Impinj delivered a robust full-year 2024 performance highlighting continued demand for its RFID platform across retail, general merchandise, and logistics. Revenue reached $366.1 million, up 19% year over year, driven by a 30% YoY increase in endpoint IC revenue, and the company generated record annual adjusted EBITDA of $65.9 million with free cash flow of $66.2 million excluding the $45 million litigation settlement. Gross margin expanded to 54% for the year, aided by licensing contributions and favorable fixed-cost leverage. End-market momentum remained strong in North America, with Gen2X launching in December 2024 as a catalyst for enterprise-scale deployments and new inlays (notably M800) enabling lower costs and broader use-case coverage. The year also saw strategic leadership changes and progress on large, multi-year customer initiatives in grocery, apparel, and supply chain. However, Impinj faced near-term headwinds in late 2024 and early 2025, including inventory pull-forward from channel partners, intensified endpoint price competition, tariff-related sourcing uncertainty, and shorter ordering cycles. Management framed Q1 2025 as a transient period with headwinds, guiding revenue of $70–$73 million and adjusted EBITDA of $1.1–$2.6 million, while signaling that gross margins would seasonally dip before improving with higher M800 mix and lower-cost wafers. Looking ahead, Impinj remains confident in secular RFID tailwinds—particularly around food tagging, loss prevention, self-checkout, and overhead reading—and expects meaningful ramp potential from a large grocery program in 2026, alongside continued enterprise adoption and EU stability in RAIN label demand.