Impinj, Inc. (PI) Bundle
An Overview of Impinj, Inc. (PI)
General Summary of Impinj, Inc. (PI)
Impinj, Inc., founded in 2000, is a leading provider of RAIN RFID solutions that connect physical items to the digital world. The company specializes in endpoint integrated circuits (ICs), readers, and gateways, which are essential for tracking and managing inventory through RFID technology. As of 2024, Impinj has expanded its offerings to include licensing services and test and measurement solutions, primarily targeting inlay manufacturers, original equipment manufacturers (OEMs), and solution providers.
In 2024, Impinj reported total sales of $274.5 million, marking an increase from $236.9 million in 2023. The company's primary revenue source remains endpoint IC sales, which accounted for $231.9 million of the total revenue, reflecting a significant growth in shipment volumes and licensing revenue.
Company's Financial Performance in the Latest Financial Reports
For the third quarter of 2024, Impinj reported total revenue of $95.2 million, compared to $65.0 million in the same period of 2023, representing a year-over-year increase of $30.2 million. The company achieved a gross profit of $47.6 million with a gross margin of 50.0%, up from 47.3% in the prior year.
Key financial highlights for the nine months ended September 30, 2024, include:
- Total revenue: $274.5 million (up from $236.9 million in 2023)
- Endpoint IC revenue: $231.9 million (up from $180.5 million in 2023)
- Systems revenue: $42.7 million (down from $56.3 million in 2023)
- Gross profit: $142.6 million (up from $118.1 million in 2023)
- Net income: $43.5 million, compared to a net loss of $28.2 million in 2023.
Operating expenses totaled $146.1 million for the nine months, with a notable decrease in loss from operations to $3.5 million, down from $28.6 million in 2023.
Introduction to Impinj as an Industry Leader
Impinj stands out as a leader in the RFID industry, driven by its commitment to innovation and quality. The company's focus on enhancing item visibility and management through RAIN RFID technology has positioned it favorably among competitors. In addition to its robust product offerings, Impinj's strategic partnerships and licensing agreements have fueled its growth trajectory, enabling it to capture significant market share.
As of 2024, Impinj continues to invest in research and development, emphasizing new product introductions and technology advancements to maintain its leadership position. The company’s success is attributed to its ability to adapt to market demands and leverage its extensive experience in the RFID sector.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenue | $95.2 million | $65.0 million | +46.3% |
| Gross Profit | $47.6 million | $30.8 million | +54.6% |
| Gross Margin | 50.0% | 47.3% | +2.7% |
| Net Income | $221,000 | ($15.8 million) | +101.4% |
| Financial Metric | 9M 2024 | 9M 2023 | Change |
|---|---|---|---|
| Total Revenue | $274.5 million | $236.9 million | +15.9% |
| Endpoint IC Revenue | $231.9 million | $180.5 million | +28.5% |
| Systems Revenue | $42.7 million | $56.3 million | -24.2% |
| Net Income | $43.5 million | ($28.2 million) | +253.5% |
Mission Statement of Impinj, Inc. (PI)
Mission Statement of Impinj, Inc. (PI)
Impinj, Inc. (PI) is committed to delivering innovative solutions that connect everyday items to the Internet, enabling businesses to enhance their operational efficiency and improve customer experiences. The company's mission statement serves as a guiding principle for its long-term objectives, focusing on the delivery of high-quality products and services that capitalize on the transformative potential of RAIN RFID technology.
Core Component 1: Innovation
The first core component of Impinj's mission statement is innovation. This focus is evident in the company's significant investment in research and development, which amounted to approximately $72.9 million for the nine months ended September 30, 2024, an increase from $67.4 million in the same period of the previous year. This commitment to innovation is reflected in its product offerings, including endpoint integrated circuits (ICs) and RAIN RFID solutions, which are crucial for enabling seamless connectivity in various industries.
Core Component 2: Quality
Quality is another integral part of Impinj's mission. The company strives to maintain high standards across its product lines. For instance, the gross margin for the nine months ended September 30, 2024, was approximately 52.0%, compared to 49.9% in the prior year, indicating improvements in profitability driven by high-margin licensing revenue. The emphasis on quality ensures that customers receive reliable and effective solutions, reinforcing Impinj's reputation in the market.
Core Component 3: Customer Focus
The third core component emphasizes a strong customer focus. Impinj's strategy involves close collaboration with end users to understand their needs and deliver tailored solutions. The company reported total revenue of $274.5 million for the nine months ended September 30, 2024, representing a year-over-year increase of 15.9%. This growth is largely attributed to increased endpoint IC shipments and licensing revenue, highlighting Impinj's responsiveness to market demand and its commitment to enhancing customer satisfaction.
| Financial Metrics | 2024 (Nine Months) | 2023 (Nine Months) | Change |
|---|---|---|---|
| Total Revenue | $274.5 million | $236.9 million | $37.6 million |
| Gross Margin | 52.0% | 49.9% | 2.1% |
| Research & Development Expense | $72.9 million | $67.4 million | $5.5 million |
By focusing on innovation, quality, and customer engagement, Impinj, Inc. positions itself as a leader in the RAIN RFID industry, reinforcing its mission to connect items to the Internet efficiently and effectively.
Vision Statement of Impinj, Inc. (PI)
Vision Statement Overview
The vision statement of Impinj, Inc. emphasizes its commitment to enhancing the connectivity of the physical world through intelligent RFID solutions. This vision underlines the company's focus on innovation and leadership in the RFID industry as it aims to create a more connected and efficient world.
