Identiv Inc (INVE) 2025 Q1 法說會逐字稿

Good afternoon. Welcome to Identiv's presentation of its first-quarter 2025 earnings call. My name is Tom, and I will be your operator this afternoon. Joining us for today's presentation are the company's CEO, Kirsten Newquist; and CFO, Justin Scarpulla. Following management's remarks, we will open the call for questions.

午安.歡迎參加 Identiv 2025 年第一季財報電話會議。我叫湯姆，今天下午我將擔任您的接線生。今天出席本次演講的有公司執行長 Kirsten Newquist 和財務長 Justin Scarpulla。管理層發言結束後，我們將開始接受提問。

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 profit, non-GAAP gross margin, and non-GAAP operating expenses. In addition, during the call, management will be making forward-looking statements.

在開始之前，請注意，在本次電話會議中，管理階層可能會提及非公認會計準則財務指標或指導，包括非公認會計準則調整後的 EBITDA、非公認會計準則毛利、非公認會計準則毛利率和非公認會計準則營運費用。此外，在電話會議期間，管理階層將發表前瞻性聲明。

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

任何提及對未來事件的預期、預測或其他特徵的陳述，包括未來的財務表現、未來的商業和市場狀況及機會以及未來的計劃、策略、機會和目標，都是前瞻性陳述。實際結果可能與這些前瞻性聲明中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 as well as our first-quarter 10-Q once filed. Identiv assumes no obligation to update these forward-looking statements.

如需了解更多信息，請參閱公司不時向美國證券交易委員會提交的文件中所討論的風險因素，包括公司最新的 10-K 表格年度報告以及我們提交後的第一季度 10-Q 表格。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. Ms. Newquist, please proceed.

現在我將把電話交給執行長克斯汀紐奎斯特，請她發表評論。紐奎斯特女士，請繼續。

Thanks, operator, and thank you all for joining our quarter-one 2025 earnings call. Strong macro trends continue to drive demand for RFID and next-generation technologies like BLE despite ongoing disruption and uncertainty in the global market. More than ever, companies are benefiting from adding a digital identity to their physical products, unlocking intelligence to address critical industry and business challenges.

謝謝接線員，也謝謝各位參加我們2025年第一季財報電話會議。儘管全球市場持續動盪和不確定性，但強勁的宏觀趨勢仍在推動對 RFID 和 BLE 等下一代技術的需求。如今，企業比以往任何時候都更能從為其實體產品添加數位身分中獲益，從而釋放智慧以應對關鍵的產業和業務挑戰。

The rapid expansion of IoT connected devices, increasing regulatory requirements, heightened security and anti-counterfeiting measures, and the growing focus on sustainability are key drivers of this digital transformation. Identiv's specialized RFID and BLE tags, inlays, and labels provide for the digital identification of products, enabling physical objects to seamlessly link with the cloud and other digital solutions.

物聯網連接設備的快速擴張、監管要求的不斷提高、安全和防偽措施的加強以及對永續性的日益重視，都是推動這一數位轉型的關鍵因素。Identiv 的專用 RFID 和 BLE 標籤、嵌體和標籤可實現產品的數位化識別，使實物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, condition monitoring and compliance, and more engaging customer experiences, all especially vital in today's challenging macroenvironment. While we came in slightly above our quarter-one guidance, delivering $5.3 million in net revenue and our core business remains on track, we anticipate continued market uncertainty and high volatility for the foreseeable future.

這種連接性帶來了許多顯著優勢，例如即時追蹤和可見性、增強的產品安全性、狀態監控和合規性，以及更具吸引力的客戶體驗，所有這些在當今充滿挑戰的宏觀環境中都尤其重要。雖然我們第一季的業績略高於預期，淨收入達到 530 萬美元，而且我們的核心業務也保持正常發展，但我們預計在可預見的未來，市場仍將存在持續的不確定性和高度波動性。

We are closely monitoring risks related to shifting trade policies and a softening global GDP outlook. Approximately a quarter of our business is exposed to US import tariffs due to our manufacturing footprint in Thailand and Singapore. We are actively pursuing potential tariff exemptions, developing a responsible pass-through strategy to protect margins and preparing for multiple scenarios should reciprocal tariffs resume after the current pause.

我們正在密切關注與貿易政策變化和全球GDP前景疲軟相關的風險。由於我們在泰國和新加坡設有生產基地，我們約四分之一的業務將受到美國進口關稅的影響。我們正在積極尋求可能的關稅豁免，制定負責任的轉嫁策略以保護利潤率，並為當前暫停後可能恢復的互惠關稅的多種情況做好準備。

The potential indirect effect on customer demand, especially in more discretionary segments is less clear. Justin will speak to this topic in more detail shortly.

對消費者需求的潛在間接影響，尤其是在非必需消費品領域，尚不清楚。賈斯汀稍後會更詳細地談到這個話題。

Now turning to our first-quarter business update. Since the start of the year, we have fully shifted into execution mode of our Perform-Accelerate-Transform growth strategy and go-to-market plan. As we've discussed, the objective of PAT is to strengthen and optimize the performance of our core channel business, accelerate our growth through focused key initiatives in high-value applications, and ultimately transform the business into a market leader in specialty IoT solutions.

現在來看我們第一季的業務更新。自年初以來，我們已全面進入「執行-加速-轉型」成長策略和市場推廣計畫的執行模式。正如我們所討論的，PAT 的目標是加強和優化我們核心通路業務的績效，透過在高價值應用領域開展重點舉措來加速我們的成長，並最終將業務轉型為專業物聯網解決方案的市場領導者。

In the first quarter, we welcomed new team members across our sales, marketing, and R&D organizations, adding important capability and energy. We launched our new portfolio of dual-frequency inlays, ID-Brain; and advanced several key new product development, NPD; programs and business development initiatives in support of our Accelerate strategy. We continued strengthening our relationships with our channel customers and partners, transitioning from a traditional supplier approach to a more collaborative partnership model.

