Impinj Inc Financials
This page shows Impinj Inc (PI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Impinj Inc has an operating margin of -0.2%, meaning the company retains $-0 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -1.9% the prior year.
Impinj Inc's revenue declined 1.4% year-over-year, from $366.1M to $361.1M. This contraction results in a growth score of 25/100.
Impinj Inc carries a low D/E ratio of 0.88, meaning only $0.88 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 79/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.68, Impinj Inc holds $2.68 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 87/100.
Impinj Inc has a free cash flow margin of 12.7%, earning a moderate score of 64/100. The company generates positive cash flow after capital investments, but with room for improvement.
Impinj Inc generates a 5.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 21/100. This is down from 27.3% the prior year.
Impinj Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Impinj Inc generates $-5.42 in operating cash flow ($58.7M OCF vs -$10.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Impinj Inc earns $-0.2 in operating income for every $1 of interest expense (-$737K vs $4.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Impinj Inc generated $361.1M in revenue in fiscal year 2025. This represents a decrease of 1.4% from the prior year.
Impinj Inc's EBITDA was $14.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 119.4% from the prior year.
Impinj Inc generated $45.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 58.7% from the prior year.
Impinj Inc reported -$10.8M in net income in fiscal year 2025. This represents a decrease of 126.6% from the prior year.
Impinj Inc earned $-0.37 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 126.6% from the prior year.
Impinj Inc held $48.2M in cash against $184.1M in long-term debt as of fiscal year 2025.
Impinj Inc had 30M shares outstanding in fiscal year 2025. This represents an increase of 5.9% from the prior year.
Impinj Inc's gross margin was 52.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.
Impinj Inc's operating margin was -0.2% in fiscal year 2025, reflecting core business profitability. This is up 1.7 percentage points from the prior year.
Impinj Inc's net profit margin was -3.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 14.2 percentage points from the prior year.
Impinj Inc's ROE was 5.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 22.1 percentage points from the prior year.
Impinj Inc invested $102.6M in research and development in fiscal year 2025. This represents an increase of 3.8% from the prior year.
Impinj Inc invested $12.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 24.8% from the prior year.
PI Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $92.8M-3.3% | $96.1M-1.9% | $97.9M+31.8% | $74.3M-18.9% | $91.6M+29.6% | $70.7M+8.7% | $65.0M-24.4% | $86.0M |
| Cost of Revenue | $44.8M-6.1% | $47.7M+15.6% | $41.3M+9.8% | $37.6M-17.1% | $45.3M+23.3% | $36.8M+7.4% | $34.2M-18.8% | $42.2M |
| Gross Profit | $48.1M-0.6% | $48.3M-14.6% | $56.6M+54.3% | $36.7M-20.6% | $46.2M+36.5% | $33.9M+10.1% | $30.8M-29.8% | $43.8M |
| R&D Expenses | $26.9M+4.7% | $25.7M+4.3% | $24.7M-2.6% | $25.3M-2.2% | $25.9M+22.5% | $21.1M-2.1% | $21.6M-7.8% | $23.4M |
| SG&A Expenses | $12.9M+7.5% | $12.0M+1.8% | $11.8M-4.6% | $12.4M-2.9% | $12.8M-18.9% | $15.7M+16.2% | $13.5M-15.4% | $16.0M |
