Impinj (PI) 2026 Evercore Global TMT Conference summary

Market trends and macro outlook

• Bookings for endpoint ICs reached an all-time high in Q1, driven by logistics and a rebound in retail apparel.

• Retailers have stopped reducing inventory but have not started restocking; orders are currently matching demand.

• Ongoing concerns about tariff wars and inflationary pressures, especially in retail apparel, are leading to a cautious outlook for the second half of the year.

Competitive strategy and technology

• Gained 1,700 basis points of market share in endpoint ICs in 2025 by leveraging both ends of the radio link and introducing Gen2X for improved efficiency.

• Custom ASICs are developed through close collaboration with key customers, addressing specific challenges like counterfeit prevention.

• Custom ASICs contribute to gross margin accretion and may be pursued further if deep technological partnerships exist.

Key customer programs and pipeline

• Walmart’s RFID rollout covers retail apparel (fully deployed), general merchandise (phases 1 and 2 ongoing), and food (in pilot stage), with phase 3 expected to be announced this year.

• A European grocer is piloting full-store item tagging for self-checkout, representing a multi-trillion unit opportunity if successful.

• Most food-related deployments are still in early pilot or lab stages, with broad rollouts dependent on pilot success.