IMPINJ (PI) Company Report

The RAIN industry experienced substantial growth, with a unit CAGR of 28% since 2010, reaching 52.8 billion units in 2024, an increase of 8 billion from the prior year, driven by retail apparel and expanding into logistics, general merchandise, and item-level food.
Impinj's platform, featuring Gen2X capabilities in its M800 ICs and R700 readers, provides a competitive advantage by enhancing read performance and supporting advanced retail use cases as customers move towards 100% tagging.
The company is expanding into new verticals, with item-level food identified as the largest RAIN market opportunity, alongside continued penetration in Walmart's general merchandise programs and 100% domestic penetration achieved by a major logistics provider in Q3.
Impinj expects a gross margin uplift of an additional 300 basis points from the full deployment of its M800 chip, with over 100 basis points of accretion anticipated in Q4 as the M800 becomes the volume runner.
Impinj refinanced $190 million of its convertible debt, issuing new 0% convertibles and repurchasing 1 1/8% convertibles, to reduce coupon, decrease dilution, and strategically split maturities of its total $287 million convertible debt.

1 day ago

Transcript

Impinj CFO Discusses RAIN Market Expansion and Financial Strategy

Revenue Acceleration/Inflection

Debt Issuance

New Projects/Investments

The RAIN industry has shown significant growth, with a 28% unit CAGR since 2010, reaching 52.8 billion units in 2024. While historically driven by retail apparel, the market is expanding into new verticals such as logistics, general merchandise, and item-level food.
Impinj anticipates further gross margin expansion, with its M800 chip expected to deliver another 300 basis points of gross margin accretion when fully deployed. The M800 is projected to become over 50% of the IC mix in Q4 and contribute over 100 basis points of gross margin accretion in that quarter.
The company recently optimized its balance sheet by refinancing convertible debt, issuing $190 million of 0% convert and repurchasing $190 million of 1 1/8% convert. This action reduced the coupon, decreased underlying dilution, and split the maturities of its $287 million total convertible debt.
Impinj sees significant growth opportunities in item-level food, which is considered the single largest RAIN market, continued expansion in Walmart's general merchandise (with a potential phase three announcement in 2026), and international growth in logistics following a major domestic rollout.

1 day ago

Transcript

Impinj Expands Gen2X RAIN RFID Capabilities

Product Launch

New Projects/Investments

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.

Nov 12, 2025, 5:00 PM

Press Release

Impinj Reports Strong Q3 2025 Results, Highlights Q4 Outlook and Growth Drivers

Guidance Update

New Projects/Investments

Product Launch

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.

Nov 11, 2025, 4:15 PM

Transcript

Impinj Reports Strong Q3 2025 Results, Provides Q4 Guidance, and Highlights Food Market Opportunity

Earnings

Guidance Update

New Projects/Investments

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.

Oct 29, 2025, 9:00 PM

Transcript

Impinj Reports Strong Q3 2025 Results, Provides Q4 Outlook, and Highlights Strategic Initiatives

Earnings

Guidance Update

Debt Issuance

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.

Oct 29, 2025, 9:00 PM

Transcript

Impinj Reports Q3 2025 Results and Provides Q4 2025 Outlook

Earnings

Guidance Update

New Projects/Investments

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.

Oct 29, 2025, 9:00 PM

Transcript

Impinj announces Q3 2025 financial results

Earnings

Debt Issuance

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.

Oct 29, 2025, 9:00 PM

Presentation

Impinj Reports Third Quarter 2025 Financial Results and Fourth Quarter 2025 Outlook

Earnings

Guidance Update

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.

Oct 29, 2025, 8:18 PM

8-K

Impinj Reports Third Quarter 2025 Financial Results

Earnings

Guidance Update

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.

Oct 29, 2025, 8:15 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for IMPINJ.

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