IMPINJ Inc (PI)
NASDAQ:PI
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IMPINJ
(NASDAQ:PI)
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Rating:57Neutral
Price Target:
$150.00
▲(33.59% Upside)
Action:Reiterated
Date:05/01/26
The score is driven by strong cash generation and a constructive forward outlook from management’s Q2 guidance and demand signals (bookings/market share). These positives are tempered by weak profitability and elevated leverage in the financials, plus a mixed technical setup with overbought risk and the stock still below its 200-day average; valuation is also unattractive due to losses (negative P/E) and no dividend support.
Positive Factors
Cash generation
Sustained positive operating and free cash flow across 2024–2025 and TTM shows durable cash conversion even amid accounting losses. This strengthens internal funding for R&D, product ramps and working capital, reduces near‑term financing dependence, and enables opportunistic balance sheet actions.
Negative Factors
Elevated leverage
Leverage materially above one times equity limits financial flexibility if earnings remain weak. Higher debt levels increase fixed obligations and constrain capacity to fund discretionary investments or absorb shocks, raising refinancing and solvency risk during slower adoption cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained positive operating and free cash flow across 2024–2025 and TTM shows durable cash conversion even amid accounting losses. This strengthens internal funding for R&D, product ramps and working capital, reduces near‑term financing dependence, and enables opportunistic balance sheet actions.
Read all positive factors
IMPINJ (PI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.24B
Dividend YieldN/A
Average Volume (3M)506.90K
Price to Earnings (P/E)―
Beta (1Y)2.11
Revenue Growth-0.69%
EPS Growth-3584.62%
CountryUS
Employees451
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.91
Shares Outstanding30,459,185
10 Day Avg. Volume447,327
30 Day Avg. Volume506,897
Financial Highlights & Ratios
PEG Ratio3.75
Price to Book (P/B)24.35
Price to Sales (P/S)14.11
P/FCF Ratio111.05
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue12.22
Enterprise Value/Gross Profit23.35
Enterprise Value/Ebitda-412.84
Forecast
1Y Price Target
$171.43Price Target Upside52.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.69
Revenue Forecast (FY)$373.26M
IMPINJ Business Overview & Revenue Model
Company Description
Impinj, Inc. operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform, which comprises multiple product families, wirelessly connects individual items and delivers data about the c...
How the Company Makes Money
Impinj primarily makes money by selling RAIN RFID semiconductors and related products to business customers across the RFID ecosystem. The largest revenue stream is typically product revenue from endpoint ICs (chips that go into RFID tags/labels a...
IMPINJ Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call presented a mix of near‑term execution challenges and clear forward momentum. Q1 showed sequential revenue and profitability pressure (notably a 20% sequential revenue decline and a sharp drop in adjusted EBITDA), systems revenue timing issues, and gross margin headwinds from indirect costs and a production utilization issue. Offsetting these negatives were record endpoint IC bookings, a 1,700 basis‑point market share gain versus 2024, a visible custom ASIC ramp with volumes expected to more than double in Q2, product and Gen2X technology improvements (including up to +25% M800 read‑range gains), healthy channel inventory entering Q2, and a strong Q2 guide implying ~7% year‑over‑year revenue growth and materially higher adjusted EBITDA and non‑GAAP net income. Management’s prudent stance on the back half reflects macro caution but does not obscure sizable enterprise and retail opportunities. Balancing the substantial forward‑looking positives against the transient quarter‑specific headwinds yields a constructive outlook.Positive Updates
Record Endpoint IC Bookings and Material Market Share Gain
Company reported all-time record endpoint IC bookings driven by a custom ASIC ramp at a large North American supply chain/logistics end user, retailer rebuys, and customers booking beyond standard lead times. RAIN Alliance industry volumes showed Impinj's market share grew 1,700 basis points (17 percentage points) over 2024.
Negative Updates
Sequential Revenue Decline
Total Q1 revenue was $74.3 million, down 20% sequentially from $92.8 million in Q4 2025, although flat year‑over‑year versus Q1 2025 ($74.3M).
Read all updates
Q1-2026 Updates
Positive
Negative
Record Endpoint IC Bookings and Material Market Share Gain
Company reported all-time record endpoint IC bookings driven by a custom ASIC ramp at a large North American supply chain/logistics end user, retailer rebuys, and customers booking beyond standard lead times. RAIN Alliance industry volumes showed Impinj's market share grew 1,700 basis points (17 percentage points) over 2024.
