Internet of Things Firm, Impinj, Exceeds Q4 Revenue Forecasts
Shares of Impinj, a leading Internet of Things (IoT) company, soared on Wednesday following the announcement that its fourth-quarter financial results are expected to surpass previous estimates.
Impinj now forecasts revenue of over $70 million for the quarter, surpassing its initial target range of $65.5 million to $68.5 million. Furthermore, the company expects adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) to exceed $2.5 million, a significant improvement from its previous forecast range of a loss ranging from $900,000 to a profit of $700,000.
FactSet’s consensus estimates projected sales of $67.5 million, a non-GAAP profit of one cent per share, and adjusted EBITDA of $800,000.
The company unveiled this information in preparation for its presentation at the Needham Securities Conference on Wednesday morning.
Impinj Gains Favor as a Top Small-Cap Idea
Impinj receives accolades from Satori Fund portfolio manager Dan Niles in his Tech Trader column focusing on small-cap ideas for 2024. Niles acknowledges Impinj’s resilience during the pandemic, which caused setbacks due to supply-chain issues and a slowdown in retail sales, particularly in the apparel sector. Consequently, inventories of Impinj’s RFID tags used for tracking goods ballooned. However, Niles highlights that Impinj is now benefiting from declining component costs and expanding its market presence across various retail categories.
Impinj shares responded positively to this promising news, rallying by 8.6% to reach $88.82 on Wednesday.
Eric J. Savitz contributed to this report.