Impinj Reports Fourth Quarter and Full Year 2023 Financial Results
Impinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and Internet of Things pioneer, today released its financial results for the fourth quarter and year ended December 31, 2023. “2023 was anothe...
SEATTLE: Impinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and Internet of Things pioneer, today released its financial results for the fourth quarter and year ended December 31, 2023.
“2023 was another year of solid growth despite market headwinds, with annual revenue crossing the $300 million threshold for the first time,” said Chris Diorio, Impinj co-founder and CEO. “We delivered four quarters of positive adjusted EBITDA, successfully defended our intellectual property and introduced market-leading new products. As we continue driving our bold vision to connect every item in our everyday world, we remain confident in our market position and energized by the opportunities ahead.”
Fourth Quarter 2023 Financial Summary
- Revenue of $70.7 million
- GAAP gross margin of 47.9%; non-GAAP gross margin of 50.9%
- GAAP net loss of $15.2 million, or loss of $0.56 per diluted share using 27.1 million shares
- Adjusted EBITDA of $3.0 million
- Non-GAAP net income of $2.5 million, or income of $0.09 per diluted share using 28.3 million shares
Full Year 2023 Financial Summary
- Revenue of $307.5 million
- GAAP gross margin of 49.4%; non-GAAP gross margin of 51.9%
- GAAP net loss of $43.4 million, or loss of $1.62 per diluted share using 26.8 million shares
- Adjusted EBITDA of $21.8 million
- Non-GAAP net income of $19.8 million, or income of $0.70 per diluted share using 28.4 million shares
A reconciliation between GAAP and non-GAAP information is contained in the tables below. Additionally, descriptions of these non-GAAP financial measures are provided in the “Non-GAAP Financial Measures” sections below.
First Quarter 2024 Financial Outlook
Impinj provides guidance based on current market conditions and expectations; actual results may differ materially. Please refer to the comments below regarding forward-looking statements. The following table presents Impinj’s financial outlook for the first quarter of 2024 (in millions, except per share data):
|
| Three Months Ending |
|
| March 31, 2024 |
Revenue |
| $72.0 to $75.0 |
GAAP Net loss |
| ($16.0) to ($14.5) |
Adjusted EBITDA income |
| $3.0 to $4.5 |
GAAP Weighted-average shares — basic and diluted |
| 27.20 to 27.40 |
GAAP Net loss per share — basic and diluted |
| ($0.59) to ($0.53) |
Non-GAAP Net income |
| $2.2 to $3.7 |
Non-GAAP Weighted-average shares — basic |
| 27.20 to 27.40 |
Non-GAAP Weighted-average shares — diluted |
| 28.40 to 28.60 |
Non-GAAP Net income per share — basic |
| $0.08 to $0.14 |
Non-GAAP Net income per share — diluted |
| $0.08 to $0.13 |
A reconciliation between GAAP and non-GAAP financial measures is provided in the "Non-GAAP Financial Measures" section below.
Conference Call Information
Impinj will host a conference call today, February 8, 2024 at 5:00 p.m. ET / 2:00 p.m. PT to discuss its fourth-quarter and full-year 2023 results, as well as its outlook for its first-quarter 2024. Interested parties may access the call by dialing +1-412-317-1863. A live webcast and replay will also be available on the company’s website at investor.impinj.com. Following the call, a telephonic replay will be available for five business days and may be accessed by dialing +1-412-317-0088 and entering passcode 4299421.
Management’s prepared written remarks, along with quarterly financial data, will be made available on the Impinj’s website at investor.impinj.com along with this release.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our strategy, investment plans and prospects, statements regarding conditions in the markets in which we compete as well as the broader economy, and our financial guidance and considerations for the first quarter of 2024 and future periods.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance.
The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update this information unless required by law.
About Impinj
Impinj (NASDAQ: PI) helps businesses and people analyze, optimize, and innovate by wirelessly connecting billions of everyday things — such as apparel, automobile parts, luggage, and shipments — to the Internet. The Impinj platform uses RAIN RFID to deliver timely data about these everyday things to business and consumer applications, enabling a boundless Internet of Things. www.impinj.com
Impinj is a registered trademark of Impinj, Inc. All other trademarks are the property of their owners.
