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Chris Diorio, CEO of Impinj, at the 2018 GeekWire Summit. (GeekWire Photo / Kevin Lisota)

Connected chip maker Impinj delighted investors with a stronger than expected earnings report and rosy projections for the next quarter. Its stock shot up as much as 24 percent in after-hours trading.

Revenue: Impinj posted revenue of $33.1 million, up 32 percent over a year ago and well ahead of expectations of a shade over $31 million.

Profit/Loss: Losses continue for Impinj but the company narrowed them significantly from a year ago. Impinj posted a net loss of $2.4 million, or $0.11 per share, exceeding analyst expectations of $0.33. Losses dropped 67 percent over a year ago, when the company posted a net loss of $7.2 million, or $0.35 per share.

Looking ahead: Impinj is forecasting a big second quarter: Losses of $0.11 to $0.04 per share on $34 million to $36 million on revenue. That’s a lot better than analyst projections of losses of $0.19 per share on $33 million in revenue.

Impinj started 2018 with a rough couple quarters but finished strong to close out the year. This quarter’s strong year-over-year growth figures are aided by comparisons to a down first quarter 2018, when the company’s revenue dropped 21 percent over the prior year.

During the quarter, Impinj introduced what the company called it’s most exciting new product in a decade: smaller, more powerful RFID tags to connect everyday items to the internet.

“First-quarter results were strong, with revenue, net loss and adjusted EBITDA loss outperforming our guidance and revenue a record for a first-quarter,” Impinj CEO Chris Diorio said in a statement. “We also announced our new Impinj M700 endpoint IC family, which I believe to be our most exciting new product introduction in a decade. The Impinj M700 dramatically shrinks chip size while increasing the range, reliability and read speed of RAIN RFID systems. It demonstrates, yet again, Impinj’s innovation, competitive advantages and industry leadership.”

Impinj stock is up more than 24 percent in after-hours trading following the strong earnings report. With today’s bump, Impinj stock has risen 77 percent so far in 2019.

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