IMPINJ INC Leases Disclosure
Note 11. Leases
The following table presents the components of lease expense in our consolidated statements of operations for the periods presented (in thousands):
|
Year Ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Operating lease costs(1) |
|
|
|
|
|
|
|
|
|||
Single lease costs |
$ |
3,520 |
|
|
$ |
3,394 |
|
|
$ |
3,486 |
|
Variable lease costs |
|
1,431 |
|
|
|
1,367 |
|
|
|
1,280 |
|
Sublease income |
|
— |
|
|
|
— |
|
|
|
(165 |
) |
Total operating lease costs |
$ |
4,951 |
|
|
$ |
4,761 |
|
|
$ |
4,601 |
|
(1) Includes short-term lease costs, which are immaterial. |
|
||||||||||
The following table presents supplemental cash flow information related to operating leases for the periods presented (in thousands):
|
Year Ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
|
|
|||
Operating cash flows used |
$ |
3,652 |
|
|
$ |
4,060 |
|
|
$ |
4,233 |
|
The following table presents weighted-average remaining lease term and weighted-average discount rate related to operating leases as of:
|
2025 |
|
|
2024 |
|
||
Weighted-average remaining lease term (years) |
|
11.0 |
|
|
|
2.8 |
|
Weighted-average discount rate |
|
7.5 |
% |
|
|
6.9 |
% |
The following table presents future lease payments under operating leases as of December 31, 2025 (in thousands):
|
|
Operating Leases |
|
|
|
|
Lease Payments |
|
|
2026 |
|
$ |
2,878 |
|
2027 |
|
|
3,894 |
|
2028 |
|
|
3,828 |
|
2029 |
|
|
3,786 |
|
2030 |
|
|
3,279 |
|
Thereafter |
|
|
25,611 |
|
Total lease payments |
|
$ |
43,276 |
|
Less: Imputed interest |
|
|
(15,272 |
) |
Less: Tenant improvement receivable |
|
|
(4,692 |
) |
Present value of lease liabilities |
|
|
23,312 |
|
Less: Current portion of lease liabilities |
|
|
776 |
|
Lease liabilities, net of current portion |
|
$ |
22,536 |
|
As of December 31, 2025, we have excluded from the table above an additional operating lease that has not yet commenced with aggregate rent payments of $2.2 million. This operating lease will commence in 2026 with a lease term of approximately 12 years.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 9, 2026 | Showing above |
| 2024 | Feb 10, 2025 | |
| 2023 | Feb 12, 2024 | |
| 2022 | Feb 13, 2023 | |
| 2021 | Feb 14, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Mar 2, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.