PI - Earnings call transcript Q4 2024

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Operator

Welcome to Impinj's Fourth Quarter and Full Year 2024 Financial Results Conference Call and Webcast. [Operator Instructions] Please note that this event is being recorded. Due to Mr. Andy Cobb's laryngitis. I would now like to turn the conference over to Ms. Relations Investor Senior Moran, Manager. Tracy Please go ahead.

Tracy Moran

Nick. joining us you, year results. Good quarter afternoon, for all XXXX you thank to full and and Thank discuss fourth Impinj's

Chris and market opportunity year quarter performance. will call, On with and will Impinj's and first XXXX and outlook. Impinj's of a overview our brief full detailed Cary CEO, review today's quarter of XXXX provide Diorio, CFO, a results follow Baker, financial Co-Founder fourth our

Andy then Cobb, here for the Vice Q&A. joins open Strategic the will will Hussein cannot normally today. questions. Finance, for We of Impinj's call who be flu, so has President join the us us unfortunately Mecklai,

website. You remarks, on trended can Investor data management's financial plus prepared the Relations find company's the section of

do call file subject the Any our because in have update forward-looking believe annual are such these Litigation are Private these results forward-looking required We law. we performance based Reform XXXX. such statements, as in financial quarterly statements our by risks and alter undertake not the Act are disclaim risks expressly actual any differ materially obligation that the we basis reports make We and statements today. our could and we expectations statements outlook uncertainties. of We of a making Securities on any uncertainties SEC. and reasonable or this to and describe about with for forward-looking to under as future statements, will except Whereas

metrics, non-GAAP to balance for financial our Please flow otherwise, explicitly a sheet all refer cash comparable metrics. release to cash for the we flow reconciliation or state for free today's GAAP or non-GAAP. metrics, revenue metrics of except except GAAP. call, financial most All where earnings and are On

New results We forward of on events. February our York that we to in note Technology March with the in and Technology Conference on to New March XX participate XXth XX Conference you Annual Conference in look Cantor Point. connecting Roth XXth Global Dana those XX Susquehanna's outlook, on Annual and at turning the York, will Before in many

now to the call turn I will Chris. over

Chris Diorio

Tracy, you, thank joining the call. and you for Thank all

consecutive revenue Underlying growth double-digit our that strength revenue growth market year record. and and of apparel in general another yearly logistics. fourth was and marked XXXX supply chain merchandise retail

XXXX. Our endpoint over IC XX% unit grew volumes

Our operating leverage line and favorable with top flow. free adjusted annual and combined strong drove settlement litigation EBITDA our growth, record cash

two ushered major XXXX catalysts. also market in

of our Impinj strong, secular of is our start it tagging; landscape partners item-level we as ever. solutions dramatically in the deliver. food First, The can and position our expands leadership industry enterprise Second, strong long-term and GenXX remains which as underlying tailwinds

headwinds Geopolitical tariffs; we will users allocations; disrupted ordering the label-partner in partner cycles bookings. at share label aggressive quarter faced changing That into uncertainty end the said, fourth that first. shopping; spill of price end shorter and

endpoint IC to first includes first First growth quarter our having we prior ramping half the unit extra us partners in large volume no XXXX, cannot impact XX% quarter. programs new IC and orders. reschedule asking Compounded inventory in endpoint by sustain pace some

focus products, landscape. we is our and of disappointing tariff our And and a through momentum of market all, first So regain the navigating a out GenXX few as geopolitical partners using inventory and and inlay quarter. to increase best-in-class weeks solutions together, helping accelerate it our leadership clear enterprise share

is demand growing, healthy demand if and retail least is logistics, for labels supply industry chain by label and general anticipate XXXX, we buoyed merchandise and enterprise in suggest with but driven For partners bureau is not growth stable. RAIN at the service our U.S. and continue growing food retail Recent modest by to apparel, growing volumes. U.S. and conversations that solid, solid expansion, EU,

