PI (Impinj, Inc.) Stock Financials & Earnings

PIImpinj, Inc.

Mkt Cap$3B

Technology·Communication Equipment·🇺🇸 United States·NASDAQ

Revenue (TTM)$361M

Net Income (TTM)-$11M

EPS (TTM)-$0.39

Free Cash Flow (TTM)$46M

Gross Margin52.4%

Op. Margin-0.2%

Net Margin-3.0%

FCF Margin12.7%

P/S Ratio (TTM)8.1x

P/E Ratio (TTM)—

YoY Rev Growth-1.4%

Employees—

Earnings Reports

▶Q4 2025

Impinj, Inc. operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform, which comprises multiple product families, wirelessly connects...

CEO Chris DiorioIPO Jul 21, 2016www.impinj.com

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$86M	$44M	-$4M
Q2 23	$86M	$44M	-$8M
Q3 23	$65M	$31M	-$16M
Q4 23	$71M	$34M	-$15M
Q1 24	$77M	$38M	-$12M
Q2 24	$102M	$57M	$9M
Q3 24	$95M	$48M	-$769K
Q4 24	$92M	$46M	-$4M
Q1 25	$74M	$37M	-$10M
Q2 25	$98M	$57M	$11M
Q3 25	$96M	$48M	$656K
Q4 25	$93M	$48M	-$3M

Valuation

Quarter	P/S	P/E
Q1 23	12.2x	—
Q2 23	7.7x	—
Q3 23	4.5x	—
Q4 23	7.5x	—
Q1 24	11.8x	—
Q2 24	13.5x	343.4x
Q3 24	17.5x	213.0x
Q4 24	11.3x	101.1x
Q1 25	7.1x	—
Q2 25	8.9x	5025.2x
Q3 25	14.5x	—
Q4 25	13.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$27M	-$34M
Q2 23	-$23M	-$28M
Q3 23	-$2M	-$4M
Q4 23	$1M	-$1M
Q1 24	$60M	$54M
Q2 24	$45M	$44M
Q3 24	$10M	$5M
Q4 24	$13M	$8M
Q1 25	-$11M	-$13M
Q2 25	$34M	$27M
Q3 25	$21M	$18M
Q4 25	$15M	$14M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$8M
Q2 23	$6M
Q3 23	$3M
Q4 23	$3M
Q1 24	$6M
Q2 24	$1M
Q3 24	$5M
Q4 24	$4M
Q1 25	$2M
Q2 25	$7M
Q3 25	$3M
Q4 25	$2M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+61.6%	+44.6%
Q2 23	+43.8%	+38.2%
Q3 23	-4.8%	+15.5%
Q4 23	-7.8%	+11.7%
Q1 24	-10.6%	-2.0%
Q2 24	+19.2%	-1.0%
Q3 24	+46.4%	+18.7%
Q4 24	+29.6%	+11.3%
Q1 25	-3.3%	-5.3%
Q2 25	-4.5%	-6.9%
Q3 25	+0.9%	-0.6%
Q4 25	+1.4%	+0.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$10M	11.9%
Q2 23	$13M	15.3%
Q3 23	$12M	18.9%
Q4 23	$12M	17.4%
Q1 24	$12M	15.3%
Q2 24	$15M	14.3%
Q3 24	$15M	15.6%
Q4 24	$15M	16.6%
Q1 25	$13M	16.9%
Q2 25	$13M	13.3%
Q3 25	$15M	15.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$22M	$16M	$10M
Q2 23	$23M	$16M	$11M
Q3 23	$22M	$14M	$10M
Q4 23	$21M	$12M	$10M
Q1 24	$23M	$12M	$10M
Q2 24	$25M	$13M	$10M
Q3 24	$25M	$12M	$10M
Q4 24	$26M	$12M	$11M
Q1 25	$25M	$12M	$8M
Q2 25	$25M	$12M	$9M
Q3 25	$26M	$12M	$9M
Q4 25	$27M	$13M	$10M

Revenue Segments

Quarter	Endpoint I Cs	Systems
Q1 23	$67M	$19M
Q2 23	$65M	$21M
Q3 23	$49M	$16M
Q4 23	$54M	$17M
Q1 24	$62M	$15M
Q2 24	$89M	$13M
Q3 24	$81M	$14M
Q4 24	$74M	$18M
Q1 25	$61M	$13M
Q2 25	$85M	$13M
Q3 25	$79M	$17M
Q4 25	$75M	$18M

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$37M	$117M	$155M
Q2 23	$45M	$64M	$109M
Q3 23	$78M	$35M	$113M
Q4 23	$95M	$18M	$113M
Q1 24	$167M	$7M	$174M
Q2 24	$215M	$6M	$220M
Q3 24	$74M	$97M	$170M
Q4 24	$46M	$119M	$165M
Q1 25	$61M	$87M	$148M
Q2 25	$42M	$151M	$193M
Q3 25	$52M	$138M	$190M
Q4 25	$48M	$127M	$175M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	26M	+1.1%
Q2 23	27M	+1.6%
Q3 23	27M	+0.8%
Q4 23	27M	+0.6%
Q1 24	31M	+16.0%
Q2 24	29M	-6.4%
Q3 24	30M	+1.0%
Q4 24	28M	-4.5%
Q1 25	29M	+0.8%
Q2 25	30M	+3.5%
Q3 25	29M	-1.1%
Q4 25	30M	+2.8%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	—	—
FY 16	$1M	107
FY 17	$942K	133
FY 18	$435K	282
FY 19	$1M	132
FY 20	$874K	159
FY 21	$981K	194
FY 22	$1M	205
FY 23	$1M	243
FY 24	$2M	241
FY 25	$1M	255