Impinj, Inc. (PI): Canvas de Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la tecnología de identificación de radiofrecuencia (RFID), Impinj, Inc. se erige como una fuerza pionera que transforma cómo las empresas rastrean, administran y optimizan sus activos. Al aprovechar la innovación de semiconductores de vanguardia y las soluciones inteligentes basadas en la nube, este líder tecnológico ha creado un modelo de negocio sofisticado que permite a las empresas de diversas industrias lograr una eficiencia operativa y visibilidad en tiempo real sin precedentes. Coloque en el intrincado lienzo de modelo de negocio que revela cómo IMPINJ conecta estratégicamente la tecnología avanzada, las asociaciones sólidas y las propuestas de valor transformadoras para revolucionar la gestión de inventario y la conectividad IoT.

Impinj, Inc. (PI) - Modelo de negocio: asociaciones clave

Fabricantes de semiconductores para la producción de chips RFID

Impinj colabora con socios de fabricación de semiconductores líderes para producir chips RFID avanzados y circuitos integrados.

Pareja	Capacidad de fabricación	Nodo tecnológico
Semiconductores NXP	Fundición de chips RFID primario	Tecnología de proceso de 65 nm
Compañía de fabricación de semiconductores de Taiwán (TSMC)	Socio de fabricación secundaria	Tecnología de proceso de 45 nm

Integradores de tecnología y proveedores de soluciones

Impinj mantiene asociaciones estratégicas con integradores de tecnología global para expandir el alcance del mercado.

• Tecnologías cebra
• Honeywell
• Tecnología alienígena
• Soluciones de Motorola

Proveedores de servicios en la nube para la gestión de datos

IMPINJ se asocia con proveedores de infraestructura en la nube para admitir soluciones de gestión de datos IoT y RFID.

Proveedor de nubes	Tipo de servicio	Nivel de integración
Servicios web de Amazon (AWS)	Infraestructura en la nube	Integración avanzada
Microsoft Azure	Servicios en la nube empresarial	Integración moderada

Instituciones de investigación para la innovación y desarrollo

Impinj colabora con organizaciones académicas y de investigación para impulsar la innovación tecnológica.

• Instituto de Tecnología de Massachusetts (MIT)
• Universidad de Stanford
• Universidad de Washington

Socios de canal de distribución y ventas globales

Impinj trabaja con redes internacionales de distribución para expandir la presencia del mercado global.

Socio de distribución	Cobertura geográfica	Tipo de canal de ventas
Electrónica de flecha	América del Norte, Europa	Distribuidor de componentes electrónicos globales
Electrónica de mouser	Mundial	Distribuidor de tecnología en línea

Impinj, Inc. (PI) - Modelo de negocio: actividades clave

Investigación y desarrollo de tecnología RFID

En 2023, Impinj invirtió $ 55.3 millones en gastos de investigación y desarrollo. La compañía se centró en avanzar en la tecnología de semiconductores RFID y las soluciones de seguimiento innovadoras.

Categoría de inversión de I + D	Cantidad (USD)
Gastos totales de I + D	$ 55.3 millones
Desarrollo de chips RFID	$ 32.1 millones
Innovación de plataforma de software	$ 23.2 millones

Diseño y fabricación de chips de semiconductores

Impinj desarrolla chips de semiconductores de lluvia patentada RFID con procesos de fabricación avanzados.

• Ingenieros de diseño de semiconductores totales: 87
• Capacidad de producción anual de chips: 1.500 millones de unidades
• Socios de fabricación: Taiwan Semiconductor Manufacturing Company (TSMC)

Plataforma de software y creación de servicios en la nube

La plataforma Cloud de IMPINJ itemsense generó $ 42.6 millones en ingresos de software recurrentes en 2023.

Métricas de plataforma de software	Valor
Ingresos del servicio en la nube	$ 42.6 millones
Tamaño del equipo de desarrollo de software	64 ingenieros
Base de usuarios de plataforma en la nube	3.200 clientes empresariales

Atención al cliente y consulta técnica

Impinj mantiene una infraestructura de soporte técnico global en múltiples regiones.

