Impinj Reports Fourth Quarter and Full Year 2021 Financial Results|||

SEATTLE–(BUSINESS WIRE)–Impinj, Inc. (NASDAQ: PI), a leading provider and pioneer of RAIN RFID solutions, today released its financial results for the fourth quarter and year ended December 31, 2021.

“Our fourth-quarter results capped a stiff close to an exceptional yr,” said Chris Diorio, Impinj co-founder and CEO. “Nosotros delivered record bookings, revenue and adjusted EBITDA while launching key new products, investing in our team, building our 300mm post-processing capacity and accelerating our Impinj M700 endpoint IC ramp.”

Fourth Quarter 2021 Fiscal Summary

  • Revenue of $52.six meg
  • GAAP gross margin of 55.5%; non-GAAP gross margin of 58.2%
  • GAAP cyberspace loss of $20.0 million, or loss of $0.81 per diluted share using 24.six one thousand thousand shares
  • Adjusted EBITDA of $v.3 million
  • Non-GAAP net income of $four.three million, or income of $0.16 per diluted share using 26.8 million shares

Full Year 2021 Financial Summary

  • Revenue of $190.three million
  • GAAP gross margin of 52.0%; non-GAAP gross margin of 54.2%
  • GAAP net loss of $51.3 million, or loss of $2.12 per diluted share using 24.2 million shares
  • Adjusted EBITDA of $nine.ane million
  • Not-GAAP net income of $vi.4 million, or income of $0.25 per diluted share using 25.9 one thousand thousand shares

A reconciliation between GAAP and non-GAAP data is independent in the tables beneath. Additionally, descriptions of these not-GAAP financial measures are provided in the “Non-GAAP Financial Measures” sections beneath.

First Quarter 2022 Fiscal Outlook

Impinj provides guidance based on current market place atmospheric condition and expectations; actual results may differ materially. Please refer to the comments below regarding forward-looking statements. The following table presents Impinj’southward financial outlook for the beginning quarter of 2022 (in millions, except per share information):

Three Months Catastrophe

March 31, 2022

Revenue

$50.0 to $52.0

GAAP Net loss

($xiv.half dozen) to ($thirteen.1)

Adjusted EBITDA income

$0.one to $1.6

GAAP Weighted-average shares — basic and diluted

24.90 to 25.10

GAAP Net loss per share — basic and diluted

($0.58) to ($0.52)

Non-GAAP internet income (loss)

($i.1) to $0.4

Non-GAAP Weighted-average shares — basic

24.xc to 25.10

Non-GAAP Weighted-average shares — diluted

24.90 to 27.20

Non-GAAP Net income (loss) per share — bones and diluted

($0.05) to $0.01

A reconciliation between GAAP and not-GAAP is provided in the “Non-GAAP Financial Measures” section below.

Conference Telephone call Data

Impinj will host a briefing call today, Feb 9, 2022 at 5:00 p.m. ET / 2:00 p.1000. PT to discuss its 4th-quarter and total-year 2021 results, besides equally its outlook for its kickoff quarter 2022. Interested parties may access the call by dialing +1-412-317-5196. A live webcast and replay will also be available on the company’s website at investor.impinj.com. Post-obit the call, a telephonic replay volition be bachelor for five concern days and may be accessed past dialing +1-412-317-0088 and entering passcode 6917537.

Direction’s prepared written remarks, along with quarterly financial information, will exist made available on the visitor’s website at investor.impinj.com forth with this release.

Forrard-Looking Statements

This release contains forward-looking statements within the significant of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Commutation Act of 1934 and the Private Securities Litigation Reform Deed of 1995. These forward-looking statements include statements regarding the market for RAIN RFID, our strategy, prospects, the bear upon of Covid-19, and financial considerations for the starting time quarter of 2022 and future periods.

Forward-looking statements are discipline to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or unsaid by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of hereafter performance.

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The potential risks and uncertainties that could cause actual results to differ from the results predicted include, amongst others, those risks and uncertainties included nether the explanation “Risk Factors” and elsewhere in our annual report on Form ten-K and quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. All data provided in this release and in the attachments is as of the appointment hereof, and we undertake no duty to update this information unless required by law.