E-family book is that temporary. and first-quarter IC buoying headwinds Our geographies, large strong are order endpoint partners IC belief across our all our reader

are with today grocery checkout Turning our retailer. today’s seamless apparel European directly one as chains, engaged on we Imagine two easy to checkout and focused large as self-checkout. at grocery solutions, the visionary on other perishables

unit with In terms ramp quarterly XXXX. before, and program volumes, the in both larger large enterprises of retailer’s room in is of rollout come of are potential overall America any and if has not XXXX. opportunity, both, food North merchandise, general In to compliance endpoint these that increasing in multi-category IC than continues, terms grow One, the may huge.

prevention self-checkout revenue, their including and in program ongoing ongoing and the reading new our we rollout continue chain gateway journey embedded-tagging grew visionary supply in the in as quarter, fourth and is our retailer’s of driving The their label reader opportunity growth European second solution decline XXXX over, modest In the will XXXX in logistics, cases far with as E-family American our using first increased expect loss volumes user completes they from autonomous end them ramp. North use said, large ICs. in but strong that successfully. That RAIN-based quarter their

we expand our footprint like and to us. prevention, create and enable loss partner our use for reader IC using ICs challenging previously existing retail multiple in platform’s endpoint stores. Those direct engagements always-on opportunities engagements, further our cases, reading and share-gain cases, have E-family In overhead use partners addition expand GenXX like to

GenXX enables so end endpoint benefits cosmetics, is our of bell-weather has top ecosystem most deliver our enablement. enhances but of GenXX, cases partners enterprises others, working dramatically our overwhelming, with and in on reader been more use using simply requires including it smaller, the accessories way. costeffective especially already MXXX for MXXX, more The have piloting natively and GenXX GenXX prior was adding food, We already from for event systems. our for GenXX launch IC to inlays unlocking multiple us RAIN December our X reader opportunity. GenXX to industry. users. and embedded recurring to and with Our clear competitors, performance response deploying the a with security

to announced and Dossett, at officer, years leverage XXX solutions revenue Fortune strong Impinj another your will build peerless will Jeff revenue teams veteran, you. the our organization. In Gahan his delight that chief sales XXXX But flow. a EBITDA We and sales On win we innovations. X enterprises. after the and delivered that Jeff, was retirement to and successfully resolved growth engineering front, patent mission record know Impinj. platform and cash free will miss litigation we products year continue organizational market-leading and lead closing, of earnings-per-share, seven-year Richardson, delivered adjusted our our

a This before. better time we so. first-quarter advantages company seasoned competitive than team, with positioned, press a we we market Looking see headwinds. forward, far Each do But to have stronger and we position. ever time been are to been a our stronger times in through tough we have more emerge

continue ahead. by our and to driving As world, the connect bold item in our every everyday energized in I remain opportunities we vision market position our confident

for effort turn to for Cary vision. financial first-quarter I’d I our driving over the and call the Before outlook, Impinj again your member to team our like review bold constant every of thank

feel always, by work As incredible with honored I my you. good to Cary. fortune

Cary Baker

offered of We years Chris, the of while expansion the revenue joined leverage cash margin our with annual and recurring drawn operating flow, holds, strong the Impinj X opportunity back both the free ago, massive exceptional scratching good what was revenue. Thank I growth. on future of market a afternoon surface and just XXXX record and When silicon to adjusted delivered everyone. I of glimpse the opportunity. record EBITDA you

third-quarter million ever, energized million, sequentially in down $XX.X XXXX. in revenue million, $XX.X $XX.X than with compared X% our from XXXX compared fourth-quarter more in XX% XX% fourth-quarter in million potential. third-quarter XXXX. demand $XX.X endpoint X% was million leverage up secular down I Today, revenue with operating year-over-year from up Fourth-quarter $XX.X and year-over-year sequentially IC Fourth-quarter XXXX am million by and was $XX.X and

we partner below this typically see Although accommodated we as year push-out expectations declines, requests. fourth-quarter our was

again and X% million we reader, revenue revenue to decline. Fourth-quarter sales. up compared Looking and from IC up fourth-quarter with year-over-year IC $XX.X $XX.X in sequential million expectations, in endpoint revenue gateway XXXX. was third-quarter the our driven systems expect XXXX in reader by sequentially strength exceeded a quarter, XX% million, $XX.X Systems first

