Impinj(PI) - 2024 Q2 - Quarterly Results

Financial Performance - Revenue for Q2 2024 reached $102.5 million, a 19% increase from $85.99 million in Q2 2023[17] - Adjusted EBITDA for Q2 2024 was $25 million, significantly exceeding guidance[2] - Free cash flow for Q2 2024 exceeded $40 million, indicating strong cash generation[2] - The company reported a net income of $9.96 million for Q2 2024, compared to a net loss of $8.07 million in Q2 2023[17] - Operating expenses decreased to $48.5 million in Q2 2024 from $52.2 million in Q2 2023, reflecting improved cost management[17] - GAAP net income for the three months ended June 30, 2024, was $9,963, compared to a loss of $8,066 in the same period of 2023; non-GAAP net income was $25,313, up from $9,296[26] - Adjusted EBITDA for the three months ended June 30, 2024, was $26,829, significantly higher than $9,958 in the same period of 2023[26] - Free cash flow for the three months ended June 30, 2024, was $44,113, compared to a negative cash flow of $(28,160) in the same period of 2023[27] - The company reported a GAAP net cash provided by operating activities of $45,479 for the three months ended June 30, 2024, compared to $(22,544) in the same period of 2023[27] - Adjusted free cash flow for the six months ended June 30, 2024, was $53,051, compared to $(62,302) in the same period of 2023[27] Future Projections - The company expects Q3 2024 revenue to be between $91.0 million and $94.0 million, with a GAAP net loss projected between ($3.5) million and ($2.0) million[5] - Non-GAAP net income for Q3 2024 is anticipated to be between $13.5 million and $15.0 million, translating to a diluted net income per share of $0.46 to $0.50[5] - For the forecasted three months ending September 30, 2024, adjusted EBITDA is expected to be $14,500, with a GAAP net loss of $(2,714)[29] - Non-GAAP net income for the forecasted three months ending September 30, 2024, is projected to be $14,224, translating to a non-GAAP net income per share of $0.48[29] Asset Management - Total current assets increased to $358.3 million as of June 30, 2024, up from $269.7 million at the end of 2023[15] - Cash and cash equivalents rose to $214.7 million, compared to $94.8 million at the end of 2023[15] Market Strategy - The company is focused on expanding its market presence and enhancing its RAIN RFID technology offerings[2] Margin Analysis - For the three months ended June 30, 2024, GAAP gross margin was 56.1%, up from 51.0% in the same period of 2023, while non-GAAP gross margin increased to 58.2% from 53.3%[26] Adjustments and Revisions - The company revised its definition of adjusted EBITDA and non-GAAP net income to exclude acquisition-related expenses and settlement income, which did not impact previously reported periods[21][23] Share Information - The company’s weighted-average shares diluted for the three months ended June 30, 2024, were 29,422, compared to 26,713 in the same period of 2023[26]