PI Impinj, Inc. - Common Stock

NASDAQ · Semiconductors · View on SEC EDGAR ↗
$166.21
Price · Aug 18, 2026
Fundamentals as of Jul 29, 2026

About Impinj, Inc. - Common Stock Company overview from Wikipedia

Impinj, Inc. is an American manufacturer of radio-frequency identification (RFID) devices and software. The company was founded in 2000 and is headquartered in Seattle, Washington. The company was started based on the research done at the California Institute of Technology by Carver Mead and Chris Diorio. Impinj currently produces EPC Class 1, Gen 2 passive UHF RFID chips, RFID readers, RFID reader chips, and RFID antennas, and software applications for encoding chips, and gathering business intelligence on RFID systems.

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Impinj, Inc. is an American manufacturer of radio-frequency identification (RFID) devices and software. The company was founded in 2000 and is headquartered in Seattle, Washington. The company was started based on the research done at the California Institute of Technology by Carver Mead and Chris Diorio. Impinj currently produces EPC Class 1, Gen 2 passive UHF RFID chips, RFID readers, RFID reader chips, and RFID antennas, and software applications for encoding chips, and gathering business intelligence on RFID systems.

History

Impinj was founded in 2000 based on the research of Carver Mead and his student Chris Diorio. The name Impinj stands for "Impact-ionized Hot-electron Injection".

In 2006, Impinj became the first company to introduce products based on the EPCglobal UHF Gen 2 standard.

Bear Stearns reported in 2006 that Wal-Mart issued contracts to Impinj and Alien Technology, including them as significant suppliers for a total 15,000 RFID readers needed for Wal-Mart stores and distribution centers. The report invited speculation but was not confirmed.

In the same year, Impinj created new partnerships in Asia. In February, Impinj signed an Original Equipment Manufacturer agreement with the Hong Kong based company Convergence Systems Limited (subsidiary of the Chung Nam Group of Companies).

In December, Impinj partnered with Korean company LS Industrial Systems (part of LS Group) to create RFID solutions targeting the Korean market.

In June 2008, Impinj sold its non-volatile memory business to Virage Logic.

Also in 2008, Impinj acquired the Intel RFID division, including an Intel-developed RFID reader chip. Impinj renamed the chip Indy R1000.

In 2009, Coca-Cola unveiled their Freestyle soda machine that gives users one hundred and sixty five different possible drink combinations. The Freestyle soda machine uses Impinj Monza tag chips and Indy reader chips to determine user preferences and to monitor the dispensers.

Mexico has certified the Impinj Speedway reader to be used by state agencies in the electronic vehicle registration initiative beginning in Mexico in July 2010.

In 2005, Impinj began working with Intel to develop RFID chips that would allow for "Processor Secured Storage."

Impinj created two new chips for the project: Monza X-2K Dura and Monza X-8K Dura,

which allow for increased theft deterrence and wireless configuration of electronic devices. The chips will be used in Intel's Microsoft Windows 8-based processors for tablet computers, which will be released in the second half of 2012.

RFID products

Monza RFID tag chips

Introduced in April 2005, Monza tag chips were the first UHF Gen 2 RFID tag chips.

Upon their introduction, it was announced that Impinj would be selling 50 million Monza tag chips that year. These 50 million chips were sold to nine different companies, including competitors Alien Technology and Texas Instruments. In 2010, Impinj introduced its Monza 4 tag chips with increased read and write capabilities and more memory options.

In April 2011, Impinj released their new Monza 5 chips which are designed to speed item-level encoding, with fewer errors. The Monza 5 can boost encoding speeds by up to 220 percent compared with other RFID technology on the market.

Announced in April 2012, Impinj's Monza X tag chips are intended for such applications as theft deterrence and wireless device configuration. When embedded in an electronic device (such as a laptop PC), the device processor or an RFID reader can write to or read data from that device through a Monza X chip, even when the device is powered off.

Impinj developed the Monza X chips through a partnership with Intel that began in 2005.

Impinj created the Monza X-2K and Monza X-8K Dura chips with lockable memory blocks and two independent antennas, which allow the chips to be read by both near field and long range readers.

Intel will be using the Monza X chips in Microsoft Windows 8-based processors for tablet computers, to be released in the second half of 2012.

Speedway RFID readers

Speedway is a registered trademark of Impinj. Speedway products include Speedway Revolution RFID Reader and Speedway xPortal RFID reader.

The Speedway RFID reader was first introduced in 2005 as the first RFID reader sold by Impinj. Designed to meet the RFID Gen 2 standards, Speedway was one of Impinj's GrandPrix products alongside Monza.

The Speedway Revolution RFID reader was introduced in 2009. The Speedway Revolution is 80% smaller than the original Speedway RFID reader, measuring 6.75 x 5.5 x 1 inches.

The Speedway Revolution introduced Autopilot technology, which enables the reader to reconfigure itself as the environment shifts.

Introduced in 2010, the Speedway xPortal is a RFID fixed reader that combined the Speedway Revolution with Dual-Linear Phased Array technology, with a smaller design than previous reader portals. Whereas previous portal readers weighed about 150 lbs, the Speedway xPortal weighs 6.5 lbs and measures 40.5 x 8.72 x 2 inches.

