IMPINJ INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data IMPINJ INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	112	125	123	153	139	190	258	308	366	361
Cost of revenue	52.8	60.4	64.4	78.8	73.8	91.3	120	156	177	171
Gross profit	59.5	64.9	58.3	74	65.1	99	138	152	189	190
Research and development	25.2	32.2	34.2	38.9	48.6	64.1	74.1	88.6	98.8	103
Selling and marketing	22.3	31.6	32.9	32.6	28.7	34.3	37.9	41.1	40.6	36.5
General and administrative	12.4	18.2	22.3	24.1	35	36.1	45.5	60.8	51.8	49.2
Operating expenses	59.9	82	93.2	95.7	112	136	157	195	196	190
Operating income	-0.49	-17	-34.9	-21.7	-47.1	-37.2	-19.5	-43.5	-7.07	-0.74
Interest expense	1.63	0.91	1.4	1.79	5.41	2.55	4.92	4.85	4.87	4.37
Other non-operating income	0.62	0.51	0.81	1.24	0.65	0.03	2.52	4.64	7.94	9.21
Pre-tax income	-1.51	-17.4	-35.5	-22.8	-51.8	-51.1	-24.1	-43.7	41	-10.9
Income tax	0.17	-0.1	-0.23	0.2	0.09	0.15	0.18	-0.32	0.16	-0.07
Net income	-1.67	-17.3	-35.2	-23	-51.9	-51.3	-24.3	-43.4	40.8	-10.8
EBITDA	2.38	-13.1	-30.3	-16.9	-42.6	-32.6	-13.4	-29.9	6.52	14.3
EPS, basic	-0.74	-0.84	-1.65	-1.05	-2.28	-2.12	-0.95	-1.62	1.46	-0.37
EPS, diluted	-0.74	-0.84	-1.65	-1.05	-2.28	-2.12	-0.95	-1.62	1.39	-0.37
Shares, basic (weighted)	10.8	20.7	21.3	21.8	22.8	24.2	25.5	26.8	28	29.3
Shares, diluted (weighted)	10.8	20.7	21.3	21.8	22.8	24.2	25.5	26.8	29.5	29.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	33.6	19.3	17.5	66.9	23.6	124	19.6	94.8	46.1	48.2
Short-term investments	66.9	38.8	38.5	49.6	82.5	69.4	154	18.4	119	127
Receivables	17.4	22.2	18.5	23.7	25	35.4	50	54.9	56.8	70.8
Inventory	27.7	47.1	44.7	34.2	36.3	22	46.4	97.2	99.3	85
Other current assets	3	2.36	1.95	2.39	3.94	5.05	5.03	4.37	5.54	8.14
Total current assets	149	130	121	177	171	256	275	270	326	339
Property, plant and equipment	14.9	18.1	19.8	17.4	16.5	27.5	39	44.9	50.6	50.3
Lease right-of-use assets				16.5	13.8	11.7	10.5	9.74	7.14	20.9
Goodwill	3.88					3.88	3.88	19.7	18.7	20.7
Intangible assets								13.9	10.3	9.5
Long-term investments						14.2	19.2		74.9	104
Other non-current assets		0.24	0.2	0.45	2.08	2.46	1.97	1.48	1.05	0.8
Total assets	168	152	145	215	208	316	350	359	489	545
Accounts payable	7.17	4.67	4.64	5.6	10.1	11.7	25	8.66	17.3	13.6
Accrued liabilities	6.1	3.16	2.89	3.76
Deferred revenue	0.45	0.71	0.65	0.55	6.81	0.56	2.25	1.71	1.85	1.79
Short-term debt	2.59	4.09	5.93			9.63			283	96.7
Total current liabilities	25.4	19.9	23	19.5	27.6	35.5	42.4	30.9	331	127
Long-term debt	9.68	5.5	17.6	50.9	54.6	279	280	282		184
Lease liabilities				18.9	15.3	11.9	11.1	9.36	5.72	22.5
Other non-current liabilities	0.77	0.53	0.3	0.31	0.81	0.28	0.12
Total liabilities	43.5	33.1	47.2	89.8	98.5	327	334	325	339	336
Total debt	12.3	9.59	23.7	50.9	54.6	288	280	282	283	281
Paid-in capital	311	323	338	388	424	351	404	464	541	607
Retained earnings	-187	-205	-240	-263	-315	-362	-387	-430	-389	-400
Other comprehensive income	-0.01	-0.04	-0.01	0.03	0	-0.04	-1.25	0.36	-1.94	2.51
Shareholders' equity	124	119	97.9	125	109	-11.1	15.6	34.1	150	209
Total equity	124	119	97.9	125	109	-11.1	15.6	34.1	150	209
Total liabilities and equity	168	152	145	215	208	316	350	359	489	545
Shares outstanding	21	21	21.5	22.2	23.4	24.7	26.1	27.2	28.5	30.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-1.67	-17.3	-35.2	-23	-51.9	-51.3	-24.3	-43.4	40.8	-10.8
Depreciation and amortization	2.87	3.95	4.53	4.81	4.5	4.6	6.04	13.6	13.6	15
Stock-based compensation	2.77	7.43	11.3	18.5	25.7	40.5	42.4	48	56.5	55.3
Deferred income tax	0.09	-0.23	-0.4	0.01	-0.04	0.01	0.01	-0.93	-0.57	-0.4
Change in receivables	-4.52	-4.82	3.78	-5.27	-1.27	-10.4	-14.5	-3.71	-2	-13.7
Change in inventory	-15.9	-19.3	2.36	10.6	-2.18	14.4	-24.4	-49.6	-2.22	14.5
Change in payables	3.88	-2.84	0.33	1.05	3.49	2.34	7.37	-12.3	9.27	-3.38
Cash from operations	-9.5	-35.9	-11.8	4.71	-16.9	6.47	0.64	-49.4	128	58.7
Capital expenditures	-3.53	-6.55	-6.37	-2.43	-3.07	-16.2	-12.1	-18.6	-17.1	-12.9
Acquisitions								-23.4
Purchases of investments	-67.1	-49.1	-51.7	-72.4	-82.7	-84.4	-206		-202	-203
Sales and maturities of investments		77.1	52.4	61.7	49.5	82	115	144	26.6	155
Cash from investing	-70.6	21.4	-5.67	-13.1	-36.3	-18.6	-103	116	-193	-48
Debt issued	61.4		16.4	3.99
Debt repaid	-65.3	-2.77	-2.45	-28.2			-17.6			-190
Stock issued	0.6
Cash from financing	104	0.14	15.7	57.8	9.9	112	-2.15	8.74	15.7	-8.93
Net change in cash	23.5	-14.4	-1.76	49.4	-43.3	100	-104	75.2	-48.7	2.15
Free cash flow	-13	-42.4	-18.1	2.28	-20	-9.77	-11.4	-68	111	45.9
Interest paid	1.5	0.81	1.18	1.61	1.72	1.56	3.42	3.23	3.23	2.84
Income taxes paid	0.05							0.51	0.72	0.63

