Impinj, Inc. - PI STOCK NEWS

Impinj, Inc. (NASDAQ: PI) Reports Record Second Quarter Revenue Despite Weak Endpoint IC Revenue. Financial results for Q2 2023 show revenue of $86.0 million, with strong systems revenue offsetting weak endpoint IC revenue from retail apparel inventory destocking. GAAP gross margin was 51.0%, and non-GAAP gross margin was 53.3%. Impinj expects ongoing headwinds associated with apparel inventory destocking and weakness in the overall retail macroenvironment to more-than-offset strength in enterprise solutions opportunities in Q3.

Impinj, Inc. (NASDAQ: PI) releases new M800 series RAIN RFID tag chips to improve readability, reliability, and manufacturability for global IoT deployments. The new chips offer enhanced features to help enterprises read the right tag at the right time, leading to improved performance in retail, supply chain, and logistics operations.

Impinj, Inc. has won two patent-infringement lawsuits against NXP Semiconductors. The jury awarded Impinj $18.5M in damages and lost profits. Impinj's CEO expressed disappointment in NXP's infringement and emphasized the company's commitment to protecting its inventions. The outcome is not expected to have a material impact on ongoing or new RAIN RFID programs.

Impinj, Inc. will release its second-quarter financial results on July 26, 2023. A conference call and webcast will be held to discuss the results and third-quarter outlook.

Impinj, a leader in RAIN RFID solutions, reported strong financial results for Q1 2023, with record revenue of $85.9 million. The company achieved a GAAP gross margin of 50.7% and a non-GAAP gross margin of 52.4%. Despite a GAAP net loss of $4.4 million (loss of $(0.17) per share), non-GAAP net income was $8.7 million, translating to $0.30 per diluted share. Adjusted EBITDA stood at $8.6 million. CEO Chris Diorio expressed confidence in the company's backlog and overall market growth potential. The outlook for Q2 2023 reflects the company’s commitment to leverage its platform solutions amidst changing market dynamics.

Impinj, Inc. (NASDAQ: PI) will release its financial results for the first quarter ended March 31, 2023, after U.S. markets close on April 26, 2023. A conference call and webcast will be held at 5:00 p.m. ET to discuss the results and provide a second-quarter 2023 outlook. Interested parties can dial +1-412-317-5196 to listen, with a live webcast available on the company’s website. Written remarks and quarterly financial data will also be accessible on the same date. Impinj employs various channels for public communication, ensuring wide dissemination of material information. The company specializes in RAIN RFID technology, linking billions of items to the Internet, enhancing data accessibility for businesses.

Impinj, Inc. (NASDAQ: PI) has announced that Miron Washington will join its board of directors starting April 2, 2023. Washington brings over 25 years of experience in B2C/B2B ecommerce, global supply chain operations, and digital transformation, expected to aid Impinj in its growth phase. The board chair, Steve Sanghi, noted Washington's extensive background will support the company in enhancing operational efficiency and customer experience. Washington is currently the chief digital officer at Parts Town and previously held executive roles at major companies including Home Depot and Amazon.