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Impinj Reports Third Quarter 2024 Financial Results

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Impinj (NASDAQ: PI) reported strong Q3 2024 financial results, exceeding guidance with revenue of $95.2 million and a GAAP gross margin of 50.0%. The company achieved GAAP net income of $0.2 million ($0.01 per diluted share) and non-GAAP net income of $16.9 million ($0.56 per diluted share). The quarter demonstrated strong operational leverage, with Adjusted EBITDA reaching $17.3 million. The non-GAAP gross margin stood at 52.4%.

Impinj (NASDAQ: PI) ha riportato risultati finanziari solidi per il Q3 2024, superando le previsioni con un fatturato di 95,2 milioni di dollari e un margine lordo GAAP del 50,0%. L'azienda ha ottenuto un reddito netto GAAP di 0,2 milioni di dollari (0,01 dollari per azione diluita) e un reddito netto non GAAP di 16,9 milioni di dollari (0,56 dollari per azione diluita). Il trimestre ha dimostrato una forte leva operativa, con un EBITDA rettificato che ha raggiunto 17,3 milioni di dollari. Il margine lordo non GAAP si è attestato al 52,4%.

Impinj (NASDAQ: PI) reportó fuertes resultados financieros para el Q3 2024, superando las expectativas con ingresos de 95,2 millones de dólares y un margen bruto GAAP del 50,0%. La compañía logró un ingreso neto GAAP de 0,2 millones de dólares (0,01 dólares por acción diluida) y un ingreso neto no GAAP de 16,9 millones de dólares (0,56 dólares por acción diluida). El trimestre mostró una sólida palanca operativa, con un EBITDA ajustado alcanzando 17,3 millones de dólares. El margen bruto no GAAP se situó en el 52,4%.

Impinj (NASDAQ: PI)는 Q3 2024의 강력한 재무 결과를 발표했으며, 9,520만 달러의 수익으로 가이던스를 초과했습니다. GAAP 총 마진은 50.0%에 달했습니다. 이 회사는 GAAP 순이익 20만 달러(희석 주당 0.01 달러)와 비GAAP 순이익 1,690만 달러(희석 주당 0.56 달러)를 기록했습니다. 이번 분기는 강력한 운영 레버리지를 보여주었으며, 조정 EBITDA는 1,730만 달러에 달했습니다. 비GAAP 총 마진은 52.4%에 달했습니다.

Impinj (NASDAQ: PI) a annoncé de solides résultats financiers pour le T3 2024, dépassant les prévisions avec un chiffre d'affaires de 95,2 millions de dollars et une marge brute GAAP de 50,0%. L'entreprise a réalisé un bénéfice net GAAP de 0,2 million de dollars (0,01 dollar par action diluée) et un bénéfice net non GAAP de 16,9 millions de dollars (0,56 dollar par action diluée). Le trimestre a montré une forte capacité opérationnelle, avec un EBITDA ajusté atteignant 17,3 millions de dollars. La marge brute non GAAP s'est élevée à 52,4%.

Impinj (NASDAQ: PI) hat starke Finanzzahlen für das Q3 2024 gemeldet und die Erwartungen mit einem Umsatz von 95,2 Millionen Dollar übertroffen, während die GAAP-Bruttomarge bei 50,0% lag. Das Unternehmen erreichte einen GAAP-Nettoertrag von 0,2 Millionen Dollar (0,01 Dollar pro verwässerter Aktie) und einen Non-GAAP-Nettoertrag von 16,9 Millionen Dollar (0,56 Dollar pro verwässerter Aktie). Das Quartal zeigte eine starke operative Hebelwirkung, wobei das bereinigte EBITDA 17,3 Millionen Dollar erreichte. Die Non-GAAP-Bruttomarge betrug 52,4%.

