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Impinj Reports Fourth Quarter and Full Year 2022 Financial Results
SEATTLE--(BUSINESS WIRE)-- Impinj, Inc. (NASDAQ: PI), a leading provider and pioneer of RAIN RFID solutions, today released its financial results for the
About this update from Impinj, Inc.
[{"type":"text","content":" SEATTLE--(BUSINESS WIRE)--\nImpinj, Inc. (NASDAQ: PI), a leading provider and pioneer of RAIN RFID solutions, today released its financial results for the fourth quarter and year ended December 31, 2022.\n\n“2022 was a very strong year for Impinj,” said Chris Diorio, Impinj co-founder and CEO. “We delivered record revenue and adjusted EBITDA, invested in our team, unlocked new opportunities heading into 2023 and advanced our vision of connecting every thing.”\n\nFourth Quarter 2022 Financial Summary\n\n\nRevenue of $76.6 million\n\n\nGAAP gross margin of 52.4%; non-GAAP gross margin of 53.8%\n\n\nGAAP net loss of $0.1 million, or loss of less than $0.01 per diluted share using 26.0 million shares\n\n\nAdjusted EBITDA of $11.8 million\n\n\nNon-GAAP net income of $11.6 million, or income of $0.41 per diluted share using 28.2 million shares\n\n\nFull Year 2022 Financial Summary\n\n\nRevenue of $257.8 million\n\n\nGAAP gross margin of 53.5%; non-GAAP gross margin of 55.5%\n\n\nGAAP net loss of $24.3 million, or loss of $0.95 per diluted share using 25.5 million shares\n\n\nAdjusted EBITDA of $28.9 million\n\n\nNon-GAAP net income of $26.3 million, or income of $0.96 per diluted share using 27.5 million shares\n\n\nA reconciliation between GAAP and non-GAAP information is contained in the tables below. Additionally, descriptions of these non-GAAP financial measures are provided in the “Non-GAAP Financial Measures” sections below.\n\nFirst Quarter 2023 Financial Outlook\n\nImpinj provides guidance based on current market conditions and expectations; actual results may differ materially. Please refer to the comments below regarding forward-looking statements. The following table presents Impinj’s financial outlook for the first quarter of 2023 (in millions, except per share data):\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ending\n\n\n\n\n\n \n\n\n\n \n\n\n\nMarch 31, 2023\n\n\n\n\n\nRevenue\n\n\n\n \n\n\n\n$82.0 to $85.0\n\n\n\n\n\nGAAP Net loss\n\n\n\n \n\n\n\n($3.6) to ($2.1)\n\n\n\n\n\nAdjusted EBITDA income\n\n\n\n \n\n\n\n$9.2 to $10.7\n\n\n\n\n\nGAAP Weighted-average shares — basic and diluted\n\n\n\n \n\n\n\n26.20 to 26.40\n\n\n\n\n\nGAAP Net loss per share — basic and diluted\n\n\n\n \n\n\n\n($0.14) to ($0.08)\n\n\n\n\n\nNon-GAAP Net income\n\n\n\n \n\n\n\n$8.6 to $10.3\n\n\n\n\n\nNon-GAAP Weighted-average shares — basic\n\n\n\n \...