Read all positive updates
Company Guidance
Management guided Q2 revenue of $103–$106 million (midpoint ≈ +7% YoY vs. $97.9M), adjusted EBITDA of $27.8–$29.3 million, non‑GAAP net income of $24.6–$26.1 million (non‑GAAP diluted EPS $0.77–$0.82), and said product gross margin should increase sequentially while operating expense is expected to be roughly similar to Q1’s $35.5M (Q1 R&D $20.4M, S&M $7.3M, G&A $7.8M). For context they reported Q1 revenue $74.3M, Q1 adjusted EBITDA $3.4M (4.5% margin), cash & investments $235.2M, inventory $86.3M, capex $1.7M and free cash flow $2.2M; management also noted a ~100 bps Q1 gross‑margin impact from a now‑resolved production underutilization issue and a $40.2M convertible‑note repurchase that reduced dilution by roughly 400,000 shares.IMPINJ Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
44
Neutral
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 361.05M | 361.07M | 366.09M | 307.54M | 257.80M | 190.28M |
| Gross Profit | 188.92M | 187.60M | 188.85M | 151.98M | 137.88M | 98.95M |
| EBITDA | -10.69M | 8.49M | 10.32M | -26.59M | -13.54M | -30.93M |
| Net Income | -27.66M | -10.85M | 40.84M | -43.37M | -24.30M | -51.26M |
Balance Sheet | ||||||
| Total Assets | 502.52M | 545.19M | 489.08M | 359.41M | 349.74M | 315.54M |
| Cash, Cash Equivalents and Short-Term Investments | 131.84M | 175.34M | 164.71M | 113.23M | 173.75M | 193.35M |
| Total Debt | 265.07M | 326.73M | 298.52M | 294.59M | 294.43M | 308.51M |
| Total Liabilities | 298.62M | 335.95M | 339.22M | 325.28M | 334.15M | 326.61M |
| Stockholders Equity | 203.91M | 209.23M | 149.86M | 34.13M | 15.59M | -11.08M |
Cash Flow | ||||||
| Free Cash Flow | 61.12M | 45.88M | 111.20M | -68.22M | -11.44M | -9.77M |
| Operating Cash Flow | 73.87M | 58.75M | 128.31M | -49.38M | 641.00K | 6.46M |
| Investing Cash Flow | -43.51M | -48.02M | -192.57M | 115.81M | -102.80M | -18.64M |
| Financing Cash Flow | -59.56M | -8.93M | 15.68M | 8.74M | -2.15M | 112.44M |
IMPINJ Technical Analysis
Neutral
112.28
Price Trends
117.80
Positive
132.11
Positive
155.41
Negative
Market Momentum
6.04
Positive
53.24
Neutral
15.42
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PI, the sentiment is Neutral. The current price of 112.28 is below the 20-day moving average (MA) of 139.63, below the 50-day MA of 117.80, and below the 200-day MA of 155.41, indicating a neutral trend. The MACD of 6.04 indicates Positive momentum. The RSI at 53.24 is Neutral, neither overbought nor oversold. The STOCH value of 15.42 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PI.
IMPINJ Risk Analysis
IMPINJ disclosed 57 risk factors in its most recent earnings report. IMPINJ reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
IMPINJ Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $2.36B | 40.13 | 6.72% | ― | 13.48% | 0.69% | |
67 Neutral | $4.06B | 21.08 | 18.84% | 0.17% | 9.28% | 14.45% | |
66 Neutral | $3.15B | 47.32 | 21.07% | ― | 14.90% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $11.25B | 313.93 | -6.92% | ― | 30.59% | -1171.00% | |
57 Neutral | $4.24B | ― | -13.90% | ― | -0.69% | -3584.62% |
* Technology Sector Average
PI
IMPINJ
137.18
19.66
16.73%
BDC
Belden
105.51
-3.58
-3.28%
DGII
Digi International
62.25
30.01
93.08%
EXTR
Extreme Networks
23.48
7.58
47.67%
VIAV
Viavi Solutions
48.10
38.99
427.99%
IMPINJ Corporate Events
Business Operations and StrategyFinancial Disclosures
Impinj Repurchases Convertible Notes to Reduce Debt Load
Positive
Mar 16, 2026
Between March 11 and 13, 2026, Impinj entered into privately negotiated agreements to repurchase for cash approximately $40.2 million in aggregate principal amount of its 1.125% Convertible Notes due 2027. The total cash outlay for the partial rep...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.