Positive
  • Revenue reached $95.2 million, exceeding guidance
  • Strong gross margins at 50.0% GAAP and 52.4% non-GAAP
  • Achieved profitability with $0.2 million GAAP net income
  • Solid Adjusted EBITDA of $17.3 million
  • Non-GAAP net income of $16.9 million ($0.56 per diluted share)
Negative
  • Minimal GAAP net income at $0.01 per diluted share

Insights

Impinj delivered impressive Q3 results, with revenue reaching $95.2 million and achieving a solid 52.4% non-GAAP gross margin. The company's profitability metrics are particularly noteworthy, with non-GAAP net income of $16.9 million translating to $0.56 per diluted share. The 50.0% GAAP gross margin and positive GAAP net income of $0.2 million demonstrate strong operational execution.

The Adjusted EBITDA of $17.3 million indicates robust cash flow generation and operational efficiency. These results exceeded guidance, highlighting the company's ability to maintain pricing power and manage costs effectively in the RAIN RFID market. The expanding margins suggest improving operational leverage and manufacturing efficiency, which bodes well for future profitability.

SEATTLE--(BUSINESS WIRE)-- Impinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and Internet of Things pioneer, today released its financial results for the third quarter ended September 30, 2024.

“Our third-quarter results were strong, with revenue and profitability well above our guidance,” said Chris Diorio, Impinj co-founder and CEO. “These results again demonstrate the leverage in our operating model. As we continue driving our bold vision to connect every item in our everyday world, I remain confident in our market position and energized by the opportunities ahead.”

Third Quarter 2024 Financial Summary

  • Revenue of $95.2 million
  • GAAP gross margin of 50.0%; non-GAAP gross margin of 52.4%
  • GAAP net income of $0.2 million, or income of $0.01 per diluted share using 29.7 million shares
  • Adjusted EBITDA of $17.3 million
  • Non-GAAP net income of $16.9 million, or income of $0.56 per diluted share using 32.3 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.

Fourth Quarter 2024 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 fourth quarter of 2024 (in millions, except per share data):

 

 

Three Months Ending

 

 

December 31, 2024

Revenue

 

$91.0 to $94.0

GAAP Net loss

 

($3.8) to ($2.3)

Adjusted EBITDA income

 

$13.6 to $15.1

GAAP Weighted-average shares — basic and diluted

 

28.4 to 28.6

GAAP Net loss per share — basic and diluted

 

($0.14) to ($0.08)

Non-GAAP Net income

 

$13.4 to $14.9

Non-GAAP Weighted-average shares — diluted(1)

 

32.6 to 32.8

Non-GAAP Net income per share — diluted(1)

 

$0.45 to $0.49

(1) Non-GAAP diluted net income per share includes the impact of our convertible debt using the if-converted method, which assumes full share settlement. Interest expense is added back to net income and weighted average shares includes total shares issuable at conversion of 2.6 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 today, October 23, 2024 at 5:00 p.m. ET / 2:00 p.m. PT to discuss its third-quarter 2024 results, as well as its outlook for its fourth-quarter 2024. 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 1320694.

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 strategy, investment plans and prospects, statements regarding conditions in the markets in which we compete as well as the broader economy, and our financial guidance and considerations for the fourth quarter of 2024 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.

 

IMPINJ, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value, unaudited)

 

 

September 30, 2024

 

December 31, 2023

Assets:

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

73,704

 

 

$

94,793

 

Short-term investments

 

96,551

 

 

 

18,440

 

Accounts receivable, net

 

64,378

 

 

 

54,919

 

Inventory

 

88,357

 

 

 

97,172

 

Prepaid expenses and other current assets

 

6,097

 

 

 

4,372

 

Total current assets

 

329,087

 

 

 

269,696

 

Long-term investments

 

57,122

 

 

 

 

Property and equipment, net

 

49,908

 

 

 

44,891

 

Intangible assets, net

 

11,563

 

 

 

13,913

 

Operating lease right-of-use assets

 

7,817

 

 

 

9,735

 

Other non-current assets

 

1,117

 

 

 

1,478

 

Goodwill

 

19,833

 

 

 