第一季度，我們的銷售、行銷和研發部門迎來了新的團隊成員，為公司注入了重要的能力和活力。我們推出了全新的雙頻植入體產品組合 ID-Brain；並推進了幾個關鍵的新產品開發 (NPD) 項目和業務發展計劃，以支持我們的加速策略。我們持續加強與通路客戶和合作夥伴的關係，從傳統的供應商模式過渡到更具協作性的合作夥伴模式。

Operationally, we made solid progress on the transition of production from Singapore to our lower-cost facility in Thailand. Following successful quality audits and the completion of required qualifications, we received formal approval to begin production in Thailand for the final three customers still being served from Singapore. We are now focused on completing their remaining orders and expect to conclude Singapore-based production by the end of quarter two or shortly thereafter.

在營運方面，我們在將生產從新加坡轉移到我們在泰國的低成本工廠方面取得了堅實的進展。在成功通過品質審核並完成必要的資格認證後，我們正式獲准在泰國開始生產，為最後三位仍由新加坡提供服務的客戶生產產品。我們現在專注於完成他們剩餘的訂單，預計將在第二季末或之後不久結束新加坡的生產。

In April, we announced a new strategic partnership with Tag-N-Trac, a full-stack IoT platform provider for real-time supply chain visibility and traceability, to develop and bring to market specialized IoT solutions for cold chain tracking within the pharmaceutical industry supply chain. The partnership combines our advanced BLE smart labels with Tag-N-Trac's RELATIVITY SaaS platform offering pharmaceutical customers an integrated IoT solution that delivers item-level visibility and actionable insights from origin to delivery.

今年 4 月，我們宣布與 Tag-N-Trac 建立新的策略夥伴關係。 Tag-N-Trac 是一家提供即時供應鏈視覺性和可追溯性的全端物聯網平台供應商。我們將開發並向市場推出專門用於製藥業供應鏈冷鏈追蹤的物聯網解決方案。此次合作將我們先進的 BLE 智慧標籤與 Tag-N-Trac 的 RELATIVITY SaaS 平台結合，為製藥客戶提供整合的物聯網解決方案，從源頭到交付，提供物品等級的可視性和可操作的見解。

We are excited to partner with Tag-N-Trac to advance the adoption of BLE solutions in the pharmaceutical industry. Additionally, yesterday, I attended the RFID Journal LIVE show in Las Vegas with our partner, InPlay. As you may have seen in our announcement last week, we are collaborating with InPlay on a new portfolio of BLE-enabled smart labels designed for high-value logistics applications. The upcoming smart label portfolio will be powered by InPlay's IN100 NanoBeacon, an ultra low-power BLE system-on-chip, and is expected to be commercially available in late 2025. We will keep you updated on the product launch of this secure, scalable, and smart IoT solution.

我們很高興與 Tag-N-Trac 合作，共同推動 BLE 解決方案在製藥業的應用。此外，昨天我與我們的合作夥伴 InPlay 一起參加了在拉斯維加斯舉行的 RFID Journal LIVE 展覽。正如您上週在我們的公告中可能看到的那樣，我們正在與 InPlay 合作開發一系列新的支援 BLE 的智慧標籤，這些標籤專為高價值物流應用而設計。即將推出的智慧標籤產品組合將採用 InPlay 的 IN100 NanoBeacon，這是一款超低功耗的 BLE 系統晶片，預計將於 2025 年底上市。我們將持續向您通報這款安全、可擴展且智慧的物聯網解決方案的產品發布。

In summary, despite a challenging macroenvironment, we believe our customers continue to recognize Identiv's strong value proposition. Our specialized IoT tags, inlays, and labels play a critical role in enabling the digital transformation and addressing key industry challenges. Trends that we anticipate will continue irrespective of tariffs.

總之，儘管宏觀環境充滿挑戰，但我們相信我們的客戶仍然認可 Identiv 的強大價值主張。我們專業的物聯網標籤、嵌體和標籤在推動數位轉型和應對關鍵產業挑戰方面發揮著至關重要的作用。我們預計，無論關稅如何變化，這些趨勢都會持續。

As a standalone pure-play IoT solutions company, we are executing our PAT strategic framework with the goal to drive future growth. This includes reinforcing the foundation of our core channel business while expanding through new strategic partnerships and the development of next-generation products.

作為一家獨立的純粹物聯網解決方案公司，我們正在執行我們的 PAT 策略框架，目標是推動未來的成長。這包括鞏固我們核心通路業務的基礎，同時透過新的策略合作夥伴關係和開發下一代產品來拓展業務。

I will share more details on these ongoing initiatives following Justin's review of our first-quarter financials. Justin?

在賈斯汀審查我們第一季的財務報告後，我將分享有關這些正在進行的計劃的更多細節。賈斯汀？

Thanks, Kirsten. As Kirsten mentioned, our value proposition remains strong. We are working with several new partners, including Tag-N-Trac, and the completion of the transition of RFID production from Singapore to Thailand remains on track. We delivered $5.3 million in revenue in the quarter, slightly above our previously announced guidance compared to $6.7 million in Q1 2024. The year-over-year decrease was as expected and due primarily to the exit of low-margin business.

謝謝你，克爾斯滕。正如克爾斯滕所說，我們的價值主張仍然強勁。我們正在與包括 Tag-N-Trac 在內的幾家新合作夥伴合作，RFID 生產從新加坡轉移到泰國的過渡工作仍在按計劃進行。本季我們實現了 530 萬美元的收入，略高於我們先前公佈的預期，2024 年第一季為 670 萬美元。年比下降符合預期，主要原因是低利潤業務的退出。

Gross margin was in line with internal forecasts. Given the dual manufacturing overhead of our facilities in Singapore and Thailand. First-quarter GAAP and non-GAAP gross margin was 2.5% and 10.8%, respectively, compared to GAAP and non-GAAP gross margin of 7.3% and 13.4%, respectively, in Q1 2024. The year-over-year decrease in gross margin was primarily driven by the incremental costs related to the transition of production to Thailand and the dual manufacturing sites required during the transition and decreased utilization due to lower year-over-year revenues.

