Identiv Delivers New Commercial Orders to Banco Azteca and Ross Stores
FREMONT, Calif., June 28, 2021 (GLOBE NEWSWIRE) -- Identiv, Inc. (NASDAQ: INVE), a global leader in digital security and identification, today announced new orders received from Banco Azteca and Ross Stores, demonstrating renewed growth among commercial customers within its Premises segment.
During May and June, Identiv recognized over $1.1 million in software license revenue for orders from Banco Azteca, part of Grupo Elektra and one of the largest banking and retail businesses in Mexico. Identiv enabled Banco Azteca to expand its existing video and data analytics solutions across more than 400 additional stores providing real-time intelligence designed to make security operations smarter and more scalable. Banco Azteca continued the rollout of Identiv’s solution, which was temporarily suspended during 2020 due to the global pandemic, on growing confidence of an economic recovery.
In April 2021, Ross Stores, another existing Identiv customer, placed a renewal order for service and support of their more than 37,500 installed cameras deployed across its retail locations while placing orders for an additional set of appliances to add to their installed base. New deployment orders year to date are setting the pace at an annualized rate of $0.8 - $1.0 million. The follow-on order from Ross Stores supports Identiv’s focus on driving recurring revenue and reflects improving commercial and retail environments.
“We believe the orders received from Banco Azteca, Ross Stores, and other commercial customers, and the quoting activity behind them, show that the recovery in commercial businesses is happening,” said Identiv CEO Steven Humphreys. “Non-grocery retail stores’ business was hard-hit by lockdowns. Rebounding video intelligence deployments reflect a return to business and increased emphasis on security and customer experience. We’re seeing these trends in physical security across multiple verticals. Combined with the continued strength in our Federal business, we expect 30% year-over-year growth in our Premises segment in Q2 2021.”
“This growth in Premises strongly complements the core growth opportunities we’re executing on in our RFID business,” added Humphreys. “We expect the recovery of the commercial verticals to drive higher gross margins and expanded EBITDA margins as we move through 2021 and into 2022.”
Identiv, Inc. is a global leader in digitally securing the physical world. Identiv’s platform encompasses RFID and NFC, cybersecurity, and the full spectrum of physical access, video, and audio security. Identiv is a publicly traded company, and its common stock is listed on the NASDAQ Stock Market LLC in the U.S. under the symbol “INVE.” For more information, visit identiv.com.
Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations as well as the current beliefs and assumptions of the Company’s management and can be identified by words such as “anticipates”, “believes”, “plans”, “will”, “intends”, “expects”, and similar references to the future. Any statement that is not a historical fact, including statements regarding the Company’s expectations regarding future operating and financial outlook and performance, including statements regarding the Company’s beliefs with respect to it’s the benefits of its recurring revenue model; the Company’s beliefs with respect to economic recovery and growth in commercial and retail markets; the Company’s beliefs regarding the reasons for customer orders; the Company’s beliefs regarding trends and the drivers of such trends; the Company’s expectations regarding growth in its Premises segment in the second quarter of 2021; and the Company’s beliefs regarding recovery in the commercial verticals driving higher gross margins and expanded EBITDA margins in 2021 and into 2022 is a forward-looking statement. Forward-looking statements are only predictions and are subject to a number of risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to the extent and duration of economic recovery and growth in commercial and retail markets, the Company’s ability to continue the momentum in its business, its ability to successfully execute its business strategy, its ability to capitalize on trends in its business, the level and timing of customer orders, the success of its products and partnerships, industry trends and seasonality, the impact of COVID-19, and factors discussed in its periodic reports, including its Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent reports filed with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update such statements.
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