Silicon Investor - Impinj, Inc.

[Soumaila] This has a little more info on the R700 and at least mentions its use in retail ...

Soumaila — 4/20/2026 9:44:49 PM

This has a little more info on the R700 and at least mentions its use in retail along with the logistics focus of the press release. rfidjournal.com

[Soumaila] While nothing new in that UPS is deployed/deploying, there is spending in this a...

Soumaila — 4/17/2026 5:25:30 AM

While nothing new in that UPS is deployed/deploying, there is spending in this announcement. Not clear how much but the placing of readers in the middle mile is an expansion of the capabilities of the UPS network and should include reader revenue. The timing here with the R700 announcement probably not a coincidence.

The company plans to add the sensors to its middle-mile sortation facilities beginning later this year, according to a report from The Wall Street Journal.

Here is the official press release from UPS

about.ups.com

[Cooters] Upgraded Impinj R700 Reader Delivers Enterprise-Grade Edge Intelligence for Auto...

Cooters — 4/16/2026 2:31:27 PM

Upgraded Impinj R700 Reader Delivers Enterprise-Grade Edge Intelligence for Autonomous Reading Solutions

Upgraded Impinj R700 Reader Delivers Enterprise-Grade Edge Intelligence for Autonomous Reading Solutions

[Cooters] There have been quite a few articles out this week on the UPS RFID rollout. Noth...

Cooters — 4/16/2026 9:48:37 AM

There have been quite a few articles out this week on the UPS RFID rollout. Nothing we don't know but I can't imagine it doesn't pressure other parcel delivery companies to follow suit.

Example:

UPS Rolls Out RFID Tracking to Improve Delivery Accuracy, WSJ Reports

[waitwatchwander] Qualcomm's future runs well beyond anything Apple these days. It's the next App...

waitwatchwander — 4/5/2026 1:16:54 PM

Qualcomm's future runs well beyond anything Apple these days.

It's the next Apple that worries me but they always do seem to learn ... eventually.

Analysts not so much

[Soumaila] RAIN Alliance finally published the 2025 RFID data. therainalliance.org Clearly...

Soumaila — 4/5/2026 11:46:02 AM

RAIN Alliance finally published the 2025 RFID data. therainalliance.org

Clearly a difficult year with overall RAIN shipments dropping to 42.7M.

RFID market (shipments):

2024: 52.8B tag chips (record year)
2025: 42.7B tag chips
˜ -19% YoY decline

Impinj performance:

Endpoint IC volumes grew ~9% YoY

Impact on market share:

PI gained significant share in a sharply declining market
Ready for a recovery if the macro and geopolitics would calm down
- meaningful competitor displacement
- strong product/positioning advantage (M800, Gen2X)
- outsized leverage into recovery

[Soumaila] From FedEx earnings transcript. They do not discuss RFID but play up Network 2.0...

Soumaila — 3/20/2026 9:56:36 AM

From FedEx earnings transcript. They do not discuss RFID but play up Network 2.0, RFID is totally operational to them, they prefer to play up blue tooth and premium services. Connect this with the podcast statements from FedEx, and I am feeling a bit better about the future of the logistics vertical.

Given the strength of our consolidated Q3 results and updated assumptions for Q4, we are raising our FY 2026 adjusted earnings outlook to $19.30-$20.10 per diluted share. Brie and John will detail the outlook assumptions shortly. Revenue share gains in our priority B2B verticals were an important driver of our Q3 performance. Similar to Q2, nearly half our revenue growth were driven by B2B services, an important enabler of increased profitability. Our transformation to one integrated intelligent network is well underway. By the end of this month, about 35% of eligible volume will flow through nearly 400 Network 2.0 optimized facilities. We remain on track for about 65% of our eligible volume to be flowing through Network 2.0 facilities by next peak.

[Soumaila] From Zebra Blog and Podcast: Beyond Barcodes: How FedEx is Solving for Billions ...

Soumaila — 3/19/2026 5:35:58 PM

From Zebra Blog and Podcast: Beyond Barcodes: How FedEx is Solving for Billions of Blind Spots in the Supply Chain, Feb 3, 2026
podcasts.apple.com
This material may be protected by copyright.

There is a transcript also if you prefer to read it.

[Soumaila] PI cleaning up the balance sheet. finance.yahoo.com

Soumaila — 3/16/2026 5:40:09 PM

[waitwatchwander] Apparel is not fancied much these days ... share.google Accumulation opportunit...

waitwatchwander — 3/16/2026 2:32:57 PM

Apparel is not fancied much these days ... share.google

Accumulation opportunities here seem long lived.

[Soumaila] Roth Capital maintained and lowered from 220 to 180. Based on the lowers after...

Soumaila — 3/16/2026 2:25:55 PM

Roth Capital maintained and lowered from 220 to 180.

Based on the lowers after the third investor conference where they could have spoken with PI to glean how the quarter is progressing.

News was not terrible, but not great either. Possible read is further digestion of the channel inventory and rebound for apparel. The fact the did not pull an Evercore on and downgrade and cut their target massively suggest they still believe in PI's promise, just it might be pushed out a bit.

I will say both came in significantly above the current price, which suggests growth will return.

[Cooters] Barclays maintains Overweight(buy) and lowers target to 169 from 175, this morni...

Cooters — 3/16/2026 11:53:38 AM

Barclays maintains Overweight(buy) and lowers target to 169 from 175, this morning.

[waitwatchwander] Sports Direct is a significant JD Sports competitor and guess what ... share.go...

waitwatchwander — 3/12/2026 8:36:07 PM

Sports Direct is a significant JD Sports competitor and guess what ...

share.google

JD is twice the size but focuses upon more premium (lower volume) lines.

share.google

I suspect where one finds one, one also finds the other.

[Soumaila] Checkpoint is rolling out JD sports. They are actually pretty large, if it expan...

Soumaila — 3/12/2026 7:29:32 PM

Checkpoint is rolling out JD sports. They are actually pretty large, if it expands beyond Europe. One other interesting bit is the Checkpoint referring to SaaS. My guess is there is enough room for PI to compete with their partners in the SaaS space.

rfidjournal.com

[Cooters] They are presenting at Cantor today, but haven't webcast the last 3.

Cooters — 3/11/2026 11:39:24 AM

[Soumaila] impinj.com

Soumaila — 2/26/2026 4:34:27 PM

[Cooters] I can't argue with the comments on business volatility and inventory cycles. Not...

Cooters — 2/6/2026 10:36:42 AM

I can't argue with the comments on business volatility and inventory cycles. Not on board with all of 2026 being a down year. That would be disappointing. They have 3 presentations coming up hopefully they can explain things a little better.
Coot

[Selectric II] PI's website says Chris Diorio is an "affiliate" college professor. I wonder ho...

Selectric II — 2/6/2026 10:28:37 AM

PI's website says Chris Diorio is an "affiliate" college professor. I wonder how he evaluates students who consistently miss deadlines and ask for extensions.

It also says he has the "biggest smile" on his face when he's racing his race car. How would he react if Impinj's earnings blew out everyone's expectations?

Impressive resume.

