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- **Q3 Revenue Beat**: $96.1M (+1% YoY), driven by record endpoint IC and reader volumes. Adjusted EBITDA of $19.1M up 10% YoY.
- **Gen2X Growth**: M800 endpoint ICs and E Family readers powered 15% sequential endpoint IC growth (excl. licensing). Q4 gross margin to expand >100bps.
- **Food Industry Breakthrough**: Walmart and Kroger partnerships target $190M+ annual endpoint IC revenue by 2026. Q3 food volumes modest but growing.
- **E-commerce Expansion**: New SaaS leadership to drive recurring revenue in direct-to-consumer and 3PL logistics.
- **Q4 Outlook**: Revenue $90-93M (-5% QoQ), EBITDA $15.4-16.9M. Gross margin to improve >100bps sequentially.

**【CEO Summary Section】**
- **Revenue and EBITDA Beat Expectations**: Q3 revenue of $96.1M exceeded the upper end of guidance, driven by record endpoint IC and reader volumes. Adjusted EBITDA reached $19.1M, a new quarterly record on a product revenue basis.
- **Gen2X Success**: M800 endpoint ICs and E Family reader ICs powered growth, with Gen2X customizations enabling use cases like overhead reading and food freshness tracking.
- **Food Industry Expansion**: Announced partnerships with Walmart and Kroger for item-level tagging in perishables, targeting $190M in annual endpoint IC revenue by 2026. Q3 food volumes were modest but growing, with deployments expected to accelerate in 2026.
- **E-commerce Strategy**: Expanded into direct-to-consumer and 3PL logistics, leveraging RAIN RFID for inventory visibility and supply chain efficiency.
- **Hiring for Recurring Revenue**: Hired an SVP of SaaS and Cloud Services to develop software solutions for recurring revenue opportunities.

**【CFO Financial Commentary】**
- **Revenue Performance**: Q3 endpoint IC revenue ($78.8M) declined 7% sequentially but grew 15% excluding licensing. Systems revenue ($17.3M) surged 30% sequentially due to reader strength in supply chain.
- **Gross Margin Improvement**: Q3 gross margin was 53%, up 40bps sequentially excluding licensing. Q4 expected to see >100bps sequential gross margin expansion due to M800 ramp and cost reductions.
- **Operating Expenses**: Q3 operating expenses ($31.8M) were below expectations, with disciplined spending. Q4 expenses expected to increase as hiring accelerates.
- **Balance Sheet Strength**: Ended Q3 with $265.1M in cash and investments. Issued $190M in 0% convertible notes to reduce interest costs and dilution.
- **Q4 Outlook**: Revenue guidance of $90-93M reflects seasonal decline, with adjusted EBITDA of $15.4-16.9M and non-GAAP EPS of $0.48-0.52.

**【Q&A Key Highlights】**
- **Reader Revenue Timing**: Q3 strength led to Q4 step-down, driven by project phasing (e.g., North American supply chain and European retailer rollouts). End-user macro adjustments caused delays, not pullbacks.
- **Walmart Impact**: Grocers will follow Walmart's lead, creating a $multibillion annual endpoint IC opportunity. Impinj is sole provider in current pilots but expects to maintain share through Gen2X innovation.
- **Competitor Threats**: Bluetooth beacons are niche solutions for low-volume use cases. RAIN RFID's scale and ecosystem make it the clear leader for high-volume applications.
- **Gross Margin Leverage**: M800 ramp and 2025 wafer costs will drive Q4 gross margin expansion. Long-term model shows 60%+ gross margin potential.
- **OpEx Growth**: Q4 operating expenses will increase as R&D and SaaS hiring accelerates. Long-term focus on OpEx leverage through scale.

Impinj, Inc. (PI) Q3 2025 Earnings Call Transcript

Revenue

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Financing Services Revenue

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Cost of Revenue

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Operating Expenses

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PI

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