Identiv Inc (INVE) 2025 Q2 法說會逐字稿

Good afternoon and welcome to Identiv's presentation of its second-quarter 2025 earnings call. My name is Matthew, and I'll be your operator this afternoon. Joining us for today's presentation are the company's CEO, Kirsten Newquist; and CFO, Ed Kirnbauer. (Operator Instructions)

下午好，歡迎參加 Identiv 2025 年第二季財報電話會議。我叫馬修，今天下午我將擔任您的接線生。參加今天演講的有公司執行長 Kirsten Newquist 和財務長 Ed Kirnbauer。（操作員指示）

Before we begin, please note that during the 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.

在我們開始之前，請注意，在通話期間，管理層可能會參考非 GAAP 財務指標或指導，包括非 GAAP 調整後 EBITDA、非 GAAP 毛利、非 GAAP 毛利率和非 GAAP 營運費用。此外，在電話會議期間，管理階層將發表前瞻性陳述。

Any statement that refers to expectations, projections or other characteristics of future events, including future financial results, future business and marketing conditions and opportunities, strategic partnerships and collaborations and any related benefits and attributes 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.

任何涉及未來事件的預期、預測或其他特徵的陳述，包括未來財務績效、未來業務和行銷條件和機會、策略夥伴關係和合作以及任何相關利益和屬性以及未來計劃、策略、機會和目標，均為前瞻性陳述。實際結果可能與這些前瞻性陳述中所表達的結果有重大差異。

For more information, please refer to the risk factors described in the documents filed from time to time with the SEC, including the company's latest annual report on Form 10-K as well as our second quarter 10-Q once filed. Identiv assumes no obligation to update these forward-looking statements.

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所述的風險因素，包括公司最新的10-K表格年度報告以及我們提交的第二季度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.

現在我將把電話轉給執行長 Kirsten Newquist 聽取她的評論。紐奎斯特女士，請繼續。

Thanks, operator, and thank you all for joining our quarter-two 2025 earnings call. Before we begin, I'm very pleased to announce that Ed Kirnbauer has been officially appointed Chief Financial Officer by the Identiv Board of Directors. Ed has been serving as acting CFO since last month and today's announcement marks his permanent transition into the role. Ed has been with Identiv since 2015, most recently serving as our Global Corporate Controller. He also stepped in as Interim CFO in late 2021.

謝謝，接線員，也謝謝大家參加我們的 2025 年第二季財報電話會議。在我們開始之前，我很高興地宣布，Ed Kirnbauer 已被 Identiv 董事會正式任命為財務長。艾德自上個月起擔任代理財務官，今天的公告標誌著他永久轉任該職位。Ed 自 2015 年起就加入 Identiv，最近擔任我們的全球公司控制員。他還於 2021 年底擔任臨時財務長。

Prior to joining Identiv, Ed held senior finance positions in the technology and manufacturing sectors and began his career at KPMG. We're excited to welcome him into this leadership position as he continues to bring deep expertise and steady guidance to our finance organization.

在加入 Identiv 之前，Ed 曾在技術和製造業擔任高級財務職位，並在畢馬威開始了他的職業生涯。我們很高興歡迎他擔任這項領導職務，他將繼續為我們的財務部門帶來深厚的專業知識和穩定的指導。

Now turning to our second quarter business update. We continue to see macro trends driving strong demand for RFID and next-generation technologies like BLE, even amidst ongoing global market volatility. Businesses are seeking deeper intelligence into their operations and customer engagement to strengthen their competitive position and better differentiate their offerings.

現在轉向我們的第二季業務更新。即使在全球市場持續波動的情況下，我們仍然看到宏觀趨勢推動對 RFID 和 BLE 等下一代技術的強勁需求。企業正在尋求更深入地了解其營運和客戶參與情況，以增強其競爭地位並更好地區分其產品。

Identiv is enabling that deeper intelligence as we help our customers add digital identities to physical products through RFID. This increased demand is being accelerated by several key factors. The rapid expansion of IoT-connected devices, evolving regulatory landscapes, rising anti-counterfeiting pressures and the growing global emphasis on sustainability. RFID and related technologies generate the real-world data needed to power digital transformation and increasingly AI. As businesses adopt AI to improve forecasting, logistics and operations, they need accurate real-time data from the physical world.