Chris Diorio

Chief Executive Officer, Vice Chair, and Co-Founder

Chris is the CEO, vice chair, and co-founder at Impinj and an affiliate professor at the University of Washington. Passionate about technology, Chris is a leading pioneer of RAIN RFID who spearheaded the development of the RAIN RFID radio standard and cofounded the RAIN Alliance. He has more than 200 issued patents, 69 scholarly publications, and has received numerous awards including EY Entrepreneur Of The Year Pacific Northwest, Geekwire CEO of the Year, EE Times/EDN Innovator of the Year, AIM Global Ted Williams Award, RFID Journal Special Achievement Award, and the IEEE Paul Rappaport Award. He has also received Packard, Sloan, Presidential, and ONR fellowships. Chris earned his Ph.D. from Caltech and has over 30 years’ experience in computer and radio engineering. A fan of all things fast, Chris has the biggest smile on his face when racing his car around a track.

impinj.com

[Soumaila] I agree. On X Dan is sticking with PI. Long post out this AM

Soumaila — 2/6/2026 9:51:12 AM

[Soumaila] Snips from what I found on Investing.com (that is the source) re Evercore. Perha...

Soumaila — 2/6/2026 9:44:25 AM

Snips from what I found on Investing.com (that is the source) re Evercore. Perhaps change in thesis is the wrong term, but Evercore is not modeling growth for 2026. The stock is priced for growth, it is not growing, the story keeps pushing out if you believe the Evercore model. The TAM is real if PI can deliver on it.

Evercore ISI cited two key concerns in its downgrade rationale: higher volatility in Impinj’s business model than previously assessed and slower near-term growth prospects, with the firm now modeling a 4% revenue decline for calendar year 2026 versus its previous 26% growth projection.

The research firm noted that while it still views Impinj as well-positioned in the RAIN RFID market, which it considers less than 1% penetrated with multi-trillion unit potential, the company faces challenges with supply chain inventory cycles that appear more pronounced than typical semiconductor firms.

Evercore ISI expects Impinj stock to "mark time" until there is improved visibility into near-term growth and more consistent forecasting, adding that while a new large program announcement could serve as a positive catalyst, such an event seems unlikely in the next 6-12 months.

[Selectric II] The quarter and the call were underwhelming. I had that feeling last quarter, t...

Selectric II — 2/6/2026 9:41:22 AM

The quarter and the call were underwhelming. I had that feeling last quarter, too, but decided to give it time. Was unimpressed by management's communications and explanations yesterday, and apparently not alone.

I wonder whether Dan Niles has changed his view. Late last year he thought PI could be '26's best performer, iirc.

[Cooters] Can't believe we have to endure this again. I'll be interested in any thesis cha...

Cooters — 2/6/2026 9:20:36 AM

Can't believe we have to endure this again. I'll be interested in any thesis changes from the analysts, because I didn't hear anything that changed mine.

[Soumaila] Here comes the reset: Evercore, downgrade to in-line, price cut from 273 to 112 ...

Soumaila — 2/6/2026 8:37:57 AM

Here comes the reset:
Evercore, downgrade to in-line, price cut from 273 to 112 (they changed their thesis)
Needham, maintains, price cut 255 to 175

[nicewatch] Impinj (PI) Q4 2025 Earnings Call Transcript My usual source has yet to post so...

nicewatch — 2/5/2026 8:22:58 PM

Impinj (PI) Q4 2025 Earnings Call Transcript

My usual source has yet to post so pasting from here for now. fwiw.

Thursday, February 5, 2026 at 5:00 p.m. ET

CALL PARTICIPANTS
Founder and Chief Executive Officer — Chris Diorio

Chief Financial Officer — Cary Baker

Vice President, Investor Relations — Andy Cobb

Full Conference Call Transcript
Andy Cobb: Thank you, Nick. Good afternoon, and thank you all for joining us to discuss Impinj, Inc.'s fourth quarter and full year 2025 results. On today's call, Chris Diorio, Impinj, Inc.'s founder and CEO, will provide a brief overview of our market opportunity and performance. Cary Baker, Impinj, Inc.'s CFO, will follow with a detailed review of our fourth quarter and full year 2025 financial results and first quarter 2026 outlook. We will then open the call for questions. You can find management's prepared remarks, plus trended financial data on the Investor Relations section of the company's website. We will make statements in this call about financial performance and future expectations that are based on our outlook as of today.

Any such statements are forward-looking under the Private Securities Litigation Reform Act of 1995. Whereas we believe we have a reasonable basis for making these forward-looking statements, our actual results could differ materially because any such statements are subject to risks and uncertainties. We describe these risks and uncertainties in the annual and quarterly reports we file with the SEC. We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements except as required by law. On today's call, all financial metrics, except for revenue, or where we explicitly state otherwise, are non-GAAP. All balance sheet and cash metrics, except for free cash flow, are GAAP.

Please refer to our earnings release for a reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics. Before turning to our results and outlook, note that we will participate in the Barclays 43rd Annual Industrial Select Conference on February 17 in Miami, Susquehanna's 15th Annual Technology Conference on February 26 in New York, and the 2026 Tanner Global Technology and Industrial Growth Conference on March 11, in New York. We look forward to connecting with many of you at those events. I will now turn the call over to Chris.

Chris Diorio: Thank you, Andy. And thank you all for joining the call. 2025 was a tough year for our industry. Tariffs, and tariff-related supply chain whipsaws, inventory reductions at every layer of our retail markets, a downward trend in apparel imports, and protracted general merchandise adoption all weighed heavily on the RAIN market. It was also a transition year for us. We grew year-over-year endpoint IC volumes by 9%, believe we gained endpoint IC market share, made M800 our volume runner, launched Gen2X, and proved it to be a must-have for solution success. We drove Gen2X-enabled solutions at multiple Lighthouse accounts, helped plant the seeds for accelerating food adoption, and exited the year with record adjusted EBITDA and cash.

I am very pleased with how our team rose to meet the challenge. Looking into 2026, we see in the first quarter, a confluence of order timing, ongoing retailer inventory burn-down, product transitions, and a super seasonal systems decline due to project timing, driving revenue lower. Looking just a bit further out, we see conditions improving as endpoint IC volumes rebound, and growth returning as our investments in seeding new opportunities and our solutions focus pay off. Starting with first quarter endpoint ICs, like last year, our second large North American supply chain and logistics end user significantly shifted their label supplier allocations.

Partners that anticipated share gains ordered ahead in the fourth quarter, whereas those with share losses are reducing inventory in the first. Additionally, we are quickly pivoting to a custom-built endpoint IC for that end user which I'll describe shortly, causing a further temporary dip in endpoint IC orders as partners reduce prior product inventory while we ramp volumes of the new IC. Second, we see apparel retailers reducing stock and under-buying demand, impacting our first quarter outlook. And finally, food volumes remain modest in the first quarter. Turning to our expectations as we exit the first quarter, I'll start with that custom endpoint IC.

Think of it as an ASIC, developed with the end user tightly linked to their and our platforms, with added features like label authentication, that solve key business needs, while also eliminating unneeded features. They plan to fully switch to it this year. The EIC also opens new opportunities for them to unlock and for us to participate in new outward-facing customer accounts. Second, we see endpoint IC demand for apparel normalizing as soon as the second quarter. Third, we see general merchandise growing as existing categories add SKUs, and new categories get added. Fourth, we see food rollouts expanding to more stores. And finally, we see our solutions efforts opening major new accounts.

To speed our pivot to solutions, we recently added Chris Hundley as an executive vice president for enterprise solutions. Chris adds significant software and solutions talent to our team. We are also doubling down on Gen2X as a solutions enabler. Added EM Microelectronic as a Gen2X licensee, and are forging close Gen2X partnerships with leading ecosystem players. We not only see Gen2X increasing the performance and feature gap between M800 and its competition, but also see it as an essential toolkit for enterprise solutions. And we have a growing pipeline of solutions opportunities. We expect our solutions efforts to drive endpoint IC volumes and share, reader and reader IC revenue growth, and in time, meaningful software revenue.

