Identiv, Inc. (INVE): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that just made a massive pivot: Identiv, Inc. just sold its Physical Security arm for $143.9 million to focus purely on being an IoT identity provider. Honestly, this shift is key to understanding their current financial health, especially with a solid $126.2 million in cash on the books as of Q3 2025 and a non-GAAP gross margin hitting 19.1% in that same quarter. We need to see how this new, leaner structure-focused on high-performance RFID/NFC tags for brand protection and supply chain visibility-actually translates into revenue streams and resource allocation. Dive into the full Business Model Canvas below to see the nuts and bolts of this pure-play strategy.

Identiv, Inc. (INVE) - Canvas Business Model: Key Partnerships

The Key Partnerships block of the Business Model Canvas for Identiv, Inc. (INVE) in late 2025 is heavily focused on scaling IoT and digital identity solutions through strategic alliances across logistics, healthcare, and regulatory compliance sectors.

The scale of some of these collaborations is substantial, particularly in logistics where Identiv, Inc. is embedding technology into massive existing asset pools.

The partnership with IFCO is set to begin pilot testing in 2025, with a full-scale deployment anticipated in 2026. The EU regulatory timeline for DPPs, a focus of the Narravero partnership, mandates requirements beginning in 2027.

Technology development partnerships provide the foundational components for these broader commercial efforts. These relationships ensure Identiv, Inc. is using industry-standard, high-performance components.

• STMicroelectronics and NFC Forum collaboration utilizes the ST25TN Type 2 NFC chips.
• The ST25TN chip operates at a baud rate of 106kbits/s.
• The chip offers user memory ranging from 512-bits up to 1.6-Kbits.
• The technology complies with ISO/IEC14443 Type A and NFC Forum Type 2 tag specifications.
• Identiv, Inc. solutions are integrated into over 1.5 billion applications worldwide.

The Narravero partnership is specifically aimed at EU-compliant DPP deployments, which will require comprehensive lifecycle data, including sustainability details.

Identiv, Inc. (INVE) - Canvas Business Model: Key Activities

You're looking at the core actions Identiv, Inc. (INVE) is taking to run its business as of late 2025, right after they reported their third-quarter results. These activities show where they are putting their time and money to make their IoT segment work.

Designing and manufacturing RFID and BLE-enabled Internet of Things (IoT) solutions

Identiv, Inc. focuses on creating and building its RFID- and BLE-enabled Internet of Things (IoT) solutions. These solutions are designed to give physical objects digital identities, connecting businesses, people, and the planet. As of late 2025, their solutions are integrated into over 1.5 billion applications globally. The financial results from the third quarter ending September 30, 2025, show the immediate output of this activity, with net revenues reported at $5.0 million.

The operational performance for Q3 2025 highlights the current financial structure of this core activity:

The company maintained a strong balance sheet to support these ongoing operations, exiting Q3 2025 with $126.2 million in cash, cash equivalents, and restricted cash, and working capital of $135.4 million.

Executing the Perform-Accelerate-Transform (P-A-T) strategic growth plan

The P-A-T strategy is the guiding framework for Identiv, Inc.'s actions, aimed at strengthening core business operations, accelerating growth in high-value segments, and pursuing strategic acquisitions. Focused execution of this plan drove an improvement and expansion of gross margins in the third quarter of 2025. The company tracks pipeline progress, showing 100 'new' opportunities in the sales pipeline at the end of Q2 2025, with a 14% conversion rate during the first half of 2025.

Key areas of focus under P-A-T include:

• Reinforcing core strengths.
• Expanding through new strategic partnerships.
• Developing innovative solutions for BLE applications.
• Targeted allocation of operating expenses.

R&D for next-generation secure NFC anti-counterfeiting and eco-friendly inlays

Research and development efforts are channeled into next-generation secure NFC inlays for anti-counterfeiting and other advanced IoT security applications. Identiv, Inc. is actively developing solutions that secure everyday objects in mobile anti-counterfeit authentication. For example, their ID-Tune I3 and ID-Safe I3 NFC inlays feature NXP's ICODE 3 chip, which supports specialized applications. The ID-Safe tags specifically include first-opening indication via a conductive tamper loop.