Most Impinj

Impinj (NASDAQ: PI) helps businesses and people analyze, optimize, and introduce by wirelessly connecting billions of everyday
things
— such as dress, automobile parts, luggage, and shipments — to the Cyberspace. The Impinj platform uses Rain RFID to deliver timely data about these everyday
things
to business and consumer applications, enabling a dizzying Net of Things. world wide web.impinj.com

Impinj is a registered trademark of Impinj, Inc. All other trademarks are the property of their owners.

IMPINJ, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value, unaudited)

December 31, 2021
(one)

December 31, 2020

Avails:

Electric current assets:

Cash and greenbacks equivalents

$

123,903

$

23,636

Short-term investments

69,443

82,453

Accounts receivable, internet

35,449

25,003

Inventory

21,958

36,329

Prepaid expenses and other electric current assets

five,049

3,943

Total electric current avails

255,802

171,364

Long-term investments

fourteen,225

Belongings and equipment, internet

27,500

16,531

Operating lease right-of-use assets

11,667

13,761

Other not-electric current assets

2,462

ii,079

Goodwill

iii,881

3,881

Total avails

$

315,537

$

207,616

Liabilities and stockholders’ equity:

Current liabilities:

Accounts payable

$

11,732

$

ten,144

Accrued bounty and employee related benefits

6,365

5,529

Accrued and other current liabilities

two,481

1,468

Electric current portion of operating lease liabilities

4,143

3,641

Restructuring liabilities

591

Current portion of long-term debt

9,633

Current portion of deferred revenue

558

6,811

Total current liabilities

35,503

27,593

Long-term debt, cyberspace of current portion

278,661

54,556

Operating lease liabilities, net of current portion

11,934

15,266

Other long-term liabilities

279

805

Deferred acquirement, cyberspace of current portion

236

277

Total liabilities

326,613

98,497

Stockholders’ equity:

Common stock, $0.001 par value

25

23

Additional paid-in capital letter

351,422

423,759

Accumulated other comprehensive (loss) income

(39

)

three

Accumulated deficit

(362,484

)

(314,666

)

Total stockholders’ equity

(11,076

)

109,119

Total liabilities and stockholders’ disinterestedness

$

315,537

$

207,616

(1) Nosotros adopted ASU 2020-06 on Jan one, 2021 using modified retrospective transition method and accounted for our convertible notes due 2026, or the 2019 Notes, on a whole-instrument footing. Upon adoption, nosotros no longer had unamortized debt discount related to the equity component of the 2019 Notes. The condensed consolidated fiscal statements every bit of March 31, 2021, June 30, 2021, September 30, 2021, and December 31, 2021 are presented under ASU 2020-06, while comparative prior reporting period presented is non adjusted and continue to be reported in accordance with our historical bookkeeping policy.

IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data, unaudited)

3 Months Concluded

Year Ended

Dec 31,

December 31,

2021

2020

2021

2020

Acquirement

$

52,574

$

36,448

$

190,283

$

138,923

Cost of revenue

23,391

19,034

91,329

73,783

Gross profit

29,183

17,414

98,954

65,140

Operating expenses:

Research and evolution

17,578

14,971

64,058

48,590

Sales and marketing

9,710

8,086

34,287

28,663

Full general and administrative

9,125

8,743

36,137

34,958

Restructuring costs

458

1,721

Total operating expenses

36,871

31,800

136,203

112,211

Loss from operations

(7,688

)

(xiv,386

)

(37,249

)

(47,071

)

Other income, net

4

66

25

650

Induced conversion expense

(11,333

)

(11,333

)

Interest expense

(974

)

(1,392

)

(2,550

)

(5,413

)

Loss before income taxes

(19,991

)

(15,712

)

(51,107

)

(51,834

)

Income tax expense

(23

)

(5

)

(153

)

(89

)

Net loss

$

(twenty,014

)

$

(15,717

)

$

(51,260

)

$

(51,923

)

Net loss per share — basic and diluted

$

(0.81

)

$

(0.68

)

$

(2.12

)

$

(two.28

)

Weighted-average shares — bones and diluted

24,581

23,218

24,176

22,819

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IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF Cash FLOWS

(in thousands, unaudited)

