Identiv Inc (INVE) 2024 Q4 法說會逐字稿

Good afternoon.

午安.

Welcome to Identiv's presentation of its Fourth Quarter and Fiscal Year 2024 Earnings Call.

歡迎參加 Identiv 2024 財政年度第四季和年度收益電話會議。

My name is John, and I will be your operator this afternoon.

我叫約翰，今天下午我將擔任您的接線生。

Joining us for today's presentation are the company's CEO, Kirsten Newquist; and CFO, Justin Scarpulla.

參加今天演講的有公司執行長 Kirsten Newquist；和財務長賈斯汀·斯卡普拉（Justin Scarpulla）。

Following management's remarks, we will open the call for questions.

管理層發言結束後，我們將開始提問。

Before we begin, please note that during this call, management may be making references to non-GAAP financial measures or guidance, including non-GAAP adjusted EBITDA, non-GAAP gross margin and non-GAAP operating expenses.

在我們開始之前，請注意，在本次電話會議中，管理層可能會參考非 GAAP 財務指標或指引，包括非 GAAP 調整後 EBITDA、非 GAAP 毛利率和非 GAAP 營業費用。

In addition, during the call, management will be making forward-looking statements.

此外，管理階層將在電話會議期間發表前瞻性陳述。

Any statement that refers to expectations, projections or other characteristics of future events, including future financial results, future business and market conditions and opportunities and future plans, strategies, opportunities and goals is a forward-looking statement.

任何提及預期、預測或其他未來事件特徵的陳述，包括未來財務表現、未來業務和市場狀況和機會以及未來計劃、策略、機會和目標，均為前瞻性陳述。

Actual results may differ materially from those expressed in these forward-looking statements.

實際結果可能與這些前瞻性陳述所表達的結果有重大差異。

For more information, please refer to the risk factors discussed in documents filed from time to time with the SEC including the company's latest annual report on Form 10-K and quarterly report on Form 10-Q as well as our third quarter 10-Q once filed.

欲了解更多信息，請參閱公司不時向美國證券交易委員會提交的文件中討論的風險因素，包括公司最新的10-K表年度報告和10-Q表季度報告以及我們提交的第三季度10-Q表。

Identiv assumes no obligation to update these forward-looking statements.

Identiv 不承擔更新這些前瞻性聲明的義務。

I will now turn the call over to CEO, Kirsten Newquist, for her comments.

現在，我將把電話轉給執行長 Kirsten Newquist，請她發表評論。

Ms. Newquist, please proceed.

紐奎斯特女士，請繼續。

Thanks, operator.

謝謝，接線生。

And thank you all for joining our quarter 4 and fiscal year 2024 earnings call.

感謝大家參加我們的第四季和 2024 財年財報電話會議。

Quarter 4 marked our first full quarter following the sale of our physical security business. allowing us to focus on becoming a leading pure-play provider of specialty RFID and Bluetooth Low Energy BLE solutions.

第四季是我們出售實體安全業務後的第一個完整季度。讓我們專注於成為領先的專業 RFID 和低功耗藍牙 BLE 解決方案純供應商。

The proceeds from the sale significantly strengthened our financial position and enable us to fund future organic and M&A-driven growth of our specialty IoT Solutions business.

此次出售所得大大增強了我們的財務狀況，使我們能夠為專業物聯網解決方案業務未來的有機成長和併購驅動的成長提供資金。

During our last earnings call, we unveiled our perform, accelerate, transform growth strategy and go-to-market plan, and I'm happy to share that we have fully shifted into execution mode.

在我們上次的財報電話會議上，我們公佈了我們的績效、加速、轉型成長策略和上市計劃，我很高興地告訴大家，我們已經完全進入執行模式。

We have made progress building our team, moving several key initiatives forward and ensuring we have plans in place to drive operational excellence.

我們在團隊建立、推動多項關鍵措施以及確保制定計劃推動卓越營運方面取得了進展。

As we've discussed, the objective of the PAT framework is to strengthen and optimize the performance of our core channel business, accelerate our growth through focused key initiatives and ultimately transform the business into a market leader in specialty IoT solutions.

正如我們所討論的，PAT 框架的目標是加強和優化我們核心通路業務的績效，透過重點關鍵舉措加速我們的成長，並最終將業務轉變為專業物聯網解決方案的市場領導者。

To drive the commercial aspects of the plan, we are excited to have accomplished business leader, Ken McCauley, joined Identiv as the new head of our commercial organization.

為了推動該計劃的商業化發展，我們很高興邀請到成功的商業領袖 Ken McCauley 加入 Identiv，擔任我們商業組織的新負責人。

Kim will be integral to driving sales expansion in our core channel business within the performed pillar and leading our business development initiatives in the accelerate pillar.

Kim 將在執行支柱中推動我們核心通路業務的銷售擴張，並領導加速支柱中的業務發展計劃。

She has over 30 years of experience developing and implementing successful go-to-market strategies, as well as creating and managing high-performing sales teams.

她在製定和實施成功的市場進入策略以及創建和管理高績效銷售團隊方面擁有 30 多年的經驗。

Kim had to successfully scale a growth business, having previously managed commercial sales of $650 million at Avery Dennison including supporting the launch of RFID.

Kim 必須成功擴大成長型業務，此前他曾在艾利丹尼森管理過 6.5 億美元的商業銷售，包括支援 RFID 的推出。

Her initial focus will be on strengthening the sales organization and implementing the tools needed to streamline communication and proactively manage our sales pipeline positioning us to scale the business effectively.

她最初的工作重點是加強銷售組織和實施必要的工具，以簡化溝通並主動管理我們的銷售管道，使我們能夠有效地擴大業務規模。

Another key aspect of our plan is the transition of RFID production from Singapore to our low-cost facility in Thailand which remains a top priority and continues to progress very well.

我們計劃的另一個關鍵方面是將 RFID 生產從新加坡轉移到我們位於泰國的低成本工廠，這仍然是我們的首要任務並且進展順利。

In December, we achieved our year-end milestone of transitioning roughly 75% of our current volume to Thailand.

12 月份，我們實現了年終里程碑，將目前約 75% 的銷售轉移到泰國。

Of the 4 remaining customers in Singapore, 1 will be discontinued and the other 3 are expected to be transferred to Thailand by the end of quarter 2.

新加坡剩餘的4家客戶中，1家將停止服務，另外3家預計將在第二季末轉移到泰國。

The customer who we decided to discontinue is 1 of our lowest margin customers.

我們決定停止的客戶是我們利潤最低的客戶之一。

Once all production has been transferred and the Thailand team achieves productivity on par with Singapore, we expected to deliver a non-GAAP gross margin in the previously stated range of 26% to 28%.

一旦所有生產轉移並且泰國團隊的生產力達到與新加坡相當的水平，我們預計非 GAAP 毛利率將達到先前所述的 26% 至 28% 的範圍。

Our long-term non-GAAP gross margin target remains 35%.

我們的長期非公認會計準則毛利率目標仍為 35%。

Our new product development, NPD pipeline plays a key role in driving our business growth.

我們的新產品開發、新產品研發管道在推動我們的業務成長方面發揮關鍵作用。

We are working on numerous active projects, both customer-driven and internally driven in response to evolving market needs.

