olivLaw · US equity research
Impinj, Inc. PI
Electronic Components, NEC · SIC 3679 · Vertical: Electronic Components, NEC (SIC 3679)
Impinj (PI) designs and sells a RAIN RFID platform that connects physical items to the cloud, with revenue of 361,075 million USD in fiscal 2025 and 108,371 million USD in the second quarter of 2026. The company remains sensitive to the uneven pace of RAIN adoption in retail and SC&L.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Impinj, Inc. (PI) stock was 180.30 USD (−2.26% on the day), with market capitalisation 5.6 bn USD, beta 2.12, 52-week range 91.34–209.16 USD. Latest reported quarter (Q3 2026): revenue of 112.1 m USD (+16.7% YoY), net income of 4.7 m USD, diluted EPS 0.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.0
- neutral
- Bollinger (20, 2)
- 164.97 – 195.40
- in the upper half of the band · %B 0.50 · band width 16.9%
- SMA 50 / 200
- 178.04 / 144.21
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.59 / 0.14
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.6% | −1.1% | −1.5 pp | — |
| 3 months | +10.3% | −0.5% | +10.8 pp | — |
| 6 months | +16.2% | +4.4% | +11.8 pp | — |
| Year to date | +3.6% | +12.3% | −8.7 pp | — |
| 1 year | +2.7% | +13.5% | −10.8 pp | +14.7% |
| 3 years | +162.4% | +76.4% | +86.0 pp | +31.5% |
| 5 years | +132.0% | +63.7% | +68.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 91.6 m | 74.3 m | 97.9 m | 96.1 m | 92.8 m | 74.3 m | 108.4 m | 112.1 m |
| Cost of revenue | 45.3 m | 37.6 m | 41.3 m | 47.7 m | 44.8 m | 37.8 m | 44.8 m | 53.0 m |
| Gross profit | 46.2 m | 36.7 m | 56.6 m | 48.3 m | 48.1 m | 36.5 m | 63.5 m | 59.1 m |
| Research & development | 25.9 m | 25.3 m | 24.7 m | 25.7 m | 26.9 m | 28.7 m | 29.3 m | 30.6 m |
| Operating income | -3.6 m | -9.6 m | 10.9 m | 656.0 k | -2.7 m | -15.2 m | 10.5 m | 4.6 m |
| Depreciation & amortisation | 3.4 m | 3.5 m | 3.7 m ≈ | 3.9 m ≈ | 4.0 m | 3.8 m | 3.9 m ≈ | 3.8 m ≈ |
| Interest expense | 1.2 m | 1.2 m | 1.2 m | 1.1 m | 798.0 k | 773.0 k | 631.0 k | 596.0 k |
| Pre-tax income | -2.7 m | -8.7 m | 11.7 m | -12.9 m | -987.0 k | -25.2 m | 12.1 m | 4.7 m |
| Income tax | -37.0 k | -281.0 k | 149.0 k | -89.0 k | 152.0 k | 48.0 k | -92.0 k | 40.0 k |
| Net income | -2.7 m | -8.5 m | 11.6 m | -12.8 m | -1.1 m | -25.3 m | 12.2 m | 4.7 m |
| Diluted EPS | -0.12 ≈ | -0.30 | 0.39 | -0.44 | -0.04 ≈ | -0.83 | 0.39 | 0.15 |
| Operating cash flow | 12.6 m | -11.1 m | 33.9 m ≈ | 20.9 m ≈ | 15.1 m | 4.0 m | 31.6 m ≈ | 25.6 m ≈ |
| Capex | 4.1 m | 1.9 m | 6.5 m ≈ | 2.9 m ≈ | 1.5 m | 1.7 m | 2.4 m ≈ | 5.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 122.6 m | 152.8 m | 138.9 m | 190.3 m | 257.8 m | 307.5 m | 366.1 m | 361.1 m |
| Revenue YoY | −2.1% | +24.6% | −9.1% | +37.0% | +35.5% | +19.3% | +19.0% | −1.4% |
| Net income | -35.2 m | -23.0 m | -51.9 m | -51.3 m | -24.3 m | -43.4 m | 40.8 m | -10.8 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −126.6% |
| Diluted EPS | unavailable | unavailable | -2.28 | -2.12 | -0.95 | -1.62 | 1.39 | -0.37 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −126.6% |
| net % | -28.7% | -15.0% | -37.4% | -26.9% | -9.4% | -14.1% | 11.2% | -3.0% |
| Free cash flow | -18.1 m | 2.3 m | -20.0 m | -9.8 m | -11.4 m | -68.0 m | 111.2 m | 45.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 48.2 m USD
- Financial debt
- 280.9 m USD
- Net debt
- 232.7 m USD
- Equity
- 209.2 m USD
- Total assets
- 545.2 m USD
- Debt / equity
- 1.34x
- Current ratio
- 2.68x
- ROE
- -6.0%
- ROA
- -2.1%
- FCF margin
- 12.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 138.9 m | 190.3 m | 257.8 m | 307.5 m | 366.1 m | 361.1 m | SEC (XBRL)· 09 Feb 2026verified |