毛利率與內部預測相符。考慮到我們在新加坡和泰國工廠的雙重生產成本。第一季 GAAP 和非 GAAP 毛利率分別為 2.5% 和 10.8%，而 2024 年第一季 GAAP 和非 GAAP 毛利率分別為 7.3% 和 13.4%。毛利率較去年同期下降的主要原因是生產轉移到泰國帶來的額外成本，以及過渡期間所需的雙生產基地，還有由於收入同比下降導致的利用率降低。

GAAP and non-GAAP operating expenses for the first quarter of 2025, including research and development, sales and marketing and general and administrative expenses totaled $5.6 million and $4.5 million, respectively, as compared to $5.5 million and $4.1 million, respectively, in Q1 2024. The increase reflects management's targeted investments to support the company's organic growth initiatives as outlined in the PAT strategic framework.

2025 年第一季的 GAAP 和非 GAAP 營運費用（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 450 萬美元，而 2024 年第一季分別為 550 萬美元和 410 萬美元。此次成長反映了管理層為支持公司在 PAT 策略框架中概述的有機成長計劃而進行的有針對性的投資。

First-quarter GAAP net loss from continuing operations was $4.8 million, or $0.21 per basic and diluted share, compared to GAAP net loss from continuing operations of $5.4 million, or $0.24 per basic and diluted share in the first quarter of 2024. This decrease in net loss was primarily due to strategic review-related costs associated with the asset sale of $0.9 million incurred in the first quarter of 2024 that did not reoccur in the first quarter of 2025.

第一季持續經營業務的GAAP淨虧損為480萬美元，即每股基本及攤薄虧損0.21美元，而2024年第一季持續經營業務的GAAP淨虧損為540萬美元，即每股基本及攤薄虧損0.24美元。淨虧損減少主要是由於 2024 年第一季發生的與資產出售相關的策略審查成本 90 萬美元，而該成本在 2025 年第一季沒有再次發生。

Non-GAAP adjusted EBITDA for Q1 2025 was negative $3.9 million compared to negative $3.2 million in the first quarter of 2024. 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.

2025 年第一季非 GAAP 調整後 EBITDA 為負 390 萬美元，而 2024 年第一季為負 320 萬美元。在今天簡報的附錄中，我們提供了 GAAP 與非 GAAP 財務資訊的完整調整表，該調整表也包含在我們的收益報告中。

Moving now to the balance sheet. We exited Q1 2025 with $132.7 million in cash, cash equivalents, and restricted cash. In the first quarter of 2025, we used $3.3 million in cash and restricted cash. Our previously stated expected net operating cash usage for the 12 months following September 30, 2024, remains in the range of $14 million to $16 million as previously disclosed. In the first quarter of 2025, our stock repurchase program was paused due to the elevated macroeconomic uncertainty, and no repurchases were made under the program.

接下來來看資產負債表。截至 2025 年第一季末，我們擁有 1.327 億美元的現金、現金等價物和受限現金。2025 年第一季度，我們使用了 330 萬美元現金和受限現金。我們先前公佈的 2024 年 9 月 30 日之後 12 個月的預期淨經營現金使用量仍為 1,400 萬美元至 1,600 萬美元。2025 年第一季度，由於宏觀經濟不確定性加劇，我們的股票回購計畫暫停，該計畫下沒有進行任何回購。

Our working capital exiting Q1 was $141.5 million. Our balance sheet position remains strong, enabling us to pursue our organic and inorganic growth initiatives within the PAT framework. In our 10-Q filing, we will be providing a full reconciliation of the year-to-date cash flows. For completeness, we have included the full balance sheet in the appendix of today's earnings release.

第一季末，我們的營運資金為 1.415 億美元。我們的資產負債表狀況依然強勁，使我們能夠在 PAT 框架內推進我們的有機和無機成長計劃。我們將在 10-Q 文件中提供年初至今現金流量的完整調節表。為確保完整性，我們在今天發布的獲利報告附錄中附上了完整的資產負債表。

Lastly, our financial outlook. In April 2025, the US government announced broad tariffs on product imports from most countries, along with elevated country-specific tariffs targeting certain others. While the tariffs are not expected to have a material impact on our supply of raw materials and components going into our production facilities in Thailand and Singapore, approximately 25% of our finished goods are imported into the US, either by us or our customers.

最後，我們來談談財務展望。2025年4月，美國政府宣布對大多數國家的進口產品徵收廣泛關稅，同時對某些其他國家提高特定國家的關稅。雖然預計關稅不會對我們向泰國和新加坡生產設施供應原材料和零件產生實質影響，但我們約 25% 的成品是透過我們或我們的客戶進口到美國的。

We expect to pass along the tariffs that we incur on goods that are imported to our customers as a surcharge. We have developed financial models for a variety of tariff scenarios on shipments from Thailand to the US. The situation remains highly fluid, and we are preparing for a variety of possible outcomes. As of today's call, for Q2 2025, we currently expect net revenue in the range of $4.9 million to $5.3 million.

我們預計把進口商品所產生的關稅以附加費的形式轉嫁給我們的客戶。我們已經針對從泰國到美國的貨物運輸的各種關稅方案開發了財務模型。目前情況仍高度不穩定，我們正在為各種可能出現的結果做好準備。截至今天的電話會議，我們目前預計 2025 年第二季淨收入將在 490 萬美元至 530 萬美元之間。

This concludes the financial discussion. I'll now pass the call back to Kirsten.

財務方面的討論到此結束。現在我把電話轉回給克爾斯滕。

Thanks, Justin. With that financial context in mind, I'd like to share an update on the progress we are making under our Perform-Accelerate-Transform strategic framework. As the adoption of RFID-based solutions continues to grow, new applications increasingly require more advanced and complex RFID designs to ensure successful implementation and widespread market adoption.

謝謝你，賈斯汀。考慮到上述財務背景，我想和大家分享我們在「執行-加速-轉型」策略框架下的進展。隨著基於 RFID 的解決方案的採用不斷增長，新的應用越來越需要更先進、更複雜的 RFID 設計，以確保成功實施和廣泛的市場採用。

Identiv's strengths in engineering excellence, rapid prototyping capabilities, and agile manufacturing processes uniquely positions us as a partner of choice to support these types of complex requirements. By executing our PAT strategic framework across several key verticals, we aim to drive revenue growth and expand gross margins and EBITDA.