為了滿足不斷變化的市場需求，我們正在進行許多活躍的項目，既有客戶驅動的，也有內部驅動的。

In the past quarter, we added several new customer-driven projects including a new smart label for the authentication of consumables for home appliances, a rugged Williat-based BLE device for use on metal and industrial applications. and in-play baked BLE smart label for use in the pharmaceutical cold chain and the new BLE design for integration into reusable plastic containers for transporting food.

在過去的一個季度，我們增加了幾個新的客戶驅動項目，包括用於家用電器消耗品認證的新型智慧標籤、用於金屬和工業應用的基於 Williat 的堅固耐用的 BLE 設備。以及用於醫藥冷鏈的線上烘焙 BLE 智慧標籤和用於整合到用於運輸食品的可重複使用的塑膠容器中的新型 BLE 設計。

These new projects represent high-value applications.

這些新項目代表了高價值的應用。

Last week, we announced a new strategic partnership with Novanta, a technology solutions provider focused on the health care industry.

上週，我們宣布與專注於醫療保健產業的技術解決方案提供商 Novanta 建立新的策略合作夥伴關係。

This collaboration brings together Novanta's reader modules and APIs with Identiv's in my portfolio, streamlining the development process for OEMs to incorporate smart technology into their medical devices.

此次合作將 Novanta 的閱讀器模組和 API 與我產品組合中的 Identiv 整合在一起，簡化了 OEM 將智慧技術融入其醫療設備的開發流程。

It also allows us to offer a comprehensive consumable authentication solution to medical device and diagnostic OEMs.

它還使我們能夠為醫療設備和診斷 OEM 提供全面的消耗品認證解決方案。

Our combined technologies are intended to help ensure that the correct consumables are used, properly calibrated and correctly assembled into medical devices and diagnostic equipment, promoting accurate use and enhancing patient safety.

我們的綜合技術旨在協助確保使用正確的耗材、正確校準並正確組裝到醫療設備和診斷設備中，促進準確使用並提高病患安全。

In summary, 2024 was a transformative year for Identiv with quarter four marking the beginning of the new streamlined Identiv.

總而言之，2024 年是 Identiv 轉型的一年，第四季標誌著新精簡版 Identiv 的開始。

As a stand-alone pure-play IoT solutions company, we have established a clear strategic plan to drive future growth, continuing to build a solid foundation as we actively strengthen our team with experienced professionals.

作為一家獨立的純物聯網解決方案公司，我們制定了明確的策略計畫來推動未來成長，並在積極招募經驗豐富的專業人士加強團隊的同時繼續奠定堅實的基礎。

I will share more details on these ongoing initiatives following Justin's review of our fourth quarter and fiscal year financials.

在賈斯汀審查了我們的第四季度和財政年度財務狀況後，我將分享有關這些正在進行的舉措的更多細節。

Justin?

賈斯汀？

Thanks, Kirsten.

謝謝，克爾斯滕。

As Kirsten mentioned, 2024 was transformative for Identiv.

正如 Kirsten 所說，2024 年對 Identiv 來說具有變革意義。

Now a pure-play RFID company focused solely on IoT solutions, we've begun to execute our PAT strategic growth plan and are making good progress transitioning inlay production from Singapore to Thailand.

現在，作為一家專注於物聯網解決方案的純粹 RFID 公司，我們已經開始執行 PAT 策略成長計劃，並且在將嵌體生產從新加坡轉移到泰國方面取得了良好的進展。

Fourth quarter 2024 revenue was $6.7 million, exceeding the midpoint of our previously announced outlook by approximately $600,000.

2024 年第四季的營收為 670 萬美元，比我們先前宣布的預期中位數高出約 60 萬美元。

Q4 outperformance versus this revenue guidance was primarily due to 1 of our customers accelerating their delivery schedule from Q1 of 2025 to Q4 and as a precaution ahead of transferring their production to Thailand.

第四季度的表現超出了這一收入預期，主要是因為我們的一位客戶將交貨計劃從 2025 年第一季提前到第四季度，並在將生產轉移到泰國之前採取了預防措施。

Although we do not anticipate any delays with our Thailand transition, this customer wanted to ensure that they had enough inventory on hand to mitigate any scale of risk in Thailand.

儘管我們預計泰國的轉型不會有任何延遲，但該客戶希望確保他們有足夠的庫存來減輕泰國的任何規模的風險。

Fourth quarter GAAP and non-GAAP gross margin was negative 14.9% and negative 5.2%, respectively, compared to GAAP and non-GAAP positive gross margin of 16.2% and 19.5%, respectively, in Q4 2023.

第四季 GAAP 和非 GAAP 毛利率分別為負 14.9% 和負 5.2%，而 2023 年第四季 GAAP 和非 GAAP 毛利率分別為正 16.2% 和 19.5%。

Factors impacting the decrease in gross margin included decreased utilization, the ramp-up of our Thailand facility ahead of the transition out of Singapore and the customer that phased out their legacy program earlier than expected.

影響毛利率下降的因素包括利用率下降、在新加坡業務轉型之前泰國工廠的擴張以及客戶比預期更早淘汰了其原有項目。

The customer program resulted in a noncash inventory adjustment of $0.8 million and an additional $0.2 million attributable to the disposal of specific manufacturing equipment that cannot be repurposed for other customer orders.

該客戶計劃導致非現金庫存調整為 80 萬美元，另外由於處置無法用於其他客戶訂單的特定製造設備而導致的 20 萬美元調整。

As we have previously communicated, completing the transition of RFID and BLE production from Singapore to Thailand remains a key priority for 2025.

正如我們之前所傳達的，完成 RFID 和 BLE 生產從新加坡到泰國的過渡仍然是 2025 年的首要任務。

We have transitioned the vast majority of the customers and are making good progress on qualifying the last three customers to be transferred to Thailand.

我們已經完成了絕大多數客戶的轉移，並且在轉移至泰國的最後三位客戶的資格認定方面也取得了良好的進展。

After multiple discussions with a low-margin legacy customer, we determined that continuing to support their business in Thailand is not aligned with our PAT growth strategy.

在與低利潤的傳統客戶多次討論後，我們認為繼續支持他們在泰國的業務不符合我們的淨利潤成長策略。

By focusing our commercial and R&D efforts on higher-margin opportunities in health care and other high-value segments along with the full production in Thailand, we believe we can deliver a long-term target non-GAAP gross margin of 35%.

透過將我們的商業和研發工作重點放在醫療保健和其他高價值領域的高利潤機會上，並在泰國進行全面生產，我們相信我們可以實現 35% 的長期目標非 GAAP 毛利率。

GAAP and non-GAAP operating expenses for the fourth quarter of 2024, including research and development, sales and marketing and general and administrative expenses totaled $5.6 million and $4.1 million, respectively, as compared to $5.2 million and $4.1 million, respectively, in Q4 2023.

2024 年第四季的 GAAP 和非 GAAP 營業費用（包括研發、銷售和行銷以及一般和行政費用）分別為 560 萬美元和 410 萬美元，而 2023 年第四季分別為 520 萬美元和 410 萬美元。

The year-over-year change in our GAAP and non-GAAP operating expenses continue to reflect our focus on maintaining tight control over operating expenses.

