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Form 8-K

sec.gov

8-K — IMPINJ INC

Accession: 0001193125-26-191695

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001114995

SIC: 3679 (ELECTRONIC COMPONENTS, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — pi-20260429.htm (Primary)

EX-99.1 (pi-ex99_1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: pi-20260429.htm · Sequence: 1

8-K

false000111499500011149952026-04-292026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2026

Impinj, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-37824

91-2041398

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

400 Fairview Avenue North, Suite 1200

Seattle, Washington 98109

(Address of principal executive offices, including zip code)

(206) 517-5300

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

PI

The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition

On April 29, 2026, Impinj, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release, entitled “Impinj Reports First Quarter 2026 Financial Results” is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information in this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1

Press release dated April 29, 2026.

104

Inline XBRL for the cover page of this Current Report on Form 8-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Impinj, Inc.

By:

/s/ Chris Diorio

Chris Diorio

Chief Executive Officer

Date: April 29, 2026

EX-99.1

EX-99.1

Filename: pi-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Impinj Reports First Quarter 2026 Financial Results

SEATTLE, WA, April 29, 2026– Impinj, Inc. (Nasdaq: PI), a leading RAIN RFID provider and Internet of Things pioneer, today released its financial results for the first quarter ended March 31, 2026.

“Our first-quarter results were solid, with revenue and adjusted EBITDA exceeding the top end of our guide range,” said Chris Diorio, Impinj co-founder and CEO. “Endpoint IC bookings hit an all-time record, engendering a strong second-quarter revenue outlook”

First Quarter 2026 Financial Summary

Revenue of $74.3 million

GAAP gross margin of 49.1%; non-GAAP gross margin of 52.4%

GAAP net loss of $25.3 million, or loss of $0.83 per diluted share using 30.3 million shares

Adjusted EBITDA of $3.4 million

Non-GAAP net income of $4.4 million, or income of $0.14 per diluted share using 31.0 million shares

A reconciliation between GAAP and non-GAAP information is contained in the tables below. Additionally, descriptions of these non-GAAP financial measures are provided in the “Non-GAAP Financial Measures” sections below.

Second Quarter 2026 Financial Outlook

Impinj provides guidance based on current market conditions and expectations; actual results may differ materially. Please refer to the comments below regarding forward-looking statements. The following table presents Impinj’s financial outlook for the second quarter of 2026 (in millions, except per share data):

Three Months Ending

June 30, 2026

Revenue

$103.0 to $106.0

GAAP Net income

$7.6 to $9.1

Adjusted EBITDA income

$27.8 to $29.3

GAAP Weighted-average shares — diluted

31.3 to 31.5

GAAP Net income per share — diluted

$0.24 to $0.29

Non-GAAP Net income

$24.6 to $26.1

Non-GAAP Weighted-average shares — diluted(1)

32.6 to 32.8

Non-GAAP Net income per share — diluted(1)

$0.77 to $0.82

(1) Non-GAAP diluted net income per share includes the impact of our convertible debt, using the if-converted method, which assumes full share settlement. To arrive at Non-GAAP diluted net income per share, interest expense is added back to net income and weighted average shares include total shares issuable at conversion of 1.2 million.

A reconciliation between GAAP and non-GAAP financial measures is provided in the “Non-GAAP Financial Measures” section below.

Conference Call Information

Impinj will host a conference call and webcast to discuss its first-quarter 2026 results and second-quarter 2026 outlook today, April 29, 2026 at 5:00 p.m. ET / 2:00 p.m. PT. Interested parties may access the call by dialing +1-412-317-1863. A live webcast and replay will also be available on the company’s website at investor.impinj.com. Following the call, a telephonic replay will be available for five business days and may be accessed by dialing +1-412-317-0088 and entering passcode 6529184.

Management’s prepared written remarks, along with quarterly financial data, will be made available on Impinj’s website at investor.impinj.com along with this release.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our financial guidance and considerations for the second quarter of 2026 and future periods.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance.

The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update this information unless required by law.

About Impinj

Impinj (Nasdaq: PI) helps businesses and people analyze, optimize, and innovate by wirelessly connecting billions of everyday things — such as apparel, automobile parts, luggage, and shipments — to the Internet. The Impinj platform uses RAIN RFID to deliver timely data about these everyday things to business and consumer applications, enabling a boundless Internet of Things. www.impinj.com

Impinj is a registered trademark of Impinj, Inc. All other trademarks are the property of their owners.

