Impinj (PI) investor relations material

Executive summary

• Q3 2025 revenue reached $96.1M, surpassing guidance, with adjusted EBITDA and non-GAAP net income also exceeding expectations, driven by strong systems revenue and Gen2X innovation despite lower endpoint IC ASPs and cautious retail demand.

• Annual revenue for 2024 was $366.1M, reflecting a 27% CAGR since 2020, and over 120B endpoint ICs shipped as of December 31, 2024.

• Market opportunity continues to expand in food, retail, supply chain, logistics, and e-commerce, with ongoing innovation in silicon, software, and business models.

• Organizational changes included hiring a new SVP of SaaS and cloud services and adding Arthur Valdez to the board, enhancing supply chain expertise.

Financial highlights

• Q3 2025 revenue was $96.1M, up 0.9% year-over-year; GAAP gross margin was 50.3%, non-GAAP gross margin was 53.0%.

• Q3 adjusted EBITDA was $19.1M (19.8% margin); non-GAAP net income was $17.7M ($0.58 per diluted share); GAAP net loss was $12.8M, mainly due to a $15M induced conversion expense.

• Free cash flow for Q3 was $18M, up from $4.7M year-over-year; cash, cash equivalents, and investments ended at $190.1M–$265.1M.

• Working capital at quarter-end was $220M; inventory at $92.6M, down $3.6M sequentially.

Outlook and guidance

• Q4 2025 revenue expected between $90M and $93M, with adjusted EBITDA of $15.4M–$16.9M and non-GAAP net income of $14.7M–$16.2M ($0.48–$0.52 per diluted share); gross margin expected to increase sequentially.

• Management anticipates continued quarter-to-quarter variability due to macroeconomic conditions, program timing, and product mix.

• Long-term growth expected from RAIN adoption, but near-term rates remain unpredictable.