我們的 GAAP 和非 GAAP 營業費用同比變化繼續反映出我們對嚴格控制營業費用的關注。

Fourth quarter GAAP net loss from continuing operations was $4.3 million or $0.19 per basic and diluted share compared to GAAP net loss from continuing operations of $3.3 million or $0.16 per basic and diluted share in the fourth quarter of 2023.

第四季 GAAP 持續經營淨虧損為 430 萬美元，即每股基本虧損和攤薄虧損均為 0.19 美元，而 2023 年第四季 GAAP 持續經營淨虧損為 330 萬美元，即每股基本虧損和攤薄虧損均為 0.16 美元。

Non-GAAP adjusted EBITDA for Q4 2024 was negative $4.5 million compared to negative $1.9 million in the fourth quarter of 2023.

2024 年第四季非 GAAP 調整後 EBITDA 為負 450 萬美元，而 2023 年第四季為負 190 萬美元。

The year-over-year changes in GAAP net loss and EBITDA were primarily the result of lower year-over-year revenues, which resulted in the underutilization of our production facilities in Southeast Asia and the costs associated with the phaseout of our legacy low-margin customer project.

GAAP 淨虧損和 EBITDA 的年比變動主要由於年收入下降，這導致我們在東南亞的生產設施利用不足，以及與逐步淘汰我們傳統的低利潤客戶專案相關的成本。

In the appendix of today's presentation, we have provided a full reconciliation of GAAP to non-GAAP financial information, which is also included in our earnings release.

在今天簡報的附錄中，我們提供了 GAAP 與非 GAAP 財務資訊的完整對賬，這也包含在我們的收益報告中。

Turning to fiscal year 2024 financials.

轉向2024財年的財務狀況。

Fiscal year 2024 revenue was $26.6 million, a decrease of $16.8 million compared to the prior year period.

2024 財年營收為 2,660 萬美元，較去年同期減少 1,680 萬美元。

Primarily the result of lower sales of BLE transponder and mobile products.

主要是由於 BLE 轉發器和行動產品銷售下降。

Fiscal year 2024 GAAP and non-GAAP gross margin was 1.3% and 8%, respectively, compared to GAAP and non-GAAP gross margin of 13.8% and 16.6%, respectively, in fiscal year 2023.

2024 財年 GAAP 和非 GAAP 毛利率分別為 1.3% 和 8%，而 2023 財年的 GAAP 和非 GAAP 毛利率分別為 13.8% 和 16.6%。

The decline in gross margins is largely due to the production transition to Thailand.

毛利率下降主要是因為生產轉移至泰國所致。

For all of fiscal 2024, we had operations running in both Singapore and Thailand, versus both sites running in the second half of 2023.

在整個 2024 財年，我們的業務同時在新加坡和泰國開展，而 2023 年下半年兩個站點均在運作。

Additionally, we had to allocate significant resources in 2024 to Thailand ahead of this manufacturing transition out of Singapore.

此外，我們必須在 2024 年向泰國分配大量資源，以因應新加坡製造業的轉型。

GAAP and non-GAAP operating expenses for fiscal year 2024, including research and development, sales and marketing and general and administrative expenses totaled $28.3 million and $17.9 million, respectively, as compared to $19.5 million and $16.7 million, respectively, in fiscal year 2023.

2024 財年的 GAAP 和非 GAAP 營業費用（包括研發、銷售和行銷以及一般和行政費用）分別為 2,830 萬美元和 1,790 萬美元，而 2023 財年分別為 1,950 萬美元和 1,670 萬美元。

Included in the fiscal year GAAP operating expenses were $6.2 million in strategic transaction-related costs and $3.5 million in stock-based compensation.

本財年的 GAAP 營業費用包括 620 萬美元的策略交易相關成本和 350 萬美元的股票薪酬。

Fiscal year GAAP net loss from continuing operations was $25.9 million or $1.14 per basic and diluted share compared to GAAP net loss from continuing operations of $13.9 million or $0.66 per basic and diluted share in fiscal year 2023.

財年 GAAP 持續營業淨虧損為 2,590 萬美元，即每股基本虧損及攤薄虧損均為 1.14 美元，而 2,023 財年 GAAP 持續經營淨虧損為 1,390 萬美元，即每股基本虧損及攤薄虧損均為 0.66 美元。

Non-GAAP adjusted EBITDA for fiscal year 2024 was negative $15.8 million compared to negative $9.5 million in fiscal year 2023.

2024 財年非 GAAP 調整後 EBITDA 為負 1,580 萬美元，而 2023 財年為負 950 萬美元。

The decrease was primarily the result of our lower year-over-year revenues and other factors, as previously noted.

如前所述，下降主要是由於我們的同比收入下降以及其他因素造成的。

Now moving to the balance sheet.

現在轉到資產負債表。

We exited Q4 2024 with $135.9 million in cash and cash equivalents and restricted cash, an increase of $111 million since December 31, 2023.

截至 2024 年第四季度，我們的現金、現金等價物和受限現金為 1.359 億美元，自 2023 年 12 月 31 日以來增加了 1.11 億美元。

In the fiscal year ending December 31, 2024, the $141.5 million net increase in cash from our investing activities was primarily attributable to the strategic transaction proceeds.

在截至 2024 年 12 月 31 日的財政年度中，我們的投資活動產生的現金淨增加額為 1.415 億美元，主要歸因於策略交易收益。

This was offset in part by $13.6 million used in financing activities for the repayment of our credit facility, repurchases of our common stock and taxes paid on the settlement of RSU releases, and $15.4 million used in operating activities.

這部分被用於償還信貸額度、回購普通股和支付 RSU 釋放結算稅款的融資活動所用的 1,360 萬美元以及用於經營活動的 1,540 萬美元所抵消。

In the fourth quarter of 2024, we used $9.8 million in cash and restricted cash of which $3.5 million related to tax payments related to our strategic transaction, $2.2 million in strategic transaction-related payments and $1.9 million in share repurchases.

2024 年第四季度，我們使用了 980 萬美元的現金和受限現金，其中 350 萬美元與我們的策略交易相關的稅款支付有關，220 萬美元與策略交易相關支付有關，190 萬美元用於股票回購。

This was offset by $1.3 million in interest income.

這被 130 萬美元的利息收入所抵銷。

Excluding payments made related to our strategic transaction and the repurchases of common stock and interest income, our Q4 operating cash usage was $3.5 million.

不包括與我們的策略交易相關的付款以及普通股回購和利息收入，我們第四季的營運現金使用量為 350 萬美元。

Our previously stated expected net operating cash usage for the 12 months following the end of Q3 2024 remains in the range of $14 million to $16 million as previously disclosed.

我們先前所述的 2024 年第三季結束後 12 個月的預期淨營運現金使用量仍維持在 1,400 萬美元至 1,600 萬美元之間，如先前揭露的。

Our working capital exiting Q4 was $142.8 million.

我們第四季的營運資本為 1.428 億美元。

Our balance sheet remains strong, enabling us to pursue our organic and inorganic growth initiatives within the PAT framework.

