Seattle-based Internet of Things company Impinj Inc. (Nasdaq: PI) has laid off about 10% of its staff.
The company made the cuts Wednesday, according to a filing with the Securities and Exchange Commission. A company spokesperson said Impinj has 430 employees remaining, meaning the company laid off nearly 50 workers.
The spokesperson said in an emailed statement Impinj wants "to sharpen our strategic focus and improve profitability." In the SEC filing, Impinj said it expects cost from the layoffs to be around $1.7 million to $2 million, mostly from severance benefits. Impinj also said in the filing most of those costs should come in the first and second quarters.
Impinj was founded in 2000. The company connects physical goods like apparel and automobile parts to the internet through computer chips and software, helping clients identify, track and verify their assets. It says it has connected more than 85 billion items to the internet and that its clients include Coca-Cola, Volvo and Cisco.
In July, Impinj announced its new 29,000-square-foot testing facility on Beacon Hill. The facility was in addition to 66,000 square feet of office space Impinj had on three floors at its headquarters at 400 Fairview Ave. N. in South Lake Union.
The Impinj spokesperson said the Beacon Hill facility is now operational, and the company is moving equipment and employees there while it upgrades the space in the coming months.
"As we stretch out into that Beacon facility and some teams move there, we'll sort through how we use the South Lake Union space," Gaylene Meyer, vice president of global marketing and communications at Impinj, said in July.
Impinj generated $70.7 million in revenue during the fourth quarter, down from $76.6 million during the fourth quarter of 2022. The company generated $307.5 million in revenue during all of 2023, up from $257.8 million in revenue during 2022.