| Cost of revenue | 73.8 m | 91.3 m | 119.9 m | 155.6 m | 177.2 m | 171.4 m | SEC (XBRL)· 09 Feb 2026verified |
| Gross profit | 65.1 m | 99.0 m | 137.9 m | 152.0 m | 188.9 m | 189.7 m | SEC (XBRL)· 09 Feb 2026verified |
| Research & development | 48.6 m | 64.1 m | 74.1 m | 88.6 m | 98.8 m | 102.6 m | SEC (XBRL)· 09 Feb 2026verified |
| Operating income | -47.1 m | -37.2 m | -19.5 m | -43.5 m | -7.1 m | -737.0 k | SEC (XBRL)· 09 Feb 2026verified |
| Depreciation & amortisation | — | 4.6 m | 6.0 m | 13.6 m | 13.6 m | 15.0 m | SEC (XBRL)· 09 Feb 2026verified |
| EBITDA | — | -32.6 m ≈ | -13.4 m ≈ | -29.9 m ≈ | 6.5 m ≈ | 14.3 m ≈ | SEC (XBRL)· 09 Feb 2026derived |
| Interest expense | 5.4 m | 2.6 m | 4.9 m | 4.8 m | 4.9 m | 4.4 m | SEC (XBRL)· 09 Feb 2026verified |
| Pre-tax income | -51.8 m | -51.1 m | -24.1 m | -43.7 m | 41.0 m | -10.9 m | SEC (XBRL)· 09 Feb 2026verified |
| Income tax | 89.0 k | 153.0 k | 184.0 k | -322.0 k | 157.0 k | -69.0 k | SEC (XBRL)· 09 Feb 2026verified |
| Net income | -51.9 m | -51.3 m | -24.3 m | -43.4 m | 40.8 m | -10.8 m | SEC (XBRL)· 09 Feb 2026verified |
| Diluted EPS | -2.28 | -2.12 | -0.95 | -1.62 | 1.39 | -0.37 | SEC (XBRL)· 09 Feb 2026verified |
| Weighted average diluted shares | 22.8 m | 24.2 m | 25.5 m | 26.8 m | 29.5 m | 29.3 m | SEC (XBRL)· 09 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 23.6 m | 123.9 m | 19.6 m | 94.8 m | 46.1 m | 48.2 m | SEC (XBRL)· 09 Feb 2026verified |
| Receivables | 25.0 m | 35.4 m | 50.0 m | 54.9 m | 56.8 m | 70.8 m | SEC (XBRL)· 09 Feb 2026verified |
| Inventories | 36.3 m | 22.0 m | 46.4 m | 97.2 m | 99.3 m | 85.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Current assets | 171.4 m | 255.8 m | 275.2 m | 269.7 m | 326.4 m | 339.2 m | SEC (XBRL)· 09 Feb 2026verified |
| Property, plant & equipment, net | 16.5 m | 27.5 m | 39.0 m | 44.9 m | 50.6 m | 50.3 m | SEC (XBRL)· 09 Feb 2026verified |
| Goodwill | — | 3.9 m | 3.9 m | 19.7 m | 18.7 m | 20.7 m | SEC (XBRL)· 09 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | — | 13.9 m | 10.3 m | 9.5 m | SEC (XBRL)· 09 Feb 2026verified |
| Total assets | 207.6 m | 315.5 m | 349.7 m | 359.4 m | 489.1 m | 545.2 m | SEC (XBRL)· 09 Feb 2026verified |
| Accounts payable | 10.1 m | 11.7 m | 25.0 m | 8.7 m | 17.3 m | 13.6 m | SEC (XBRL)· 09 Feb 2026verified |
| Short-term debt | — | 9.6 m | — | — | 283.5 m | 96.7 m | SEC (XBRL)· 09 Feb 2026verified |
| Long-term debt | 54.6 m | 278.7 m | 280.2 m | 281.9 m | 283.5 m | 184.1 m | SEC (XBRL)· 09 Feb 2026verified |
| Current liabilities | 27.6 m | 35.5 m | 42.4 m | 30.9 m | 331.2 m | 126.5 m | SEC (XBRL)· 09 Feb 2026verified |
| Total liabilities | 98.5 m | 326.6 m | 334.1 m | 325.3 m | 339.2 m | 336.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Equity | 109.1 m † | -11.1 m † | 15.6 m † | 34.1 m † | 149.9 m † | 209.2 m † | SEC (XBRL)· 09 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -16.9 m | 6.5 m | 641.0 k | -49.4 m | 128.3 m | 58.7 m | SEC (XBRL)· 09 Feb 2026verified |
| Capex | 3.1 m | 16.2 m | 12.1 m | 18.6 m | 17.1 m | 12.9 m | SEC (XBRL)· 09 Feb 2026verified |
| Free cash flow | -20.0 m ≈ | -9.8 m ≈ | -11.4 m ≈ | -68.0 m ≈ | 111.2 m ≈ | 45.9 m ≈ | SEC (XBRL)· 09 Feb 2026derived |
| Investing cash flow | -36.3 m | -18.6 m | -102.8 m | 115.8 m | -192.6 m | -48.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Financing cash flow | 9.9 m | 112.4 m | -2.1 m | 8.7 m | 15.7 m | -8.9 m | SEC (XBRL)· 09 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 33 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet50
- Growth40
- Valuation10
- Quality42
