Revenue growth has decelerated to 0% in 2026Q1, while gross margins remain volatile, fluctuating between 47.9% and 57.8% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 361.05M | 361.07M | 366.09M | 307.54M | 257.8M | 190.28M | 138.92M | 152.84M | 122.63M | 125.3M | 112.29M | 78.48M | 63.76M | 55.49M | 31.8M | 20.82M |
| Revenue Growth % | -0.69% | -1.37% | 19.04% | 19.29% | 35.48% | 36.97% | -9.1% | 24.63% | -2.13% | 11.59% | 43.08% | 23.08% | 14.91% | 74.52% | 52.75% | - |
| Cost of Goods Sold | 172.13M | 173.47M | 177.23M | 155.56M | 119.92M | 91.33M | 73.78M | 78.83M | 64.35M | 60.36M | 52.83M | 37.51M | 30.12M | 27.04M | 17.61M | 9M |
| COGS % of Revenue | - | 48.04% | 48.41% | 50.58% | 46.52% | 48% | 53.11% | 51.58% | 52.48% | 48.17% | 47.05% | 47.79% | 47.24% | 48.73% | 55.39% | 43.24% |
| Gross Profit | 188.92M | 187.6M | 188.85M | 151.98M | 137.88M | 98.95M | 65.14M | 74M | 58.28M | 64.94M | 59.45M | 40.97M | 33.64M | 28.45M | 14.19M | 11.81M |
| Gross Margin % | 52.33% | 51.96% | 51.59% | 49.42% | 53.48% | 52% | 46.89% | 48.42% | 47.52% | 51.83% | 52.95% | 52.21% | 52.76% | 51.27% | 44.61% | 56.76% |
| Gross Profit Growth % | - | -0.66% | 24.26% | 10.22% | 39.34% | 51.91% | -11.98% | 26.97% | -10.26% | 9.23% | 45.1% | 21.79% | 18.25% | 100.56% | 20.07% | - |
| Operating Expenses | 195.26M | 188.34M | 195.92M | 195.47M | 157.36M | 136.2M | 112.21M | 95.66M | 93.15M | 81.96M | 59.94M | 39.24M | 33.19M | 25.93M | 24.5M | 22.08M |
| OpEx % of Revenue | - | 52.16% | 53.52% | 63.56% | 61.04% | 71.58% | 80.77% | 62.59% | 75.96% | 65.41% | 53.38% | 50.01% | 52.05% | 46.74% | 77.06% | 106.09% |
| Selling, General & Admin | 87.64M | 85.72M | 90.39M | 98.68M | 83.36M | 70.42M | 58.26M | 56.78M | 55.23M | 49.74M | 34.76M | 21.67M | 16.98M | 15.46M | 13.84M | 12.59M |
| SG&A % of Revenue | - | 23.74% | 24.69% | 32.09% | 32.33% | 37.01% | 41.94% | 37.15% | 45.04% | 39.7% | 30.95% | 27.61% | 26.63% | 27.85% | 43.53% | 60.49% |
| Research & Development | 106.03M | 102.61M | 98.83M | 88.56M | 74.11M | 64.06M | 48.59M | 38.88M | 34.17M | 32.22M | 25.18M | 17M | 14.29M | 11.58M | 10.66M | 9.49M |
| R&D % of Revenue | - | 28.42% | 27% | 28.8% | 28.75% | 33.66% | 34.98% | 25.44% | 27.86% | 25.71% | 22.43% | 21.67% | 22.41% | 20.87% | 33.53% | 45.6% |
| Other Operating Expenses | 1.59M | 0 | 6.7M | 8.22M | -102K | 1.72M | 5.36M | 0 | 3.75M | 0 | 0 | 0 | 1.92M | -1.1M | 0 | 0 |
| Operating Income | -6.34M | -737K | -7.07M | -43.48M | -19.48M | -37.25M | -47.07M | -21.66M | -34.87M | -17.02M | -488K | 1.6M | 456K | 2.52M | -10.32M | -10.27M |
| Operating Margin % | -1.75% | -0.2% | -1.93% | -14.14% | -7.56% | -19.58% | -33.88% | -14.17% | -28.43% | -13.58% | -0.43% | 2.04% | 0.72% | 4.53% | -32.45% | -49.33% |
| Operating Income Growth % | - | 89.57% | 83.74% | -123.24% | 47.71% | 20.87% | -117.31% | 37.88% | -104.88% | -3387.5% | -130.48% | 251.1% | -81.88% | 124.39% | -0.48% | - |
| EBITDA | 9.03M | 14.3M | 6.52M | -29.86M | -13.44M | -32.65M | -42.57M | -16.85M | -30.34M | -13.07M | 2.38M | 3.57M | 1.82M | 3.51M | -9M | -8.77M |
| EBITDA Margin % | 2.5% | 3.96% | 1.78% | -9.71% | -5.21% | -17.16% | -30.64% | -11.03% | -24.74% | -10.43% | 2.12% | 4.55% | 2.86% | 6.33% | -28.3% | -42.11% |
| EBITDA Growth % | 8.84% | 119.4% | 121.83% | -122.26% | 58.85% | 23.3% | -152.59% | 44.45% | -132.11% | -648.89% | -33.36% | 96.1% | -48.09% | 139% | -2.67% | - |
