Impinj Reports First Quarter 2021 Financial Results
Impinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and Internet of Things pioneer, today released its financial results for the first quarter ended March 31, 2021.
“Our first-quarter results were strong, exceeding our revenue and profitability guidance,” said Chris Diorio, Impinj co-founder and CEO. “We delivered a record bookings quarter, strengthened our team and see strong demand and growth opportunities ahead.”
First Quarter 2021 Financial Summary
-
Revenue of
$45.2 million -
GAAP gross margin of
48.6% ; non-GAAP gross margin of50.3% -
GAAP net loss of
$9.4 million , or loss of$0.40 per diluted share using 23.7 million shares -
Adjusted EBITDA of
$0.9 million -
Non-GAAP net income of
$0.3 million , or income of$0.01 per diluted share using 25.7 million shares
A reconciliation between GAAP and non-GAAP information is contained in the tables below. Additionally, descriptions of these non-GAAP financial measures are provided in the “Non-GAAP Financial Measures” sections below.
Second Quarter 2021 Financial Outlook
Impinj provides guidance based on current market conditions and expectations; actual results may differ materially. Please refer to the comments below regarding forward-looking statements. The following table presents Impinj’s financial outlook for the second quarter 2021 (in millions, except per share data):
|
|
Three Months Ending |
|
|
June 30, 2021 |
Revenue |
|
|
GAAP Net loss |
|
( |
Adjusted EBITDA profit (loss) |
|
( |
Non-GAAP net loss |
|
( |
GAAP Weighted-average shares — basic and diluted |
|
24.10 to 24.30 |
GAAP Net loss per share — basic and diluted |
|
( |
Non-GAAP Weighted-average shares — basic and diluted |
|
24.10 to 24.30 |
Non-GAAP Net loss per share — basic and diluted |
|
( |
A reconciliation between GAAP and non-GAAP is provided in the "Non-GAAP Financial Measures" section below.
Conference Call Information
Impinj will host a conference call today, Apr. 28, 2021 at 5:00 p.m. ET / 2:00 p.m. PT for analysts and investors to ask questions on its first quarter 2021 results, as well as its outlook for its second quarter 2021. Open to the public, investors may access the call by dialing +1-412-317-5196. A live webcast of the conference call will also be accessible on our website at investor.impinj.com. Following the webcast, an archived version will be available on the website for one year. A telephonic replay of the call will be available one hour after the call and will run for five business days and may be accessed by dialing +1-412-317-0088 and entering passcode 10154139.
Management’s prepared written remarks, along with quarterly financial data, will be made available on our website at investor.impinj.com commensurate with this release.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the market for RAIN RFID, our strategy, prospects, the impact of Covid-19, and financial considerations for second quarter 2021 and future periods.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance.
The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update this information unless required by law.
About Impinj
Impinj (NASDAQ: PI) helps businesses and people analyze, optimize, and innovate by wirelessly connecting billions of everyday things — such as apparel, automobile parts, luggage, and shipments — to the Internet. The Impinj platform uses RAIN RFID to deliver timely data about these everyday things to business and consumer applications, enabling a boundless Internet of Things. www.impinj.com
Impinj is a registered trademark of Impinj, Inc. All other trademarks are the property of their owners.
IMPINJ, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value, unaudited) |
|||||||
|
March 31, 2021 (1) |
|
December 31, 2020 |
||||
Assets: |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
49,796 |
|
|
$ |
23,636 |
|
Short-term investments |
|
69,551 |
|
|
|
82,453 |
|
Accounts receivable, net |
|
23,505 |
|
|
|
25,003 |
|
Inventory |
|
28,067 |
|
|
|
36,329 |
|
Prepaid expenses and other current assets |
|
2,810 |
|
|
|
3,943 |
|
Total current assets |
|
173,729 |
|
|
|
171,364 |
|
Property and equipment, net |
|
20,797 |
|
|
|
16,531 |
|
Operating lease right-of-use assets |
|
13,736 |
|
|
|
13,761 |
|
Other non-current assets |
|
2,349 |
|
|
|
2,079 |
|
Goodwill |
|
3,881 |
|
|
|
3,881 |
|
Total assets |
$ |
214,492 |
|
|
$ |
207,616 |
|
Liabilities and stockholders' equity: |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
8,799 |
|
|
$ |
10,144 |
|
Accrued compensation and employee related benefits |
|
5,874 |
|
|
|
5,529 |
|
Accrued and other current liabilities |
|
2,304 |
|
|
|
1,468 |
|
Current portion of operating lease liabilities |
|
3,813 |
|
|
|
3,641 |
|
Current portion of restructuring liabilities |
|
1,235 |
|
|
|
— |
|
Current portion of long-term debt |
|
83,951 |
|
|
|
— |
|
Current portion of deferred revenue |
|
6,209 |
|
|
|
6,811 |
|
Total current liabilities |
|
112,185 |
|
|
|
27,593 |
|
Long-term debt, net of current portion |
|
— |
|
Impinj, Inc.
NASDAQ:PIPI RankingsPI Latest NewsApr 24, 2024
Impinj Reports First Quarter 2024 Financial Results
PI Stock Data
4.43B
21.92M
4.14%
105.48%
12.26%
Semiconductor and Related Device Manufacturing
Manufacturing
United States of America
SEATTLE
About PIimpinj (nasdaq: pi) is a leading provider of rain rfid solutions. the impinj platform connects billions of everyday items such as apparel, medical supplies, automobile parts, drivers’ licenses, food and luggage to applications such as inventory management, patient safety, asset tracking and item authentication, delivering real-time information to businesses about items they create, manage, transport and sell. the impinj platform wirelessly delivers information about these items’ unique identity, location and authenticity, or item intelligence™, to the digital world, which impinj believes is the essence of the internet of things.
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