###

For more information, contact:

Investor Relations

Andy Cobb, CFA

Vice President, Corporate Finance & Investor Relations

+1-206-315-4470

ir@impinj.com

Media Relations

Emily Schauer

Senior Corporate Communications Manager

+1 206-209-2923

eschauer@impinj.com

IMPINJ, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value, unaudited)

March 31, 2026

December 31, 2025

Assets:

Current assets:

Cash and cash equivalents

$

32,295

$

48,206

Short-term investments

99,544

127,130

Accounts receivable, net

72,354

70,785

Inventory

86,300

84,961

Prepaid expenses and other current assets

8,545

8,135

Total current assets

299,038

339,217

Long-term investments

103,385

103,766

Property and equipment, net

49,672

50,290

Intangible assets, net

8,815

9,501

Operating lease right-of-use assets

20,500

20,896

Other non-current assets

671

795

Goodwill

20,443

20,721

Total assets

$

502,524

$

545,186

Liabilities and stockholders’ equity:

Current liabilities:

Accounts payable

$

15,442

$

13,614

Accrued compensation and employee related benefits

10,827

9,936

Accrued and other current liabilities

3,352

3,664

Current portion of operating lease liabilities

1,521

776

Current portion of long-term debt

96,745

Current portion of deferred revenue

1,358

1,791

Total current liabilities

32,500

126,526

Long-term debt

241,470

184,141

Operating lease liabilities, net of current portion

22,078

22,536

Deferred tax liabilities, net

1,929

2,062

Deferred revenue, net of current portion

641

690

Total liabilities

298,618

335,955

Stockholders’ equity:

Common stock, $0.001 par value

30

30

Additional paid-in capital

627,840

606,852

Accumulated other comprehensive income

1,457

2,509

Accumulated deficit

(425,421

)

(400,160

)

Total stockholders’ equity

203,906

209,231

Total liabilities and stockholders’ equity

$

502,524

$

545,186

IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data, unaudited)

Three Months Ended

March 31,

2026

2025

Revenue

$

74,250

$

74,277

Cost of revenue

37,791

37,596

Gross profit

36,459

36,681

Operating expenses:

Research and development

28,724

25,314

Sales and marketing

9,757

8,055

General and administrative

12,609

12,396

Amortization of intangibles

537

485

Total operating expenses

51,627

46,250

Loss from operations

(15,168

)

(9,569

)

Other income, net

2,666

2,060

Induced conversion expense

(11,938

)

Interest expense

(773

)

(1,223

)

Loss before income taxes

(25,213

)

(8,732

)

Income tax benefit (expense)

(48

)

281

Net loss

$

(25,261

)

$

(8,451

)

Net loss per share — basic

$

(0.83

)

$

(0.30

)

Net loss per share — diluted

$

(0.83

)

$

(0.30

)

Weighted-average shares outstanding — basic

30,292

28,639

Weighted-average shares outstanding — diluted

30,292

28,639

IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

Three Months Ended

March 31,

2026

2025

Operating activities:

Net loss

$

(25,261

)

$

(8,451

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

3,845

3,521

Stock-based compensation

14,691

12,522

Accretion of discount or amortization of premium on investments

(188

)

(590

)

Amortization of debt issuance costs

517

414

Induced conversion expense related to convertible notes

11,938

Deferred tax expense

(103

)

(93

)

Changes in operating assets and liabilities:

Accounts receivable

(1,601

)

(220

)

Inventory

(1,355

)

896

Prepaid expenses and other assets

(202

)

870

Accounts payable

1,402

(6,623

)

Accrued compensation and employee related benefits

913

(13,401

)

Accrued and other liabilities

(832

)

405

Operating lease right-of-use assets

390

653

Operating lease liabilities

292

(887

)

Deferred revenue

(466

)

(159

)

Net cash provided by (used in) operating activities

3,980

(11,143

)

Investing activities:

Purchases of investments

(21,223

)

(25,910

)

Proceeds from maturities of investments

48,700

49,000

Purchases of property and equipment

(1,747

)

(1,863

)

Net cash provided by investing activities

25,730

21,227

Financing activities:

Payment of 2021 Notes

(47,031

)

Proceeds from exercise of stock options and employee stock purchase plan

3,010

5,847

Payments of taxes on restricted stock units

(1,553

)

(787

)

Net cash provided by (used in) financing activities

(45,574

)