And perhaps most importantly, a selling model that focuses on solution value rather than individual components. Of course, even as we pursue solutions, we remain keenly focused on our current products. In retail apparel, multiple new end users are talking openly about RAIN adoption. We are pursuing wins with them as well as further share shifts with existing retailers. In general merchandise, we see 2026 as the year that unlocks key new logos and current use cases, add significant new ones, and drive the IC volume goals. On the competitive front, we see Gen2X driving additional opportunities to us. In food, we see a ramp through 2026 led by bakery with proteins to follow.

And although food volumes remain modest, the opportunity is staggeringly large and we intend to lead and win it. Overall, we see industry endpoint IC volumes rebounding from an uninspiring 2025 as these growth factors layer on with our leading market share driving an outsized portion of those volumes to us. We see our solutions revenue expanding, notably as our Lighthouse end users outperform their peers, and pull us into opportunities. And in all, we expect our focus on hitting solution price points where the ROI pencils out for the end user to pay off handsomely.

Before I turn the call over to Cary for our financial review and first quarter outlook, I'd like to again thank every member of the Impinj, Inc. team for your constant effort driving our bold vision. As always, I feel honored by my incredible good fortune to work with you. Cary?

Cary Baker: Thank you, Chris, and good afternoon, everyone. Fourth quarter revenue was $92.8 million, down 3% sequentially compared with $96.1 million in third quarter 2025, and up 1% year-over-year from $91.6 million in fourth quarter 2024. 2025 revenue was $361.1 million, down 1% year-over-year compared with $366.1 million in 2024. Fourth quarter endpoint IC revenue was $75.2 million, down 5% sequentially compared with $78.8 million in third quarter 2025 and up 2% year-over-year from $74.1 million in fourth quarter 2024. Endpoint IC revenue slightly exceeded our expectations driven by Pern's orders. M800 was the volume runner with unit volumes increasing sequentially. 2025 endpoint IC revenue declined 2% year-over-year driven by the factors Chris already noted.

Looking to first quarter, we expect endpoint IC revenue to decline sequentially at a high teens percentage rate driven primarily by supply chain and logistics channel inventory reductions, retail weakness, and to a lesser extent by annual endpoint IC price reductions. Fourth quarter systems revenue was $17.7 million, up 2% sequentially compared with $17.3 million in third quarter 2025, and up 1% year-over-year from $17.5 million in fourth quarter 2024. Systems revenue exceeded our expectations driven by NRE revenue, while reader and gateway revenue and reader IC revenue declined as anticipated. 2025 systems revenue grew 2% year-over-year with reader and gateway growth more than offsetting declines in both reader ICs and test and measurement solutions.

Looking to first quarter, we expect systems revenue to decline more than seasonally, primarily due to project timing at our enterprise customers. Fourth quarter gross margin was 54.5%, compared with 53% in third quarter 2025 and 53.1% in fourth quarter 2024. The year-over-year increase was driven by higher endpoint IC direct margins, specifically from a richer mix of M800. The quarter-over-quarter increase was driven primarily by higher systems direct margins, specifically higher NRE revenue, and to a lesser extent, higher endpoint IC direct margins. 2025 gross margin was 55.3%, compared with 54% in 2024 with the increase due primarily to a richer mix of M800 endpoint ICs.

Looking to first quarter, we expect gross margin to decline sequentially driven primarily by lower revenue on fixed cost and annual endpoint IC price reductions. Total fourth quarter operating expense was $34.2 million compared with $31.8 million in third quarter 2025, and $33.6 million in fourth quarter 2024. Research and development expense was $18.6 million. Sales and marketing expense was $8.2 million. General and administrative expense was $7.4 million. 2025 operating expense totaled $130.1 million compared with $131.9 million in 2024. We expect total first quarter 2025 operating expense to increase sequentially, driven primarily by normal seasonal factors. Fourth quarter adjusted EBITDA was $16.4 million compared with $19.1 million in third quarter 2025 and $15 million in fourth quarter 2024.

Fourth quarter adjusted EBITDA margin was 17.7%. 2025 adjusted EBITDA was a record $69.6 million compared with $65.9 million in 2024. 2025 adjusted EBITDA margin was a record 19.3% in line with the long-term model we shared at our 2023 Investor Day. Fourth quarter GAAP net loss was $1.1 million. Fourth quarter non-GAAP net income was $15.6 million or $0.50 per share on a fully diluted basis. 2025 GAAP net loss was $10.8 million. 2025 non-GAAP net income was $64.2 million or $2.11 per share on a fully diluted basis. Turning to the balance sheet.

We ended the fourth quarter with record cash, cash equivalents, and investments of $279.1 million compared with $265.1 million in third quarter 2025 and $239.6 million in fourth quarter 2024. Inventory totaled $85 million, down $7.7 million from the prior quarter. Fourth quarter capital expenditures totaled $1.5 million. Free cash flow was $13.6 million. 2025 capital expenditures totaled $12.9 million. Free cash flow was $45.9 million. Turning to our outlook. We expect first quarter revenue between $71 million and $74 million compared with $74.3 million in first quarter 2025, a year-over-year decrease of 2% at the midpoint. We expect adjusted EBITDA between $1.2 million and $2.7 million.

On the bottom line, we expect non-GAAP net income between $2.5 million and $4 million reflecting non-GAAP fully diluted earnings per share between $0.08 and $0.13. In closing, I want to thank the Impinj, Inc. team, our customers, our suppliers, and you, our investors, for your ongoing support. I will now turn the call to the operator to open the question and answer session. Nick?

Operator: Thank you. We will now begin the question and answer session. To ask a question, you may press star then 1 on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, a courtesy to others, we ask that you limit yourself to one question and one follow-up. You have additional questions, please requeue, and we will take as many questions as time allows. At this time, we will pause momentarily to assemble our roster. And the first question will come from Harsh Kumar with Piper Sandler. Please go ahead.

Harsh Kumar: I wanted to hit upon the first quarter guidance a little bit. I think you're off something like $17 million to $18 million relative to the expectation on the street. I know you've got a shift at EPA. I'm sorry. A shift at your second customer in logistics. And you've also got some sort of a custom chip that you're developing and also seems like some excess inventory. So I was hoping that you could break down for us this miss between the impact from orders from the custom ship and the timing associated with it. Versus how much excess you have. And I'll ask my second question at the same time.

It seems like there's a lot of stuff moving around. You talked about food, sort of moving around, apparel moving around. But then you seem pretty confident that all of this will fix itself fairly fast, like in the second quarter. These are large end markets, and I'm curious what gives you the confidence that this will swing around in a better situation as quickly as the second quarter.

Chris Diorio: Okay. Thank you, Harsh. This is Chris. There's a lot to unpack in this question. I think Cary and I will tag team it here. So I'm going to start by saying that despite the starting points looking the same, we see 2026 very differently from 2025. 2025, we took a competitive lead and held our own, in what was an otherwise pretty tough year. In 2026, we're gonna press that lead in what we believe is shaping up to be a growth year for the reasons that we cited in our prepared remarks.

Relative to those prepared remarks, Cary and I will both go through some of the details on why we see things turning around and actually why I talked about exiting the quarter on an upward swing. Just before I hand over to Cary to add a few points, I will say that custom chip for our second large American supply chain and logistics end user is not just in design. We are currently shipping it. And so it is in production now. Cary, why don't I turn over to you for a bit, and then we can go back and forth?