| D&A (Non-Cash Add-back) | 15.36M | 15.04M | 13.59M | 13.62M | 6.04M | 4.6M | 4.5M | 4.81M | 4.53M | 3.95M | 2.87M | 1.97M | 1.37M | 994K | 1.32M | 1.5M |
| EBIT | -26.05M | -6.55M | -3.27M | -40.21M | -19.58M | -35.53M | -41.71M | -21.66M | -31.12M | -17.02M | -488K | 1.6M | 2.38M | 2.52M | -10.5M | -9.68M |
| Net Interest Income | -3.4M | -4.37M | -4.87M | -4.85M | -4.92M | -2.55M | -5.41M | -1.79M | -1.4M | -908K | -1.63M | -535K | -63K | 0 | -785K | -290K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 673K | 838K | 1.27M | 8K | 234K |
| Interest Expense | 3.4M | 4.37M | 4.87M | 4.85M | 4.92M | 2.55M | 5.41M | 1.79M | 1.4M | 908K | 1.63M | 1.21M | 901K | 0 | 793K | 524K |
| Other Income/Expense | -21.06M | -10.18M | 48.06M | -204K | -4.64M | -13.86M | -4.76M | -1.13M | -595K | -400K | -1.02M | -535K | -63K | -2.18M | -978K | 67K |
| Pretax Income | -27.4M | -10.92M | 40.99M | -43.69M | -24.12M | -51.11M | -51.83M | -22.79M | -35.46M | -17.42M | -1.5M | 1.07M | 393K | 333K | -11.29M | -10.2M |
| Pretax Margin % | -7.59% | -3.02% | 11.2% | -14.21% | -9.35% | -26.86% | -37.31% | -14.91% | -28.92% | -13.9% | -1.34% | 1.36% | 0.62% | 0.6% | -35.52% | -49.01% |
| Income Tax | 260K | -69K | 157K | -322K | 184K | 153K | 89K | 198K | -233K | -97K | 168K | 166K | 96K | 98K | 90K | -50K |
| Effective Tax Rate % | -0.95% | 0.63% | 0.38% | 0.74% | -0.76% | -0.3% | -0.17% | -0.87% | 0.66% | 0.56% | -11.16% | 15.57% | 24.43% | 29.43% | -0.8% | 0.49% |
| Net Income | -27.66M | -10.85M | 40.84M | -43.37M | -24.3M | -51.26M | -51.92M | -22.99M | -35.23M | -17.32M | -1.67M | 900K | 297K | -11.07M | -11.38M | -9.86M |
| Net Margin % | -7.66% | -3% | 11.16% | -14.1% | -9.43% | -26.94% | -37.38% | -15.04% | -28.73% | -13.82% | -1.49% | 1.15% | 0.47% | -19.94% | -35.81% | -47.37% |
| Net Income Growth % | -2789.97% | -126.56% | 194.17% | -78.45% | 52.59% | 1.28% | -125.88% | 34.75% | -103.39% | -935.39% | -285.89% | 203.03% | 102.68% | 2.8% | -15.47% | - |
| Net Income (Continuing) | -27.66M | -10.85M | 40.84M | -43.37M | -24.3M | -51.26M | -51.92M | -22.99M | -35.23M | -17.32M | -1.67M | 900K | 297K | 235K | -11.38M | -10.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.91 | -0.37 | 1.39 | -1.62 | -0.95 | -2.12 | -2.28 | -1.05 | -1.65 | -0.84 | -0.08 | -0.81 | -0.86 | -0.87 | -0.89 | -0.77 |
| EPS Growth % | -1840.38% | -126.62% | 185.8% | -70.53% | 55.19% | 7.02% | -117.14% | 36.36% | -96.43% | -929.41% | 89.93% | 5.81% | 1.15% | 2.25% | -15.58% | - |
| EPS (Basic) | - | -0.37 | 1.46 | -1.62 | -0.95 | -2.12 | -2.28 | -1.05 | -1.65 | -0.84 | -0.08 | -0.81 | -0.86 | -0.87 | -0.89 | -0.77 |
| Diluted Shares Outstanding | 30.29M | 29.28M | 29.47M | 26.75M | 25.54M | 24.18M | 22.82M | 21.85M | 21.33M | 20.68M | 20.51M | 12.79M | 12.79M | 12.79M | 12.79M | 12.79M |
| Basic Shares Outstanding | 30.29M | 29.28M | 27.95M | 26.75M | 25.54M | 24.18M | 22.82M | 21.85M | 21.33M | 20.68M | 19.71M | 12.79M | 12.79M | 12.79M | 12.79M | 12.79M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retail cycle demand volatility
As reported in recent financial statements, Impinj's revenue growth has decelerated significantly, with the most recent quarter showing a 0% year-over-year change, reflecting the inherent sensitivity of its endpoint IC and systems business to retail inventory refresh cycles and broader macroeconomic headwinds in the apparel sector.
