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Impinj, Inc. (NASDAQ:PI) Goldman Sachs Communacopia + Technology Conference 2025 September 9, 2025 6:05 PM EDT
Company Participants
Chris Diorio – Co-Founder, Vice Chairman & CEO
Cary Baker – Chief Financial Officer
Conference Call Participants
James Schneider – Goldman Sachs Group, Inc., Research Division
Presentation
James Schneider
Senior Research Analyst
Good afternoon, everybody. Welcome to the Goldman Sachs Communacopia and Technology Conference. My name is Jim Schneider. I’m the semis analyst here at Goldman Sachs. It’s my pleasure to welcome Impinj today. We’re really happy to have CEO, Chris Diorio and CFO, Cary Baker with us today. Welcome, guys.
Chris Diorio
Co-Founder, Vice Chairman & CEO
Thank you.
Question-and-Answer Session
James Schneider
Goldman Sachs Group, Inc., Research Division
I want to begin with a sort of a discussion about the high-level market opportunity for a second. The RFID market has grown at a pretty impressive rate over the last decade, something like 25-plus percent. I think industry volumes were over 50 billion units as of last year. Maybe provide some overall parameters as to how those volumes break down by end market or application.
Chris Diorio
Co-Founder, Vice Chairman & CEO
Yes. So Jim, the #1 end market for us is retail apparel and footwear because that was the first vertical to adopt back — a long time ago back in the 2010 time frame back early, and it’s been continuing to adopt today. We’re in mainstream adoption there. We’re probably roughly in the 35% to 40% adoption in terms of the overall opportunity. We size that opportunity at roughly 80 billion units. Above and beyond retail apparel and footwear, there is retail general merchandise, supply chain and logistics, and those are similarly sized opportunities in the couple of hundred billion per year. Early days in those. There are some visionary leaders in each of those 2 verticals leading, but I’d call that at the early adoption phase.
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