Identiv 在工程技術卓越性、快速原型製作能力和敏捷製造流程方面的優勢，使我們成為滿足此類複雜需求的理想合作夥伴。透過在幾個關鍵垂直領域執行我們的 PAT 策略框架，我們旨在推動收入成長並擴大毛利率和 EBITDA。

Now let me walk you through the progress we have made on each of the three pillars. Our first pillar, Perform, is focused on strengthening and growing our core channel business. 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. Our goal is to consistently exceed customer expectations through exceptional support and reliable on-time delivery.

現在讓我帶您了解我們在三大支柱領域分別取得的進展。我們的第一個支柱「績效」專注於加強和發展我們的核心通路業務。為了實現這一目標，我們優先考慮與現有客戶和通路合作夥伴開展利潤更高的合作，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計劃。我們的目標是透過卓越的支援和可靠的準時交付，不斷超越客戶的期望。

Our new sales leadership is in place and in a short amount of time has already had an impact on the company and its culture. Kim Macaulay, our new commercial leader, has brought a strong customer-centric approach and has prioritized in-person visits for herself and her sales team to build a deeper connection and to gain an even better understanding of our customers' pain points. Kim understands the importance of building and maintaining strong relationships to ensure Identiv's success, recognizing that outstanding service paves the way for future projects and growth.

我們新的銷售領導團隊已經到位，並在短時間內對公司及其文化產生了影響。我們新任商業主管 Kim Macaulay 秉持以客戶為中心的理念，優先安排她和她的銷售團隊進行面對面拜訪，以建立更深層次的聯繫，並更好地了解客戶的痛點。Kim 深知建立和維護牢固關係對於確保 Identiv 成功的重要性，並認識到卓越的服務為未來的專案和發展鋪平了道路。

Since joining Identiv, Kim has met face-to-face with many of our largest customers and key suppliers. During these visits, she heard consistent praise for our ability to design custom products that address complex requirements as well as for the connections we've built with our customers. She also received valuable feedback on areas where we need to improve, insights that are critical as we continue to raise the bar on service excellence.

自從加入 Identiv 以來，Kim 已經與我們許多最大的客戶和主要供應商進行了面對面的會談。在這些訪問中，她不斷聽到客戶對我們設計滿足複雜需求的客製化產品的能力以及我們與客戶建立的聯繫給予讚揚。她也收到了關於我們需要改進的領域的寶貴回饋，這些見解對於我們不斷提高服務卓越標準至關重要。

We continue to advance the development of our NPD pipeline, which plays a key role in driving business growth. We are utilizing the new stage-gate process to ensure we are allocating our resources on those projects that are best aligned with our strategy and have the highest potential for success. We are working on numerous active projects, both customer-driven and internally-driven. In the past quarter, we made progress with the projects in the pipeline and added several new ones, including an RFID inlay for a smart home device and the development of the next-generation Wiliot Battery-Free BLE device.

我們持續推進新產品開發流程，這對於推動業務成長至關重要。我們正在利用新的階段評審流程，以確保將資源分配到最符合我們策略且最有成功潛力的專案上。我們正在進行多個活躍項目，包括客戶驅動型項目和內部驅動型項目。上個季度，我們在正在籌備的項目上取得了進展，並新增了幾個項目，包括智慧家庭設備的 RFID 嵌體和下一代 Wiliot 無電池 BLE 設備的開發。

Moving to the second pillar of our PAT framework, Accelerate. We are executing against three specific growth initiatives to build our pipeline and drive future revenue and margin expansion. One, the expansion of our BLE and multi-component MCL platform; two, driving growth in three healthcare high-value applications; and three, driving growth in three consumer and logistics high-value applications.

接下來是 PAT 框架的第二支柱：加速。我們正在執行三個具體的成長計劃，以建立我們的業務管道，並推動未來的收入和利潤成長。第一，擴展我們的 BLE 和多組件 MCL 平台；第二，推動三個醫療保健高價值應用領域的成長；第三，推動三個消費和物流高價值應用領域的成長。

Beginning with BLE and MCL expansion, we are making solid progress. As we've discussed, BLE is the next-generation technology for IoT, providing significant benefits for applications that are challenging to address with traditional RFID technologies. Over the past several months, we have seen growing interest for specialized BLE labels spanning pharmaceuticals, healthcare, logistics, and asset tracking applications.

從 BLE 和 MCL 的擴展開始，我們取得了穩定進展。正如我們所討論的，BLE 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。在過去的幾個月裡，我們看到人們對涵蓋製藥、醫療保健、物流和資產追蹤應用等領域的專用 BLE 標籤的興趣日益濃厚。

We have several significant projects in our pipeline, including the food logistics project previously mentioned and an industrial track-and-trace application, all with the potential to improve business efficiency through the analytics they generate. Their complexity in both design and manufacturing aligns well with our engineering strength and differentiates us competitively.

我們正在籌備幾個重要的項目，包括前面提到的食品物流項目和工業追蹤溯源應用程序，所有這些項目都有可能透過它們產生的分析數據來提高業務效率。它們在設計和製造方面的複雜性與我們的工程實力非常契合，使我們在競爭中脫穎而出。

As mentioned in my opening remarks, we've announced a strategic partnership with Tag-N-Trac, and our collaboration with InPlay to develop a new BLE smart label portfolio utilizing InPlay's BLE chip. These partnerships directly support our BLE roadmap and reinforce our position at the forefront of BLE innovation. To support these projects and other opportunities under active discussion, we have added resources to our R&D team in Germany to support the critical development work in this area. We are highly encouraged by the momentum we are seeing in BLE and the increasing interest from the market.

