PI earnings analysis
What we found in PI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
In Q1 2026, Impinj reported revenue of $74.3 million, showing a significant year-over-year decline of 19% compared to $91.7 million in Q1 2025. Earnings per share (EPS) saw a higher loss at $0.83, missing estimates by a wide margin, despite a notable increase in cash flow with operating cash flow reaching $14 million. Management has set a positive outlook for Q2, with revenue guidance between $103 million and $106 million.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Reported revenue was $74.3 million, down 19% from $91.7 million in Q1 2025.
- EPS Miss
- EPS of -$0.83 was a significant miss compared to analyst estimates of $0.05.
- Positive Cash Flow
- Operating cash flow improved to $14 million from a negative cash flow of -$13 million in Q1 2025.
- Lower Interest Expense
- Interest expense decreased to $773k, down from $1.2 million in the prior year.
- Strong Q2 Outlook
- Management guides for Q2 revenue between $103 million and $106 million.
- Working Capital Increase
- Working capital increased to $266.5 million as of March 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decreased Revenue Growth
- Revenue decreased by 19% compared to the same period last year, indicating possible demand issues.
- Substantial EPS Loss
- The reported EPS was -$0.83 versus -$0.3 in Q1 2025, showing declining profitability.
- Competitive Market Pressures
- Increased competition from larger peers with greater resources poses ongoing risks to market share.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.83
- Gross margin
- 49.4%
- Operating margin
- -12.9%
What they said about what is next.
Management expects revenue for Q2 2026 in the range of $103 million to $106 million.
The filing reads worse than the one before it.
What came before.
- 10-K · February 9, 2026
- Impinj positions itself as the RAIN market leader with an integrated platform spanning endpoint ICs, reader ICs, readers/gateways, tag production systems and nascent software/cloud services. Quarterly results in 2025…
- 10-Q · October 29, 2025
- Impinj reported quarterly revenue of $96.055 million, roughly flat year-over-year (+$0.857M) with a slight sequential decline from Q2. Gross profit was $48.328 million (50.3% margin) and operating income improved to…
- 10-Q · July 30, 2025
- Impinj reported Q2 2025 revenue of $97.894M, down $4.601M (4.5%) versus Q2 2024, while gross margin expanded to 57.8% and operating margin improved to 11.1%, driving diluted EPS of $0.39 (vs $0.34 in Q2 2024).…
- 10-Q · April 23, 2025
- Impinj reported Q1 2025 revenue of $74.277M (down from $76.825M in Q1 2024) with gross margin roughly stable at 49.4% but swung to a GAAP net loss of $8.451M (diluted loss per share $0.30) versus net income $33.344M a…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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