PIIMPINJ INC

Electronic Components, NEC

Revenue: $361M; 1.4% YoY
Operating margin: -0.2%; 89% YoY
EBITDA: $14M; 119% YoY
Market cap: $5.5B
Employees: 255; $1M revenue each
Net debt / EBITDA: 10.3×; $148M net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
15% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentYes
68% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 88th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 48th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
10.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$162M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$190M	$258M	$308M	$366M	$361M	1.4%
Operating income	−$37M	−$19M	−$43M	−$7M	−$737K	90%
Net income	−$51M	−$24M	−$43M	$41M	−$11M	126%
Operating cash flow	$6M	$641K	−$49M	$128M	$59M	54%
Capex	$16M	$12M	$19M	$17M	$13M	25%
Stock-based comp	$40M	$42M	$48M	$57M	$55M	2.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 17, 2025	SYLEBRA CAPITAL LLC	SCHEDULE 13D/A	15.0%	Passive
Dec 5, 2025	SYLEBRA CAPITAL LLC	SCHEDULE 13D/A	20.0%	Passive
Sep 12, 2025	SYLEBRA CAPITAL LLC	SCHEDULE 13D/A	25.0%	Passive
Nov 12, 2024	SYLEBRA CAPITAL LLC	SC 13D/A	7.9%	Passive
Nov 8, 2024	SYLEBRA CAPITAL LLC	SC 13D/A	9.2%	Passive
Nov 6, 2024	SYLEBRA CAPITAL LLC	SC 13D/A	10.3%	Passive
Jun 10, 2024	SYLEBRA CAPITAL LLC	SC 13D	11.5%	Passive
Nov 17, 2023	Sylebra Capital Ltd	SC 13D/A	14.9%	Passive
Aug 25, 2023	Sylebra Capital Ltd	SC 13D/A	13.8%	Passive
Aug 18, 2023	Sylebra Capital Ltd	SC 13D/A	12.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $162M · 43
Net: −$162M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$7M	$8M	416	268
FY2024	$11M	$22M	562	287
FY2023	$7M	$1M	348	239
FY2022	$5M	$11M	422	143
FY2021	$6M	$19M	343	220