PI at Canaccord notes - 8/12/21
Fireside chat with CEO Chris. FWIW, he's about half the reason I'm in the stock, he's brilliant and I'd strongly suggest listening to this one.
- Delta was the early adopter for tagging bags using Impinj's ICs. Their successful deployment led the IATA(130 member airline trade group) to adopt RAIN as their future standard. He believes deployment across the industry would have already been in progress in earnest if not for Covid.
- The E710 is their new reader IC that was introduced along with the M700 IC and R700 reader. They had 17 reader partners launch alongside the R700 using the E710.
- Very interesting data on the new RF design team. About 20 people, several PHDs, about half have Masters. It will significantly increase their timelines for IC designs. It sounds like they were hired as a team and all have experience in the industry, ie all came from someone else, but that wasn't clear.
- Highlighted how the giants, the large industry players, are leading the new use case deployments in logistics, self checkout, loss prevention, Delta listed above, and even made some comments about food. He compared it to how three leading retailers adopted RFID in the 2010-2011 timeframe and this led to an inflection in the retail industry. A recent Accenture report said 94% of retailers have deployed, are deploying, or are piloting RAIN. A rough guess is the addressable market is 15B/80B penetrated, so the 94% figure would indicate the other 65B could come quickly.
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