Indy RFID reader chips

In 2008, Impinj acquired the Intel RFID division, including an Intel-developed RFID reader chip which Impinj renamed Indy R1000. By combining many electrical components on one microchip, RFID reader chips can minimize size and costs of RFID readers. As of 2008, 40 to 50 manufacturers had developed readers using the R1000 chip.

In 2009, Impinj unveiled the Indy R2000 reader chip, with increased performance designed for use in high-end readers for more challenging applications. In 2010, Impinj further expanded their reader chip portfolio by introducing the Indy R500 reader chip, a lower cost chip for applications that don't require high performance.

STP Source Tagging Platform

In 2011, Impinj announced its STP Source Tagging Platform, a combination of a reader and firmware designed for mass encoding of RFID tags. The platform consists of two systems: bulk encoding for tags already attached to items, or in-line encoding before tags are applied to products. The STP platform is capable of encoding 1100 tags per minute in the bulk system, and up to 1750 tags per minute using the in-line system. In 2012, Impinj announced a version 2 release of the STP platform that will enable brand owners and service bureaus to achieve encoding speeds up to 7,500 tags per minute.

Store Performance Simulator

Impinj's Store Performance Simulator (SPS), released in June 2012, is a "Web-based analysis tool"

designed to show retailers how RFID can increase the accuracy of their inventory and positively impact profitability.

A retailer can use SPS's 25 inputs to reflect their particular store and simulate various "what-if" scenarios,

rather than running unfeasible real-world tests.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

PI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$166.21
Market Cap
$5.02B
P/E (TTM)
-449.2
EPS (TTM)
$-0.37
Revenue (TTM)
$361M
Div Yield
ROE
-5.5%
Debt/Equity
1.3
52W Range
$87 – $247

PI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $361M
10-point trend, +221.6%
2016-12-31 2025-12-31
EPS $-0.37
6-point trend, +83.8%
2020-12-31 2025-12-31
Free Cash Flow $46M
8-point trend, +452.2%
2016-12-31 2025-12-31
Margins -3.0%
8-point trend, -0.8%
2016-12-31 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
PI
Peer Median
P/E (TTM)
5-point trend, -1024.0%
-449.2
40.3
P/S (TTM)
5-point trend, +26.3%
13.9
9.3
P/B
5-point trend, +112.7%
24.0
4.3
EV / EBITDA
5-point trend, +710.3%
358.6
Price / FCF
5-point trend, +151.0%
109.5

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
PI
Peer Median
Gross Margin
5-point trend, +1.0%
52.5%
52.7%
Operating Margin
5-point trend, +99.0%
-0.20%
Net Profit Margin
5-point trend, +88.9%
-3.0%
-5.6%
ROA
5-point trend, +89.3%
-2.1%
-3.6%
ROE
5-point trend, +95.8%
-5.5%
-4.5%
ROIC
5-point trend, +98.9%
-0.15%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
PI
Peer Median
Debt / Equity
5-point trend, +105.2%
1.3
30.5
Current Ratio
5-point trend, -62.8%
2.7
3.9
Quick Ratio
5-point trend, -69.8%
1.9

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
PI
Peer Median
Revenue YoY
5-point trend, +89.8%
-1.4%
Revenue CAGR 3Y
5-point trend, +89.8%
11.9%
Revenue CAGR 5Y
5-point trend, +89.8%
21.1%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
PI
Peer Median
EPS (Diluted)
5-point trend, +82.5%
$-0.37

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
PI
Peer Median

PI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 16 analysts
  • Strong Buy 4 25.0%
  • Buy 9 56.2%
  • Hold 3 18.8%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

