Impinj (PI) Piper Sandler Growth Frontiers Conference summary

Market environment and performance

• Retail environment has improved and driven overperformance year-to-date, despite mixed macro signals.

• Retailers are still moderating inventory levels, with sales outpacing inventory growth in most cases.

• Cautious approach is maintained due to ongoing mixed signals in macro data.

Market opportunities and penetration

• Retail apparel is the top vertical, with about 30% penetration of an 80 billion unit annual opportunity; logo penetration is above 90%.

• General merchandise is four times the size of apparel, at 325 billion units per year, and logistics is five times apparel, at 400 billion units per year.

• Food tagging is in early stages but represents a multi-trillion item opportunity.

Growth and deployment updates

• General merchandise ramp with a large North American retailer is progressing, with phases I and II expected to continue into next year.

• Progress in general merchandise is spurring interest from other players, potentially accelerating future deployments.

• Logistics customer two is ramping label consumption, with expansion into international operations likely extending into 2025.

• Logistics customer one completed a dock door solution, with future opportunities as they expand tagging.