Impinj (PI) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue, adjusted EBITDA, and non-GAAP EPS, driven by strong demand across retail apparel, general merchandise, supply chain, logistics, and food sectors, with management expressing high confidence in future growth and market leadership in RAIN RFID and IoT solutions.

• Endpoint IC bookings and shipments reached all-time highs for the second consecutive quarter, supported by robust market expansion and retailer pull-ins ahead of tariff expirations.

• Solutions business is advancing, focusing on replenishment and point-of-sale pain points, leveraging machine learning and Gen2X technology, with early-stage but promising enterprise engagements.

• Marked the 10-year anniversary as a public company, with expanding opportunities and management optimism for future growth.

• Food sector pilots and deployments are accelerating, with three of the five largest US grocers engaged in bakery, deli, or meat tracking programs.

Financial highlights

• Q2 2026 revenue was $108.4M, up 46% sequentially and 11% year-over-year; endpoint IC revenue reached $96.4M, up 53% sequentially and 14% year-over-year; product revenue (excluding licensing) grew 26% sequentially and 16% year-over-year.

• Systems revenue was $12M, up 8% sequentially but down 10% year-over-year.

• Gross margin hit a record 60.9% (non-GAAP), up from 52.4% in Q1 2026 and 60.4% in Q2 2025; GAAP gross margin was 58.6%.

• Adjusted EBITDA was a record $30.7M (28.3% margin); non-GAAP net income was $27M ($0.86 per diluted share); GAAP net income was $12.2M ($0.39 per diluted share).

• Ended Q2 with $263.7M in cash, equivalents, and investments; free cash flow was $29.2M.

Outlook and guidance

• Q3 2026 revenue expected between $105.5M–$108.5M; adjusted EBITDA guidance is $20.7M–$22.2M; non-GAAP net income expected between $18.5M–$20M ($0.59–$0.63 EPS); GAAP net income expected between $2.2M–$3.7M ($0.07–$0.12 EPS).

• Anticipates sequential growth in endpoint IC and systems revenue, and further gross margin improvement.

• Management expects continued investment in new product development and platform expansion.