Impinj FY 2025 Earnings Snapshot Sets Up a Margins Story for Investors

Impinj (PI) has just wrapped up FY 2025 with Q4 revenue of US$92.8 million and a basic EPS loss of US$0.04, alongside trailing twelve month revenue of US$361.1 million and basic EPS of US$0.37 in losses. Over the past six quarters, the company has seen quarterly revenue move between US$74.3 million and US$97.9 million, while basic EPS has swung from a profit of US$0.40 in Q2 2025 to losses such as US$0.44 in Q3 2025 and US$0.09 in Q4 2024. This puts the focus squarely on how efficiently Impinj is converting that top line into sustainable margins.

See our full analysis for Impinj.

With the latest numbers on the table, the next step is to line them up against the most common narratives around Impinj, to see which stories about growth, profitability and risk really hold up and which ones start to look a bit stretched.

Revenue Growing Around 19% With Mixed Quarterly Pattern

• Over the last 12 months, Impinj's revenue has grown about 19.2% a year, while individual quarters in FY 2025 ranged from US$74.3 million in Q1 to US$97.9 million in Q2 and finished at US$92.8 million in Q4.
• Consensus narrative supporters point to expanding RFID adoption in food, logistics and retail as a long runway, yet the trailing twelve month revenue line of US$361.1 million versus US$366.1 million a year earlier shows that pilots and new use cases still need to translate into consistently higher reported sales.
  • Analysts are assuming revenue growth of 20.6% a year over the next 3 years, which is higher than the 19.2% growth quoted for the last year and will likely require those newer verticals to scale beyond current levels.
  • The Q2 2025 context that company revenue and endpoint IC revenue were both down 4% and 5% year over year, despite sequential growth, is a reminder that individual quarters can be choppy even when the long term RFID story looks supportive.

Losses Narrow On TTM Basis While Bulls Eye Margin Expansion

• On a trailing twelve month view at Q4 2025, Impinj reported basic EPS of a US$0.37 loss and net income loss of US$10.8 million on US$361.1 million of revenue, compared with a prior trailing period that included US$40.8 million of net income and US$1.46 EPS.
• Bulls argue that margin expansion is the big opportunity, yet the latest data still show losses, which puts more weight on their expectations that margins rise from roughly break even today to mid teens in a few years.
  • Bullish assumptions call for profit margins to move from around a 0.3% loss today to 16.6% in about 3 years, with earnings moving from roughly a US$1.0 million loss to US$94.8 million and EPS of US$2.90 by around July 2028.
  • The historical trend of losses reducing about 47.5% a year over the past 5 years supports the idea of progress, but the recent shift back to a trailing loss after a period of positive net income means execution on margin improvement still needs to show up consistently in future numbers.

Bulls are betting that recent revenue growth and margin potential justify a richer story than the latest loss suggests, and you can see how they frame that case in more detail in the 🐂 Impinj Bull Case

Premium P/S And Volatile Share Price Support Bear Concerns

• At a share price of US$110.38, Impinj trades on a P/S of 9.2x versus a peer average of 6.6x and the US semiconductor industry at 5.8x, while also showing higher share price volatility than the broader US market over the past 3 months.
• Bears focus on this premium and the volatility, arguing that execution has to stay strong to support it, and the current figures give them some talking points.
  • The stock is about 38.1% below a DCF fair value estimate of US$178.34, which points one way, but the richer P/S multiple in a company that is still loss making on a trailing basis points the other way.
  • Analysts who take a more cautious stance still assume revenue growth of 15.8% a year and margins rising to 13.2%, yet their implied P/E of 55x on 2028 earnings is well above the 31.1x quoted for the US semiconductor industry, which is exactly the kind of valuation gap critics highlight when they say expectations are already demanding.

Skeptics point to the high P/S ratio and recent share swings as signs that any stumble could matter more than usual, and their full argument is laid out in the 🐻 Impinj Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Impinj on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

See the numbers differently? If the figures here spark a different take, shape that view into your own narrative in just a few minutes: Do it your way.

A great starting point for your Impinj research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.

See What Else Is Out There

Impinj pairs a trailing twelve month loss with a relatively high P/S multiple and share price volatility, so future execution needs to work hard to justify expectations.

If that mix of losses and rich pricing makes you cautious, quickly size up companies with steadier profiles using our 83 resilient stocks with low risk scores and see what feels like a better fit today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.