Impinj, Inc. Q3 2026 Earnings Recap

Impinj shares rose 3.1% after earnings, as record third-quarter revenue and endpoint IC growth were paired with continued demand strength. The outlook is mixed: management expects strong year-over-year growth in endpoint and reader ICs in Q4, but lighthouse-account inventory drawdowns mean reader and gateway deliveries will miss the usual seasonal step-up.

Key Takeaways

• Revenue reached a record $112.1 million, up 17% year over year and 3% sequentially, without licensing revenue.
• Endpoint IC revenue was a record $97.3 million, up 24% year over year; excluding $17 million of Q2 licensing revenue, endpoint IC product revenue grew 23% sequentially.
• Impinj said it met, but could not get ahead of, market demand for endpoint ICs as it ramped back-end processing capacity; elevated ramping is expected to continue for at least two quarters.
• Reader IC revenue beat management’s expectations and was the fastest-growing product line. For Q4, the company expects strong year-over-year growth in endpoint and reader ICs, including returning specialty endpoint IC revenue.
• Reader and gateway revenue was strong in Q3, but lighthouse accounts are expected to draw down inventory in Q4, limiting deliveries versus the typical seasonal pattern; management expects that timing to reverse in 2027.