New York, February 6, 2026, 15:04 EST — Regular session
- Impinj shares slid roughly 24% after the company flagged a significant slowdown ahead for the first quarter.
- Company pointed to logistics inventory burn-down and said demand for systems softened, citing project timing issues.
- Evercore ISI downgraded the stock to In Line and took its price target down to $112
Impinj Inc shares tumbled roughly 24.3% to $116.46 by Friday afternoon, with the RFID chipmaker warning of a shaky beginning to 2026. At one point, the stock sank as low as $105.00.
This shift is significant: Impinj plays a crucial role in the item-tracking supply chain. Its chips are embedded in RAIN RFID tags, those radio-powered labels retailers and shippers use to monitor apparel, baggage, and cargo. Demand for Impinj’s tech tends to rise and fall along with inventory cycles in retail and logistics.
Friday’s decline comes as smaller semiconductor players, often riding on growth narratives, face a nervous stretch. Just one soft quarter can flip expectations, particularly with customers chipping away at inventory sitting in warehouses and on shelves.
Impinj turned in fourth-quarter revenue of $92.8 million late Thursday, posting non-GAAP earnings of $0.50 per share and adjusted EBITDA—its own metric—at $16.4 million. Looking to Q1, the company projected revenue between $71 million and $74 million, with non-GAAP EPS seen landing in a $0.08 to $0.13 range. 1
The company submitted its results release via a Form 8-K, according to a filing. 2
CEO Chris Diorio, on the earnings call, pointed to tariffs, “inventory reductions” in retail, and softer apparel imports as dragging on the broader RAIN market through 2025. For the first quarter, he flagged a “confluence of order timing” and ongoing “inventory burndown.” CFO Cary Baker added that every week spent working down logistics inventory can shave roughly $5 million off revenue. 3
Following the outlook, analysts wasted no time reacting. Evercore ISI lowered its rating on Impinj to In Line from Outperform and slashed the price target to $112, down from $273, pointing to increased volatility and a softer growth trajectory in the near term. According to the firm, shares will likely “mark time” until there’s more clarity. 4
Impinj divides its operations between endpoint ICs—those small chips found in tags—and its systems segment, made up of readers and associated products. According to management, systems revenue should drop more than the typical seasonal dip in the first quarter, with some enterprise projects arriving later than they typically do.
If the ordering pause isn’t just about timing, the downside is obvious. A prolonged logistics inventory correction, weaker retail spring reset, or further project delays—all could weigh on revenue and margins past the March quarter.
Investors are set to seek clarity on order flow and how quickly inventory is being reduced when Impinj steps up at the Barclays Industrial Select Conference on Feb. 17, Susquehanna’s Technology Conference on Feb. 26, and Cantor’s Technology and Industrial Growth Conference on March 11, according to the company.