5,060

Effect of exchange rate changes on cash and cash equivalents

(47

)

120

Net increase (decrease) in cash and cash equivalents

(15,911

)

15,264

Cash and cash equivalents

Beginning of period

48,206

46,053

End of period

$

32,295

$

61,317

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, our key non-GAAP performance measures include adjusted EBITDA, non-GAAP net income (loss) and free cash flow as defined below. We use adjusted EBITDA and non-GAAP net income (loss) as key measures to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operating plans. We use free cash flow as a key measure when assessing our sources of liquidity, capital resources, and quality of earnings. We believe these measures provide useful information for period-to-period comparisons of our business to allow investors and others to understand and evaluate our operating results in the same manner as our management and board of directors. Our presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from similarly termed non-GAAP measures used by other companies.

Adjusted EBITDA

We define adjusted EBITDA as net income (loss) determined in accordance with GAAP, excluding, if applicable for the periods presented, the effects of stock-based compensation; depreciation and amortization; restructuring costs; settlement income and related costs; induced conversion expense; other income, net; interest expense; acquisition related expense and related purchase accounting adjustments; and income tax benefit (expense).

Non-GAAP Net Income (Loss)

We define non-GAAP net income as net income (loss), excluding, if applicable for the periods presented, the effects of stock-based compensation; depreciation and amortization; restructuring costs; settlement income and related costs; induced conversion expense; acquisition related expense and related purchase accounting adjustments; and the corresponding income tax impacts of adjustments to net income (loss).

Free cash flow

We define free cash flow as net cash provided by (used in) operating activities, determined in accordance with GAAP, less purchases of property and equipment.

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except percentages, unaudited)

Three Months Ended

March 31,

2026

2025

GAAP Gross margin

49.1

%

49.4

%

Adjustments:

Depreciation and amortization

2.7

%

2.6

%

Stock-based compensation

0.5

%

0.7

%

Non-GAAP Gross margin

52.4

%

52.7

%

Certain amounts may be off due to rounding

GAAP Net loss

$

(25,261

)

$

(8,451

)

Adjustments:

Depreciation and amortization

3,845

3,521

Stock-based compensation

14,691

12,522

Other income, net

(2,666

)

(2,060

)

Induced conversion expense

11,938

Interest expense

773

1,223

Income tax benefit (expense)

48

(281

)

Adjusted EBITDA

$

3,368

$

6,474

GAAP Net loss

$

(25,261

)

$

(8,451

)

Adjustments:

Depreciation and amortization

3,845

3,521

Stock-based compensation

14,691

12,522

Induced conversion expense

11,938

Income tax effects of adjustments (1)

(815

)

(1,288

)

Non-GAAP Net income

$

4,398

$

6,304

Non-GAAP Net income per share — diluted

$

0.14

$

0.21

GAAP Weighted-average shares — diluted

30,292

28,639

Dilutive shares from stock plans

708

806

Non-GAAP Weighted-average shares — diluted

31,000

29,445

(1) The tax effects of the adjustments are calculated using the statutory rate, taking into consideration the nature of the item and relevant taxing jurisdictions.

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except percentages, unaudited)

Three Months Ended

March 31,

2026

2025

GAAP Net cash provided by (used in) operating activities

$

3,980

$

(11,143

)

Adjustments:

Purchases of property and equipment

(1,747

)

(1,863

)

Free cash flow

$

2,233

$

(13,006

)

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL OUTLOOK TO NON-GAAP FINANCIAL OUTLOOK

(in thousands, except per share data, unaudited – calculated at the midpoint of the outlook range)

Three Months Ending

June 30,

2026

GAAP Net income

$

8,318

Adjustments:

Forecasted Depreciation and amortization

3,850

Forecasted Stock-based compensation

18,050

Forecasted Interest expense

632

Forecasted Other income, net

(2,450

)

Forecasted Income tax expense

100

Adjusted EBITDA

$

28,500

GAAP Net income

$

8,318

Adjustments:

Forecasted Depreciation and amortization

3,850

Forecasted Stock-based compensation

18,050

Forecasted Income tax effects of adjustments

(4,875

)

Non-GAAP Net income

$

25,343

GAAP Net income per share — diluted

$

0.26

Non-GAAP Net income per share — diluted

$

0.80

GAAP Weighted-average shares — diluted

31,400

Dilutive shares

1,300

Non-GAAP Weighted-average shares — diluted

32,700

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration