Impinj Q4 Revenue $92.8M, EPS $0.50, Q1 Revenue Forecast $71–74M
Impinj reported Q4 revenue of $92.8M, non-GAAP gross margin of 54.5% and non-GAAP EPS of $0.50, with a GAAP net loss of $1.1M. It guided Q1 2026 revenue of $71–74M and non-GAAP EPS of $0.08–0.13, triggering a more than 30% share slide.
1. Q4 2025 Results Align with Consensus
Impinj reported fourth-quarter revenue of $92.8 million, up 1.4% year-over-year, driven by higher endpoint IC volumes and the ramp of the M800 product line. GAAP gross margin expanded to 51.8%, while non-GAAP gross margin reached 54.5%. On a non-GAAP basis, the company generated net income of $15.6 million, or $0.50 per diluted share, in line with the Zacks Consensus Estimate. This compares to non-GAAP earnings of $0.48 per share in Q4 2024, reflecting modest operating leverage in R&D and sales spend despite a tight supply chain environment.
2. Full Year 2025 Transition Year with Record Adjusted EBITDA
For the full year, Impinj recorded revenue of $361.1 million, a 1.3% decline from 2024 levels, as softer demand in certain retail and healthcare segments offset gains in logistics applications. GAAP net loss widened to $10.8 million, or $0.37 per share, compared with net income of $40.8 million a year earlier, which included a $45.0 million litigation settlement. Adjusted EBITDA set a new high at $69.6 million, reflecting disciplined cost management and gross margin expansion to 55.3% on a non-GAAP basis.
3. Q1 2026 Guidance Highlights Near-Term Headwinds
Impinj forecasted first-quarter revenue between $71.0 million and $74.0 million, indicating a year-over-year decline of roughly 20%. The company projects a GAAP net loss of $0.49 to $0.55 per share and modest adjusted EBITDA of $1.2 million to $2.7 million. Management cited short-term inventory adjustment cycles in retail customers and ongoing supply chain normalization as primary headwinds. Non-GAAP earnings are expected to range from $0.08 to $0.13 per share, based on 31.3 to 31.5 million diluted shares.
4. Analyst Sentiment and Technical Indicators
Analyst consensus price targets have been revised downward over the past year, with the average target falling approximately 16% from its peak. Despite upward revisions to profit and revenue forecasts earlier this quarter, the stock declined over 28.6% in the last four weeks, a level technical analysts label as oversold. Trading volume increased 3.4% on days with gains, suggesting that momentum investors are cautiously re-entering positions as earnings estimate revisions begin to trend upward.