Cary Baker: Thanks, Chris. First, let me break down the Q1 revenue guide and how we built it. So as I noted, we're expecting endpoint IC revenue to decline sequentially at a high teens percentage. That's primarily on lower volume as our inlay partners supporting our logistics customers burned down a few weeks of inventory. Think of each week of burn-down approximating about $5 million of impact. To a much lesser degree, yearly price reductions and product mix are also impacting our first quarter. We're modeling pricing at a couple million bucks, and the mix impact is smaller than that. There's also some retail weakness that we're factoring through our guide.

Now as we built our guide we wanted to be prudent in doing so. So there's a couple of things to consider in our guidance. First, the January turn orders have been strong. They're already double what Q4 was at the same point in the quarter and they're up more than 50% than they were last January. The second piece I would highlight is that the elevated rescheduling behavior that we saw all of last year has significantly moderated and is approaching a return to normal levels right now.

And then finally, I would add, our endpoint IC business is nearly 100% booked to the midpoint of the guide, despite there being a few weeks left to turn business in the quarter. So Harsh, we'll pause there. Why don't you follow on and we answer your question adequately, or did we leave parts of it open?

Harsh Kumar: No. No. Super helpful. I just wanted to follow-up on the second question that I asked, which was you've got a lot of end markets moving around food, apparel, all of which is getting hit seems like in 1Q, you mentioned. But then you're pretty confident that all of this will turn around. I was curious. Are you just looking at your orders and saying this will turn around for you, or is there something happening within the end markets that is causing the orders to have come in into the 1Q and you're expecting something to happen in the end market to drive that business up?

Chris Diorio: Yeah. So there's no easy answer to your question because the answer depends on the particular aspects of the end markets. In food, as I said in my prepared remarks, we see modest volumes but inexorable growth. And we remain incredibly excited about that food opportunity. We see the number of stores expanding, especially in bakery. And we see opportunities in the food space. In retail apparel, as we said, we see ongoing retailer inventory burn-down. We saw some of it in the latter part of the fourth quarter now that we finally have the data. And we see it continuing in the first quarter.

We expect that inventory burn-down to normalize based on input from the retailers themselves as well as from our partners. And we've seen new accounts coming online. For example, Abercrombie and Fitch, Aritzia, Old Navy, Academy Sports, and others. We see new accounts coming online. And then in the supply chain and logistics space, of course, as Cary noted, we see the inventory burn-down correcting as well as the new IC added volumes to us. So overall, we think we've got good visibility into the end opportunities that you've been you just raised here. And the reasons we feel positive about the situation exiting the quarter is that we see positive news there.

Harsh Kumar: Thank you, you guys.

Chris Diorio: Thank you.

Operator: The next question will come from Blayne Curtis with Jefferies. Please go ahead.

Ezra Weener: Guys. Ezra Weener on for Blayne. Thanks for taking my questions. Just first, wanna make sure I understand this correctly. You said apparel is gonna normalize in Q2. Do you also expect the logistics to normalize in Q2, or do you think that's take a little bit longer?

Chris Diorio: We said that we see apparel overall normalizing as early as the second quarter. We're not going to actually project the actual date. In the supply chain and logistics space, as Cary said just a minute ago and Cary, I'll have you ahead again. We see the inventory correction happening in the first quarter. Cary, anything you'd add there?

Cary Baker: Yeah. Ezra, I would say, you know, we're entering the quarter with a few extra weeks of channel inventory related to supply chain and logistics. We're gonna work very hard to burn that down in Q1. But we know from history that it's difficult to contain a correction to a single quarter, and it may spill over into the second quarter. You'll have to wait for us to give an update as we exit Q1 on how successful we are at burning that inventory down.

Ezra Weener: Got it. And then my follow-up would be in terms of ASIC, talked a little bit about pricing and solutions. Can you talk a little bit about how you view that and that solution for the customer and how you think about kind of pricing and value? Going forward with that?

Chris Diorio: Yes. I'm this is Chris. I'm happy to. You know, we've been focused for a while on understanding end-user problems designing customizations through our platform, that address the customer needs. We did Protected Mode for a visionary European retailer and brought that broadly to market, and it's being used by them and many others. If you think overall of Gen2X, it's the same idea. Custom features that we're broadly to market, and both of them see market success. In this case, you can think of the custom IC as being tailored to the specific needs of that end user. And it is an IC customized for them.

And we see it as not only meeting their critical needs and helping their business go forward, but also giving them the opportunity to drive operational efficiencies across their organization, and for them to expand their prowess in RAIN RFID to win new customer business, including with that IC. So we, as a company, are focused on working directly with those end users and truly enabling them to drive forward with their business and to expand it. And then for us to basically partner with them along the way. So expect us to do more of those kinds of opportunities.

And as we build more and more whole solutions to tie that customized endpoint IC and a radio link that supports it features in our reader ICs into an overall solutions offering more and more and less just an IC offering. So we're early in that stage where we focus on a solution sale rather than an individual IC sale. But expect us to drive in that direction.

Cary Baker: Ezra, this is Cary. The only other thing I would add is we'll price that IC to market.

Ezra Weener: Awesome. Thank you.

Operator: The next question will come from Jim Ricchiuti with Needham and Company. Please go ahead.

Jim Ricchiuti: I just want to follow-up on this. This new chip. Is this for a subset of applications with this customer?

Chris Diorio: No, Jim. It's for all applications with the It's they're gonna switch to that chip. They plan to fully switch to that chip in 2026. Okay. Customized for them, for their needs.

Jim Ricchiuti: Got it. Chris, will this, I don't recall you guys ever going down this path with a customer. What kind of concerns could this customer have about back-end sourcing being able to source the chip from someone other than you just to protect themselves. Wondering, does this have anything to do with the relationship perhaps with EM Microelectronics?

Chris Diorio: Good question and good connecting the dots, Jim. Not far enough along to speak to any possibilities along the about the relationship with EM, but you're thinking in the right direction. Right now, we're focused on delivering to the customer's needs, ensuring they have adequate supply and giving them commitments of supply so they have confidence in this chip and their ability to rely on it. As the future evolves and we do more of these things, and I wanna do more custom shifts because we've got other enterprise customers with key needs that aren't addressed without customizations. We will be looking to ensure for them that they have added support adequate supply of chips.

Labels, reader ICs, and everything else so they can feel confident moving down this path.

Jim Ricchiuti: Got it. One final question. I'll jump back in the queue. You suggested that Integu gain market share in endpoint ICUs. The major competitor has introduced a new chip. And I'm wondering how you're thinking about market share particularly with this new chip that you're introducing, and in a related question, it sounds like this competitor is still talking about a license payment in the June. So, Cary, maybe you could help me out. With is that something we should be thinking about as well for Q2?

Cary Baker: The way some Demotation you should expect the license payment in Q2, Jim. You should expect it.

Chris Diorio: We do. So, yes, we'll get the license payment. To the other part of your question, Jim. You know, we're focused on enabling solutions for enterprise end users. Those solutions are just not a are not just a chip. It's not just a chip and an antenna. It's a chip and an antenna and the AirLink supporting it and the reader IC supporting that and the firmware on the reader IC supporting it, the readers and gateway supporting it and the partnership supporting it and then and then solution software. We're focused on driving the entirety of those pieces to create an enterprise solution. And we firm and you see Gen2X as a key part of that initiative.

