Impinj, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with total revenue reaching $366.1 million, a 19% increase from $307.5 million in 2023. The company's gross profit also rose to $188.9 million, resulting in a gross margin of 51.6%, up from 49.4% the previous year. Despite these gains, Impinj recorded a loss from operations of $7.1 million, an improvement from a loss of $43.5 million in 2023, primarily due to increased gross profit driven by higher endpoint integrated circuit (IC) sales and licensing revenue.
The increase in revenue was largely attributed to a $71.5 million rise in endpoint IC sales, which amounted to $305.9 million, driven by higher shipment volumes and additional licensing revenue. However, systems revenue decreased by $12.9 million to $60.2 million, reflecting lower shipment volumes. The company noted that the average selling price (ASP) for endpoint ICs declined due to product mix shifts and short-term pricing incentives on legacy products.
Strategically, Impinj completed the acquisition of Voyantic Oy in April 2023, enhancing its capabilities in RFID inlay and label design, manufacturing, and testing. This acquisition is expected to bolster Impinj's product offerings and market position. The company also reported a significant legal settlement with NXP Semiconductors, which resulted in a one-time payment of $45 million and ongoing annual licensing fees, further contributing to its revenue stream.
Operationally, Impinj's workforce consisted of 451 employees as of December 31, 2024, with a focus on research and development, which saw expenses increase to $98.8 million from $88.6 million in 2023. The company continues to invest in product development and innovation to maintain its competitive edge in the RAIN technology market. Looking ahead, Impinj anticipates continued growth in endpoint IC sales and plans to leverage its expanded capabilities to capture a larger share of the market, despite the challenges posed by fluctuating demand and competitive pressures.
About IMPINJ INC
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