Short answer
IMPINJ INC (PI) filed its fiscal 2025 10-K annual report with the SEC on Feb 9, 2026. It reported revenue of $361M (−1.4% year over year) and net income of −$11M.
- Top risk flagged: Regulatory risk from Public Law No. 119-21 (H.R.1) affecting capitalization vs expense of domestic R&D costs starting 2025
FY2025 key financial metrics · XBRL
- Revenue
- $361M
- −1.4% YoY
- Net income
- −$11M
- −126.6% YoY
- Operating margin
- -0.2%
- +1.7 pp YoY
- Gross margin
- 52.5%
- +0.9 pp YoY
- EPS (diluted)
- −$0.37
- −126.6% YoY
- ROE
- -5.2%
- −32.4 pp YoY
- Operating cash flow
- $59M
- −54.2% YoY
Source: XBRL data from the IMPINJ INC (PI) FY2025 10-K on SEC EDGAR. USD.
IMPINJ INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- No segment revenue or performance breakdown given
- 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
Generated from the filing text; verify against the original. How to read a 10-K
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