IMPINJ INC Segments Disclosure
Note 14. Segment Reporting
We have one reportable and operating segment: the development and sale of our products and services. We identified our reportable segment based on how our chief operating decision-maker, or CODM, manages our business, makes operating decisions and evaluates our operating performance. Our chief executive officer acts as the CODM and reviews financial and operational information on an entity-wide basis. We have one business activity and there are no segment managers who are held accountable for operations, operating results or plans for plans at components. Accordingly, we have determined that we have a single reporting segment and operating unit structure.
Information by Revenue Categories
Our chief executive officer reviews information about our revenue categories, endpoint ICs, including licensing of intellectual property, and systems, the latter defined as reader ICs, readers, gateways, tag production systems and software. The following table presents our revenue categories for the indicated periods (in thousands):
|
Year Ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Endpoint ICs |
$ |
299,806 |
|
|
$ |
305,915 |
|
|
$ |
234,426 |
|
Systems |
|
61,269 |
|
|
|
60,172 |
|
|
|
73,113 |
|
Total revenue |
$ |
361,075 |
|
|
$ |
366,087 |
|
|
$ |
307,539 |
|
Information by Geography
The following table summarizes our long-lived assets, comprising property and equipment, less accumulated depreciation (in thousands):
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
||
United States |
|
$ |
13,389 |
|
|
$ |
13,255 |
|
Malaysia |
|
|
6,770 |
|
|
|
9,221 |
|
Taiwan |
|
|
24,909 |
|
|
|
20,541 |
|
Others |
|
|
5,222 |
|
|
|
7,593 |
|
Total |
|
$ |
50,290 |
|
|
$ |
50,610 |
|
Our geographic revenue in the following table is based on the location of the VARs, inlay manufacturers, reader OEMs, distributors or end users who purchased products and services directly from us. For sales to our resellers and distributors, their location may be different from the locations of the ultimate end users. The following table presents our sales by geography for the indicated periods (in thousands):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Americas |
|
$ |
124,944 |
|
|
$ |
110,155 |
|
|
$ |
96,418 |
|
Asia Pacific |
|
|
209,927 |
|
|
|
209,538 |
|
|
|
176,409 |
|
Europe, Middle East and Africa |
|
|
26,204 |
|
|
|
46,394 |
|
|
|
34,712 |
|
Total revenue |
|
$ |
361,075 |
|
|
$ |
366,087 |
|
|
$ |
307,539 |
|
Total revenue in the United States, which is included in the Americas, was $75.1 million, $82.9 million and $86.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. Total revenue in Mexico, which is included in Americas, was $41.3 million for the year ended December 31, 2025. Total revenue in China (and Hong Kong), which is included in Asia Pacific, was $159.2 million, $162.7 million and $128.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. No sales to countries other than the United States, Mexico and China accounted for more than 10% of revenue for the years ended December 31, 2025, 2024 and 2023.
Significant Segment Expenses
As our CODM manages operations on a consolidated basis, consolidated net income as reported in our Statement of Operations is the US GAAP measure that is used to make operating decisions and evaluate operating performance. The significant expense categories which are used to manage operations are those reflected in our consolidated Statement of Operations.
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 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 15, 2018 | |
| 2016 | Mar 3, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.