19,696

 

Total assets

$

476,447

 

 

$

359,409

 

Liabilities and stockholders' equity:

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

20,504

 

 

$

8,661

 

Accrued compensation and employee related benefits

 

18,043

 

 

 

8,519

 

Accrued and other current liabilities

 

3,702

 

 

 

8,614

 

Current portion of operating lease liabilities

 

3,534

 

 

 

3,373

 

Current portion of long-term debt

 

283,081

 

 

 

 

Current portion of deferred revenue

 

2,231

 

 

 

1,713

 

Total current liabilities

 

331,095

 

 

 

30,880

 

Long-term debt

 

 

 

 

281,855

 

Operating lease liabilities, net of current portion

 

6,660

 

 

 

9,360

 

Deferred tax liabilities, net

 

2,454

 

 

 

2,911

 

Deferred revenue, net of current portion

 

139

 

 

 

272

 

Total liabilities

 

340,348

 

 

 

325,278

 

Stockholders' equity:

 

 

 

Common stock, $0.001 par value

 

28

 

 

 

27

 

Additional paid-in capital

 

522,100

 

 

 

463,900

 

Accumulated other comprehensive income

 

594

 

 

 

355

 

Accumulated deficit

 

(386,623

)

 

 

(430,151

)

Total stockholders' equity

 

136,099

 

 

 

34,131

 

Total liabilities and stockholders' equity

$

476,447

 

 

$

359,409

 

 

 

 

 

IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2024

 

2023

 

2024

 

2023

Revenue

 

$

95,198

 

 

$

65,005

 

 

$

274,518

 

 

$

236,888

 

Cost of revenue

 

 

47,629

 

 

 

34,237

 

 

 

131,885

 

 

 

118,776

 

Gross profit

 

 

47,569

 

 

 

30,768

 

 

 

142,633

 

 

 

118,112

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

 

25,492

 

 

 

21,588

 

 

 

72,935

 

 

 

67,426

 

Sales and marketing

 

 

9,888

 

 

 

10,073

 

 

 

29,891

 

 

 

30,678

 

General and administrative

 

 

12,452

 

 

 

13,532

 

 

 

39,040

 

 

 

45,098

 

Amortization of intangibles

 

 

506

 

 

 

1,409

 

 

 

2,411

 

 

 

3,555

 

Restructuring costs

 

 

 

 

 

 

 

 

1,812

 

 

 

 

Total operating expenses

 

 

48,338

 

 

 

46,602

 

 

 

146,089

 

 

 

146,757

 

Income (loss) from operations

 

 

(769

)

 

 

(15,834

)

 

 

(3,456

)

 

 

(28,645

)

Other income, net

 

 

2,416

 

 

 

1,090

 

 

 

5,830

 

 

 

3,620

 

Income from settlement of litigation

 

 

 

 

 

 

 

 

45,000

 

 

 

 

Interest expense

 

 

(1,219

)

 

 

(1,213

)

 

 

(3,652

)

 

 

(3,633

)

Income (loss) before income taxes

 

 

428

 

 

 

(15,957

)

 

 

43,722

 

 

 

(28,658

)

Income tax benefit (expense)

 

 

(207

)

 

 

195

 

 

 

(194

)

 

 

472

 

Net income (loss) per share attributable to common stockholders:

 

$

221

 

 

$

(15,762

)

 

$

43,528

 

 

$

(28,186

)

 

 

 

 

 

 

 

 

 

Net income (loss) per share — basic

 

$

0.01

 

 

$

(0.59

)

 

$

1.57

 

 

$

(1.06

)

Net income (loss) per share — diluted

 

$

0.01

 

 

$

(0.59

)

 

$

1.48

 

(1)

$

(1.06

)

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding — basic

 

 

28,168

 

 

 

26,920

 

 

 

27,805

 

 

 

26,639

 

Weighted-average shares outstanding — diluted

 

 

29,727

 

 

 

26,920

 

 

 

31,918

 

(1)

 

26,639

 

(1) Diluted net income per share includes the impact of our convertible debt using the if-converted method, which assumes full share settlement. Interest expense is added back to net income and weighted average shares includes total shares issuable at conversion of 2.6 million.

IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

 

 

 

Nine Months Ended

 

 

September 30,

 

 

2024

 

2023

Operating activities:

 

 

 

 

Net income (loss)

 

$

43,528

 

 

$

(28,186

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

10,155

 

 

 

9,733

 

Stock-based compensation

 

 

41,336

 

 

 

35,679

 

Restructuring equity modification expense

 

 

366

 

 

 

 

Accretion of discount or amortization of premium on investments

 

 

(247

)

 

 

(1,600

)

Amortization of debt issuance costs

 

 

1,226

 

 

 

1,206

 

Deferred tax expense

 

 

(471

)

 

 

(662

)

Revaluation of acquisition-related contingent consideration liability

 

 

986

 

 

 

 

Changes in operating assets and liabilities, net of amounts acquired:

 

 

 

 

Accounts receivable

 

 

(9,438

)

 

 

2,683

 

Inventory

 

 

8,825

 

 

 

(59,239

)

Prepaid expenses and other assets

 

 

(610

)

 

 

1,407

 

Accounts payable

 

 

12,056

 

 

 

(10,054

)

Accrued compensation and employee related benefits

 

 

9,515

 

 

 

(1,904

)

Accrued and other liabilities

 

 

1,268

 

 

 

1,677

 

Acquisition-related contingent consideration liability

 

 

(2,556

)

 

 

 

Operating lease right-of-use assets

 

 

1,921

 

 

 

1,990

 

Operating lease liabilities

 

 

(2,542

)

 

 

(2,501

)

Deferred revenue

 

 

369

 

 

 

(1,038

)

Net cash provided by (used in) operating activities

 

 

115,687

 

 

 

(50,809

)

Investing activities:

 

 

 

 

Purchases of investments

 

 

(154,331

)

 

 

 

Proceeds from sales of investments

 

 

 

 

 

13,372

 

Proceeds from maturities of investments

 

 

18,605

 

 

 

127,449

 

Business acquisitions, net of cash acquired

 

 

 

 

 

(23,357

)

Purchases of intangible assets

 

 

 

 

 

(250

)

Proceeds from sale of property and equipment

 

 

 

 

 

234

 

Purchases of property and equipment

 

 

(12,979

)

 

 

(15,968

)

Net cash provided by (used in) investing activities

 

 

(148,705

)

 

 

101,480

 

Financing activities:

 

 

 

 

Proceeds from exercise of stock options and employee stock purchase plan

 

 

16,499

 

 

 

7,890

 

Payment of acquisition-related contingent consideration

 

 

(4,602

)

 

 

 

Net cash provided by financing activities

 

 

11,897

 

 

 

7,890

 

Effect of exchange rate changes on cash and cash equivalents

 

 

32

 

 

 

(58

)

Net increase (decrease) in cash and cash equivalents

 

 

(21,089

)

 

 

58,503

 

Cash and cash equivalents

 

 

 

 

Beginning of period

 

 

94,793

 

 

 

19,597

 

End of period

 

$

73,704

 

 

$

78,100

 

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), free cash flow and adjusted 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 and adjusted free cash flow as key measures 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). During the year ended December 31, 2023, we revised our definition of adjusted EBITDA to exclude acquisition related expenses, related purchase accounting adjustments, and amortization of intangibles in connection with our Voyantic Oy acquisition. During the three months ended March 31, 2024, we further revised our definition of adjusted EBITDA to exclude settlement income. We have excluded these items because we do not believe they reflect our core operations and us excluding them enables more consistent evaluation of our operating performance. The revision to our definition of adjusted EBITDA did not impact adjusted EBITDA for any previously reported periods because there was no impact of a similar nature in such prior periods affecting comparability.

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).

