Impinj, Inc. · NASDAQ:PI
Impinj — Q4 2025 Earnings Presentation
27 slides from Impinj's earnings presentation, Feb 5, 2026
Slide 1: Investor Presentation Fourth Quarter 2025
Investor Presentation Fourth Quarter 2025
Slide 2: Forward Looking Statement & Non-GAAP Financial Measures
Forward Looking Statement & Non-GAAP Financial Measures This presentation and the accompanying oral commentary contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forwar
Slide 3: Impinj at a Glance
Impinj at a Glance 360.0 340.0 Annual Revenue ($M) $366.1 $361.1 Our vision is boundless IoT, extending the 320.0 300.0 280.0 17% $307.5 Internet of Things to trillions of everyday items 260.0 CAGR 240.0 220.0 $257.8 200.0 180.0 160.0 $190.3 Success Strategy 140.0 120.0 100.0 1 Develop whole-platfor
Slide 4: Vision
Vision Manufacturer Shipper Seller Person Archive Digital Twins Own | Store | Explore Trust Every Connection Connect Every Thing Physical Items Discover | Engage | Protect Manufacture Transport Sell Use Recycle © 2026 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 Partner gcosyste™ IMpinj system? ant ICS Impiny | endpo!™ IMPiNy IMPINS Flt Authentication Service RAIN Solutions Toolbox i= IMPINy
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 © 2026 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 >52B items in 2024 80Bn Beauty and Personal Care We estimate this represents 80Bn Apparel only ~0.5% of connectable items Trillions o
Slide 9: Endpoint IC Growth
Endpoint IC Growth Market Growth(1) Yearly endpoint ICs shipped in billions 52.8 Impinj has sold 44.8 150B+(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 Res
Slide 10: Market Focus
Market Focus Supply Chain Retail Food & 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 and earn corpora
Slide 11: Representative Deployments
Representative Deployments (1) Significant RAIN end users; may not all be Impinj customers. © 2026 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 © 2026 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 © 2026 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 © 2026 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 Monetize endpoint IC and Registration Lookup authentication service Partner label
Slide 17: Financial Highlights
Financial Highlights Annual Revenue($M) Quarterly Revenue ($M)(1) Systems $366.1 $361.1 Endpoint ICs $102.5 (2) $97.9 (2) $95.2 $96.1 $13.1 $91.6 $92.8 $307.5 $14.2 $13.3 $17.3 $76.8 $17.5 $17.7 $257.8 $70.7 $74.3 $15.3 $13.1 $16.8 $190.3 $89.4 $84.6 $81.0 $78.8 $75.2 $74.1 $61.5 $61.2 $53.9 2021 20
Slide 18: Financial Highlights
Financial Highlights Non-GAAP Gross Margin(1) Non-GAAP R&D ($M)(2) (3) 60.4% $18.0 $17.8 $18.6 $17.3 $17.5 54.5% 53.1% 52.7% 53.0% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 (1) Excludes if applicable for the periods presented, depreciation, and stock-based compensation. See appendix for reco
Slide 19: Financial Highlights
Financial Highlights Quarterly Adjusted EBITDA ($M) (1) Non-GAAP EPS (diluted)(2) (3) $27.6 $0.80 (3) $19.1 $0.58 (4) $16.4 $0.48 (3) $0.50 $15.0 $6.5 $0.21 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 (1) Excludes if applicable for the periods presented, the effects of stock-based compensation
Slide 20: Financial Highlights
Financial Highlights • $275.8M(1) federal NOLs • $279.1M(1) cash and investments • $287.5M(1) convertible debt • $45.9M(2) TTM free cash flow • Scalable, asset-light manufacturing model (1) As of December 31, 2025. (2) Free cash flow for the twelve-month period ended December 31, 2025. We calculate
Slide 21: Team
Team Chris Diorio, Ph.D. Cary Baker Gahan Richardson Cathal Phelan CEO, Vice-Chair, Co-Founder CFO EVP | GM Impinj CIO 30 Years' Experience 20 Years' Experience 20 Years' Experience 30 Years' Experience Yukio Morikubo Alberto Pesavento Chris Hundley Christina Balam Jukka Voutilainen General Counsel
Slide 22: Learn about Corporate Citizenship at Impinj
Learn about Corporate Citizenship at Impinj by visiting investor.impinj.com/esg © 2026
Slide 23: Appendix
Appendix © 2026 23
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation(1) 2024 2025 Q4 Q1 Q2 Q3 Q4 GAAP Gross Margin 50.5% 49.4% 57.8% 50.3% 51.8% Adjustments: Depreciation 2.1% 2.6% 2.0% 2.1% 2.3% Stock-based compensation 0.6% 0.7% 0.6% 0.5% 0.5% Non-GAAP Gross Margin 53.1% 52.7% 60.4% 53.0% 54.5% GAAP Research and development ($M) $25.
Slide 25: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation(1) 2024 2025 Q4 Q1 Q2 Q3 Q4 GAAP Net Income (Loss) ($M) $(2.7) $(8.5) $11.6 $(12.8) $(1.1) Adjustments: Depreciation and amortization 3.4 3.5 3.7 3.9 4.0 Stock-based compensation 15.2 12.5 13.0 14.6 15.2 Other income, net (2.1) (2.1) (2.1) (2.6) (2.5) Induced Conversi
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation(1) 2024 2025 Q4 Q1 Q2 Q3 Q4 GAAP Net Income (Loss) ($M except per share data) $(2.7) $(8.5) $11.6 $(12.8) $(1.1) Adjustments: Depreciation and amortization 3.4 3.5 3.7 3.9 4.0 Stock-based compensation 15.2 12.5 13.0 14.6 15.2 Induced conversion expense -- -- -- 15.0 -
Slide 27: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation(1) 2024 2025 Q4 Q1 Q2 Q3 Q4 GAAP Net cash provided by (used in) operating activities($M) $12.6 $(11.1) $33.9 $20.9 $15.1 Adjustments: Purchases of property and equipment (4.1) (1.9) (6.5) (2.9) (1.5) Free cash flow $8.5 $(13.0) $27.3 $18.0 $13.6 © 2026 27 (1) Variatio