Technical specifications from their latest product introductions show the depth of this R&D:

• ISO/IEC 15693 and NFC Forum Type 5 Tag compliance.
• High-speed read rate up to 212kbit/s (ISO 15693).
• Customizable originality signature of 32 or 48 bytes.
• SELFAdjust technology for automatic RF performance optimization.

While specific 2025 R&D spend isn't isolated in the latest reports, the GAAP operating expenses for the full fiscal year 2024, which includes R&D, selling and marketing, and G&A, totaled $28.3 million.

Managing the transition of all production to the lower-cost Thailand facility

A major Key Activity has been managing the complete transition of all production from the Singapore facility to the lower-cost Thailand facility. This transition is reported as complete as of the third quarter of 2025. This move is explicitly noted as contributing to reduced manufacturing overhead and direct labor costs, which helped improve the GAAP and non-GAAP gross margins year-over-year to 10.7% and 19.1%, respectively, in Q3 2025, up from 3.6% and 9.3% in Q3 2024. Improved utilization of the Thailand facility was a primary driver in reducing the Non-GAAP adjusted EBITDA loss in Q3 2025.

The timeline for this activity shows significant progress:

• By Q1 2025, over 75% of volume had transitioned to Thailand.
• The remaining production was expected to conclude by the end of Q2 2025.
• The company aims to complete the shutdown of the Singapore site by the end of 2025.

This transition also required managing external risks, such as a newly announced 19% U.S. tariff on imports from Thailand, which affected approximately 25% of finished goods imported into the U.S. Management reported that customers agreed to surcharges to cover these tariff costs.

Identiv, Inc. (INVE) - Canvas Business Model: Key Resources

You're looking at the core assets Identiv, Inc. (INVE) relies on to execute its pure-play RFID/BLE IoT strategy post-divestiture. These aren't just line items; they are the tangible and intangible foundations supporting their near-term margin expansion goals.

The financial foundation is definitely strong right now. You see this in their liquidity position following the 2024 sale of the Physical Security unit. As of the third quarter of 2025, Identiv, Inc. reported strong liquidity with cash and equivalents of $126.2 million. This cash position is a direct enabler for their ongoing strategic initiatives, like the final stages of the manufacturing consolidation.

The company's value is heavily weighted in its intellectual property. Identiv, Inc. is positioned as a global leader specifically because of its proprietary work in RFID and BLE (Bluetooth Low Energy) technology. They are actively advancing their BLE technology platform, which they see as the next generation of IoT solutions, offering real-time traceability. Their solutions are integrated into over 2.0 billion applications worldwide, spanning healthcare, luxury goods, and smart packaging.

Operationally, the consolidation of manufacturing is a major resource shift. The state-of-the-art, consolidated manufacturing facility in Thailand is now the sole production hub. As of Q3 2025, all production of tags, inlays, and labels has transitioned there, a significant milestone that management believes has meaningfully lowered the cost structure. This facility was previously anticipated to have an annual production capacity of over 200 million units exiting 2023, and now it is the sole source of supply.

Finally, the reach of Identiv, Inc. is a key resource for customer acquisition and support. They maintain a global sales and support presence across the Americas, Europe, and Asia-Pacific regions. This footprint targets high-value deployments in markets like healthcare, CPG/luxury, and industrial sectors.

Here's a quick look at the key financial and operational metrics supporting these resources as of the end of Q3 2025:

The improved gross margins are a direct result of leveraging the Thailand facility and completing the Singapore site shutdown, which is expected to be substantially complete by year-end 2025. The company is focusing its commercial pipeline on high-value applications, which should further enhance these margins as the Thailand team reaches full productivity. The quick math shows that while revenue was down year-over-year to $5.0 million in Q3 2025 from $6.5 million in Q3 2024, the margin improvement is the key story here.

You should keep an eye on how quickly they can convert this operational efficiency into revenue growth, as management targets mid- to high-teens CAGR potential through 2026. Finance: draft 13-week cash view by Friday.

Identiv, Inc. (INVE) - Canvas Business Model: Value Propositions

You're looking at how Identiv, Inc. (INVE) creates value right now, late in 2025. The core is about linking the physical world to the digital one using secure identification technology.

Identiv, Inc. (INVE) provides digital identities for physical objects to enable Internet of Things (IoT) connectivity. Their solutions are integrated into over 2.0 billion applications worldwide, driving innovation across several sectors.