Looking successfully. European systems the loss selfcheckout decline to the we quarter, at and the expect concludes visionary deployment to seasonally revenue as more retailer than first prevention

measurement Total Fourth-quarter by and XXXX with XXXX gross mix gross margin revenue long licensing increase XX.X% quarter-over-quarter and the The costs. merchandise, higher $XXX.X compared of applications XXXX. tail year-over-year was systems grew XX% and XX.X% general driven ICs. declined compared in million, both due XX.X% Systems more increase logistics, growth IC gateway $XXX.X Endpoint XX.X%, XXXX million apparel, test fixed IC and XX% was than XXXX. revenue. leverage XXXX, year-over-year, with with licensing and year-over-year endpoint was in reader XX.X%, up reader revenue by The by revenue in and supply revenue in year-over-year, Full-year on to the offsetting increase was in margins. chain and fourth-quarter XX% direct primarily improved driven driven third-quarter with was margin compared revenue. with declines

operating expense administrative Looking quarter million. in million. and to expense and million, marketing compared million third was sequentially. Total Research was was XXXX was and expense expect million. margin development fourth-quarter million decline $XX General expense first-quarter to $XX.X modestly we $XX in Sales $XX.X $X.X XXXX, fourth-quarter with $X.X gross and XXXX.

operating $XXX.X million, million XXXX. with $XXX.X in XXXX compared expense totaled

in was adjusted adjusted normal seasonal compared XXXX. XX%. and XXXX third-quarter XXXX XXXX $XX $XX.X to driven $X EBITDA adjusted in total XXXX. compared with million operating was million by expect XXXX was quarter $XX.X first-quarter fourth-quarter expense We Fourth-quarter EBITDA increase margin XX.X%. $XX.X was sequentially, EBITDA margin Fourth EBITDA adjusted million, million, in million with factors.

million. $XX.X $XX.X net XXXX net diluted a diluted share on or $X.XX basis. non-GAAP GAAP on per net Fourth-quarter income fully $X.X non-GAAP loss GAAP was or was million. net fully basis. share $XX.X per income a $X.XX Fourth-quarter XXXX was was million, income million,

investments ended was primarily prior with million. and purchases the $XX was and $XXX.X equipment equivalents operating up $X.X fourth balance million the million. cash we activities by million. from to with cash Property totaled the totaled from cash, net coming million, endpoint $XX.X increase Free provided million. Turning of $XX.X sheet, quarter, the cash Fourth-quarter $X.X quarter ICs. Inventory flow

For provided was activities the cash Property million. net $XXX.X and operating million. totaled by purchases $XX.X full equipment year,

million free margin expansion. revenue the was operating million, by growth from income settlement, $XX Excluding and the driven cash $XX.X litigation flow

results to our a want to items our few I turning unique Before outlook. highlight to and guidance,

the yearly primarily our as mix, first sequentially product revenue ramping price will burns of weeks outlook. quarter, IC at much in our lesser driven reductions endpoint impact few To channel a volume by through specifically inventory. ASPs, MXXX decline a and first-quarter lower First, degree,

low we margin for first-quarter year. Second, mark to the anticipate point the gross

benefiting Second-quarter product wafers. gross from margin and will mix higher lower MXXX begin cost

run exceeded revenue midpoint the bookings at January our turns fewer assuming be rate, while of are our fourth-quarter we to Third, our prudent guidance.

