Last night, Impinj revised its fourth-quarter sales guidance to a range of $135 million–$145 million, down from its prior estimate of $150 million–$160 million. Management attributed the adjustment to slower-than-expected customer deployments in the retail segment and extended lead times for certain channel partners. The new guidance implies sequential revenue growth of just 3% at the midpoint, compared with the 8% increase investors had hoped for when the company reported third-quarter results in early November.

Despite raising its full-year profit forecast to non-GAAP earnings per share of $0.20–$0.25 (up from $0.15–$0.20) and increasing its 2026 revenue outlook to $530 million (from $510 million), Impinj’s shares fell by 6.8% in today’s session. Analysts had been modeling EPS of $0.30 and revenue closer to $550 million for next year, leaving the company’s updated targets short of consensus. Investors also noted that gross margin guidance of 65% to 67% failed to reflect anticipated cost savings from recent factory automation investments.

Impinj’s management team is scheduled to discuss these results and provide additional color at the Morgan Stanley Technology, Media & Telecom Conference today. CEO Chris Diorio and CFO Carl Ryski are expected to walk through the company’s roadmap for new RFID reader chips and customer pipeline metrics. The presentation will likely cover market adoption trends in cold-chain logistics and healthcare asset tracking—two end markets where Impinj has seen double-digit year-over-year order growth so far in 2025.