Impinj, Inc. is a technology company specializing in connecting everyday items to the Internet using its RAIN RFID platform. The company enables businesses and consumers to analyze, optimize, and innovate by providing real-time data about items such as apparel, automobile parts, luggage, and shipments. Impinj sells a range of products, including endpoint ICs, reader ICs, readers, gateways, and software solutions, which collectively support a boundless Internet of Things.
- Endpoint ICs - Provides integrated circuits (ICs) used in tags and inlays, primarily sold to inlay manufacturers and tag OEMs.
- Systems - Offers reader ICs, readers, gateways, test and measurement solutions, and software/cloud services, sold to OEMs, ODMs, solution providers, VARs, and system integrators.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Cathal Phelan ExecutiveBoard | Chief Innovation Officer, Director | None | Joined the board in 2019 and became Chief Innovation Officer in January 2023. Extensive technical expertise and management experience. | |
Chris Diorio, Ph.D. ExecutiveBoard | CEO, Vice Chair | Affiliate Professor at University of Washington; Director at GS1 Innovation Board and EPCglobal Board of Governors | Co-founder of Impinj, serving as CEO since 2014. Previously held roles including CTO and Chief Strategy Officer. Instrumental in advancing RFID technology and Impinj's leadership in the industry. | View Report → |
Cary Baker Executive | CFO | None | CFO since February 2020. Previously CFO at RealNetworks and HEAT Software. Extensive experience in financial leadership roles across multiple technology companies. | |
Hussein Mecklai Executive | COO | None | Joined Impinj in 2018 as EVP of Engineering and promoted to COO in February 2022. Previously held leadership roles at Intel Corporation. | |
Daniel Gibson Board | Director | Founding Partner and CIO at Sylebra Capital | Director since 2018. Founding Partner of Sylebra Capital, with extensive experience in investment management and technology-focused industries. | |
Meera Rao Board | Director | Director at Rambus (Chair of Audit Committee, Member of Cyber Risk Committee) | Director since February 2022. Former CFO at Monolithic Power Systems and held executive roles at several technology companies. CPA (inactive). | |
Miron Washington Board | Director | Chief Digital Officer at Parts Town; Board Member at The Eighth Notch and KairosPDX | Director since April 2023. Extensive experience in e-commerce, supply chain operations, and digital transformation. Former senior leader at Home Depot, Amazon, and Staples. | |
Steve Sanghi Board | Chair of the Board | Executive Chairman at Microchip Technology | Chair of the Board since June 2022. Former CEO and Chairman of Microchip Technology, with decades of leadership experience in the semiconductor industry. | |
Umesh Padval Board | Director, Chair of Compensation Committee | None | Director since 2020. Chair of the Compensation Committee. Extensive experience in the semiconductor industry. |
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Your third quarter gross margin decreased to 52.4% from 58.2% in the second quarter, primarily due to licensing revenue in Q2; with the expected decline in endpoint IC revenue and lower E-family reader IC sales due to project timing, how do you plan to stabilize and improve gross margins in the upcoming quarters?
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You mentioned that the authentication opportunity in Asia has been slower to adopt than originally hoped, and that you will be redoubling efforts to ramp authentication; what specific challenges are you facing in driving adoption of your authentication products, and how do you plan to overcome them to meet your growth expectations?
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Given that the M800 ramp is looking promising with two major inlay partners getting certification, but the pace of adoption depends on customer certification and product launches, what risks do you see in achieving widespread adoption of M800, and how are you mitigating potential delays in the certification process?
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With the announcement of Qualcomm's support for RAIN RFID in mobile devices and your excitement about the consumer opportunity, but acknowledging that the entire ecosystem needs to be ready, what concrete steps are you taking to ensure your company is prepared to capitalize on this opportunity, and what is the expected timeline for significant revenue contribution from this segment?
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Considering that you've increased your second half 2024 wafer purchases to fulfill stronger-than-anticipated demand, but inventory levels rose by $7.6 million to $88.4 million, how do you plan to manage inventory risk if demand fluctuates, and what safeguards are in place to prevent excess inventory impacting your balance sheet?
Research analysts who have asked questions during IMPINJ earnings calls.
Christopher Rolland
Susquehanna Financial Group
4 questions for PI
Harsh Kumar
Piper Sandler & Co.
