Revenue during the quarter dropped 9.51 percent to $15.56 million from $17.20 million in the previous year period. Gross margin for the quarter expanded 74 basis points over the previous year period to 44.47 percent. Operating margin for the quarter stood at negative 0.94 percent as compared to a negative 38.50 percent for the previous year period.

Operating loss for the quarter was $0.15 million, compared with an operating loss of $6.62 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $1.72 million compared to negative $4.54 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 11.06 percent for the quarter compared to negative 26.41 percent in the last year period.

“This quarter demonstrated the results of our hard work over recent quarters, returning Identiv to positive adjusted EBITDA for the first time since 2014, and doing so decisively. $1.7M adjusted EBITDA represents 11% of revenues, demonstrating the potential for profitability our business can deliver at this scale while also investing and growing. This is our third consecutive quarter hitting our targets, increasing operating results while also reducing expenses, and we’ve held cash stable since the end of Q1. Compared to last year’s Q3, we have reduced GAAP OpEx from $14.1M quarterly to $7.1M, and non-GAAP OpEx from $12.5M quarterly a year ago to $5.5M in the most recent quarter. Most importantly, our seasonally strongest quarter remained so, showing sequential and comparative revenue growth of over 20% in our physical access business and over 15% in our smart card reader business. As a result, we believe we remain on track to reach our targets, and confirm our previously communicated guidance for 2016,” said Steven Humphreys, Identiv chief executive officer.