forward-looking statements. Any statement that refers to expectations, projections, or other characteristics of future events, including future financial results, future business and market conditions, and future plans and prospects is a forward-looking statement.

Actual results may differ materially from those expressed in these forward-looking statements. For more information, please refer to the risk factors discussed in documents filed from time to time with the SEC, including the company’s latest Annual Report on Form 10-K and quarterly report on Form 10-Q. Identiv assumes no obligation to update these forward-looking statements, which speak as of today.

I will now turn the call over to CEO, Steve Humphreys, for his comments. Sir, please proceed.

Steve Humphreys

Thanks, operator, and thank you all for joining us. Our first quarter set a solid start to the year with record revenues for the first quarter and strategic progress in both our RFID-enabled IoT business and our physical security business.

Our focus for 2023 is delivering disciplined growth, while strengthening our strategic position in both of these businesses and protecting our balance sheet, so we can continue to support our growth. With an improving supply chain and our established reputation as the go-to company for advanced RFID-based IoT applications, especially in medical and specialty packaging, Q1 put us on track for 2023.

In our physical security business, our Premises segment, our focus is expanding our share of wallet with our comprehensive security platform across video, access control, analytics credentials and readers. We had wins in Q1 in key verticals across schools, state and local governments, enterprises and airports, as well as in the federal government.