我們的資產負債表依然強勁，使我們能夠在利潤框架內推行有機和無機成長計劃。

In our 10-Q filing, we will be providing a full reconciliation of the year-to-date cash flows.

在我們的 10-Q 文件中，我們將提供年初至今現金流量的完整對帳。

For completeness, we have included the full balance sheet in the appendix of today's earnings release.

為了完整起見，我們在今天的收益報告附錄中附上了完整的資產負債表。

As we discussed last November, our capital allocation plan prioritizes organic growth, with a target allocation of 25% to 30% of net proceeds, strategic M&A, a 35% to 40% target allocation and working capital at 25% to 30% target allocation, in line with our PAT framework with $10 million allocated to a stock repurchase program.

正如我們去年 11 月所討論的那樣，我們的資本配置計劃優先考慮有機增長，目標配置為淨收益的 25% 至 30%，戰略併購，目標配置為 35% 至 40%，營運資本為 25% 至 30%，符合我們的 PAT 框架，其中 1000 萬美元分配給股票回購計劃。

In the fourth quarter of 2024, we utilized $1.9 million from our stock repurchase program to repurchase approximately 464,000 shares of stock.

2024 年第四季度，我們利用股票回購計畫中的 190 萬美元回購了約 464,000 股股票。

Lastly, our financial outlook.

最後，我們的財務展望。

For Q1 2025, we currently expect net revenue in the range of $4.8 million to $5.1 million.

對於 2025 年第一季度，我們目前預計淨收入在 480 萬美元至 510 萬美元之間。

Our Q1 2025 forecast was impacted by the previously disclosed customer pull-in out of Q1 2025 and into Q4 2024.

我們對 2025 年第一季的預測受到了先前揭露的 2025 年第一季至 2024 年第四季客戶流失的影響。

This concludes the financial discussion.

關於財務的討論到此結束。

I'll now pass the call back to Kirsten.

我現在將把電話轉回給 Kirsten。

Thanks, Justin.

謝謝，賈斯汀。

So with that financial context, I'd like to provide an update on the progress we are making under our Perform, accelerate, transform strategic framework.

因此，在這樣的財務背景下，我想介紹我們在「績效、加速、轉型」策略框架下所取得的進展。

Our PAT framework is anchored in several strong macro trends driving demand for digital identification, including RFID and next-generation technologies like BLE.

我們的 PAT 框架以推動數位識別需求的幾個強勁宏觀趨勢為基礎，包括 RFID 和 BLE 等下一代技術。

Key drivers include the expansion of digitization and IoT, heightened security and anticounterfeiting measures, regulatory compliance and safety requirements, and the increasing focus on sustainability in the circular economy.

關鍵驅動因素包括數位化和物聯網的擴展、加強的安全和防偽措施、法規遵循和安全要求，以及對循環經濟可持續性的日益關注。

RFID and BLE inlays provide for the digital identification of products enabling physical assets to seamlessly link with the cloud and other digital solutions.

RFID 和 BLE 嵌體提供產品的數位識別，使實體資產能夠與雲端和其他數位解決方案無縫連接。

This connectivity delivers compelling benefits such as real-time tracking and visibility enhanced product security and authentication, condition monitoring and compliance and more engaging customer experiences.

這種連接提供了引人注目的優勢，例如即時追蹤和可視性、增強的產品安全性和身份驗證、狀態監控和合規性以及更具吸引力的客戶體驗。

Additionally, the data generated by RFID and BLE-enabled devices can feed into advanced machine learning and AI models, improving operational efficiency and decision-making in nearly every industry. further strengthening RFID's value proposition.

此外，RFID 和 BLE 設備產生的數據可以輸入先進的機器學習和 AI 模型，從而提高幾乎所有行業的營運效率和決策能力。進一步加強RFID的價值主張。

As the adoption of RFID-based solutions accelerates, new applications often require more advanced and complex solutions to ensure successful implementation and widespread market adoption.

隨著基於 RFID 的解決方案的採用加速，新的應用通常需要更先進、更複雜的解決方案來確保成功實施和廣泛的市場應用。

Identiv's engineering excellence, rapid prototyping capabilities, and agile manufacturing processes strengthened its position as a preferred partner to support these types of complex requirements.

Identiv 的工程卓越性、快速成型能力以及敏捷的製造流程鞏固了其作為支持此類複雜要求的首選合作夥伴的地位。

By executing our PAP strategic framework across several key verticals, we aim to drive revenue growth and expand gross margins and EBITDA.

透過在幾個關鍵垂直領域執行我們的 PAP 策略框架，我們旨在推動收入成長並擴大毛利率和 EBITDA。

I'll now provide a brief overview of the 3 pillars of the PAT framework, highlight the work underway and then introduce how we plan to measure our progress moving forward.

我現在將簡要概述 PAT 框架的三大支柱，重點介紹正在進行的工作，然後介紹我們計劃如何衡量未來的進展。

First is Perform, which is focused on strengthening and growing our core channel business.

首先是 Perform，專注於加強和發展我們的核心通路業務。

To achieve this, we are prioritizing higher margin opportunities with existing customers and channel partners, expanding gross margins by completing the transition to Thailand and focusing on executing our NPD pipeline with discipline.

為實現這一目標，我們優先考慮現有客戶和通路合作夥伴的更高利潤機會，透過完成向泰國的轉型來擴大毛利率，並專注於嚴格執行我們的新產品開發管道。

Our goal is to consistently exceed customer expectations through exceptional support and reliable on-time delivery.

我們的目標是透過卓越的支援和可靠的準時交付不斷超越客戶期望。

Kim McCauley, our new commercial leader, brings a strong customer-centric approach and recognizes the importance of building and maintaining strong relationships in our industry, knowing that outstanding service paves the way for future projects and growth.

我們的新任商務領袖 Kim McCauley 帶來了強大的以客戶為中心的理念，並認識到在我們的行業中建立和維持牢固關係的重要性，並知道卓越的服務為未來的項目和增長鋪平了道路。

Our channel business thrives on strong industry partnerships as it takes multiple companies working together to develop opportunities for RFID solutions.

我們的通路業務依靠強大的產業合作夥伴關係而蓬勃發展，因為它需要多家公司共同合作才能開發 RFID 解決方案的機會。

Given the strategic importance of these relationships, we are enhancing our partner marketing program to increase awareness of our capabilities across the industry and develop new opportunities.

鑑於這些關係的戰略重要性，我們正在加強我們的合作夥伴行銷計劃，以提高整個行業對我們能力的認識並開發新的機會。

While we have always worked closely with our partners to market our products, you should expect to see an expanded set of activities as the year progresses.

雖然我們一直與合作​​夥伴密切合作來推銷我們的產品，但隨著時間的推移，您應該會看到我們活動的不斷擴大。

We are pleased to have recently added 2 veteran Fortune 500 marketing leaders to our team, who will be driving these product activities as well as building a strong brand and market presence for our IoT Solutions business.

我們很高興最近有 2 位資深財富 500 強行銷領導者加入我們的團隊，他們將推動這些產品活動並為我們的物聯網解決方案業務建立強大的品牌和市場影響力。

We continue to advance the development of our NPD pipeline and implement our Stage Gate evaluation process with new projects.

