Second Quarter 2026
Filed Jul 29, 2026Impinj reported second-quarter revenue of $108.4 million, GAAP net income of $12.2 million, adjusted EBITDA of $30.7 million, and non-GAAP net income per diluted share of $0.86.
Second-quarter revenue exceeded the prior-year quarter, GAAP net income increased, and management said revenue, adjusted EBITDA and non-GAAP earnings per share set new quarterly records. GAAP operating income was below the prior-year quarter, while third-quarter revenue guidance of $105.5 to $108.5 is below the reported second-quarter revenue at its low end and only slightly above it at its high end.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q2 2026 RevenueGAAP | $ 108,371 (in thousands) | – | – |
| Q2 2026 Cost of revenueGAAP | 44,838 (in thousands) | – | – |
| Q2 2026 Gross profitGAAP | 63,533 (in thousands) | – | – |
| Q2 2026 Gross marginGAAP | 58.6% | – | – |
| Q2 2026 Gross marginnon-GAAP | 60.9% | – | – |
| Q2 2026 Research and development expenseGAAP | 29,262 (in thousands) | – | – |
| Q2 2026 Sales and marketing expenseGAAP | 9,829 (in thousands) | – | – |
| Q2 2026 General and administrative expenseGAAP | 13,404 (in thousands) | – | – |
| Q2 2026 Amortization of intangiblesGAAP | 534 (in thousands) | – | – |
| Q2 2026 Total operating expensesGAAP | 53,029 (in thousands) | – | – |
| Q2 2026 Income from operationsGAAP | 10,504 (in thousands) | – | – |
| Q2 2026 Other income, netGAAP | 2,255 (in thousands) | – | – |
| Q2 2026 Interest expenseGAAP | (631) (in thousands) | – | – |
| Q2 2026 Income before income taxesGAAP | 12,128 (in thousands) | – | – |
| Q2 2026 Income tax benefit (expense)GAAP | 92 (in thousands) | – | – |
| Q2 2026 Net incomeGAAP | $ 12,220 (in thousands) | – | – |
| Q2 2026 Net income per share, basicGAAP | $ 0.40 | – | – |
| Q2 2026 Net income per share, dilutedGAAP | $ 0.39 | – | – |
| Q2 2026 Weighted-average shares outstanding, basicGAAP | 30,480 | – | – |
| Q2 2026 Weighted-average shares outstanding, dilutedGAAP | 31,005 | – | – |
| Q2 2026 Adjusted EBITDAnon-GAAP | $30.7 million | – | – |
| Q2 2026 Non-GAAP net incomenon-GAAP | $27.0 million | – | – |
| Q2 2026 Non-GAAP net income per diluted sharenon-GAAP | $0.86 | – | – |
| Q2 2026 Non-GAAP diluted sharesnon-GAAP | 32.2 million shares | – | – |
| Six Months Ended June 30, 2026 RevenueGAAP | $ 182,621 (in thousands) | – | – |
| Six Months Ended June 30, 2026 Gross profitGAAP | 99,992 (in thousands) | – | – |
| Six Months Ended June 30, 2026 Total operating expensesGAAP | 104,656 (in thousands) | – | – |
| Six Months Ended June 30, 2026 Loss from operationsGAAP | (4,664) (in thousands) | – | – |
| Six Months Ended June 30, 2026 Induced conversion expenseGAAP | (11,938) (in thousands) | – | – |
| Six Months Ended June 30, 2026 Net lossGAAP | $ (13,041) (in thousands) | – | – |
| Six Months Ended June 30, 2026 Net loss per share, dilutedGAAP | $ (0.43) | – | – |
Three Months Ending September 30, 2026 outlook
- Revenue$105.5 to $108.5
- NoteGAAP Net income: $2.2 to $3.7
- NoteAdjusted EBITDA income: $20.7 to $22.2
- NoteGAAP Weighted-average shares — diluted: 31.3 to 31.5
- NoteGAAP Net income per share — diluted: $0.07 to $0.12
- NoteNon-GAAP Net income: $18.5 to $20.0
- NoteNon-GAAP Weighted-average shares — diluted: 32.5 to 32.7
- NoteNon-GAAP Net income per share — diluted: $0.59 to $0.63
- NoteNon-GAAP diluted net income per share includes the impact of convertible debt using the if-converted method, which assumes full share settlement.
- NoteInterest expense is added back to net income and weighted average shares include total shares issuable at conversion of 1.2 million.
Capital returns
- Payment of 2021 Notes: (47,031) (in thousands) for the six months ended June 30, 2026.
What drove it
- Management said second-quarter revenue, adjusted EBITDA and non-GAAP earnings per share set new quarterly records.
- The company described itself as being in the early days of solutions delivery.
- Other income, net was 2,255 (in thousands) in the second quarter of 2026, compared with 2,053 (in thousands) in the second quarter of 2025.
- Interest expense was (631) (in thousands) in the second quarter of 2026, compared with (1,225) (in thousands) in the second quarter of 2025.
Concerns
- Income from operations was 10,504 (in thousands) in the second quarter of 2026, compared with 10,874 (in thousands) in the second quarter of 2025.
- Research and development, sales and marketing, general and administrative, and amortization of intangibles expenses were each higher than in the second quarter of 2025.
- The six-month period included induced conversion expense of (11,938) (in thousands) and a net loss of $ (13,041) (in thousands).
- Inventory was 91,501 (in thousands) as of June 30, 2026, compared with 84,961 (in thousands) as of December 31, 2025.
- Third-quarter revenue guidance is $105.5 to $108.5, while reported second-quarter revenue was $108.4 million.
What to watch
- Third-quarter revenue within the guided range of $105.5 to $108.5.
