IMPINJ INC

Listed Company

PICIK 0001114995NasdaqLarge AcceleratedElectronic Components, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$361.07M

Net Income

$-10.85M

Total Assets

$545.19M

Equity

$209.23M

Shares Out

30.46M

Op. Cash Flow

$58.75M

Business

IMPINJ INC designs and sells a platform that enables wireless item-to-cloud connectivity for enterprise item visibility and IoT solutions. Its main products and services include endpoint and reader RAIN silicon ICs, finished readers and gateways, manufacturing/test/encoding systems, software, cloud services and test-and-measurement solutions. The company operates key business segments covering endpoint ICs, reader ICs, readers and gateways, systems and solutions, and test and measurement. It distributes globally primarily through a partner ecosystem of OEMs, ODMs, tag service bureaus, distributors, systems integrators, VARs and ISVs, and directly to select inlay and enterprise customers.

Summary from filing dated 2025-02-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	361	366	308	258	190
Cost of revenue	171	177	156	120	91
Gross profit	190	189	152	138	99
Research and development	103	99	89	74	64
Sales and marketing	37	41	41	38	34
General and administrative	49	52	61	45	36
Amortization of intangibles	2	3	5	0	—
Restructuring costs	0	2	0	−102,000	2
Total operating expenses	190	196	195	157	136
Loss from operations	−737,000	−7	−43	−19	−37
Other income, net	9	8	5	3	25,000
Income from settlement of litigation	0	45	0	—	—
Induced conversion expense	−15	0	0	−2	−11
Interest expense	−4	−5	−5	−5	−3
Income (loss) before income taxes	−11	41	−44	−24	−51
Income tax benefit (expense)	69,000	−157,000	322,000	−184,000	−153,000
Net income (loss)	−11	41	−43	−24	−51
Net income (loss) per share - basic	−0.37	1.46	−1.62	−0.95	−2.12
Net income (loss) per share - diluted	−0.37	1.39	−1.62	−0.95	−2.12
Weighted-average shares outstanding - basic	29	28	27	26	24
Weighted-average shares outstanding - diluted	29	29	27	26	24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	48	46	95	20	124
Short-term investments	127	119	18	154	69
Accounts receivable, net	71	57	55	50	35
Inventory	85	99	97	46	22
Prepaid expenses and other current assets	8	6	4	5	5
Total current assets	339	326	270	275	256
Long-term investments	104	75	—	19	14
Property and equipment, net	50	51	45	39	28
Intangible assets, net	10	10	14	—	—
Operating lease right-of-use assets	21	7	10	10	12
Other non-current assets	795,000	1	1	2	2
Goodwill	21	19	20	4	4
Total assets	545	489	359	350	316
Accounts payable	14	17	9	25	12
Accrued compensation and employee related benefits	10	22	9	9	6
Accrued and other current liabilities	4	3	9	3	3
Current portion of operating lease liabilities	776,000	4	3	3	4
Current portion of long-term debt	97	283	—	—	10
Current portion of deferred revenue	2	2	2	2	558,000
Total current liabilities	127	331	31	42	36
Long-term debt	184	—	282	280	279
Operating lease liabilities, net of current portion	23	6	9	11	12
Deferred tax liabilities, net	2	2	3	118,000	—
Deferred revenue, net of current portion	690,000	120,000	272,000	349,000	236,000
Total liabilities	336	339	325	334	327
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock, $0.001 par value - 5,000 shares authorized, no shares issued and outstanding at December 31, 2025 and 2024	—	—	—	—	—
Common stock, $0.001 par value - 495,000 shares authorized, 30,222 and 28,504 shares issued and outstanding at December 31, 2025 and 2024, respectively	30,000	29,000	27,000	26,000	25,000
Additional paid-in capital	607	541	464	404	351
Accumulated other comprehensive income (loss)	3	−2	355,000	−1	−39,000
Accumulated deficit	−400	−389	−430	−387	−362
Total stockholders' equity	209	150	34	16	−11
Total liabilities and stockholders' equity	545	489	359	350	316

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	15	14	14	6	5
Stock-based compensation	55	57	48	42	40
Restructuring equity modification expense	—	366,000	—	—	—
Accretion of discount or amortization of premium on investments	−2	−1	−2	−233,000	896,000
Amortization of debt issuance costs	2	2	2	2	568,000
Deferred tax expense	−396,000	−567,000	−931,000	6,000	8,000
Revaluation of acquisition-related contingent consideration liability	—	986,000	2	—	—
Accounts receivable	−14	−2	−4	−15	−10
Inventory	14	−2	−50	−24	14
Prepaid expenses and other assets	−727,000	227,000	2	852,000	−770,000
Accounts payable	−3	9	−12	7	2
Accrued compensation and employee related benefits	−13	14	−1	3	836,000
Accrued and other liabilities	984,000	244,000	−591,000	−215,000	987,000
Acquisition-related contingent consideration liability	—	−3	—	—	—
Operating lease right-of-use assets	3	3	3	3	3
Operating lease liabilities	−3	−3	−3	−4	−4
Deferred revenue	373,000	48,000	−2	2	−6
Net cash provided by (used in) operating activities	59	128	−49	641,000	6
Purchases of investments	−203	−202	—	−206	−84
Proceeds from sales of investments	13	—	13	—	—
Proceeds from maturities of investments	155	27	144	115	82
Proceeds from sale of property and equipment	—	—	234,000	279,000	—
Purchases of intangible assets	—	—	−250,000	—	—
Purchases of property and equipment	−13	−17	−19	−12	−16
Business acquisitions, net of cash acquired	—	—	−23	—	—
Net cash provided by (used in) investing activities	−48	−193	116	−103	−19
Proceeds from issuance of 2021 Notes, net of issuance costs	184	—	—	—	—
Payment of 2021 Notes	−190	—	—	−18	—
Proceeds from exercise of stock options and employee stock purchase plan	12	20	9	15	18
Payments of taxes on restricted stock units	−3	—	—	—	—
Payment of acquisition-related contingent consideration	—	−5	—	—	—
Net cash provided by (used in) financing activities	−9	16	9	−2	112
Effect of exchange rate changes on cash and cash equivalents	350,000	−159,000	34,000	—	—
Net increase (decrease) in cash and cash equivalents	2	−49	75	−104	100
Cash paid for interest	3	3	3	3	2
Purchases of property and equipment not yet paid	450,000	763,000	1	6	417,000
Lease liabilities arising from obtaining ROU assets	17	—	1	—	—
26,396 shares of common stock issued for Voyantic Oy acquisition	—	—	4	—	—
Acquisition-related contingent consideration liability	—	—	6	—	—

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