IMPINJ (PI) Company Report

Impinj expects Q4 2025 revenue near the high end of $90-$93 million and Adjusted EBITDA above the midpoint of $15.4-$16.9 million, with non-GAAP gross margin increasing by more than 125 basis points sequentially. This preliminary update was announced on January 14, 2026.
The company licensed its Gen2X technology to EM Microelectronic, establishing a second source for Gen2X-enabled endpoint ICs, with the M800 (which carries Gen2X) being the volume runner in Q4 2025 and driving gross margin accretion.
Impinj is seeing significant traction in the food market, with Kroger and Walmart implementing RAIN RFID tagging for perishable items, leading to substantial time savings in inventory management. The company expects modest volumes from the Walmart program in H1 2026, accelerating in H2 2026.
Impinj has achieved the bottom end of its long-term operating margin (19%) and gross margin (almost 55%) targets at approximately $360 million in revenue, despite these targets not originally contemplating the food market. The company is also focused on refinancing its convertible debt to reduce coupon and dilution.

Jan 14, 2026, 4:45 PM

Transcript

Impinj Updates Q4 2025 Guidance and Discusses Strategic Initiatives

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Impinj expects fourth quarter 2025 revenue near the high end of its prior guidance of $90-$93 million and Adjusted EBITDA above the midpoint of its prior guidance of $15.4-$16.9 million. Additionally, non-GAAP gross margin increased by more than 125 basis points sequentially.
Impinj licensed its Gen2X technology to EM Microelectronic, which will serve as a second source of silicon supply for Gen2X-enabled endpoint ICs, with an immaterial financial impact expected for 2026.
As of September 2025 trailing 12 months, Impinj achieved a gross margin of almost 55% and an operating margin of 19% on approximately $360 million in revenue, reaching the lower end of its long-term targets without the anticipated revenue scale.
The second North American supply chain and logistics end user reached 100% penetration in North America in Q3 2025. The food market, with Kroger and Walmart adopting tagging, is expected to see modest volumes in the second half of 2026.

Jan 14, 2026, 4:45 PM

Transcript

Impinj Provides Q4 2025 Guidance and Strategic Updates at Needham Conference

Guidance Update

New Projects/Investments

Debt Issuance

Impinj announced preliminary Q4 2025 revenue is expected near the high end of $90 million-$93 million, with Adjusted EBITDA above the midpoint of $15.4 million-$16.9 million, and non-GAAP gross margin increasing by over 125 basis points sequentially.
Impinj licensed its Gen2X technology to EM Microelectronic, a strategic partner and second source for Gen2X-enabled endpoint ICs, though financial impact is expected to be immaterial to the 2026 P&L. Gen2X is a key competitive differentiator, improving readability and reducing inventory time and labor costs.
The M800 was the volume runner in Q4 2025, driving gross margin accretion, and is expected to continue ramping in 2026. The company also highlighted strong adoption in food (Kroger, Walmart) and the emergence of RAIN RFID reading in mobile devices.
Impinj has achieved the bottom end of its long-term operating margin (19%) and gross margin (almost 55%) targets with $360 million in revenue, ahead of the originally anticipated revenue scale of $500 million-$750 million.

Jan 14, 2026, 4:45 PM

Transcript

Impinj Announces Preliminary Fourth-Quarter 2025 Results

Earnings

Guidance Update

Impinj expects preliminary fourth-quarter 2025 revenue to be near the high end of its prior guidance of $90.0 to $93.0 million.
Preliminary adjusted EBITDA for the fourth quarter of 2025 is anticipated to be above the midpoint of its prior guidance of $15.4 to $16.9 million.
Impinj's CEO and CFO are participating in the 28th Annual Needham Growth Conference on January 14, 2026.
The company will release its full financial results for the fourth quarter and full year 2025 on February 5, 2026.

Jan 13, 2026, 9:15 PM

Press Release

Impinj Discusses RAIN Market Expansion and Financial Strategy

New Projects/Investments

Debt Issuance

Product Launch

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.

Dec 3, 2025, 10:35 PM

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.

Dec 3, 2025, 10:35 PM

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.