Recent News
On September 2 the company announced a proposed private offering of $150 million of convertible senior notes due 2029, and on September 4 the offering was upsized and priced at $170 million. On August 28 Impinj confirmed executive participation at two investor conferences in September. On October 21 the company added Arthur L. Valdez, Jr. to its board of directors.
Technical Analysis
Directional strength measures show an active trend: ADX at 26.31 indicates a non-trivial trend strength, while DI+ at 30.22 demonstrates a dip-and-reversal that reads as bullish; DI- at 15.18 decreasing further reinforces a bullish directional posture. That directional setup supports near-term upside bias but not an absence of risk.
MACD sits at 10.57 with the signal line at 7.08 and the MACD showing a dip-and-reversal; the MACD currently trades above its signal line, which signals bullish momentum and supports continued upside in the short run.
MRO reads 25.48 and positive, which means the price sits above the modeled target; a positive MRO suggests pressure for price to retreat toward the target level, tempering the bullish signals from MACD and directional indicators.
RSI at 62.59 and increasing indicates buying pressure remains present but not yet at extreme overbought levels; rising RSI complements MACD’s bullish signal while flagging reduced upside margin without further momentum expansion.
Price sits at $237.88, above the 12-day EMA $214.16 (increasing), the 20-day average $208.80, the 50-day average $191.32 and the 200-day average $130.43, a multi-timeframe price-above-moving-averages profile that favors continuation yet shows the market trading above the 1x Bollinger band ($227.69), implying short-term extension relative to recent volatility.
Volatility measures remain elevated: 42-day beta 2.59 and 52-week beta 2.11 indicate outsized sensitivity to market moves. Volume at 409,413 trails the 10-day average of 536,600, suggesting the latest price levels lack above-average trading conviction and could amplify a reversal if selling picks up.
Fundamental Analysis
Total revenue reported $97.89 million for the period ending 2025-06-30, with GAAP gross profit $56.61 million and GAAP net income $11.55 million. Non-GAAP diluted EPS reported $0.80 versus an estimate of $0.70, producing an EPS surprise of 14.29%.
Gross margin registered 57.83%, well above the industry peer mean of 39.18% and peer median of 36.34%, reflecting strong product-level profitability. Operating margin at 11.11% and EBIT margin at 12.78% sit below the industry peer mean (16.87%) and median (17.44%), indicating operating leverage and expense structure compress margins relative to the peer central tendency despite robust gross margin.
Revenue growth listed as 31.80% on the provided growth metric while year-over-year revenue growth reads -4.84%; quarter-over-quarter and year-over-year figures require attention given these divergent signals and should be monitored against reported releases. Earnings growth shows 280.95% on the provided earningsGrowth figure, with earningsGrowthQoQ at -599.47% and earningsGrowthYoY at -4.84% — the QoQ swing reflects timing and comparability effects in reported metrics.
Capital and liquidity remain notable: cash and short-term investments $193.21 million, cash $42.42 million, current ratio 11.64 and quick ratio 8.44, all indicating strong near-term liquidity. Free cash flow $27.32 million yields 0.66%; that free cash flow yield sits below the industry peer mean of about 1.03% as provided, while free cash growth year-over-year shows 16.02%.
Leverage metrics show total debt $292.40 million and debt-to-equity 1.56; debt-to-EBITDA at 18.03 signals elevated leverage relative to earnings capacity. Valuation multiples present a stretched picture: price-to-book about 21.94x, above the industry peer mean of 6.07 and above the provided peer high, and price-to-earnings about 139.80x, above the industry peer mean and median but below the peer high. Price-to-sales at 42.06x also sits above the provided peer high. The current valuation as determined by WMDST: over-valued.