Identiv 正在實現更深層的智能，因為我們幫助客戶透過 RFID 將數位身分添加到實體產品中。有幾個關鍵因素加速了這項需求的成長。物聯網連接設備的快速擴張、不斷變化的監管環境、不斷上升的反假冒壓力以及全球對永續性的日益重視。RFID 和相關技術可產生推動數位轉型和人工智慧發展所需的現實世界數據。隨著企業採用人工智慧來改善預測、物流和運營，他們需要來自物理世界的準確即時數據。

Our products serve as a critical bridge, turning physical items into data generating assets. Identiv is helping to lead this transformation. Our specialized IoT inlays, tags and labels provide digital IDs that solve real-world challenges across sectors from cold chain logistics to smart packaging to health care and consumer electronics. Our devices enable real-time tracking, condition monitoring, compliance, security and more engaging consumer experiences.

我們的產品充當著重要的橋樑，將實體轉化為資料生成資產。Identiv 正在幫助引領這一轉變。我們專業的物聯網嵌體、標籤和標牌提供數位身份，可解決冷鏈物流、智慧包裝、醫療保健和消費性電子產品等領域的現實挑戰。我們的設備可實現即時追蹤、狀態監控、合規性、安全性以及更具吸引力的消費者體驗。

Financially, our quarter two revenue was $5 million, within our previously announced guidance. Our core channel business remains on track, though we are seeing increased competition, particularly within our standard product lines, where several competitors have recently expanded manufacturing capacity. We are also closely monitoring macroeconomic risks, particularly regarding US trade with Thailand.

從財務角度來看，我們第二季的營收為 500 萬美元，符合我們先前宣布的預期。我們的核心通路業務仍然保持正常運轉，儘管我們看到競爭日益激烈，特別是在我們的標準產品線中，一些競爭對手最近擴大了製造能力。我們也密切關注宏觀經濟風險，特別是美國與泰國的貿易風險。

On July 31, the White House announced a 19% tariff on imports from Thailand. This was generally seen as a positive for electronics manufacturers based in Thailand as it is a significant reduction from the previously announced 36% rate and positions Thailand as a reliable manufacturing alternative to China.

7月31日，白宮宣布對泰國進口產品徵收19%的關稅。這被普遍視為對泰國電子製造商的利好消息，因為這比先前宣布的 36% 的稅率大幅降低，並使泰國成為中國可靠的製造業替代國。

However, the requirements around the amounts of Thailand-made components needed to obtain a Thailand certificate of origin is still a source of uncertainty, particularly with new US measures aimed at preventing transshipment. As we noted on our May call, approximately a quarter of our business is exposed to US import tariffs due to our manufacturing footprint in Thailand. We developed a responsible pass-through strategy to protect margins and to date, all affected customers have agreed to absorb the additional costs.

然而，獲得泰國原產地證書所需的泰國製造零件數量要求仍然存在不確定性，尤其是美國推出旨在防止轉運的新措施。正如我們在五月電話會議上指出的那樣，由於我們的製造基地位於泰國，因此大約四分之一的業務受到美國進口關稅的影響。我們制定了負責任的轉嫁策略來保護利潤，到目前為止，所有受影響的客戶都同意承擔額外的成本。

The potential indirect effect on customer demand, especially in more discretionary segments is less clear. A key highlight this quarter. Earlier this week, we announced a strategic partnership with grocery logistics leader IFCO, to enhance traceability, efficiency and sustainability across the fresh grocery supply chain.

