Identiv, Inc. Liquidation Value

Identiv, Inc. (INVE) is a pure-play RFID device manufacturer operating a single Thailand production facility following the completed shutdown of its Singapore facility in Q4 2025. Under the liquidation lens, the recovery posture is materially positive relative to typical going concerns in this sector, driven by an unusually large cash position relative to total liabilities.

As of March 31, 2026, cash and cash equivalents were $124.5 million (with $10.9 million held at foreign subsidiaries). Working capital was reported at $129.6 million, down $3.7 million from $133.3 million at December 31, 2025. The company carries no disclosed long-term debt. At 100% haircut on cash, the liquidation anchor is approximately $124.5 million in unrestricted domestic and foreign cash. Applying standard haircuts to non-cash current assets would add a modest increment — AR and inventory balances exist but are not separately quantified in the available narrative. Intangibles and goodwill, if any, receive zero recovery. Operating lease right-of-use assets are excluded from recovery; the Singapore ROU asset was already impaired $238K in Q1 2025.

On the liability side, operating lease obligations, accounts payable, accrued liabilities, and any other current and long-term obligations must be settled at face value. The company discloses no funded debt, no pension, and no off-balance-sheet guarantees. The primary liability concerns under a liquidation scenario are: (1) remaining operating lease commitments across active facilities (Thailand and any retained offices), (2) purchase commitments to chip suppliers — flagged in MD&A as potentially subject to cancellation charges — and (3) $361.5 million accumulated deficit, which is not itself a liability but reflects the magnitude of historical capital consumed.

Net operating cash burn was $(2.8)M in Q1 2026, improved from $(3.3)M in Q1 2025. The interest income line ($1.0M in Q1 2026) reflects the large cash balance earning yield, which partially offsets operating losses. At the current burn rate of approximately $3-4M per quarter (operating + investing), the cash runway is substantial, but recovery to equity in a hypothetical wind-up today is primarily a function of cash balance less face-value liabilities.

Filing discusses inventory commitments and purchase order cancellation exposure in MD&A (Note 13 cross-reference) but does not separately tag inventory, AR, lease obligations, or purchase commitments in XBRL. No XBRL tags were emitted in this filing per TAG_CONTEXT, making balance-sheet line-item tagging unavailable. All quantitative balance-sheet data referenced herein is sourced from the MD&A narrative.