Turning to expect between $XX we revenue first-quarter $XX million. outlook, and our

million. $X.X and We million EBITDA expect adjusted between $X.X

bottom between investors, team, expect our income the and suppliers $X.X fully diluted closing, reflecting question-and-answer you, and customers, want to our I now million, the we open call the our line, session. for turn the non-GAAP between million On the non-GAAP In net earnings-per-share ongoing to and I to your support. will operator $X.XX $X.X Impinj Nick. $X.XX. thank

Operator

And Instructions] from [Operator come question Jefferies. your today with Curtis Blayne first will

Blayne Curtis

bulk a of couple the kind trying which flattened maybe happen can the kind some when guess about a you've just thoughts did and because kind you timing you talk these of were just when then through flatter then? timing understand I you pushouts you might to I of to wanted this inventory before. have have any of you? been do to I'm Did of come things you understand see kind December of of cycles back sensing and these the out, that kind

Chris Diorio

ahead. go Cary, Yes.

Cary Baker

So Blayne, the question. for thanks

channel are channel the channel with believe built excess the larger And being ahead as a their build, a of the was we function So that of of between inventory cause we a levels factor. inventory. perspective, a and demand and demand. our bit timing few mix relates they From to demand of it the build demand expected that demand weeks inventory that

our perspective, and adjusting of has shopping partners timing and chain for unanticipated price stronger with are resulted and example, same large in a pullback label customers the customers aggressive days of American inlay with of when IC second ago, our pockets we inventory run inventory. partners entering expecting we've XXXX demand amount supplier X From seen logistics North the endpoint QX. their all because was we guided our mix supply end and not

their then inventory inlet seeing partners times match. shorter order down and to shorter And you're lastly, to also bringing probably leading levels

Blayne Curtis

to it's relate to kind said of the maybe of other you're And taken Because Great. of the Do some bottom. of know couple quarters a you you've would the this I then past, you corrections can this in you feel seen. dig one just anymore? ahead be QX like out.

be how going I question year. you recover this is the fast do think to

you the kind think curious just how correction the shape other of of I'm versus past. in you've So about seen ones this

Chris Diorio

position said, Chris. half of down And we Yes, in the go we're through jump took their but wants in. working going words, partners channel is emerge see a we're side. Cary through, as and more When Blayne, stronger And production team starting GenXX, to stronger as and we're this I position other we've the in few this season been. the with it. said seen going the time we're the MXXX, back Solutions, everything Enterprise I of a duration saw I'll the better we excess correction say I'll we seasoned, remarks, the position We're calling action. at ever And inventory got a given better strong swift better to actively this fourth burn to quarter, in time. that believe my are prepared on not with in We're working in personally our than that position play we've before. in far we've to market. positioned a the in that if emerge on I

to us the expect not but timing So now. accelerate we're out, predicting right

Cary Baker

at zero by modeling XQ to I'll X at a are specifically, in ordering given we prudently uncertainty endpoint times see guide fewer quarter input we with guess start are we turns IC lead point. We're the customers What modeling our terms and Blayne, going just not Yes. short hazard market this we're guide only very highlighting, a for our on time. business.

Are And going a scenarios we're see headwind, larger of a product scenarios for headwind these quarter channel for second to revenue a snapback, a we hope yes. we inventory understand issue. where while are X-quarter there IC endpoint outcome. recovers that on rarely But problems and smaller potential those prepare a better

Operator

from come will today Harsh Kumar Sandler. question with Piper next Your

Harsh Kumar

sort ask note is the and it you of of or want to success on categorize different partners areas bunch you out think How inventory. wanted a many weeks think industry, weeks question do I on success have? have or it. mostly or you how main But do X a in concentrated you excess inventory spread to similar inventory you the of over however inlay is X many

Cary Baker

Cary. Harsh, this is

logistics lot change is from few it the see a in second of logistics more demand it's think concentrated It's I provider. weeks. large our we than typical. A to relates given

