Impinj (PI) Beats Revenue and EBITDA, Reports GAAP Loss

by MarketNewsData

Earnings Release Date: October 29, 2025

Key Points

  • Revenue: $96.1M (vs $95.2M YoY) — modest YoY growth, above guidance
  • GAAP EPS: ($0.44) loss (vs $0.01 profit YoY)
  • Non-GAAP EPS: $0.58 (vs $0.56 YoY)
  • Adjusted EBITDA: $19.1M (vs $17.3M YoY)
  • GAAP Net Loss: $12.8M
  • Non-GAAP Net Income: $17.7M
  • GAAP Gross Margin: 50.3% | Non-GAAP: 53.0%

Quarter Highlights

  • Revenue growth driven by strong Gen2X and endpoint IC volumes
  • Gross margin expanded slightly YoY (GAAP 50.3%, up from 50.0%)
  • Adjusted EBITDA exceeded internal guidance
  • Operating expenses flat YoY at $47.7M
  • Induced conversion expense of $15.0M tied to convertible notes significantly impacted GAAP loss

Guidance & Outlook – Q4 FY25

  • Revenue: $90M – $93M
  • GAAP Net Loss: ($2.6M) – ($1.1M)
  • GAAP EPS: ($0.09) – ($0.04)
  • Non-GAAP EPS: $0.48 – $0.52
  • Adjusted EBITDA: $15.4M – $16.9M

Financial Summary

MetricQ3 2025Q3 2024YoY
Revenue$96.1M$95.2M+1%
GAAP Net Income($12.8M)$0.2M↓
GAAP EPS($0.44)$0.01↓
Non-GAAP Net Income$17.7M$16.9M+5%
Non-GAAP EPS$0.58$0.56+4%
GAAP Gross Margin50.3%50.0%+30 bps
Non-GAAP Gross Margin53.0%52.4%+60 bps
Adjusted EBITDA$19.1M$17.3M+10%
Free Cash Flow$18.0M$4.7M+282%

About Impinj

Impinj, Inc. (NASDAQ: PI) is a leading provider of RAIN RFID solutions, enabling wireless connectivity for billions of items. The company’s platform is used across supply chains, retail, logistics, and more to deliver actionable data and enable the Internet of Things.

Key Takeaways

  • Revenue and adjusted EBITDA came in above guidance, showing operational execution.
  • GAAP loss widened due to a $15M induced conversion expense, not related to core operations.
  • Free cash flow improved sharply, supporting capital flexibility.
  • Management guided for continued profitability on a non-GAAP basis in Q4.
  • Despite narrow revenue growth, strong margin management and platform performance remained intact.

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