The transition from double-digit growth in early 2024 to stagnation in 2026Q1 suggests that the company's reliance on retail-linked volume is hitting a ceiling. Investors should monitor whether this reflects a temporary digestion period for channel partners or a more structural saturation of the current RAIN RFID retail market.
Based on the provided income statement data, Impinj's gross margins have fluctuated between 47.9% and 57.8%, indicating that the company lacks the pricing power to fully insulate its fabless semiconductor model from the variable costs associated with wafer procurement and assembly in a competitive landscape.
The compression of gross margins toward the 49% level in recent quarters highlights the difficulty in maintaining premium pricing for specialized hardware. This volatility suggests that the company's profitability is highly susceptible to input cost spikes and shifts in the product mix between lower-margin tags and higher-margin systems.
According to the company's historical income statements, Impinj has struggled to achieve consistent operating leverage, as R&D expenses remain elevated at approximately $28.7M in 2026Q1, consistently outpacing the company's ability to scale gross profit during periods of revenue contraction or stagnation.
The persistent operating losses, punctuated by only brief periods of profitability, suggest that the company's fixed cost structure is currently too heavy for its revenue base. Without a significant inflection in top-line growth, the current R&D-heavy model may continue to pressure the bottom line indefinitely.
Analysis of the provided financial data reveals that stock-based compensation, which reached $14.7M in 2026Q1, consistently represents a substantial portion of operating expenses, effectively masking the underlying cash burn and complicating the assessment of the company's true operational profitability and long-term earnings potential.
The reliance on equity-based incentives to manage cash outflows warrants caution, as it dilutes shareholders while the company fails to generate consistent GAAP net income. Investors should interpret the reported EPS figures with skepticism, as they are heavily influenced by these non-cash charges and periodic non-operating items.
Based on the reported figures, Impinj's cash position of $48M appears increasingly precarious given the recent quarterly net loss of $25.3M, suggesting that the company may face a liquidity crunch if the current retail-driven revenue stagnation persists through the remainder of the fiscal year.
Short-sellers would likely focus on the mismatch between the company's high cash burn and its limited liquidity, which may necessitate dilutive financing. This vulnerability highlights the risk that the company's technological leadership may be undermined by a lack of capital to fund necessary R&D during a downturn.
Quick answers to the most common questions about buying PI stock.
For fiscal year 2025, Impinj, Inc. (PI) reported total revenue of $361.1M. This represents a 1634.6% increase compared to $20.8M in 2009.
Impinj, Inc. (PI) reported a net loss of $10.8M for the fiscal year ending 2025.
Impinj, Inc. (PI) reported an operating income of $-0.7M, resulting in an operating profit margin of -0.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Impinj, Inc. (PI) generated $187.6M in gross profit for the year, representing a gross profit margin of 52.0%. This demonstrates the company's core pricing power and production efficiency.