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.46 – 63.26 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)29.78 – 48.32 (Mid 36.98)WACC 9.2% · starting FCFF 68.0 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales9.46 – 63.26 (Mid 25.92)6 companies used · median multiple 2.4x · quartiles 1.1x – 5.4xAEIS, MVIS, NSYS, OST, VREX, VRT
- Peers: EV/EBITDAunavailable · not enough peers
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 33/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 53.5% | 34 (on a fixed band) | 11% |
| EBIT margin · Quality | -0.7% | 27 (vs peers) | 9% |
| FCF margin · Quality | 16.9% | 68 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 11.9% | 48 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | -1.4% | 25 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 11.6x | 0 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 9.4x | 100 (on a fixed band) | 7% |
| EV/Sales · Valuation | 14.7x | 0 (vs peers) | 18% |
| FCF yield · Valuation | 1.2% | 24 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet50/100 · 2/2 factors with a value
- Growth40/100 · 2/2 factors with a value
- Quality42/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation10/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
IMPINJ, INC. (PI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 361.1 m USD in 2025; YoY growth -1.4%; net margin -2.5%; ROE -3.8%; net debt/EBITDA 11.6x.
The estimated value range is 19.62–55.79 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 31.45 USD, the price of 180.30 USD leaves a potential of -82.6% (value / price − 1) and a margin of safety of -473.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 33/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 9.4x
What contradicts it
- EBIT margin: -0.7%
- Revenue growth (YoY): -1.4%
- Net debt / EBITDA: 11.6x
- EV/Sales: 14.7x
- FCF yield: 1.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Shareholder yield (distributions).
Versus the vertical median
Electronic Components, NEC (SIC 3679) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| VRTVertiv Holdings Co | 79.1 bn | 38.4 | 46.6% | 16.0% | +27.7% | +14% / +371% |
| AEISAdvanced Energy Industries, Inc. | 8.6 bn | 30.4 | 19.9% | 12.7% | +21.4% | +0% / +123% |
| PIImpinj, Inc. | 5.6 bn | — | -3.8% | -2.5% | −1.4% | +3% / +162% |
| VICRVicor Corporation | 1.9 bn | 41.7 | 23.5% | 32.2% | +26.1% | +78% / +335% |
| VREXVarex Imaging Corp | 779.3 m | 35.4 | 4.6% | 2.6% | +4.1% | +60% / −2% |
| MPTIM-tron Industries, Inc. | 277.8 m | 23.5 | 12.4% | 16.3% | +11.0% | +24% / +85% |
| ESPEspey Mfg. & Electronics Corp. | 152.7 m | 12.9 | 20.1% | 24.2% | +4.9% | +29% / +197% |
| LGLLgl Group Inc | 84.6 m | — | -0.6% | -5.0% | −2.9% | +15% / +38% |
| MVISMicroVision, Inc. | 42.2 m | — | -197.8% | -2,230.6% | −74.3% | −91% / −97% |
| NSYSNortech Systems Incorporated | 31.2 m | 29.4 | 3.0% | 0.6% | +723.6% | +59% / +26% |
| OSTOstin Technology Group Co., Ltd. | 23.7 m | — | -169.1% | -26.0% | +22.2% | −97% / −99% |
| NEONNeonode Inc. | 10.5 m | 1.3 | 48.6% | 397.8% | −33.7% | −72% / −52% |
| LPLLG Display Co., Ltd. | — | — | -37.2% | -9.6% | +24.8% | −39% / −45% |
1- and 3-year price returns: for PI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Impinj (PI) designs and sells a RAIN RFID platform that connects physical items to the cloud, with revenue of 361,075 million USD in fiscal 2025 and 108,371 million USD in the second quarter of 2026. The company remains sensitive to the uneven pace of RAIN adoption in retail and SC&L.
SWOT
Strengths
- The company holds a leading RAIN position, a patent portfolio and an integrated platform from chips to software.
- Broad partnerships with OEMs and integrators give access to diverse markets.
