Impinj Inc. Files 10-Q for Q2 2024

TL;DR

**Impinj 10-Q filed! Q2 financials out, check convertible notes.**

AI Summary

Impinj Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures related to its convertible senior notes and business operations are presented.

Why It Matters

This filing provides investors with the latest financial health and operational status of Impinj Inc., crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant risks or opportunities.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-07-24 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2027 — Maturity Year for Convertible Notes (Specifies the due date for Impinj's convertible senior notes.)

Key Players & Entities

• Impinj Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240724 (date) — Filing date
• Convertible Senior Notes Due Two Thousand Twenty Seven (dollar_amount) — Debt instrument mentioned
• Voyantic Oy (company) — Subsidiary or related entity

FAQ

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-20240630.htm (10-Q) — 2215KB
• 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
• 0000950170-24-086075.txt ( ) — 8546KB
• pi-20240630.xsd (EX-101.SCH) — 1202KB
• pi-20240630_htm.xml (XML) — 1477KB

— 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 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30

— OTHER INFORMATION

PART II. — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 49 Item 6. Exhibits 50

Signatures

Signatures 51 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, integrated-circuit (IC) post processing capacity 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; inherent difficulties protecting and enforcing our intellectual property; 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

— 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) June 30, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 214,653 $ 94,793 Short-term investments 5,563 18,440 Accounts receivable, net 54,181 54,919 Inventory 80,773 97,172 Prepaid expenses and other current assets 3,148 4,372 Total current assets 358,318 269,696 Property and equipment, net 47,209 44,891 Intangible assets, net 11,645 13,913 Operating lease right-of-use assets 8,424 9,735 Other non-current assets 1,235 1,478 Goodwill 19,256 19,696 Total assets $ 446,087 $ 359,409 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 15,305 $ 8,661 Accrued compensation and employee related benefits 12,549 8,519 Accrued and other current liabilities 2,848 8,614 Current portion of operating lease liabilities 3,462 3,373 Current portion of long-term debt 282,671 — Current portion of deferred revenue 2,087 1,713 Total current liabilities 318,922 30,880 Long-term debt — 281,855 Operating lease liabilities, net of current portion 7,546 9,360 Deferred tax liabilities, net 2,466 2,911 Deferred revenue, net of current portion 181 272 Total liabilities 329,115 325,278 Commitments and contingencies (Note 6) Stockholders' equity: Preferred stock, $ 0.001 par value — 5,000 shares authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value — 495,000 shares authorized, 28,073 and 27,166 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 28 27 Additional paid-in capital 504,206 463,900 Accumulated other comprehensive income (loss) ( 418 ) 355 Accumulated deficit ( 386,844 ) ( 430,151 ) Total sto

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