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $178.28 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	52.9%	Gross profit / revenue.
Operating margin	-1.8%	Operating income / revenue.
EBITDA margin	2.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.3%	Pre-tax income / revenue.
Net margin	-7.3%	Net income / revenue.
FCF margin	17.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.3%	Cash from operations / revenue.
Return on equity (ROE)	-11.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.0%	Net income / average total assets.
Return on invested capital (ROIC)	-1.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	29.8%	Research and development expense / revenue.
Stock-based pay / revenue	16.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	21.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	23.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	119.4%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-126.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-126.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-54.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	350.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-58.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	39.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	137.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	21.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.28x	Current assets / current liabilities.
Quick ratio	2.20x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.43x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.04x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	45.2%	Total debt / total assets.
Liabilities / assets	56.7%	Total liabilities / total assets.
Net debt	$108.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	12.3x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-2.02x	Operating income / interest expense.
Working capital	$211.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$203.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	7.57x	Revenue / average property, plant and equipment.
Inventory turnover	1.91x	Cost of revenue / average inventory.
Days inventory	191 days	365 x average inventory / cost of revenue.
Receivables turnover	5.22x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.
Days payables	36 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	225 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	12.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.87	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.98	Revenue / diluted weighted shares.
FCF per share	$2.03	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.31	Cash from operations / diluted weighted shares.
Book value per share	$7.58	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.65	Tangible book value / shares outstanding.
Cash per share	$4.35	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$5.45B	Share price x shares outstanding.
Enterprise value	$5.56B	Market cap + total debt - cash - short-term investments.
P/S	14.7x	Market cap / revenue.
P/B	23.5x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	26.8x	Market cap / tangible book value, when positive.
P/FCF	86.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	76.1x	Market cap / cash from operations, when positive.
EV/Sales	15.0x	Enterprise value / revenue.
EV/EBITDA	629x	Enterprise value / EBITDA, when both are positive.
EV/FCF	88.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.2%	Free cash flow / market cap.
Earnings yield	-0.5%	Net income / market cap (the inverse of P/E).

What was IMPINJ INC's revenue in fiscal 2025?

IMPINJ INC reported revenue of $361.1M for fiscal 2025, 1.4% lower than the year before.

Was IMPINJ INC profitable in fiscal 2025?

No. It reported a net loss of $10.8M.

How much free cash flow did IMPINJ INC generate in fiscal 2025?

Cash from operations of $58.7M minus capital expenditures of $12.9M left free cash flow of $45.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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