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Impinj, Inc.

PI

Impinj, Inc. • NASDAQ
$171.87 ▼ -0.54% (-0.94)
Market Cap $4.96 B
52w High $247.06
52w Low $60.85
Dividend Yield 0%
P/E -381.93
Volume 281.89K
Outstanding Shares 28.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $96.055M ▼ $47.672M ▲ $-12.81M ▼ -13.336% ▼ $-0.44 ▼ $-7.926M ▼
Q2-2025 $97.894M ▲ $45.739M ▼ $11.553M ▲ 11.802% ▲ $0.4 ▲ $14.583M ▲
Q1-2025 $74.277M ▼ $46.25M ▼ $-8.451M ▼ -11.378% ▼ $-0.3 ▼ $-6.048M ▼
Q4-2024 $91.569M ▼ $49.835M ▲ $-2.69M ▼ -2.938% ▼ $-0.095 ▼ $820K ▼
Q3-2024 $95.198M $48.338M $221K 0.232% $0.008 $2.478M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $190.081M ▼ $516.459M ▲ $321.496M ▲ $194.963M ▲
Q2-2025 $193.205M ▲ $508.817M ▲ $321.128M ▲ $187.689M ▲
Q1-2025 $147.917M ▼ $479.825M ▼ $319.261M ▼ $160.564M ▲
Q4-2024 $164.714M ▼ $489.08M ▲ $339.216M ▼ $149.864M ▲
Q3-2024 $170.255M $476.447M $340.348M $136.099M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-12.81M ▼ $20.893M ▼ $2.469M ▲ $-14.04M ▼ $9.309M ▲ $17.953M ▼
Q2-2025 $11.553M ▲ $33.86M ▲ $-52.915M ▼ $-97K ▼ $-18.9M ▼ $27.32M ▲
Q1-2025 $-8.451M ▼ $-11.143M ▼ $21.227M ▲ $5.06M ▲ $15.264M ▲ $-13.006M ▼
Q4-2024 $-2.69M ▼ $12.623M ▲ $-43.865M ▲ $3.782M ▲ $-27.651M ▲ $8.49M ▲
Q3-2024 $221K $10.068M $-154.17M $3.053M $-140.949M $4.657M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Endpoint I Cs
Endpoint I Cs
 $70.00M ▲$60.00M ▼$80.00M ▲$80.00M ▲
Systems
Systems
 $20.00M ▲$10.00M ▼$10.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last five years, with gross profit rising alongside it, which signals that demand and basic unit economics are moving in the right direction. Operating profit is still slightly negative, but the loss has narrowed over time as the business scales and controls costs. Net income flipped from losses in prior years to a clear profit most recently, likely helped by higher scale and some legal/licensing benefits. Overall, the income statement shows a company that has moved from an emerging, loss-making profile toward one that is approaching consistent profitability, but is not yet firmly there on an operating basis.

Balance Sheet

Balance Sheet The asset base has expanded meaningfully, reflecting growth in the business and continued investment in technology and operations. Debt sits at a relatively high level compared with cash, which introduces some financial risk and makes ongoing cash generation important. Equity moved from being very thin – even slightly negative at one point – to a much healthier positive position, indicating that cumulative losses have been repaired and the balance sheet has strengthened. The picture is now more solid than a few years ago, but leverage and dependence on continued performance are still key watch-points.

Cash Flow

Cash Flow Cash generation has improved noticeably, shifting from marginal or negative operating cash flow to clearly positive in the most recent year. Free cash flow has turned positive again after a couple of tougher years, helped by stronger earnings and disciplined, relatively modest capital spending. This means the company is now better able to fund its own growth and service its debt without relying as heavily on external capital. The main question going forward is whether this stronger cash performance can be sustained through industry cycles and investment phases.

Competitive Edge

Competitive Edge Impinj holds a strong position in the RAIN RFID niche, combining leadership in endpoint chips, reader chips, and software into a cohesive platform. Its large, actively used patent portfolio and successful enforcement history form a meaningful legal and technological moat, especially against other large semiconductor players. The company benefits from deep domain expertise, strong brand recognition, and a wide global partner network that extends its reach into many industries and use cases. Competitive risks remain, particularly from larger rivals, rapid technology shifts, and potential pricing pressure, but Impinj currently operates from a position of strength within its chosen segment.

Innovation and R&D

Innovation and R&D Innovation is a central pillar of Impinj’s strategy, with ongoing investment in smaller, more capable endpoint chips, higher-performance readers, and advanced features like Gen2X and authentication. The roadmap emphasizes not just hardware, but also software and services that can generate more stable, recurring revenue over time. The company is actively expanding into new verticals such as healthcare, food, and automotive, while exploring capabilities like edge intelligence and machine learning. The opportunity is significant if RAIN RFID adoption broadens as expected, but it requires continued high R&D spending, successful execution, and careful management of technological and market risks.

Summary

Impinj has transitioned from a primarily loss-making, early-growth story toward one that is approaching consistent profitability with improving cash generation. The balance sheet has strengthened, though leverage and the level of debt relative to cash still warrant attention. Strategically, the firm appears well placed in a growing niche, with a differentiated, patent-protected platform and a broad partner ecosystem. Its future potential depends on sustaining technology leadership, deepening software and services revenue, and broadening adoption of RAIN RFID across industries, while managing competitive, execution, and cyclical risks.

NEWS

November 12, 2025 · 12:00 PM UTC

Impinj Expands Gen2X to Unlock New Enterprise RAIN RFID Use Cases

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November 5, 2025 · 4:15 PM UTC

Impinj to Participate in Upcoming Investor Conferences

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October 29, 2025 · 4:15 PM UTC

Impinj Reports Third Quarter 2025 Financial Results

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October 21, 2025 · 4:15 PM UTC

Arthur L. Valdez, Jr. Joins Impinj Board of Directors

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October 2, 2025 · 4:15 PM UTC

Impinj to Announce Third-Quarter 2025 Financial Results

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