IMPINJ (PI) AI Stock Analysis

• Market Cap: $5.57B
• Dividend Yield: N/A
• Average Volume (3M): 507.52K
• Price to Earnings (P/E): 27190.3
• Beta (1Y): 2.06
• Revenue Growth: 13.96%
• EPS Growth: -96.21%
• Country: US
• Employees: 451
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): 0.80
• Shares Outstanding: 29,089,691
• 10 Day Avg. Volume: 644,304
• 30 Day Avg. Volume: 507,517
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.61
• Enterprise Value/Revenue: 9.45
• Enterprise Value/Gross Profit: 18.14
• Enterprise Value/Ebitda: 190.45
• 1Y Price Target: $175.67
• Price Target Upside: -8.31% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6

• Rating: 68 Neutral
• Price Target: $208.00 ▲(8.56% Upside)

IMPINJ's stock score is driven by strong technical momentum and strategic financial moves, offset by high valuation concerns and ongoing profitability challenges. The company's growth trajectory is promising, but high leverage and market overvaluation pose risks.

Positive Factors

Revenue Growth

IMPINJ's significant revenue growth over recent years highlights its expanding market presence and product adoption, indicating strong demand for its RFID solutions across various industries.

Innovative Product Adoption

The adoption of innovative products like Gen2X and M800 underscores IMPINJ's ability to meet industry needs, enhancing its competitive advantage and supporting long-term growth.

Cash Flow Improvement

Improved cash flow generation indicates strong operational efficiency, providing IMPINJ with the financial flexibility to invest in growth initiatives and manage debt effectively.

Negative Factors

High Leverage

High leverage poses a risk to IMPINJ's financial stability, potentially limiting its ability to invest in growth opportunities and increasing vulnerability to economic downturns.

Profitability Challenges

Ongoing challenges with achieving consistent profitability could hinder IMPINJ's long-term financial health and ability to sustain competitive positioning in the market.

Year-Over-Year Revenue Decline

Declining year-over-year revenue growth signals potential market saturation or competitive pressures, which could impact IMPINJ's future growth prospects and market share.

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 connected items to business and consumer applications. The company's platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item. Its platform also consists of systems products that comprise reader ICs, readers, and gateways to wirelessly provide power to and communicate bidirectionally with endpoint ICs on host items, as well as to read, write, authenticate, and engage the endpoint ICs on those items; and software and algorithms that enables its partners to deliver use cases, such as retail self-checkout and loss prevention, and warehouse pallet and carton tracking to end-users. The company primarily serves retail, supply chain and logistics, aviation, automotive, healthcare, industrial and manufacturing, sports, food, datacenter, travel, banking, and linen and uniform tracking sectors through distributors, system integrators, value-added resellers, and software solution partners. Impinj, Inc. was incorporated in 2000 and is headquartered in Seattle, Washington.

How the Company Makes Money

IMPINJ generates revenue through multiple streams primarily focused on the sale of RAIN RFID products, including integrated circuits (ICs), readers, and software solutions. The company sells its chips to manufacturers who embed them in items for tracking purposes, while their readers are utilized by businesses to scan and process RAIN RFID tags. Additionally, IMPINJ offers software solutions that help manage and analyze the data collected through their RFID systems. Significant partnerships with key players in various sectors, including retail giants and logistics providers, bolster their market presence and drive sales. The recurring revenue model is further supported by service agreements and maintenance contracts, providing ongoing support and updates for their technology.

IMPINJ Financial Statement Overview

Summary

IMPINJ is on a growth trajectory with significant revenue increases and improvements in cash flow generation. While the company has made strides in reducing losses and increasing stockholders' equity, challenges remain in achieving consistent profitability and managing leverage. Continued focus on cost management and capital structure optimization will be crucial to enhancing financial health.

Income Statement

IMPINJ has demonstrated strong revenue growth, with a TTM revenue of $358.94M, up significantly from $138.92M in 2020. The gross profit margin is healthy at 52.11% for the TTM, reflecting effective cost management. However, the company has struggled with profitability at the operating level, as indicated by negative EBIT and modest net profit margin of 0.18% in the TTM period. Despite improvements, maintaining consistent profitability remains a challenge.