During the year ended December 31, 2023, we revised our definition of non-GAAP net income to adjust for acquisition related expenses, related purchase accounting adjustments, and amortization of intangibles in connection with our Voyantic Oy acquisition. During the three months ended March 31, 2024, we further revised our definition of non-GAAP net income to exclude settlement income. The revisions to our definition of non-GAAP net income did not impact non-GAAP net income for any previously reported periods because there was no impact of a similar nature in such prior periods affecting comparability.

Additionally, during the year ended December 31, 2023, we revised our definition of non-GAAP net income (loss) to adjust for income tax effects of adjustments to net income (loss), calculated at the statutory rate for current and historical periods. We have revised the prior period amounts to conform to our current period presentation.

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. We define adjusted free cash flow as free cash flow less cash received from gain on litigation settlement.

 

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except percentages, unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

 

GAAP Gross margin

 

 

50.0

%

 

 

47.3

%

 

 

52.0

%

 

 

49.9

%

Adjustments:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1.9

%

 

 

2.2

%

 

 

1.8

%

 

 

1.5

%

Purchase accounting adjustments

 

 

0.0

%

 

 

0.2

%

 

 

0.0

%

 

 

0.2

%

Stock-based compensation

 

 

0.5

%

 

 

0.8

%

 

 

0.5

%

 

 

0.6

%

Non-GAAP Gross margin

 

 

52.4

%

 

 

50.5

%

 

 

54.3

%

 

 

52.2

%

 

 

 

 

 

 

 

 

 

GAAP Net income (loss)

 

$

221

 

 

$

(15,762

)

 

$

43,528

 

 

$

(28,186

)

Adjustments:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,247

 

 

 

3,668

 

 

 

10,155

 

 

 

9,734

 

Stock-based compensation

 

 

14,841

 

 

 

12,307

 

 

 

41,336

 

 

 

35,679

 

Restructuring costs

 

 

 

 

 

 

 

 

1,812

 

 

 

 

Acquisition related expenses

 

 

 

 

 

4

 

 

 

986

 

 

 

1,676

 

Purchase accounting adjustments

 

 

 

 

 

112

 

 

 

 

 

 

388

 

Other income, net

 

 

(2,416

)

 

 

(1,090

)

 

 

(5,830

)

 

 

(3,620

)

Income from settlement of litigation

 

 

 

 

 

 

 

 

(45,000

)

 

 

 

Interest expense

 

 

1,219

 

 

 

1,213

 

 

 

3,652

 

 

 

3,633

 

Income tax expense (benefit)

 

 

207

 

 

 

(195

)

 

 

194

 

 

 

(472

)

Adjusted EBITDA

 

$

17,319

 

 

$

257

 

 

$

50,833

 

 

$

18,832

 

 

 

 

 

 

 

 

 

 

GAAP Net income (loss)

 

$

221

 

 

$

(15,762

)

 

$

43,528

 

 

$

(28,186

)

Adjustments:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,247

 

 

 

3,668

 

 

 

10,155

 

 

 

9,734

 

Stock-based compensation

 

 

14,841

 

 

 

12,307

 

 

 

41,336

 

 

 

35,679

 

Restructuring costs

 

 

 

 

 

 

 

 

1,812

 

 

 

 

Acquisition transaction expenses

 

 

 

 

 

4

 

 

 

986

 

 

 

1,676

 

Purchase accounting adjustments

 

 

 

 

 

112

 

 

 

 

 

 

388

 

Income from settlement of litigation

 

 

 

 

 

 

 

 

(45,000

)

 

 

 

Income tax effects of adjustments (1)

 

 

(1,410

)

 

 

(207

)

 

 

(4,434

)

 

 

(1,990

)

Non-GAAP Net income

 

$

16,899

 

 

$

122

 

 

$

48,383

 

 

$

17,301

 

 

 

 

 

 

 

 

 

 

Non-GAAP Net income per share — diluted

 

$

0.56

 

(2)

$

0.00

 

