Here are 1-2 brief analogies for Impinj:

• Impinj is like the 'Intel Inside' for physical items, providing the tiny chips that give everyday objects a unique digital identity and make them wirelessly trackable.
• Impinj is like Amazon Web Services (AWS) for the physical world, providing the foundational technology and platform to give every object a digital identity and connect it to a data network.

• Endpoint ICs: Miniature radios-on-a-chip that attach to host items to wirelessly identify them.
• Reader ICs: Integrated circuits used in readers and gateways to wirelessly communicate with endpoint ICs.
• Readers: Devices that wirelessly provide power to and communicate bidirectionally with endpoint ICs.
• Gateways: Devices that wirelessly provide power to and communicate bidirectionally with endpoint ICs, often with broader network connectivity.
• Software and Algorithms: Tools that enable partners to deliver use cases like retail self-checkout and warehouse tracking to end-users.

Impinj (PI) operates a business-to-business (B2B) model. Based on the provided background information, Impinj primarily sells its cloud connectivity platform, including endpoint ICs, systems products, and software, through a diverse network of channel partners.

The company's direct customers are categories of companies that integrate Impinj's technology into their solutions:

• Distributors
• System Integrators
• Value-Added Resellers (VARs)
• Software Solution Partners

These partners then deliver solutions utilizing Impinj's technology to a wide range of end-user sectors, including retail, supply chain and logistics, aviation, automotive, healthcare, industrial and manufacturing, sports, food, datacenter, travel, banking, and linen and uniform tracking.

The provided background information does not identify specific major customer companies by name or their corresponding stock symbols among these partners.

Chris Diorio, Chief Executive Officer, Vice Chair & Co-Founder

Chris Diorio is the co-founder of Impinj, Inc., established in 2000, and has served as its CEO since November 2014. With over 30 years of experience in computer and radio engineering, he has been a pivotal figure in pioneering the development of RAIN RFID technology, which connects everyday items to the Internet. Prior to co-founding Impinj, Dr. Diorio was an affiliate professor at the University of Washington, contributing to computer science and engineering. His career also includes roles at TRW Defense & Space Systems Group, AMERICAN SYSTEMS, and TASC, Inc. He holds a Ph.D. in Electrical Engineering from Caltech, as well as an M.S. in Electrical Engineering from Caltech and a B.A. in Physics from Occidental College. Impinj received funding from various venture firms, including Madrona Venture Group and ARCH Venture Partners, before its IPO.

Cary Baker, Chief Financial Officer

Cary Baker joined Impinj as Chief Financial Officer in February 2020. Before Impinj, he served as Chief Financial Officer and Treasurer at RealNetworks since 2017. His previous experience includes CFO roles at HEAT Software and NetMotion Software, and he was the Vice President of Finance with Clearwire Corporation. Earlier in his career, Baker held financial leadership positions at Boost Mobile and Sprint Corporation. He earned an MBA from the Kelley School of Business at Indiana University and a Bachelor of Science degree in finance from the University of Idaho.

Jeff Dossett, Chief Revenue Officer

Jeff Dossett is the Chief Revenue Officer at Impinj, leading global sales, marketing, product management, and business development. He has over 25 years of executive leadership experience across various industries, including new media, online marketing, software, and digital experiences. His career includes executive roles at Microsoft, Yahoo!, Demand Media (now Leaf Group), Porch, and GOOD Worldwide. Dossett also has experience as an investor, strategic advisor, and board director for emerging-growth companies. He is an accomplished high-altitude mountain climber, having summited Mount Everest twice and completed the Seven Summits challenge.

Cathal Phelan, Chief Innovation Officer

Cathal Phelan serves as the Chief Innovation Officer at Impinj. He joined Impinj's board of directors in September 2019. Prior to Impinj, he was the CEO of Rapt Touch Inc., a privately held IP provider for multi-touch systems, from November 2014 to November 2019. He also founded his own consulting firm, Atticotti LLC, and served as CEO and President of Ubicom, Inc. Phelan spent 20 years at Cypress Semiconductor Corporation, holding various positions including leading several business units and serving as Chief Technical Officer. He holds bachelor's degrees in mathematics and electronic engineering and a master's degree in microelectronic engineering from Trinity College Dublin in Ireland.

Alberto Pesavento, Chief Technology Officer

Alberto Pesavento is the Chief Technology Officer at Impinj. He also holds the title of CTO, Platform and Chief Technologist. He started at Impinj in July of an unspecified year, suggesting a longer tenure within the company.

