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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...

Business Wire

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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