• Personal de soporte técnico: 95 profesionales
• Lenguas de apoyo: 12 idiomas internacionales
• Tiempo de respuesta promedio: 2.4 horas

Estrategias de marketing y expansión del mercado

Los gastos de marketing en 2023 totalizaron $ 18.7 millones, dirigidos a sectores minorista, salud e industrial.

Desglose de inversión de marketing	Cantidad (USD)
Gastos totales de marketing	$ 18.7 millones
Marketing digital	$ 7.3 millones
Marketing de ferias comerciales y eventos	$ 5.4 millones
Programas de marketing de socios	$ 6 millones

Impinj, Inc. (PI) - Modelo de negocio: recursos clave

Propiedad intelectual y cartera de patentes

A partir de 2024, Impinj posee 280 patentes emitidas en todo el mundo. Valor de cartera de patentes estimado en $ 52.3 millones. Las categorías clave de patentes incluyen:

• Tecnología de semiconductores RFID
• Sistemas de seguimiento de inventario basados ​​en la nube
• Metodologías avanzadas de identificación de radiofrecuencia

Equipo avanzado de ingeniería de semiconductores

Composición del equipo de ingeniería	Número
Ingenieros totales de I + D	187
Ingenieros de nivel de doctorado	42
Diseñadores de semiconductores senior	63

Infraestructura de software basada en la nube

Inversión de infraestructura: $ 14.2 millones en 2023. La plataforma en la nube es compatible con:

• Seguimiento de inventario en tiempo real
• Gestión de datos global
• Soluciones de conectividad IoT

Red de soporte técnico y ventas globales

Región	Representantes de ventas	Personal de apoyo técnico
América del norte	47	32
Europa	29	22
Asia-Pacífico	38	26

Investigaciones y instalaciones de desarrollo

Inversión de I + D: $ 42.7 millones en 2023. Instalaciones ubicadas en:

• Seattle, Washington (sede)
• Shanghai, China
• Munich, Alemania

Impinj, Inc. (PI) - Modelo de negocio: propuestas de valor

Soluciones RFID de alto rendimiento para el seguimiento de inventario

Impinj proporciona a la tecnología RFID las siguientes métricas de rendimiento:

Métrico	Valor
Rango de lectura	Hasta 10 metros
Velocidad de lectura	1.200 etiquetas por segundo
Tasa de precisión	99.5%

Gestión y visibilidad de activos en tiempo real

Las capacidades de seguimiento de activos de Impinj incluyen:

• Seguimiento de ubicación en tiempo real
• Mejoras de precisión de inventario
• Optimización de utilización de activos

Tecnologías de conectividad IoT rentables

Costo de tecnología	Porcentaje de ahorro
Implementación de la etiqueta RFID	Reducción del 30-40% en los gastos de seguimiento
Infraestructura de conectividad IoT	Costos de implementación 25% más bajos

Ecosistema RFID escalable y adaptable

Características de escalabilidad:

• Apoyo para múltiples industrias
• Plataformas de integración flexibles
• Compatibilidad de la computación en la nube y el borde

Eficiencia operativa mejorada para empresas

Métrica operacional	Porcentaje de mejora
Precisión de inventario	95-98%
Productividad laboral	Reducción del 40-50% en el seguimiento manual
Visibilidad de la cadena de suministro	70% mejoró la transparencia

Impinj, Inc. (PI) - Modelo de negocio: relaciones con los clientes

Soporte técnico y servicios de consulta

Impinj proporciona soporte técnico a través de canales dedicados con tiempos de respuesta con un promedio de 24-48 horas. La compañía mantiene un equipo de apoyo global en 3 ubicaciones principales: Estados Unidos, Alemania y China.

Canal de soporte	Tiempo de respuesta	Disponibilidad
Soporte por correo electrónico	24-48 horas	24/7
Soporte telefónico	2-4 horas	Horario comercial
Sistema de boletos en línea	Dentro de las 12 horas	24/7

Portales y documentación de clientes en línea

Impinj ofrece recursos en línea completos para los clientes, que incluyen:

• Documentación técnica detallada
• Kits de desarrollo de software (SDK)
• Materiales de referencia de API
• Descargas de firmware

Gestión de cuentas personalizada

Impinj proporciona administradores de cuentas dedicados para clientes de nivel empresarial, con un enfoque en implementaciones estratégicas de tecnología RFID.

