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IMPINJ INC

CIK:0001114995|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 108,371	$ 97,894	$ 182,621	$ 172,171
Cost of revenue	44,838	41,281	82,629	78,877
Gross profit	63,533	56,613	99,992	93,294
Operating expenses:
Research and development	29,262	24,652	57,986	49,966
Sales and marketing	9,829	8,738	19,586	16,793
General and administrative	13,404	11,828	26,013	24,224
Amortization of intangibles	534	521	1,071	1,006
Total operating expenses	53,029	45,739	104,656	91,989
Income (loss) from operations	10,504	10,874	(4,664)	1,305
Other income, net	2,255	2,053	4,921	4,113
Induced conversion expense	0	0	(11,938)	0
Interest expense	(631)	(1,225)	(1,404)	(2,448)
Income (loss) before income taxes	12,128	11,702	(13,085)	2,970
Income tax benefit (expense)	92	(149)	44	132
Net income (loss)	$ 12,220	$ 11,553	$ (13,041)	$ 3,102
Net income (loss) per share - basic	$ 0.40	$ 0.40	$ (0.43)	$ 0.11
Net income (loss) per share - diluted	$ 0.39	$ 0.39	$ (0.43)	$ 0.10
Weighted-average shares outstanding basic	30,480	29,008	30,386	28,824
Weighted-average shares outstanding diluted	31,005	29,655	30,386	29,550

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net Income (Loss)	$ (13,041)	$ 3,102
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	7,734	7,230
Stock-based compensation	30,986	25,545
Accretion of discount or amortization of premium on investments	(394)	(1,117)
Amortization of debt issuance costs	987	830
Loss on fixed asset disposal	107
Induced conversion expense related to convertible notes	11,938	0
Deferred tax expense	(205)	(192)
Changes in operating assets and liabilities:
Accounts receivable	(358)	1,930
Inventory	(6,570)	3,241
Prepaid expenses and other assets	(167)	808
Accounts payable	2,447	(5,416)
Accrued compensation and employee related benefits	2,501	(13,173)
Accrued and other liabilities	(972)	7
Operating lease right-of-use assets	794	1,333
Operating lease liabilities	136	(1,792)
Deferred revenue	(339)	381
Net cash provided by operating activities	35,584	22,717
Investing activities:
Purchases of investments	(85,887)	(107,105)
Proceeds from maturities of investments	90,572	83,820
Purchases of property and equipment	(4,166)	(8,403)
Net cash provided by (used in) investing activities	519	(31,688)
Financing activities:
Payment of 2021 Notes	(47,031)
Proceeds from exercise of stock options and employee stock purchase plan	3,157	6,734
Payments of taxes on restricted stock units	(1,769)	(1,771)
Net cash provided by (used in) financing activities	(45,643)	4,963
Effect of exchange rate changes on cash and cash equivalents	(93)	372
Net decrease in cash and cash equivalents	(9,633)	(3,636)
Cash and cash equivalents
Beginning of period	48,206	46,053
End of period	38,573	42,417
Supplemental disclosure of cash flow information:
Cash paid for interest	474	1,617
Purchases of property and equipment not yet paid	1,898	860
Lease liabilities arising from obtaining ROU Assets	$ 1,274	$ 507

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 38,573	$ 48,206
Short-term investments	94,443	127,130
Accounts receivable, net	71,111	70,785
Inventory	91,501	84,961
Prepaid expenses and other current assets	8,967	8,135
Total current assets	304,595	339,217
Long-term investments	130,722	103,766
Property and equipment, net	49,075	50,290
Intangible assets, net	8,189	9,501
Operating lease right-of-use assets	21,368	20,896
Other non-current assets	547	795
Goodwill	20,253	20,721
Total assets	534,749	545,186
Current liabilities:
Accounts payable	17,049	13,614
Accrued compensation and employee related benefits	12,401	9,936
Accrued and other current liabilities	3,135	3,664
Current portion of operating lease liabilities	1,810	776
Current portion of long-term debt	57,019	96,745
Current portion of deferred revenue	1,542	1,791
Total current liabilities	92,956	126,526
Long-term debt	184,921	184,141
Operating lease liabilities, net of current portion	22,904	22,536
Deferred tax liabilities, net	1,808	2,062
Deferred revenue, net of current portion	574	690
Total liabilities	303,163	335,955
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock, $0.001 par value - 5,000 shares authorized, no shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, $0.001 par value - 495,000 shares authorized, 30,550 and 30,222 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	31	30
Additional paid-in capital	644,065	606,852
Accumulated other comprehensive income	691	2,509
Accumulated deficit	(413,201)	(400,160)
Total stockholders' equity	231,586	209,231
Total liabilities and stockholders' equity	$ 534,749	$ 545,186