Investor Presentation
First Quarter 2024
Forward Looking Statement &
Non-GAAP Financial Measures
This presentation and the accompanying oral commentary contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, any statements about or relating to expectations, projections, trends, plans, ambitions, strategies, and objectives of management for the future; potential markets or market size, technology or business developments, including the anticipated launch of new products, capabilities and technologies, and the adoption or expansion of RAIN technologies by end users; enforceability of our intellectual property rights or our position within the industry; the impact of silicon wafer and reader component availability and supply; and any statements of assumptions underlying any of the foregoing.
Forward-looking statements are based on estimates and information available to us at the time of this presentation and are not guarantees of future performance. These forward-looking statements speak only as of the date hereof. Except as required by law, we assume no obligation and do not intend to update forward-looking statements or to conform these statements to actual results or to changes in our expectations. This presentation also contains statistical data, estimates and forecasts that are based on
independent industry publications or reports or other publicly available information, as well as other information based on our internal sources.
Actual results could differ materially from those expressed in forward-looking statements or in data or estimates made by independent parties or by us. Forward-looking statements, and any statistical data, estimates and forecasts contained in this presentation, are subject to significant risks, uncertainties and assumptions including those identified in the "Risk Factors" section and elsewhere in our most recent filings on Forms 10-K and 10-Q with the Securities and Exchange Commission (SEC).
In addition to our results determined in accordance with generally accepted accounting principles ("GAAP"), this presentation includes certain non-GAAP financial measures. Among other non-GAAP financial measures, this presentation uses (1) adjusted EBITDA, which we calculate as GAAP net income (loss), excluding if applicable for the periods presented, the effects of stock-based compensation; depreciation and amortization; restructuring costs; induced conversion expense; acquisition-related expense; purchase accounting adjustments; other income, net; income from settlement of litigation; interest expense; and income tax expense (benefit); (2) non-GAAP gross
margin, which we calculate as GAAP gross margin, excluding if applicable for the periods presented, the effects of depreciation, purchase accounting adjustments, and the effects of stock-based compensation; and (3) Non-GAAP net income, which we calculate as GAAP net income (loss), adjusted for, if applicable for the periods presented, the effects of stock-based compensation; depreciation and amortization; restructuring costs; induced conversion expense; acquisition-related expense; purchase accounting adjustments; income from settlement of litigation; and income tax effects of adjustments. These non-GAAP financial measures are in addition to, and not as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents, and our non-GAAP measures may be different from similarly termed non- GAAP measures used by other companies. See the appendix for a reconciliation of those measures to the most directly comparable GAAP measures.
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Impinj at a Glance
Our vision is boundless IoT, extending the
Internet of Things to trillions of everyday items
Success Strategy
1 | Develop whole-platform solutions |
for lighthouse enterprises | |
2 | Win the endpoint IC opportunity |
at those enterprises | |
3 | Engage partners to repeat our |
successes at other accounts | |
4 | Compete aggressively for the |
rest of the endpoint IC market |
315.0
295.0 | 19% | $307.5 | ||||
275.0 | ||||||
255.0 | CAGR | $257.8 | ||||
235.0 | ||||||
215.0 | ||||||
195.0 | $190.3 | |||||
175.0 | ||||||
155.0 | $152.8 | |||||
135.0 | $138.9 | |||||
115.0 | ||||||
95.0 | ||||||
75.0 | ||||||
2019 | 2020 | 2021 | 2022 | 2023 | ||
100B+ | 4.5M+ | 305+ | 2,000+ |
Connectivity | |||
ICs | |||
Devices | Patents(2) | Partners(3) | |
Shipped (1) | |||
Sold(2) | |||
- As of February 29, 2024
- As of December 31, 2023
- As of June 6, 2023
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Vision
Manufacturer | Shipper | Seller | Person | Archive |
Digital Twins
Own | Store | Explore
Connect
Every Thing
Physical Items
Discover | Engage | Protect
Manufacture | Transport | Sell | Use | Recycle |
© 2024 | 4 |
Success Strategy
S | olution | s |
S | y | s |
stem |
Solutions drive Impinj endpoint ICs
- Create enterprise solutions; step-and- repeat with solutions partners
- Win endpoint IC opportunity
Systems drive Impinj endpoint ICs
- Enable channel partners to win remaining opportunities with Impinj systems
- Win majority endpoint IC share
© 2024 | 5 |
Platform Products
© 2024 | 6 |
Wireless Technology
RAIN = RAdio IdentificatioN
- Unique ID: for pennies per tag
- Fast: up to 1,000 items/sec @ 10m
- Autonomous: without line-of-sight
- Battery-free:essentially unlimited life
- Worldwide: spectrum, standards & ecosystem
Complementary IoT Technologies
© 2024 | 7 |
Market Opportunity
RAIN enabled connectivity for >44Bn(1) items in 2023
We estimate this represents only ~0.4% of connectable items
Trillions of
consumable
items per year(2)
Other Everyday Items
3Tn | Food & Drink Packaging |
600Bn | Auto Parts |
400Bn | Parcels & Postal |
325Bn | General Merchandise |
80Bn | Beauty and Personal Care |
80Bn | Apparel |
9Bn | Pallets |
4Bn | Airline Baggage |
3Bn | Tires |
(1) | RAIN Alliance, "RAIN Alliance Reports 32% Increase in Global RAIN RFID Chip Shipments as Adoption and Usage Diversifies Across Multiple Industries" March 4, 2024. | ||
(2) | Food Packaging and Caps & Lids based on Euromonitor International, "Global Trends in Food and Drink Packaging, 2017". Impinj estimate of Auto Parts based on Statista, "Global Car Sales 1990-2019" and "Automotive Industry & Reach," Timo Unger. Postal based on Universal Postal Union, "State of the | © 2024 | 8 |
Postal Sector 2023" and Pitney Bowes Parcel Shipping Index, August 2023. Impinj estimate of taggable apparel items based on Statista Market Forecast Apparel - worldwide, March 2019. Pallets based on IMARC Group, "Pallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast |
2019-2024. Airline Baggage based on IATA and SITA, "RFID for Baggage Tracking, Business Case 2017." Tires based on Freedonia, "Global tire demand." General merchandise and beauty and personal care based on internal Impinj estimate.
Market Focus
Retail General | Supply Chain |
Merchandise | & Logistics |
Platform Leverage
Enterprise | Platform | Leading | RAIN |
Solutions | Preference | Products | Services |
Engage lighthouse enterprises | Build platform capabilities | Best performance, reliability | Cloud services support |
to drive solutions opportunities | and earn corporate trust to | and supply are the foundation | platform linkages and drive |
and whole-platform learnings | win and hold endpoint IC share | of our platform success | additional recurring revenue |
© 2024 10
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Disclaimer
Impinj Inc. published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2024 03:34:04 UTC.