Impinj, the Seattle company whose RFID products are used to identify and locate a multitude of products, from medical supplies and food to automobile parts and apparel, posted a net loss of $14.4 million on revenue of $25.1 million during the quarter ended March 31. Even though net losses are growing and the company just closed offices resulting in a nine percent reduction in workforce, Impinj CEO Chris Diorio indicated that things are starting to turn a corner.
“Based on team execution, enhanced partner inventory visibility and positive bookings trends we believe we are on track to make the first half of 2018 the turning point for our business,” said Diorio in a press release.
Wall Street, at least initially, agreed. Shares of Impinj, traded on Nasdaq under the ticker PI, were up more than four percent today, and continued to climb in after hours trading.
The company’s previous earnings report fell short of expectations, and the stock tanked as a result. The stock is now trading at about $15 per share, slightly above its $14 per share IPO price in 2016. Its 52-week high stood at $60.85.
More on the company’s earnings here, which shows that revenue fell during the quarter.