- Gross margins have improved in recent years on product mix.
Weaknesses
- Most revenue comes from endpoint ICs, which makes the company sensitive to demand or pricing declines.
- Sales go through partners, which limits visibility into actual demand.
- Software and cloud services have not yet become a material revenue source.
Opportunities
- If enterprise solutions become repeatable, the company could grow recurring revenue.
- Extending connectivity from items to people could open new markets.
- New products, such as next-generation chips, could lift volumes and margins.
Threats
- Competitors with greater resources could cut prices or add alternative technologies.
- Trade restrictions and geopolitical tensions could disrupt the supply chain.
- Growth of China's semiconductor industry could intensify global competition.
Risks
- Uncertain RAIN adoptionhigh
The pace of adoption in key markets is hard to forecast and has often been slower than expected, which could affect financial results.
- Dependence on endpoint ICshigh
Most revenue comes from endpoint ICs. Demand declines or wafer supply problems could strongly affect results.
- Pricing pressuremedium
Average selling prices decline over time, and customer agreements may include favorable pricing terms that limit negotiation.
- Customer concentrationmedium
A small number of customers generate a significant share of revenue, which could amplify the impact of losing one or of a supplier change.
- Trade and geopolitical risksmedium
Tariffs, trade restrictions and geopolitical tensions could affect outsourced manufacturing and partner demand.
Investment thesis
What would need to be true (bull case)
- Management describes the company as only beginning solutions delivery and as well positioned as a leader, which could allow long-term growth if RAIN adoption accelerates.
- The second quarter of 2026 was presented as a record for revenue and adjusted profit, suggesting demand has recovered.
- If enterprise solutions become repeatable, the company could diversify revenue beyond endpoint ICs.
What would break the thesis
- RAIN adoption has historically been slower than expected, and company forecasts have sometimes been too optimistic.
- Dependence on endpoint ICs and a few customers could make revenue volatile.
- Competition and pricing pressure could limit margins over the long term.
What to watch
- Third-quarter results against revenue guidanceQ3 2026
- Trend in gross margin and product mix2026
- Progress of enterprise solutions and software and cloud revenue2027
- Disclosures on major customers and revenue concentration in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Impinj designs and sells a platform that connects items to the cloud using RAIN, a radio standard for identification. Products include endpoint ICs (low-cost tags), reader ICs, readers and gateways, tag production systems, and software and cloud services. The company says it has connected more than 150 billion items as of 2025 1 and more than 160 billion to date 2. Sales go mainly through its partner ecosystem, and manufacturing is outsourced to TSMC and Plexus.
Fiscal 2025 revenue was 361,075 million USD, slightly down from the prior year 1. Gross margin was 52.5% in 2025 1 and 58.6% GAAP in the second quarter of 2026 3. The operating loss narrowed in 2025, mainly due to lower operating expenses 1.
The company has framed its vision as a Boundless Internet of Things, in which the ownership, history and linked information of every item is available to enterprises and people 1. It aims to extend item connectivity from tens of billions to trillions of items 2.
Segments
Endpoint ICs
Endpoint ICs are the largest revenue source and are sold mainly to tag makers. Revenue from this segment fell in 2025 due to product mix and new pricing 1.
Systems
The systems segment includes readers, gateways, reader ICs and tag production systems. Revenue edged up in 2025, supported by higher reader shipment volumes 1.
Market context
Trends
- Uneven RAIN adoptionmixed
Adoption and unit growth have been uneven, with periods of declining endpoint IC volumes. If adoption accelerates in retail and logistics, it could support demand.
- Pricing and product mixmixed
Average selling prices fell on mix and new pricing, reducing endpoint IC revenue. A shift toward higher-margin products could offset this pressure.
- Enterprise solutionstailwind
The company is expanding solutions for self-checkout and parcel routing, which could open new revenue sources if they become repeatable.
- Macroeconomic and trade uncertaintyheadwind
Tariffs, military conflicts and inflation could affect the goods partners tag, and demand and inventory are hard to predict through distribution channels.
Competitive position
Main competitors include NXP, Alien, Alibaba and other Chinese chip makers in endpoint ICs. In readers and gateways, many suppliers already use the Impinj platform, and CISC is named in tag production systems 1. Larger competitors could cut prices or bundle other technologies with RAIN 1.
- NXP SemiconductorsNXPI
Competitor in endpoint ICs, named by the company among its main rivals.
- Alien Technology
Competitor in endpoint ICs, named by the company among its main rivals.
- Alibaba
Named as a rival in endpoint ICs, with presence in the Chinese market.
- CISC
Competitor in tag production systems, named in the annual report.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report11 Sept 2026Other events · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 May 2026Shareholder vote
- Quarterly report29 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement16 Apr 2026
- Current report16 Mar 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Impinj, Inc. · 09 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Impinj, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Impinj, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.