Impinj Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 29 April 2026: press release. Guidance figures: 8 new. The quarter’s numbers.

Key takeaways

Revenue flat, above guided range: Revenue was $74.3 million, flat with $74.3 million a year earlier and above the $71.0 to $74.0 million range given in February. Source
GAAP net loss widened year on year: GAAP net loss was $25.3 million, or $0.83 per diluted share, against a net loss of $8.5 million, or $0.30 per share, a year earlier. Source
Non-GAAP net income fell: Non-GAAP net income was $4.4 million, or $0.14 per diluted share, against $6.3 million, or $0.21, a year earlier. February guidance was $2.5 to $4.0 million. Source
Operating expenses rose on R&D and sales: Total operating expenses were $51.6 million, against $46.3 million. Research and development was $28.7 million, against $25.3 million; sales and marketing was $9.8 million, against $8.1 million. Loss from operations was $15.2 million, against $9.6 million. Source
Operating cash flow turned positive: Net cash from operating activities was $4.0 million, against negative $11.1 million a year earlier. Source
Cash and investments declined: Cash and cash equivalents were $32.3 million, from $48.2 million at December 31, 2025. Short-term investments were $99.5 million, from $127.1 million. Source
2021 Notes repaid in quarter: The company paid $47.0 million on its 2021 Notes in the quarter. Source
Second-quarter revenue guided above first quarter: Second-quarter revenue is guided to $103.0 to $106.0 million, against $74.3 million reported for the first quarter, with GAAP net income of $7.6 to $9.1 million. Source

“Our first-quarter results were solid, with revenue and adjusted EBITDA exceeding the top end of our guide range,”
Chris Diorio, Impinj co-founder and CEO

Guidance

Area	Period	Figure	Against last quarter
Revenue Source	second quarter of 2026 (three months ending June 30, 2026)	$103.0 to $106.0 million	New
GAAP net income Source	second quarter of 2026	$7.6 to $9.1 million	New
Adjusted EBITDA Source	second quarter of 2026	$27.8 to $29.3 million	New
GAAP diluted net income per share Source	second quarter of 2026	$0.24 to $0.29	New
Non-GAAP net income Source	second quarter of 2026	$24.6 to $26.1 million	New
Non-GAAP diluted net income per share Source	second quarter of 2026	$0.77 to $0.82	New
GAAP weighted-average diluted shares Source	second quarter of 2026	31.3 to 31.5 million	New
Non-GAAP weighted-average diluted shares Source	second quarter of 2026	32.6 to 32.8 million	New

What changed from last quarter

New guidance: Second-quarter 2026 guidance appears in this release for the first time, following first-quarter guidance given in February. Source
Ended: The 2021 Notes were paid down by $47.0 million in the quarter, and the current portion of long-term debt went to nil. Source

First-quarter results

Revenue flat, above guided range: Revenue was $74.3 million, flat with $74.3 million a year earlier and above the $71.0 to $74.0 million range given in February. Source
GAAP net loss widened year on year: GAAP net loss was $25.3 million, or $0.83 per diluted share, against a net loss of $8.5 million, or $0.30 per share, a year earlier. Source
Non-GAAP net income fell: Non-GAAP net income was $4.4 million, or $0.14 per diluted share, against $6.3 million, or $0.21, a year earlier. February guidance was $2.5 to $4.0 million. Source
Adjusted EBITDA fell from prior year: Adjusted EBITDA was $3.4 million, against $6.5 million a year earlier. The February range was $1.2 to $2.7 million. Source

Margins and operating costs

Gross margin lower than last year: GAAP gross margin was 49.1%, against 49.4% a year earlier; non-GAAP gross margin was 52.4%, against 52.7%. Source
Operating expenses rose on R&D and sales: Total operating expenses were $51.6 million, against $46.3 million. Research and development was $28.7 million, against $25.3 million; sales and marketing was $9.8 million, against $8.1 million. Loss from operations was $15.2 million, against $9.6 million. Source
Stock compensation and amortization higher: Stock-based compensation was $14.7 million, against $12.5 million a year earlier. Depreciation and amortization was $3.8 million, against $3.5 million. Source

“Endpoint IC bookings hit an all-time record, engendering a strong second-quarter revenue outlook”
Chris Diorio, Impinj co-founder and CEO

Cash flow and liquidity

Operating cash flow turned positive: Net cash from operating activities was $4.0 million, against negative $11.1 million a year earlier. Source
Capital expenditure $1.7 million: Free cash flow was $2.2 million, against negative $13.0 million a year earlier, after capital expenditure of $1.7 million against $1.9 million. Source
Cash and investments declined: Cash and cash equivalents were $32.3 million, from $48.2 million at December 31, 2025. Short-term investments were $99.5 million, from $127.1 million. Source