The key risks to Impinj's business include the following:

• The company faces significant uncertainty regarding the adoption rate of RAIN RFID technology, which has historically been slower than anticipated. Its business success and financial performance are highly dependent on the continued and accelerated development of this relatively new market.
• Impinj experiences substantial customer concentration, with a few major customers accounting for a significant portion of its total revenue, leading to revenue dependency risk. Additionally, the company's revenue is predominantly derived from the sales of its endpoint integrated circuits (ICs), making it vulnerable to fluctuations in demand, pricing, and the ability to procure sufficient wafers for these products.
• The company's reliance on third-party manufacturers and distribution partners, coupled with a lack of long-term supply contracts, creates supply chain vulnerabilities. This can lead to issues with the availability of silicon wafers and other key inputs, potentially impacting margins and the ability to meet product demand.

• The global RAIN RFID market, encompassing radio tags and associated hardware, was estimated to be over $3 billion in 2021.
• More broadly, the global RFID market is projected to exceed $17 billion in 2025. This market is further anticipated to grow, reaching an estimated $30.47 billion by 2034, up from $14.58 billion in 2025, demonstrating an 8.5% compound annual growth rate. Another report suggests the RFID technology market was valued at $33.5 billion in 2022 and is projected to reach $49.7 billion by 2027, with an 8.2% compound annual growth rate.
• The market for item-level tagging, particularly in retail and logistics, is projected to be worth $17.73 billion globally in 2025.
• Impinj highlights a vast opportunity in connecting everyday items. In 2024, RAIN RFID technology connected over 52 billion items, which the company states represents only approximately 0.5% of potentially connectable items worldwide.

Here are 3-5 expected drivers of future revenue growth for Impinj (PI) over the next 2-3 years:

1. Continued Adoption and Expansion of Next-Generation RAIN RFID Solutions (M800 and Gen2X): Impinj's newer M800 series endpoint integrated circuits and Gen2X technology are anticipated to be significant drivers of revenue growth. The M800 series is expected to improve gross margins and is being integrated by major partners. Gen2X technology further enhances performance, enables new use cases beyond traditional retail apparel tagging, and is being licensed to other semiconductor manufacturers, such as EM Microelectronic, with next-generation Gen2X-enabled dual-frequency ICs expected to be commercially available in 2027.
2. Expansion into New and Existing High-Growth Market Verticals: The company is strategically expanding its presence in existing markets like supply chain and logistics, driven by increasing demand for automation, visibility, and inventory accuracy. Furthermore, Impinj is capitalizing on new applications and market verticals, including the food and beverage sector, influenced by regulations such as the FDA Food Traceability Rule (FSMA 204). Walmart's expanded RFID mandate to include a wider range of General Merchandise departments, such as automotive, electronics, and toys, is also expected to create a significant tailwind for Impinj's M800 series chips.
3. Strategic Ecosystem Partnerships Driving Volume and Market Share: Key partnerships are crucial for Impinj's revenue growth. Avery Dennison, a leading RFID tag supplier, fully integrated Impinj's M800 and Gen2X technology across its global product lineup in late 2025, which is expected to drive substantial volume for Impinj in 2026. The licensing agreement with EM Microelectronic for Gen2X integration into their future endpoint ICs also expands the reach and potential for wider adoption of Impinj's technology.
4. Normalization of Inventory Levels in Retail and Logistics Channels: While Impinj's recent performance has been impacted by ongoing supply chain and inventory corrections within the retail and logistics markets, a recovery from these inventory burn-downs is anticipated. Once these channel inventory levels normalize, it is expected to lead to a resumption of stronger demand and revenue growth for Impinj.

Share Repurchases

• Impinj did not report any significant share repurchases in 2025 or 2026.

Share Issuance

• The number of outstanding shares has steadily increased, primarily due to equity compensation plans such as Restricted Stock Units (RSUs) and employee stock purchase plans. For instance, the number of diluted shares outstanding was 27.5 million in 2022, 28.4 million in 2023, 32.1 million in 2024, and 32.2 million in 2025.
• In 2025, Impinj issued new convertible notes due in 2029, generating net proceeds of approximately $183.6 million. This was part of a broader capital management strategy that also involved a privately negotiated exchange of $190 million principal amount of 2021 Convertible Notes.
• During the first quarter of 2025, common stock outstanding increased by 423,000 shares.

Outbound Investments

• In April 2023, Impinj acquired Voyantic Oy for €25 million (approximately $27 million). Voyantic is a Finnish provider of RFID testing and measurement solutions, and this acquisition aimed to expand Impinj's platform in inlay and label design and manufacturing testing solutions.

Capital Expenditures

• Impinj's capital expenditures, primarily for purchases of property and equipment, were approximately $14.18 million in 2021 (for the nine months ended September 30), $5.98 million in 2022 (for the nine months ended September 30), and $12.86 million in 2025.
• In Q4 2025, capital expenditures were $1.5 million.
• The company operates on an "asset-light manufacturing model" and focuses its capital expenditures on investing in its platform, new product development, software and cloud services, and enhancing capabilities, including those derived from the Voyantic acquisition.