Harsh Kumar

Okay. Great.

in So deal the is you large Amazon that. my referring second you the to that demand, question the was where on now largest your will you function are When Is to UPS, as are customer? which talking about decline. second the public, with change referring that volumes

Cary Baker

know name customers, changes we following specific don't news, been demand. logistics in there's but Harsh, you've you if Well, been the

Chris Diorio

some Yes. another there's been And Harsh, well. as as element There's share well. allocations

bit a that all of assuming partners that, channel some it bulk it. on a resulted the to channel correct, our a we inventory. the which of certain share, reallocation, it ahead, of portion share top built has a bulk that's inventory in need And of of not was the MXXX So of pushout

Operator

your today And will come Company. Jim Instructions] Needham question from Ricchiuti [Operator with & next

James Ricchiuti

you the maybe have the in in impact give you has So of guidance you obviously, impacts quarter. that in ramps just not know pipeline beyond terms just year. could the again, I'm first I characterize fact seeing or that -- But further wondering ramps some you when alluded see the you really large And to what half year. would could out you're potentially can't program the the and and of program that

Chris Diorio

the other see lull be bit half. new our remarks. a at I right strong opportunities food strong in We an the first as in And will see From But layer expect really in pipeline. of in, into there of second strong you the growth a opportunities X market And beginning prepared for the half, cited we last new no perspective, in Fortune if our a growth tailwinds XXX There's those enterprise enterprise movement jumping we least is they the future. in label don't from our overall it good when just we're in see Jim, we -- just opportunities pipeline, ramp. companies So now, year. saw industry. with the

lot enterprise all put to just interest lull a happens a a it So in nutshell, of pipeline, to strong be now. right

James Ricchiuti

whether Kroger Got grocery say it. grocer And the respect second grocer? is is Can customers you working with to Chris, are a it's been something. that public, the grocer? the obviously, Or is it European vertical, a U.S.-based in doing

Chris Diorio

answer not course, to because right I potential we that opportunity, now. enterprise prefer answer Jim, work large to we've we is and built think that that competitive with the for a it an give end I'm of one know it. directly. reasons, directly to question sorry, into user But it's of I decided can't

James Ricchiuti

Fair enough.

Chris Diorio

Okay. Thank you, Jim.

Operator

from today come Your Jensen question will Cantor next with Troy Fitzgerald.

Troy Jensen

for here couple Cary. a Maybe

You guys endpoint talked reductions? the to on ASP what us Or price aggressive is shopping. insight just more Can talk just about of kind you about any that?

Cary Baker

Yes.

So I see market the given pricing our line I the think really is impact, expectations. I largely negotiations with your when think we from our dynamics, endpoint of came kind say, in going question, current Troy, which would on of

year's MXXX the MXXX the adoption, a know, was in driving negotiations as you lower-priced is focus Our SKU. this

where come running lower our is mix. to So into percentage we we cost gross The accretion ramps as the MXXX expect ramps as the a can from comes line, expect volume however, the SKU. trade-off, down -- as average ASPs MXXX of margin our

Chris Diorio

say more. bit little And a Troy, I'll

aggressive of out shopping, market of the in bonding overcapacity a now. bit label terms there's In right price

the at label level. dynamic a And fairly market so there's competitive

to users peers resulted shopping shop us. shop orders And aggressive ] service in has and aggressively that so price [ we're price seeing aggressively, delayed on end

Troy Jensen

with in right. Cary, gross Could frame you just And just Understood. conjunction that, what margins then modestly you. All in QX. means? being down modestly talked about you Got

Cary Baker

Yes.

see margin. the we'll forward mix I I we move through. as benefiting did and think mark low say modestly, point begin the MXXX for will talk we'll about the wafers the that and gross maybe year from to let's impacts flowing it lower-cost

guide as Now be. think roughly back that the margin the to to when is point it I bottom ramp as what wafers. can get key you throughout might and the the you build and line, you year we into construct lower-cost will the those gross and But think will have we top you that understand the MXXX

