Wed, Jul 24, 8:28 PM (45 days ago)
Impinj, Inc. reported its financial results for the quarter ended June 30, 2024. Key highlights include: - **Revenue**: Increased to $102.5 million from $86 million in the same quarter last year, driven by higher endpoint IC sales and licensing revenue. - **Gross Profit**: Rose to $57.5 million from $43.8 million, with gross margins improving to 56.1% due to high-margin licensing revenue. - **Operating Income**: Achieved $9 million, a significant improvement from an $8.4 million loss in the prior year, attributed to increased gross profit and reduced operating expenses. - **Net Income**: Reported $10 million, a turnaround from an $8.1 million loss, bolstered by a $45 million litigation settlement with NXP. - **Cash Flow**: Generated $105.6 million from operating activities, significantly improving from a $49.1 million outflow last year, aided by lower inventory levels. - **Future Outlook**: The company anticipates continued variability in quarterly results due to macroeconomic conditions and changes in end-user demand. Overall, Impinj showed strong financial performance and significant improvements in profitability and cash flow.