Identiv (INVE)
Recap: Q4 2025
IFCO Signs the Exclusive Multi-Year Contract, Non-GAAP Gross Margins Hit 25.6%, Cash Actually Increases Quarter-over-Quarter, and Q1 2026 Guide Blows Past Consensus by 34% — The Thesis Is Playing Out in Real Time and the Stock Still Trades Below Its Cash Balance
Analysis: Q3 2025
Non-GAAP Gross Margins Explode to 19.1%, IFCO Prototypes Are in the Field, Wiliot Is in Production, Q4 Guide Beats Consensus — and the Stock Still Trades at a $45M Discount to Its Own Cash Balance
Analysis: Q2 2025
Negative 9.4% Gross Margins, a Double Miss, and the Stock Rallies 11% — The Market Is Buying the End of Transition Pain and the Start of the IFCO Opportunity, Even If the P&L Doesn't Support It Yet
Analysis: Q1 2025
$132M in Cash, an $81M Market Cap, and 2.5% Gross Margins — The Market Is Paying You to Own This IoT Business, but the Business Hasn't Proven It Deserves to Be Owned