Here are 1-3 brief analogies for Impinj:

• Qualcomm for item identification chips: Impinj designs the specialized chips that give physical objects a unique digital identity, much like Qualcomm designs chips that enable connectivity for mobile devices.
• Amazon Web Services (AWS) for physical goods tracking: Impinj provides the foundational technology (chips, readers, software) that allows businesses to track and manage their physical inventory and assets at scale, similar to how AWS provides the cloud infrastructure for digital data and operations.
• Google for physical objects: Just as Google indexes and organizes information about the digital world, Impinj aims to enable the identification and organization of every physical item in the real world.

• Impinj Endpoint ICs: Small integrated circuits embedded in RAIN RFID tags that give physical items a unique digital identity.
• Impinj RAIN RFID Readers: Devices that wirelessly identify, locate, and authenticate items equipped with RAIN RFID tags, transmitting data to enterprise systems.
• Impinj RAIN RFID Gateways: Intelligent reader systems designed to provide continuous inventory and item location data over large areas.
• Impinj RAIN RFID Antennas: Components that enable readers and gateways to transmit and receive radio waves for interacting with RAIN RFID tags.
• Impinj Software: A suite of software solutions, including Impinj ItemSense, for managing RAIN RFID data and integrating it into business applications.

Impinj (PI) is a B2B (business-to-business) company, primarily selling its RAIN RFID platform, including endpoint ICs (chips), readers, gateways, and software, to a global network of partners and distributors.

Its major customers are typically:

• Global Electronics Distributors: These companies purchase Impinj's products (especially endpoint ICs and readers) in large volumes and resell them to a wide range of system integrators, solution providers, and OEMs worldwide. Impinj's 10-K filings consistently indicate that one or more distributors account for a significant portion (over 10%) of its total revenue. A prominent example in the industry that distributes Impinj products is:
  • Arrow Electronics, Inc. (Symbol: ARW)
• RFID Tag Manufacturers and Converters: These companies embed Impinj's endpoint ICs into billions of RFID inlays and tags, which are then sold to end-users across various industries (retail, supply chain, healthcare, etc.). A key player in this space that utilizes Impinj technology is:
  • Avery Dennison Corporation (Symbol: AVY)
• System Integrators and Solution Providers: While often purchasing Impinj products through distributors, these partners are critical direct or indirect customers who build and deploy complete RAIN RFID solutions for end-users. They integrate Impinj's hardware and software into comprehensive systems for applications like inventory management, asset tracking, and supply chain visibility.

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Chris Diorio, Chief Executive Officer and Vice Chair

Chris Diorio is the co-founder of Impinj, starting the company in 2000. He has served as CEO since November 2014 and is recognized as a pioneer in RAIN RFID technology with over 30 years of experience in computer and radio engineering. Before his leadership at Impinj, Dr. Diorio was an affiliate professor at the University of Washington, contributing to computer science and engineering. He holds over 175 issued patents.

Cary Baker, Chief Financial Officer

Cary Baker has been the Chief Financial Officer of Impinj since February 2020. Prior to joining Impinj, he was the senior vice president, chief financial officer, and treasurer of RealNetworks, Inc. from May 2017 to February 2020. Mr. Baker's career also includes serving as chief financial officer for HEAT Software, Inc. and NetMotion Software, and holding financial leadership roles at Clearwire Corporation, Boost Mobile, and Sprint Corporation.

Hussein Mecklai, Chief Operating Officer

Hussein Mecklai has served as Impinj's Chief Operating Officer since February 2022. Before his role at Impinj, Mr. Mecklai was the Vice President and General Manager of the Product Architecture Group at Intel Corporation. His experience also includes leadership positions at Infineon, Agere Systems, and Lucent Technologies.

Cathal Phelan, Chief Innovation Officer

Cathal Phelan assumed the role of Chief Innovation Officer at Impinj in January 2023. Previously, Mr. Phelan served as the Chief Executive Officer of RAPT Touch and Ubicom. He also held various engineering and management roles, including Chief Technology Officer, at Cypress Semiconductor for a period of 20 years.