正如我在開場白中提到的，我們已經宣布與 Tag-N-Trac 建立策略合作夥伴關係，並與 InPlay 合作開發利用 InPlay 的 BLE 晶片的新型 BLE 智慧標籤產品組合。這些合作關係直接支持我們的 BLE 路線圖，並鞏固了我們在 BLE 創新領域的前沿地位。為了支持這些項目和正在積極討論的其他機會，我們已向德國的研發團隊增加了資源，以支持該領域的關鍵研發工作。我們對BLE的發展動能和市場日益增長的興趣感到非常鼓舞。

The second and third Accelerate initiatives are focused on driving growth in six high-value and high-volume applications: three in healthcare, two in consumer, and one in logistics. For these initiatives, we have added business development and product management resources to develop the market through strategic partnerships and direct commercial OEM relationships and ensure our product roadmap supports the specific requirements for these applications.

第二和第三個加速計畫的重點是推動六個高價值、高容量應用領域的成長：三個醫療保健領域、兩個消費領域和一個物流領域。為了這些舉措，我們增加了業務拓展和產品管理資源，透過策略合作和直接的商業 OEM 關係來開拓市場，並確保我們的產品路線圖能夠滿足這些應用的具體要求。

Strategic partnerships play a key role in the development and implementation of solutions for these high-value applications. As discussed on our last call, we have partnered with Novanta to jointly market our combined solution for medical device and life science OEMs. Our advanced RFID inlays, tags, and labels provide the digital identity for critical components and consumables used in smart medical devices, advanced diagnostics, and wearable devices.

策略夥伴關係在這些高價值應用解決方案的開發和實施中發揮關鍵作用。正如我們在上次電話會議中討論的那樣，我們已與 Novanta 合作，共同向醫療器材和生命科學 OEM 廠商推廣我們的綜合解決方案。我們先進的 RFID 嵌體、標籤和標誌為智慧醫療設備、先進診斷和穿戴式裝置中使用的關鍵組件和耗材提供數位身分。

Novanta's ThingMagic reader modules and APIs analyze the data produced by our tags to enable authentication of consumables, medication compliance, and calibration for diagnostic test components. Together, we are helping OEMs bring next-generation products to the market faster, advancing patient care and safety.

Novanta 的 ThingMagic 讀取器模組和 API 分析我們標籤產生的數據，以實現耗材的認證、藥物依從性以及診斷測試組件的校準。我們攜手合作，幫助原始設備製造商更快地將下一代產品推向市場，從而提升患者護理和安全水平。

Our strategic partnership with InPlay to develop BLE smart labels represents a meaningful step toward enabling high-value IoT logistics applications. These labels are being designed with scalability in mind to provide customers with a smart, cost-effective solution that can expand as needed and adapt to support a range of logistics for high-value products.

我們與 InPlay 建立策略夥伴關係，共同開發 BLE 智慧標籤，這標誌著我們在實現高價值物聯網物流應用方面邁出了重要一步。這些標籤在設計時充分考慮了可擴展性，旨在為客戶提供智慧、經濟高效的解決方案，可根據需要進行擴展，並適應各種高價值產品的物流需求。

In smart packaging, we are partnering with ZATAP, formerly collectID, and Genuine Analytics to deliver a unique wine authentication solution. With up to 20% of wines in circulation estimated to be counterfeit, the industry needs a secure, cost-effective way to verify the authenticity of the wine itself, not just the bottle.

在智慧包裝領域，我們與 ZATAP（前身為 collectID）和 Genuine Analytics 合作，提供獨特的葡萄酒鑑定解決方案。據估計，市面上流通的葡萄酒中有高達 20% 是假冒產品，因此該行業需要一種安全、經濟高效的方式來驗證葡萄酒本身的真偽，而不僅僅是酒瓶的真偽。

Together, our companies have developed an integrated solution combining wireless digitization, analytics, digital certification, and blockchain. This enables wine producers, resellers, buyers, and auction houses to confirm with confidence that both the bottle and the wine inside are genuine. The three companies will be cohosting a webinar on May 28 to showcase this innovative anti-counterfeit solution for luxury wine collectors and producers.

我們兩家公司共同開發了一種整合解決方案，結合了無線數位化、分析、數位認證和區塊鏈技術。這使得葡萄酒生產商、經銷商、買家和拍賣行能夠確信地確認酒瓶和裡面的葡萄酒都是真品。這三家公司將於 5 月 28 日聯合舉辦一場網路研討會，向奢華葡萄酒收藏家和生產商展示這項創新的防偽解決方案。

Turning now to the third part of our strategic framework, Transform. 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. Our discussions continue to progress with a select group of M&A targets, although the current macroeconomic environment has presented greater uncertainty which we are having to navigate. All parties involved are working to understand how this shifting dynamic may impact their businesses and ultimately, their valuations.

現在轉向我們策略框架的第三部分：轉型。該支柱專注於透過併購推動業務的重大擴張和能力成長，旨在增加規模和技術能力，同時加快 EBITDA 盈虧平衡。我們與部分併購目標公司的洽談仍在繼續進行，儘管當前的宏觀經濟環境帶來了更大的不確定性，我們正在努力應對。各方都在努力了解這種不斷變化的動態可能會如何影響他們的業務，並最終影響他們的估值。

Despite these headwinds, we continue to work closely with our financial adviser and internal M&A committee to assess the potential opportunities. As we mentioned during our quarter-four 2024 earnings call, we have developed several metrics to monitor our progress across our strategic objectives, which we plan to update each quarter, beginning with today's call. During this year, we are developing our baseline and we'll be refining our learning as 2025 progresses. We intend to establish targets for these metrics in 2026.

儘管面臨這些不利因素，我們仍將繼續與財務顧問和內部併購委員會密切合作，以評估潛在的機會。正如我們在 2024 年第四季財報電話會議上提到的那樣，我們已經制定了幾個指標來監控我們在實現戰略目標方面的進展，我們計劃每個季度更新這些指標，從今天的電話會議開始。今年，我們將建立基準，並隨著 2025 年的進展不斷完善我們的學習成果。我們計劃在 2026 年制定這些指標的目標。

The new metrics are: one, new sales pipeline and conversion rate. This metric tracks the number of opportunities with new customers or customers we haven't sold to in over two years across three product categories. One, standard products held in inventory; two, standard products requiring minor modifications; and three, NPD products which are included only after development and scale-up are complete and we have a 12-month forecast.

