Impinj, Inc. (PI) Presents at Piper Sandler 5th Annual Growth Frontiers Conference Transcript

Impinj, Inc. ( PI ) Piper Sandler 5th Annual Growth Frontiers Conference September 15, 2026 10:00 AM EDT Company Participants Cary Baker - Chief Financial Officer Conference Call Participants David O'Connor Presentation David O'Connor Great. Thanks, everyone, for joining. I'm David O'Connor from the semiconductor team at Piper. It's 25 minutes. So anyone who wants to jump in with a question, please just raise your hand. Question-and-Answer Session David O'Connor With that, I'm delighted to welcome Cary Baker, CFO of Impinj to us this morning. Internet of Everything, RFID leader. Cary, what's the big picture here on RFID and on Impinj? Cary Baker Chief Financial Officer Yes. So our opportunity starts everywhere you see a barcode. And you might ask, why are you revolutionizing the barcode? Barcodes are free to add, but barcodes are expensive to read. You need to be -- have line of sight, you need to have proximity to the item and you're reading one at a time. With our ICs, you're reading up to 3 feet away without line of sight, thousands of items a second. The IC is literally smaller than a grain of sand. It's energy harvesting, which means it's battery-free and has effectively an unlimited lifetime. David O'Connor Awesome. And with RFID, how would you size the market? How big is it? And how fast is it growing? Cary Baker Chief Financial Officer Yes. Rough and tough, we see the market opportunity at 10 trillion units to which we're less than 0.5% penetrated today. Now the 4 verticals that we focus on primarily are apparel, which is 80 billion units a year; general merchandise, 325 billion units a year; supply chain and logistics, 400 billion units a year; and food, which is multiples larger than all 3 of those other verticals combined. The industry has been growing since 2010 at a unit CAGR