Impinj, Inc. reported significant financial improvements in its third quarter and the first nine months of 2024 compared to the same periods in 2023. For Q3 2024, the company generated revenue of $95.2 million, a 46.4% increase from $65.0 million in Q3 2023. For the nine months ended September 30, 2024, total revenue reached $274.5 million, up 15.9% from $236.9 million in the same period last year. This growth was primarily driven by a substantial increase in revenue from endpoint integrated circuits (ICs), which rose to $81.0 million in Q3 2024 from $48.6 million in Q3 2023, and to $231.9 million for the nine months, compared to $180.5 million in the prior year.
Gross profit also saw a notable increase, with Q3 2024 gross profit at $47.6 million, up from $30.8 million in Q3 2023. For the nine-month period, gross profit improved to $142.6 million from $118.1 million. The company reported a loss from operations of $769,000 in Q3 2024, a significant reduction from a loss of $15.8 million in Q3 2023. For the nine months, the loss from operations decreased to $3.5 million from $28.6 million.
Net income for Q3 2024 was $221,000, a turnaround from a net loss of $15.8 million in Q3 2023. For the nine months, net income was $43.5 million, compared to a net loss of $28.2 million in the same period last year. The company also recorded a one-time income of $45 million from a settlement agreement with NXP Semiconductors, which contributed to the improved financial results.
On the balance sheet, total current assets increased to $329.1 million as of September 30, 2024, from $269.7 million at the end of 2023. Total assets rose to $476.4 million, up from $359.4 million. However, total current liabilities surged to $331.1 million from $30.9 million, impacting working capital, which fell to $(2.0 million) from $39.4 million in the previous quarter.
Strategically, Impinj completed the acquisition of Voyantic Oy in April 2023, which has been integrated into its operations. The company also initiated a restructuring plan in February 2024, affecting approximately 10% of its workforce, with associated charges of $1.8 million. The restructuring payments were completed in Q2 2024.
Overall, Impinj's performance in 2024 reflects a recovery from previous losses, driven by increased demand for its endpoint ICs and strategic financial maneuvers, including the settlement with NXP and the acquisition of Voyantic Oy.
About IMPINJ INC
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