Gahan Richardson, Executive Vice President

Gahan Richardson was promoted to Executive Vice President at Impinj in July 2024, focusing on executing the company's strategy. He joined Impinj in 2017, initially leading Impinj IC sales. In his current role, Mr. Richardson oversees the company's product roadmap, market development, and ecosystem initiatives.

• Expansion into New Markets and Applications: Impinj anticipates significant growth from new verticals, particularly in food tagging, which is considered a market potentially ten times larger than its current scope. This expansion is driven by quick-serve restaurant rollouts and grocery pilots. Beyond food, the company's RAIN RFID platform is also applicable across diverse sectors such as aviation, healthcare, hospitality, industrial, sports, travel, banking, automotive, and linen and uniform tracking, offering broad opportunities for market penetration.
• Increased Adoption and Deployment in Core Markets: The company continues to see robust demand and penetration in its established markets, particularly retail general merchandise and supply chain and logistics. Ongoing large-scale rollout programs with Fortune 500 companies in these sectors are expected to contribute significantly to future revenue.
• Introduction and Growth of New Products and Platform Advancements: The ramp-up and adoption of new product innovations like the M800 series Integrated Circuits (ICs) and the Impinj Gen2X platform are crucial for revenue expansion. M800 IC shipments have shown significant growth, and a higher mix of these products is expected to improve gross margins and drive sales. The Gen2X platform is designed to dramatically expand the range of enterprise solutions that Impinj and its partners can deliver, opening new revenue streams.
• Growth in Software and Platform Solutions, and Recurring Revenue Streams: Impinj's strategy includes enhancing its software and cloud services, which are critical for long-term success. The company is actively pursuing a recurring revenue model, primarily through authentication services. These services leverage the entire Impinj platform, monetizing both endpoint ICs and the authentication service itself, thereby creating sustainable revenue streams beyond initial hardware sales.
• Leveraging its Partner Ecosystem for Scalable Deployment: Impinj's go-to-market strategy heavily relies on its extensive partner ecosystem, which includes original equipment manufacturers (OEMs), tag service bureaus, original device manufacturers (ODMs), system integrators, value-added resellers (VARs), and independent software vendors (ISVs). By sharing enterprise learnings and enabling partner solutions, Impinj aims to capture a larger share of the endpoint IC market and scale its deployments globally.

Share Repurchases

• In September 2025, Impinj simultaneously repurchased $190 million of its 1.125% convertible notes. This transaction aimed to reduce interest expense and lower underlying share dilution.
• As of November 2025, the number of shares outstanding for Impinj decreased by 6.08% in one year.

Share Issuance

• In September 2025, Impinj announced the pricing of an upsized offering of $170 million in 0% Convertible Senior Notes due 2029 in a private offering, with estimated net proceeds of approximately $164.2 million.
• The proceeds from this offering, along with cash on hand, were used to exchange $190.0 million of outstanding 1.125% Convertible Senior Notes due 2027 for approximately $190.5 million in cash and about 0.8 million shares of Impinj's common stock.
• The company also engaged in capped call transactions to mitigate potential dilution from the convertible notes, with an initial cap price of $340.32 per share.

Inbound Investments

• In September 2024, Sylebra Capital Ltd., a more-than-10% owner of Impinj and a global investment firm, purchased 4,264,393 shares of PI stock totaling $20 million through the exercise of warrants.

Capital Expenditures

• Impinj's capital expenditures for the third quarter of 2025 totaled $2.9 million, specifically for purchasing property, plant, and equipment.
• The company's capital expenditures were -$17.95 million (TTM as of June 2025), -$17.11 million in FY 2024, -$18.59 million in FY 2023, -$12.08 million in FY 2022, and -$16.23 million in FY 2021.
• Expected capital expenditures for 2025 are indicated to be lower, reflecting a 22.25% decline in the company's cash balance in the nine months leading up to September 30, 2024. A primary focus of capital allocation and investment includes platform enhancements, new product launches like the M800 and Gen2X, and the development of SaaS/cloud capabilities for recurring software revenue.