Impinj (PI) Piper Sandler 5th Annual Growth Frontiers Conference summary

Market opportunity and growth

• RFID market opportunity estimated at 10 trillion units, with less than 0.5% current penetration.

• Apparel is the most mature vertical, with 40% penetration by volume and over 90% by logo in North America.

• General merchandise, supply chain/logistics, and food are early-stage, with significant growth potential.

• Food is the largest untapped vertical, with pilots underway at major U.S. grocers.

• Industry unit CAGR has been 20-25% since 2010; company CAGR is 26%.

Adoption cycle and ROI

• Customers typically start with a single use case, then expand as ROI is proven.

• Sales cycles are long, often starting with pilots and moving to broad rollouts over multiple years.

• Apparel deployments have driven $1B+ inventory reductions and up to 10% same-store sales lift.

• Logistics ROI includes reduced manual scans and missed shipments, with public proof points from major logistics firms.

• ROI starts with labor savings and transitions to sales uplift as visibility improves.

Competitive landscape and technology

• Two main competitors dominate endpoint ICs, with over 90% market share; company holds over 60%, and share is growing.

• Competitive advantage comes from operating on both ends of the radio link, enabling unique features and performance.

• Gen2X protocol extension improves read speed and range, especially valuable in logistics and dense merchandise.

• Custom ICs are developed for high-volume, deeply integrated customers, increasing lock-in.

• Chinese competitors are present but limited to local markets and not seen as a threat in the West.