Debt and convertible notes

2021 Notes repaid in quarter: The company paid $47.0 million on its 2021 Notes in the quarter. Source
Long-term debt rose to $241.5 million: Current portion of long-term debt was nil, from $96.7 million. Long-term debt was $241.5 million, from $184.1 million. Source
Induced conversion expense recorded: Induced conversion expense of $11.9 million was recorded in the quarter and added back in the operating cash flow reconciliation. Source

Second-quarter guidance

Second-quarter revenue guided above first quarter: Second-quarter revenue is guided to $103.0 to $106.0 million, against $74.3 million reported for the first quarter, with GAAP net income of $7.6 to $9.1 million. Source
GAAP and non-GAAP EPS guided: GAAP diluted EPS is guided to $0.24 to $0.29 and non-GAAP diluted EPS to $0.77 to $0.82. Non-GAAP net income is guided to $24.6 to $26.1 million. Source
Share counts in second-quarter guidance: Diluted share guidance is 31.3 to 31.5 million GAAP and 32.6 to 32.8 million non-GAAP. The non-GAAP count includes 1.2 million shares issuable on conversion of convertible debt. Source
Depreciation and stock compensation midpoints: At the midpoint, the reconciliation shows depreciation and amortization of 3,850 and stock-based compensation of 18,050, in thousands. Source

Non-GAAP measures and definitions

Adjusted EBITDA excludes listed items: Adjusted EBITDA excludes stock-based compensation, depreciation and amortization, induced conversion expense, other income, interest expense and income tax items. Source
Non-GAAP net income tax effects: Non-GAAP net income excludes induced conversion expense and the related income tax effects, which were $0.8 million of tax effect in the quarter. Source
Free cash flow defined: Free cash flow is net cash from operating activities less purchases of property and equipment, as the company defines it. Source

Working capital and balance sheet

Receivables and inventory higher: Accounts receivable were $72.4 million, from $70.8 million at December 31, 2025. Inventory was $86.3 million, from $85.0 million. Source
Payables and accrued compensation higher: Accounts payable were $15.4 million, from $13.6 million; accrued compensation and benefits were $10.8 million, from $9.9 million. Source
Total assets and equity lower: Total assets were $502.5 million, from $545.2 million, and stockholders’ equity was $203.9 million, from $209.2 million. Source

Coming up, as management said on 29 April 2026

Prepared remarks posted to website: Management’s prepared written remarks and quarterly financial data will be posted on the company website with this release. Source

Figures management reported

Figure	Reported
GAAP gross margin Source	49.1%
Non-GAAP gross margin Source	52.4%

Earlier plans management reported on

Ahead: Management said first-quarter revenue and adjusted EBITDA exceeded the top end of the guidance range given in February: revenue $71.0 to $74.0 million, adjusted EBITDA $1.2 to $2.7 million. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Impinj Reports First Quarter 2026 Financial Results

SEATTLE, WA, April 29, 2026 - Impinj, Inc. (Nasdaq: PI), a leading RAIN RFID provider and Internet of Things pioneer, today released its financial results for the first quarter ended March 31, 2026.

“Our first-quarter results were solid, with revenue and adjusted EBITDA exceeding the top end of our guide range,” said Chris Diorio, Impinj co-founder and CEO. “Endpoint IC bookings hit an all-time record, engendering a strong second-quarter revenue outlook”

First Quarter 2026 Financial Summary

Revenue of $74.3 million

GAAP gross margin of 49.1%; non-GAAP gross margin of 52.4%

GAAP net loss of $25.3 million, or loss of $0.83 per diluted share using 30.3 million shares

Adjusted EBITDA of $3.4 million

Non-GAAP net income of $4.4 million, or income of $0.14 per diluted share using 31.0 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.

Second Quarter 2026 Financial Outlook

Impinj provides guidance based on current market conditions and expectations; actual results may differ materially. Please refer to the comments below regarding forward-looking statements. The following table presents Impinj’s financial outlook for the second quarter of 2026 (in millions, except per share data):

	Three Months Ending
	June 30, 2026
Revenue	$103.0 to $106.0
GAAP Net income	$7.6 to $9.1
Adjusted EBITDA income	$27.8 to $29.3
GAAP Weighted-average shares - diluted	31.3 to 31.5
GAAP Net income per share - diluted	$0.24 to $0.29
Non-GAAP Net income	$24.6 to $26.1
Non-GAAP Weighted-average shares - diluted	32.6 to 32.8
Non-GAAP Net income per share - diluted	$0.77 to $0.82

Non-GAAP diluted net income per share includes the impact of our convertible debt, using the if-converted method, which assumes full share settlement. To arrive at Non-GAAP diluted net income per share, interest expense is added back to net income and weighted average shares include total shares issuable at conversion of 1.2 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 first-quarter 2026 results and second-quarter 2026 outlook today, April 29, 2026 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. Following the call, a telephonic replay will be available for five business days and may be accessed by dialing +1-412-317-0088 and entering passcode 6529184.

