Impinj (PI) Q3 2026 earnings summary

Executive summary

• Q3 revenue, endpoint IC revenue and unit volumes reached quarterly records; $112.1M revenue was up 17% YoY and set a record without licensing revenue.

• M800 strength, resilient retail demand, lighthouse-account growth and Gen2X momentum supported results; management expects these drivers to continue.

• Strategy emphasizes enterprise-wide RAIN solutions, partner-led scaling, endpoint IC share gains and recurring authentication revenue.

Financial highlights

• Revenue was $112.1M, up 3% QoQ from $108.4M and 17% YoY from $96.1M; nine-month revenue was $294.7M versus $268.2M.

• GAAP net income was $4.7M versus a $12.8M loss YoY; operating income was $4.6M versus $0.7M.

• Non-GAAP net income was $22.1M, or $0.69 diluted EPS, versus $17.7M and $0.58 YoY; adjusted EBITDA was $24.5M versus $19.1M.

• Q3 gross profit was $59.1M versus $48.3M YoY; nine-month gross profit was $159.1M, up $17.5M.

• Free cash flow was $20.6M; cash equivalents and investments totaled $228.3M, and inventory was $83.4M, down $8.1M QoQ.

Outlook and guidance

• Q4 revenue guidance is $104M–$107M, implying 14% YoY growth at the midpoint; adjusted EBITDA is expected at $19.2M–$20.7M.

• Q4 non-GAAP net income is expected at $17.6M–$19.1M, or $0.55–$0.60 diluted EPS; GAAP net income guidance is $1.2M–$2.7M.

• Endpoint IC revenue is expected to decline modestly QoQ, less than typical seasonality; systems revenue is expected to decline due to deployment timing and inventory drawdown.

• Q4 gross margin is expected to rise sequentially, driven by M800 mix and high-margin specialty ICs; operating expense is expected to increase QoQ.

• Elevated backend-throughput investment is planned for at least two quarters; capital expenditures are expected to step up in Q1 2027.