Impinj (PI) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue, adjusted EBITDA, and non-GAAP EPS, driven by strong demand across retail, general merchandise, supply chain, logistics, and food verticals, with management expressing high confidence in future growth and market leadership in RAIN RFID and IoT solutions.

• Endpoint IC bookings and shipments reached all-time highs, supported by market expansion, retailer pull-ins ahead of tariff expirations, and significant licensing revenue.

• Solutions business advanced with a focus on replenishment, point-of-sale pain points, and leveraging machine learning and Gen2X technology.

• Marked the 10-year anniversary as a public company, with major enterprise engagements and platform growth initiatives.

Financial highlights

• Q2 2026 revenue was $108.4M, up 46% sequentially and 10.7% year-over-year; non-GAAP gross margin was 60.9% (GAAP: 58.6%), and adjusted EBITDA reached $30.7M.

• Non-GAAP net income was $27M ($0.86 per diluted share); GAAP net income was $12.2M ($0.39 per diluted share).

• Cash, equivalents, and investments totaled $263.7M as of June 30, 2026; free cash flow for Q2 was $29.2M.

• Operating expenses for Q2 2026 were $35.3M, with R&D at $20.2M.

• Convertible debt outstanding was $247.3M as of June 30, 2026.

Outlook and guidance

• Q3 2026 revenue guidance is $105.5M–$108.5M; adjusted EBITDA expected at $20.7M–$22.2M; non-GAAP net income projected at $18.5M–$20M ($0.59–$0.63 EPS).

• Management anticipates sequential growth in Endpoint IC and systems revenue, further gross margin improvement, and continued investment in new product development.

• Existing liquidity is expected to be sufficient for at least the next 12 months.