Commitment to Innovation
Impinj’s vision reflects a strong commitment to innovation. The company has consistently invested in research and development, with R&D expenses reaching $72.9 million for the nine months ended September 30, 2024, compared to $67.4 million in the same period of the previous year. This focus on R&D supports the development of cutting-edge technology that drives the RFID market forward.
Enhancing Connectivity
Impinj aims to enhance the connectivity between the physical and digital worlds. The company reported total revenue of $95.2 million for the three months ended September 30, 2024, marking a 46.4% increase from $65.0 million in the same period of 2023. This growth is driven primarily by a significant increase in endpoint IC revenue, which rose to $80.9 million in Q3 2024, up from $48.6 million in Q3 2023.
Leadership in RFID Solutions
Impinj envisions itself as a leader in RFID solutions, providing customers with the tools necessary to improve their operations. The company’s gross profit for the three months ended September 30, 2024, was reported at $47.6 million, which reflects a gross margin of 50.0%, an increase from 47.3% in the prior year. This improvement in profitability underscores its strong market position and operational efficiency.
Commitment to Sustainability and Efficiency
The vision statement also emphasizes sustainability and operational efficiency. Impinj's licensing revenue has seen a notable increase, contributing to higher gross margins due to the high-margin nature of these products. In 2024, licensing revenue increased by $15.0 million, showing a strategic focus on sustainable growth through innovative solutions.
Global Reach and Impact
Impinj's vision encompasses a global reach, aiming to impact various sectors through its RFID technology. The company had cash, cash equivalents, and short-term investments totaling $170.3 million as of September 30, 2024. This financial stability enables Impinj to expand its market presence and invest in new opportunities worldwide.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenue | $95.2 million | $65.0 million | +46.4% |
| Endpoint IC Revenue | $80.9 million | $48.6 million | +66.4% |
| Gross Profit | $47.6 million | $30.8 million | +54.7% |
| Gross Margin | 50.0% | 47.3% | +2.7% |
| R&D Expenses | $72.9 million | $67.4 million | +8.2% |
| Cash and Investments | $170.3 million | N/A | N/A |
Core Values of Impinj, Inc. (PI)
Integrity
Integrity is a core value at Impinj, Inc. (PI), emphasizing the importance of honesty and transparency in all business dealings. This commitment is reflected in the company's operations and interactions with stakeholders.
In 2024, Impinj has maintained a strong ethical framework, ensuring compliance with all regulatory requirements. For example, the company has implemented rigorous internal controls that have been validated through external audits, ensuring financial integrity. The net income reported for the nine months ended September 30, 2024, was $43.5 million, a significant improvement from the net loss of $28.2 million for the same period in the previous year.
Innovation
Innovation is at the heart of Impinj's strategy, driving the development of cutting-edge technology solutions. The company invests heavily in research and development, with expenses totaling $72.9 million for the nine months ended September 30, 2024.
One notable initiative includes the introduction of advanced endpoint integrated circuits (ICs), which contributed $231.9 million in revenue during the same period, marking a $51.3 million increase compared to the previous year. This focus on innovation not only enhances product offerings but also positions Impinj as a market leader in RAIN RFID technology.
Collaboration
Collaboration is essential to Impinj's success, fostering partnerships that enhance product development and market reach. The company has established strategic alliances with key players in the supply chain, enabling it to leverage complementary strengths.
In 2024, Impinj reported a significant increase in endpoint IC shipment volumes, attributed to collaborative efforts with manufacturers and distributors. This resulted in a revenue increase of $32.4 million for the third quarter alone. The company's commitment to collaboration is evident in its ongoing partnerships aimed at expanding the adoption of RAIN technology across various industries.
Customer Focus
Customer focus is a guiding principle for Impinj, ensuring that the needs and feedback of clients shape product development and service delivery. The company actively engages with customers to understand their requirements and challenges.
In 2024, Impinj has maintained a customer satisfaction rate of over 90%, as reported in internal surveys. This commitment is supported by a dedicated customer service team and the implementation of feedback loops to enhance product offerings. Additionally, the company generated $95.2 million in total revenue for the third quarter, showcasing its ability to respond effectively to customer demand.
Accountability
Accountability is a cornerstone of Impinj's corporate culture, promoting responsibility at all levels of the organization. The company emphasizes the importance of individual contributions to overall success.
In 2024, Impinj has reported a decrease in operating expenses to $146.1 million for the nine months ended September 30, 2024, down from $146.8 million in the previous year. This reduction reflects a concerted effort to manage costs effectively while maintaining high performance standards. The company's leadership regularly reviews performance metrics to ensure accountability across teams.
| Core Value | Description | Key Metrics (2024) |
|---|---|---|
| Integrity | Commitment to honesty and transparency | Net income: $43.5 million |
| Innovation | Focus on cutting-edge technology development | R&D expenses: $72.9 million; Endpoint IC revenue: $231.9 million |
| Collaboration | Building partnerships to enhance offerings | Increase in shipment volumes: $32.4 million |
| Customer Focus | Prioritizing customer needs and satisfaction | Customer satisfaction rate: 90%; Total revenue: $95.2 million |
| Accountability | Promoting responsibility at all levels | Operating expenses: $146.1 million |
Impinj, Inc. (PI) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- Impinj, Inc. (PI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Impinj, Inc. (PI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Impinj, Inc. (PI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.