Operator

today Your Christopher from Susquehanna. Rolland next come with will question

Christopher Rolland

a just comment. price Yes, all, first guess, on follow-up. shopping I of the

understand to out Just pricing that, And IC me think you understand help there? me understand that then sorry, Chris, bit -- you margin the inlay little is a and aggressive -- your guy about. between I you also here mentioned an pricing there lower more. help talking were is dynamic Just that competitor, a that

Chris Diorio

Sure, for question. Chris. the Thanks

is some of twofold. service and shopping lot inlays So in market them there's shopping price the a There's actually It's the on the capacity orders. take bonders, a responding right to now. end has ICs market, bureaus to enterprise because competitive it's a our the service put and resulted in pretty label price the around growth from which delayed the as who users people

between customer from that to the and our it So customer's our end the price which customer, help? enterprise I user. and is was is Does customer's our our referring customers our it customer to customer, shopping, is

Christopher Rolland

we appreciated off be thought, forward? any only you to I X all seasonality guide help. be there just as at for would Thank us. how may but know any flatline you quarter specific, this Is of clarity. seasonality? by That a dynamic impact space, And broad going broad this nothing I going that do Or thoughts any time, guys to does inventory then think,

Cary Baker

we -- a quarter only and I a It's right at want Yes. the don't guide really time, second to now. on quarter hazard so X guess

our of the Some factors guide. going we're that into seeing

We fewer First, get guide just strength They But quarter rate, on the to includes our January IC and specifically a ourselves our arms orders. endpoint our exceeded zero around guide turns turns our and some strong. January we're endpoint bookings situation. want of run IC to fourth were be assuming at midpoint prudent time give the to business. at our the turns that

know We are take the time. can channel some but inventory, working out hard we to that clear

as that's thinking now, go. we really it So more right how we'll provide update and we're about

Chris Diorio

prudent that that to If one there's away, that's you word, forward. we're take look and the just and stand it's where prudent. used all word that's Cary we right behind being we I'd as word like where that -- now, just that That's we're

Operator

will question ROTH come Searle Capital. Scott Your next today from with

Scott Searle

given when endpoint dynamic marketplace, wondering could just headwinds. maybe longer-term you just XX%. the that at in a issue? You've growth of Is the tracking, working unit of Chris, historic changing about at you're about through the all right? demand talk that to if is near-term XXXX? consistently IC profile growth the talked I'm the XX% inventory looking near-term we're inventory Or still

Chris Diorio

remarks, that right we of question have and I'll see I general in growing what food apparel, America Scott, see year. I across retail prepared and chain new well answer for bit merchandise a wish the strength the supply little and I a driven in as little opportunity. opportunities What our as you. logistics North we a could the then retail, it, on through now bit is better read said essentially kind board,

is see we from our going it's EU solid The and forward. still current least America, North flattish So still at perspective. is

Asia usually anyway. smaller don't call out that's we And and

industry, So long-term hard are food what least our on that top to other ramps can't. XXXX going In for we some XXXX, guess suggest right tailwinds we as wish tariff at overall. I opportunity the the that I you now, given is longer and into other layering things hazard but give it's the the secular dynamics, me answer, just on mean the underlying on we it's those for believe factors on, could better now bright. I geopolitical all see see situation, heading project future of if very especially bright, those very a XXXX, a can't right fundamentally I things. term,

Scott Searle

and the tariff then pipeline. dynamic is is expand beyond Or the wrap was up geopolitical, were going a pretty if situation? finally sounds When of any of the It I just if pre-buying there? could issue. tariff I just that other you wondering on ahead pre-shipping pipeline is food. because some you And sort there like customers clarification on And say active. with still the could Chris,

that times. couple of a addressed you've think I

I your I But on retailer Phase large into American are will general supply merchandise, chain, they about supply were still big-box X, think existing retailers starting all? like other existing you North in at talking pull changed or with front that to right? that move opportunities the and Or progressing think forward. of Has things that customers those dynamic that some channel how leveraging 'XX? are

Chris Diorio

Yes.

