Slide 1: Investor Presentation First Quarter 2025
Investor Presentation First Quarter 2025
Slide 2: Forward Looking Statement & Non-GAAP Financial Measures
Forward Looking Statement & Non-GAAP Financial Measures This presentation and the accompanying oral independent industry publications or reports or other margin, which we calculate as GAAP gross margin, commentary contain forward-looking statements within publicly available information, as well as o
Slide 3: Impinj at a Glance
Impinj at a Glance 360.0 340.0 27% $366.1 Our vision is boundless IoT, extending the 320.0 300.0 CAGR 280.0 $307.5 Internet of Things to trillions of everyday items 260.0 240.0 220.0 $257.8 200.0 180.0 160.0 $190.3 140.0 Success Strategy 120.0 100.0 $138.9 1 Develop whole-platform solutions for ligh
Slide 4: Vision
Vision Manufacturer Shipper Seller Person Archive Digital Twins Own | Store | Explore Connect Every Thing Physical Items Discover | Engage | Protect Manufacture Transport Sell Use Recycle © 2025 4
Slide 5: Success Strategy
Success Strategy Solutions drive Impinj endpoint ICs Solutions • Create enterprise solutions; step-and- repeat with solutions partners • Win endpoint IC opportunity Systems drive Impinj endpoint ICs • Enable channel partners to win remaining opportunities with Impinj systems S yste m s • Win majorit
Slide 6: Platform Products
Platform Products IMPINJ IMPINJ m ane & fe Partne, Ecosyst? IMPINJ ail Sslsss IMpinj system? Authentication ant ICS IMpinj endpoint | J iL IMPINJ IMPINS = = ) oe —
Slide 7: Wireless Technology
Wireless Technology RAIN = RAdio IdentificatioN • Unique ID: for pennies per tag • Fast: up to 1,000 items/sec @ 10m • Autonomous: without line-of-sight • Battery-free: essentially unlimited life • Worldwide: spectrum, standards & ecosystem Complementary IoT Technologies © 2025 7
Slide 8: Market Opportunity
Market Opportunity Other Everyday Items 3Tn Food & Drink Packaging 600Bn Auto Parts 400Bn Parcels & Postal RAIN enabled connectivity 325Bn General Merchandise (1) for >52Bn items in 2024 80Bn Beauty and Personal Care We estimate this represents 80Bn Apparel only ~0.5% of connectable items Trillions
Slide 9: Endpoint IC Growth
Endpoint IC Growth Market Growth(1) Yearly endpoint ICs in billions 52.8 Impinj sold 44.8 120B+(2) 28% CAGR endpoint ICs 34.0 28.9 21.3 18.5 15.4 12.5 10.3 6.0 2.4 3.0 3.8 1.6 2.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (1) 2010 & 2011: Based on VDC Research “Strat
Slide 10: Market Focus
Market Focus Retail General Supply Chain Merchandise & Logistics Platform Leverage Enterprise Platform Leading RAIN Solutions Preference Products Services Engage lighthouse enterprises Build platform capabilities Best performance, reliability Cloud services support to drive solutions opportunities a
Slide 11: Representative Deployments
Representative Deployments (1) Significant RAIN end users; may not all be Impinj customers © 2025 11
Slide 12: Retail Growth
Retail Growth Manual Reading Autonomous reading Reading across the enterprise SALES FLOOR REPLENISHMENT SHIPMENT VERIFICATION INVENTORY MANAGEMENT AUTOMATED CHECKOUT LOSS OMNICHANNEL PREVENTION FULFILLMENT © 2025 12
Slide 13: Supply Chain & Logistics Growth
Supply Chain & Logistics Growth Manual Reading Autonomous reading Reading across the enterprise ASSET MANAGEMENT SHIPMENT VERIFICATION INVENTORY LOCATION CONTENT VERIFICATION PALLET BUILD VERIFICATION © 2025 13
Slide 14: Winning with Enterprise Solutions
Winning with Enterprise Solutions Engage lighthouse enterprises Create whole-platform solutions Solve unmet need Scale with partners Win endpoint IC opportunity © 2025 14
Slide 15: Winning with Partners
