Impinj Inc. Files 10-Q for Q3 2024
Ticker: PI · Form: 10-Q · Filed: Oct 23, 2024 · CIK: 1114995
Sentiment: neutral
Topics: 10-Q, financial-report, Impinj Inc.
TL;DR
Impinj's Q3 10-Q is in. Check financials.
AI Summary
Impinj Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and disclosures relevant to investors are presented.
Why It Matters
This filing provides investors with the latest financial results and operational details for Impinj Inc., crucial for understanding the company's current performance and future outlook.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal risks or opportunities impacting the company's valuation.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Latest financial data available)
- 2024-10-23 — Filing Date (Date the report was submitted to the SEC)
- 2023-12-31 — Fiscal Year End (Impinj's annual reporting cycle)
Key Players & Entities
- Impinj Inc. (company) — Filer
- 2024-09-30 (date) — Reporting Period End Date
- 2024-10-23 (date) — Filing Date
- 400 FAIRVIEW AVENUE NORTH, SUITE 1200, SEATTLE, WA 98109 (address) — Business and Mail Address
- 206-517-5300 (phone_number) — Business Phone Number
- Voyantic Oy (company) — Subsidiary Mentioned
FAQ
What were Impinj Inc.'s total revenues for the third quarter of 2024?
The filing does not explicitly state the total revenue figure for Q3 2024 in the provided snippet. Further details within the full 10-Q would be needed.
What is the company's primary business address?
The company's business address is 400 FAIRVIEW AVENUE NORTH, SUITE 1200, SEATTLE, WA 98109.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on October 23, 2024.
What is the fiscal year end for Impinj Inc.?
Impinj Inc.'s fiscal year ends on December 31st.
Are there any specific subsidiaries mentioned in the filing snippet?
Yes, Voyantic Oy is mentioned in relation to the period of April 1, 2024, to June 30, 2024.
Filing Stats: 4,442 words · 18 min read · ~15 pages · Grade level 17 · Accepted 2024-10-23 16:25:21
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-20240930.htm (10-Q) — 2438KB
- 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
- 0000950170-24-116665.txt ( ) — 9281KB
- pi-20240930.xsd (EX-101.SCH) — 1206KB
- pi-20240930_htm.xml (XML) — 1722KB
— 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 49 Item 3. Defaults Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 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 ability 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 of
— 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) September 30, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 73,704 $ 94,793 Short-term investments 96,551 18,440 Accounts receivable, net 64,378 54,919 Inventory 88,357 97,172 Prepaid expenses and other current assets 6,097 4,372 Total current assets 329,087 269,696 Long-term investments 57,122 — Property and equipment, net 49,908 44,891 Intangible assets, net 11,563 13,913 Operating lease right-of-use assets 7,817 9,735 Other non-current assets 1,117 1,478 Goodwill 19,833 19,696 Total assets $ 476,447 $ 359,409 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 20,504 $ 8,661 Accrued compensation and employee related benefits 18,043 8,519 Accrued and other current liabilities 3,702 8,614 Current portion of operating lease liabilities 3,534 3,373 Current portion of long-term debt 283,081 — Current portion of deferred revenue 2,231 1,713 Total current liabilities 331,095 30,880 Long-term debt — 281,855 Operating lease liabilities, net of current portion 6,660 9,360 Deferred tax liabilities, net 2,454 2,911 Deferred revenue, net of current portion 139 272 Total liabilities 340,348 325,278 Commitments and contingencies (Note 6) Stockholders' equity: Preferred stock, $ 0.001 par value — 5,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value — 495,000 shares authorized, 28,268 and 27,166 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 28 27 Additional paid-in capital 522,100 463,900 Accumulated other comprehensive income 594 355 Accumulated deficit (