對顧客需求（尤其是在非必需消費品領域）的潛在間接影響尚不清楚。本季的一個重點亮點。本週早些時候，我們宣布與雜貨流領導者 IFCO 建立戰略合作夥伴關係，以提高整個生鮮雜貨供應鏈的可追溯性、效率和可持續性。

IFCO is the world's leading provider of reusable packaging solutions for grocery products, and we have been closely collaborating with the IFCO team for several months to develop and launch a BLE smart label that will enable real-time tracking and temperature monitoring of IFCO's extensive global pool of reusable packaging containers, RPCs. With over 400 million RPCs in circulation, the value expected to be provided by our smart label in reducing the waste of fresh produce is significant.

IFCO 是全球領先的雜貨產品可重複使用包裝解決方案提供商，我們與 IFCO 團隊密切合作了數月，開發並推出了一款 BLE 智慧標籤，可對 IFCO 廣泛的全球可重複使用包裝容器 (RPC) 進行即時追蹤和溫度監控。目前流通的 RPC 超過 4 億個，預計我們的智慧標籤在減少新鮮農產品浪費方面將發揮巨大作用。

The goal is to tag the entire pool of 400 million-plus RPCs over the next four to five years, representing a major volume opportunity. This initiative is a top strategic priority as we are currently producing prototypes for pilot-scale runs and expect to begin mass production in 2026.

我們的目標是在未來四到五年內為超過 4 億個 RPC 進行標記，這意味著巨大的批量生產機會。該計劃是我們的首要戰略重點，因為我們目前正在生產中試規模的原型，並預計將於 2026 年開始大規模生產。

Operationally, we achieved a major milestone in quarter two by completing the transfer of production from Singapore to our lower-cost facility in Thailand. All customers have been successfully requalified, and the Thailand team is progressing well towards full productivity by early next year. A small transition team remains in Singapore, to manage the site closure and support continued training in Thailand.

在營運方面，我們在第二季度實現了一個重要的里程碑，將生產從新加坡轉移到了成本較低的泰國工廠。所有客戶均已成功重新獲得資格，泰國團隊正在順利推進，爭取在明年初實現全面生產。一支小型過渡團隊仍留在新加坡，負責管理場地關閉事宜並支持在泰國繼續進行培訓。

Strategically, we are now six months into executing our Perform-Accelerate-Transform, P-A-T strategy. The key objectives of P-A-T are: One, to strengthen and optimize the performance of our core channel business; two, accelerate our growth through high-value applications; and three, ultimately transform Identiv into a market leader of specialty IoT solutions. We've made measurable progress across all three pillars this quarter, and I will provide more detail after Ed reviews the financials.

從策略上講，我們現在已經執行了「執行-加速-轉變」（P-A-T）策略六個月了。P-A-T 的主要目標是：一、加強和優化我們核心通路業務的績效；二、透過高價值應用加速我們的成長；三、最終將 Identiv 轉變為專業物聯網解決方案的市場領導者。本季我們在三大支柱上都取得了可衡量的進展，在 Ed 審查財務狀況後，我將提供更多細節。

In closing, despite a challenging macro backdrop, we believe our customers clearly see the value Identiv provides. Our specialized IoT tags, inlays and labels are not only enabling digital transformation but are solving real-world industry challenges. These long-term trends not only remain intact, and, in many ways, are accelerating. As a focused pure-play IoT solutions company, we are executing our P-A-T strategy with discipline, and we believe this positions us well for sustainable long-term growth.

最後，儘管宏觀背景充滿挑戰，但我們相信我們的客戶清楚地看到了 Identiv 提供的價值。我們專業的物聯網標籤、嵌體和標牌不僅能夠實現數位轉型，還能解決現實世界的產業挑戰。這些長期趨勢不僅保持不變，而且在許多方面仍在加速。作為一家專注於純粹的物聯網解決方案的公司，我們正在嚴格執行我們的 P-A-T 策略，我們相信這將為我們實現可持續的長期成長奠定良好的基礎。

Ed, over to you.