新指標包括：一、新增銷售管道和轉換率。此指標追蹤三個產品類別中，新客戶或兩年多未曾購買過產品的客戶的機會數量。第一，庫存中的標準產品；第二，需要進行少量修改的標準產品；第三，NPD 產品，只有在開發和規模化完成後，並且我們有 12 個月的預測後才會包括在內。

At the end of quarter one, we had 74 new opportunities in our pipeline. We converted 10% of these new opportunities to sales during the quarter. Given typical sales cycles of 6 to 12 months, we expect this conversion rate to increase steadily each quarter. By year-end, it will establish a baseline for tracking a rolling 12-month conversion rate moving forward.

第一季末，我們有 74 個新的潛在客戶。本季度，我們將這些新機會的 10% 轉化為了銷售額。鑑於典型的銷售週期為 6 至 12 個月，我們預計該轉換率將每季穩定成長。到年底，它將建立一個基準，用於追蹤未來 12 個月的滾動轉換率。

Number two, NPD projects. This metric tracks the number of active NPD initiatives segmented by customer-driven and internally-driven efforts as well as by target markets and technologies. These projects involve the development of entirely new RFID or BLE tags, inlays or labels. Depending on complexity, testing, and regulatory requirements, development time lines range from six months to up to three years.

第二，新產品開發專案。該指標追蹤活躍的新產品開發計劃的數量，按客戶驅動和內部驅動的努力以及目標市場和技術進行細分。這些項目涉及開發全新的 RFID 或 BLE 標籤、嵌體或標籤。根據複雜程度、測試和監管要求，開發週期從六個月到三年不等。

As of the end of quarter one, there were 21 active NPD projects, 13 customer-driven and eight internally-driven. Three of the customer-driven projects target healthcare applications. From a technology perspective, five of the customer-driven projects are BLE-based. These represent the largest share of potential volume and steady state revenue.

截至第一季末，共有 21 個活躍的新產品開發項目，其中 13 個是客戶驅動的，8 個是內部驅動的。這三個以客戶需求為導向的項目都針對醫療保健應用。從技術角度來看，五個客戶驅動的專案都是基於 BLE 的。這些代表了潛在銷售和穩定收入的最大份額。

Number three, NPD project completion. This metric captures the number of NPD projects completed within the quarter that will be shifting into commercialization. In quarter one, one project transitioned, a new inlay designed to authenticate consumables for a home water filtration system. In addition to these business metrics, we plan to continue to provide quarterly revenue guidance and quarterly updates on our expected operational cash use.

第三，新產品開發專案完成。此指標反映了本季完成的新產品開發專案數量，這些專案將進入商業化階段。第一季度，一個專案完成過渡，這是一個為家用淨水系統耗材設計的新嵌體。除了這些業務指標外，我們還計劃繼續提供季度收入指引和季度營運現金使用更新。

And finally, I would like to provide an update on our corporate governance. As previously announced on our quarter-three 2024 earnings call, the Board is seeking stockholder approval to amend the company's charter to declassify the Board at the annual 2025 Annual Meeting of Stockholders.

最後，我想就我們的公司治理情況作一次最新匯報。正如我們在 2024 年第三季財報電話會議上所宣布的那樣，董事會正在尋求股東批准，以修改公司章程，在 2025 年年度股東大會上取消董事會的分類。

If the declassification amendment is approved and affected, the Class II director nominees who are standing for election at the 2025 Annual Meeting will be elected for one-year term, and the Board's classified structure will end at the 2026 Annual Meeting, at which time all nominees for election as director will stand for one-year term. If the declassification amendment is not approved and affected, the Board will remain classified.

如果取消分類修正案獲得批准並生效，在 2025 年年會上競選的第二類董事候選人將當選，任期一年；董事會的分類結構將在 2026 年年會上結束，屆時所有董事候選人的任期均為一年。如果解密修正案未獲批准並生效，委員會將繼續保持機密狀態。

Additionally, as part of its ongoing governance review, the Board has approved an amendment to the company's corporate governance guidelines to provide that if a majority of the votes cast for a director are marked against or withheld in an uncontested election, the director must promptly tender his or her irrevocable resignation for the Board's consideration.

此外，作為持續進行公司治理審查的一部分，董事會已批准對公司公司治理準則進行修訂，規定如果在無競爭選舉中，投給董事的多數票被標記為反對或棄權，則該董事必須立即向董事會提交不可撤銷的辭職信，供其考慮。

As we continue to shape our Board for the future, we are delighted to welcome Mick Lopez as our newest director. Mick is a public company Board Director and former CFO with decades of strategic and financial governance expertise. His extensive experience in M&A, coupled with his strong background in corporate governance and leading audit committees, will further strengthen the Board.

隨著我們不斷完善董事會的未來架構，我們很高興地歡迎 Mick Lopez 加入我們，成為我們最新的董事。Mick 是一位上市公司董事兼前首席財務官，擁有數十年的策略和財務治理經驗。他在併購方面的豐富經驗，加上他在公司治理和領導審計委員會方面的深厚背景，將進一步加強董事會的實力。

With his strong financial background, we believe he will be impactful on the Transform element of our strategy and provide insightful expertise as we build a baseline for our new performance metrics. We look forward to working with Mick through this transformative period and beyond.

憑藉他深厚的金融背景，我們相信他將對我們策略中的轉型要素產生重要影響，並在我們為新的績效指標建立基準時提供富有洞察力的專業知識。我們期待與米克攜手度過這段變革時期以及未來的日子。

In closing, while we expect the global macroeconomic uncertainty to continue, Identiv's value proposition remains strong and consistent. The long-term secular trends that are driving demand for RFID and BLE-enabled solutions remain solid. As a focused pure-play IoT solutions provider, we believe we have the right team in place to execute our PAT strategic framework. By reinforcing our core channel strengths while expanding through new strategic partnerships and innovative product development, we believe we're well positioned to drive long-term growth and value for all of our stakeholders.