The value proposition heavily relies on high-performance Radio-Frequency Identification (RFID) and Bluetooth Low Energy (BLE) tags and inlays. These components serve critical functions like anti-counterfeiting and brand protection for various goods.

For the healthcare vertical, Identiv, Inc. (INVE) delivers end-to-end vertical solutions specifically for medical device Original Equipment Manufacturers (OEMs). This focus is aimed at ensuring patient safety through secure tracking and authentication.

The technology also supports supply chain visibility and traceability requirements, which is essential for regulatory compliance in industries like pharmaceuticals and food safety.

The execution of the Perform-Accelerate-Transform (P-A-T) strategy is clearly impacting profitability metrics. Gross margins have seen a significant year-over-year expansion, reflecting a strategic pivot away from lower-margin business.

Here's a look at some key financial results from the third quarter of fiscal year 2025, which clearly shows this margin focus:

The improved gross margin to 19.1% non-GAAP in Q3 2025 is directly attributed to completing the transition of all RFID production to the Thailand facility, which lowered manufacturing overhead and direct labor costs. Also, the sale of fully reserved inventory contributed $0.2 million to the gross profit increase.

The company's focus on high-value IoT solutions is driving this margin improvement, even as revenue temporarily contracts due to exiting lower-margin business. For instance, the Q3 2025 Non-GAAP Adjusted EBITDA loss narrowed to $3.6 million, an improvement from $4.5 million in Q3 2024.

The value proposition extends to technological milestones, such as:

• Completing first production runs of IFCO BLE prototypes.
• Formalizing a partnership and manufacturing agreement with Wiliot.
• Achieving 100% RFID production in the Thailand facility.

Looking ahead, management expects this trend to continue, guiding Q4 2025 net revenue in the range of $5.4 million to $5.9 million. Analysts project the full 2025 fiscal year revenue to be approximately $21.0 million.

Finance: draft 13-week cash view by Friday.

Identiv, Inc. (INVE) - Canvas Business Model: Customer Relationships

You're looking at how Identiv, Inc. (INVE) manages its connections with customers as it fully pivots to its pure-play IoT solutions provider status following the sale of its Physical Security Business. The relationship strategy centers on deep integration with key players in high-growth sectors.

Direct, long-term relationships with large Original Equipment Manufacturers (OEMs)

Identiv, Inc. positions itself as a reliable supplier and trusted partner to RFID converter companies, system integrators, and solution providers who then market to OEMs. This approach means the relationship is often two-tiered, but the direct commercial OEM relationships are a key focus area under the Perform-Accelerate-Transform (P-A-T) strategy. The reliance on large customers is evident; for instance, reduced sales in the second quarter of fiscal 2025 to the company's largest customer, who was working through safety stock built up in 2024, contributed to the net revenue being $5.0 million for that quarter, down from $6.7 million in the second quarter of 2024.

Partnership-led market engagement to drive solution deployment

Market engagement is heavily driven by strategic alliances, which help deploy solutions across the ecosystem. Identiv, Inc. has been actively expanding this area, as seen by the announcement of a Strategic Partnership with Grocery Logistics Leader IFCO in the second quarter of 2025 to digitize their Global RPC Pool. Also in Q2 2025, a partnership with Narravero was launched to accelerate Digital Product Passport adoption and compliance. These efforts build upon the foundation of solutions already integrated into over 1.5 billion applications worldwide.

The company's overall customer-facing performance in the first three quarters of 2025 shows the immediate revenue impact of strategic shifts:

Dedicated business development for high-value, high-volume applications

Business development resources are specifically targeted to accelerate growth in six high-value and high-volume applications. This focus is a core part of the Accelerate initiative within the P-A-T framework. The specific high-value segments targeted for this dedicated effort include:

• Three applications within the healthcare industry.
• Two applications within the consumer segment.
• One application within logistics.

These investments are intended to ensure the product roadmap aligns with the needs of these key growth areas.

Consultative sales approach for complex, multi-year rollout programs

For complex deployments, Identiv, Inc. employs a consultative approach, supporting customers through the entire lifecycle. This includes re-design, prototype, pilot, and production processes when requested. The company believes its design-through-production platform incentivizes customers to continue collaborating as they seek to drive increasing functionality and better performance into their end-user experiences. The company exited the first quarter of 2025 with $132.7 million in cash, cash equivalents and restricted cash, providing a strong balance sheet to support these longer-term engagements.

