Business
Impinj Reports Second Quarter 2023 Financial Results
SEATTLE--(BUSINESS WIRE)-- Impinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and Internet of Things pioneer, today released its financial results for
About this update from Impinj, Inc.
[{"type":"text","content":" SEATTLE--(BUSINESS WIRE)--\nImpinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and Internet of Things pioneer, today released its financial results for the second quarter ended June 30, 2023.\n\n\n“Second-quarter revenue set a new record, with strong systems revenue offsetting weak endpoint IC revenue from retail apparel inventory destocking,” said Chris Diorio, Impinj co-founder and CEO. “We expect ongoing headwinds associated with that apparel inventory destocking, as well as weakness in the overall retail macroenvironment, to more-than-offset strength in our enterprise solutions opportunities in the third quarter.”\n\n\nSecond Quarter 2023 Financial Summary\n\n\n\nRevenue of $86.0 million\n\n\n\nGAAP gross margin of 51.0%; non-GAAP gross margin of 53.3%\n\n\n\nGAAP net loss of $8.1 million, or loss of $(0.30) per diluted share using 26.7 million shares\n\n\n\nAdjusted EBITDA of $10.0 million\n\n\n\nNon-GAAP net income of $9.3 million, or income of $0.33 per diluted share using 28.5 million shares\n\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\n\nThird Quarter 2023 Financial Outlook\n\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 third quarter of 2023 (in millions, except per share data):\n\n\n\n\n \n\n\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\n\n\n \n\n\n\n\n\n\nSeptember 30, 2023\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n \n\n\n\n\n\n\n$63.0 to $66.0\n\n\n\n\n\n\n\n\nGAAP Net loss\n\n\n\n\n\n\n \n\n\n\n\n\n\n($19.7) to ($18.2)\n\n\n\n\n\n\n\n\nAdjusted EBITDA loss\n\n\n\n\n\n\n \n\n\n\n\n\n\n($3.3) to ($1.8)\n\n\n\n\n\n\n\n\nGAAP Weighted-average shares — basic and diluted\n\n\n\n\n\n\n \n\n\n\n\n\n\n26.90 to 27.10\n\n\n\n\n\n\n\n\nGAAP Net loss per share — basic and diluted\n\n\n\n\n\n\n \n\n\n\n\n\n\n($0.73) to ($0.67)\n\n\n\n\n\n\n\n\nNon-GAAP Net loss\n\n\n\n\n\n\n \n\n\n\n\n\n\n($3.2) to ($1.7)\n\n\n\n\n\n\n\n\nNon-GAAP Weighted-average shares — basic and diluted\n\n\n\n\n\n\n \n\n\n\n\n\n\n26.90 to 27.10...