Okay. my do on those questions. I'll best

geopolitical less forward is. of less supplier pull situation, you where if was to situation what primarily out it uncertainty terms In -- being I'm the and use need of tariff based a sourcing source word going a you're uncertainty to the of an the on sourcing enterprise, the and know to to

hit. perspective, that sourcing some we're are made. based and now for orders causing resulting get delayed order least essentially in And tariffs lay just our cycles might to right from as us those decisions seeing on to where So we orders is decisions the where at shorter

remarks, significant have We apparel lead pipeline, we'll in lead we enterprise terms space. retail overhead opportunities up the self-checkout be prepared open there, prevention the in and things loss ongoing in around of In retail retail. see doing still our of some efforts in reading could customers the I of new our and the mentioned a end as are wave expanding our with partners the users and around some of opportunities engagements because, apparel space the

supply to other data it. to are user is of North of spillover in which is then enterprise us TAD talking expectation obviously about further going large into looking the there consumer general thing date retailers. second part, mobile big big-box taking top on dynamics everything we're mobile retail The but in not for of On yet mobile. a is can is the obviously, it, do of third transitioning some The advantage that yet, end about that's we're transition categories. industry. mobile and change expansion the for chain drive consumer at the but time, opportunity, some enterprise logistics merchandise, American in all a with that, we the talking further announced to We're still to And consumer we're truly will our out the guarded

picture it's just got now, other finds bright touch a all But things. through. a a a to to we've bit future. basically So It go little of right rough

Operator

next follow-up from today Harsh is question Piper Your Sandler. of a Kumar

Harsh Kumar

XXXX, grocery to would know at not see least So chain. grocery guys don't if type going And meaningful question a in X second these new you to the ask smaller it's you customer other one -- of ramp then start to perhaps half Could with this a -- about XXXX, customer in the I wanted level. at your you a the us us part you I the could you of want way in some partners? tell is, maybe if boutique you're volumes name, large give to be or inlay a having

Chris Diorio

Yes.

of question anytime the is talk you -- that So large. part first to it's I'll food, take large about customer answer Harsh, the The one.

not -- It's So of things. in specific, we're it's those in actually food but fast to kind grocery. be or

So lot on half the just pace customers it back year. pace the the of the IC a things more so go some at size depends are accept anticipate the think item Obviously, large. is and opportunity is, measure and time grocery in the at you opportunities volumes when the level the Because larger The to that. you the opportunities, the frame. the of an endpoint We then which have like about that.

the of in half back volume the some expect We year.

will And ideally, one into XXXX. or those both ramp of

that up working. is of fully Now it and to not deciding a since lot right we're and we that get running self-checkout one opportunity, now have said, the a to do work it

some one days. And a at to early positioned sleeves in really for but the working going it self-checkout it at level do do as it and go, is believe work We're way our shot, believe but it. opportunity take loss with We not European this took I opportunity to we prevention I to roll we're you need give and of in up We're we're to us retailer. grocery going visionary our to the best yet. can. item loss the what it. time I best So our It's same timing get particular grocer. company anybody side. if the self-checkout, will give best some the make prevention this self-checkout do do can we can't to on And

Harsh Kumar

that Chris, Thank color. for Understood. you,

Operator

session. turn question-and-answer I for remarks. any CEO, the over Chris like conference would Diorio, closing our back concludes and That to Co-Founder to

Chris Diorio

like you, to Thank you I'd your and all of ongoing call thank Bye-bye. Thank joining today. you the for support. for Nick,

Operator

has conference presentation. attending Thank concluded. you The for today's now

now disconnect. may You

Impinj (PI) 5 Feb 252024 Q4 Earnings call transcript