Identiv designs and manufactures RFID and Bluetooth Low Energy (BLE) inlays, tags, and labels — small chip-and-antenna devices that give physical objects a digital identity, communicating wirelessly without a battery. Customers use these devices for anti-counterfeiting, supply chain tracking, regulatory compliance, and consumer engagement. Identiv sells primarily through a channel of RFID converters, system integrators, and solution providers, who embed Identiv's devices into end solutions for OEMs and brands. Identiv also pursues direct OEM relationships in healthcare and logistics. Revenue is driven by units sold and average selling price (ASP). Margins depend heavily on product mix: standard commodity RFID inlays carry lower margins, while custom-engineered and BLE devices command higher ASPs and margins. Identiv completed a transition from its Singapore facility to a lower-cost Thailand facility in 2025, which is the primary driver of recent margin improvement. Identiv's largest near-term growth driver is the IFCO program — an exclusive agreement to supply BLE smart labels for IFCO's 400M+ reusable plastic containers used in fresh food logistics — with full mass production expected to ramp in late 2026. BLE smart labels, which provide real-time condition monitoring beyond standard passive RFID, are Identiv's primary growth vector. Healthcare represents roughly one-third of Identiv's new product development pipeline. Identiv carries ~$129M in cash from the 2024 sale of its physical security business, which funds ongoing operating losses and potential M&A as the company pursues scale to reach EBITDA breakeven.