Identiv, Inc. (NASDAQ:INVE) Q3 2022 Earnings Conference Call November 2, 2022 5:00 PM ET
Company Participants
Steve Humphreys - Chief Executive Officer
Justin Scarpulla - Chief Financial Officer
Amir Khoshniyati - General Manager and Vice President-Transponder Business
Conference Call Participants
Jaeson Schmidt - Lake Street
Anthony Stoss - Craig-Hallum
Mike Latimore - Northland Capital
Craig Ellis - B. Riley Securities
Brian Ruttenbur - Imperial Capital
Operator
Good afternoon. Welcome to Identiv’s Presentation of its Third Quarter 2022 Earnings Call. My name is John and I will 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 the call for questions. Before we begin, please note that during this call, management may be making references to non-GAAP measures or guidance, including adjusted EBITDA and free cash flow. In addition, during the call, management will be making forward-looking statements.
Any statements that refer 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. 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. In the third quarter, we had record revenues and took strategic steps forward but also ran into some serious challenges. We have a scale up order for delivery in Q4 of up to 25 million units in Bluetooth enabled IoT for Wiliot a transformational category that we believe is now happening, going from just sample units to millions of units. Our premises segment showed increasing strength, delivering another quarter of growth and nearly three times the market rate and record premises backlog going into Q4.
Now this is especially important because Premises generates a great majority of the gross margin dollars that are key to our business' strength. We delivered record quarterly top line revenue at $31 million. The first time we've been over $30 million in a quarter. Revenue identity was $19.2 million at Premises was 11.8 million. Both new records and revenue for the trailing 12 months was $112.4 million. Non-GAAP gross margin was 37% on our target level, and adjusted EBITDA for Q3 was $2 million. We grew RFID unit shipment 17% year-over-year to 45.4 million units. Now this would have been higher, but we were limited by components supplies, which I'll talk about later.