8 analysts · 2026-08-14
Median target $175.50 +5.6%
Mean target $176.00 +5.9%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.05%
Period EPS Actual EPS Est Surprise
June 30, 2026 $0.86 $0.82 0.04%
March 31, 2026 $0.14 $0.15 -0.01%
Dec. 31, 2025 $0.50 $0.52 -0.02%
Sept. 30, 2025 $0.58 $0.51 0.07%
June 30, 2025 $0.80 $0.73 0.07%
March 31, 2025 $0.21 $0.09 0.12%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
PI $5.26B -470.3 -1.4% -3.0% -5.5% 52.5%
ALGM $5.58B -376.5 22.8% -1.7% -1.6% 46.3%
MXL $1.51B -11.0 29.7% -29.2% -29.1% 56.8%
SLAB $4.35B -66.6 34.3% -8.3% -6.0% 58.2%
RGTI
CRUS $7.25B 18.3 5.3% 20.8% 19.9% 52.8%
DIOD $2.26B 34.5 13.0% 4.5% 3.6% 31.2%
SYNA $4.73B -9.6 11.4% -41.0% -42.4% 44.7%
OLED $5.52B 23.0 0.45% 37.2% 13.9% 76.3%
NVTS -12.5 -44.9%
POWI $1.97B 91.1 5.9% 5.0% 3.1% 54.5%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17
Annual Income Statement data for PI
Metric Trend 20252024202320222021202020192018201720162015
Revenue 11-point trend, +360.1% $361M $366M $308M $258M $190M $139M $153M $123M $125M $112M $78M
Cost of Revenue 11-point trend, +355.4% $171M $177M $156M $120M $91M $74M $79M $64M $60M $53M $38M
Gross Profit 11-point trend, +364.4% $190M $189M $152M $138M $99M $65M $74M $58M $65M $59M $41M
R&D Expense 11-point trend, +483.7% $103M $99M $89M $74M $64M $49M $39M $34M $32M $25M $18M
SG&A Expense 11-point trend, +594.1% $49M $52M $61M $45M $36M $35M $24M $22M $18M $12M $7M
Operating Expenses 11-point trend, +385.2% $190M $196M $195M $157M $136M $112M $96M $93M $82M $60M $39M
Operating Income 11-point trend, -146.0% $-737.0K $-7M $-43M $-19M $-37M $-47M $-22M $-35M $-17M $-488.0K $2M
Interest Expense 11-point trend, +261.5% $4M $5M $5M $5M $3M $5M $2M $1M $908.0K $2M $1M
Other Non-op 10-point trend, +1395.8% $9M $8M $5M $3M $25.0K $650.0K $1M $808.0K $508.0K $616.0K ·
Pretax Income 11-point trend, -1124.0% $-11M $41M $-44M $-24M $-51M $-52M $-23M $-35M $-17M $-2M $1M
Income Tax 11-point trend, -141.6% $-69.0K $157.0K $-322.0K $184.0K $153.0K $89.0K $198.0K $-233.0K $-97.0K $168.0K $166.0K
Net Income 11-point trend, -1305.2% $-11M $41M $-43M $-24M $-51M $-52M $-23M $-35M $-17M $-2M $900.0K
EPS (Basic) 6-point trend, +83.8% $-0.37 $1.46 $-1.62 $-0.95 $-2.12 $-2.28 · · · · ·
EPS (Diluted) 6-point trend, +83.8% $-0.37 $1.39 $-1.62 $-0.95 $-2.12 $-2.28 · · · · ·
Shares (Basic) 6-point trend, +28.3% 29,283,000 27,953,000 26,752,000 25,539,000 24,176,000 22,819,000 · · · · ·
Shares (Diluted) 6-point trend, +28.3% 29,283,000 29,471,000 26,752,000 25,539,000 24,176,000 22,819,000 · · · · ·
EBITDA 8-point trend, +3030.9% $14M $7M $-30M $-19M $-37M $-47M $-22M · · $-488.0K ·
Balance Sheet 28
Annual Balance Sheet data for PI
Metric Trend 20252024202320222021202020192018201720162015
Cash & Equivalents 11-point trend, +376.3% $48M $46M $95M $20M $124M $24M $67M $18M $19M $34M $10M
Short-term Investments 10-point trend, +90.0% $127M $119M $18M $154M $69M $82M $50M $39M $39M $67M ·
Receivables 11-point trend, +449.2% $71M $57M $55M $50M $35M $25M $24M $18M $22M $17M $13M
Inventory 11-point trend, +617.8% $85M $99M $97M $46M $22M $36M $34M $45M $47M $28M $12M
Prepaid Expense 11-point trend, +642.9% $8M $6M $4M $5M $5M $4M $2M $2M $2M $3M $1M
Current Assets 11-point trend, +843.8% $339M $326M $270M $275M $256M $171M $177M $121M $130M $149M $36M
PP&E (Net) 11-point trend, +307.2% $50M $51M $45M $39M $28M $17M $17M $20M $18M $15M $12M
PP&E (Gross) 11-point trend, +387.3% $104M $93M $77M $67M $50M $39M $35M $35M $32M $25M $21M
Accum. Depreciation 11-point trend, +497.8% $54M $42M $32M $28M $22M $22M $18M $15M $14M $10M $9M
Goodwill 7-point trend, +433.9% $21M $19M $20M $4M $4M · · · · $4M $4M
Intangibles 4-point trend, +25578.4% $10M $10M $14M · · · · · · · $37.0K