Finance: draft 13-week cash view by Friday.

Identiv, Inc. (INVE) - Canvas Business Model: Channels

You're looking at how Identiv, Inc. gets its specialized Internet of Things (IoT) solutions, which create digital identities for physical objects, into the hands of customers. The channel strategy is clearly shifting, focusing on high-value engagements following the exit from lower-margin business.

The direct sales force is key for landing large enterprise and OEM deals globally. While the company had 166 total employees as of December 31, 2024, only 15 of those were explicitly in sales and marketing at that time. This small team is tasked with driving complex, high-value IoT solutions, which is typical for a specialized technology play. The company's Q3 2025 net revenue was $5.0 million, showing the current scale of sales activity post-strategic realignment.

Strategic channel partners are becoming more prominent for integrated solution delivery. For instance, Identiv, Inc. announced a strategic partnership with IFCO in August 2025 to digitize their global RPC (Reusable Plastic Container) pool, indicating a focus on large-scale logistics integration. Another recent example is the partnership with Narravero to accelerate Digital Product Passport (DPP) adoption, announced in July 2025. This builds on earlier channel agreements, such as the one with Trace-ID to be the exclusive provider for specialty UHF RFID across North America.

For standard RFID products and components, the distribution network is supported by past agreements that provided global distribution capabilities. The overall strategy involves leveraging these channels to support solutions integrated into over 1.5 billion applications worldwide, though one source suggests this number is over 2.0 billion. The company is actively working through a production transition from Singapore to Thailand, which was expected to be complete by June 2025, aiming to improve gross margins across all sales channels.

Industry events and congresses are used to showcase the advanced capabilities, especially for smart packaging and DPP solutions. For example, Identiv, Inc. planned to showcase DPP Smart Packaging Innovations at the AIPIA & AWA Smart Packaging World Congress 2025. This direct engagement helps build the commercial pipeline, which management is focusing on executing.

Here's a look at the latest reported financial metrics that reflect the performance across these channels for the third quarter ending September 30, 2025:

The focus on high-margin opportunities means some channel relationships might be pruned. The Q2 2025 results specifically noted lower sales due to exiting lower-margin business and reduced sales to the largest customer working through safety stock. This suggests a deliberate channel mix adjustment is underway.

The key distribution and partnership activities in 2025 include:

• Announced partnership with IFCO for global RPC traceability.
• Launched partnership with Narravero for DPP compliance.
• Expected completion of Singapore to Thailand production transition by June 2025.
• Showcased DPP solutions at industry congresses.
• Solutions integrated into over 1.5 billion applications worldwide.

For Q4 2025, Identiv, Inc. projects revenue between $5.4 million and $5.9 million, indicating an expected sequential ramp-up through these channels. Finance: review Q4 revenue guidance against partner pipeline progress by end of January 2026.

Identiv, Inc. (INVE) - Canvas Business Model: Customer Segments

You're looking at how Identiv, Inc. structures its customer base within the Business Model Canvas, focusing on where their RFID- and BLE-enabled IoT solutions deliver the most value as of late 2025.

Healthcare and life sciences is a key target area, specifically within the company's Healthcare High-Value Segments (HVS) initiative, focusing on unit-level authentication and cold-chain tracking applications.

The focus on high-value applications also directly targets Consumer packaged goods (CPG) and luxury brands for brand protection, which falls under the Non-Healthcare HVS growth initiative, often involving smart packaging.

For Industrial and retail enterprises, the segment is served through the core channel business, which management is focused on strengthening and growing. Identiv's solutions, integrated into over 2.0 billion applications worldwide, support asset tracking and inventory automation across these sectors.

A specific near-term dynamic involves large customers working through safety stock built up in 2024. Reduced sales were noted to the largest customer as they worked through inventory they had stockpiled in anticipation of production transitioning to the Thailand facility.

Here's a quick look at the top-line financial context surrounding these customer engagements as of the third quarter of 2025:

The company is advancing growth through specific initiatives that map directly to these customer needs:

• Expanding the BLE technology platform and multi-component (MCL) manufacturing capabilities.
• Targeting growth in three health care high-value applications.
• Further driving growth in three consumer and logistics high-value applications.

