Best Play To Ride the Secular Wave of RAIN RFID Adoption

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Company Overview

Impinj PI 0.00%↑ is a leading provider of radio-frequency identification (RFID) solutions that provide item intelligence and connectivity for retailers, supply chain and logistic (SC&L) operators and a number of emerging industries. Impinj's solution connects everyday items to the internet using a form of RFID known as RAIN, which was developed by the company’s current CEO. With this, businesses can identify, locate, authenticate and engage each item, which over time has significantly improved inventory management, asset tracking and overall operational efficiencies. Impinj sells an entire platform, which includes endpoint integrated circuits (ICs) to apply to items, getaway radio ICs and finished getaways that communicate with the tagged ICs, as well as software to extract item intelligence from the tag data. Impinj generates ~75% of revenues through the sales of endpoint IC where OEM partners attach an endpoint IC to a printed or etched antenna on a paper then cover the composite inlay with a paper face to form a tag and is attached to items in retail, SC&L, healthcare, automotive, industrial and manufacturing, and many more products. Impinj has sold more than 95 billion endpoint ICs since inception, and global enterprises such as Walmart, UBS and Target have deployed Impinj’s IoT platform. Impinj fulfills via a board and established global ecosystem of solution providers, system integrators and distributors, but ~44% of sales in 2023 were sold to tag manufacturers Avery Dennison (33%) and Arizon (11%).

Below is an overview video of Impinj’s RAIN RFID solution.

Below we present our updated core investment thesis on Impinj, reflecting our latest analysis of the company's growth trajectory and overall profitability outlook. We include access to our downloadable 5-year financial model and our latest price target assessment.