Impinj (NASDAQ:PI) Q4 Results: Revenue Flat, Guidance Cut 19.9%, Inventory Headwinds Loom

Impinj (NASDAQ:PI) reported Q4 CY2025 revenue of $92.85 million, up 1.4% year-on-year, with non-GAAP profit of $0.50 per share in line with estimates. However, next-quarter revenue guidance of $72.5 million was 19.9% below analyst expectations, sending the stock down to $126.09 from $153.90. Management attributed the results to inventory corrections in retail and logistics, slower adoption in general merchandise and food, and a high-teens percentage drop in endpoint IC sales as partners burned excess stock. CEO Chris Diorio described 2025 as challenging due to tariffs, multi-layer inventory reductions, and project timing issues. Recovery is expected in the second quarter with new custom chips and expanded enterprise solutions, but execution on inventory management and ramp-ups remains critical. Looking ahead, the company faces continued inventory normalization and project timing issues in Q1 2026, with apparel and food markets potentially normalizing as early as Q2.