▾ G11 Media Network: | ChannelCity | ImpresaCity | SecurityOpenLab | Italian Channel Awards | Italian Project Awards | Italian Security Awards | ...
InnovationOpenLab

Impinj Reports Fourth Quarter and Full Year 2024 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, 2024. “In 2024, we del...

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, 2024.

“In 2024, we delivered strong financial results, successfully resolved our patent litigation and delivered market-leading products and innovations,” said Chris Diorio, Impinj co-founder and CEO. “Looking forward, we see first-quarter headwinds but intend to press our competitive advantages and emerge a stronger company.”

Fourth Quarter 2024 Financial Summary

  • Revenue of $91.6 million
  • GAAP gross margin of 50.5%; non-GAAP gross margin of 53.1%
  • GAAP net loss of $2.7 million, or loss of $0.09 per diluted share using 28.4 million shares
  • Adjusted EBITDA of $15.0 million
  • Non-GAAP net income of $14.5 million, or income of $0.48 per diluted share using 32.5 million shares

Full Year 2024 Financial Summary

  • Revenue of $366.1 million
  • GAAP gross margin of 51.6%; non-GAAP gross margin of 54.0%
  • GAAP net income of $40.8 million, or income of $1.39 per diluted share using 29.5 million shares
  • Adjusted EBITDA of $65.9 million
  • Non-GAAP net income of $62.9 million, or income of $2.11 per diluted share using 32.1 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 2025 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 2025 (in millions, except per share data):

 

 

Three Months Ending

 

 

March 31, 2025

Revenue

 

$70.0 to $73.0

GAAP Net loss

 

($16.8) to ($15.3)

Adjusted EBITDA income

 

$1.1 to $2.6

GAAP Weighted-average shares — basic and diluted

 

28.6 to 28.8

GAAP Net loss per share — basic and diluted

 

($0.59) to ($0.53)

Non-GAAP Net income

 

$1.7 to $3.2

Non-GAAP Weighted-average shares — diluted

 

30.1 to 30.3

Non-GAAP Net income per share — diluted

 

$0.06 to $0.11

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 and webcast to discuss its fourth-quarter and full-year 2024 results and first-quarter 2025 outlook today, February 5, 2025 at 5:00 p.m. ET / 2:00 p.m. PT. 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 4138753.

Management’s prepared written remarks, along with quarterly financial data, will be made available on 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 2025 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, 2024

 

December 31, 2023

Assets:

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

46,053

 

 

$

94,793

 

Short-term investments

 

118,661

 

 

 

18,440

 

Accounts receivable, net

 

56,802

 

 

 

54,919

 

Inventory

 

99,346

 

 

 

97,172

 

Prepaid expenses and other current assets

 

5,536

 

 

 

4,372

 

Total current assets

 

326,398

 

 

 

269,696

 

Long-term investments

 

74,871

 

 

 

 

Property and equipment, net

 

50,610

 

 

 

44,891

 

Intangible assets, net

 

10,291

 

 

 

13,913

 

Operating lease right-of-use assets

 

7,142

 

 

 

9,735

 

Other non-current assets

 

1,045

 

 

 

1,478

 

Goodwill

 

18,723

 

 

 

19,696

 

Total assets

$

489,080

 

 

$

359,409

 

Liabilities and stockholders' equity:

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

17,254

 

 

$

8,661

 

Accrued compensation and employee related benefits

 

22,309

 

 

 

8,519

 

Accrued and other current liabilities

 

2,684

 

 

 

8,614

 

Current portion of operating lease liabilities

 

3,589

 

 

 

3,373

 

Current portion of long-term debt

 

283,493

 

 

 

 

Current portion of deferred revenue

 

1,848

 

 

 

1,713

 

Total current liabilities

 

331,177

 

 

 

30,880

 

Long-term debt

 

 

 

 

281,855

 

Operating lease liabilities, net of current portion

 

5,719

 

 

 

9,360

 

Deferred tax liabilities, net

 

2,200

 

 

 

2,911

 

Deferred revenue, net of current portion

 

120

 

 

 

272

 

Total liabilities

 

339,216

 

 

 

325,278

 

Stockholders' equity:

 

 

 

Common stock, $0.001 par value

 

29

 

 

 

27

 

Additional paid-in capital

 

541,090

 

 

 

463,900

 

Accumulated other comprehensive income (loss)

 

(1,942

)

 

 

355

 

Accumulated deficit

 

(389,313

)

 

 

(430,151

)

Total stockholders' equity

 

149,864

 

 

 

34,131

 

Total liabilities and stockholders' equity

$

489,080

 

 

$

359,409

 

 

 

 

 

IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

$

91,569

 

 

$

70,651

 

 

$

366,087

 

 

$

307,539

 

Cost of revenue

 

 

45,347

 

 

 

36,781

 

 

 

177,232

 

 

 

155,557

 

Gross profit

 

 

46,222

 

 

 

33,870

 

 

 

188,855

 

 

 

151,982

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

 

25,894

 

 

 

21,136

 

 

 

98,829

 

 

 

88,562

 

Sales and marketing

 

 

10,688

 

 

 

10,445

 

 

 

40,579

 

 

 

41,123

 

General and administrative

 

 

12,762

 

 

 

15,730

 

 

 

51,802

 

 

 

60,828

 

Amortization of intangibles

 

 

491

 

 

 

1,398

 

 

If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter.

Related news

Last News

RSA at Cybertech Europe 2024

Alaa Abdul Nabi, Vice President, Sales International at RSA presents the innovations the vendor brings to Cybertech as part of a passwordless vision for…

Italian Security Awards 2024: G11 Media honours the best of Italian cybersecurity

G11 Media's SecurityOpenLab magazine rewards excellence in cybersecurity: the best vendors based on user votes

How Austria is making its AI ecosystem grow

Always keeping an European perspective, Austria has developed a thriving AI ecosystem that now can attract talents and companies from other countries

Sparkle and Telsy test Quantum Key Distribution in practice

Successfully completing a Proof of Concept implementation in Athens, the two Italian companies prove that QKD can be easily implemented also in pre-existing…

Most read

Morning Walk Finds Its Stride as Mid-Market Brands Embrace Performance…

Morning Walk, the modern performance branding company known for building brands while driving scalable business results, announced today a surge in growth…

Dassault Systèmes and Airbus Extend Strategic Partnership to Use Virtual…

#3DEXPERIENCE--Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) and Airbus have extended their long-term strategic partnership, putting the 3DEXPERIENCE…

CORRECTING and REPLACING Saviynt Hires Identity Veteran Roger Hsu to Accelerate…

Headline of release issued April 22, 2025, at 9:30 p.m. PT/April 23, 2025, at 12:30 a.m. ET should read: Saviynt Hires Identity Veteran Roger Hsu to Accelerate…

AppViewX Expert to Present Session on Achieving Crypto-Agility for the…

#CLM--AppViewX, a leader in automated certificate lifecycle management (CLM) and public key infrastructure (PKI) solutions, will take the stage at BSidesSF…