Other Non-current Assets 10-point trend, +24.8% $795.0K $1M $1M $2M $2M $2M $453.0K $196.0K $241.0K · $637.0K
Total Assets 11-point trend, +931.6% $545M $489M $359M $350M $316M $208M $215M $145M $152M $168M $53M
Accounts Payable 11-point trend, +327.8% $14M $17M $9M $25M $12M $10M $6M $5M $5M $7M $3M
Accrued Liabilities 5-point trend, +29.7% · · · · · · $4M $3M $3M $6M $3M
Current Liabilities 11-point trend, +624.1% $127M $331M $31M $42M $36M $28M $19M $23M $20M $25M $17M
Capital Leases 11-point trend, +792.2% $23M $6M $9M $11M $12M $15M $19M $258.0K $745.0K $2M $3M
Deferred Tax 4-point trend, +1647.5% $2M $2M $3M $118.0K · · · · · · ·
Other Non-current Liabilities 8-point trend, -82.6% · · · $118.0K $279.0K $805.0K $314.0K $304.0K $532.0K $770.0K $678.0K
Total Liabilities 11-point trend, +741.6% $336M $339M $325M $334M $327M $98M $90M $47M $33M $44M $40M
Long-term Debt 9-point trend, +1665.5% $281M $283M · $280M $288M $55M · $24M $10M $12M $16M
Total Debt 8-point trend, +2190.1% $281M $283M $282M $280M $288M $55M $51M · · $12M ·
Common Stock 11-point trend, +650.0% $30.0K $29.0K $27.0K $26.0K $25.0K $23.0K $22.0K $21.0K $21.0K $20.0K $4.0K
Retained Earnings 11-point trend, -115.9% $-400M $-389M $-430M $-387M $-362M $-315M $-263M $-240M $-205M $-187M $-185M
AOCI 10-point trend, +25190.0% $3M $-2M $355.0K $-1M $-39.0K $3.0K $34.0K $-9.0K $-36.0K $-10.0K ·
Stockholders' Equity 11-point trend, +346.1% $209M $150M $34M $16M $-11M $109M $125M $98M $119M $124M $-85M
Liabilities + Equity 11-point trend, +931.6% $545M $489M $359M $350M $316M $208M $215M $145M $152M $168M $53M
Shares Outstanding 11-point trend, +589.7% 30,222,000 28,504,000 27,166,000 26,098,000 24,737,000 23,350,000 22,217,000 21,492,000 20,973,000 20,973,000 4,382,000
Cash Flow 16
Annual Cash Flow data for PI
Metric Trend 20252024202320222021202020192018201720162015
D&A 8-point trend, +662.7% $15M $14M $14M $6M $5M · · · $4M $3M $2M
Stock-based Comp 11-point trend, +4591.3% $55M $57M $48M $42M $40M $26M $18M $11M $7M $3M $1M
Deferred Tax 11-point trend, -550.0% $-396.0K $-567.0K $-931.0K $6.0K $8.0K $-43.0K $12.0K $-396.0K $-231.0K $90.0K $88.0K
Amort. of Intangibles 4-point trend, +2077000.00 $2M $3M $5M $0 · · · · · · ·
Restructuring 6-point trend, -100.0% $0 $2M $0 $-102.0K $2M · · $4M · · ·
Other Non-cash 3-point trend, +99.5% $-314.0K $18M $-67M · · · · · · · ·
Operating Cash Flow 11-point trend, +1599.8% $59M $128M $-49M $641.0K $6M $-17M $5M $-12M $-36M $-9M $3M
CapEx 11-point trend, +72.6% $13M $17M $19M $12M $16M $3M $2M $6M $7M $4M $7M
Investing Cash Flow 10-point trend, +32.0% $-48M $-193M $116M $-103M $-19M $-36M $-13M $-6M $21M $-71M ·
Debt Issued 4-point trend, -71.3% · · · · · · $4M $16M · $61M $14M
Net Debt Issued 2-point trend, -523.1% · · · · · · $-24M · · $-4M ·
Financing Cash Flow 10-point trend, -108.6% $-9M $16M $9M $-2M $112M $10M $58M $16M $137.0K $104M ·
Net Change in Cash 11-point trend, -32.3% $2M $-49M $75M $-104M $100M $-43M $49M $-2M $-14M $24M $3M
Taxes Paid 5-point trend, +1443.9% $633.0K $719.0K $507.0K · · · · · · $46.0K $41.0K
Free Cash Flow 8-point trend, +452.2% $46M $111M $-68M $-11M $-10M $-20M $2M · · $-13M ·
Levered FCF 8-point trend, +379.9% $42M $106M $-73M $-16M $-12M $-25M $469.4K · · $-15M ·
Profitability 8
Annual Profitability data for PI
Metric Trend 20252024202320222021202020192018201720162015
Gross Margin 8-point trend, -0.8% 52.5% 51.6% 49.4% 53.5% 52.0% 46.9% 48.4% · · 52.9% ·
Operating Margin 8-point trend, +53.5% -0.20% -1.9% -14.1% -7.6% -19.6% -33.9% -14.2% · · -0.43% ·
Net Margin 8-point trend, -101.3% -3.0% 11.2% -14.1% -9.4% -26.9% -37.4% -15.0% · · -1.5% ·
Pretax Margin 8-point trend, -125.4% -3.0% 11.2% -14.2% -9.3% -26.9% -37.3% -14.9% · · -1.3% ·
