Impinj Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Impinj Inc. has submitted its annual 10-K filing for the fiscal year ending December 31, 2023, detailing financial data and strategic considerations.</b>

AI Summary

IMPINJ INC (PI) filed a Annual Report (10-K) with the SEC on February 12, 2024. Impinj Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes details on various financial instruments and assets, such as short-term investments, agency securities, and corporate debt securities. Specific mentions of 'Patent Infringement Claims' and 'Rule 10b51 Trading Plan' indicate potential legal or strategic activities. The company's business address is located at 400 Fairview Avenue North, Suite 1200, Seattle, WA. The report covers the fiscal year 2023, with a filing date of February 12, 2024.

Why It Matters

For investors and stakeholders tracking IMPINJ INC, this filing contains several important signals. The 10-K filing provides a comprehensive overview of Impinj's financial health, operational activities, and strategic initiatives for the past fiscal year, which is crucial for investors to assess performance and future outlook. Specific disclosures regarding patent infringement claims and trading plans suggest potential legal challenges or corporate governance actions that could impact the company's stock price and operational strategy.

Risk Assessment

Risk Level: medium — IMPINJ INC shows moderate risk based on this filing. The filing mentions 'Patent Infringement Claims' and 'Rule 10b51 Trading Plan', indicating potential legal or regulatory scrutiny that could pose risks to the company's financial performance and reputation.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Impinj's performance and any potential legal or operational challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-12 — Filing Date (Date of submission)
• 001-37824 — SEC File Number (Impinj's SEC file number)
• 3679 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• IMPINJ INC (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-12 (date) — Filing date
• 400 FAIRVIEW AVENUE NORTH, SUITE 1200, SEATTLE, WA 98109 (address) — Business address
• Patent Infringement Claims (legal_issue) — Specific disclosure
• Rule 10b51 Trading Plan (legal_issue) — Specific disclosure
• Jeff Dossett (person) — Mentioned in relation to trading plan

Forward-Looking Statements

• The patent infringement claim initiated on October 30, 2023, will result in increased legal expenses for Impinj Inc. in the upcoming fiscal year. (IMPINJ INC) — high confidence, target: 2024-12-31
• Jeff Dossett's Rule 10b5-1 trading plan will lead to a decrease in his direct ownership stake in Impinj Inc. shares. (Jeff Dossett) — high confidence, target: 2024-12-31

FAQ

Risk Factors

• Patent Infringement Claims [medium — legal]: The company is involved in patent infringement claims, which could lead to significant legal costs and potential damages.

Key Dates

• 2024-02-12: 10-K Filing — Submission of the annual report for the fiscal year 2023.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of Impinj's financial health and operations for the fiscal year.)

Rule 10b51 Trading Plan

A trading plan established by an insider (like an executive) to buy or sell company stock at predetermined times or prices, designed to avoid accusations of insider trading. (Indicates potential stock transactions by company insiders and adherence to regulatory guidelines.)

Key Financial Figures

• $0.001 — ction 12(b) of the Act: Common Stock, $0.001 par value per share (Title of each cl
• $287.5 million — ry to satisfy our obligations under the $287.5 million aggregate principal amount 1.125% conve

Filing Documents

• pi-20231231.htm (10-K) — 3454KB
• pi-ex4_1.htm (EX-4.1) — 37KB
• pi-ex10_28.htm (EX-10.28) — 161KB
• pi-ex10_29.htm (EX-10.29) — 139KB
• pi-ex21_1.htm (EX-21.1) — 8KB
• pi-ex23_1.htm (EX-23.1) — 12KB
• pi-ex31_1.htm (EX-31.1) — 11KB
• pi-ex31_2.htm (EX-31.2) — 11KB
• pi-ex32_1.htm (EX-32.1) — 8KB
• pi-ex32_2.htm (EX-32.2) — 8KB
• pi-ex97_1.htm (EX-97.1) — 44KB
• img59966226_0.jpg (GRAPHIC) — 38KB
• 0000950170-24-013874.txt (&nbsp;) — 15733KB
• pi-20231231.xsd (EX-101.SCH) — 2027KB
• pi-20231231_htm.xml (XML) — 3129KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 32 Item 1C. Cybersecurity 32 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 34 Item 4. Mine Safety Disclosures 34 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6. Reserved 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 87 Item 9A.

Controls and Procedures

Controls and Procedures 87 Item 9B. Other Information 87 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 88 PART III Item 10. Directors, Executive Officers and Corporate Governance 89 Item 11.

Executive Compensation

Executive Compensation 89 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 89 Item 13. Certain Relationships and Related Transactions, and Director Independence 89 Item 14. Principal Accountant Fees and Services 89 PART IV Item 15. Exhibits and Financial Statement Schedules 90 Item 16. Form 10-K Summary 93 2 Table of Contents As used in this report, the terms "Impinj," "the Company," "we," "us" and "our" refer to Impinj, Inc., unless the context indicates otherwise. Risk Factor s Summary Our business is subject to numerous risks and uncertainties, including those highlighted in the section of this report captioned "Risk Factors." These risks include, but are not limited to, the following: we operate in a very competitive market; RAIN adoption is concentrated in key markets and the extent and pace of RAIN market adoption beyond these markets is uncertain; our abilities to deliver enterprise solutions at scale are nascent; poor product quality could result in significant costs to us and impair our ability to sell our products; end users and partners must design our products into their products and business processes; an inability or limited ability of end user systems to exploit RAIN information may adversely affect the market for our products; alternative technologies may enable products and services that compete with ours; we obtain the products we sell through a limited number of third parties with whom we do not have long-term supply contracts; shortages of silicon wafers or components used in our readers and gateways may adversely affect our ability to meet demand for our products and adversely affect our revenue and/or gross margins; we rely on a small number of customers for a large share of our revenue; our ability to affect or determine end-user demand is limited in part because we sell and fulfill primarily through partners and rarely to end users; our growth strategy depends i

B usiness

Item 1. B usiness Overview We envision a world in which every item that enterprises manufacture, transport and sell, and that people own, use and recycle, is wirelessly and ubiquitously connected to the cloud. And a world in which the ownership, history and linked information for every one of those items is seamlessly available to enterprises and people. We call our expansive vision a Boundless Internet of Things, or IoT, and we are well on our way to realizing it. Our mission is to connect every thing. We use a type of radio-frequency identification, or RFID technology known as RAIN for the ubiquitous, wireless item-to-cloud connectivity. We sell a suite of products that we and our partner ecosystem use to connect and deliver item data to enterprises. We have enabled connectivity for more than 95 billion items to date, delivering item visibility and improving operational efficiencies for retailers, supply chain and logistics, or SC&L providers, restaurants and food-service providers, airlines, automobile manufacturers, healthcare companies and many more. We are today focused on extending item connectivity from tens of billions to trillions of items, and delivering item data not just to enterprises but to people, so they too can derive value from their connected items. We believe the Boundless IoT we are enabling will, in the not-too-distant future, give people ubiquitous access to cloud-based digital twins of every item, each storing the item's history and linked information and helping people explore and learn about the item. We believe that that connectivity will transform the world. Impinj Platform We and our partner ecosystem build item-visibility solutions using products that we design and either sell or license, including silicon RAIN radios; manufacturing, test, encoding and reading systems; and software and cloud services that encapsulate our solutions know-how. We sell two types of silicon integrated circuit, or IC, radios. The first are endpoi

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View this 10-K filing on SEC EDGAR