IMPINJ INC PI
Our vision is a world in which every item that enterprises manufacture, transport and sell, and that people own, use and recycle, is wirelessly and ubiquitously connected to the cloud. And a world in which the ownership, history and linked information for every one of those items is seamlessly available to enterprises and people. We call our expansive vision a Boundless Internet of Things, or IoT. We design and sell a platform that enables that wireless item-to-cloud connectivity and with which we and our partners innovate IoT solutions.
Our mission is to connect every thing. We have enabled connectivity for more than 150 billion items to date, delivering item visibility, traceability and improved operational efficiencies for retailers, supply chain and logistics, or SC&L providers, restaurants and food-service providers, airlines, automobile manufacturers, healthcare companies and many more.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $361.1M | $366.1M | $307.5M | $257.8M | $190.3M | $138.9M | $152.8M | $122.6M | $125.3M | $112.3M |
| Cost of revenue | $171.4M | $177.2M | $155.6M | $119.9M | $91.3M | $73.8M | $78.8M | $64.4M | $60.4M | $52.8M |
| Gross profit | $189.7M | $188.9M | $152.0M | $137.9M | $99.0M | $65.1M | $74.0M | $58.3M | $64.9M | $59.5M |
| R&D | $102.6M | $98.8M | $88.6M | $74.1M | $64.1M | $48.6M | $38.9M | $34.2M | $32.2M | $25.2M |
| SG&A | $49.2M | $51.8M | $60.8M | $45.5M | $36.1M | $35.0M | $24.1M | $22.3M | $18.2M | $12.4M |
| Total operating expenses | $190.4M | $195.9M | $195.5M | $157.4M | $136.2M | $112.2M | $95.7M | $93.2M | $82.0M | $59.9M |
| Operating income | -$737.0K | -$7.1M | -$43.5M | -$19.5M | -$37.2M | -$47.1M | -$21.7M | -$34.9M | -$17.0M | -$488.0K |
| Interest expense | $4.4M | $4.9M | $4.8M | $4.9M | $2.5M | $5.4M | $1.8M | $1.4M | $908.0K | $1.6M |
| Pre-tax income | -$10.9M | $41.0M | -$43.7M | -$24.1M | -$51.1M | -$51.8M | -$22.8M | -$35.5M | -$17.4M | -$1.5M |
| Income tax | $69.0K | $157.0K | $322.0K | $184.0K | $153.0K | $89.0K | $198.0K | $233.0K | $97.0K | $168.0K |
| Net income | -$10.8M | $40.8M | -$43.4M | -$24.3M | -$51.3M | -$51.9M | -$23.0M | -$35.2M | -$17.3M | -$1.7M |
| EPS, basic | -0.37 | 1.46 | -1.62 | -0.95 | -2.12 | -2.28 | — | — | — | — |
| EPS, diluted | -0.37 | 1.39 | -1.62 | -0.95 | -2.12 | -2.28 | -1.05 | -1.65 | -0.84 | -0.74 |
| Shares, diluted (wtd. avg.) | $29.3M | $29.5M | $26.8M | $25.5M | $24.2M | $22.8M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $48.2M | $46.1M | $94.8M | $19.6M | $123.9M | $23.6M | $66.9M | $17.5M | $19.3M | $33.6M |
| Short-term investments | $127.1M | $118.7M | $18.4M | $154.1M | $69.4M | $82.5M | $49.6M | $38.5M | $38.8M | $66.9M |
| Receivables | $70.8M | $56.8M | $54.9M | $50.0M | $35.4M | $25.0M | $23.7M | $18.5M | $22.2M | $17.4M |
| Inventory | $85.0M | $99.3M | $97.2M | $46.4M | $22.0M | $36.3M | $34.2M | $44.7M | $47.1M | $27.7M |
| Total current assets | $339.2M | $326.4M | $269.7M | $275.2M | $255.8M | $171.4M | $176.8M | $121.2M | $129.8M | $148.7M |
| Property, plant and equipment | $50.3M | $50.6M | $44.9M | $39.0M | $27.5M | $16.5M | $17.4M | $19.8M | $18.1M | $14.9M |
| Goodwill | $20.7M | $18.7M | $19.7M | $3.9M | $3.9M | — | — | — | — | $3.9M |
| Other intangibles | $9.5M | $10.3M | $13.9M | — | — | — | — | — | — | — |
| Total assets | $545.2M | $489.1M | $359.4M | $349.7M | $315.5M | $207.6M | $215.0M | $145.1M | $152.0M | $167.5M |
| Accounts payable | $13.6M | $17.3M | $8.7M | $25.0M | $11.7M | $10.1M | $5.6M | $4.6M | $4.7M | $7.2M |
| Short-term debt | $96.7M | $283.5M | — | — | $9.6M | — | — | $5.9M | $4.1M | $2.6M |
| Total current liabilities | $126.5M | $331.2M | $30.9M | $42.4M | $35.5M | $27.6M | $19.5M | $23.0M | $19.9M | $25.4M |
| Long-term debt | $184.1M | $283.5M | $281.9M | $280.2M | $278.7M | $54.6M | $50.9M | $17.6M | $5.5M | $9.7M |
| Total liabilities | $336.0M | $339.2M | $325.3M | $334.1M | $326.6M | $98.5M | $89.8M | $47.2M | $33.1M | $43.5M |
| Retained earnings | -$400.2M | -$389.3M | -$430.2M | -$386.8M | -$362.5M | -$314.7M | -$262.7M | -$239.8M | -$204.5M | -$187.2M |
| Total equity | $209.2M | $149.9M | $34.1M | $15.6M | -$11.1M | $109.1M | $125.2M | $97.9M | $118.9M | $124.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $58.7M | $128.3M | -$49.4M | $641.0K | $6.5M | -$16.9M | $4.7M | -$11.8M | -$35.9M | -$9.5M |
| Depreciation and amortisation | $15.0M | $13.6M | $13.6M | $6.0M | $4.6M | $4.5M | $4.8M | $4.5M | $4.0M | $2.9M |
| Stock-based compensation | $55.3M | $56.5M | $48.0M | $42.4M | $40.5M | $25.7M | $18.5M | $11.3M | $7.4M | $2.8M |
| Capital expenditure | $12.9M | $17.1M | $18.6M | $12.1M | $16.2M | $3.1M | $2.4M | $6.4M | $6.6M | $3.5M |
| Investing cash flow | -$48.0M | -$192.6M | $115.8M | -$102.8M | -$18.6M | -$36.3M | -$13.1M | -$5.7M | $21.4M | -$70.6M |
| Financing cash flow | -$8.9M | $15.7M | $8.7M | -$2.1M | $112.4M | $9.9M | $57.8M | $15.7M | $137.0K | $103.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-159032.
Others in SIC 3679
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| AEIS | ADVANCED ENERGY INDUSTRIES INC | $11.25B | 73.2x | 21.4% |
| VICR | VICOR CORP | $8.57B | 72.2x | 13.5% |
| VREX | Varex Imaging Corp | $779.3M | — | 4.1% |
| MPTI | M-tron Industries, Inc. | $324.1M | 28.5x | 11.0% |
| ESP | ESPEY MFG & ELECTRONICS CORP | $189.8M | 21.0x | -90.5% |
| LGL | LGL GROUP INC | $94.6M | 68.2x | 10.2% |
| MVIS | MICROVISION, INC. | $39.3M | — | -74.3% |