EBITDA Margin 8-point trend, +1020.9% 4.0% 1.8% -9.7% -7.6% -19.6% -33.9% -14.2% · · -0.43% ·
ROA 8-point trend, -38.2% -2.1% 9.6% -12.2% -7.3% -19.6% -24.6% -12.8% · · -1.5% ·
ROE 8-point trend, +36.2% -5.5% 28.6% -125.8% -275.3% -131.1% -47.5% -20.2% · · -8.6% ·
ROIC 8-point trend, +62.5% -0.15% -1.6% -13.7% -6.6% -13.5% -28.8% -12.4% · · -0.40% ·
Liquidity & Solvency 5
Annual Liquidity & Solvency data for PI
Metric Trend 20252024202320222021202020192018201720162015
Current Ratio 8-point trend, -54.2% 2.7 1.0 8.7 6.5 7.2 6.2 9.1 · · 5.9 ·
Quick Ratio 8-point trend, -58.2% 1.9 0.7 5.4 5.3 6.4 4.8 7.2 · · 4.6 ·
Debt / Equity 8-point trend, +1257.4% 1.3 1.9 8.3 18.0 -26.0 0.5 0.4 · · 0.1 ·
LT Debt / Equity 7-point trend, +1028.3% 0.9 · 8.3 18.0 -25.2 0.5 0.4 · · 0.1 ·
Interest Coverage 8-point trend, +43.5% -0.2 -1.5 -9.0 -4.0 -14.6 -8.7 -12.1 · · -0.3 ·
Efficiency 3
Annual Efficiency data for PI
Metric Trend 20252024202320222021202020192018201720162015
Asset Turnover 8-point trend, -31.5% 0.7 0.9 0.9 0.8 0.7 0.7 0.8 · · 1.0 ·
Inventory Turnover 8-point trend, -30.3% 1.9 1.8 2.2 3.5 3.1 2.1 2.0 · · 2.7 ·
Receivables Turnover 8-point trend, -23.5% 5.7 6.6 5.9 6.0 6.3 5.7 7.2 · · 7.4 ·
Per Share 5
Annual Per Share data for PI
Metric Trend 20252024202320222021202020192018201720162015
Book Value / Share 8-point trend, +13.5% $6.92 $5.26 $1.26 $0.60 $-0.45 $4.67 $5.64 · · $6.10 ·
Revenue / Share 4-point trend, +22.2% $12.33 $12.42 $11.50 $10.09 · · · · · · ·
Cash Flow / Share 4-point trend, +7892.4% $2.01 $4.35 $-1.85 $0.03 · · · · · · ·
Cash / Share 8-point trend, -3.6% $1.60 $1.62 $3.49 $0.75 $5.01 $1.01 $3.01 · · $1.65 ·
EPS (TTM) 6-point trend, +83.8% $-0.37 $1.39 $-1.62 $-0.95 $-2.12 $-2.28 · · · · ·
Growth Rates 3
Annual Growth Rates data for PI
Metric Trend 20252024202320222021202020192018201720162015
Revenue YoY 5-point trend, -103.7% -1.4% 19.0% 19.3% 35.5% 37.0% · · · · · ·
Revenue CAGR 3Y 3-point trend, -60.8% 11.9% 24.4% 30.3% · · · · · · · ·
Revenue CAGR 5Y 21.1% · · · · · · · · · ·
Valuation (TTM) 14
Annual Valuation (TTM) data for PI
Metric Trend 20252024202320222021202020192018201720162015
Revenue TTM 10-point trend, +221.6% $361M $366M $308M $258M $190M $139M $153M $123M $125M $112M ·
Net Income TTM 10-point trend, -548.4% $-11M $41M $-43M $-24M $-51M $-52M $-23M $-35M $-17M $-2M ·
Market Cap 8-point trend, +631.8% $5.26B $4.14B $2.45B $2.85B $2.19B $978M $575M · · $719M ·
Enterprise Value 8-point trend, +751.0% $5.36B $4.26B $2.61B $2.96B $2.29B $926M $509M · · $630M ·
P/E 6-point trend, -2461.0% -470.3 104.5 -55.6 -114.9 -41.8 -18.4 · · · · ·
P/S 8-point trend, +127.6% 14.6 11.3 8.0 11.1 11.5 7.0 3.8 · · 6.4 ·
P/B 8-point trend, +333.8% 25.1 27.6 71.7 182.8 -198.1 9.0 4.6 · · 5.8 ·
P / Tangible Book 5-point trend, +227.9% 29.4 34.3 4685.4 243.3 · 9.0 · · · · ·
P / Cash Flow 8-point trend, +218.3% 89.5 32.3 -49.5 4445.2 339.4 -57.9 122.0 · · -75.7 ·
P / FCF 8-point trend, +307.7% 114.6 37.2 -36.0 -249.1 -224.7 -49.0 252.1 · · -55.2 ·
EV / EBITDA 8-point trend, +129.0% 375.1 653.4 -87.6 -151.7 -61.5 -19.7 -23.5 · · -1291.8 ·
EV / FCF 8-point trend, +341.6% 116.9 38.3 -38.5 -258.4 -234.4 -46.4 223.3 · · -48.4 ·
EV / Revenue 8-point trend, +164.6% 14.9 11.6 8.5 11.5 12.0 6.7 3.3 · · 5.6 ·
Earnings Yield 6-point trend, +96.1% -0.21% 0.96% -1.8% -0.87% -2.4% -5.5% · · · · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $361M$366M$308M$258M$190M
Gross Margin % 52.5%51.6%49.4%53.5%52.0%
Operating Margin % -0.20%-1.9%-14.1%-7.6%-19.6%
Net Income $-11M$41M$-43M$-24M$-51M
Diluted EPS $-0.37$1.39$-1.62$-0.95$-2.12
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 1.31.98.318.0-26.0
Current Ratio 2.71.08.76.57.2
Quick Ratio 1.90.75.45.36.4
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $46M$111M$-68M$-11M$-10M