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 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our financial guidance and considerations for the second quarter of 2026 and future periods.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance.

The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update this information unless required by law.

About Impinj

Impinj (Nasdaq: PI) helps businesses and people analyze, optimize, and innovate by wirelessly connecting billions of everyday things - such as apparel, automobile parts, luggage, and shipments - to the Internet. The Impinj platform uses RAIN RFID to deliver timely data about these everyday things 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.

For more information, contact:

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value, unaudited)

	March 31, 2026	December 31, 2025
Assets:
Current assets:
Cash and cash equivalents	$32,295	$48,206
Short-term investments	99,544	127,130
Accounts receivable, net	72,354	70,785
Inventory	86,300	84,961
Prepaid expenses and other current assets	8,545	8,135
Total current assets	299,038	339,217
Long-term investments	103,385	103,766
Property and equipment, net	49,672	50,290
Intangible assets, net	8,815	9,501
Operating lease right-of-use assets	20,500	20,896
Other non-current assets	671	795
Goodwill	20,443	20,721
Total assets	$502,524	$545,186
Liabilities and stockholders’ equity:
Current liabilities:
Accounts payable	$15,442	$13,614
Accrued compensation and employee related benefits	10,827	9,936
Accrued and other current liabilities	3,352	3,664
Current portion of operating lease liabilities	1,521	776
Current portion of long-term debt	-	96,745
Current portion of deferred revenue	1,358	1,791
Total current liabilities	32,500	126,526
Long-term debt	241,470	184,141
Operating lease liabilities, net of current portion	22,078	22,536
Deferred tax liabilities, net	1,929	2,062
Deferred revenue, net of current portion	641	690
Total liabilities	298,618	335,955
Stockholders’ equity:
Common stock, $0.001 par value	30	30
Additional paid-in capital	627,840	606,852
Accumulated other comprehensive income	1,457	2,509
Accumulated deficit	(425,421)	(400,160)
Total stockholders’ equity	203,906	209,231
Total liabilities and stockholders’ equity	$502,524	$545,186

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data, unaudited)

	Three Months Ended
	March 31,
	2026	2025
Revenue	$74,250	$74,277
Cost of revenue	37,791	37,596
Gross profit	36,459	36,681
Operating expenses:
Research and development	28,724	25,314
Sales and marketing	9,757	8,055
General and administrative	12,609	12,396
Amortization of intangibles	537	485
Total operating expenses	51,627	46,250
Loss from operations	(15,168)	(9,569)
Other income, net	2,666	2,060
Induced conversion expense	(11,938)	-
Interest expense	(773)	(1,223)
Loss before income taxes	(25,213)	(8,732)
Income tax benefit (expense)	(48)	281
Net loss	$(25,261)	$(8,451)
Net loss per share - basic	$(0.83)	$(0.30)
Net loss per share - diluted	$(0.83)	$(0.30)
Weighted-average shares outstanding - basic	30,292	28,639
Weighted-average shares outstanding - diluted	30,292	28,639

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

	Three Months Ended
	March 31,
	2026	2025
Operating activities:
Net loss	$(25,261)	$(8,451)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	3,845	3,521
Stock-based compensation	14,691	12,522
Accretion of discount or amortization of premium on investments	(188)	(590)
Amortization of debt issuance costs	517	414
Induced conversion expense related to convertible notes	11,938	-
Deferred tax expense	(103)	(93)
Changes in operating assets and liabilities:
Accounts receivable	(1,601)	(220)
Inventory	(1,355)	896
Prepaid expenses and other assets	(202)	870
Accounts payable	1,402	(6,623)
Accrued compensation and employee related benefits	913	(13,401)
Accrued and other liabilities	(832)	405
Operating lease right-of-use assets	390	653
Operating lease liabilities	292	(887)
Deferred revenue	(466)	(159)
Net cash provided by (used in) operating activities	3,980	(11,143)
Investing activities:
Purchases of investments	(21,223)	(25,910)
Proceeds from maturities of investments	48,700	49,000
Purchases of property and equipment	(1,747)	(1,863)
Net cash provided by investing activities	25,730	21,227
Financing activities:
Payment of 2021 Notes	(47,031)	-
Proceeds from exercise of stock options and employee stock purchase plan	3,010	5,847
Payments of taxes on restricted stock units	(1,553)	(787)
Net cash provided by (used in) financing activities	(45,574)	5,060
Effect of exchange rate changes on cash and cash equivalents	(47)	120
Net increase (decrease) in cash and cash equivalents	(15,911)	15,264
Cash and cash equivalents
Beginning of period	48,206	46,053
End of period	$32,295	$61,317