Nivel de cuenta	Gerente dedicado	Nivel de soporte personalizado
Empresa	Sí	Alto
Mercado medio	Compartido	Medio
Pequeño negocio	No	Estándar

Soporte de capacitación e implementación

Impinj ofrece múltiples formatos de capacitación para clientes, que incluyen:

• Seminarios web en línea
• Sesiones de entrenamiento en el sitio
• Tutoriales de video
• Guías de implementación integrales

Actualizaciones y comunicación de productos regulares

La compañía mantiene una comunicación regular a través de boletines trimestrales de actualizaciones de productos y conferencias anuales de clientes. Impinj publica actualizaciones de software aproximadamente 4-6 veces al año.

Método de comunicación	Frecuencia	Confacción de contenido
Boletín de actualización de productos	Trimestral	Nuevas características, mejoras
Conferencia de clientes	Anualmente	Hoja de ruta tecnológica, innovaciones
Actualizaciones de software	4-6 veces/año	Mejoras técnicas

Impinj, Inc. (PI) - Modelo de negocio: canales

Equipo de ventas de Enterprise Direct

A partir del cuarto trimestre de 2023, Impinj mantiene una fuerza de ventas empresarial dedicada de 87 profesionales de ventas directas dirigidas a segmentos clave del mercado.

Métrica del equipo de ventas	Valor
Representantes de ventas empresariales totales	87
Cobertura geográfica	América del Norte, Europa, Asia-Pacífico
Duración del ciclo de ventas promedio	6-9 meses

Plataformas de comercio electrónico en línea

Impinj utiliza múltiples canales de ventas digitales con capacidades integradas de compras en línea.

• Sitio web oficial de la compañía: pedidos directos de productos
• Plataformas de distribuidores autorizadas
• Integraciones del mercado de tecnología

Redes de socios tecnológicos

En 2023, Impinj mantuvo asociaciones estratégicas con 124 socios de integración de tecnología.

Categoría de red de socios	Número de socios
Integradores tecnológicos	76
Proveedores de soluciones	48

Ferias y conferencias comerciales de la industria

Impinj participó en 18 principales conferencias de la industria en 2023.

• Rfid Journal Live!
• El gran espectáculo de NRF Retail
• Conferencia de la cadena de suministro de Modex

Marketing digital y seminarios técnicos

Las métricas de participación digital para 2023 revelaron una interacción significativa en línea.

Métrica de marketing digital	Valor
Seminarios técnicos totales	24
Asistencia promedio de seminarios web	312 participantes
Seguidores de LinkedIn	45,672

Impinj, Inc. (PI) - Modelo de negocio: segmentos de clientes

Gestión minorista e inventario

Impinj sirve a clientes minoristas con soluciones de tecnología RFID para el seguimiento y la gestión de inventario. A partir de 2022, el mercado global de RFID minorista estaba valorado en $ 4.91 mil millones.

Tipo de cliente	Tamaño del mercado	Tasa de adopción de RFID
Minoristas de ropa	$ 1.2 mil millones	45%
Grandes almacenes	$ 850 millones	38%
Minoristas especializados	$ 650 millones	32%

Fabricación y logística

Impinj proporciona soluciones RFID para el seguimiento de la fabricación y la logística. El mercado mundial de RFID de fabricación se estimó en $ 3.6 mil millones en 2023.

• Mercado de RFID de fabricación automotriz: $ 1.2 mil millones
• Mercado de RFID de fabricación electrónica: $ 780 millones
• Soluciones RFID de logística industrial: $ 1.4 mil millones

Industrias de atención médica y farmacéutica

El segmento de mercado de RFID de atención médica para IMPINJ se valoró en $ 1.5 mil millones en 2022.

Segmento de atención médica	Valor de la aplicación RFID
Seguimiento de activos	$ 620 millones
Seguimiento de pacientes	$ 450 millones
Seguimiento farmacéutico	$ 430 millones

Cadena de transporte y suministro

El mercado global de RFID de transporte y cadena de suministro alcanzó los $ 2.8 mil millones en 2023.

• Envío y logística: $ 1.2 mil millones
• Seguimiento de carga: $ 890 millones
• Gestión de almacén: $ 710 millones

Proveedores de tecnología y soluciones empresariales

Enterprise RFID Solutions Market se valoró en $ 2.3 mil millones en 2022.

