Impinj Inc. Files 2024 10-K

TL;DR

IMPINJ 2024 10-K FILED. FULL YEAR RESULTS OUT.

AI Summary

Impinj Inc. filed its 2024 10-K on February 10, 2025, reporting on its fiscal year ending December 31, 2024. The company, headquartered in Seattle, WA, operates in the Electronic Components sector. The filing details its financial performance, business operations, and risk factors. Impinj Inc. is incorporated in Delaware and its IRS number is 912041398.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Impinj Inc.'s financial health and strategic direction for the fiscal year 2024, crucial for understanding the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard risk disclosures typical for a public company in the technology sector, including market, operational, and financial risks.

Key Numbers

• 2024-12-31 — Fiscal Year End (The period covered by the 10-K report.)
• 2025-02-10 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• Impinj Inc. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-10 (date) — Filing date
• Seattle, WA (location) — Company headquarters
• 3679 (industry_code) — Standard Industrial Classification for Electronic Components, NEC
• 912041398 (tax_id) — IRS Number
• DE (state) — State of Incorporation
• Voyantic Oy (company) — Mentioned in relation to business segments or acquisitions

FAQ

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-20241231.htm (10-K) — 3970KB
• pi-ex4_1.htm (EX-4.1) — 41KB
• pi-ex19_1.htm (EX-19.1) — 141KB
• pi-ex23_1.htm (EX-23.1) — 8KB
• pi-ex31_1.htm (EX-31.1) — 12KB
• pi-ex31_2.htm (EX-31.2) — 12KB
• pi-ex32_1.htm (EX-32.1) — 9KB
• pi-ex32_2.htm (EX-32.2) — 9KB
• img60889747_0.jpg (GRAPHIC) — 44KB
• 0000950170-25-017077.txt ( ) — 17203KB
• pi-20241231.xsd (EX-101.SCH) — 1990KB
• pi-20241231_htm.xml (XML) — 3743KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 36 Item 1C. Cybersecurity 36 Item 2.

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6. Reserved 40 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 41 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 88 Item 9A.

Controls and Procedures

Controls and Procedures 88 Item 9B. Other Information 88 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 89 PART III Item 10. Directors, Executive Officers and Corporate Governance 90 Item 11.

Executive Compensation

Executive Compensation 90 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 90 Item 13. Certain Relationships and Related Transactions, and Director Independence 90 Item 14. Principal Accountant Fees and Services 90 PART IV Item 15. Exhibits and Financial Statement Schedules 91 Item 16. Form 10-K Summary 94 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 those 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, or 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 r

B usiness

Item 1. B usiness Overview Our vision is 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. We design and sell a platform that enables that wireless item-to-cloud connectivity and with which we and our partners innovate IoT solutions. Our mission is to connect every thing. We have enabled connectivity for more than 120 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 endpoint ICs that store a serialized number to wirelessly identify an item. Our partners embed endpoint ICs into an item or its packaging. The ICs may also co

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