Impinj shares were up more than 11% in after-hours trading following the Seattle-based company’s fiscal fourth quarter earnings report.
The RFID-maker beat Wall Street expectations for revenue, which came in at $36.4 million ($34.9 million expected) and non-GAAP earnings per share of -$0.15 (-$0.22 expected).
“Our fourth-quarter results capped a strong close to a turbulent year,” Chris Diorio, Impinj co-founder and CEO, said in a statement. “Despite the Covid-19 headwinds, Impinj exited 2020 having invested in our opportunity, introducing two new product families, achieving significant end-user success milestones and solidifying our structural advantage.”
Revenue increased 30% from the third quarter. Annual revenue came in at $139 million, down slightly from $152.8 million in 2019. The company’s net losses grew from $23 million in 2019 to $52 million in 2020.
Impinj’s technology is used by retailers to track inventory, verify shipments, and more. The company said it has shipped more than 50 billion endpoint integrated circuits, up from 25 billion in 2018.
The 20-year-old company’s stock fell sharply in March but has doubled since then.
Impinj expects revenue between $41 million and $43 million for the first quarter of 2021, and non-GAAP earnings per share of -$0.08 to -$0.15.
