Impinj reported Q4 revenue of $92.8 million, up 1.4% year-over-year, driven by increased endpoint IC volumes and the successful ramp of its M800 product as a volume runner. GAAP gross margin improved to 51.8%, while non-GAAP gross margin reached 54.5%, reflecting operational efficiencies and favorable product mix. Although the company recorded a GAAP net loss of $1.1 million (a $0.04 loss per diluted share), it delivered non-GAAP net income of $15.6 million, or $0.50 per diluted share, supported by $16.4 million of adjusted EBITDA. For the full year, revenue totaled $361.1 million, non-GAAP net income was $64.2 million (or $2.11 per diluted share), and adjusted EBITDA reached $69.6 million, marking a record annual cash performance.

Management projected Q1 2026 revenue between $71.0 million and $74.0 million, below the sequential quarterly run-rate, citing supply-chain constraints and softer enterprise spending on RFID deployments. GAAP net loss is expected to range from $15.1 million to $16.6 million (a $0.49 to $0.55 loss per share), while adjusted EBITDA is guided to a modest positive $1.2 million to $2.7 million. The outlook underscores transient market pressures in retail and logistics verticals, even as Impinj continues development of its Gen2X platform and expands customer engagements in healthcare and industrial IoT.

Despite raising its full-year profit and revenue forecasts, Impinj’s shares have underperformed in recent weeks as investor expectations outpaced management’s cautious near-term view. Analyst consensus ratings have been revised to reflect a more conservative growth trajectory, though industry commentators highlight the company’s strong balance sheet—cash and investments totaled over $279 million at year-end—and its leadership in RAIN RFID technology. Technical indicators suggest the stock is oversold after a nearly 30% decline over four weeks, which could set the stage for a recovery if demand normalizes and supply-chain dynamics improve.