Impinj at BMO Capital Technology and Innovation Leaders Conference: food push gains

Impinj, an RFID technology company, discussed its expanding business at the BMO Capital Technology and Innovation Leaders Conference. The company highlighted a strong growth potential in the food sector, noting that grocery stores, quick service restaurants, and food logistics are emerging as key opportunities. Kroger, for instance, has deployed RFID in 1,500 stores with a goal of reaching 2,300.

Walmart is also piloting RFID use in bakery, proteins, and deli sections. Impinj is striving to make RFID networks easier to deploy, manage, and tune, shifting part of its software business toward recurring SaaS-style revenue. Logistics continues to be a robust area for Impinj, driven by a custom ASIC chip developed for its second-largest logistics customer.

The company's CFO, Cary, emphasized that the interest in food is unlike any other new vertical they've encountered. Retail apparel, Impinj's most mature vertical, is below full deployment but is stabilizing post a period of decline. The company's intellectual property position is also noteworthy, with a major competitor currently paying royalties under a 10-year licensing agreement.

Despite the promising outlook, Impinj remains unprofitable, reporting a net loss of $0.31 per share.