最後，儘管我們預期全球宏觀經濟的不確定性將持續存在，但Identiv的價值主張仍然強勁且一致。推動對RFID和BLE解決方案需求的長期趨勢仍然穩固。作為一家專注於物聯網解決方案的純粹供應商，我們相信我們擁有合適的團隊來執行我們的 PAT 策略框架。透過鞏固我們的核心通路優勢，同時透過新的策略合作夥伴關係和創新產品開發進行擴張，我們相信我們能夠為所有利害關係人帶來長期成長和價值。

With that, I'd like to open the call for your questions. Operator, please open the question queue.

接下來，我想接受大家的提問。操作員，請開啟提問隊列。

(Operator Instructions) Rian Bisson, Craig-Hallum.

（操作說明）Rian Bisson，Craig-Hallum。

It's Rian on for Tony Stoss. Thanks for taking my questions and thanks for all the information we got, Kirsten. So just first, just kind of looking at tariffs. I know you mentioned a 25% direct impact. I'm curious maybe not quantify but a little more information on what you're seeing, I guess, from some of the customers in your pipeline in terms of caution or just kind of more of an indirect impact that you think from tariffs. Just any more color there would be helpful.

現在是Rian代替Tony Stoss上場。謝謝你回答我的問題，也謝謝你提供的所有信息，克爾斯滕。首先，我們先來看看關稅問題。我知道你有提到25%的直接影響。我很好奇，或許不需要量化，但我想了解您從一些潛在客戶那裡觀察到的情況，例如他們是否比較謹慎，或者您認為關稅會產生哪些間接影響。如果能多一些顏色就更好了。

Yeah. I mean, in terms of indirect impact, we've gotten some concerns from customers, for sure, but we haven't seen outside of just maybe a couple of minor things, we haven't seen any significant impact from customers at this point. But obviously, there's a lot of uncertainty, things are changing all the time.

是的。我的意思是，就間接影響而言，我們確實收到了一些客戶的擔憂，但除了少數小問題之外，目前我們還沒有看到任何對客戶造成重大影響。但很顯然，存在著許多不確定因素，情況瞬息萬變。

And so I think there's a little bit of a let's wait and see what actually sticks and what actually happens. But certainly, kind of with the initial set of reciprocal tariffs that were announced, that was pretty challenging. And there is definitely a lot of uncertainty and caution in the market at this point.

所以我覺得現在有點「讓我們拭目以待，看看哪些方法真正奏效，哪些方法真正奏效」的意思。但可以肯定的是，最初宣布的一系列互惠關稅確實帶來了相當大的挑戰。目前市場確實存在著許多不確定性和謹慎情緒。

Got it. And then it's nice to see that some more wins come through from the pipeline this quarter. I'm actually looking back to last quarter as well. I just wanted to see if there is maybe any change or hopefully still the same timeline on that grocery logistics deal. I believe it was, I think, trial in Q4 and then maybe mid-2026, it could go live? Is that still tracking?

知道了。令人欣慰的是，本季我們又從儲備項目中取得了一些成功。我其實也在回顧上個季度的情況。我只是想看看那筆食品物流交易是否有任何變化，或者希望時間表仍然保持不變。我認為，應該是在第四季進行試運行，然後可能在2026年中期正式上線？還在跟蹤嗎？

That's tracking. That's what -- our customer is definitely pushing for that. It's a complex project. The manufacturing process still is being developed, but that is what the strong push is. So end of the year, kind of a decent initial order for some trials and proof of concept and then really going live towards the middle of next year.

這是追蹤結果。沒錯—我們的客戶確實在極力推動這件事。這是一個複雜的項目。製造流程仍在開發中，但這正是我們大力推進的方向。所以，年底前會收到一些不錯的初步訂單，用於一些試驗和概念驗證，然後明年年中正式上線。

(Operator Instructions) Craig Ellis, B. Riley.

（操作說明）克雷格·艾利斯，B.萊利。

This is Stacy on for Craig, and thank you so much for letting me ask a question. And Kirsten, I was wondering since last time when we announced about the transition from Singapore to Thailand, and there were some smaller volume, a little margin mix-out and also some bigger customers with one that we're not bringing over to Thailand. Where do we stand right now in mixing out that business? And how much of both of those are in the future guidance? Thank you.

這裡是Stacy，替Craig發言，非常感謝您讓我提問。Kirsten，我一直在想，自從上次我們宣布從新加坡過渡到泰國以來，雖然交易量有所減少，利潤率也略有波動，而且還有一些大客戶，但我們並沒有把其中一位客戶帶到泰國。目前我們在逐步淘汰這種業務方面進展如何？未來發展方向中，這兩者分別佔多大比例？謝謝。

Yeah. So look, we've already made some of those mix-outs as you're saying, and some of that is reflected already this quarter, and it's definitely reflected in our quarter-two guidance. And yes, the transition, though, going from Singapore to Thailand is continuing to make really strong progress, and we're pushing as hard as we can to get everything done by the end of the quarter.

是的。所以你看，正如你所說，我們已經進行了一些調整，其中一些調整已經在本季度有所體現，並且肯定也體現在我們的第二季度業績指引中。是的，從新加坡到泰國的過渡工作正在持續取得非常強勁的進展，我們正在盡最大努力在本季末完成所有工作。

Great. That's very helpful. And maybe with the 75% volume in Thailand, if I'm remembering it correctly, where are we now with Thailand's volume as a percentage of total? And then how are you feeling about the yields with production and operations? And how do we feel about the executive to get to the adding 27%-ish of gross margin in 4Q? Is that still a good number?

偉大的。那很有幫助。如果我沒記錯的話，泰國的銷售量佔總銷售量的 75%，那麼現在泰國的銷售量佔總銷售量的百分比是多少呢？那麼，您對生產和營運的收益感覺如何？那麼，對於高階主管在第四季實現毛利率成長約 27% 的目標，我們有何感想？這個數字現在還算好嗎？

Yeah. Well, I'll let Justin speak to the gross margin target. But just to start with the transition, yeah, the transition is going very well. We've definitely got over 75% of the volume now transitioned over to Thailand. The team is getting up to speed. The Singapore resources who've been running the product for many years are spending time over in Thailand to ensure that the team in Thailand is getting up to speed.

