Impinj Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Impinj Inc. has filed its Q1 2024 10-Q report, detailing financial data and asset valuations.</b>

AI Summary

IMPINJ INC (PI) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Impinj Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to Research and Development Expense for the period January 1, 2024, to March 31, 2024. Information on Patents as of March 31, 2024, is included. Fair Value Measurements Recurring for various asset types, including US Government Agencies Debt Securities and Money Market Funds, are detailed for periods ending March 31, 2024, and December 31, 2023. The company's Convertible Senior Notes due 2027 and Convertible Promissory Notes due 2027 are referenced with dates of issuance and reporting periods.

Why It Matters

For investors and stakeholders tracking IMPINJ INC, this filing contains several important signals. This 10-Q filing provides a snapshot of Impinj's financial health and operational activities for the first quarter of 2024, including R&D expenses and patent information. The detailed fair value measurements and information on convertible debt offer insights into the company's financial instruments and risk exposure.

Risk Assessment

Risk Level: medium — IMPINJ INC shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains a mix of positive and negative financial information, and the presence of convertible debt introduces financial risk.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-Q to assess Impinj's performance and future outlook.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-01-01 — Period Start Date (ResearchAndDevelopmentExpenseMember, GeneralAndAdministrativeExpenseMember, CostOfSalesMember, ConvertibleSeniorNotesDueTwoThousandTwentySevenMember, ConvertibleDebtMember, EmployeeStockPurchasePlanSharesMember, SystemsMember)
• 2023-12-31 — Prior Period End Date (FairValueMeasurementsRecurringMember, USGovernmentAgenciesDebtSecuritiesMember, MarketAndServiceConditionUnitsMember, MoneyMarketFundsMember, RetainedEarningsMember, CommonStockMember)
• 2023-03-31 — Prior Year Quarter End Date (AdditionalPaidInCapitalMember, SystemsMember)

Key Players & Entities

• IMPINJ INC (company) — Filer name
• 0000950170-24-047616 (filing_id) — Accession number
• 2024-03-31 (date) — Conformed period of report
• 2024-04-24 (date) — Filed as of date
• 400 FAIRVIEW AVENUE NORTH SUITE 1200 SEATTLE WA 98109 (address) — Business address
• Voyantic Oy (company) — Mentioned in context of General and Administrative Expense

FAQ

Key Dates

• 2024-03-31: Quarterly Report Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-24: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a regular update on the company's financial condition and performance.)

FairValueMeasurementsRecurring

Measurements of fair value that are recorded or disclosed in the financial statements with sufficient frequency. (Indicates how the company values certain assets and liabilities on an ongoing basis.)

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share PI The Nasdaq Global Sele
• $287.5 million — ry to satisfy our obligations under the $287.5 million aggregate principal amount 1.125% conve

Filing Documents

• pi-20240331.htm (10-Q) — 1836KB
• pi-ex10_1.htm (EX-10.1) — 161KB
• pi-ex10_2.htm (EX-10.2) — 34KB
• 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
• 0000950170-24-047616.txt (&nbsp;) — 8282KB
• pi-20240331.xsd (EX-101.SCH) — 1196KB
• pi-20240331_htm.xml (XML) — 1471KB

— FINANCIAL INFORMATION

PART I. — FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive Income (Loss) 6 Condensed Consolidated Statements of Cash Flows 7 Condensed Consolidated Statements of Changes in Stockholders' Equity 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 29

— OTHER INFORMATION

PART II. — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49

Signatures

Signatures 50 2 Table of Contents Ri sk Factor 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 in part on the success of strategic relationships with third parties and their continued performance and alignment; if we are unable to protect our intellectual property, then our business could be adversely affected; we have been and may in the future be, party to intellectual property disputes which could be time consuming and costly to prosecute, defend or settle, result in the loss of significant rights, and adversely affect RAIN adoption or adoption of our products or pla

— FINANC IAL INFORMATION

PART I — FINANC IAL INFORMATION

Financial St atements (unaudited)

Item 1. Financial St atements (unaudited). IMPINJ, INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (in thousands, except par value, unaudited) March 31, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 166,852 $ 94,793 Short-term investments 7,292 18,440 Accounts receivable, net 59,384 54,919 Inventory 87,757 97,172 Prepaid expenses and other current assets 3,120 4,372 Total current assets 324,405 269,696 Property and equipment, net 47,451 44,891 Intangible assets, net 12,207 13,913 Operating lease right-of-use assets 9,107 9,735 Other non-current assets 1,370 1,478 Goodwill 19,343 19,696 Total assets $ 413,883 $ 359,409 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 9,416 $ 8,661 Accrued compensation and employee related benefits 8,207 8,519 Accrued and other current liabilities 11,694 8,614 Current portion of operating lease liabilities 3,454 3,373 Current portion of deferred revenue 1,672 1,713 Total current liabilities 34,443 30,880 Long-term debt 282,262 281,855 Operating lease liabilities, net of current portion 8,444 9,360 Deferred tax liabilities, net 2,574 2,911 Deferred revenue, net of current portion 237 272 Total liabilities 327,960 325,278 Commitments and contingencies (Note 12) Stockholders' equity: Preferred stock, $ 0.001 par value — 5,000 shares authorized, no shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value — 495,000 shares authorized, 27,658 and 27,166 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 28 27 Additional paid-in capital 482,972 463,900 Accumulated other comprehensive income (loss) ( 270 ) 355 Accumulated deficit ( 396,807 ) ( 430,151 ) Total stockholders' equity 85,923 34,131 Tota

View Full Filing

View this 10-Q filing on SEC EDGAR