艾德，交給你了。

Thanks, Kirsten. Having been with Identiv for nearly 10 years, I'm excited to move into the CFO role at this transformative time in our company's history and look forward to meeting with the investment community in the upcoming months. In the second quarter of 2025, we delivered $5.0 million in revenue, which was within our previously announced guidance range, compared to $6.7 million in Q2 2024.

謝謝，克爾斯滕。在 Identiv 工作了近 10 年，我很高興在公司歷史上的這個轉型時期擔任財務長一職，並期待在接下來的幾個月與投資界會面。2025 年第二季度，我們的收入為 500 萬美元，這在我們先前宣布的指導範圍內，而 2024 年第二季的收入為 670 萬美元。

This year-over-year decrease was due to lower sales of RFID transponder products as we continue to exit lower-margin business and reduced sales to our largest customer who is working through inventory they built up in 2024 in anticipation of transitioning production to Thailand. Second quarter GAAP and non-GAAP gross margin was negative 9.4% and negative 0.8%, respectively, compared to GAAP and non-GAAP gross margin of 9.1% and 14.6%, respectively, in Q2 2024.

年比下降的原因是 RFID 應答器產品銷售額下降，因為我們繼續退出利潤率較低的業務，並減少了對我們最大客戶的銷售，該客戶正在處理他們在 2024 年建立的庫存，以期將生產轉移到泰國。第二季 GAAP 和非 GAAP 毛利率分別為負 9.4% 和負 0.8%，而 2024 年第二季 GAAP 和非 GAAP 毛利率分別為 9.1% 和 14.6%。

Factors impacting the decrease in gross margin included incremental costs related to the transition of production to Thailand and the dual manufacturing sites required during that transition as well as decreased utilization due to lower year-over-year revenues. In addition, we recorded adjustments, which included approximately $0.6 million associated with obsolete inventory at our Singapore facility.

影響毛利率下降的因素包括與生產向泰國轉移以及轉移期間所需的雙重生產基地相關的增量成本，以及由於同比收入下降導致的利用率下降。此外，我們還記錄了調整，其中包括與我們新加坡工廠的過時庫存相關的約 60 萬美元。

As Kirsten mentioned, we have completed production of RFID devices in Singapore and requalified our customers in our Thailand production facility. Facility shutdown activities in Singapore are progressing as planned and are expected to be substantially completed by year-end. GAAP and non-GAAP operating expenses for the second quarter of 2025, including research and development, sales and marketing, and general and administrative expenses totaled $5.9 million and $4.5 million, respectively, as compared to $7.3 million and $4.7 million, respectively, in Q2 2024.

正如 Kirsten 所提到的，我們已經在新加坡完成了 RFID 設備的生產，並在泰國生產工廠重新認證了我們的客戶。新加坡的設施關閉活動正在按計劃進行，預計將在年底前基本完成。2025 年第二季的 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 590 萬美元和 450 萬美元，而 2024 年第二季分別為 730 萬美元和 470 萬美元。

The year-over-year decrease in GAAP operating expenses was driven primarily by a reduction in one-time strategic review related costs. The decrease in non-GAAP operating expenses reflects management's targeted resource allocation to support the company's organic growth initiatives as outlined in the P-A-T strategic framework. Second quarter GAAP loss from continuing operations was $6.0 million or $0.26 per basic and diluted share, compared to GAAP net loss from continuing operations of $6.9 million or $0.31 per basic and diluted share in the second quarter of 2024.

GAAP 營運費用年減主要由於一次性策略評估相關成本的減少。非公認會計準則營業費用的減少反映了管理層有針對性的資源分配，以支持公司在 P-A-T 策略框架中概述的有機成長計劃。第二季 GAAP 持續經營虧損為 600 萬美元，即每股基本虧損和稀釋虧損均為 0.26 美元，而 2024 年第二季 GAAP 持續經營淨虧損為 690 萬美元，即每股基本虧損和稀釋虧損均為 0.31 美元。

This decrease in net loss was primarily due to strategic review-related costs of $1.6 million incurred in the second quarter of 2024 that did not recur in the second quarter of 2025, and unrealized foreign currency losses of $0.9 million, partially offset by interest income of $1.3 million. Non-GAAP adjusted EBITDA loss for Q2 2025 was $4.6 million compared to $3.7 million in the second quarter of 2024.