我們持續推動新產品開發管道的開發，並透過新專案實施階段門評估流程。

In addition to the quarter four projects we highlighted earlier, projects such as authentication solutions for surgical consumables, fill level sensing for drug delivery with auto injectors and smart labels for top-shelf liquor brands continue to advance through the development stages.

除了我們先前重點介紹的第四季度專案之外，手術耗材的認證解決方案、自動注射器藥物輸送的填充水平感測以及頂級酒類品牌的智慧標籤等專案也在繼續推進開發階段。

Additionally, 2 new HF product families were launched in December, ID Safe and IDT both featuring NXP's new ICO 3 IC.

此外，12 月還推出了兩個新的 HF 產品系列，ID Safe 和 IDT 均採用 NXP 的全新 ICO 3 IC。

These new inlays are available in three different form factors and to offer an enhanced NFC user interface, faster memory data read rates, streamlined programming capabilities and strong anti-tamper functionality.

這些新嵌體具有三種不同的外形尺寸，並提供增強的 NFC 使用者介面、更快的記憶體資料讀取率、簡化的程式設計功能和強大的防篡改功能。

Designed to support a wide range of use cases and applications, from health care and smart packaging to luxury goods and smart home devices, these product launches underscore our commitment to continuous innovation.

這些產品的發布旨在支持從醫療保健和智慧包裝到奢侈品和智慧家居設備等廣泛的用例和應用，彰顯了我們對持續創新的承諾。

We remain focused on delivering cutting-edge technology and advanced features to ensure the highest performance for our customers.

我們始終專注於提供尖端技術和先進功能，以確保為客戶提供最高的性能。

Moving to the second pillar of our PAT framework accelerate.

加速轉向我們的 PAT 框架的第二個支柱。

We have identified three specific initiatives to drive and accelerate our growth.

我們確定了三項具體措施來推動和加速我們的成長。

The first initiative is focused on driving growth in three high-value and high-volume health care applications with a dedicated business development team reaching out directly to the OEMs who may benefit from these solutions.

第一項計劃專注於推動三種高價值、高容量的醫療保健應用的成長，並由專門的業務開發團隊直接聯繫可能從這些解決方案中受益的 OEM。

The health care team is pursuing 3 priority applications: medication adherence and drug delivery at home, consumable authentication for medical device and diagnostic test equipment and temperature, humidity and location monitoring for pharmaceuticals, clinical trials and clinical specimens.

醫療團隊正在推行 3 個優先應用：家庭服藥依從性和藥物輸送、醫療器材和診斷測試設備的消耗品認證以及藥品、臨床試驗和臨床標本的溫度、濕度和位置監測。

We are pleased to have my former colleague, Deepak Prakash, recently joined Identiv to lead our health care business development efforts and as evidenced by our recent Novanta announcement, he has already hit the ground running.

我們很高興我的前同事 Deepak Prakash 最近加入 Identiv，領導我們的醫療保健業務發展工作，正如我們最近的 Novanta 公告所證明的那樣，他已經開始投入工作。

He is attending the HIMSS trade show this week in Las Vegas meeting with potential partners and customers.

本週，他將參加在拉斯維加斯舉辦的醫療衛生資訊與管理系統協會 (HIMSS) 貿易展，與潛在合作夥伴和客戶會面。

Deepak was a member of my leadership team at Avery Dennison's Medical business.

Deepak 是我在艾利丹尼森醫療業務領導團隊的成員。

He has spent his entire career in the medical device and health care industry, leading the successful launch and commercialization of many new products and more recently has focused on leading digital transformation efforts.

他的整個職業生涯都在醫療器材和醫療保健行業度過，領導了許多新產品的成功推出和商業化，最近則專注於領導數位轉型工作。

He is excited to drive our efforts within our health care vertical forward.

他非常高興能夠推動我們在醫療保健垂直領域的努力向前發展。

The second growth initiative within Accelerate is focused on high-value consumer and logistics applications initially targeting three specific use cases: inventory management for plastic pallets and bins to support retailer mandated recycling programs, smart packaging for luxury products to reduce counterfeiting and enhanced user experience and home device consumable authentication to reduce counterfeiting and ensure proper assembly and use.

Accelerate 的第二項成長計劃專注於高價值消費和物流應用，最初針對三個特定用例：塑膠托盤和箱子的庫存管理，以支援零售商強制回收計劃，奢侈品的智慧包裝，以減少假冒和增強用戶體驗，以及家用設備消耗品認證，以減少假冒並確保正確組裝和使用。

Like the health care initiative, a dedicated business development team is being assembled to pursue these opportunities directly with OEMs.

與醫療保健計劃一樣，我們正在組建一個專門的業務開發團隊，直接與原始設備製造商 (OEM) 合作尋求這些機會。

We are making solid progress with this initiative, having recently signed an LOI with a global leader in the grocery logistics industry to develop and deploy BLE-enabled devices that monitor both location and temperature conditions during the transportation of produce and other food products through the supply chain.

我們正在穩步推進這項計劃，最近我們與雜貨物流行業的全球領導者簽署了一份意向書，以開發和部署支援 BLE 的設備，用於監控農產品和其他食品在供應鏈運輸過程中的位置和溫度狀況。

These devices will incorporate in-place IC and be integrated into their recyclable plastic containers a pool numbering in the hundreds of millions.

這些設備將內建積體電路 (IC)，並整合到數億個可回收塑膠容器中。

The BLE devices will be designed to withstand harsh handling, challenging environmental conditions as well as rigorous cleaning processes.

BLE 設備的設計將能夠承受惡劣的操作、惡劣的環境條件以及嚴格的清潔過程。

The demand for this solution is driven by large retailers mandating the use of reusable and recyclable plastic pallets and containers.

大型零售商強制使用可重複使用和可回收的塑膠托盤和容器，推動了對這種解決方案的需求。

We are excited about the significant buying potential and look forward to sharing more updates as we advance the development of this innovative device.

我們對巨大的購買潛力感到非常興奮，並期待在推進這項創新設備的開發過程中分享更多更新。

The third growth initiative in Accelerate is expansion of our BLE and multi-component technology platform.

Accelerate 的第三個成長計畫是擴展我們的 BLE 和多組件技術平台。

BOE is a next-generation technology for IoT, providing significant benefits for applications that are challenging to address with traditional RFID technologies.

BOE 是物聯網的下一代技術，為傳統 RFID 技術難以解決的應用提供了顯著的優勢。

These benefits include lower cost reader infrastructure, ease of incorporating sensors for condition monitoring, secured data communication and the omnipresence of Bluetooth-enabled devices like smartphones.

這些優勢包括更低成本的閱讀器基礎設施、易於結合感測器進行狀態監測、安全的數據通訊以及智慧型手機等藍牙設備的無處不在。

We intend to continue expanding our BLB capabilities and technologies through our current NPV projects and partnerships with BLE IC partners in play, Williat, and other chip suppliers who are expanding into BLE.

我們打算透過我們目前的 NPV 專案以及與 BLE IC 合作夥伴、Williat 和其他正在擴展到 BLE 的晶片供應商的合作來繼續擴展我們的 BLB 能力和技術。

As you have heard, we have recently added several BLE opportunities to our NPD pipeline and are seeing growing interest across multiple market segments for solutions that will benefit from BLE.

