UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-37824 IMPINJ, INC. (Exact name of registrant as specified in its charter) Delaware 91-2041398 (State or other jurisdiction of incorporation o ...

Exhibit 99.1 Impinj Reports First Quarter 2024 Financial Results SEATTLE, WA, April 24, 2024– 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, 2024. "2024 started strong, with revenue and profitability exceeding both our fourth-quarter results and first-quarter guidance," said Chris Diorio, Impinj co-founder and CEO. "As we continue driving our bold vision to connect every item in our everyday w ...

Revenue and Growth - Revenue increased by $49.7 million (19.3%) in 2023 compared to 2022, driven by higher endpoint IC and systems revenue[244][245] - Revenue for 2023 increased to $307.5 million, up 19.3% from $257.8 million in 2022[352] - Total revenue for 2023 was $307.5 million, with endpoint ICs contributing $234.4 million and systems contributing $73.1 million[501] - Geographic revenue for 2023 was $96.4 million in the Americas, $176.4 million in Asia Pacific, and $34.7 million in Europe, Middle East, and Africa[502] - Revenue in the United States for 2023 was $86.2 million, while revenue in China (including Hong Kong) was $128.3 million[502] - Endpoint IC revenue increased by $42.9 million in 2023, primarily due to higher shipment volumes, offset by a $26.0 million decrease in ASP[248] - Systems revenue increased by $6.8 million in 2023, with test and measurement solutions and gateway revenue increasing by $8.1 million and $5.5 million respectively[249] - Endpoint IC sales volumes increased at a compounded annual growth rate of 26% from 2010 to 2023, despite periodic declines[238] - The company recognized $2.2 million in revenue during 2023 that was included in deferred revenue as of December 31, 2022[499] Gross Profit and Margins - Gross margin decreased by 4.1% in 2023, primarily due to lower product margins and higher excess and obsolescence charges[244][245] - Gross profit for 2023 was $152.0 million, a 10.2% increase from $137.9 million in 2022[352] - Sales of fully reserved inventory had a favorable net impact of 1.5% on the 2021 gross margin[382] Operating Expenses and Losses - Loss from operations increased by $24.0 million in 2023, driven by higher operating expenses partially offset by increased gross profit[244][245] - Net loss for 2023 was $43.4 million, compared to a net loss of $24.3 million in 2022[352] - Net loss for 2023 was $43.366 million, compared to $24.301 million in 2022 and $51.260 million in 2021[361] - U.S. loss before income taxes increased to $40.3 million in 2023 from $24.5 million in 2022, while foreign loss before income taxes was $3.3 million in 2023 compared to a gain of $0.4 million in 2022[433] - Net loss for 2023 was $43.4 million, with a net loss per share of $1.62[503] Research and Development - Research and development expenses increased by $10.0 million in 2022, primarily due to higher personnel and infrastructure costs[257] - Research and development expenses increased to $88.6 million in 2023, up 19.5% from $74.1 million in 2022[352] - Research and development expenses primarily include personnel costs, stock-based compensation, and external consulting services[403] Acquisitions and Intangibles - The company acquired Voyantic Oy in April 2023, leading to a $4.9 million increase in amortization of intangibles[264] - Goodwill increased substantially to $19.7 million in 2023 from $3.9 million in 2022[350] - Goodwill increased from $3.88 million in 2022 to $19.70 million in 2023, primarily due to additions from acquisition of $15.59 million[429] - Intangible assets totaled $13.91 million in 2023, with developed technology accounting for $11.68 million[429] - Amortization expense of intangible assets was $5.0 million for the year ended December 31, 2023[429] - Estimated intangible asset amortization expense for the next five years totals $13.91 million, with $2.96 million expected in 2024[431] - Transaction-related costs for the acquisition were $1.7 million, with an additional $1.6 million recorded for revaluation of contingent consideration[427] - The company uses the acquisition method for business combinations, allocating purchase price to assets and liabilities at fair value, with excess recorded as goodwill[385] - Goodwill impairment is assessed annually in the fourth quarter or when events indicate potential impairment[387] Cash and Investments - Cash and cash equivalents increased significantly to $94.8 million in 2023 from $19.6 million in 2022[350] - The company had $113.2 million in cash, cash equivalents, and short-term investments as of December 31, 2023, with working capital of $238.8 million[281] - The company believes its current cash and investments will be sufficient to meet cash needs for at least the next 12 months[283] - Cash equivalents increased significantly from $14.62 million in 2022 to $78.66 million in 2023, primarily due to money market funds[418] - Short-term investments decreased from $154.14 million in 2022 to $18.44 million in 2023, with U.S. government agency securities dropping from $78.62 million to $11.89 million[418] - Long-term investments remained stable at $19.20 million in 2022 and $0 in 2023[418] - Net cash used in operating activities was $49.382 million in 2023, compared to $641 million provided in 2022[361] - Net cash provided by investing activities was $115.808 million in 2023, compared to $102.799 million used in 2022[361] - Cash and cash equivalents at the end of 2023 were $94.793 million, up from $19.597 million at the end of 2022[361] Inventory and Assets - Inventory nearly doubled to $97.2 million in 2023 from $46.4 million in 2022[350] - Inventory more than doubled from $46.40 million in 2022 to $97.17 million in 2023, with work-in-process increasing from $14.53 million to $42.22 million[423] - Total assets increased slightly to $359.4 million in 2023 from $349.7 million in 2022[350] - Property and equipment increased from $39.03 million in 2022 to $44.89 million in 2023, with machinery and equipment rising from $48.42 million to $57.51 million[424] - The company is committed to purchasing $21.8 million of inventory from third-party manufacturers as of December 31, 2023[496] Liabilities and Equity - Total liabilities decreased to $325.3 million in 2023 from $334.1 million in 2022[350] - Stockholders' equity improved to $34.1 million in 2023 from $15.6 million in 2022[350] - The outstanding principal amount of the 2021 Notes is $287.5 million, with a net carrying amount of $281.9 million as of December 31, 2023[444] - The company may redeem the 2021 Notes for cash on or after November 20, 2024, if certain conditions are met[447] - The company repurchased $76.4 million and $9.9 million principal amount of the 2019 Convertible Senior Notes in November 