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Impinj Inc. (PI-3.13%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $366.1 million, an increase from $307.5 million in the previous year. The revenue growth was primarily driven by higher shipment volumes of endpoint ICs and increased licensing revenue.
The company reported a gross profit of $188.9 million, up from $152.0 million in the prior year, with a gross margin of 51.6%, compared to 49.4% the previous year. This increase was largely due to high-margin licensing revenue.
Operating expenses totaled $195.9 million, slightly up from $195.5 million in 2023. Research and development expenses increased to $98.8 million, while general and administrative expenses decreased to $51.8 million.
Impinj recorded a net income of $40.8 million for 2024, compared to a net loss of $43.4 million in 2023. The turnaround was aided by a $45 million income from a settlement agreement with NXP.
The company ended the year with cash, cash equivalents, and short-term investments totaling $164.7 million, down from $113.2 million in the previous year.
The filing outlines potential risks, including competitive market conditions, reliance on a small number of customers, and challenges in scaling enterprise solutions.
Impinj continues to focus on expanding its RAIN market leadership and enhancing its platform capabilities through strategic partnerships and innovation.
The company does not anticipate paying cash dividends on its common stock in the foreseeable future, as it intends to reinvest in business development and growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Impinj Inc. annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.