SEATTLE--(BUSINESS WIRE)--Impinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and Internet of Things pioneer, today released its financial results for the fourth quarter and year ended December 31, 2024.
“In 2024, we delivered strong financial results, successfully resolved our patent litigation and delivered market-leading products and innovations,” said Chris Diorio, Impinj co-founder and CEO.
Fourth Quarter 2024 Financial Summary
- Revenue of $91.6 million
- GAAP gross margin of 50.5%; non-GAAP gross margin of 53.1%
- GAAP net loss of $2.7 million, or loss of $0.09 per diluted share using 28.4 million shares
- Adjusted EBITDA of $15.0 million
- Non-GAAP net income of $14.5 million, or income of $0.48 per diluted share using 32.5 million shares
Full Year 2024 Financial Summary
- Revenue of $366.1 million
- GAAP gross margin of 51.6%; non-GAAP gross margin of 54.0%
- GAAP net income of $40.8 million, or income of $1.39 per diluted share using 29.5 million shares
- Adjusted EBITDA of $65.9 million
- Non-GAAP net income of $62.9 million, or income of $2.11 per diluted share using 32.1 million shares
A reconciliation between GAAP and non-GAAP information is contained in the tables below. Additionally, descriptions of these non-GAAP financial measures are provided in the “Non-GAAP Financial Measures” sections below.
First Quarter 2025 Financial Outlook
Impinj provides guidance based on current market conditions and expectations; actual results may differ materially.
| Description | Forecasted |
|---|---|
| Revenue | $70.0 to $73.0 million |
| GAAP Net loss | ($16.8) to ($15.3) million |
| Adjusted EBITDA income | $1.1 to $2.6 million |
| GAAP Weighted-average shares — basic and diluted | 28.6 to 28.8 million |
| GAAP Net loss per share — basic and diluted | ($0.59) to ($0.53) |
| Non-GAAP Net income | $1.7 to $3.2 million |
A reconciliation between GAAP and non-GAAP financial measures is provided in the "Non-GAAP Financial Measures" section below.
Conference Call Information
Impinj will host a conference call and webcast to discuss its fourth-quarter and full-year 2024 results and first-quarter 2025 outlook today, February 5, 2025, at 5:00 p.m. ET / 2:00 p.m. PT. Interested parties may access the call by dialing +1-412-317-1863. A live webcast and replay will also be available on the company’s website at investor.impinj.com.
Management’s prepared written remarks, along with quarterly financial data, will be made available on Impinj’s website at investor.impinj.com along with this release.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements regarding our strategy, investment plans and prospects, and our financial guidance. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expected. Actual results may differ materially from predictions, and reported results should not be considered indicative of future performance.
About Impinj
Impinj (NASDAQ: PI) helps businesses and people analyze, optimize, and innovate by wirelessly connecting billions of everyday things to the Internet. The Impinj platform uses RAIN RFID to deliver timely data to business and consumer applications, enabling a boundless Internet of Things. www.impinj.com
Impinj is a registered trademark of Impinj, Inc. All other trademarks are the property of their owners.
| CONDENSED CONSOLIDATED BALANCE SHEETS | |
| Total assets | $489,080 |
| Total liabilities | $339,216 |
| Total stockholders' equity | $149,864 |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |
| Total revenue | $91,569 |
| Net income (loss) | $(2,690) |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |
| Net cash provided by (used in) operating activities | $128,310 |
| Net cash provided by (used in) investing activities | $(49,382) |
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements prepared in accordance with GAAP, our key non-GAAP performance measures include adjusted EBITDA, non-GAAP net income (loss), free cash flow and adjusted free cash flow as defined below. We believe these measures provide useful information for period-to-period comparisons of our business.
Contacts
For more information, contact:
Investor Relations
Andy Cobb, CFA
Vice President, Strategic Finance
+1-206-315-4470
ir@impinj.com
Media Relations
Jill West
Vice President, Strategic Communications
+1 206-834-1110
jwest@impinj.com