2021 and June 2022, respectively, paying a total of $183.6 million and $17.6 million in cash, including accrued interest[459] Stock-Based Compensation - Stock-based compensation rose to $47.986 million in 2023, compared to $42.443 million in 2022[361] - Total stock-based compensation expense for 2023 was $47.986 million, with $21.307 million allocated to research and development, $10.240 million to sales and marketing, and $14.570 million to general and administrative expenses[462] - As of December 31, 2023, the company had 1,466,000 stock options outstanding with a weighted-average exercise price of $25.48 per share and a total intrinsic value of $94.650 million[466] - The total intrinsic value of options exercised in 2023 was $19.1 million, with a grant date fair value of $3.3 million for vested options[468] - The company granted 441,000 Restricted Stock Units (RSUs) in 2023 with a weighted-average grant date fair value of $119.12 per share[469] - The fair market value of RSUs vested in 2023 was $64.417 million, while MSUs and PSUs vested had fair market values of $7.219 million and $7.261 million, respectively[471] - Total unrecognized stock-based compensation cost related to unvested RSUs as of December 31, 2023, was $78.4 million, expected to be recognized over 2.4 years[471] - 60,000 stock options were granted to Cathal Phelan on September 21, 2020, with 1/24th vesting monthly starting October 21, 2020[504] - 8,000 RSUs were granted to Cathal Phelan on October 1, 2022, with ¼th vesting quarterly starting January 1, 2023[504] Taxes - Income tax expense decreased by $0.5 million in 2023, resulting in a tax benefit due to the acquisition of Voyantic Oy[272] - Total income tax expense for 2023 was $0.3 million, compared to a benefit of $0.2 million in 2022 and $0.2 million in 2021[433] - The effective income tax rate for 2023 was 0.7%, compared to -0.8% in 2022 and -0.3% in 2021[434] - Deferred tax assets increased to $117.2 million in 2023 from $99.1 million in 2022, with a valuation allowance of $114.0 million in 2023[436] - The company acquired Voyantic Oy in April 2023, resulting in a $3.7 million deferred tax liability associated with intangibles[437] - Accumulated federal tax losses were $230.5 million as of December 31, 2023, with $141.9 million having an indefinite life[438] - The company recorded a deferred tax asset of $32.9 million as of December 31, 2023, due to the capitalization of Section 174 costs[439] - Unrecognized tax benefits increased to $7.6 million as of December 31, 2023, from $5.6 million in 2022[442] - The company uses a two-step approach for evaluating uncertain tax positions, assessing recognition and measurement based on likely settlement outcomes[406] Legal and Patent Matters - The jury awarded the company $18.2 million and $18.4 million in damages for infringement of the '302 and '597 patents, respectively[483] - The company filed a patent infringement lawsuit against NXP in Texas, seeking damages and an injunction against NXP's UCODE 7, 8, and 9 endpoint ICs[489][490] - A patent related to endpoint IC products was acquired for $0.3 million on June 23, 2023, expiring on July 17, 2026[505] Other Income and Expenses - Other income, net, increased by $2.1 million in 2023, driven by higher interest rates on short-term investments[266] - Induced conversion expense decreased by $2.2 million in 2023 compared to 2022, and by $9.1 million in 2022 compared to 2021[268] - Interest expense remained comparable in 2023 vs 2022, but increased by $2.4 million in 2022 vs 2021 due to the issuance of $287.5 million in 2021 Notes[269][271] - Adjusted EBITDA for 2023 was $21.8 million, a decrease of $7.1 million compared to 2022, and an increase of $19.8 million compared to 2021[276] - Non-GAAP net income for 2023 was $19.8 million, a decrease of $4.0 million compared to 2022, and an increase of $18.2 million compared to 2021[280] - Depreciation and amortization expenses increased to $13.623 million in 2023, up from $6.044 million in 2022[361] - Allowance for sales returns and price exceptions increased to $677,000 at the end of 2023, up from $605,000 in 2022[379] - Cloud computing arrangement costs were $0.4 million in prepaid expenses and $1.4 million in other non-current assets as of December 31, 2023[384] - Amortization expense for cloud computing arrangements was $0.5 million in 2023, $0.4 million in 2022, and $0.2 million in 2021[384] - Matching contributions to the 401(k) plan were $1.8 million in 2023 and $1.4 million in 2022[506] Leases and Commitments - The company has noncancellable operating lease agreements in multiple countries with expiration dates from 2024 to 2029[401] - Operating lease costs for 2023 totaled $4.601 million, including $3.486 million in single lease costs and $1.280 million in variable lease costs[475] - Cash paid for operating lease liabilities in 2023 was $4.233 million, with a weighted-average remaining lease term of 3.7 years and a discount rate of 6.9%[476] - Total lease payments for operating leases from 2024 to 2028 and thereafter amount to $14,416 thousand, with a present value of lease liabilities at $12,733 thousand[477] Strategic Restructuring - A strategic restructuring initiated on February 7, 2024, includes a reduction-in-force affecting approximately 10% of employees[509] - Reduction-in-force charges are expected to be between $1.7 million and $2.0 million, recognized in the first and second fiscal quarters of 2024[509] Revenue Concentration - Revenue concentration from Avery Dennison increased to 33% in 2023, up from 28% in 2021[368] - Accounts receivable concentration from Avery Dennison rose to 39% in 2023, compared to 24% in 2022[368] Miscellaneous - The company experienced wafer shortfalls in 2021 and 2022, leading to unmet customer demand and order cancellations[236] - The company's investment portfolio is exposed to interest rate risk, but a 10% increase in rates is not expected to materially affect the portfolio's fair value[323] - The company does not believe inflation has had a material effect on its business, as it has offset higher costs with price increases[325] - Foreign currency exchange risk is minimal, but exposure may increase as the company expands its operations[326] - Revenue is recognized when control of goods or services is transferred, typically at shipment for hardware sales[391] - The company adopted ASU 2020-06 on January 1, 2021, resulting in a $29.3 million increase to long-term debt and a $32.7 million decrease to additional paid-in capital[413] - Consulting fees paid to a limited liability company owned by Cathal Phelan were $0.5 million for the years ended December 31, 2022 and 2021, with no fees recognized in 2023[504] - The company's deferred revenue balance at the end of 2023 was $1.985 million, down from $2.599 million at the beginning of the year[497]

