Impinj, Inc. (PI) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.036 We grew year-over-year endpoint AC volumes by 9%, 00:00:04.036 -- 00:00:10.104 believe we gained endpoint AC market share, made M800 our volume runner, 00:00:10.104 -- 00:00:16.412 launched Gen2x and proved it to be a must-have for solution success, 00:00:16.412 -- 00:00:21.698 drove Gen2x-enabled solutions at multiple Lighthouse accounts, helped plant the seeds 00:00:21.698 -- 00:00:27.959 for accelerating food adoption, and exited the year with record-adjusted EBITDA and cash. 00:00:27.959 -- 00:00:33.042 I am very pleased with how our team rose to meet the challenge. 00:00:33.365 -- 00:00:35.828 Looking into 2026, we see, 00:00:35.828 -- 00:00:40.874 in the first quarter, a confluence of order timing, ongoing retailer 00:00:40.874 -- 00:00:46.019 inventory burndown, product transitions, and a super seasonal systems decline 00:00:46.019 -- 00:00:49.624 due to project timing, driving revenue lower. 00:00:49.624 -- 00:00:54.829 Looking just a bit further out, we see conditions improving as N.2C volumes 00:00:54.829 -- 00:00:59.987 rebound, and growth returning as our investments in feeding new opportunities and our 00:00:59.987 -- 00:01:03.629 solutions focus pay off. 00:01:03.992 -- 00:01:09.498 Starting with first quarter endpoint ICs, like last year, our second large North American 00:01:09.498 -- 00:01:16.224 supply chain and logistics end user significantly shifted their label supplier allocations. 00:01:16.227 -- 00:01:20.612 Partners that anticipated share gains ordered ahead in the fourth quarter, 00:01:20.612 -- 00:01:25.638 whereas those with share losses are reducing inventory in the first. 00:01:25.638 -- 00:01:27.080 Additionally, 00:01:27.080 -- 00:01:32.265 we are quickly pivoting to a custom-built endpoint IC for th...