| Operating Income | -$2.7M-511.3% | $656K-94.0% | $10.9M+213.6% | -$9.6M-164.8% | -$3.6M+75.7% | -$14.8M+6.3% | -$15.8M-89.2% | -$8.4M |
| Interest Expense | $798K-28.8% | $1.1M-8.5% | $1.2M+0.2% | $1.2M+0.2% | $1.2M+0.5% | $1.2M+0.2% | $1.2M+0.2% | $1.2M |
| Income Tax | $152K+270.8% | -$89K-159.7% | $149K+153.0% | -$281K-659.5% | -$37K-124.7% | $150K+176.9% | -$195K+44.1% | -$349K |
| Net Income | -$1.1M+91.1% | -$12.8M-210.9% | $11.6M+236.7% | -$8.5M-214.2% | -$2.7M+82.3% | -$15.2M+3.7% | -$15.8M-95.4% | -$8.1M |
| EPS (Diluted) | $-0.02+95.5% | $-0.44-212.8% | $0.39+230.0% | $-0.30-400.0% | $-0.06+89.3% | $-0.56+5.1% | $-0.59-96.7% | $-0.30 |
PI Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $545.2M+5.6% | $516.5M+1.5% | $508.8M+6.0% | $479.8M-1.9% | $489.1M+36.1% | $359.4M-1.2% | $363.6M-5.2% | $383.5M |
| Current Assets | $339.2M-3.6% | $351.8M+0.6% | $349.8M+13.4% | $308.6M-5.5% | $326.4M+21.0% | $269.7M-1.2% | $273.0M-3.8% | $283.6M |
| Cash & Equivalents | $48.2M-6.8% | $51.7M+21.9% | $42.4M-30.8% | $61.3M+33.1% | $46.1M-51.4% | $94.8M+21.4% | $78.1M+72.6% | $45.2M |
| Inventory | $85.0M-8.3% | $92.6M-3.7% | $96.2M-2.3% | $98.5M-0.9% | $99.3M+2.2% | $97.2M-9.0% | $106.8M-4.9% | $112.3M |
| Accounts Receivable | $70.8M+15.7% | $61.2M+11.0% | $55.1M-3.4% | $57.1M+0.5% | $56.8M+3.4% | $54.9M+13.3% | $48.5M-17.8% | $58.9M |
| Goodwill | $20.7M+0.1% | $20.7M-0.3% | $20.8M+7.1% | $19.4M+3.5% | $18.7M-4.9% | $19.7M+3.4% | $19.0M-2.4% | $19.5M |
| Total Liabilities | $336.0M+4.5% | $321.5M+0.1% | $321.1M+0.6% | $319.3M-5.9% | $339.2M+4.3% | $325.3M-1.1% | $328.8M-5.2% | $346.8M |
| Current Liabilities | $126.5M-4.0% | $131.8M+338.6% | $30.1M+6.7% | $28.2M-91.5% | $331.2M+972.5% | $30.9M-8.5% | $33.8M-33.6% | $50.9M |
| Long-Term Debt | $184.1M+0.2% | $183.8M-35.4% | $284.3M+0.1% | $283.9M+0.1% | $283.5M+0.6% | $281.9M+0.1% | $281.4M+0.1% | $281.0M |
| Total Equity | $209.2M+7.3% | $195.0M+3.9% | $187.7M+16.9% | $160.6M+7.1% | $149.9M+339.1% | $34.1M-1.9% | $34.8M-5.4% | $36.8M |
| Retained Earnings | -$400.2M-0.3% | -$399.0M-3.3% | -$386.2M+2.9% | -$397.8M-2.2% | -$389.3M+9.5% | -$430.2M-3.7% | -$415.0M-3.9% | -$399.2M |
PI Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $15.1M-27.6% | $20.9M-38.3% | $33.9M+403.9% | -$11.1M-188.3% | $12.6M+784.6% | $1.4M+183.7% | -$1.7M+92.4% | -$22.5M |
| Capital Expenditures | $1.5M-48.4% | $2.9M-55.0% | $6.5M+251.0% | $1.9M-54.9% | $4.1M+57.5% | $2.6M-5.3% | $2.8M-50.7% | $5.6M |
| Free Cash Flow | $13.6M-24.1% | $18.0M-34.3% | $27.3M+310.1% | -$13.0M-253.2% | $8.5M+809.3% | -$1.2M+73.3% | -$4.5M+84.1% | -$28.2M |
| Investing Cash Flow | -$18.8M-861.3% | $2.5M+104.7% | -$52.9M-349.3% | $21.2M+148.4% | -$43.9M-406.1% | $14.3M-55.9% | $32.5M+11.8% | $29.1M |
| Financing Cash Flow | $149K+101.1% | -$14.0M-14374.2% | -$97K-101.9% | $5.1M+33.8% | $3.8M+347.0% | $846K-60.4% | $2.1M+73.3% | $1.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PI Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.8%+1.4pp | 50.3%-7.5pp | 57.8%+8.5pp | 49.4%-1.1pp | 50.5%+2.5pp | 47.9%+0.6pp | 47.3%-3.6pp | 50.9% |
| Operating Margin | -2.9%-3.6pp | 0.7%-10.4pp | 11.1%+24.0pp | -12.9%-8.9pp | -4.0%+17.0pp | -21.0%+3.4pp | -24.4%-14.6pp | -9.7% |
| Net Margin | -1.2%+12.1pp | -13.3%-25.1pp | 11.8%+23.2pp | -11.4%-8.4pp | -2.9%+18.6pp | -21.5%+2.8pp | -24.3%-14.9pp | -9.4% |
| Return on Equity | N/A | 0.2%-6.0pp | 6.2%-32.6pp | 38.8% | N/A | N/A | N/A | N/A |
| Return on Assets | -0.2%+2.3pp | -2.5%-4.8pp | 2.3%+4.0pp | -1.8%-1.2pp | -0.5%+3.7pp | -4.2%+0.1pp | -4.3%-2.2pp | -2.1% |