Winning with Partners Leverage enterprise learnings Leverage enterprise learnings Advance Impinj platform Advance Impinj platform Deliver solution engines Deliver solution engines Enable partner solutions Enable partner solutions Drive recurring revenue Drive recurring revenue Win majority endpoint
Slide 16: Winning with Recurring Revenue
Winning with Recurring Revenue Impinj Authenticity Solution Engine Ensure products are genuine Easily deploy across supply chain Key-generation service Item-authentication service Utilizes whole Impinj platform Partner Registration Lookup Monetize endpoint IC and authentication service Partner label
Slide 17: Financial Highlights
Financial Highlights Annual Revenue($M) Quarterly Revenue ($M)(1) Systems $366.1 Endpoint ICs $102.5 (2) $95.2 $13.1 $91.6 $307.5 $85.9 $86.0 $14.2 $76.8 $17.5 $257.8 $18.8 $21.1 $70.7 $74.3 $65.0 $15.3 $13.1 $16.8 $190.3 $16.4 $138.9 $89.4 $81.0 $74.1 $67.0 $64.9 $61.5 $61.2 $48.6 $53.9 2020 2021 2
Slide 18: Financial Highlights
Financial Highlights Non-GAAP Gross Margin(1) Non-GAAP R&D ($M)(2) (3) 58.2% $17.6 $17.9 $18.0 $17.3 $16.5 52.4% 53.1% 52.7% 51.5% 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 (1) Excludes if applicable for the periods presented, depreciation, purchase accounting adjustments, and stock-based co
Slide 19: Financial Highlights
Financial Highlights Quarterly Adjusted EBITDA ($M) (1) Non-GAAP EPS (diluted)(2) $26.8 $0.83 $17.3 $0.56 $15.0 $0.48 $6.7 $6.5 $0.21 $0.21 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 (1) Excludes if applicable for the periods presented, the effects of stock-based compensation; depreciation an
Slide 20: Financial Highlights
Financial Highlights • $190.3M(1) federal NOLs • $232.5M(2) cash and investments • $287.5M(2) convertible debt • $44.3M(3) TTM adjusted free cash flow • Scalable, asset-light manufacturing model (1) As of December 31, 2024 (2) As of March 31, 2025 (3) Adjusted free cash flow for the twelve-month per
Slide 21: Team
Team Chris Diorio, Ph.D. Cary Baker Hussein Mecklai Gahan Richardson Cathal Phelan CEO, Vice-Chair, Co-Founder CFO COO EVP | GM Impinj CIO 30 Years' Experience 20 Years' Experience 20 Years' Experience 20 Years' Experience 30 Years' Experience Yukio Morikubo Alberto Pesavento Christina Balam Jukka V
Slide 22: Learn about Corporate Citizenship at Impinj
Learn about Corporate Citizenship at Impinj by visiting investor.impinj.com/esg © 2025
Slide 23: Appendix
Appendix © 2024 23
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation(1) 2024 2025 Q1 Q2 Q3 Q4 Q1 GAAP Gross Margin 48.9% 56.1% 50.0% 50.5% 49.4% Adjustments: Depreciation 2.0% 1.6% 1.9% 2.1% 2.6% Stock-based compensation 0.6% 0.5% 0.5% 0.6% 0.7% Non-GAAP Gross Margin 51.5% 58.2% 52.4% 53.1% 52.7% GAAP Research and development ($M) $22.
Slide 25: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation(1) 2024 2025 Q1 Q2 Q3 Q4 Q1 GAAP Net Income (Loss) ($M) $33.3 $10.0 $0.2 $(2.7) $(8.5) Adjustments: Depreciation and amortization 3.9 3.0 3.2 3.4 3.5 Stock-based compensation 11.8 14.7 14.8 15.2 12.5 Restructuring costs 1.8 -- -- -- -- Acquisition related expenses 0.9
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation(1) 2024 2025 Q1 Q2 Q3 Q4 Q1 GAAP Net Income (Loss) ($M except per share data) $33.3 $10.0 $0.2 $(2.7) $(8.5) Adjustments: Depreciation and amortization 3.9 3.0 3.2 3.4 3.5 Stock-based compensation 11.8 14.7 14.8 15.2 12.5 Restructuring costs 1.8 -- -- -- -- Acquisitio
Slide 27: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation(1) 2024 2025 Q1 Q2 Q3 Q4 Q1 GAAP Net cash provided by (used in) operating activities($M) $60.1 $45.5 $10.1 $12.6 $(11.1) Adjustments: Purchases of property and equipment (6.2) (1.4) (5.4) (4.1) (1.9) Free cash flow $53.9 $44.1 $4.7 $8.5 $(13.0) Adjustments: Income fro