And we firmly believe that by delivering whole solutions, and optimizing so that the solution for the end user we can outperform mix and match efforts using competitor products. And that's our focus.

Jim Ricchiuti: Thank you.

Chris Diorio: Thank you.

Operator: The next question will come from Scott Searle with ROTH Capital. Please go ahead.

Scott Searle: Maybe to start, I just wanted to get a couple of clarifications on some of your comments and some of the initial questions. For starters, on the logistics softness, I want to clarify, is the customer that you're designing a custom chip for, are they in then working down inventory to zero from legacy M700, M800 chips and that's part of the pressure as well. And then as it relates specifically to the custom ASIC, I think you got asked the market share question, but I'll ask it maybe a different way. Know, I would imagine if they're moving in this direction, it should deliver higher share as opposed to splitting the business historically with NXP.

Should we be assuming though that you're going to be gaining 100% share with these types of customers? And it sounds like there's more custom opportunities in the pipeline. So how is this going to transition then over the course of 2026 and 2027? And then I had a follow-up.

Chris Diorio: Yeah, Scott. I'll do my best to those questions. First, we're not just designing the chip. It's in production now. Second, it's dedicated to a single customer, which is our second large North American supply chain and logistics customer. It is targeted at addressing their specific needs, and it is a chip specific to them. We already have high share at that account. It will maintain that share. And we are exploring customizations for other enterprises, that aren't as far down the path as we are this particular instance where we actually have the IC or the chip in production.

But more importantly, I view this chip as us engaging closely enough with the enterprise where they can share their needs we can share what we can do, and we can together build a chip. It's not just Impinj, Inc. chip, build a chip for them. It's we work together on it. They came forward with what they needed, and we built it for them. And they're gonna be using it and we intend to keep doing so. You know, I have a mantra in the company. And I push it at every meeting we have, which is we support our end customers. We never let an end customer down. And you should expect that us to do that here.

Cary, what did NSC Scott, let me unpack the oh,

Scott Searle: well, just one clarification. Inventory bill is just oh, sorry. Before the inventory bill, just, Chris, to clarify then, do you retain the IP and the ability then to license it to additional customers within that same sub-vertical or no?

Chris Diorio: Yes. We do in this particular instance retain the IP. I can imagine other scenarios where there might be some shared IP in this instance, we retain the IP. But our focus first and foremost, is supporting that customer. They're a lighthouse customer to us. I consider them a close partner. You should expect us to focus first on them, with this particular chip, and we built it for them specific to them.

Cary Baker: And, Scott, I'll just unpack the inventory build a little bit. Today, parcel tracking deployment uses the M800 exclusively. The M800 is our general-purpose SKU, meaning it can also support virtually any retail, apparel, or general merchandise application. And that application fungibility gave some of our partners the confidence to lean in build supply ahead of actually winning the award knowing that they can move those ICs through other applications if necessary. So when we were looking at our fourth quarter and we were building our fourth quarter, it came together as we expected.

But when we unpacked it unpacked the quarter in mid-January we matched that with our channel inventory reports from our inlay partners, we realized that the logistics-related build had masked the weakness in retail. Now this will get better. With our logistics customer now ramping to the new custom IC that Chris just described, we will have better visibility into logistics-related inventory. We'll be able to match our shipments of that custom IC directly to that end customer's monthly consumption reports. We have to prove it to you, certainly, but we think this gets better going forward.

Scott Searle: Okay. Very helpful. And if I could just as a follow-up, another market share question. Chris, you've referenced it a lot of times in your opening remarks. But Gen2X provides significant benefits and advantages. It only works with your endpoint IC. So I'm wondering as you look out over the next couple of quarters in '26 and '27, is this the primary driver, of incremental share out there? And will you start to run the table a little bit more in terms of meaningful market share within your existing accounts? Thanks.

Chris Diorio: I'm gonna yes. I'm gonna answer the question yes. I believe that Gen2X will be the significant driver of our market share gains. But you should think of Gen2X as a toolbox that we can bring to bear, for enterprise customers who have an unmet need and allow us to solve their problem. So to the extent that we have significant enterprise accounts, which we do, we need a way to solve them. Consider Gen2X to be the way we're gonna be driving the solution and going forward, even adding more features and capabilities to Gen2X as we learn and do more.

So, essentially, you should think of Gen2X as a way to improve the readability overall performance, and protection capabilities provided by RAIN RFID. To reduce labor cost to speed inventory, to provide readability work, you wouldn't have it otherwise, to localize where items are, to identify exits and theft. And many we have protect consumer privacy in many other areas where we put that whole toolbox together it's the driver of our differentiation in the market. It's kind of manifestation it, but it's also a manifestation of our overall solution strategy. For the two together, they're gonna be the drivers of our success.

Scott Searle: Hey. Great. Thanks so much. I'll get back in the queue.

Operator: The next question will come from Natalia Winkler with UBS. Please go ahead.

Natalia Winkler: Hi. Thank you so much for taking my question. I just wanted to ask one more on the fourth quarter kind of outlook for you guys. So if I understood Cary correctly, Cary, you mentioned several weeks of inventory burn for retail. Right? And it sounds like each week is $5 million. So if I'm thinking, you know, even of a sequential, you know, reduction of $20 million, it sounds like you know, more than half of that is probably related to the retail inventory burn-down. Is that kind of a fair way to think about it? Or is it more nuanced?

Cary Baker: I think that's a fair way to think about it. It's a few weeks of inventory, not several. It's primarily related to supply chain logistics for the reasons I just described. You're correct in that the impact is about $5 million per week of burn-down. And then the other factors, are far less impactful, are pricing and mix, a sized pricing at a couple million dollars, and mix of less than that.

Natalia Winkler: Awesome. Thank you so much. And then I guess a follow-up. Can you guys help us understand, you know, clearly, it's a highly complex supply chain for retail, right, with kind of multiple different steps and stages in it. Can you walk us through your, you know, forecasting process and maybe part of the reason, like, why we're seeing such a strong kind of corrections and burnout that may be a little bit less predictable than for some of the other end markets you guys cover?

Cary Baker: Yeah. So the inventory build was related to logistics. We had a similar logistics build last year at the same time, but for different reasons. It's nonetheless frustrating. This year's build is a result of our partners leaning in ahead of winning the supply rep supply or supply awards or label awards following the label reallocation process. They were comfortable leaning in because up until the custom IC ships, the M800 goes into the package the tracking deployment. The M800 is a fungible SKU across the industry in that its general purpose. It can support retail apparel. It can support general merchandise. It can support logistics.

That fungibility gave our partners the confidence to lean in build extra inventory in hopes of winning an award. Because if they didn't win the award or didn't win as much of an award as they thought, they would be able to burn that inventory down through the rest of their market opportunities. We didn't realize that in the fourth quarter as it was happening. Because our fourth quarter from a unit volume perspective was coming in right as we expected.

When we began unpacking the fourth quarter volumes in mid-January, and we matched that with the channel inventory reports we received around that same time, we realized that the logistics build had masked some weakness in retail apparel that we didn't anticipate and wasn't obvious to us until that point. Now I think next year, this gets better. And I know we have to prove that first given the last two years of channel inventory builds. But I think it gets better because we will only ship one SKU to that customer.

It's only usable by that customer, and we will be able to match our shipments with their monthly consumption reports and the difference between the two is the inventory that will be in the channel. So again, we have to prove it to you. But I think we get better next year at that.

Operator: The next question will come from Troy Jensen with Cantor Fitzgerald. Please go ahead.