| Current Ratio | 2.68+0.0 | 2.67-9.0 | 11.64+0.7 | 10.96+10.0 | 0.99-7.7 | 8.73+0.6 | 8.09+2.5 | 5.57 |
| Debt-to-Equity | 0.88-0.1 | 0.94-0.6 | 1.51-0.3 | 1.77-0.1 | 1.89-6.4 | 8.26+0.2 | 8.09+0.4 | 7.64 |
| FCF Margin | 14.7%-4.0pp | 18.7%-9.2pp | 27.9%+45.4pp | -17.5%-26.8pp | 9.3%+11.0pp | -1.7%+5.2pp | -6.9%+25.9pp | -32.8% |
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Frequently Asked Questions
What is Impinj Inc's annual revenue?
Impinj Inc (PI) reported $361.1M in total revenue for fiscal year 2025. This represents a -1.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Impinj Inc's revenue growing?
Impinj Inc (PI) revenue declined by 1.4% year-over-year, from $366.1M to $361.1M in fiscal year 2025.
Is Impinj Inc profitable?
No, Impinj Inc (PI) reported a net income of -$10.8M in fiscal year 2025, with a net profit margin of -3.0%.
What is Impinj Inc's earnings per share (EPS)?
Impinj Inc (PI) reported diluted earnings per share of $-0.37 for fiscal year 2025. This represents a -126.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Impinj Inc's EBITDA?
Impinj Inc (PI) had EBITDA of $14.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Impinj Inc have?
As of fiscal year 2025, Impinj Inc (PI) had $48.2M in cash and equivalents against $184.1M in long-term debt.
What is Impinj Inc's gross margin?
Impinj Inc (PI) had a gross margin of 52.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Impinj Inc's operating margin?
Impinj Inc (PI) had an operating margin of -0.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Impinj Inc's net profit margin?
Impinj Inc (PI) had a net profit margin of -3.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Impinj Inc's return on equity (ROE)?
Impinj Inc (PI) has a return on equity of 5.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Impinj Inc's free cash flow?
Impinj Inc (PI) generated $45.9M in free cash flow during fiscal year 2025. This represents a -58.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Impinj Inc's operating cash flow?
Impinj Inc (PI) generated $58.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Impinj Inc's total assets?
Impinj Inc (PI) had $545.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Impinj Inc's capital expenditures?
Impinj Inc (PI) invested $12.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Impinj Inc spend on research and development?
Impinj Inc (PI) invested $102.6M in research and development during fiscal year 2025.
How many shares does Impinj Inc have outstanding?
Impinj Inc (PI) had 30M shares outstanding as of fiscal year 2025.
What is Impinj Inc's current ratio?
Impinj Inc (PI) had a current ratio of 2.68 as of fiscal year 2025, which is generally considered healthy.
What is Impinj Inc's debt-to-equity ratio?
Impinj Inc (PI) had a debt-to-equity ratio of 0.88 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Impinj Inc's return on assets (ROA)?
Impinj Inc (PI) had a return on assets of -2.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Impinj Inc's Piotroski F-Score?
Impinj Inc (PI) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Impinj Inc's earnings high quality?
Impinj Inc (PI) has an earnings quality ratio of -5.42x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Impinj Inc cover its interest payments?
Impinj Inc (PI) has an interest coverage ratio of -0.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Impinj Inc?
Impinj Inc (PI) scores 46 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.