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Impinj
Impinj (PI) investor relations material
Impinj Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
2025 was challenging due to tariffs, supply chain disruptions, inventory reductions, and slow adoption in general merchandise, but endpoint IC volumes grew 9% year-over-year and market share increased.
Achieved record adjusted EBITDA and cash, with successful launches of M800 and Gen2X, and over 150 billion endpoint ICs shipped as of December 31, 2025.
Focused on developing whole-platform solutions, expanding partnerships, and pivoting to a solutions-focused model.
Financial highlights
Full-year 2025 revenue was $366.1M, with Q4 revenue at $96.1M; endpoint ICs contributed $78.8M and systems $17.3M in Q4.
Q4 2025 non-GAAP gross margin was 54.5%, with full-year non-GAAP gross margin at 55.3%; non-GAAP gross margin peaked at 60.4% in Q2.
Q4 adjusted EBITDA was $16.4M; full-year adjusted EBITDA was $69.6M (19.3% margin).
Q4 non-GAAP net income was $15.6M ($0.50/share); full-year non-GAAP net income was $64.2M ($2.11/share).
Free cash flow for 2025 was $45.9M; cash and investments at year-end totaled $279.1M.
Outlook and guidance
Q1 2026 revenue expected between $71M and $74M, with non-GAAP net income projected at $2.5M to $4M ($0.08–$0.13/share).
Q1 adjusted EBITDA expected between $1.2M and $2.7M.
Q1 endpoint IC revenue expected to decline sequentially at a high teens percentage rate due to inventory reductions and price declines.
Gross margin expected to decline sequentially in Q1 due to lower revenue and annual price reductions.
Reconcile record EBITDA with GAAP net loss
Explain Q1 2026 revenue and net loss outlook
Impact of 2025 debt restructuring on balance sheet
Custom IC: future share, pricing, IP ownership
Solutions strategy: Gen2X, software, revenue mix
Q1 inventory correction: resolution mechanisms
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Next Impinj earnings date
Q1 202622 Apr, 2026
Impinj
Next Impinj earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Impinj Inc develops and sells radio-frequency identification (RFID) solutions that enable wireless connectivity to everyday items. The company’s products include RFID tag chips, reader chips, readers, and software used for asset tracking, inventory management, and data analytics. It serves retail, healthcare, logistics, and industrial clients. The company is headquartered in Seattle, Washington, and its shares are listed on the NASDAQ.
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