Troy Jensen: Hey, gentlemen. Thanks for taking my questions. Maybe for Chris, I guess either one of you guys, you know, these customers that were leaning in, right, in the hopes for the awards, sounds like they went to a competitor. So I'm just curious why do you think we had this share loss the quarter? Was running No. They didn't go to our competitors. Right. No. No. That wasn't part of it. There was no none of that moving to a competitor. So just a awards awarded They there's a new IC coming? They, anticipated some wins. They started building to the new IC, At the same time, they know their existing inventory is gonna it needs to get burned down.

So they started buying ahead. The ones who as we said in our prepared remarks, the ones who didn't win as much now need to burn down their inventory in the first quarter.

Cary Baker: So, Troy, the only thing I'd add to Chris is that our logistics customer rebids their label suppliers each year. It's still the M800, for all labels, but the mix of inlay partners that support them each year can change. Based on that rebidding process. And that rebidding process here this year coupled with the fungibility of the M800 that I just described, gave them the confidence to lean in and buy more supplies so they could be more responsive if they won the award or to win a greater share of the award.

Troy Jensen: Gotcha. And they knew that if they didn't win as much, they would be able to take that inventory out through virtually any other retail apparel or general merchandise application.

Chris Diorio: Yep. Okay. Understood. So several partners probably thought they're gonna win the award and went to one. Exactly. It was oversubscribed. The award was oversubscribed. Exactly. And the we compound it with a new chip entering the market, and there still needs to be a further burn down of the existing M800 product.

Troy Jensen: Yep. Okay. Understood. And then, maybe just to follow-up with the, you talked about retail SKU growth you're seeing. I'm curious if that's broad-based or is that just limited to a couple of your bigger customers?

Chris Diorio: It was a SKU growth in general merchandise. You mean retail apparel? Growth?

Troy Jensen: I think it means SKU growth in general. On SKU Just the common SKU growth, was that just based on a few large customers, or is it more broad-based?

Chris Diorio: The comment on SKU growth in existing categories as well as the potential for new categories was related to a small number a pretty small number of customers in the general merchandise space.

Troy Jensen: Gotcha. Okay. Good luck this year, guys.

Operator: The next question will come from Guy Hardwick with Barclays. Please go ahead.

Guy Hardwick: Hi, good evening. Hi, guys. Hi, guys. Just a couple of questions. So I think a year ago, when you had an inventory overhang in the T&L space, you said some similar comments that it could take more than a quarter to clear the inventory, but I think you actually cleared the inventory in just one quarter. What's different this time? And then as a follow-up, it looks like you have pretty good visibility on the endpoint IC business that you're pretty much already booked for Q1 within the midpoint of your guidance, looking at your comments.

So what does that tell you or tell us in terms of what's the underlying growth in the endpoint IC market of 2025 levels?

Cary Baker: Guy, this is Cary. I'll try to take both of those questions. So, yes, it is the same in that it's the supply chain logistics space. There are a variety of different reasons, which I've already covered. We last year, we were successful in burning all that channel inventory out in the first quarter. We are attempting to do the exact same thing this year. However, we know that inventory corrections are seldom contained to one quarter and we just wanna be cautious with our guidance so that if it does spill into the second quarter, we have room to do that.

As it relates to our guidance, we are seeing strong signals from our bookings and our turns order in quarter to date. So think of January through February. That is turns at a higher rate than it was at the same time in fourth quarter more than double, and 50% up from last year January. That has put us in a position where we are 100% booked to the midpoint of our guide for our endpoint IC business or nearly 100% booked. We're giving ourselves a little bit of room because we aren't done with the annual price negotiations. We still have a couple that are outstanding there.

And also, the Chinese New Year occurs later this year than it did last year, and we typically see a low in bookings during those three weeks.

Guy Hardwick: Thank you. Good day.

Operator: The next question will come from Christopher Rolland with Susquehanna. Please go ahead.

Dylan Olivier: Hi there. This is Dylan Olivier on for Chris. Thanks for taking my question. Maybe pivoting away a bit from this inventory situation and sort of bigger picture question. I wanted to ask about sort of the competitive landscape, particularly against non-RFID components. We've heard some news flow of some end users kind of pivoting away to some more BLE and, you know, other protocols. Is that something that you consider a risk? Or do you remain confident in RFID as a long-term solution?

Chris Diorio: Dylan, this is Chris. The simple answer is we remain confident to bring our RFID as a long-term solution. The just two different technologies. And active BLE with batteries has a particular use case. For tracking things like temperature and other kind of stuff against continuous data logging. That's complementary. Passive BLE for beaconing operates in a narrow window of use cases. And again, with some different features and capabilities that I also view as mostly complementary. The volume differences between the two are gigantic. I mean, you know, our industry delivered 52.8 billion ICs last in 2024. And volume differences are gigantic. The infrastructure is different. I view them as mostly complementary.

Of course, with every complementary thing, there's a bit of overlap. But I don't really look at the competitiveness. I look at complementary things. And trying to enable the end customer with a solution that meets their needs.

Dylan Olivier: Thanks. Appreciate the color here. And then maybe more of a housekeeping question for my second for my follow-up. But, yeah, you had that EM Microelectronics license announcement in the quarter. Just wondering if Yeah. How we think about that impacting the model, if there's gonna be a recurring revenue and if that's gonna be consistent through the year.

Chris Diorio: Yeah. There's an immaterial impact to revenue in 2026. We're still working on what that first chip might be, likely a dual-frequency IC. Likely not available this year. It just view it as a strategic partnership. And then just think that it so the answers that we gave to Ed Jim's question, you know, view the strategic partnership as a way for us to deliver confidence to our end users.

Dylan Olivier: Great. Thank you.

Operator: The next question is a follow-up from Harsh Kumar of Piper Sandler. Please go ahead.

Harsh Kumar: Yeah. Hey, guys. So I was curious how long do you think it would take for you to be fully penetrated at your second largest logistics customer with the custom chip. And am I correct in assuming that custom chips typically mean better pricing than a normal chip?

Chris Diorio: So I'll take the first answer. So the customer plans to fully switch over to that ship this year. That's what I said in my prepared remarks. And as Cary said, are pricing the chip to market. Cary, anything you wanna add?

Cary Baker: Nope.

Harsh Kumar: Did I answer your question, Harsh?

Harsh Kumar: Well, I guess there is no market for a custom chip. Right? The standard in RFID, and you've got a custom product. I would suspect So are you saying that your pricing is similar to M800? Or more than that?

Chris Diorio: I'm gonna say that we're pricing it to as I also said in some of the prepared remarks, a little bit further down. To drive an ROI for the end customer and for us.

Harsh Kumar: Okay. Fair enough. Fair enough. Thank you.

Chris Diorio: Thank you.

Operator: This concludes our question and answer session. I would like to turn the conference back over to Chris Diorio, Co-Founder and CEO, for any closing remarks.

Chris Diorio: Thank you, Nick. I'd like to thank you all for joining the call today. And thank you for your ongoing support. Bye-bye.

Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

finance.yahoo.com

[waitwatchwander] $99 AH, yet another round trip.

waitwatchwander — 2/5/2026 5:30:53 PM

[Soumaila] Turning to our outlook, we expect first-quarter revenue between $71.0 and $74.0 ...

Soumaila — 2/5/2026 4:39:47 PM

Turning to our outlook, we expect first-quarter revenue between $71.0 and $74.0 million, compared

with $74.3 million in first-quarter 2025, a year-over-year decrease of 2% at the midpoint. We expect

adjusted EBITDA between $1.2 and $2.7 million. On the bottom line, we expect non-GAAP net

income between $2.5 and $4.0 million, reflecting non-GAAP fully diluted earnings-per-share between

8¢ and 13¢.

