Impinj reports record quarterly revenue of $108.4 million
The company reported a GAAP net income of $12.2 million for the second quarter, reversing a loss from the previous period.
Impinj (PI), the provider of RAIN RFID connectivity, reported record quarterly revenue of $108.4 million for the second quarter.
The result marked a significant acceleration in the company's financial trajectory, with revenue increasing from $74.3 million in the first quarter and surpassing the $97.9 million recorded in the second quarter of the previous year.
Profitability improved across several key metrics. Non-GAAP earnings per share reached a quarterly record of $0.86, up from $0.14 in the first quarter. Adjusted EBITDA also hit a new quarterly high of $30.7 million, compared to $3.4 million in the prior quarter.
Margins expanded as the company scaled. GAAP gross margin rose to 58.6%, up from 49.1% in the first quarter and slightly above the 57.8% reported in the second quarter of 2024. Non-GAAP gross margin followed a similar trend, expanding to 60.9% from 52.4% in the first quarter.
This operational leverage allowed the company to return to GAAP profitability. Impinj reported a GAAP net income of $12.2 million, reversing a GAAP net loss of $25.3 million in the first quarter.
Looking ahead, the company projected third-quarter revenue between $105.5 million and $108.5 million. This guidance suggests a flat trajectory or a slight sequential decrease from the second-quarter actual of $108.4 million.
Impinj also provided guidance for third-quarter Adjusted EBITDA between $20.7 million and $22.2 million, a decrease from the $30.7 million achieved in the second quarter.