Impinj shares surged 22% post-earnings after reporting first quarter revenue and adjusted EBITDA above the guided range, with record endpoint IC bookings and stronger-than-expected endpoint IC demand. Management also raised the outlook for sequential growth into the second quarter, highlighting continued share gains and robust demand drivers.

• Q1 revenue was $74.3 million, matching year-ago levels but exceeding the company’s expectations; adjusted EBITDA also surpassed the top end of guidance.
• Endpoint IC revenue reached $63.2 million (+3% y/y), with bookings at an all-time high, fueled by custom ASIC ramps and customers ordering ahead due to competitor lead times.
• Systems revenue declined to $11 million (-15% y/y), which fell below expectations due to the timing of large customer CapEx spending, but management expects a sequential rebound.
• Gross margin was 52.4%, down sequentially and year-over-year, mainly from higher indirect costs and typical annual price declines in endpoint ICs; a margin improvement is anticipated for Q2.
• Management cited “good product supply” and a healthy channel inventory position entering Q2, with guidance for sequential endpoint IC revenue growth and increased systems sales.