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Institutional owners (13F) 348 filers · $3.3B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
69 (+21 vs prior Q) 34 (-45 vs prior Q) 101 (-26 vs prior Q) 96 (+21 vs prior Q) +5.2M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
FMR LLC $458,660,559 3,202,266 13.77% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $314,280,422 2,194,236 9.44% Shares
STATE STREET CORP $243,574,790 1,700,585 7.31% Shares
Capital International Investors $206,745,630 1,443,452 6.21% Shares
VANGUARD CAPITAL MANAGEMENT LLC $183,716,394 1,282,667 5.52% Shares
Capital World Investors $160,999,973 1,124,066 4.83% Shares
MILLENNIUM MANAGEMENT LLC $119,507,674 834,376 3.59% Shares
AMERICAN CENTURY COMPANIES INC $115,205,209 804,335 3.46% Shares
SYLEBRA CAPITAL LLC $111,138,316 775,943 3.34% Shares
Chevy Chase Trust Holdings, LLC $105,580,275 737,138 3.17% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $95,867,277 669,324 2.88% Shares
GEODE CAPITAL MANAGEMENT, LLC $90,282,721 630,204 2.71% Shares
Point72 Asset Management, L.P. $58,485,536 408,333 1.76% Shares
Whale Rock Capital Management LLC $58,043,098 405,244 1.74% Shares
Broad Bay Capital Management, LP $47,079,701 328,700 1.41% Shares
GOLDMAN SACHS GROUP INC $46,730,936 326,265 1.40% Shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC $42,513,672 296,821 1.28% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $39,752,054 277,540 1.19% Shares
WESTFIELD CAPITAL MANAGEMENT CO LP $38,764,627 270,646 1.16% Shares
AXA Investment Managers S.A. $31,814,169 176,012 0.96% Shares
AWM Investment Company, Inc. $29,651,188 207,018 0.89% Shares
ROYCE & ASSOCIATES LP $29,092,018 203,114 0.87% Shares
VANGUARD FIDUCIARY TRUST CO $28,289,930 197,514 0.85% Shares
NORGES BANK $26,666,848 186,182 0.80% Shares
Rockefeller Capital Management L.P. $25,646,048 179,055 0.77% Shares
EMERALD ADVISERS, LLC $25,320,199 176,780 0.76% Shares
UBS Group AG $20,355,848 142,120 0.61% Call option
PRINCIPAL FINANCIAL GROUP INC $18,683,207 130,442 0.56% Shares
Nuveen, LLC $17,430,948 121,699 0.52% Shares
Squarepoint Ops LLC $16,736,426 116,850 0.50% Shares
EMERALD MUTUAL FUND ADVISERS TRUST $15,939,637 111,287 0.48% Shares
Toroso Investments, LLC $14,297,880 82,167 0.43% Shares
Public Sector Pension Investment Board $13,339,583 93,134 0.40% Shares
FRED ALGER MANAGEMENT, LLC $12,876,377 89,900 0.39% Shares
ExodusPoint Capital Management, LP $12,742,027 88,962 0.38% Shares
CITADEL ADVISORS LLC $12,690,178 88,600 0.38% Call option
CAPTRUST FINANCIAL ADVISORS $12,526,036 87,454 0.38% Shares
AMERIPRISE FINANCIAL INC $11,958,669 83,493 0.36% Shares
Stephens Investment Management Group LLC $11,873,337 82,897 0.36% Shares
JENNISON ASSOCIATES LLC $11,774,365 82,206 0.35% Shares
PEREGRINE INVESTMENT MANAGEMENT INC $10,170,762 71,010 0.31% Shares
RHUMBLINE ADVISERS $9,369,795 65,418 0.28% Shares
MORGAN STANLEY $9,217,567 64,355 0.28% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $9,109,428 63,600 0.27% Put option
CITADEL ADVISORS LLC $8,892,864 62,088 0.27% Shares
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC $8,808,645 61,500 0.26% Shares
KORNITZER CAPITAL MANAGEMENT INC /KS $8,710,676 60,816 0.26% Shares