WMDST notes strong product gross economics but a valuation that prices significant future execution and margin expansion; capital actions announced in recent weeks increase capital flexibility while introducing potential conversion-related supply into the capital structure.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-30 |
| NEXT REPORT DATE: | 2025-10-22 |
| CASH FLOW | Begin Period Cash Flow | $ 61.3 M |
| Operating Cash Flow | $ 33.9 M | |
| Capital Expenditures | $ -6.54 M | |
| Change In Working Capital | $ 5.8 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -18.90 M | |
| End Period Cash Flow | $ 42.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 97.9 M | |
| Forward Revenue | $ 42.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 41.3 M | |
| Depreciation | $ 3.2 M | |
| Depreciation and Amortization | $ 3.7 M | |
| Research and Development | $ 24.7 M | |
| Total Operating Expenses | $ 87.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 56.6 M | |
| EBITDA | $ 16.2 M | |
| EBIT | $ 12.5 M | |
| Operating Income | $ 10.9 M | |
| Interest Income | $ -416.00 K | |
| Interest Expense | $ 809.0 K | |
| Net Interest Income | $ -1.23 M | |
| Income Before Tax | $ 11.7 M | |
| Tax Provision | $ 149.0 K | |
| Tax Rate | 1.273 % | |
| Net Income | $ 11.6 M | |
| Net Income From Continuing Operations | $ 11.6 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.70 | |
| EPS Actual | $ 0.80 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 14.286 % | |
| Forward EPS | $ 0.69 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 508.8 M | |
| Intangible Assets | $ 31.4 M | |
| Net Tangible Assets | $ 156.3 M | |
| Total Current Assets | $ 349.8 M | |
| Cash and Short-Term Investments | $ 193.2 M | |
| Cash | $ 42.4 M | |
| Net Receivables | $ 55.1 M | |
| Inventory | $ 96.2 M | |
| Long-Term Investments | $ 996.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 12.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 30.1 M | |
| Net Debt | $ 241.9 M | |
| Total Debt | $ 292.4 M | |
| Total Liabilities | $ 321.1 M | |
| EQUITY | ||
| Total Equity | $ 187.7 M | |
| Retained Earnings | $ -386.21 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.49 | |
| Shares Outstanding | 28.927 M | |
| Revenue Per-Share | $ 3.38 | |
| VALUATION | Market Capitalization | $ 4.1 B |
| Enterprise Value | $ 4.2 B | |
| Enterprise Multiple | 259.951 | |
| Enterprise Multiple QoQ | -139.18 % | |
| Enterprise Multiple YoY | -19.172 % | |
| Enterprise Multiple IPRWA | PI: 259.951 high: 232.503 mean: 65.737 median: 63.645 low: -219.031 |
|
| EV/R | 43.071 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.711 | |
| Asset To Liability | 1.584 | |
| Debt To Capital | 0.609 | |
| Debt To Assets | 0.575 | |
| Debt To Assets QoQ | -5.679 % | |
| Debt To Assets YoY | -9.311 % | |
| Debt To Assets IPRWA | high: 0.807 PI: 0.575 median: 0.293 mean: 0.254 low: 0.002 |
|
| Debt To Equity | 1.558 | |
| Debt To Equity QoQ | -14.436 % | |
| Debt To Equity YoY | -35.533 % | |
| Debt To Equity IPRWA | PI: 1.558 high: 1.48 median: 0.688 mean: 0.56 low: -0.922 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 21.936 | |
| Price To Book QoQ | 26.87 % | |
| Price To Book YoY | -41.179 % | |
| Price To Book IPRWA | PI: 21.936 high: 12.594 mean: 6.075 median: 4.517 low: -7.517 |
|
| Price To Earnings (P/E) | 139.803 | |
| Price To Earnings QoQ | -69.857 % | |
| Price To Earnings YoY | -25.326 % | |
| Price To Earnings IPRWA | high: 287.529 PI: 139.803 mean: 89.118 median: 86.196 low: -168.539 |
|
| PE/G Ratio | 0.498 | |
| Price To Sales (P/S) | 42.058 | |
| Price To Sales QoQ | 12.525 % | |
| Price To Sales YoY | -1.182 % | |
| Price To Sales IPRWA | PI: 42.058 high: 37.657 mean: 14.98 median: 13.0 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 155.166 | |
| Forward PE/G | 0.552 | |
| Forward P/S | 97.729 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -8.111 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.198 | |
| Asset Turnover Ratio QoQ | 29.168 % | |
| Asset Turnover Ratio YoY | -16.919 % | |
| Asset Turnover Ratio IPRWA | high: 0.479 PI: 0.198 mean: 0.193 median: 0.187 low: 0.001 |
|
| Receivables Turnover | 1.745 | |
| Receivables Turnover Ratio QoQ | 33.758 % | |
| Receivables Turnover Ratio YoY | -3.353 % | |