正如您所聽到的，我們最近在新產品開發管道中添加了多項 BLE 機會，並且發現多個細分市場對可從 BLE 中受益的解決方案的興趣日益濃厚。

We are excited to welcome a new product manager and a new engineer to the team who will be supporting the critical work in this area.

我們很高興歡迎新產品經理和新工程師加入團隊，他們將支持這一領域的關鍵工作。

The third part of our strategic framework is transform.

我們的策略架構的第三部分是變革。

This pillar focuses on driving significant business expansion and capability growth through M&A, which is intended to add scale and technical capabilities while expediting achieving EBITDA breakeven.

該支柱專注於透過併購推動業務大幅擴張和能力成長，旨在增加規模和技術能力，同時加快 EBITDA 收支平衡。

Since our last earnings call, we have conducted a rigorous evaluation process, assessing over 100 potential M&A target companies.

自上次財報電話會議以來，我們已經進行了嚴格的評估流程，評估了 100 多家潛在的併購目標公司。

We have now refined our list to a select group of targets.

現在，我們已將名單細化至選定的目標群組。

Working closely with our financial adviser and our internal M&A committee, we are actively assessing and prioritizing the opportunities that best fit our growth strategy and acquisition guidelines and are financially accretive.

我們與財務顧問和內部併購委員會密切合作，積極評估和優先考慮最符合我們的成長策略和收購指南並能帶來財務增值的機會。

Adding scale, expanding our product portfolio and increasing utilization of our Thailand facility are our top near-term priorities.

擴大規模、拓展產品組合和提高泰國工廠的利用率是我們近期的首要任務。

To monitor our progress across these 3 strategic pillars, we have developed several metrics, which we'll be reporting on quarterly, beginning with our quarter 1, 2025 earnings call in May.

為了監控我們在這三大策略支柱上的進展，我們制定了幾個指標，並將從 5 月的 2025 年第一季財報電話會議開始每季報告這些指標。

We will be refining our learning as the year progresses, developing our baseline and will establish targets for these metrics in 2026.

隨著時間的推移，我們將不斷改進我們的學習，制定我們的基線，並在 2026 年為這些指標設定目標。

The key metrics we will be measuring are: one, sales pipeline.

我們將要衡量的關鍵指標是：一、銷售通路。

This metric covers the number of opportunities in our sales pipeline and the corresponding conversion rate.

此指標涵蓋了我們的銷售管道中的機會數量和相應的轉換率。

The sales pipeline focuses on opportunities for our standard products and straightforward customizations and explicitly excluding NPD opportunities.

銷售管道專注於我們的標準產品和直接客製化的機會，並明確排除新產品開發機會。

Two, NPD projects.

二、NPD項目。

We will track the number of NPD projects segmented by customer-driven and internally driven initiatives target markets and the use of RFID and BOE technologies.

我們將追蹤按客戶驅動和內部驅動計畫目標市場細分的 NPD 專案數量以及 RFID 和 BOE 技術的使用情況。

The NPD pipeline encompasses projects involving the design of specialty RFID or BLE devices that are not addressed within our standard product portfolio; and three, NPD project completion.

NPD 管道涵蓋涉及專業 RFID 或 BLE 設備設計的項目，這些設備未在我們的標準產品組合中涉及；三、NPD項目完成。

This metric captures a number of NPD projects completed within the quarter that will be moving into commercialization.

該指標涵蓋了本季內完成並將進入商業化的一批 NPD 項目。

We will continue to provide quarterly revenue guidance, and we'll be updating you quarterly on our progress towards reaching our year-end gross margin target of 26% to 28% and our expected operational cash use of $14 million to $16 million for the four quarters from quarter four, 2024 through quarter three, 2025.

我們將繼續提供季度收入指導，並將每季向您通報我們實現年底毛利率目標 26% 至 28% 的進展情況，以及 2024 年第四季至 2025 年第三季的四個季度預計營運現金使用量 1,400 萬至 1,600 萬美元的進展。

In summary, the long-term secular trends that are driving demand for RFID and next-generation technologies remain strong.

總而言之，推動對 RFID 和下一代技術的需求的長期趨勢仍然強勁。

We believe Identiv is well equipped with the right capabilities in RFID-related technology to capitalize on this growing demand.

我們相信，Identiv 擁有 RFID 相關技術的適當能力，能夠滿足這日益增長的需求。

The transformative transaction in 2024 has provided the financial resources to support the execution of our perform, accelerate, transform strategic framework positioning us to drive meaningful returns and enhance shareholder value.

2024 年的轉型交易提供了財務資源，支持我們執行、加速、轉型策略框架，使我們能夠推動有意義的回報並提高股東價值。

As we continue to advance the implementation of our PAT strategy, we remain confident in idea's advantageous position to seize the exciting growth opportunities that lie ahead.

隨著我們繼續推動 PAT 策略的實施，我們仍然對 Idea 的有利地位充滿信心，相信它能夠抓住未來令人興奮的成長機會。

With that, I'd like to open the call for your questions.

現在，我想開始回答大家的提問。

Operator, please open the question queue.

接線員，請打開提問隊列。

(Operator instructions)

（操作員指令）

Anthony Stoss, Craig-Hallum Capital Group.

安東尼·斯托斯（Anthony Stoss），Craig-Hallum 資本集團。

Thanks, Kirsten, Justin and Sophie.

謝謝，Kirsten、Justin 和 Sophie。

Great detail on the prepared remarks.

準備好的評論非常詳細。

I like it a lot.

我非常喜歡它。

A question for you related to Novanta.

我想問您一個與 Novanta 相關的問題。

Maybe can you expand a little bit on when you think you'll have your first revenues through that partnership.

也許您可以稍微詳細說明一下您認為何時能透過這種合作關係獲得第一筆收入。

And maybe a broader question.

也許這是一個更廣泛的問題。

When you look at these partnerships, is there a gross margin target range that you have in mind?

當您考慮這些合作關係時，您是否考慮過毛利率目標範圍？

Or is it more focused on revenue for scale?

還是更注重規模收入？

I just love to hear that, then I had a couple of follow-ups.

我很高興聽到這個，然後我進行了一些後續行動。

Yeah.

是的。

So first of all, our partnership with Novanta is really a technology and business development partnership.

首先，我們與 Novanta 的合作其實是技術和業務發展合作。

So they have a piece of the technology that's required to incorporate smart technology into medical devices, and we have another part.

因此，他們擁有將智慧技術融入醫療設備所需的部分技術，而我們擁有另一部分技術。

So we're combining together to bundle our technology and then go out and sell that to medical device OEMs and diagnostic test equipment OEMs to really streamline the process for incorporating this into their products.

因此，我們將我們的技術整合在一起，然後將其出售給醫療設備 OEM 和診斷測試設備 OEM，以真正簡化將其融入其產品的過程。

So there's not necessarily a revenue associated with Novanta but it's a really great complementary partnership of our technology that allows us -- and they are pretty much solely focused on the health care medical device market.