Year Concluded

December 31,

2021

2020

Operating activities:

Net loss

$

(51,260)

$

(51,923)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation

4,602

4,504

Stock-based compensation

40,498

25,675

Accretion of discount or amortization of premium on investments

896

224

Acquittal of debt issuance costs and debt discount

568

3,680

Induced conversion expense related to convertible notes

11,333

Settlement and related costs

(460)

Changes in operating assets and liabilities:

Accounts receivable

(10,446)

(ane,268)

Inventory

14,371

(two,176)

Prepaid expenses and other assets

(770)

(three,081)

Deferred acquirement

(6,294)

vi,324

Accounts payable

2,340

three,491

Accrued compensation and employee related benefits

836

(330)

Operating lease right-of-use assets

2,792

2,740

Operating lease liabilities

(3,528)

(3,380)

Accrued and other liabilities

987

(i,357)

Net cash provided by (used in) operating activities

6,465

(sixteen,877)

Investing activities:

Purchases of investments

(84,412)

(82,735)

Gain from maturities of investments

82,000

49,522

Purchases of belongings and equipment

(sixteen,230)

(3,074)

Net cash used in investing activities

(eighteen,642)

(36,287)

Financing activities:

Primary payments on finance lease obligations

(2)

(257)

Gain from practise of stock options and employee stock purchase programme

17,648

ten,159

Proceeds from issuance of 2021 Notes, net of issuance costs

278,422

Payment of 2019 Notes

(183,624)

Net greenbacks provided by financing activities

112,444

9,902

Internet increase (decrease) in cash and cash equivalents

100,267

(43,262)

Cash and cash equivalents

Beginning of catamenia

23,636

66,898

End of menstruation

$

123,903

$

23,636

Not-GAAP Financial Measures

To supplement our condensed consolidated financial statements prepared and presented in accordance with U.Due south. mostly accepted accounting principles, or GAAP, our key non-GAAP operation measures include adapted EBITDA and not-GAAP cyberspace income (loss), as divers below. We use adjusted EBITDA and non-GAAP net income (loss) as key measures to understand and evaluate our core operating performance and trends, to gear up and approve our annual budget and to develop brusk- and long-term operating plans. We believe these measures provide useful information for period-to-period comparisons of our business to allow investors and others to sympathize and evaluate our operating results in the same manner as our management and board of directors. Our presentation of these non-GAAP financial measures is non meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may exist dissimilar from similarly termed non-GAAP measures used by other companies.

Adjusted EBITDA

We ascertain adjusted EBITDA as net income (loss) determined in accordance with GAAP, excluding, if applicable for the periods presented, the effects of stock-based compensation; depreciation; investigation costs; restructuring costs; settlement and related costs; other income, internet; interest expense; loss on debt extinguishment; and income taxation benefit (expense). In 2nd-quarter 2020, we revised our definition of adjusted EBITDA to exclude litigation settlement costs for the class-action and derivative lawsuits, including related costs. In quaternary-quarter 2021, nosotros revised our definition of adapted EBITDA to exclude the expense incurred in connection with the Nov 2021 induced conversion of our 2019 Notes. We have excluded these costs and expenses because we practise not believe they reflect our core operations and us excluding them enables more than consequent evaluation of our operating performance. Excluding settlement and related costs did not impact non-GAAP internet income (loss) previously reported for prior periods preceding the revision.

Non-GAAP Net Income (Loss)

Nosotros define non-GAAP net income (loss) as net income (loss), excluding, if applicative for the periods presented, the effects of stock-based compensation; depreciation; investigation costs; restructuring costs; settlement and related costs; acquittal of debt discount related to the disinterestedness component of our convertible notes; and prepayment penalty on debt extinguishment. In 2nd-quarter 2020, nosotros revised our definition of non-GAAP cyberspace income (loss) to exclude litigation settlement costs for the class-activeness and derivative lawsuits, including related costs. Excluding settlement and related costs did non impact non-GAAP cyberspace income (loss) previously reported for prior periods preceding the revision. In quaternary-quarter 2021, we revised our definition of non-GAAP net income (loss) to exclude the expense incurred in connexion with the November 2021 induced conversion of our 2019 Notes.