 

$

1.63

 

(2)

$

0.61

 

 

 

 

 

 

 

 

 

 

GAAP Weighted-average shares — diluted

 

 

29,727

 

 

 

26,920

 

 

 

31,918

 

(3)

 

26,639

 

Dilutive shares from stock plans

 

 

 

 

 

1,196

 

 

 

 

 

 

1,758

 

Dilutive shares from convertible debt

 

 

2,589

 

 

 

 

 

 

 

 

 

 

Non-GAAP Weighted-average shares — diluted

 

 

32,316

 

(2)

 

28,116

 

 

 

31,918

 

(2)

 

28,397

 

(1) The tax effects of the adjustments are calculated using the statutory rate, taking into consideration the nature of the item and relevant taxing jurisdictions.

(2) Diluted net income per share includes the impact of our convertible debt using the if-converted method, which assumes full share settlement. Interest expense is added back to net income and weighted average shares includes total shares issuable at conversion of 2.6 million.

(3) GAAP weighted average shares — diluted includes the dilutive effect of convertible debt.

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except percentages, unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2024

 

2023

 

2024

 

2023

GAAP Net cash provided by (used in) operating activities

 

$

10,068

 

 

$

(1,705

)

 

$

115,687

 

 

$

(50,809

)

Adjustments:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(5,411

)

 

 

(2,770

)

 

 

(12,979

)

 

 

(15,968

)

Free cash flow

 

$

4,657

 

 

$

(4,475

)

 

$

102,708

 

 

$

(66,777

)

Adjustments:

 

 

 

 

 

 

 

 

Income from settlement of litigation

 

 

 

 

 

 

 

 

(45,000

)

 

 

 

Adjusted free cash flow

 

$

4,657

 

 

$

(4,475

)

 

$

57,708

 

 

$

(66,777

)

 

IMPINJ, INC.

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

 

 

December 31,

 

 

2024

GAAP Net loss

 

$

(3,178

)

Adjustments:

 

 

Forecasted Depreciation and amortization

 

 

3,388

 

Forecasted Stock-based compensation

 

 

15,175

 

Forecasted Interest expense

 

 

1,215

 

Forecasted Other income, net

 

 

(2,400

)

Forecasted Income tax expense

 

 

100

 

Adjusted EBITDA

 

$

14,300

 

 

 

 

GAAP Net loss

 

$

(3,178

)

Adjustments:

 

 

Forecasted Depreciation and amortization

 

 

3,388

 

Forecasted Stock-based compensation

 

 

15,175

 

Forecasted Income tax effects of adjustments

 

 

(1,252

)

Non-GAAP Net income

 

$

14,133

 

 

 

 

GAAP Net loss per share — basic and diluted

 

$

(0.11

)

Non-GAAP Net income per share — diluted(1)

 

$

0.47

 

 

 

 

GAAP weighted-average shares — basic and diluted

 

 

28,500

 

Dilutive shares

 

 

4,200

 

Non-GAAP weighted-average shares — diluted(1)

 

 

32,700

 

(1) Non-GAAP diluted net income per share includes the impact of our convertible debt using the if-converted method, which assumes full share settlement. Interest expense is added back to net income and weighted average shares includes total shares issuable at conversion of 2.6 million.

 

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

Source: Impinj, Inc.

FAQ

What was Impinj's (PI) revenue in Q3 2024?

Impinj reported revenue of $95.2 million in Q3 2024.

What was Impinj's (PI) GAAP gross margin in Q3 2024?

Impinj's GAAP gross margin was 50.0% in Q3 2024.

What was Impinj's (PI) Adjusted EBITDA in Q3 2024?

Impinj's Adjusted EBITDA was $17.3 million in Q3 2024.

What was Impinj's (PI) earnings per share in Q3 2024?

Impinj reported GAAP earnings of $0.01 per diluted share and non-GAAP earnings of $0.56 per diluted share in Q3 2024.

Impinj, Inc.

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