Balance Sheet

The balance sheet indicates a high leverage, with a debt-to-equity ratio of 1.56 in the TTM, suggesting potential risk in financial stability. Stockholders' equity has improved significantly to $187.69M from a deficit in 2021, reflecting a positive trajectory in equity growth. However, the equity ratio is still moderate at 36.87%, indicating room for strengthening the capital structure.

Cash Flow

IMPINJ has shown improvement in cash flow, with operating cash flow to net income ratio at 71.75 in the TTM, indicating strong cash generation relative to net income. Free cash flow has grown, with a TTM free cash flow of $27.46M, up from negative values in earlier years. Despite this progress, cash flow stability could be enhanced further.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	358.94M	366.09M	307.54M	257.80M	190.28M	138.92M
Gross Profit	187.09M	188.85M	151.98M	137.88M	98.95M	65.14M
EBITDA	17.82M	57.82M	-26.83M	-13.54M	-43.95M	-41.92M
Net Income	633.00K	40.84M	-43.37M	-24.30M	-51.26M	-51.92M
Balance Sheet
Total Assets	508.82M	489.08M	359.41M	349.74M	315.54M	207.62M
Cash, Cash Equivalents and Short-Term Investments	193.21M	164.71M	113.23M	173.75M	193.35M	106.09M
Total Debt	292.40M	292.80M	294.59M	294.43M	304.37M	73.46M
Total Liabilities	321.13M	339.22M	325.28M	334.15M	326.61M	98.50M
Stockholders Equity	187.69M	149.86M	34.13M	15.59M	-11.08M	109.12M
Cash Flow
Free Cash Flow	27.46M	111.20M	-68.22M	-11.44M	-9.77M	-19.95M
Operating Cash Flow	45.41M	128.31M	-49.38M	641.00K	6.46M	-16.88M
Investing Cash Flow	-229.72M	-192.57M	115.81M	-102.80M	-18.64M	-36.29M
Financing Cash Flow	11.80M	15.68M	8.74M	-2.15M	112.44M	9.90M

IMPINJ Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 191.60
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PI, the sentiment is Positive. The current price of 191.6 is above the 20-day moving average (MA) of 188.35, above the 50-day MA of 160.06, and above the 200-day MA of 125.04, indicating a bullish trend. The MACD of 8.60 indicates Positive momentum. The RSI at 58.76 is Neutral, neither overbought nor oversold. The STOCH value of 66.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PI.

IMPINJ Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DGII	78 Outperform	1.39B	32.95	6.87%	―	-2.37%	147.46%
BDC	74 Outperform	5.16B	23.72	18.23%	0.15%	12.93%	17.64%
PI	68 Neutral	$5.57B	27,190.28	0.42%	―	13.96%	-96.21%
EXTR	67 Neutral	2.95B	-383.82	-11.39%	―	2.05%	91.37%
VIAV	65 Neutral	2.73B	79.69	4.46%	―	8.39%	0.00%
COMM	58 Neutral	3.64B	-25.02	-69.12%	―	-11.03%	91.98%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

IMPINJ Corporate Events

Impinj Announces $190M Convertible Notes Offering

On September 3, 2025, Impinj, Inc. announced the pricing of its private offering of $170 million in 0% Convertible Senior Notes due 2029, later increased to $190 million after the initial purchasers exercised their option. The proceeds, approximately $183.6 million, were used to exchange $190 million of its 2027 Notes for cash and shares, and to fund capped call transactions aimed at reducing potential dilution of its common stock. The notes, convertible under specific conditions, are senior unsecured obligations and will mature on September 15, 2029. This strategic financial move is expected to enhance Impinj’s financial flexibility and market positioning.

Impinj Announces $150M Convertible Notes Offering

On September 2, 2025, Impinj, Inc. announced its plan to offer $150 million in Convertible Senior Notes due 2029 in a private placement to qualified institutional buyers, with an option for purchasers to acquire an additional $25 million. The proceeds from this offering are intended to be used for the exchange of a portion of its outstanding 2027 Notes and other corporate purposes. This strategic financial move is expected to affect Impinj’s stock market activity and could influence the trading price of its common stock and notes, impacting stakeholders’ decisions.