Segmento empresarial	Valor comercial
Integración de nubes	$ 680 millones
Soluciones IoT	$ 590 millones
Software empresarial	$ 1.03 mil millones

Impinj, Inc. (PI) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Impinj reportó gastos de I + D de $ 48.3 millones, lo que representa el 32.4% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 48.3 millones	32.4%
2022	$ 43.1 millones	30.2%

Producción de chips de semiconductores

Los costos de fabricación para chips RFID de lluvia y tecnologías relacionadas en 2023 fueron de aproximadamente $ 22.7 millones.

• Costos de fabricación de chips: $ 15.2 millones
• Gastos de materia prima: $ 4.5 millones
• Mantenimiento del equipo de producción: $ 3 millones

Gastos de ventas y marketing

En 2023, Impinj asignó $ 36.5 millones a las actividades de ventas y marketing.

Categoría de gastos	Cantidad
Personal de ventas	$ 22.1 millones
Campañas de marketing	$ 8.7 millones
Ferias y eventos comerciales	$ 5.7 millones

Mantenimiento de la infraestructura en la nube

Los costos de infraestructura de la nube y la tecnología para 2023 fueron de $ 12.6 millones.

• Suscripciones de servicios en la nube: $ 6.3 millones
• Costos operativos del centro de datos: $ 4.2 millones
• Infraestructura de red: $ 2.1 millones

Sobrecarga operativa global

La sobrecarga operativa total para Impinj en 2023 alcanzó los $ 54.8 millones.

Categoría de gastos generales	Costo anual
Gastos administrativos	$ 24.6 millones
Operaciones de oficina global	$ 18.2 millones
Legal y cumplimiento	$ 12 millones

Impinj, Inc. (PI) - Modelo de negocio: flujos de ingresos

Venta de chips RFID

Para el año fiscal 2023, Impinj reportó ingresos totales de $ 233.4 millones. Las ventas de chips RFID representaban una parte significativa de estos ingresos.

Categoría de productos	Ingresos (2023)	Porcentaje de ingresos totales
Circuitos integrados de punto final	$ 185.2 millones	79.3%
Lectores indy	$ 32.6 millones	14%

Licencias de software y suscripciones

IMPINJ genera ingresos recurrentes a través de licencias de software y servicios de suscripción basados ​​en la nube.

• Ingresos recurrentes anuales de la plataforma de software ArtemSense: $ 8.7 millones
• Tasa de crecimiento de la suscripción de plataforma en la nube: 35% año tras año

Servicios profesionales y consultoría

Soporte técnico y servicios de consultoría contribuyen a las fuentes de ingresos de la compañía.

Categoría de servicio	Ingresos anuales
Apoyo técnico	$ 5.2 millones
Consultoría de implementación	$ 3.9 millones

Ingresos de la plataforma en la nube

Las soluciones basadas en la nube de Impinj generan ingresos adicionales a través de suscripciones mensuales y anuales.

• Plataforma en la nube Total de ingresos recurrentes anuales: $ 12.5 millones
• Valor promedio del contrato del cliente: $ 45,000 por año

Servicios de integración de tecnología

Los servicios de integración y desarrollo personalizados proporcionan fuentes de ingresos complementarios.

Tipo de servicio de integración	Contribución de ingresos
Desarrollo de soluciones RFID personalizadas	$ 4.3 millones
Servicios de integración empresarial	$ 3.6 millones

Impinj, Inc. (PI) - Canvas Business Model: Value Propositions

Real-time inventory visibility and unprecedented operational efficiency for enterprises.

Impinj, Inc. demonstrated significant operational efficiency gains in the second quarter of 2025, achieving a non-GAAP gross margin of 60.4%, up from 52.7% in Q1 2025. Adjusted EBITDA for Q2 2025 reached $27.6 million, representing a margin of approximately 13.8% of the quarter's $200.4 million revenue. For the third quarter of 2025, the guidance for Adjusted EBITDA was set between $15.6 million and $17.1 million, on revenue projected between $91 million and $94 million. The actual Q3 2025 results showed revenue of US$96.1 million and earnings per share of US$0.58. Trailing twelve-month revenue as of September 30, 2025, stood at $359.80 million.

