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 unveiled new Gen2X innovations at its 2025 conference, designed to inhibit fraudulent items, reduce stray tag reads, and focus on desired tags for enterprise use cases.
- The company added Gen2X support to its M770 and M780 series endpoint ICs, expanding its application in industrial sectors such as logistics, manufacturing, automotive, and healthcare.
- New Impinj E Family reader IC firmware and software tools were introduced to leverage these Gen2X innovations and enhance tag readability.
- These advancements are intended to drive RAIN RFID adoption by improving performance in challenging environments and addressing various enterprise opportunities.
- Impinj delivered strong Q3 2025 results, including record endpoint IC volumes, a 30% quarter-over-quarter increase in its systems business, and a 19.8% operating margin (a record on a product revenue basis excluding license revenue).
- For Q4 2025, the company anticipates the M800 becoming its volume runner and expects gross margin to increase by over 100 basis points sequentially. Systems revenue is projected to be slightly down sequentially in Q4 due to project timing shifts, but the second half of the year remains strong for systems.
- The M800 endpoint IC, combined with Gen2X technology, is expected to drive 300 basis points of gross margin accretion when fully ramped (anticipated in 2026) and enhance market share by solving complex reading challenges, particularly in the massive food market opportunity.
- Impinj is investing in cloud/SaaS solutions and sales and engineering resources to support more enterprise customers and simplify deployments.
- Impinj reported Q3 2025 revenue of $96.1 million, exceeding expectations, and adjusted EBITDA of $19.1 million, with non-GAAP net income of $0.58 per share.
- The company provided Q4 2025 revenue guidance between $90 million and $93 million, a sequential decrease, but anticipates a sequential gross margin increase and a sequential operating expense increase.
- Key drivers for Q3 included record endpoint IC volumes and better-than-anticipated reader volumes, with Gen2X success contributing to product revenue growth.
- Impinj highlighted the food opportunity, particularly with Walmart and Kroger, viewing it as a multi-billion unit annual opportunity once fully ramped, though modest volumes are expected through the first half of 2026.
- Strategic initiatives include hiring an SVP of SaaS and cloud services to lead software development and recurring revenue opportunities, and the appointment of Arthur Valdez to the board.
- Impinj reported strong Q3 2025 revenue of $96.1 million and adjusted EBITDA of $19.1 million, with non-GAAP net income of $0.58 per share, exceeding the upper end of their guidance range.
- The company provided Q4 2025 revenue guidance between $90 million and $93 million, representing a 5% sequential decrease at the midpoint, while expecting gross margin to increase sequentially by over 100 basis points.
- Strategic initiatives include enhancing Gen2X for food and e-commerce applications, with the food market alone representing a potential multi-billion unit annual opportunity once fully ramped.
- In September, Impinj issued $190 million of 0% convertible notes and repurchased $190 million of 1.125% convertible notes, aiming to reduce interest expense and lower underlying share dilution.
- Impinj reported Q3 2025 revenue of $96.1 million and non-GAAP net income of $0.58 per share, with adjusted EBITDA reaching a new quarterly record of $19.1 million.
- For Q4 2025, the company guided revenue between $90 million and $93 million, anticipating a sequential decline in both endpoint IC and systems revenue due to seasonality and project timing. Gross margin is expected to increase sequentially by over 100 basis points, driven by the M800 product and 2025 costed wafer benefits.
- Impinj is focusing on expanding into the food and e-commerce markets, enhancing its Gen2X technology and M800 endpoint ICs for these opportunities, with the food sector alone projected as a multi-billion unit annual opportunity when fully ramped.
- The company welcomed Arthur Valdez to its board of directors and completed a convertible notes transaction, issuing $190 million of 0% notes while repurchasing an equal amount of 1.125% notes to optimize its debt structure.
- Impinj reported total revenue of $174.9 million for Q3 2025, which includes $78.8 million from Systems and $96.1 million from Endpoint ICs.
- The company achieved a Non-GAAP gross margin of 53.0% and Adjusted EBITDA of $19.1 million in Q3 2025.
- Non-GAAP diluted EPS was $0.58 for Q3 2025, with a Non-GAAP net income of $17.7 million.
- Free cash flow for Q3 2025 was $18.0 million, and the trailing twelve-month adjusted free cash flow was $40.8 million as of September 30, 2025.
- As of September 30, 2025, Impinj held $265.1 million in cash and investments and had $287.5 million in convertible debt.
- Impinj, Inc. announced its financial results for the third quarter ended September 30, 2025, on October 29, 2025.
- For Q3 2025, the company reported revenue of $96.1 million and adjusted EBITDA of $19.1 million, both exceeding its guidance.
- The GAAP net loss for Q3 2025 was $12.8 million, resulting in a loss of $0.44 per diluted share.
- Impinj provided a financial outlook for the fourth quarter of 2025, projecting revenue between $90.0 million and $93.0 million and adjusted EBITDA income between $15.4 million and $16.9 million.
- Impinj reported revenue of $96.1 million for the third quarter ended September 30, 2025, with adjusted EBITDA of $19.1 million.
- For Q3 2025, the company recorded a GAAP net loss of $12.8 million, or a loss of $0.44 per diluted share. Non-GAAP net income was $17.7 million, or income of $0.58 per diluted share.
- Impinj provided a financial outlook for the fourth quarter of 2025, expecting revenue between $90.0 million and $93.0 million.
- The non-GAAP net income per diluted share for Q4 2025 is projected to be between $0.48 and $0.52.
- Impinj reported strong third-quarter 2025 financial results, with earnings of $0.58 per share, exceeding analyst estimates by 13.73%, and revenues of $96.06 million, which were flat year-over-year but slightly above expectations.
- The company saw an improvement in income from operations to $0.7 million for the quarter, up from a prior year loss, attributed to increased revenue and reduced operating expenses.
- Impinj's shares have significantly outperformed the S&P 500 in 2025, gaining 62.4% year-to-date, and analysts forecast a healthy 15.8% revenue growth over the next year despite anticipated short-term variability.
- Growth was driven by increased shipment volumes in its systems segment, with a strategic focus on next-generation Gen2X solutions and the M800 family chip, although endpoint IC revenue declined due to lower average selling prices.
- The RFID market was valued at $14.87 billion in 2025E and is projected to reach $33.38 billion by 2033, growing at a CAGR of 10.66% from 2026 to 2033.
- This market expansion is primarily fueled by the increasing adoption of RFID for smart supply chain optimization, inventory control, and real-time asset tracking across various industries.
- In 2024, Impinj strengthened its market position by settling a patent dispute with NXP Semiconductors and continues to innovate and expand its RFID offerings.
- North America accounted for the dominant market share of 39.45% in 2025E, while the Asia Pacific region is anticipated to experience the fastest growth with a CAGR of 11.33% over 2026-2033.