10-Q Filing

IMPINJ INC CIK: 1114995 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-014853`
Period End Date	20230331
Filing Date	20230426
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	pi-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 34 Cash Flow Statement 54 Stockholders Equity 16 Comprehensive Income 8

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$37.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.60M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$154.15M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$117.06M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$50.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$60.97M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$85.81M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Inventory	`InventoryNet`	$46.40M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.03M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.83M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.10M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.58M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$305.15M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.10M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.58M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$275.17M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$19.20M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$10.18M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$41.80M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$39.03M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$9.79M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$10.49M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$1.97M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$1.84M	USD	Point-in-time
Goodwill	`IntangibleAssetsNetIncludingGoodwill`	$3.88M	USD	Point-in-time
Goodwill	`IntangibleAssetsNetIncludingGoodwill`	$3.88M	USD	Point-in-time
Total assets	`Assets`	$349.74M	USD	Point-in-time
Total assets	`Assets`	$372.65M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$25.02M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$36.71M	USD	Point-in-time
Accrued compensation and employee related benefits	`AccruedEmployeeBenefitsCurrent`	$7.04M	USD	Point-in-time
Accrued compensation and employee related benefits	`AccruedEmployeeBenefitsCurrent`	$9.05M	USD	Point-in-time
Accrued and other current liabilities	`AccruedAndOtherCurrentLiabilities`	$2.92M	USD	Point-in-time
Accrued and other current liabilities	`AccruedAndOtherCurrentLiabilities`	$7.38M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.12M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.97M	USD	Point-in-time
Current portion of deferred revenue	`ContractWithCustomerLiabilityCurrent`	$2.25M	USD	Point-in-time
Current portion of deferred revenue	`ContractWithCustomerLiabilityCurrent`	$502.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$42.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$54.60M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$280.24M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$280.64M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$11.07M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$10.33M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$134.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$118.00K	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$349.00K	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$317.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$334.15M	USD	Point-in-time
Total liabilities	`Liabilities`	$346.03M	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value - 5,000 shares authorized, no shares issued and outstanding at March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value - 5,000 shares authorized, no shares issued and outstanding at March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value - 495,000 shares authorized, 26,581 and 26,098 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$27.00K	USD	Point-in-time
Common stock, $0.001 par value - 495,000 shares authorized, 26,581 and 26,098 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$26.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$403.60M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$418.34M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-605.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.25M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-386.79M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-391.14M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.59M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-11.08M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-6.29M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$26.62M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$349.74M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$372.65M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$53.14M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$85.90M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$42.37M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$24.36M	USD	1 Quarter
Gross profit	`GrossProfit`	$28.78M	USD	1 Quarter
Gross profit	`GrossProfit`	$43.53M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$17.99M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$22.43M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$9.30M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$9.97M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$10.81M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$15.56M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$38.09M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$47.97M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-9.31M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.44M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$1.36M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$164.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.26M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.21M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.29M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-10.41M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$49.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$72.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.36M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.46M	USD	1 Quarter
Net loss per share basic	`EarningsPerShareBasic`	$-0.42	USD	1 Quarter
Net loss per share basic	`EarningsPerShareBasic`	$-0.17	USD	1 Quarter
Net loss per share diluted	`EarningsPerShareDiluted`	$-0.17	USD	1 Quarter
Net loss per share diluted	`EarningsPerShareDiluted`	$-0.42	USD	1 Quarter
Weighted-average shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.29M	shares	1 Quarter
Weighted-average shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	24.98M	shares	1 Quarter
Weighted-average shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	24.98M	shares	1 Quarter
Weighted-average shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.29M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.36M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.46M	USD	1 Quarter
Depreciation	`Depreciation`	$1.79M	USD	1 Quarter
Depreciation	`Depreciation`	$1.51M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$10.22M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$11.31M	USD	1 Quarter
Accretion of discount or amortization of premium on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-301.00K	USD	1 Quarter
Accretion of discount or amortization of premium on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$766.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$403.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$400.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$10.97M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.08M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$39.41M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$9.60M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.14M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.39M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$14.65M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.77M	USD	1 Quarter
Accrued compensation and employee related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-2.01M	USD	1 Quarter
Accrued compensation and employee related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.77M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.24M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$4.47M	USD	1 Quarter
Operating lease right-of-use assets	`IncreaseDecreaseInOperatingLeaseRightOfUseAssets`	$-695.00K	USD	1 Quarter
Operating lease right-of-use assets	`IncreaseDecreaseInOperatingLeaseRightOfUseAssets`	$-804.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilitiesCurrent`	$-891.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilitiesCurrent`	$-1.01M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$433.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.78M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-26.56M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.84M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$67.08M	USD	1 Quarter
Proceeds from sales of investments	`ProceedsFromSaleOfInvestments`	$13.37M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$20.00M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$34.14M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.58M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.05M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-50.13M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$39.93M	USD	1 Quarter
Proceeds from exercise of stock options and employee stock purchase plan	`ProceedsFromExerciseOfStockOptionsAndEmployeeStockPurchasePlan`	$4.52M	USD	1 Quarter
Proceeds from exercise of stock options and employee stock purchase plan	`ProceedsFromExerciseOfStockOptionsAndEmployeeStockPurchasePlan`	$4.61M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.61M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.52M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-60.36M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$17.89M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$63.54M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$123.90M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.60M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$37.48M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$63.54M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$123.90M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.60M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$37.48M	USD	Point-in-time
Purchases of property and equipment not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$3.28M	USD	1 Quarter
Purchases of property and equipment not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$508.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$15.59M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-11.08M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-6.29M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$26.62M	USD	Point-in-time
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$4.61M	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$4.52M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$11.31M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$10.22M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.36M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.46M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-677.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$644.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$15.59M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-11.08M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-6.29M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$26.62M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.36M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.46M	USD	1 Quarter
Unrealized gain (loss) on investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-677.00K	USD	1 Quarter
Unrealized gain (loss) on investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$644.00K	USD	1 Quarter
Total other comprehensive gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-677.00K	USD	1 Quarter
Total other comprehensive gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$644.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-11.14M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.71M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.