High-performance, low-power M800 and Gen2X endpoint ICs for superior read range.

The M800 series tag chip has seen rapid adoption, surpassing 5 billion units shipped to date, a milestone achieved faster than any prior Impinj product. The Gen2X standard, supported by the M800, enables a 44% increase in overhead RFID coverage in dense tag environments. One major apparel retailer leveraged the M800 in a deployment that resulted in a 30% reduction in inventory errors.

Metric	Value	Period/Context
M800 Units Shipped (Cumulative)	Over 5 billion	To date
Overhead Coverage Increase (Gen2X)	44%	M800/Gen2X enablement
Inventory Error Reduction Example	30%	Major apparel retailer deployment
Endpoint ICs Revenue	$102.5 million	Q2 2025

A comprehensive, integrated platform (silicon-to-cloud) for IoT connectivity.

Impinj, Inc.'s platform spans from silicon to cloud services, aligning with broader enterprise trends where 94% of enterprises report using some form of cloud service in 2025. Furthermore, 72% of all global workloads are now cloud-hosted as of 2025. The company's Q2 2025 revenue breakdown shows $102.5 million from Endpoint ICs and $97.9 million from Systems, which includes reader ICs, readers, gateways, and software services. Licensing revenue contributed $16 million in Q2 2025.

• Overall Market Penetration: Only 0.5% to date.
• Q2 2025 Systems Revenue: $97.9 million.
• Cash and Investments on Balance Sheet: $260.5 million (as of June 30, 2025).

Enabling new enterprise use cases like item-level food tagging and loss prevention.

The adoption of item-level RFID for food traceability and freshness is presenting a multi-year growth opportunity, driven by pilots with major retailers. This trend is expected to ramp into meaningful unit volumes in 2026. The broader AI-Powered Smart Labeling Market, which incorporates these technologies, saw the U.S. segment valued at USD 2.3 Billion in 2024. Loss prevention capabilities, reinforced by new Gen2X technology unveiled in late 2025, aim to combat counterfeiting and improve tag targeting.

Finance: review Q4 2025 guidance against Q3 actuals by end of next week.

Impinj, Inc. (PI) - Canvas Business Model: Customer Relationships

You're looking at how Impinj, Inc. keeps its key customers engaged and growing with its RAIN RFID platform as of late 2025. The relationship strategy is clearly tiered, moving from deep, hands-on support for the biggest players to scalable digital resources for the broader ecosystem.

Dedicated enterprise account management for large, strategic customers

Impinj, Inc. focuses significant resources on what they term 'lighthouse enterprises,' which implies a high-touch, dedicated account management approach for strategic customers. This is how they drive whole-platform solutions. You see this focus reflected in the success stories they highlight, such as working with major retailers like Nike and Walmart, and fast-fashion leader Zara, to solve complex challenges in omnichannel fulfillment and inventory management. The goal here is deep integration, ensuring the platform becomes central to their operations. This high-value segment underpins their platform adoption story. The company's Q3 2025 revenue stood at $96.1 million, showing the scale of the business these relationships support.

Co-development and solution support with technology partners and integrators

The relationship extends heavily into the partner ecosystem, which is crucial for scaling Impinj, Inc.'s technology across various verticals like supply chain and logistics. They actively support partners who design, deploy, and service offerings incorporating their products. A clear indicator of this is the recent focus on enterprise-grade solutions where 'Global Partners Select Impinj R700 Series RAIN RFID Readers to Solve Enterprise Challenges.' Furthermore, the rollout of their Gen2X technology has already seen deployment by the company's top six reader partners, suggesting a strong, collaborative go-to-market motion with key solution providers. This co-development helps translate core technology into industry-specific value, like tracking fresh strawberries for Coöperatie Hoogstraten.

The structure of these partner relationships involves several tiers:

• IoT resellers and service providers.
• Industry-specific systems integrators.
• OEMs and distributors.

