Identiv Reports Drop in Q1 Sales and Full-Year Guidance; but Says Demand for NFC Tags for IoT Up

NFC Times Exclusive Insight – Identiv reported lower-than-expected revenue for its first quarter and continued losses, though CEO Jason Hart said the company is seeing strong demand and new design wins for Internet of Things, or IoT, products.

Although the first quarter is traditionally the slowest for Identiv, as it is for several other vendors in the NFC industry, the company told investors and analysts Wednesday that Identiv’s first quarter revenue had also suffered from delayed projects, including orders for access-control products and a deal with Cisco, as well as reduced demand for its desktop smart card readers and poor economic conditions in its European market.

“While we have spent a lot of time building and stabilizing the operations, it is disappointing for us to see some of the revenue activities not materializing,” said Hart. He contended, however, that the quarter’s poor results were due to external factors, and said, “It is not reflective of the internal operations of the business.”

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