Yahoo Finance Impinj Inc (PI) Surpasses Q1 2024 Earnings and Revenue Estimates
Revenue: Reported at $76.8 million, surpassing estimates of $73.58 million.
Net Income: GAAP net income reached $33.3 million, significantly exceeding estimates of $2.90 million.
Earnings Per Share (EPS): GAAP EPS was $1.10 per diluted share, far above the estimated $0.11.
Gross Margin: GAAP gross margin stood at 48.9%; non-GAAP gross margin was higher at 51.5%.
Adjusted EBITDA: Achieved $6.7 million, reflecting operational profitability.
Non-GAAP Net Income: Reported at $6.2 million, with non-GAAP EPS of $0.21 per diluted share.
Future Outlook: Second quarter revenue projected between $96.0 million to $99.0 million, indicating expected growth.
On April 24, 2024, Impinj Inc (NASDAQ:PI), a leader in RAIN RFID technology and a pioneer in the Internet of Things, announced its financial results for the first quarter ended March 31, 2024. The company reported significant growth, with both revenue and profitability exceeding expectations. Impinj Inc (NASDAQ:PI) released its 8-K filing detailing these results, which showcased a robust start to the year.
Impinj operates a comprehensive platform that enables wireless connectivity to everyday items, enhancing data accessibility concerning identity, location, and authenticity across various applications. The company's technology portfolio includes endpoint integrated circuits and connectivity solutions that facilitate RAIN RFID functions. With a significant operational footprint in the Asia Pacific region, Impinj continues to influence the expansive hardware sector.
Financial Performance Highlights
For Q1 2024, Impinj reported revenue of $76.8 million, surpassing the analyst's expectation of $73.58 million. This represents a robust performance against the estimated figures. The GAAP net income stood at an impressive $33.3 million, or $1.10 per diluted share, significantly outperforming the forecasted net income of $2.90 million and earnings per share of $0.11. Non-GAAP figures were also strong, with net income reaching $6.2 million, or $0.21 per diluted share.
The company's gross margin on a GAAP basis was 48.9%, with a non-GAAP gross margin of 51.5%. Adjusted EBITDA for the quarter was reported at $6.7 million. These metrics highlight Impinj's effective management and operational efficiency, contributing to a solid financial foundation and profitability.
Operational and Strategic Developments
Chris Diorio, Impinj co-founder and CEO, commented on the quarter's achievements, stating, "2024 started strong, with revenue and profitability exceeding both our fourth-quarter results and first-quarter guidance." He emphasized the company's continued focus on driving its vision to connect every item in our everyday world, expressing confidence in the market position and future opportunities.
Looking Ahead: Q2 2024 Financial Outlook
Impinj provided guidance for the second quarter of 2024, projecting revenue between $96.0 million and $99.0 million. The anticipated GAAP net income is expected to range from $5.9 million to $7.4 million, with an adjusted EBITDA income between $23.9 million to $25.4 million. These projections reflect the company's positive outlook and expected continued growth.
Conclusion
Impinj's impressive start to 2024 underscores its strong market position and operational excellence. With a strategic focus on expanding its innovative RAIN RFID solutions, Impinj is well-positioned to capitalize on the growing demand for IoT technologies. Investors and stakeholders may look forward to continued growth and profitability as the company progresses through the year.
For detailed financial figures and future updates, stakeholders are encouraged to refer to the official SEC filings and the company's investor relations communications.
Explore the complete 8-K earnings release (here) from Impinj Inc for further details.
This article first appeared on GuruFocus.