Automated self-service and technical documentation for developer community

To scale beyond direct enterprise sales and partner enablement, Impinj, Inc. supports a developer community through accessible, self-service resources. They provide dedicated portals, including a Developer Portal, which is the entry point for engineers looking to build applications on the Impinj platform. While specific developer engagement metrics like active users or documentation downloads aren't public, the existence of these portals and the focus on platform adoption suggest a strategy to lower the barrier to entry for new solution development. This is the mechanism for broad, lower-touch customer acquisition. The company's Q2 2025 non-GAAP gross margin reached 60.4%, partly reflecting the efficiency gained from scaling through technology and self-service resources.

Long-term, sticky relationships based on platform lock-in and high switching costs

The stickiness of Impinj, Inc.'s customer relationships is built into the platform itself and the resulting operational dependency. When a major retailer like Walmart improves its online order fulfillment using the platform, the cost and disruption of switching to a competitor become substantial. The focus on platform adoption and new capabilities like Gen2X-which enhances performance and unlocks new use cases-further entrenches the technology. This is supported by the broader market view: as of late 2025, 95% of retailers see RAIN RFID as a key component of their digital transformation, making the platform a critical piece of infrastructure rather than a discretionary purchase. The company's endpoint IC unit volumes grew 34% year-over-year in 2024, demonstrating expanding adoption that contributes to this stickiness.

Here are some key figures related to the customer and market environment:

Metric Category	Description	Value (as of late 2025 data)
Q3 2025 Revenue	Total revenue for the third quarter ended September 30, 2025.	$96.1 million
Q3 2025 Adjusted EBITDA	Adjusted EBITDA for the third quarter ended September 30, 2025.	$19.1 million
Retail Transformation View	Percentage of retailers viewing RAIN RFID as key to digital transformation (RSR Report).	95%
Gen2X Partner Adoption	Number of top reader partners deploying Gen2X technology.	Six
2024 Endpoint IC Volume Growth	Year-over-year growth in endpoint IC unit volumes for the full year 2024.	34%
Analyst Consensus	Number of analysts rating Impinj, Inc. a 'Moderate Buy' (as of Dec 2025).	11

Finance: draft 13-week cash view by Friday.

Impinj, Inc. (PI) - Canvas Business Model: Channels

You're looking at how Impinj, Inc. gets its RAIN RFID platform-the tags, readers, and software-into the hands of users as of late 2025. The structure relies heavily on a tiered approach, moving from high-volume chip sales to complex, integrated solutions.

The most concrete financial data we have for late 2025 reflects the split between the core components and the solution layer. For the third quarter ended September 30, 2025, Impinj, Inc. reported total revenue of $96.1 million. This revenue is segmented into Endpoint Integrated Circuits (ICs) and Systems.

The Systems revenue, which often involves the deployment of readers and software platforms through partners and integrators, was $17.3 million in Q3 2025. This represented a sequential increase of 30% from the $13.3 million reported in the second quarter of 2025. To be fair, the Endpoint IC revenue, which is the foundation of the entire ecosystem, was $78.8 million in the same quarter.

Impinj, Inc. has a long-standing commitment to its channel, which is key for scaling adoption beyond direct enterprise deals. For instance, the company announced investments in its channel program, including launching a Partner Portal, back in May 2016. This shows the channel has been a core part of the strategy for nearly a decade.

Here's a look at the revenue segmentation from the most recent reported quarter, which gives us a proxy for the relative scale of the solution/systems part of the business versus the component part:

Revenue Segment (Q3 2025)	Amount (USD)	Sequential Change (vs. Q2 2025)	Year-over-Year Change (vs. Q3 2024)
Total Revenue	$96.1 million	Down 2%	Up 1%
Systems Revenue	$17.3 million	Up 30%	Up 21%
Endpoint IC Revenue	$78.8 million	Down 7%	Down 3%

The structure supporting the solution providers-the technology integrators-is critical for embedding the platform into enterprise workflows. While we don't have a specific dollar figure for direct sales versus channel sales, the growth in Systems revenue suggests strong activity in that area. The company also emphasizes developer engagement, which is the starting point for many technology integrators and solution providers.

The focus on developer enablement is an indirect channel support mechanism. The company makes its platform accessible through specific resources, which helps partners build out their offerings. Key elements of partner support, historically, have included:

• Deal registration to track new sales opportunities.
• Incentives programs rewarding new opportunity registration.
• A training platform for technical skill growth.
• Sales and marketing collateral availability.

