PI

MKT CAP:$4B

Impinj, Inc.

Market Cap

$4B

Technology·Communication Equipment·🇺🇸 United States·NASDAQ

Technology·Communication·🇺🇸·NASDAQ

Stock Price

$124.48-$55.28 (-30.75%)

Apr 24, 2026

Company Details

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 individual items and delivers data abou...

CEO

Chris Diorio

IPO Date

Jul 21, 2016

Website

www.impinj.com

Key Metrics TTM

Revenue

$361M

-1.4% YoY

Net Income

-$11M

EPS (Diluted)

-$0.39

Free Cash Flow

$46M

Revenue / Share

$11.98

Gross Margin

52.4%

Operating Margin

-0.2%

Net Margin

-3.0%

FCF Margin

12.7%

P/S

10.4x

P/E

—

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 9, 2026

$361M-1.4%EPS -$0.37

Q4 2025

Feb 9, 2026

$93M+1.4%EPS -$0.04

Q3 2025

Oct 29, 2025

$96M+0.9%EPS -$0.44

Q2 2025

Jul 30, 2025

$98M-4.5%EPS $0.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$53M	$29M	-$9M
Q2 22	$60M	$32M	-$8M
Q3 22	$68M	$37M	-$2M
Q4 22	$77M	$40M	$56.0K
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	-$769.0K
Q4 24	$92M	$46M	-$4M
Q1 25	$74M	$37M	-$10M
Q2 25	$98M	$57M	$11M
Q3 25	$96M	$48M	$656.0K
Q4 25	$93M	$48M	-$3M

Valuation

Quarter	P/S	P/E
Q1 22	7.9x	—
Q2 22	6.8x	—
Q3 22	9.4x	—
Q4 22	11.9x	—
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 22	-$15M	-$18M
Q2 22	$7M	$7M
Q3 22	$14M	$12M
Q4 22	-$6M	-$12M
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

Quarter	CapEx
Q1 22	$3M
Q2 22	$674.0K
Q3 22	$2M
Q4 22	$6M
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+17.5%	+15.4%
Q2 22	+26.5%	+22.8%
Q3 22	+51.1%	+21.6%
Q4 22	+45.7%	+27.0%
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 22	$11M	21.3%
Q2 22	$11M	18.2%
Q3 22	$10M	14.7%
Q4 22	$10M	13.3%
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 22	$18M	$11M	$9M
Q2 22	$18M	$12M	$10M
Q3 22	$19M	$11M	$9M
Q4 22	$19M	$12M	$10M
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 22	$39M	$14M
Q2 22	$43M	$17M
Q3 22	$51M	$17M
Q4 22	$59M	$18M
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 22	$64M	$102M	$165M
Q2 22	$33M	$131M	$163M
Q3 22	$39M	$143M	$182M
Q4 22	$20M	$154M	$174M
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	YoY Change
Q1 22	25M	+1.6%	+5.5%
Q2 22	25M	+1.8%	+5.4%
Q3 22	26M	+1.2%	+5.8%
Q4 22	26M	+1.0%	+5.8%
Q1 23	26M	+1.1%	+5.2%
Q2 23	27M	+1.6%	+5.0%
Q3 23	27M	+0.8%	+4.6%
Q4 23	27M	+0.6%	+4.2%
Q1 24	31M	+16.0%	+19.6%
Q2 24	29M	-6.4%	+10.1%
Q3 24	30M	+1.0%	+10.4%
Q4 24	28M	-4.5%	+4.8%
Q1 25	29M	+0.8%	-8.9%
Q2 25	30M	+3.5%	+0.8%
Q3 25	29M	-1.1%	-1.3%
Q4 25	30M	+2.8%	+6.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$273.9K	194
Q2 22	$308.2K	194
Q3 22	$351.9K	194
Q4 22	$373.6K	205
Q1 23	$419.0K	205
Q2 23	$419.4K	205
Q3 23	$317.1K	205
Q4 23	$290.7K	243
Q1 24	$316.2K	243
Q2 24	$421.8K	243
Q3 24	$391.8K	243
Q4 24	$380.0K	241
Q1 25	$308.2K	241
Q2 25	$406.2K	241
Q3 25	$398.6K	241
Q4 25	$364.1K	255

Revenue / Employee