- Third-quarter GAAP net income guidance of $2.2 to $3.7 and GAAP diluted net income per share guidance of $0.07 to $0.12.
- Third-quarter adjusted EBITDA income guidance of $20.7 to $22.2.
- Third-quarter non-GAAP net income guidance of $18.5 to $20.0 and non-GAAP diluted net income per share guidance of $0.59 to $0.63.
- Inventory, cash and cash equivalents, and long-term debt following the June 30, 2026 balance-sheet position.
Balance sheet and cash flow
- Cash and cash equivalents: $ 38,573 (in thousands) as of June 30, 2026; $ 48,206 (in thousands) as of December 31, 2025.
- Short-term investments: 94,443 (in thousands) as of June 30, 2026; 127,130 (in thousands) as of December 31, 2025.
- Long-term investments: 130,722 (in thousands) as of June 30, 2026; 103,766 (in thousands) as of December 31, 2025.
- Accounts receivable, net: 71,111 (in thousands) as of June 30, 2026; 70,785 (in thousands) as of December 31, 2025.
- Inventory: 91,501 (in thousands) as of June 30, 2026; 84,961 (in thousands) as of December 31, 2025.
- Total assets: $ 534,749 (in thousands) as of June 30, 2026; $ 545,186 (in thousands) as of December 31, 2025.
- Current portion of long-term debt: 57,019 (in thousands) as of June 30, 2026; 96,745 (in thousands) as of December 31, 2025.
- Long-term debt: 184,921 (in thousands) as of June 30, 2026; 184,141 (in thousands) as of December 31, 2025.
- Total liabilities: 303,163 (in thousands) as of June 30, 2026; 335,955 (in thousands) as of December 31, 2025.
- Total stockholders’ equity: 231,586 (in thousands) as of June 30, 2026; 209,231 (in thousands) as of December 31, 2025.
- Net cash provided by operating activities: 35,584 (in thousands) for the six months ended June 30, 2026; 22,717 (in thousands) for the six months ended June 30, 2025.
- Purchases of property and equipment: (4,166) (in thousands) for the six months ended June 30, 2026; (8,403) (in thousands) for the six months ended June 30, 2025.
- Net cash provided by investing activities: 519 (in thousands) for the six months ended June 30, 2026; (31,688) (in thousands) for the six months ended June 30, 2025.
- Net cash used in financing activities: (45,643) (in thousands) for the six months ended June 30, 2026; net cash provided by financing activities: 4,963 (in thousands) for the six months ended June 30, 2025.
- Net decrease in cash and cash equivalents: (9,633) (in thousands) for the six months ended June 30, 2026; (3,636) (in thousands) for the six months ended June 30, 2025.
- Cash and cash equivalents at end of period: $ 38,573 (in thousands) for the six months ended June 30, 2026; $ 42,417 (in thousands) for the six months ended June 30, 2025.
Analysis
Impinj reported second-quarter revenue of $108.4 million, compared with $ 97,894 (in thousands) in the prior-year quarter. The company reported GAAP gross margin of 58.6% and non-GAAP gross margin of 60.9%. Management characterized revenue, adjusted EBITDA and non-GAAP earnings per share as new quarterly records.
GAAP net income was $12.2 million, or $0.39 per diluted share using 31.0 million shares, compared with net income of $ 11,553 (in thousands) and diluted net income per share of $ 0.39 in the prior-year quarter. Non-GAAP net income was $27.0 million, or $0.86 per diluted share using 32.2 million shares, while adjusted EBITDA was $30.7 million. Income from operations was 10,504 (in thousands), below 10,874 (in thousands) in the prior-year quarter, as total operating expenses were 53,029 (in thousands), compared with 45,739 (in thousands).
For the six months ended June 30, 2026, Impinj generated net cash provided by operating activities of 35,584 (in thousands), compared with 22,717 (in thousands) in the prior-year period. Cash and cash equivalents were $ 38,573 (in thousands) at June 30, 2026, while short-term investments were 94,443 (in thousands) and long-term investments were 130,722 (in thousands). The company paid 47,031 (in thousands) of 2021 Notes during the six-month period. Inventory rose to 91,501 (in thousands) from 84,961 (in thousands) at December 31, 2025.
The third-quarter outlook calls for revenue of $105.5 to $108.5, GAAP net income of $2.2 to $3.7, and adjusted EBITDA income of $20.7 to $22.2. GAAP diluted net income per share is guided to $0.07 to $0.12, while non-GAAP diluted net income per share is guided to $0.59 to $0.63. The outlook therefore places focus on whether revenue remains around the second-quarter level and on the anticipated step down in guided GAAP and non-GAAP profitability relative to the second-quarter reported results.
Management, verbatim
Our second-quarter results were strong, with revenue, adjusted EBITDA and non-GAAP earnings-per-share setting new quarterly records.
Chris Diorio, Impinj co-founder and CEO
Although we are still in the early days of solutions delivery, we are incredibly well positioned to lead and win, and I have never been more excited about our future than I am today.
Chris Diorio, Impinj co-founder and CEO
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported second-quarter metrics were not provided.
- Percentage year-over-year and quarter-over-quarter changes were not printed for the reported metrics.
- Revenue segment disclosure and segment-level drivers were not provided.
- Prior-quarter outlook was not provided, so no comparison against prior guidance is available.
- Third-quarter guidance for gross margin, operating expenses, and tax rate was not provided.
- A reported free cash flow figure was not included in the supplied filing text.
- Quarterly operating cash flow and quarterly capital expenditures were not provided.
- Share repurchases and dividends were not disclosed in the supplied filing text.
- The supplied filing text ends before the non-GAAP reconciliation tables, so detailed reconciliations and free-cash-flow results are unavailable.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.