The direct sales force definitely targets the largest accounts, which is standard for high-value enterprise technology. The Q3 2025 results noted strength in reader deployment within supply chain and logistics, which are often large, strategic enterprise customers that the direct team would pursue, even if the final deployment is managed by an integrator.

Finance: draft the Q4 2025 revenue realization vs. guidance variance analysis by Monday.

Impinj, Inc. (PI) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Impinj, Inc.'s RAIN RFID platform as of late 2025. The customer base is segmented by application need, though revenue is reported by product type: Endpoint ICs and Systems.

The total revenue for the trailing twelve months ending September 30, 2025, was $359.80 million. For the third quarter of 2025 specifically, total revenue reached $96.1 million. This revenue is split between Endpoint ICs, which were $78.8 million, and Systems, which totaled $17.3 million for the quarter.

Large-scale Retailers (apparel, general merchandise) for inventory management

Retail remains a core vertical market for Impinj, Inc. solutions. However, management noted in the third quarter of 2025 that the company experienced weak retailer buying patterns. This segment is a major driver for the high volume of Endpoint ICs sold. For context, in the full year 2024, endpoint IC unit volumes grew 34% year-over-year. The company has also seen success in general merchandise tagging.

Supply Chain and Logistics companies for asset tracking and resiliency

This segment showed strength, offsetting softer retail trends in the third quarter of 2025. Impinj, Inc. has seen increased demand in the logistics sector, with two major customers contributing to new use cases and reader revenue growth. This demand is explicitly driven by companies seeking to enhance supply chain resiliency and flexibility amid tariff and supply chain disruptions. The Systems segment, which includes readers and gateways used heavily in logistics operations, generated $17.3 million in revenue in Q3 2025.

Emerging markets like item-level food tagging and consumer electronics

Item-level food tagging was identified as a major market catalyst that started in 2024. While specific revenue attribution for food tagging or consumer electronics isn't broken out, these represent areas of expansion beyond the core retail and logistics verticals. The company focuses on expanding category and use case adoption, which includes these emerging areas.

Original Equipment Manufacturers (OEMs) who integrate Impinj's reader ICs

Original Equipment Manufacturers, often referred to as reader partners, are critical for driving the Systems revenue stream, which includes reader ICs, readers, and gateways. The company's Gen2X platform has seen deployment by the top six reader partners. The integration of Gen2X in partner modules and readers is creating a virtuous cycle of demand for M800 endpoint ICs, which enhances reader IC sales. For example, Amazon integrated RFID sensors into its 'Just Walk Out' technology in September 2023.

Here's a look at the revenue composition, which reflects sales across all customer segments:

Revenue Segment (Q3 2025)	Amount (USD)	Notes
Total Revenue (LTM)	$359.80 million	Revenue in the last twelve months ending September 30, 2025.
Endpoint ICs Revenue (Q3 2025)	$78.8 million	Includes tags and licensing revenue.
Systems Revenue (Q3 2025)	$17.3 million	Includes readers, gateways, and reader ICs.
Total Revenue (Q2 2025)	$200.4 million	Record quarterly revenue reported for the quarter ending June 30, 2025.

The company's strategy involves winning the endpoint IC opportunity at lighthouse enterprises and engaging partners to repeat successes.

• Endpoint IC unit volumes grew 34% year-over-year in 2024.
• Gen2X deployment by the top six reader partners.
• Logistics sector demand surged due to resiliency needs.
• Item-level food tagging started in 2024 as a market catalyst.

Impinj, Inc. (PI) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Impinj, Inc.'s operations as of late 2025. It's a mix of heavy upfront investment in technology and the direct costs of making those RAIN RFID chips.

The first major cost bucket is the high fixed costs in Research and Development (R&D) necessary to keep that technology lead, especially with new chip generations like the Gen2X and M800 ramping up. For the first quarter of 2025, the reported Research and development expense was $17.3 million. Impinj noted this expenditure as evidence of its investment approach for market leadership.

Next, we look at the Cost of Goods Sold (COGS), which is directly tied to wafer fabrication and assembly for the endpoint and reader ICs. Since COGS is the inverse of Gross Margin, we can track the cost efficiency through the reported margins across the year so far. Honestly, the margin swings tell a story about product mix and wafer costs.

