Impinj (PI)

The sleeper story is M800's third consecutive quarter of doubling while management buried this in favor of vague food narratives; this is the product cycle that actually matters but they won't quantify the mix shift or margin impact. The Street sees 'beat and raise' but missed that management walked back three strategic initiatives (authentication, consumer mobile, 200mm transition) while FCF crashed 89%. The binding constraint isn't demand or even price points; it's their inability to get inlay partners qualified fast enough on M800 as revealed by 'modest base' language despite triple-digit growth. Most telling quote: 'the pace of adoption has been slower than we had originally hoped' on authentication after a year of hype. My view changes if they provide actual M800 revenue mix exceeding 20% or food pilots convert with disclosed volumes.