| Receivables Turnover Ratio IPRWA | high: 2.906 PI: 1.745 mean: 1.503 median: 1.38 low: 0.267 |
|
| Inventory Turnover | 0.424 | |
| Inventory Turnover Ratio QoQ | 11.568 % | |
| Inventory Turnover Ratio YoY | -20.555 % | |
| Inventory Turnover Ratio IPRWA | high: 2.529 median: 1.085 mean: 1.034 PI: 0.424 low: 0.063 |
|
| Days Sales Outstanding (DSO) | 52.307 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 260.886 | |
| Cash Conversion Cycle Days QoQ | 8.364 % | |
| Cash Conversion Cycle Days YoY | 19.89 % | |
| Cash Conversion Cycle Days IPRWA | high: 272.391 PI: 260.886 mean: 99.757 median: 88.157 low: -85.228 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.306 | |
| CapEx To Revenue | -0.067 | |
| CapEx To Depreciation | -2.051 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 472.0 M | |
| Net Invested Capital | $ 472.0 M | |
| Invested Capital | $ 472.0 M | |
| Net Tangible Assets | $ 156.3 M | |
| Net Working Capital | $ 319.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 6.429 | |
| Current Ratio | 11.639 | |
| Current Ratio QoQ | 6.238 % | |
| Current Ratio YoY | 935.941 % | |
| Current Ratio IPRWA | PI: 11.639 high: 7.762 mean: 2.179 median: 2.016 low: 0.034 |
|
| Quick Ratio | 8.438 | |
| Quick Ratio QoQ | 13.118 % | |
| Quick Ratio YoY | 869.545 % | |
| Quick Ratio IPRWA | PI: 8.438 high: 7.26 mean: 1.515 median: 1.456 low: 0.201 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 18.027 | |
| Cost Of Debt | 0.273 % | |
| Interest Coverage Ratio | 15.465 | |
| Interest Coverage Ratio QoQ | -257.907 % | |
| Interest Coverage Ratio YoY | 16.14 % | |
| Interest Coverage Ratio IPRWA | high: 52.785 median: 17.0 PI: 15.465 mean: 13.858 low: -130.23 |
|
| Operating Cash Flow Ratio | 0.688 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 27.692 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 6.042 % | |
| Revenue Growth | 31.796 % | |
| Revenue Growth QoQ | -268.375 % | |
| Revenue Growth YoY | -4.842 % | |
| Revenue Growth IPRWA | high: 79.411 % PI: 31.796 % mean: 9.843 % median: 9.438 % low: -43.951 % |
|
| Earnings Growth | 280.952 % | |
| Earnings Growth QoQ | -599.47 % | |
| Earnings Growth YoY | -4.839 % | |
| Earnings Growth IPRWA | PI: 280.952 % high: 200.0 % median: 26.316 % mean: 19.013 % low: -133.333 % |
|
| MARGINS | ||
| Gross Margin | 57.831 % | |
| Gross Margin QoQ | 17.105 % | |
| Gross Margin YoY | 3.056 % | |
| Gross Margin IPRWA | high: 98.998 % PI: 57.831 % mean: 39.183 % median: 36.34 % low: -49.356 % |
|
| EBIT Margin | 12.78 % | |
| EBIT Margin QoQ | -219.809 % | |
| EBIT Margin YoY | 21.749 % | |
| EBIT Margin IPRWA | high: 123.871 % median: 17.436 % mean: 16.872 % PI: 12.78 % low: -211.309 % |
|
| Return On Sales (ROS) | 11.108 % | |
| Return On Sales QoQ | -204.134 % | |
| Return On Sales YoY | 5.821 % | |
| Return On Sales IPRWA | high: 43.501 % mean: 16.259 % median: 15.051 % PI: 11.108 % low: -352.254 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 27.3 M | |
| Free Cash Flow Yield | 0.664 % | |
| Free Cash Flow Yield QoQ | -241.88 % | |
| Free Cash Flow Yield YoY | -34.322 % | |
| Free Cash Flow Yield IPRWA | high: 4.857 % mean: 1.029 % median: 0.912 % PI: 0.664 % low: -16.248 % |
|
| Free Cash Growth | -310.057 % | |
| Free Cash Growth QoQ | 22.459 % | |
| Free Cash Growth YoY | 1602.207 % | |
| Free Cash Growth IPRWA | high: 364.739 % median: 50.564 % mean: 31.248 % PI: -310.057 % low: -329.708 % |
|
| Free Cash To Net Income | 2.365 | |
| Cash Flow Margin | 21.107 % | |
| Cash Flow To Earnings | 1.788 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.337 % | |
| Return On Assets QoQ | -234.002 % | |
| Return On Assets YoY | 0.863 % | |
| Return On Assets IPRWA | high: 17.834 % median: 2.58 % PI: 2.337 % mean: 1.815 % low: -36.426 % |
|
| Return On Capital Employed (ROCE) | 2.613 % | |
| Return On Equity (ROE) | 0.062 | |
| Return On Equity QoQ | -216.949 % | |
| Return On Equity YoY | -27.733 % | |
| Return On Equity IPRWA | high: 0.433 PI: 0.062 mean: 0.05 median: 0.047 low: -0.601 |
|
| DuPont ROE | 6.635 % | |
| Return On Invested Capital (ROIC) | 2.617 % | |
| Return On Invested Capital QoQ | -251.71 % | |
| Return On Invested Capital YoY | -80.77 % | |
| Return On Invested Capital IPRWA | high: 8.434 % mean: 3.18 % median: 3.068 % PI: 2.617 % low: -15.502 % |
|