淨虧損減少主要是由於 2024 年第二季發生的 160 萬美元策略審查相關成本（2025 年第二季未再次發生）以及 90 萬美元未實現外匯損失，但被 130 萬美元的利息收入部分抵銷。2025 年第二季非 GAAP 調整後 EBITDA 虧損為 460 萬美元，而 2024 年第二季為 370 萬美元。

The decrease was primarily due to Thailand transition costs and adjustments for obsolete inventory at our Singapore production facility. 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. Moving now to the balance sheet. We exited Q2 2025 with $129.6 million in cash, cash equivalents and restricted cash. In the second quarter of 2025, we used $3 million in cash.

下降的主要原因是泰國的過渡成本以及新加坡生產工廠對過時庫存的調整。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。現在轉到資產負債表。截至 2025 年第二季度，我們擁有 1.296 億美元的現金、現金等價物和受限現金。2025年第二季度，我們使用了300萬美元現金。

This brings our total net operating cash use for the nine months following September 30, 2024, to $10.3 million. Previously, we expected net operating cash used for the 12-month period following September 30, 2024, to be in the range of $14 million to $16 million.

這使得我們自 2024 年 9 月 30 日之後的九個月的總淨營運現金使用量達到 1,030 萬美元。此前，我們預計 2024 年 9 月 30 日之後 12 個月的淨營運現金使用量將在 1,400 萬美元至 1,600 萬美元之間。

Given our cash usage through Q2 2025 and current expectations for Q3, we are revising this range to $13 million to $15 million for the period ending September 30, 2025. Our working capital exiting Q2 was $137.5 million. Our balance sheet position remains strong, enabling us to pursue our organic and inorganic growth initiatives within the P-A-T strategic framework.

考慮到我們到 2025 年第二季的現金使用情況以及對第三季的當前預期，我們將截至 2025 年 9 月 30 日的這一範圍修改為 1300 萬美元至 1500 萬美元。我們第二季的營運資金為 1.375 億美元。我們的資產負債表狀況依然強勁，使我們能夠在 P-A-T 策略框架內推行有機和無機成長計畫。

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. Lastly, our financial outlook. We're continuing to monitor macroeconomic risks, particularly those related to US trade with Thailand, as Kirsten mentioned.

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。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。最後，我們的財務前景。正如克爾斯滕所說，我們將繼續監測宏觀經濟風險，特別是與美國與泰國貿易有關的風險。

We're also looking at any indirect impacts these risks could have on customer demand and project timelines. In addition to these risks, we are also mindful of the ongoing competitive pressures on our standard product lines, which have been impacted by increased manufacturing capacity from some of our key competitors.

我們也正在研究這些風險可能對客戶需求和專案時間表產生的任何間接影響。除了這些風險之外，我們還注意到我們的標準產品線面臨的持續競爭壓力，這些壓力受到一些主要競爭對手製造能力增強的影響。

This is causing some headwinds in the shorter term with standard product opportunities. As the macroeconomic environment evolves and we gain more visibility, we're prepared for a variety of possible outcomes. As we continue to exit lower-margin business, we anticipate our largest customer will continue to reduce their inventory position. Based on this outlook, as of today's call, for Q3 2025, we currently expect net revenue in the range of $4.8 million to $5.2 million.

這在短期內會為標準產品機會帶來一些阻力。隨著宏觀經濟環境的演變和我們獲得更多的可見性，我們已經為各種可能的結果做好了準備。隨著我們繼續退出低利潤業務，我們預計我們最大的客戶將繼續減少其庫存。基於這項展望，截至今天的電話會議，我們目前預計 2025 年第三季的淨收入將在 480 萬美元至 520 萬美元之間。

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

財務討論到此結束。我現在將電話轉回 Kirsten。

Thanks, Ed. 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. 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 new product development, or NPD, pipeline with discipline. Our goal is to consistently exceed customer expectations through exceptional support and reliable on-time delivery.

