Impinj Inc (PI) Reports Q3 2023 Financial Results
Impinj Inc (NASDAQ:PI) reported a Q3 2023 revenue of $65.0 million.
The company recorded a GAAP net loss of $15.8 million, or loss of $(0.59) per diluted share.
Adjusted EBITDA stood at $0.3 million, with non-GAAP net income of $0.1 million.
Impinj Inc (NASDAQ:PI) expects Q4 2023 revenue to be between $65.5 million and $68.5 million.
Impinj Inc (NASDAQ:PI), a leading RAIN RFID provider and Internet of Things pioneer, released its financial results for the third quarter ended September 30, 2023, on October 25, 2023. The company reported a solid performance for the quarter, with profitability exceeding expectations despite ongoing macroeconomic pressures.
Financial Performance
Impinj Inc (NASDAQ:PI) reported a Q3 2023 revenue of $65.0 million, with a GAAP gross margin of 47.3% and a non-GAAP gross margin of 50.5%. The company recorded a GAAP net loss of $15.8 million, or loss of $(0.59) per diluted share, using 26.9 million shares. Adjusted EBITDA stood at $0.3 million, with non-GAAP net income of $0.1 million, or income of $0.00 per diluted share using 28.1 million shares.
Third-quarter results were solid, with profitability exceeding our expectations," said Chris Diorio, Impinj co-founder and CEO. "While macroeconomic pressures continue to impact our fourth-quarter outlook, we believe our long-term opportunity remains intact. We see early signs of retail demand improvement, strong ongoing endpoint IC unit-volume growth despite the downturn and remain optimistic for the future."
Financial Outlook
For the fourth quarter of 2023, Impinj Inc (NASDAQ:PI) expects revenue to be between $65.5 million and $68.5 million, with a GAAP net loss between $17.0 million and $15.5 million. The company anticipates an adjusted EBITDA income (loss) between $(0.9) million and $0.7 million.
Balance Sheet and Cash Flow
As of September 30, 2023, Impinj Inc (NASDAQ:PI) had cash and cash equivalents of $78.1 million and short-term investments of $35.1 million. The company's total current assets amounted to $272.9 million, while total liabilities stood at $328.8 million. For the nine months ended September 30, 2023, the company used $50.8 million in operating activities and generated $124.8 million from investing activities.
Non-GAAP Financial Measures
Impinj Inc (NASDAQ:PI) uses adjusted EBITDA and non-GAAP net income (loss) as key measures to understand and evaluate its core operating performance and trends. The company defines adjusted EBITDA as net income (loss) determined in accordance with GAAP, excluding the effects of stock-based compensation, depreciation, restructuring costs, settlement and related costs, induced conversion expense, other income, net, interest expense, loss on debt extinguishment, income tax benefit (expense), and acquisition transaction expense and related purchase accounting adjustments.
Explore the complete 8-K earnings release (here) from Impinj Inc for further details.
This article first appeared on GuruFocus.
