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Impinj Reports Second Quarter 2024 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, 2024.\n\n\n“Our second-quarter results were strong, setting several new records,” said Chris Diorio, Impinj co-founder and CEO. “Revenue topped $100 million and adjusted EBITDA topped $25 million, both well above our guidance. Free cash flow topped $40 million. As we continue driving our bold vision to connect every item in our everyday world, I remain confident in our market position and energized by the opportunities ahead.”\n\n\nSecond Quarter 2024 Financial Summary\n\n\n\nRevenue of $102.5 million\n\n\n\nGAAP gross margin of 56.1%; non-GAAP gross margin of 58.2%\n\n\n\nGAAP net income of $10.0 million, or income of $0.34 per diluted share using 29.4 million shares\n\n\n\nAdjusted EBITDA of $26.8 million\n\n\n\nNon-GAAP net income of $25.3 million, or income of $0.83 per diluted share using 32.0 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 2024 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 2024 (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, 2024\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n \n\n\n\n\n\n\n$91.0 to $94.0\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($3.5) to ($2.0)\n\n\n\n\n\n\n\n\nAdjusted EBITDA income\n\n\n\n\n\n\n \n\n\n\n\n\n\n$13.8 to $15.3\n\n\n\n\n\n\n\n\nGAAP Weighted-average shares — diluted\n\n\n\n\n\n\n \n\n\n\n\n\n\n28.2 to 28.4\n\n\n\n\n\n\n\n\nGAAP Net loss per share — diluted\n\n\n\n\n\n\n \n\n\n\n\n\n\n($0.12) to ($0.07)\n\n\n\n\n\n\n\n\nNon-GAAP Net income\n\n\n\n\n\n\n \n\n\n\n\n\n\n$13.5 to $15.0\n\n\n\n\n\n\n\n\nNon-GAAP Weighted-average shares — diluted(1)\n\n\n\n\n\n\n \n\n\n\n\n\n\n32.1 to 32.3\n\n\n\n\n\n\n\n\nNon-GAAP Net income...