IMPINJ, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value, unaudited) | |||||||
| December 31, 2023 |
| December 31, 2022 | ||||
Assets: |
|
|
| ||||
Current assets: |
|
|
| ||||
Cash and cash equivalents | $ | 94,793 |
|
| $ | 19,597 |
|
Short-term investments |
| 18,440 |
|
|
| 154,148 |
|
Accounts receivable, net |
| 54,919 |
|
|
| 49,996 |
|
Inventory |
| 97,172 |
|
|
| 46,397 |
|
Prepaid expenses and other current assets |
| 4,372 |
|
|
| 5,032 |
|
Total current assets |
| 269,696 |
|
|
| 275,170 |
|
Long-term investments |
| — |
|
|
| 19,200 |
|
Property and equipment, net |
| 44,891 |
|
|
| 39,027 |
|
Intangible assets, net |
| 13,913 |
|
|
| — |
|
Operating lease right-of-use assets |
| 9,735 |
|
|
| 10,490 |
|
Other non-current assets |
| 1,478 |
|
|
| 1,969 |
|
Goodwill |
| 19,696 |
|
|
| 3,881 |
|
Total assets | $ | 359,409 |
|
| $ | 349,737 |
|
Liabilities and stockholders' equity: |
|
|
| ||||
Current liabilities: |
|
|
| ||||
Accounts payable | $ | 8,661 |
|
| $ | 25,024 |
|
Accrued compensation and employee related benefits |
| 8,519 |
|
|
| 9,048 |
|
Accrued and other current liabilities |
| 8,614 |
|
|
| 2,925 |
|
Current portion of operating lease liabilities |
| 3,373 |
|
|
| 3,122 |
|
Current portion of deferred revenue |
| 1,713 |
|
|
| 2,250 |
|
Total current liabilities |
| 30,880 |
|
|
| 42,369 |
|
Long-term debt |
| 281,855 |
|
|
| 280,244 |
|
Operating lease liabilities, net of current portion |
| 9,360 |
|
|
| 11,066 |
|
Deferred tax liabilities, net |
| 2,911 |
|
|
| 118 |
|
Deferred revenue, net of current portion |
| 272 |
|
|
| 349 |
|
Total liabilities |
| 325,278 |
|
|
| 334,146 |
|
Stockholders' equity: |
|
|
| ||||
Common stock, $0.001 par value |
| 27 |
|
|
| 26 |
|
Additional paid-in capital |
| 463,900 |
|
|
| 403,599 |
|
Accumulated other comprehensive income (loss) |
| 355 |
|
|
| (1,249 | ) |
Accumulated deficit |
| (430,151 | ) |
|
| (386,785 | ) |
Total stockholders' equity |
| 34,131 |
|
|
| 15,591 |
|
Total liabilities and stockholders' equity | $ | 359,409 |
|
| $ | 349,737 |
|
|
|
|
| ||||
| |||||||
IMPINJ, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data, unaudited) | |||||||||||||||||
|
| Three Months Ended |
| Year Ended | |||||||||||||
|
| December 31, |
| December 31, | |||||||||||||
|
| 2023 |
|
| 2022 |
|
| 2023 |
|
| 2022 |
|
| ||||
Revenue |
| $ | 70,651 |
|
| $ | 76,590 |
|
| $ | 307,539 |
|
| $ | 257,800 |
|
|
Cost of revenue |
|
| 36,781 |
|
|
| 36,422 |
|
|
| 155,557 |
|
|
| 119,916 |
|
|
Gross profit |
|
| 33,870 |
|
|
| 40,168 |
|
|
| 151,982 |
|
|
| 137,884 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
| ||||||||
Research and development |
|
| 21,136 |
|
|
| 18,982 |
|
|
| 88,562 |
|
|
| 74,106 |
|
|
Sales and marketing |
|
| 10,445 |
|
|
| 9,655 |
|
|
| 41,123 |
|
|
| 37,894 |
|
|
General and administrative |
|
| 15,730 |
|
|
| 11,577 |
|
|
| 60,828 |
|
|
| 45,465 |
|
|
Amortization of intangibles |
|
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