IMPINJ INC (PI) FY2025 10-K Annual Report
IMPINJ INC (PI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 9, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
IMPINJ INC FY2025 10-K Analysis
Business Overview
- • Core business model: Design and sale of integrated RAIN RFID platform enabling wireless item-to-cloud connectivity for enterprises and consumers
- • Introduced Gen2X extensions in 2024 to RAIN air-interface, enhancing inventory speed, read range, security, and cost reductions
- • Strategic shift: Expanded platform to include tag production systems via April 2023 acquisition of Voyantic Oy, broadening market reach
- • Key metric: 255 R&D employees as of Dec 31, 2025, reflecting continued investment in technology leadership and innovation
- • Noteworthy fact: Sold endpoint ICs enabling connectivity for over 150 billion items to date, aiming to scale connectivity to trillions
Management Discussion & Analysis
- • Revenue not explicitly stated; focus on scaling from tens of billions to trillions of connected items
- • Profitability or margin figures not disclosed in provided text
- • No segment revenue or performance breakdown given
- • No cash flow, buybacks, dividends, or capex details provided
- • Risks include macroeconomic uncertainty and trade tariffs potentially negatively impacting results
Risk Factors
- • Regulatory risk from Public Law No. 119-21 (H.R.1) affecting capitalization vs expense of domestic R&D costs starting 2025
- • Macroeconomic softness in 2023 causing inventory overages and reduced IC demand, impacting shipments and order cancellations
- • Supply chain vulnerability: wafer shortfalls in 2021-2022 limited ability to meet demand, drove customer order cancellations
- • Competitive risk due to customers shifting inlay procurement mix among suppliers, potentially reducing IC sales volume
- • Financial risk from $190M 2025 Notes issued to exchange 2021 Convertible Notes, creating $15M induced conversion expense
IMPINJ INC FY2025 Key Financial MetricsXBRL
Revenue
$361M
▼ -1.4% YoY
Net Income
-$11M
▼ -126.6% YoY
Gross Margin
52.5%
▲ +94bp YoY
Operating Margin
-0.2%
▲ +173bp YoY
Net Margin
-3.0%
▼ -1416bp YoY
ROE
-5.2%
▼ -3243bp YoY
Total Assets
$545M
▲ +11.5% YoY
EPS (Diluted)
$-0.37
▼ -126.6% YoY
Operating Cash Flow
$59M
▼ -54.2% YoY
Source: XBRL data from IMPINJ INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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