因此，Novanta 不一定會帶來收入，但它是我們技術上非常好的互補合作夥伴關係，使我們能夠——而且他們幾乎只專注於醫療保健醫療設備市場。

So really leveraging their channel access as well to go sell the smart technology to their customers and our broad-based customers as well.

因此，真正利用他們的通路存取權來向他們的客戶和我們廣泛的客戶銷售智慧技術。

But as we do look at to answer kind of the second part of your question, we're also putting partnerships in place, commercial partnerships in place as well.

但當我們確實考慮回答你問題的第二部分時，我們也在建立合作關係，商業夥伴關係。

And certainly, as we put commercial partnerships in place to go sell our product there definitely are revenue targets in place as well as gross margin targets in place.

當然，當我們建立商業合作夥伴關係來銷售我們的產品時，肯定會有收入目標和毛利率目標。

And for medical, in particular, it's at the higher end of our margin expectation given the more complexity typically, that goes along with health care.

特別是對於醫療行業來說，由於醫療保健通常更為複雜，因此我們的利潤預期處於較高水平。

Got it.

知道了。

And then second follow-up would be related to your comments on the grocery store or device opportunity.

第二次跟進將與您對雜貨店或設備機會的評論有關。

When do you think that will impact?

您認為這何時會產生影響？

And then maybe if you wouldn't mind sharing or some kind of color related to the ASP.

然後也許如果您不介意分享或與 ASP 相關的某種顏色。

Is it above your normal corporate range, ASP?

它是否高於你們公司的正常範圍 ASP 呢？

Or what do you think the impacts will be from that device when it's launched?

或者您認為該設備推出後會產生什麼影響？

Yeah, So we're really excited about that potential opportunity.

是的，所以我們對這個潛在的機會感到非常興奮。

So it is a BLE device.

所以它是一個 BLE 設備。

It's definitely a higher price point than our typical average portfolio product.

它的價格肯定比我們典型的平均投資組合產品要高。

We are working very hard to get the device designs in partnership with our customers.

我們正在努力與客戶合作以獲得設備設計。

They're eager, as soon as we can get this developed and get it scaled up, they have as we had mentioned, hundreds of millions of these plastic pallets that they would like to ultimately incorporate a BLE device into.

他們非常熱切，一旦我們能夠開發出這種技術並擴大規模，正如我們所提到的，他們有數億個塑膠托盤，他們希望最終將 BLE 設備納入其中。

So they're eager to get going.

所以他們迫不及待地想要出發。

So it's really about the development of the product.

所以這其實與產品的開發有關。

It is an iterative product.

它是一個迭代產品。

It's a very harsh environment that these inlays will be incorporated into.

這些鑲嵌物所處的環境非常惡劣。

So it's taking -- it takes a lot of work to get the right the right device design that can withstand the environmental conditions that it's in and has the performance that's required.

因此，需要做大量的工作才能獲得正確的設備設計，使其能夠承受所處的環境條件並具有所需的性能。

And then of course, there's the scale if that's required.

當然，如果需要的話，還有規模。

But our hope is towards the end of this year or early next year that we get some early volumes launch there.

但我們希望在今年年底或明年年初能夠在那裡推出一些早期版本。

Got it.

知道了。

And then also, sorry for all the questions, but following up on that, are they using a different competitor's device now?

另外，抱歉問了這麼多問題，但接下來，他們是否正在使用其他競爭對手的設備？

Or is this greenfield where they've never done anything on the temperature side.

或者這只是一片綠地，他們從未在溫度方面做過任何努力。

This is relatively greenfield, they've used other types of technology, but not BLE technology.

這是相對新興的領域，他們使用過其他類型的技術，但不是 BLE 技術。

So relatively for this solution, and this is the BLE device that we're designing is a really good fit for this application.

因此相對而言，對於這個解決方案來說，我們正在設計的 BLE 設備非常適合這個應用。

So new for this particular type of technology.

對於這種特殊類型的技術來說，它還是很新穎的。

Okay.

好的。

Got it.

知道了。

And then one for Justin, or a two parter.

然後有一部是給賈斯汀的，或是兩部。

Just to confirm, you expect your December quarter 2025 gross margins to be in the range of 26% to 28%.

需要確認的是，您預計 2025 年 12 月季度的毛利率將在 26% 至 28% 之間。

It's not the full year would amount to that?

全年的總數不是都這樣嗎？

And then what do you -- any thoughts on just OpEx going forward?

那麼您對未來的 OpEx 有什麼想法嗎？

Is it going to be kind of flat from where you're at in the December quarter?

與 12 月季度相比，情況會持平嗎？

Any thoughts would be helpful.

任何想法都會有幫助。

Sure.

當然。

That is a Q4 margin estimate.

這是第四季的利潤率預測。

We don't formally put it out as a target.

我們並沒有正式將其作為目標提出來。

It's a target at this point versus guidance.

這是目前的目標，而不是指導。

But yes, that's our Q4 target 2025 margin.

但確實，這是我們 2025 年第四季的目標利潤率。

And then on the OpEx, are you talking GAAP, non-GAAP, both?

那麼關於營運支出，您談論的是 GAAP、非 GAAP 還是兩者？

Yes, non-GAAP or just if you think it's going to be kind of flattish with what you put up in Q4.

是的，非 GAAP，或者只是您認為它會與您在第四季度提出的數據持平。

Yeah, I think it will go up a little bit.

是的，我認為它會上升一點。

We'll have our normal merit increases here in April for the employees that are -- that have been with us for a year.

對於在我們公司工作滿一年的員工，我們將在四月提供正常的加薪。

So there'll be some slight uptick in 2025 from 2024.

因此，2025 年將比 2024 年略有上升。

And also, I think as Kirsten's mentioned, we have brought in a number of key hires in December and January and March within R&D, very strategic sales, biz dev and some R&D.

而且，我認為正如 Kirsten 所提到的，我們在 12 月、1 月和 3 月招募了一些關鍵人員，涉及研發、策略性銷售、業務開發和一些研發部門。

Not a big jump, but a little bit of a jump for 2025..

雖然不是一個很大的飛躍，但對於 2025 年來說，這是一個小小的飛躍。

Thanks a lot folks.

非常感謝大家。

Thanks for the detail.

謝謝你的詳細說明。

Thank you.

謝謝。

Jaeson Schmidt, Lake Street.

傑森施密特 (Jaeson Schmidt)，湖街。

Yeah, thanks for taking my questions.

是的，感謝您回答我的問題。

I just want to start with that pull-in order.

我只是想從那個拉入命令開始。

Can you quantify how big that was in Q4?

您能量化一下第四季的規模嗎？

We don't give that level of granularity, but I did indicate that it's largely responsible for the uptick versus consensus that we had given.

我們沒有給出那麼詳細的信息，但我確實指出，這在很大程度上導致了與我們給出的共識相比有所上升。

Does that make sense, Jaeson?

這樣有道理嗎，Jaeson？

Hopefully that helps.

希望這能有所幫助。

So we beat by about $600,000 and it was largely due to that customer pull in.

因此，我們的利潤超出了約 60 萬美元，這主要歸功於客戶的吸引。

And then I think publicly, we have guided Q1 to last quarter, we not guided.

