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Electronic components · Technology · Fiscal year ends Dec 31
Impinj reported revenue of $361M in the fiscal year ended Dec 2025, down 1.4% from the year before. Operating income was −$737,000, an operating margin of −0.2%, and net income was −$11M. Operating cash flow of $59M less capital expenditure of $13M left free cash flow of $46M. Net debt was $233M.
Ranks among the 18 electronic components companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 190 | 258 | 308 | 366 | 361 |
| Cost of revenue | 91.3 | 120 | 156 | 177 | 171 |
| Gross profit | 99.0 | 138 | 152 | 189 | 190 |
| Research & development | 64.1 | 74.1 | 88.6 | 98.8 | 103 |
| Selling, general & admin | 70.4 | 83.4 | 102 | 92.4 | 85.7 |
| Operating income | −37.2 | −19.5 | −43.5 | −7.1 | −0.7 |
| Interest expense | 2.6 | 4.9 | 4.8 | 4.9 | 4.4 |
| Pre-tax income | −51.1 | −24.1 | −43.7 | 41.0 | −10.9 |
| Income tax | 0.2 | 0.2 | −0.3 | 0.2 | −0.1 |
| Net income | −51.3 | −24.3 | −43.4 | 40.8 | −10.8 |
| Diluted EPS | −2.12 | −0.95 | −1.62 | 1.39 | −0.37 |
| Diluted shares | 24.2 | 25.5 | 26.8 | 29.5 | 29.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 124 | 19.6 | 94.8 | 46.1 | 48.2 |
| Receivables | 35.4 | 50.0 | 54.9 | 56.8 | 70.8 |
| Inventory | 22.0 | 46.4 | 97.2 | 99.3 | 85.0 |
| Current assets | 256 | 275 | 270 | 326 | 339 |
| Net PP&E | 27.5 | 39.0 | 44.9 | 50.6 | 50.3 |
| Goodwill | 3.9 | 3.9 | 19.7 | 18.7 | 20.7 |
| Total assets | 316 | 350 | 359 | 489 | 545 |
| Payables | 11.7 | 25.0 | 8.7 | 17.3 | 13.6 |
| Deferred revenue | 0.6 | 2.3 | 1.7 | 1.8 | 1.8 |
| Current liabilities | 35.5 | 42.4 | 30.9 | 331 | 127 |
| Short-term debt | 9.6 | – | – | 283 | 96.7 |
| Long-term debt | 279 | 280 | 282 | 283 | 184 |
| Total liabilities | 327 | 334 | 325 | 339 | 336 |
| Shareholders' equity | −11.1 | 15.6 | 34.1 | 150 | 209 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 6.5 | 0.6 | −49.4 | 128 | 58.7 |
| Capital expenditure | 16.2 | 12.1 | 18.6 | 17.1 | 12.9 |
| Free cash flow | −9.8 | −11.4 | −68.0 | 111 | 45.9 |
| Depreciation & amortisation | 4.6 | 6.0 | 13.6 | 13.6 | 15.0 |
| Stock-based compensation | 40.5 | 42.4 | 48.0 | 56.5 | 55.3 |
| Acquisitions | – | – | 23.4 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 35.5% | 19.3% | 19.0% | −1.4% |
| EPS growth (YoY) | – | – | – | – | −126.6% |
| Gross margin | 52.0% | 53.5% | 49.4% | 51.6% | 52.5% |
| Operating margin | −19.6% | −7.6% | −14.1% | −1.9% | −0.2% |
| Net margin | −26.9% | −9.4% | −14.1% | 11.2% | −3.0% |
| Return on equityBlank when equity is negative | – | −155.9% | −127.1% | 27.3% | −5.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −13.3% | −6.3% | −13.2% | −4.5% | −0.2% |
| Free cash flow margin | −5.1% | −4.4% | −22.1% | 30.4% | 12.7% |
| Cash conversion (CFO ÷ net income) | −0.13x | −0.03x | 1.14x | 3.14x | −5.42x |
| Receivable days | 68 | 71 | 65 | 57 | 72 |
| Inventory days | 88 | 141 | 228 | 205 | 181 |
| Payable days | 47 | 76 | 20 | 36 | 29 |
| Interest cover | −14.6x | −3.96x | −8.97x | −1.45x | −0.17x |
| Debt ÷ equity | – | 18.0x | 8.26x | 3.78x | 1.34x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 164 | 261 | 187 | 521 | 233 |
| Current ratio | 7.21x | 6.49x | 8.73x | 0.99x | 2.68x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.