Swiss National Bank $8,321,663 58,100 0.25% Shares
Weiss Asset Management LP $8,267,522 57,722 0.25% Shares
RIVERBRIDGE PARTNERS LLC $8,024,859 56,028 0.24% Shares
NEW YORK STATE COMMON RETIREMENT FUND $7,982,065 55,729 0.24% Shares
STATE OF WISCONSIN INVESTMENT BOARD $6,849,545 47,822 0.21% Shares
SEGALL BRYANT & HAMILL, LLC $6,847,540 47,808 0.21% Shares
Granite Investment Partners, LLC $6,820,040 47,616 0.20% Shares
BNP PARIBAS FINANCIAL MARKETS $6,798,269 47,464 0.20% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $6,574,257 45,900 0.20% Call option
BANK OF AMERICA CORP /DE/ $6,263,162 43,728 0.19% Shares
ENVESTNET ASSET MANAGEMENT INC $6,059,074 42,303 0.18% Shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC $6,051,897 42,253 0.18% Shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC $5,989,488 41,585 0.18% Shares
Legal & General Group Plc $5,980,999 41,758 0.18% Shares
BAILLIE GIFFORD & CO $5,928,003 41,388 0.18% Shares
RAYMOND JAMES FINANCIAL INC $5,895,633 41,162 0.18% Shares
Man Group plc $5,829,318 40,699 0.18% Shares
CITADEL ADVISORS LLC $5,772,169 40,300 0.17% Put option
LOS ANGELES CAPITAL MANAGEMENT LLC $5,716,738 39,913 0.17% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $5,438,443 37,970 0.16% Shares
Z3 Capital Partners, LLC $5,396,620 37,678 0.16% Shares
Polar Capital Holdings Plc $5,392,323 37,648 0.16% Shares
Toronado Partners, LLC $5,364,680 37,455 0.16% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $5,291,776 36,946 0.16% Shares
ARDSLEY ADVISORY PARTNERS LP $4,726,590 33,000 0.14% Shares
GILDER GAGNON HOWE & CO LLC $4,561,016 31,844 0.14% Shares
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC $4,296,900 30,000 0.13% Call option
VANGUARD GROUP INC $4,104,026 23,585 0.12% Shares
PRUDENTIAL FINANCIAL INC $4,049,399 28,272 0.12% Shares
VANGUARD ASSET MANAGEMENT, Ltd $3,827,822 26,725 0.11% Shares
BlackRock, Inc. $3,794,163 26,490 0.11% Shares
ALLIANCEBERNSTEIN L.P. $3,692,476 35,954 0.11% Shares
KENNEDY CAPITAL MANAGEMENT LLC $3,666,688 25,600 0.11% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $3,481,735 33,902 0.10% Shares
IRONWOOD INVESTMENT MANAGEMENT LLC $3,331,816 23,262 0.10% Shares
JANUS HENDERSON GROUP PLC $2,877,458 28,014 0.09% Shares
Taylor Frigon Capital Management LLC $2,826,644 19,735 0.08% Shares
UBS Group AG $2,732,399 19,077 0.08% Shares
Polymer Capital Management (HK) LTD $2,688,284 18,769 0.08% Shares
VOYA INVESTMENT MANAGEMENT LLC $2,615,523 18,261 0.08% Shares
Pachira Investments Inc. $2,593,036 18,104 0.08% Shares
Cubist Systematic Strategies, LLC $2,548,575 14,100 0.08% Call option
VAN ECK ASSOCIATES CORP $2,526,148 17,637 0.08% Shares
OSAIC HOLDINGS, INC. $2,476,240 17,289 0.07% Shares
MetLife Investment Management, LLC $2,440,496 17,039 0.07% Shares
LPL Financial LLC $2,415,431 16,864 0.07% Shares
K.J. Harrison & Partners Inc $2,291,680 16,000 0.07% Shares
VICTORY CAPITAL MANAGEMENT INC $2,224,505 15,531 0.07% Shares
Cubist Systematic Strategies, LLC $2,132,850 11,800 0.06% Put option
Banco Santander, S.A. $2,094,596 14,624 0.06% Shares
Generali Investments Towarzystwo Funduszy Inwestycyjnych $2,076,835 14,500 0.06% Shares
JANE STREET GROUP, LLC $1,904,959 13,300 0.06% Call option
ALGERT GLOBAL LLC $1,841,938 12,860 0.06% Shares