然後我認為，我們公開地對第一季進行了指引，而對上一季則沒有指引。

We don't guide ahead, sorry.

我們不提供提前指導，抱歉。

But the consensus for Q1 was around 5.3%.

但第一季的普遍預期是在 5.3% 左右。

And then the guide we gave for Q1 is in the $48 to 5.1 range.

我們給出的第一季指導價是在 48 美元到 5.1 美元之間。

So hopefully you can triangulate between those two.

所以希望您能對這兩者進行三角測量。

Okay.

好的。

No, that's helpful.

不，這很有幫助。

And then thinking about gross margin, I mean, obviously, you noted sort of that kind of mid- to high 20% in Q4.

然後考慮毛利率，我的意思是，顯然，你注意到第四季度的毛利率達到了 20% 左右。

But thinking about the three customers that still need to transition, how should we think about cadence of gross margin throughout the year?

但考慮到仍需要轉型的三個客戶，我們應該如何考慮全年的毛利率節奏？

Yeah, I think I've taken a look at the -- we don't typically give too much guidance past one quarter, especially with revenue, that's our formal guide.

是的，我想我已經看過了——我們通常不會在一個季度之後給出太多的指導，特別是對於收入，這是我們的正式指導。

I have looked at consensus and what the consensus looks like on margin.

我已經研究過共識以及邊際共識是什麼樣的。

And I think it's -- we're directionally in the ballpark there.

我認為—我們的方向是大致相同的。

Got you.

明白了。

And then the last one from me, and I'll jump back into queue.

接下來是我最後一個發言，然後我會回到隊列中。

I know this upcoming call, you'll be providing some more metrics on kind of the pipeline, et cetera.

我知道在即將召開的電話會議上，您將提供一些有關管道等方面的更多指標。

But I think just at a high level, just given what you currently have and the traction you're seeing with some of these new engagements, do you expect 2025 to be a growth year?

但我認為，從高層次來看，考慮到您目前所擁有的以及您在一些新業務中看到的吸引力，您是否預計 2025 年將是增長年？

I don't think we can guide too much on that, but I will say we're excited about the projects that are coming our way.

我認為我們不能對此給出太多指導，但我要說的是，我們對即將到來的項目感到非常興奮。

They largely will take some development in 2025, but we expect more of the growth associated with them towards 2026.

它們在很大程度上將在 2025 年取得一些發展，但我們預計到 2026 年它們將實現更多的成長。

.

。

Understood thanks a.

明白了謝謝a。

(Operator instructions)

（操作員指令）

Craig Ellis, B. Riley.

克雷格·艾利斯、B.萊利。

Hi guys, this is Stacy Cho on for Craig Ellis.

大家好，我是 Craig Ellis 的 Stacy Cho。

Thank you so much, Kirsten.

非常感謝，克斯汀。

And Justin, for such a detailed level of breakdown.

還有賈斯汀，分析得如此詳細。

It's very great to see so much progress that you've made -- and can I just get some more detail maybe on if we still see like an EBITDA breakeven like in the next two years, and whether there's like a potential tariff risk or if there's any headwind that's coming in future quarters?

看到你們取得如此大的進展真是太好了——我能否更詳細地說明一下未來兩年我們是否仍能看到 EBITDA 收支平衡，以及是否存在潛在的關稅風險或者未來幾個季度是否會出現任何不利因素？

Sure.

當然。

I think we have not given an EBITDA breakeven timeline formally.

我認為我們還沒有正式給出 EBITDA 盈虧平衡時間表。

So it's -- we wouldn't put out a two-year EBITDA breakeven.

所以，我們不會公佈兩年的 EBITDA 損益兩平。

So we'll have to take that as it comes.

所以我們必須順其自然。

And then on the tariff side, being in Thailand, and we've checked with a lot of our vendors and material suppliers, and we think we are in a pretty good spot as far as it goes for tariffs.

然後就關稅方面而言，在泰國，我們已經與許多供應商和材料供應商進行了核實，我們認為就關稅而言，我們處於相當有利的位置。

Got it.

知道了。

Got it.

知道了。

And as a follow-up, so you mentioned about the three customers that have been transferred from Singapore to Thailand, successfully.

作為後續問題，您提到了三位客戶已成功從新加坡轉移到泰國。

Do we expect them to be starting in bringing down revenue starting this quarter?

我們是否預計他們會從本季開始降低收入？

And if they are, are they on the lower margin side, I believe that's what you said.

如果是，那麼他們的利潤率是否較低？

I can -- a couple of clarifications there.

我可以——做幾點澄清。

The revenue for these customers that are transitioning in highlight is -- it hasn't gone away.

這些正在轉型的客戶的營收亮點是——它並沒有消失。

So, the revenue profile is consistent from 2024 to 2025.

因此，2024 年至 2025 年的收入狀況是一致的。

It's more just where we are manufacturing that revenue from, whether Singapore, Thailand.

這更多的取決於我們的生產基地和收入來源，無論是新加坡還是泰國。

So we do anticipate a smooth transition without a disruption into revenue on a quarter-over-quarter basis for the of the three customers that are transferring over.

因此，我們確實預計，對於轉移的三位客戶而言，過渡將會平穩，不會對季度收入造成影響。

So really, we're trying to provide color to the team that we are currently in Singapore.

所以實際上，我們正​​試圖為我們目前在新加坡的團隊提供色彩。

We're almost done.

我們快完成了。

Next six months.

接下來的六個月。

We expect to get these last 100% manufactured out of Thailand, which will then put us in a beneficial spot for gross margins going forward.

我們預計最後這些產品 100% 將由泰國製造，這將使我們未來的毛利率處於有利地位。

But the impact of revenue, there isn't a stop start on revenue from 2024 to 2025.

但就收入的影響而言，2024 年至 2025 年期間的收入並沒有停止成長。

Yes, yes, I get that.

是的，是的，我明白。

I guess my question is more of -- for the three customers that have been left.

我想我的問題更多的是針對剩下的三位顧客。

Are they on the lower gross margin side comparing to the other customers

與其他客戶相比，他們的毛利率是否較低

No, they are not.

不，不是。

Okay, got it.

好的，明白了。

Thank you.

謝謝。

(Operator instructions)

（操作員指令）

We have reached the end of the question-and-answer session, and I will now turn the call over to Kirsten for closing remarks.

問答環節已經結束，現在我將把發言權交給 Kirsten 作結語。

Thanks, operator, and thank you all again for joining us today.

謝謝接線員，再次感謝大家今天的加入我們。

We appreciate the continued support of our customers, partners, shareholders and employees.

我們感謝客戶、合作夥伴、股東和員工的持續支持。

Please reach out to IR if you have any questions.

如果您有任何疑問，請聯絡 IR。

And we will definitely keep you informed of any upcoming IR events.

我們一定會隨時向您通報任何即將發生的 IR 事件。

With that, I want to thank you again for joining us, and have a good afternoon and evening.

最後，我想再次感謝你們的參與，祝你們下午好、晚上好。

This concludes today's conference, and you may disconnect your lines at this time.

今天的會議到此結束，各位現在可以掛斷電話了。

Thank you for your participation.

感謝您的參與。