Revenue rebounded 46% sequentially to $108.4M in Q2 2026, with gross margin expanding to 58.6% and operating income swinging to $10.5M, yet GAAP net income of $12.2M remains modest relative to $16.3M in stock-based compensation.
Impinj, Inc. (PI) annual income statement — 15-year revenue, gross profit & net income history
| 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 | 371.52M | 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 % | 3.51% | -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 | 175.68M | 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 | 195.84M | 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 % | 52.71% | 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 | 202.55M | 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 | 90.3M | 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 | 110.64M | 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 | 1.61M | 0 | 6.7M | 8.22M | -102K | 1.72M | 5.36M | 0 | 3.75M | 0 | 0 | 0 | 1.92M | -1.1M | 0 | 0 |
| Operating Income | -6.71M | -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 % | -1.8% | -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 | 8.84M | 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 % | 2.38% | 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 % | -18.42% | 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) | 15.54M | 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 | -24.16M | -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 | -2.81M | -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 | 2.81M | 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 | -20.27M | -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 | -26.97M | -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 % | -7.26% | -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 | 19K | -69K | 157K | -322K | 184K | 153K | 89K | 198K | -233K | -97K | 168K | 166K | 96K | 98K | 90K | -50K |
| Effective Tax Rate % | -0.07% | 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 | -26.99M | -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 % | -7.26% | -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 % | -4363.82% | -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) | -26.99M | -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) | -0.87 | -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 % | -34092.59% | -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 | 31M | 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 | 30.48M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
GAAP losses persist despite non-GAAP strength
Metrics are mathematically derived from official filings.
Revenue Rebound After Inventory Digestion
Impinj's Q2 2026 revenue surged 46% sequentially to $108.4M, but year-over-year growth of 10.7% suggests a recovery from channel destocking rather than a new acceleration phase.
The sequential jump from $74.2M in Q1 2026 to $108.4M in Q2 2026 appears to reflect a rebound from the prior inventory digestion period, as year-over-year growth of 10.7% is modest compared to the 46% sequential swing. The flat-to-down forward guidance of $105.5M-$108.5M implies management expects a pause, which may indicate that the Q2 spike was partly a restocking event at inlay partners rather than a sustained demand inflection. Investors should monitor whether the attach rate in general merchandise and logistics adoption can drive more durable growth beyond the current retail-driven cycle.
Gross Margin Volatility Reflects Mix and Pricing
Gross margin swung from 49.1% in Q1 2026 to 58.6% in Q2 2026, the highest in ten quarters, suggesting a favorable product mix and improved pricing power in the quarter.
The 950 basis point sequential expansion in gross margin appears to be driven by a higher proportion of Systems revenue and possibly lower wafer costs, but the historical range of 48.9% to 58.6% indicates significant volatility. This volatility suggests that Impinj's blended margin is sensitive to product mix and input costs, with the fabless model exposing it to silicon pricing swings. The CEO's commentary about 'early days of solutions delivery' hints at a potential shift toward software and services, which could structurally lift margins, but the current data does not yet confirm a sustained improvement beyond the Q2 spike.
Operating Leverage Emerges in Q2 2026
Operating income swung from a -$15.2M loss in Q1 2026 to a $10.5M profit in Q2 2026, with operating margin of 9.7% as revenue scaled 46% sequentially while R&D and SG&A rose only modestly.
The dramatic swing in operating income appears to demonstrate significant operating leverage, as Q2 2026 revenue of $108.4M absorbed fixed R&D and SG&A costs more efficiently than the sub-$75M revenue quarters. However, the absolute level of R&D spending ($29.3M) remains high relative to revenue, and the company has only achieved positive operating income in three of the last ten quarters. This suggests that while leverage is real, it is not yet consistent, and the company may need to sustain revenue above $100M per quarter to maintain profitability.
GAAP Losses Mask Non-GAAP Strength
Despite record non-GAAP EPS of $0.86, GAAP net income was only $12.2M in Q2 2026, with stock-based compensation of $16.3M exceeding net income, highlighting a persistent gap between reported and cash earnings.
The $16.3M SBC charge in Q2 2026 is larger than the $12.2M net income, meaning that on a cash basis the company would have been unprofitable. This pattern is consistent with the historical data, where SBC has ranged from $11.8M to $16.3M per quarter, often exceeding net income in loss-making quarters. The persistent negative net margin (-3.0% trailing) and ROE (-6.0%) despite non-GAAP profitability suggests that investors should focus on cash flow and the dilutive impact of SBC, which may continue to pressure reported EPS.
R&D Investment Remains a Fixed Cost Burden
R&D expenses have grown from $22.5M in Q1 2024 to $29.3M in Q2 2026, a 30% increase, while revenue has only grown 41% over the same period, indicating a deliberate investment in technology leadership.
The consistent increase in R&D spending, even during revenue downturns, suggests that management is prioritizing long-term technological moat over near-term profitability. This is evident in the fact that R&D as a percentage of revenue reached 39.5% in Q1 2026 when revenue was depressed, but fell to 27.0% in Q2 2026 as revenue rebounded. The high fixed cost nature of R&D means that operating leverage is highly sensitive to revenue fluctuations, and any sustained revenue decline could quickly push the company back into operating losses.
Sustainability of the Q2 2026 Beat Questioned
The Q2 2026 revenue beat and record EPS may be a one-time event, as forward guidance implies a sequential decline and GAAP profitability remains elusive, suggesting the market may be overestimating the durability of the recovery.
Short-sellers could argue that the Q2 2026 results were inflated by channel restocking, given that the company's own guidance for Q3 2026 ($105.5M-$108.5M) implies a decline from Q2 levels. Additionally, the persistent GAAP losses, driven by SBC, mean that the company is not generating sustainable cash earnings, and the thin cash balance of $48M provides little cushion if the retail sector weakens. The reliance on a few large inlay partners like Avery Dennison introduces channel inventory risk, and any slowdown in retail capex could reverse the recent momentum.