是的。好，我讓賈斯汀來談談毛利率目標。但就過渡階段而言，是的，過渡進展非常順利。目前我們已經有超過 75% 的業務量轉移到泰國了。團隊正在逐漸進入狀態。多年來一直負責該產品營運的新加坡團隊正在泰國待一段時間，以確保泰國團隊能夠跟上進度。

I think we're generally seeing that kind of the yields and the efficiency is getting very close to what they had after years of experience with Singapore. So we think it's going very well, I guess, long story short.

我認為我們總體上看到的是，收益率和效率正在非常接近他們在新加坡多年經驗累積後的水平。所以，總而言之，我們認為一切進展順利。

And we still have the three big customers that we are serving in Singapore. But as I said, we expect -- we've gotten all the audits complete now in Thailand. We've done all the qualifications, and we're really at this point doing all the final last orders in Singapore, and we expect to have that done by the end of the quarter. And to the margin question, I'll let Justin answer that.

我們仍然在新加坡服務三大客戶。但正如我所說，我們預計——我們現在已經完成了在泰國的所有審計工作。我們已經完成了所有資格認證，現在正在新加坡進行最後的收尾工作，預計在本季結束時完成。至於利潤率的問題，就讓賈斯汀來回答。

Sure. We've pulled any guidance or indications of margin for the rest of the year, pending the outcome of the tariffs and what's going to happen because it's under a 90-day review today. That ends in July. So we're going to wait to see where that lands before we give any future guidance on margins for Q4.

當然。由於關稅政策的結果以及接下來的發展走向，我們已撤回今年剩餘時間的所有利潤率指引或指標，因為目前正處於為期 90 天的審查期。這種情況會在七月結束。因此，我們將等待觀察最終結果，然後再對第四季度的利潤率給予任何進一步的指引。

But as you said, that guidance came out because we were anticipating the transition from Singapore to Thailand and that is on track. So I can say, operationally, we're on track. Giving a margin guide for Q4, I'm going to wait and see where the margins play out on tariffs.

但正如你所說，發布該指導意見是因為我們預計會從新加坡過渡到泰國，而目前過渡工作正在按計劃進行。所以從營運角度來看，我可以肯定地說，我們一切都很順利。在給出第四季利潤率預期之前，我會等等看關稅對利潤率的影響。

(Operator Instructions) Jaeson Schmidt, Lake Street.

（操作員說明）Jaeson Schmidt，湖街。

Just given the macro dynamics, did Q1 benefit from any sort of pull-in orders from any customers?

僅就宏觀經濟形勢而言，第一季是否受益於任何客戶的拉動訂單？

No, I don't believe that quarter one benefited from any pull-ins, no. I mean, just because of our lead times and everything else, it's hard. Outside of some stuff that may be already in inventory. No, we didn't see any significant benefit.

不，我不認為第一季受益於任何外購，不。我的意思是，就因為我們的交貨週期和其他種種原因，這很難。除了庫存中可能已有的部分物品之外。不，我們沒有看到任何顯著的好處。

Got you. And just curious if you could comment on what you're seeing from a kind of quoting activity standpoint or bookings so far here in Q2.

抓到你了。我很好奇您能否就第二季目前的報價活動或預訂情況發表一下看法。

Yeah. I mean, look, we definitely have heard some concern, of course, from our customers. As I said, I think we've had some very small orders that have been put on hold. But we're seeing -- we're hearing some caution, but I think everyone's really honestly waiting to see what happens within this 90-day pause because, obviously, that's really kind of the critical piece at this point. We haven't seen, I think, any significant concerns for quarter two, and our guidance reflects kind of any slowdown that we're anticipating. But nothing significant.

是的。我的意思是，你看，我們當然也聽到了一些來自客戶的擔憂。正如我所說，我認為我們有一些非常小的訂單已被擱置。但我們看到——我們聽到了一些謹慎的聲音，但我認為每個人都在真心實意地等待，看看這 90 天的暫停期會發生什麼，因為很明顯，這才是目前最關鍵的部分。我認為，我們還沒有看到第二季出現任何重大問題，我們的業績指引也反映了我們預期的任何放緩趨勢。但沒什麼大事發生。

(Operator Instructions) And it appears there are no further questions in queue at this time. I would now like to pass the floor back to Kirsten Newquist for closing remarks.

（操作員指示）目前似乎沒有其他問題在排隊等候。現在我謹將發言權交還給克斯汀紐奎斯特，請她作總結發言。

Thanks, operator, and thank you all again for joining the call today. We definitely appreciate the continued support of our customers, partners, shareholders, and employees. It was great to feel some of that support yesterday at RFID Journal LIVE! where I got to spend some time with our strategic partners, NXP and InPlay.

謝謝接線員，也再次感謝各位今天參加電話會議。我們衷心感謝客戶、合作夥伴、股東和員工的持續支持。昨天在 RFID Journal LIVE 上感受到大家的支持真是太好了！在那裡，我有機會與我們的策略夥伴 NXP 和 InPlay 共度了一段時間。

A few upcoming IR events. We have the B. Riley Conference on May 21. We have our Annual Meeting of Identiv's stockholders on June 10. And from a marketing perspective, we have our Luxury Wine Authentication Solution webinar on May 28 with our partner, ZATAP and Genuine Analytics. And just as a reminder, we have replays of our previous IoT webinars are available on the events and webinars page of our website. Thank you all so much again for joining, and have a good evening.

即將舉行的幾場投資者關係活動。我們將於5月21日舉辦B. Riley會議。我們將於6月10日召開Identiv年度股東大會。從行銷的角度來看，我們將於 5 月 28 日與合作夥伴 ZATAP 和 Genuine Analytics 一起舉辦「奢華葡萄酒鑑定解決方案」網路研討會。再次提醒大家，我們之前舉辦的物聯網網路研討會的錄影可以在我們網站的活動和網路研討會頁面上找到。再次感謝各位的參與，祝大家晚安。

Thank you. This does conclude today's conference call. You may disconnect at this time and have a wonderful day. Thank you once again for your participation.

謝謝。今天的電話會議到此結束。您可以暫時斷開連接，祝您有美好的一天。再次感謝您的參與。