[Soumaila] Avery Dennison earnings out: Key take aways for PI - combo of press release an...

Soumaila — 2/4/2026 8:15:30 AM

Avery Dennison earnings out:

Key take aways for PI - combo of press release and investor presentation slides
1. Intelligent labels up high single digits (closest proxy for endpoint IC demand from Avery)
2. Enterprise-wide Intelligent Labels
a. Q4 up mid single digits
b. Apparel/General merch down LSD
c. Other categories up high teens
3. FY sales up LSD - apparel flat yoy
4. Key End Market Insights for 2026
a. Apparel and General Merch - tariff uncertainty still impacting, expect return to growth in 2026
b. Food - adoption to accelerate, program contribution to 2026 revenue heavily weighted to 2H
c. Logistics - Outsized growth and share in 2025: expanding pilots with additional customers in 2026

My take:
Logistics is still pilots and not rollouts (look forward to the day when the language is expanding rollouts to additional customers and not pilots).

You can really see the difference in how the verticals are discussed, apparel is not about pilots, it is about adoption/rollouts, expansion of current deployment, new use case adoption. It is business as usual, RFID is the standard in the industry. Logistics an food are still in the prove it phase, even with UPS full deployment in the US as well as the Kroger/Walmart rollouts in fresh grocery.

UPS glide down, will it impact 1H and thus Q1 glide (it did last time and details came out in the back half of hte year).

Hoping for a positive guide, my bar is pretty low, hopefully PI leaps right over it!

[Soumaila] UPS - highlighted full deployment of RFID in package cars and shipping centers i...

Soumaila — 1/28/2026 8:28:43 AM

UPS
- highlighted full deployment of RFID in package cars and shipping centers in slide deck
- revenue per package up
- expects growth in back half of 2026

First half of 2026 to wrap up Amazon glide down started last year, will reduce Amazon shipping by 1 million packages per day in first half.

nbcnews.com

[Soumaila] UBS maintained neutral lowered target $10 to $190

Soumaila — 1/27/2026 8:46:06 AM

[Cooters] How to Tag Liquids, Metals, and Small Items for Walmart’s RFID Mandate How ...

Cooters — 1/23/2026 12:54:16 PM

How to Tag Liquids, Metals, and Small Items for Walmart’s RFID Mandate

How to Tag Liquids, Metals, and Small Items for Walmart’s RFID Mandate

[Soumaila] Amazon Walkout Stores - final paragraph has some really strong data rfidjournal...

Soumaila — 1/23/2026 11:24:29 AM

Amazon Walkout Stores - final paragraph has some really strong data

rfidjournal.com

[Cooters] RFID boosts Amazon’s autonomous retail tech RFID boosts Amazon's autonomous...

Cooters — 1/21/2026 12:16:31 PM

RFID boosts Amazon’s autonomous retail tech

RFID boosts Amazon's autonomous retail tech | Network World

[Soumaila] Needham (James Ricchiuti) reiterates buy, holds price target at 255

Soumaila — 1/16/2026 7:37:37 AM

[Soumaila] I took their language as real growth is further out, yet again. Logistics stil...

Soumaila — 1/14/2026 1:28:21 PM

I took their language as real growth is further out, yet again.

Logistics still pilots - not rollouts

Food - Chris moved modest impact on endpoint ICs to the back half of 2026, previously he was more positive about it being meaningful.

Labeling pallets and cases is not going to get it done at a few cents an IC.

I think we reprice based on modest to no growth for a bit as we are currently priced based on massive opportunity and that got pushed out. "Not hockey stick growth" and "I just pulled that back."

I was disappointed, I was hoping for language that owed a pivot back to strong growth in 2026, I got none of that.

I will listen again tonight, maybe it will not seem as negative then.

[Cooters] PI @ Needham - 1/14/26 Fireside chat with CEO and CFO - NRF updates - Gen2X wa...

Cooters — 1/14/2026 12:38:55 PM

PI @ Needham - 1/14/26

Fireside chat with CEO and CFO

- NRF updates - Gen2X was everywhere, they did a presentation with Zebra. Food was a major emphasis at NRF. Multiple Android mobile devices were demo'd, QCOM did a demo and Decathlon did a great use case demo.

- EM Micro is their first licensee for Gen2X in endpoint ICs. Sounds like it is royalty bearing with products first appearing in 2027. They later said they would welcome NXP entering into a Gen2X license so clearly their existing license does not cover it.

- Logistics pipeline beyond UPS is very active with multiple pilots in place.

- WMT will at some point announce Phase 3 of general merch. They quantified WMT does chunks of categories that are 2B-4B/yr each time.

- Food - They are working with a large European grocer. They expect endpoint IC volumes in food to start slow in 1H26 and accelerate in 2H26.

- Moving to more of an 'Impinj Inside' model as the industry rapidly expands.

- Referencing the LT model they provided 3 years ago, they've already achieved the lower end of the margin model before hitting the lower revenue target. Also emphasized those revenue targets(500M/750M) did NOT include food.

Cooters

Added

- Avery/Kroger did a fireside chat where they are seeing the time it takes each morning to inventory bakery good go from an hour+ to minutes.

- Chris said Gen2X improvements in the radio link are like going from one bar to 5 bars on your cell phone.

[Selectric II] Impinj Announces Preliminary Fourth-Quarter 2025 Revenue and Adjusted EBITDA A...

Selectric II — 1/13/2026 4:32:15 PM

Impinj Announces Preliminary Fourth-Quarter 2025 Revenue and Adjusted EBITDA Ahead of Participation at 28th Annual Needham Growth Conference

January 13, 2026

SEATTLE--(BUSINESS WIRE)-- Impinj, Inc. (Nasdaq: PI), a leading RAIN RFID provider and Internet of Things pioneer, today announced that it expects fourth-quarter 2025 revenue near the high end of its prior guidance of $90.0 to $93.0 million and adjusted EBITDA above the midpoint of its prior guidance of $15.4 to $16.9 million.

The company also announced that Chris Diorio, Impinj co-founder and CEO, and Cary Baker, Impinj CFO, will participate in a fireside chat at the 28th Annual Needham Growth Conference on Wednesday, January 14, 2026, at 11:45 a.m. ET / 8:45 a.m. PT. A live webcast and replay of the presentation will be available on the company’s website at investor.impinj.com.

Fourth-Quarter and Full-Year 2025 Earnings Conference Call Details

Impinj will release financial results for its fourth quarter and full year ended December 31, 2025, after U.S. markets close on Thursday, February 5, 2026.

Impinj will host a conference call and webcast to discuss its fourth-quarter and full-year 2025 results and first-quarter 2026 outlook at 5:00 p.m. ET / 2:00 p.m. PT. Interested parties may listen to the call by dialing +1-412-317-1863. A live webcast and replay will 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 1284856.

Management’s prepared written remarks, quarterly financial data and the financial results press release will be made available on the company’s website at investor.impinj.com on February 5, 2026.

Preliminary Results Disclaimer

The preliminary financial results in this press release are based on management’s initial analysis of results of operations for the fourth quarter of 2025. The company’s consolidated financial statements for the fourth quarter of 2025 are not yet available and remain subject to completion of financial closing procedures and potential final adjustments. This financial information is unaudited and should not be viewed as a substitute for financial statements prepared in accordance with U.S. generally accepted accounting principles and are not necessarily indicative of future results.