4 questions for PI
James Ricchiuti
Needham & Company, LLC
4 questions for PI
Scott Searle
ROTH MKM
4 questions for PI
Troy Jensen
Cantor Fitzgerald
4 questions for PI
Guy Hardwick
Freedom Capital Markets
2 questions for PI
Blayne Curtis
Jefferies Financial Group
1 question for PI
Ezra Weener
Jefferies LLC
1 question for PI
Mark Lipacis
Evercore ISI
1 question for PI
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Voyantic Oy | 2023 | Completed acquisition with an aggregate purchase price of $32.7 million structured with cash at closing, $3.6 million in common stock, and $4.6 million in contingent deferred payments, aimed at enhancing RFID inlay, label design, manufacturing, and test systems capabilities by adding key assets such as goodwill ($15.6M) and intangible assets ($18.4M) |
Recent press releases and 8-K filings for PI.
- Impinj's CFO, Cary Baker, reported increased stability in the endpoint IC market after Q1 2025 volatility, with Q2 2025 showing moderation and Q3 2025 guided conservatively without assuming additional turns business.
- Key growth drivers include continued penetration in retail apparel (50%-60% of endpoint ICs) and significant opportunities in new verticals like general merchandise ($325 billion unit opportunity per year) and logistics ($400 billion unit opportunity per year), which are currently low single-digit percent penetrated.
- The food market is identified as a massive long-term opportunity, larger than all other verticals combined, with early pilots underway, such as Kroger's bakery deployment.
- The new M800 endpoint IC is expected to drive 300 basis points of gross margin accretion when fully ramped, with the M800 anticipated to cross the 50% threshold in 2025.
- Impinj maintains a competitive advantage with its full-stack RAIN RFID capability, including the M800's native Gen2X features that improve readability and speed, and holds north of 50% share in the reader IC market.
- Impinj's new M800 endpoint IC is expected to drive 300 basis points of gross margin accretion as it ramps, crossing the 50% threshold in 2025.
- The company is expanding its market penetration beyond retail apparel (currently 40% penetrated in an 80 billion unit/year market) into significant new verticals.
- Key growth opportunities include general merchandise ($325 billion unit/year opportunity, with Walmart's ramp continuing through 2026) and logistics ($400 billion unit/year opportunity).
- The food market represents a very large, early-stage opportunity (over a trillion units/year), with Kroger's bakery deployment being a notable public pilot.
- Impinj maintains a strong competitive position with its full-stack capability for Gen2X technology and a north of 50% share in the reader IC market.
- Impinj's CFO reported increased stability in the endpoint IC market in Q2 2025, with Q3 2025 guidance not assuming additional turns business.
- The company's M800 endpoint IC, its smallest and most sensitive chip, is expected to drive 300 basis points of gross margin accretion when fully ramped and is anticipated to cross the 50% threshold in 2025.
- Impinj continues to expand penetration in key verticals, with retail apparel representing 50% to 60% of endpoint IC shipments, while new opportunities like general merchandise ($325 billion units/year) and logistics ($400 billion units/year) are in early stages, and food presents the largest long-term opportunity (easily >1 trillion units/year).
- The European Digital Product Passport (DPP) initiative, starting with lithium-ion batteries and textiles, is expected to drive significant future demand by requiring item tracking from manufacture to recycling.
- Impinj's CFO noted increased stability in the endpoint IC market in Q2 2025, with Q3 2025 guidance not assuming any additional turns business.
- The company is seeing significant growth opportunities in general merchandise ($325 billion unit opportunity) and logistics ($400 billion unit opportunity), both currently in low single-digit penetration. The food market presents an even larger opportunity, exceeding a trillion units annually, with early pilots like Kroger's bakery deployment in 700 stores.
- The new M800 endpoint IC is expected to drive 300 basis points of gross margin accretion when fully ramped. The chip is anticipated to cross the 50% threshold in 2025 and contribute to sequential gross margin increases in Q3 and Q4 2025.
- Impinj maintains a competitive advantage with its Gen2X protocol, which improves readability and speed, and is uniquely positioned as the only company providing both reader ASIC and endpoint ICs for this technology.
- Impinj delivered robust Q1 2025 performance with revenue of $74.3 million, adjusted EBITDA of $6.5 million, and near year-over-year stability .
- Q1 results included non‑GAAP EPS of $0.21; the company reported a GAAP net loss of $8.5 million versus an adjusted non‑GAAP net income of $6.3 million .
- The segment generated $61.2 million in endpoint IC revenue, underlining strong product performance .
- Reported gross margins were 52.7% alongside a GAAP gross margin of 49.4% .
- Updated Q2 2025 guidance projects revenue between $91 million and $96 million, with the M800 ramp expected to drive improved margins amid tariff-related supply chain adjustments .
- The earnings call emphasized a commitment to growing its endpoint IC platforms and IoT solutions, while highlighting forward‑looking statements and inherent uncertainties .