The strategic partnership with grocery logistics leader IFCO is a concrete example of serving the logistics/CPG customer base, aiming to enhance traceability across the fresh grocery supply chain.

Identiv, Inc. (INVE) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Identiv, Inc.'s operations as of late 2025. The cost structure reflects a company deep in transition, moving away from legacy sites and focusing resources on new growth areas. Honestly, managing these costs while shifting production is the tightrope walk right now.

The key figures from the third quarter of 2025 show where the money is going. Cost of Revenue (COGS) for Q3 2025 was reported at $4.47 million. This figure sits against the backdrop of a $5.0 million revenue quarter, showing the immediate impact of exiting lower-margin business and the ongoing effects of operational shifts. Operating Expenses (GAAP) for Q3 2025 totaled $6.1 million. This GAAP number includes everything: R&D, sales, marketing, and G&A, plus any restructuring charges tied to the ongoing transformation.

Here's a quick look at those core Q3 2025 cost components compared to the prior year:

Manufacturing overhead and direct labor costs are definitely seeing a shift due to the Thailand transition. The completion of the transition of all production to Thailand contributed directly to reduced manufacturing overhead and direct labor costs, which helped drive the GAAP gross margin up to 10.7% in Q3 2025 from 3.6% in Q3 2024. That's real progress on the factory floor.

Research and Development (R&D) spending is a necessary cost to support the BLE/multi-component platform, which is central to Identiv, Inc.'s future growth strategy. While the total GAAP Operating Expenses were $6.1 million, management is clearly allocating resources to organic growth initiatives under the P-A-T framework. You have to spend to innovate; this is the cost of maintaining market leadership in areas like Wiliot's next-generation pixels.

The final major cost factor involves the wind-down of the old footprint. Costs associated with the Singapore facility shutdown and inventory adjustments are being absorbed. Management stated that the reduction in fixed manufacturing costs at the Singapore facility was a key driver in improving the Non-GAAP Adjusted EBITDA loss to ($3.6 million) in Q3 2025 from ($4.5 million) in Q3 2024. Furthermore, Q2 2025 results indicated adjustments for obsolete inventory at the Singapore facility were a factor in margin pressure then, with the shutdown activities expected to be substantially complete by the end of Q4 2025.

You should track these specific cost areas closely:

• Fixed manufacturing cost reduction from Singapore exit.
• Improved utilization at the Thailand facility.
• R&D spend supporting BLE and new product development.
• Final inventory write-downs related to the Singapore closure.

Finance: draft 13-week cash view by Friday.

Identiv, Inc. (INVE) - Canvas Business Model: Revenue Streams

You're looking at how Identiv, Inc. (INVE) brings in cash right now, late in 2025. The core of their revenue generation is definitely tied to their focus as a pure-play Internet of Things (IoT) solutions company, heavily leaning on their expertise in Radio Frequency Identification (RFID) and Bluetooth Low Energy (BLE) technologies. This means a significant portion of the top line comes from the physical components that make up these smart systems.

Here's a quick snapshot of the recent financial performance that frames these revenue streams as of the third quarter of 2025:

The company has been very open about its deliberate strategy to reshape these streams. Management confirmed that the year-over-year decrease in Q3 2025 revenue, which landed at $5.0 million compared to $6.5 million in Q3 2024, was expected because they were actively exiting lower-margin business earlier in the year. This move is designed to pivot the revenue mix toward higher-margin opportunities, which should ultimately improve profitability, even if it causes short-term dips in the top line. Honestly, you have to watch the margin profile more than the raw sales number right now.

The actual sales that make up the revenue are concentrated in their IoT solutions, which are embedded in critical applications across various sectors. These sales are not just about the chips; they involve the entire package:

• Sales of RFID inlays, tags, and labels for IoT applications.
• Revenue from high-margin opportunities as the company exits lower-margin business.
• Value-add services like encoding and converting for increased ASPs.
• Sales of specialized, complex, and highly integrated RFID/NFC solutions.

Looking ahead, the near-term expectation shows a sequential step-up, suggesting the strategic exit is stabilizing the base. For the fourth quarter of fiscal 2025, Identiv, Inc. management currently expects net revenue to be in the range of $5.4 million to $5.9 million. Finance: draft the Q1 2026 revenue projection model by next Tuesday.