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, our key non-GAAP performance measures include adjusted EBITDA, non-GAAP net income (loss) and free cash flow as defined below. We use adjusted EBITDA and non-GAAP net income (loss) as key measures to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operating plans. We use free cash flow as a key measure when assessing our sources of liquidity, capital resources, and quality of earnings. We believe these measures provide useful information for period-to-period comparisons of our business to allow investors and others to understand and evaluate our operating results in the same manner as our management and board of directors. Our presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from similarly termed non-GAAP measures used by other companies.

Adjusted EBITDA

We define adjusted EBITDA as net income (loss) determined in accordance with GAAP, excluding, if applicable for the periods presented, the effects of stock-based compensation; depreciation and amortization; restructuring costs; settlement income and related costs; induced conversion expense; other income, net; interest expense; acquisition related expense and related purchase accounting adjustments; and income tax benefit (expense).

Non-GAAP Net Income (Loss)

We define non-GAAP net income as net income (loss), excluding, if applicable for the periods presented, the effects of stock-based compensation; depreciation and amortization; restructuring costs; settlement income and related costs; induced conversion expense; acquisition related expense and related purchase accounting adjustments; and the corresponding income tax impacts of adjustments to net income (loss).

Free cash flow

We define free cash flow as net cash provided by (used in) operating activities, determined in accordance with GAAP, less purchases of property and equipment.

RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except percentages, unaudited)

	Three Months Ended
	March 31,
	2026	2025
GAAP Gross margin	49.1%	49.4%
Adjustments:
Depreciation and amortization	2.7%	2.6%
Stock-based compensation	0.5%	0.7%
Non-GAAP Gross margin	52.4%	52.7%
Certain amounts may be off due to rounding
GAAP Net loss	$(25,261)	$(8,451)
Adjustments:
Depreciation and amortization	3,845	3,521
Stock-based compensation	14,691	12,522
Other income, net	(2,666)	(2,060)
Induced conversion expense	11,938	-
Interest expense	773	1,223
Income tax benefit (expense)	48	(281)
Adjusted EBITDA	$3,368	$6,474
GAAP Net loss	$(25,261)	$(8,451)
Adjustments:
Depreciation and amortization	3,845	3,521
Stock-based compensation	14,691	12,522
Induced conversion expense	11,938	-
Income tax effects of adjustments	(815)	(1,288)
Non-GAAP Net income	$4,398	$6,304
Non-GAAP Net income per share - diluted	$0.14	$0.21
GAAP Weighted-average shares - diluted	30,292	28,639
Dilutive shares from stock plans	708	806
Non-GAAP Weighted-average shares - diluted	31,000	29,445
The tax effects of the adjustments are calculated using the statutory rate, taking into consideration the nature of the item and relevant taxing jurisdictions.

RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except percentages, unaudited)

	Three Months Ended
	March 31,
	2026	2025
GAAP Net cash provided by (used in) operating activities	$3,980	$(11,143)
Adjustments:
Purchases of property and equipment	(1,747)	(1,863)
Free cash flow	$2,233	$(13,006)

RECONCILIATIONS OF GAAP FINANCIAL OUTLOOK TO NON-GAAP FINANCIAL OUTLOOK

(in thousands, except per share data, unaudited - calculated at the midpoint of the outlook range)

	Three Months Ending
	June 30,
	2026
GAAP Net income	$8,318
Adjustments:
Forecasted Depreciation and amortization	3,850
Forecasted Stock-based compensation	18,050
Forecasted Interest expense	632
Forecasted Other income, net	(2,450)
Forecasted Income tax expense	100
Adjusted EBITDA	$28,500
GAAP Net income	$8,318
Adjustments:
Forecasted Depreciation and amortization	3,850
Forecasted Stock-based compensation	18,050
Forecasted Income tax effects of adjustments	(4,875)
Non-GAAP Net income	$25,343
GAAP Net income per share - diluted	$0.26
Non-GAAP Net income per share - diluted	$0.80
GAAP Weighted-average shares - diluted	31,400
Dilutive shares	1,300
Non-GAAP Weighted-average shares - diluted	32,700

Contacts
Andy Cobb, CFA
Vice President, Corporate Finance & Investor Relations
+1-206-315-4470 ir@impinj.com
Media Relations Emily Schauer Senior Corporate Communications Manager +1 206-209-2923 eschauer@impinj.com