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Impinj Reports Third Quarter 2022 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 third quarter ended September 30, 2022.\n\n“Our third-quarter results were strong, with both endpoint IC and reader IC revenue setting new quarterly records,” said Chris Diorio, Impinj co-founder and CEO. “We entered the fourth quarter with record backlog and I expect demand to remain strong well into 2023.”\n\nThird Quarter 2022 Financial Summary\n\n\nRevenue of $68.3 million\n\n\nGAAP gross margin of 54.8%; non-GAAP gross margin of 56.9%\n\n\nGAAP net loss of $2.2 million, or loss of $(0.09) per diluted share using 25.7 million shares\n\n\nAdjusted EBITDA of $9.8 million\n\n\nNon-GAAP net income of $9.3 million, or income of $0.34 per diluted share using 27.7 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\nFourth Quarter 2022 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 fourth quarter 2022 (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\nDecember 31, 2022\n\n\n\n\n\nRevenue\n\n\n\n \n\n\n\n$71.5 to $73.5\n\n\n\n\n\nGAAP Net loss\n\n\n\n \n\n\n\n($3.1) to ($1.6)\n\n\n\n\n\nAdjusted EBITDA income\n\n\n\n \n\n\n\n$9.8 to $11.3\n\n\n\n\n\nGAAP Weighted-average shares — basic and diluted\n\n\n\n \n\n\n\n25.90 to 26.10\n\n\n\n\n\nGAAP Net loss per share — basic and diluted\n\n\n\n \n\n\n\n($0.12 ) to ($0.06 )\n\n\n\n\n\nNon-GAAP Net income\n\n\n\n \n\n\n\n$9.0 to $10.5\n\n\n\n\n\nNon-GAAP Weighted-average shares — basic\n\n\n\n \n\n\n\n25.90 to 26.10\n\n\n\n\n\nNon-GAAP Weighted-average shares — diluted\n\n\n\n \n\n\n\n27.90 to 28.10\n\n\n\n\n\nNon-GAAP Net income per share — basic\n\n\n\n \n\n\n\n$0.35 to $0.40\n\n\n\n\n\nNon-GAAP Net income per share — diluted\n\n\n\n \n\n\n\n$0.32 to $0.37\n\n\n\n\nA reconciliation between GAAP and non-GAAP financial measures is provided in the \"Non-GAAP Finan...