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Impinj Reports 2Q 2023 Financial Results

RFID specialist reports revenue of $86 million, adjusted EBITDA of $10 million.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Impinj, Inc. released its financial results for the second quarter ended June 30, 2023.

“Second-quarter revenue set a new record, with strong systems revenue offsetting weak endpoint IC revenue from retail apparel inventory destocking,” said Chris Diorio, Impinj co-founder and CEO. “We expect ongoing headwinds associated with that apparel inventory destocking, as well as weakness in the overall retail macroenvironment, to more-than-offset strength in our enterprise solutions opportunities in the third quarter.”

Second Quarter 2023 Financial Summary:
• Revenue of $86.0 million.
• GAAP gross margin of 51.0%; non-GAAP gross margin of 53.3%.
• GAAP net loss of $8.1 million, or loss of $(0.30) per diluted share using 26.7 million shares.
• Adjusted EBITDA of $10 million.
• Non-GAAP net income of $9.3 million, or income of $0.33 per diluted share using 28.5 million shares.

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