Impinj, Inc. (NASDAQ:PI) Q4 2023 Earnings Conference Call February 8, 2024 5:00 PM ET Company Participants Andy Cobb - Vice President, Strategic Finance Chris Diorio - Co-Founder & Chief Executive Officer Cary Baker - Chief Financial Officer Jeff Dossett - Chief Revenue Officer Conference Call Participants Harsh Kumar - Piper Sandler Toshiya Hari - Goldman Sachs Matt Myers - Susquehanna Jim Ricchiuti - Needham and Company Chris Kapsch - Loop Capital Markets Scott Searle - ROTH MKM Operator Welcome to the Im ...

Impinj, Inc. (NASDAQ:PI) Q3 2023 Earnings Call October 25, 2023 5:00 PM ET Company Participants Andy Cobb - Vice President, Strategic Finance Chris Diorio - Co-Founder and Chief Executive Officer Cary Baker - Chief Financial Officer Jeff Dossett - Chief Revenue Officer Conference Call Participants Harsh Kumar - Piper Sandler Toshiya Hari - Goldman Sachs Jim Ricchiuti - Needham and Company T. Michael Walkley - Canaccord Genuity Scott Searle - ROTH MKM Natalia Winkler - Jefferies Operator Welcome to the Impin ...

Impin IMPINJ 6 • Unique ID: for pennies per tag • Worldwide: spectrum, standards & ecosystem Market Opportunity | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------------------------------------------|-------|-------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|--------------------------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-37824 IMPINJ, INC. (Exact name of registrant as specified in its charter) Delaware 91-2041398 (State or other jurisdiction of (I.R.S. Emp ...

Investor Presentation Second Quarter 2023 1 © 2023 IMPINJ mp 201 IMPINJ Our Vision is boundless IoT, extending the Internet of Things to trillions of everyday items 3 4 Digital Twins Manufacturer Shipper Seller Person Archive Connect Every Thing Own | Store | Explore | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------|-------|-------|-------|-------|-------|-------|----------------------------------------------------------------------------------------------------------------------------- ...

Impinj, Inc. (NASDAQ:PI) Q2 2023 Earnings Conference Call July 26, 2023 5:00 PM ET Company Participants Andy Cobb – Vice President-Strategic Finance Chris Diorio – Co-Founder and Chief Executive Officer Cary Baker – Chief Financial Officer Jeff Dossett – Chief Revenue Officer Conference Call Participants Harsh Kumar – Piper Sandler Jim Ricchiuti – Needham & Company Mike Walkley – Canaccord Genuity Mark Lipacis – Jefferies Scott Searle – ROTH MKM Operator Welcome to the Impinj Second Quarter 2023 Earnings Co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-37824 IMPINJ, INC. (Exact name of registrant as specified in its charter) Delaware 91-2041398 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Iden ...