Forward-Looking Statements

This press 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 preliminary fourth-quarter 2025 revenue and adjusted EBITDA expectations. 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. Potential risks and uncertainties that could cause actual results to differ materially from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission.

The fourth-quarter 2025 revenue and adjusted EBITDA expectations are subject to further review and the actual results could differ from management’s expectations. Actual revenue and adjusted EBITDA are also subject to audit by our independent registered public accounting firm, with no assurance from our public accounting firm on the revenue and adjusted EBITDA expectations. You should not draw any conclusions from the fourth-quarter 2025 revenue and adjusted EBITDA expectations for any other financial results as of, and for the quarter ended, December 31, 2025, and they should not be considered as an indication of future performance. 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.

Impinj Disclosure Channels to Disseminate Information

Impinj investors and others should note that we announce material information to the public about our company, products, services and other topics through a variety of means, including our website, press releases, SEC filings, blogs and social media, in order to achieve broad, non-exclusionary distribution of information to the public. We use the Impinj website, Facebook page, LinkedIn page and blog as a means of disclosing information about the company and its services and for complying with the disclosure obligations under Regulation FD. The information we post through these channels may be deemed material. Accordingly, we encourage investors and others to monitor these social media channels and our website in addition to following our press releases, SEC filings and public conference calls and webcasts.

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

View source version on businesswire.com: businesswire.com

For more information, contact:
Investor Relations
Andy Cobb, CFA
Vice President, Corporate Finance & Investor Relations
+1 206-315-4470
ir@impinj.com

Media Relations
Emily Schauer
Senior Corporate Communications Manager
+1 206-209-2923
eschauer@impinj.com

Source: Impinj, Inc.

[Soumaila] Avery Dennison has a report out on food waste. The comment on the Instagram post...

Soumaila — 1/13/2026 8:26:12 AM

Avery Dennison has a report out on food waste. The comment on the Instagram post by Avery is interesting 997 Kroger stores live (whatever that means). Estimate complete rollout to all 2200 by October 2026. Here is where you can download the report if you agree to receive marketing, definitely a push on meat. Here is the link to the Kroger case study and report.

averydennison.com

Here is the instagram link from AD instagram.com

[Cooters] Impinj and EM Microelectronic Announce Gen2X Licensing Agreement Impinj and...

Cooters — 1/11/2026 10:12:28 AM

Impinj and EM Microelectronic Announce Gen2X Licensing Agreement

Impinj and EM Microelectronic Announce Gen2X Licensing Agreement

[Soumaila] Uniqlo posted strong results and forecast for 2026. What they achieved and forec...

Soumaila — 1/9/2026 8:05:29 AM

Uniqlo posted strong results and forecast for 2026. What they achieved and forecast is not independent from the depth of their RAIN deployment using Impinj. Should be motivation for others in fashion to make progress in they deployments.

reuters.com

[Cooters] Key talent joins Impinj to lead enterprise solutions, platform, and marketing te...

Cooters — 1/7/2026 8:35:02 AM

Key talent joins Impinj to lead enterprise solutions, platform, and marketing teams

Impinj makes three new key hires to help drive 2026 strategy.

Impinj recently welcomed three new leaders — Chris Hundley, Steve Salazar and Suresh Palliparambil — expanding and strengthening its focus on enterprise solutions.

“I am delighted to welcome Chris, Steve and Suresh to our leadership team,” said Impinj co-founder and CEO Chris Diorio. “They each bring key talent and experience that will prove instrumental as we continue advancing our enterprise solutions efforts.”

Chris Hundley joins as an EVP, leading enterprise solutions. Chris has worked in the technology industry for three decades, spending most of that time in product, technology, and executive leadership. Most recently, he served as CTO and then President of AudioEye, a public company in the web accessibility space.

Steve Salazar joins as an SVP, leading solutions software development. Steve has been building and leading integrated software, hardware, design and product teams for more than 18 years, most recently having founded and scaled Blackbird Studios, a software engineering studio specializing in software for Web, Mobile and the Internet of Things.

Suresh Palliparambil joins as an SVP, leading marketing and market development. Suresh brings more than 25 years of experience in the RFID and IoT industry, having held leadership roles at DHL, Datalogic, NXP, Ondas Networks and the Swatch Group. He is well respected in the RFID ecosystem, is a proven market development leader in the semiconductor industry and will lead Impinj’s efforts to bring solutions to market through and with its partner ecosystem.

[Selectric II] Impinj (PI) Rings in 2026 with 3% Momentum: Why Traders are Betting on the RAIN ...

Selectric II — 1/2/2026 9:06:09 AM

Impinj (PI) Rings in 2026 with 3% Momentum: Why Traders are Betting on the RAIN RFID Leader

Published at January 1st 2026, 12:01 PM EST via MarketMinute
financialcontent.com

[waitwatchwander] Dynamic Time Warping share.google The basis of all these deterministic algorit...

waitwatchwander — 12/29/2025 10:59:08 AM

Dynamic Time Warping

share.google

The basis of all these deterministic algorithms is public domain. Shouldn't one expect it to proliferate in a commercial manner now that it's been proven viable for RFID under a variety of scenarios?

Who's doing that work?

[waitwatchwander] What properties beyond temperature can be captured by SensSync. share.google S...

waitwatchwander — 12/28/2025 4:50:49 PM

What properties beyond temperature can be captured by SensSync.

share.google

Structural integrity monitoring is also big here.

[Blabaltech] From WWW on Q thread...

Blabaltech — 12/28/2025 2:59:44 AM

[Soumaila] Cetainly something to consider, in the Madrona (spelling) interview he discussed...

Soumaila — 12/23/2025 9:48:11 AM

Cetainly something to consider, in the Madrona (spelling) interview he discussed spending a few hours away from the office with his grandchild each week. He may be looking to do family stuff and race his cars.

While I don't necessarily want to be take out either, I do have growing concerns about their size/ability to address customer needs across apparel, logistics, food, and general merchandise at the same time. I understand the partner ecosystem is critical to this model but in the end the movement occurs when Impinj solves a problem.

[Cooters] another timing issue that might be in play is Chris's age, he is approaching 65 ...

Cooters — 12/23/2025 9:35:54 AM

another timing issue that might be in play is Chris's age, he is approaching 65 and might be looking at an exit.

While I don't want to be taken out, if you told me Chris was going to step down I'd be fine with it.

Cooters

[Soumaila] It also covers the E suite in general. Timing would be interesting if they rea...

Soumaila — 12/23/2025 9:25:03 AM

It also covers the E suite in general.

Timing would be interesting if they really believe they are on the precipice of delivering on the massive TAM across multiple verticals at once.

[Cooters] Interesting 8K filed last night concerning compensation for Chris if there's a c...

Cooters — 12/23/2025 7:53:37 AM

Interesting 8K filed last night concerning compensation for Chris if there's a change of control/Buyout.

8-K

[Soumaila] Optimistic viewpoint from Avery Dennison on 2026 and going forward RFIDJournal....

Soumaila — 12/19/2025 10:31:55 AM

Optimistic viewpoint from Avery Dennison on 2026 and going forward

RFIDJournal.com Reflections 2025: Avery Dennison Smartrac’s Mathieu de Backer

rfidjournal.com

[Soumaila] Let's hope so. Barclays raised by from 200 to 211, could not find any addition...

Soumaila — 12/17/2025 4:53:54 PM

Let's hope so.

Barclays raised by from 200 to 211, could not find any additional information.