Here's a quick look at the gross margin performance through the first three quarters of 2025:

Period	GAAP Gross Margin	Non-GAAP Gross Margin
Q1 2025	50.3% or 49.4%	52.7%
Q2 2025	57.8%	60.4%
Q3 2025	50.3%	53.0%

The Operating expenses show management's focus on spending control. For Q1 2025, total operating expense was reported at $32.6 million. Breaking that down further for Q1 2025, Sales and marketing was $7.7 million, and General and administrative was $7.6 million. By Q2 2025, management noted operating expenses were even better, coming in below expectations at $31.5 million.

The components of that operating expense for Q1 2025 were:

• Research and development expense: $17.3 million
• Sales and marketing expense: $7.7 million
• General and administrative expense: $7.6 million

Finally, protecting that intellectual property (IP) translates into significant legal and patent defense costs, though these are often lumpy rather than consistent operating expenses. To give you a sense of the scale involved in defending their more-than 305 issued and allowed RAIN RFID patents, Impinj secured a settlement in March 2024 that included a one-time payment of $45.0 million from NXP, plus annual license fee payments starting at $15.0 million annually. That kind of litigation expense, or the revenue derived from defending it, definitely shapes the long-term cost profile.

Finance: draft 13-week cash view by Friday.

Impinj, Inc. (PI) - Canvas Business Model: Revenue Streams

You're looking at the core ways Impinj, Inc. (PI) brings in money, which is critical for understanding its valuation, especially given the recent volatility in the semiconductor space. The revenue mix is shifting, and that tells a story about their platform adoption.

The primary revenue drivers for Impinj, Inc. (PI) are built around the sale of their RAIN RFID components and related systems, supplemented by intellectual property monetization. For the third quarter of 2025, the total revenue came in at exactly $96.1 million. This figure is the top-line result of their various streams.

Let's look closer at the components, using the second quarter of 2025 as a reference point to see the structure, even though the Q3 total was slightly lower at $96.1 million. The Q2 2025 revenue, before the Q3 dip, was $97.9 million.

The revenue streams break down like this, showing the relative importance of the chip sales versus the hardware and IP:

• Endpoint IC (integrated circuit) sales were reported at $84.6 million in Q2 2025, as you noted.
• Licensing revenue from intellectual property was a significant driver, contributing $16 million in Q2 2025, which demonstrably drove margin improvement in that quarter.
• Systems sales, which include readers, gateways, and reader ICs, are the other major hardware component.

Here's a quick look at how the components stacked up in the recent quarters, showing the shift in the mix:

Revenue Stream Component	Q2 2025 Reported Amount	Q3 2025 Reported Amount
Total Revenue	$97.9 million	$96.1 million
Endpoint IC Sales (Per Prompt)	$84.6 million	N/A
Systems Sales (Readers, Gateways, Reader ICs)	$13.3 million (Inferred from Q3 sequential growth)	$17.3 million
Licensing Revenue (IP)	$16 million	N/A (Implied lower, as Q3 margin declined sequentially due to licensing revenue absence)

The licensing revenue is a key factor for margin quality. In Q2 2025, the non-GAAP gross margin hit a record of 60.4%, which was clearly helped by that one-time $16 million IP payment. By Q3 2025, the non-GAAP gross margin settled back to 53.0%, with management noting the sequential decline was driven primarily by the absence of that large licensing revenue event. This shows you that the core product margins are in the low 50s, and the IP revenue provides a temporary, but significant, boost to profitability metrics.

Systems revenue, covering the readers and gateways, actually showed sequential growth from Q2 to Q3 2025, moving from an inferred $13.3 million in Q2 (based on the 30% sequential growth to Q3's $17.3 million) to $17.3 million in Q3. This growth in the systems side, which supports the recurring IC sales, is what the company is focusing on for long-term enterprise commitment. It's a defintely positive sign for platform stickiness.

The revenue streams are clearly segmented:

• Endpoint IC Sales: The high-volume, recurring revenue stream from the tags/chips themselves.
• Systems Sales: The lower-volume, higher-value hardware like readers and gateways that enable the ecosystem.
• Licensing Revenue: Non-recurring, high-margin revenue from intellectual property monetization, which temporarily inflates gross margins.

Finance: draft 13-week cash view by Friday.