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Impinj Reports 2Q 2024 Financial Results

Revenue was $102.5 million, with adjusted EBITDA of $26.8 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, 2024.

“Our second-quarter results were strong, setting several new records,” said Chris Diorio, Impinj co-founder and CEO. “Revenue topped $100 million and adjusted EBITDA topped $25 million, both well above our guidance. Free cash flow topped $40 million. As we continue driving our bold vision to connect every item in our everyday world, I remain confident in our market position and energized by the opportunities ahead.”

Second quarter 2024 financial summary:
• Revenue of $102.5 million
• GAAP gross margin of 56.1%; non-GAAP gross margin of 58.2%
• GAAP net income of $10.0 million, or income of $0.34 per diluted share using 29.4 million shares
• Adjusted EBITDA of $26.8 million
• Non-GAAP net income of $25.3 million, or income of $0.83 per diluted share using 32.0 million shares
   

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