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GAAP requires that certain convertible debt instruments that may be settled in cash on conversion be deemed for as separate liability and equity components in a manner that reflects our not-convertible debt borrowing rate. This accounting results in the debt component being treated as though it was issued at a discount, with the debt discount existence amortized as boosted non-cash interest expense over the debt instrument term using the effective interest method. As a result, nosotros believe that excluding this non-cash interest expense attributable to the debt discount in computing our non-GAAP internet income (loss) is useful because this interest expense is non indicative of our ongoing operational operation.

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO Not-GAAP FINANCIAL MEASURES

(in thousands, except percentages, unaudited)

Three Months Concluded

Year Ended

December 31,

Dec 31,

2021

2020

2021

2020

GAAP Gross margin

55.5

%

47.8

%

52.0

%

46.9

%

Adjustments:

Depreciation

1.6

%

ane.4

%

i.two

%

ane.4

%

Stock-based compensation

one.1

%

i.2

%

i.0

%

0.vii

%

Not-GAAP Gross margin

58.2

%

50.4

%

54.2

%

49.0

%

GAAP Net loss

$

(xx,014

)

$

(fifteen,717

)

$

(51,260

)

$

(51,923

)

Adjustments:

Depreciation

one,431

i,102

4,602

4,504

Stock-based bounty

eleven,547

10,174

40,498

25,675

Other income, net

(four

)

(66

)

(25

)

(650

)

Involvement expense

974

ane,392

2,550

5,413

Income tax expense

23

v

153

89

Settlement and related costs

(460

)

(460

)

5,359

Restructuring costs

458

1,721

Induced conversion expense

11,333

11,333

Adjusted EBITDA

$

5,288

$

(three,110

)

$

ix,112

$

(11,533

)

GAAP Cyberspace loss

$

(xx,014

)

$

(15,717

)

$

(51,260

)

$

(51,923

)

Adjustments:

Depreciation

1,431

one,102

4,602

4,504

Stock-based bounty

xi,547

10,174

40,498

25,675

Amortization of debt disbelieve

929

3,566

Settlement and related costs

(460

)

(460

)

5,359

Restructuring costs

458

ane,721

Induced conversion expense

11,333

eleven,333

Non-GAAP Net income (loss)

$

4,295

$

(3,512

)

$

vi,434

$

(12,819

)

Non-GAAP Internet income (loss) per share:

Basic

$

0.17

$

(0.15

)

$

0.27

$

(0.56

)

Diluted

$

0.16

$

(0.xv

)

$

0.25

$

(0.56

)

GAAP and not-GAAP Weighted-average shares — basic

24,581

23,218

24,176

22,819

GAAP Weighted-average shares — diluted

24,581

23,218

24,176

22,819

Dilutive shares from stock plans

2,195

one,768

Not-GAAP Weighted-average shares — diluted

26,776

23,218

25,944

22,819

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL OUTLOOK TO NON-GAAP FINANCIAL OUTLOOK

(in thousands, except per share data, unaudited – calculated at the midpoint of the outlook range)

Three Months Ending

March 31,

2022

GAAP Net loss

$

(13,845

)

Adjustments:

Forecasted Depreciation

1,630

Forecasted Stock-based compensation

xi,800

Forecasted Interest expense

ane,260

Forecasted Other income, cyberspace

(50

)

Forecasted Income tax expense

30

Adjusted EBITDA

$

825

GAAP Cyberspace loss

$

(13,845

)

Adjustments:

Forecasted Depreciation

i,630

Forecasted Stock-based compensation

11,800

Non-GAAP Net loss

$

(415

)

GAAP Cyberspace loss per share — basic and diluted

$

(0.55

)

Non-GAAP Cyberspace loss per share — basic and diluted

$

(0.02

)

GAAP and Non-GAAP weighted-average shares — basic and diluted

25,000

Contacts

Investor Relations

Andy Cobb, CFA

Vice President, Strategic Finance

+one-206-315-4470

ir@impinj.com

Media Relations

Jill West

Vice President, Strategic Communications

+1 206-834-1110

jwest@impinj.com

Source: https://www.dailyhostnews.com/impinj-reports-fourth-quarter-and-full-year-2021-financial-results