Company insiders 20 insiders · 4 officers · 12 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Chris Diorio PH.D. CHIEF EXECUTIVE OFFICER Aug. 17, 2026 G 362,145 0 0 $0
Hussein Mecklai Chief Operating Officer Jan. 12, 2024 M 40,489 0 0 $0
Jeffrey Dossett Chief Revenue Officer Jan. 12, 2024 M 46,118 0 0 $0
Cathal G Phelan Chief Innovation Officer Oct. 1, 2023 M 21,750 0 0 $0
SYLEBRA CAPITAL LLC Director June 8, 2026 S 782,943 0 2 $-3,156,182
Steve Sanghi Director May 28, 2026 A 13,274 0 0 $0
Miron Washington Director June 8, 2023 A 0 0 $0
Gibson Daniel Patrick Director June 8, 2023 A 16,356 0 0 $0
Meera Rao Director June 8, 2023 A 4,668 0 0 $0
Gregory Sessler Director June 8, 2023 M 28,257 0 0 $0
Theresa Wise Director June 9, 2022 M 14,850 0 0 $0
VAN OPPEN PETER H Director June 9, 2022 M 24,266 0 0 $0
Clinton Bybee Director Oct. 23, 2020 M 17,125 0 0 $0
Tom A Alberg Director Oct. 23, 2020 M 80,518 0 0 $0
Cary Baker Aug. 10, 2026 S 88,226 0 1 $-264,365
Umesh Padval May 28, 2026 A 6,654 0 0 $0
Eric Brodersen March 6, 2020 M 95,211 0 0 $0
Denise Masters March 3, 2020 S 6,654 0 0 $0
Evan Fein Feb. 20, 2018 M 49,995 0 0 $0
Walter Xavier Palhetas Aug. 23, 2016 A 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 3 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
SYLEBRA CAPITAL LLC, Sylebra Capital Ltd, Sylebra Capital Management, Ltd, Gibson Daniel Patrick ×7 filings Dec. 17, 2025 3.76% Amendment SEC
Sylebra Capital Limited, Sylebra Capital Management, Daniel Patrick Gibson, Sylebra Capital LLC ×5 filings Nov. 17, 2023 Initial filing SEC
Sylebra HK Company Limited, Sylebra Capital Management Limited, Daniel Patrick Gibson ×3 filings Nov. 13, 2018 Initial filing Board campaign SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 54 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
PSCT · Invesco Exchange-Traded Fund Trust … 2.10% 59,255 SH Aug. 8, 2026 Daily
RSMC · Tidal Trust III 2.02% 105,160 NS April 30, 2026 N-PORT
SNSR · Global X Funds 1.42% 23,598 NS May 31, 2026 N-PORT
IJT · iShares Trust 0.52% 251,903 SH Aug. 8, 2026 Daily
VIOG · VANGUARD ADMIRAL FUNDS 0.42% 32,266 SH Aug. 8, 2026 Daily
IWO · iShares Trust 0.31% 264,636 SH Aug. 8, 2026 Daily
MMSC · First Trust Exchange-Traded Fund VI… 0.31% 1,064 NS May 31, 2026 N-PORT
TRFM · ETF Series Solutions 0.30% 3,194 NS April 30, 2026 N-PORT
CGMM · Capital Group Equity ETF Trust I 0.29% 54,024 NS May 31, 2026 N-PORT
XJR · iShares Trust 0.29% 3,203 SH Aug. 8, 2026 Daily
JPSE · J.P. Morgan Exchange-Traded Fund Tr… 0.27% 10,781 NS April 30, 2026 N-PORT
IJR · iShares Trust 0.25% 1,653,594 SH Aug. 8, 2026 Daily
ESSC · Strategy Shares 0.25% 444 NS April 30, 2026 N-PORT
VTWG · VANGUARD SCOTTSDALE FUNDS 0.25% 31,312 SH Aug. 8, 2026 Daily
TMFX · RBB Fund, Inc. 0.23% 495 NS May 31, 2026 N-PORT
VIOO · VANGUARD ADMIRAL FUNDS 0.21% 94,779 SH Aug. 8, 2026 Daily
BBSC · J.P. Morgan Exchange-Traded Fund Tr… 0.20% 10,284 NS April 30, 2026 N-PORT
SAA · ProShares Trust 0.18% 322 NS May 31, 2026 N-PORT
BKSE · BNY Mellon ETF Trust 0.16% 889 NS April 30, 2026 N-PORT
IWM · iShares Trust 0.16% 739,604 SH Aug. 8, 2026 Daily
ISCG · iShares Trust 0.15% 9,003 SH Aug. 8, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS 0.13% 168,406 SH Aug. 8, 2026 Daily
RSSL · Global X Funds 0.12% 12,194 NS April 30, 2026 N-PORT
VBK · VANGUARD INDEX FUNDS 0.11% 384,125 SH Aug. 8, 2026 Daily
ITWO · ProShares Trust 0.11% 1,322 NS May 31, 2026 N-PORT
SCHA · SCHWAB STRATEGIC TRUST 0.09% 129,581 NS May 31, 2026 N-PORT
SMLF · iShares Trust 0.08% 19,005 SH Aug. 8, 2026 Daily
ISCB · iShares Trust 0.08% 1,270 SH Aug. 8, 2026 Daily
FTEC · FIDELITY COVINGTON TRUST 0.06% 79,739 NS April 30, 2026 N-PORT
ESML · iShares Trust 0.06% 10,617 SH Aug. 8, 2026 Daily
UWM · ProShares Trust 0.06% 1,034 NS May 31, 2026 N-PORT
GSSC · Goldman Sachs ETF Trust 0.06% 4,049 NS May 31, 2026 N-PORT
TMFE · RBB Fund, Inc. 0.05% 300 NS May 31, 2026 N-PORT
SMDX · Tidal Trust III 0.05% 457 NS April 30, 2026 N-PORT
VB · VANGUARD INDEX FUNDS 0.05% 663,801 SH Aug. 8, 2026 Daily
VGT · VANGUARD WORLD FUND 0.05% 645,611 SH Aug. 8, 2026 Daily
URTY · ProShares Trust 0.04% 1,046 NS May 31, 2026 N-PORT
WSML · iShares Trust 0.04% 1,670 SH Aug. 8, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.04% 310,884 SH Aug. 8, 2026 Daily
RWJ · Invesco Exchange-Traded Fund Trust … 0.03% 3,854 SH Aug. 8, 2026 Daily
PRFZ · Invesco Exchange-Traded Fund Trust 0.03% 5,124 SH Aug. 8, 2026 Daily
MSSM · MORGAN STANLEY PATHWAY FUNDS 0.02% 1,094 NS May 31, 2026 N-PORT
IGM · iShares Trust 0.02% 12,720 SH Aug. 8, 2026 Daily
HDG · ProShares Trust 0.02% 26 NS May 31, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.01% 918,704 SH Aug. 8, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.01% 2,385 SH Aug. 8, 2026 Daily
ESGV · VANGUARD WORLD FUND 0.01% 6,449 SH Aug. 8, 2026 Daily
TILT · FlexShares Trust 0.01% 1,304 NS April 30, 2026 N-PORT
ITOT · iShares Trust 0.01% 36,224 SH Aug. 8, 2026 Daily
IWV · iShares Trust 0.01% 7,228 SH Aug. 8, 2026 Daily