Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net income (loss)	$ (10,847)	$ 40,838	$ (43,366)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	15,040	13,588	13,623
Stock-based compensation	55,263	56,546	47,986
Restructuring equity modification expense		366
Accretion of discount or amortization of premium on investments	(2,339)	(1,122)	(1,637)
Amortization of debt issuance costs	1,797	1,638	1,611
Induced conversion expense related to convertible notes	15,026	0	0
Deferred tax expense	(396)	(567)	(931)
Revaluation of acquisition-related contingent consideration liability		986	1,570
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable	(13,726)	(1,999)	(3,713)
Inventory	14,488	(2,220)	(49,577)
Prepaid expenses and other assets	(727)	227	1,625
Accounts payable	(3,376)	9,270	(12,303)
Accrued compensation and employee related benefits	(12,512)	13,855	(1,119)
Accrued and other liabilities	984	244	(591)
Acquisition-related contingent consideration liability		(2,556)
Operating lease right-of-use assets	2,510	2,560	2,607
Operating lease liabilities	(2,812)	(3,392)	(3,308)
Deferred revenue	373	48	(1,859)
Net cash provided by (used in) operating activities	58,746	128,310	(49,382)
Investing activities:
Purchases of investments	(202,771)	(202,063)
Proceeds from sales of investments	12,937		13,372
Proceeds from maturities of investments	154,680	26,605	144,401
Proceeds from sale of property and equipment			234
Purchases of intangible assets			(250)
Purchases of property and equipment	(12,861)	(17,112)	(18,592)
Business acquisitions, net of cash acquired			(23,357)
Net cash provided by (used in) investing activities	(48,015)	(192,570)	115,808
Financing activities:
Proceeds from issuance of 2021 Notes, net of issuance costs	183,658
Premiums paid for capped call transactions	(11,210)
Payment of 2021 Notes	(190,000)
Proceeds from exercise of stock options and employee stock purchase plan	11,795	20,281	8,736
Payments of taxes on restricted stock units	(3,171)
Payment of acquisition-related contingent consideration		(4,602)
Net cash provided by (used in) financing activities	(8,928)	15,679	8,736
Effect of exchange rate changes on cash and cash equivalents	350	(159)	34
Net increase (decrease) in cash and cash equivalents	2,153	(48,740)	75,196
Cash and cash equivalents
Beginning of period	46,053	94,793	19,597
End of period	48,206	46,053	94,793
Supplemental disclosure of cashflow information:
Cash paid for interest	2,837	3,234	3,234
Purchases of property and equipment not yet paid	450	$ 763	1,417
Lease liabilities arising from obtaining ROU assets	$ 16,762		1,138
26,396 shares of common stock issued for Voyantic Oy acquisition			3,579
Acquisition-related contingent consideration liability			$ 6,172

IMPINJ INC 10-K