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Earnings analysis · 10-Q

PI earnings analysis

Filed April 29, 2026 · Our reading of the company's report

The latest report

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…

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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.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

58% Gross margin Operating margin Jul 2024 Apr 2026

One point per quarterly or annual filing. Both margins are shares of that report's revenue.

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $51 Operating expenses $62 Left as operating profit $-13

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish Jul 2024 Apr 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$-0.83

What stood out

  • 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.

What to watch

  • 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.

Management's outlook

Management expects revenue for Q2 2026 in the range of $103 million to $106 million.

Earlier filings 4

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 itself. Analysis can contain errors; check the source document for full context.