謝謝，埃德。考慮到財務狀況，我想分享我們在「執行-加速-轉型」策略框架下的最新進展。我們的第一個支柱是 Perform，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提高毛利率，並專注於嚴格執行我們的新產品開發或NPD通路。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。

As we execute this strategy, we're building a solid operational foundation to ensure a competitive cost structure, adding key customer-facing roles and putting in place the processes needed to drive NPD. This work is already showing results. Our commercial team is fully in place and sales momentum is building with a 33% increase in new opportunities in our sales pipeline this quarter compared to last quarter. Our commercial efforts are strongly supported by our new marketing team.

在執行此策略時，我們正在建立堅實的營運基礎，以確保具有競爭力的成本結構，增加面向客戶的關鍵角色，並建立推動新產品開發所需的流程。這項工作已初見成效。我們的商業團隊已全面到位，銷售勢頭強勁，本季我們的銷售通路新商機與上一季相比增加了 33%。我們的商業努力得到了新行銷團隊的大力支持。

Through their dedicated work, this past quarter, we have successfully completed 22 marketing initiatives in collaboration with 10 strategic partners, including webinars, white papers, press releases and joint trade shows, driving a remarkable 300% increase in request for information from our website compared to the second quarter of last year.

透過他們的辛勤工作，上個季度，我們與 10 個策略合作夥伴成功完成了 22 項行銷計劃，包括網路研討會、白皮書、新聞稿和聯合貿易展覽，與去年第二季度相比，我們網站的資訊請求量顯著增加了 300%。

We believe this surge of customer interest is directly contributing to a stronger pipeline of new opportunities and will result in growing momentum for our business. As I mentioned earlier, we have completed all production in Singapore, and the site shutdown is progressing as planned. This transition to Thailand is key to expanding our gross margins. To support continuous improvement in our Thailand operations, we have launched CRM and MRP initiatives designed to automate our key processes, strengthen our operational foundation and ensure the business is scalable.

我們相信，客戶興趣的激增將直接促進新機會的湧現，並將為我們的業務帶來成長動力。正如我之前提到的，我們已經完成了新加坡的所有生產，並且工廠關閉正在按計劃進行。向泰國的轉型對於擴大我們的毛利率至關重要。為了支持我們在泰國的業務持續改進，我們推出了 CRM 和 MRP 計劃，旨在實現關鍵流程的自動化、加強我們的營運基礎並確保業務的可擴展性。

Moving to the second pillar of our P-A-T framework, Accelerate. We are advancing three specific growth initiatives to build our pipeline and drive long-term revenue and margin expansion. One, expanding our BLE technology platform and multi-component, MCL, manufacturing capabilities; two, targeting growth in three health care high-value applications; and three, further driving growth in three consumer and logistics high-value applications.

轉到我們的 P-A-T 框架的第二支柱，加速。我們正在推進三個具體的成長計劃，以建立我們的產品線並推動長期收入和利潤的成長。一是擴大我們的BLE技術平台和多組件、MCL製造能力；二是瞄準三個醫療保健高價值應用的成長；三是進一步推動三個消費者和物流高價值應用的成長。

Beginning with BLE expansion, we are making meaningful progress. As we've discussed, BLE is a next-generation technology for IoT, providing significant benefits for applications that require real-time traceability or condition monitoring, which are challenging to address with traditional RFID technologies. Over the past several months, we have seen increasing interest in specialized BLE labels spanning logistics, pharmaceuticals and asset tracking applications.

從 BLE 擴充開始，我們正在取得有意義的進展。正如我們所討論的，BLE 是物聯網的下一代技術，它為需要即時可追溯性或狀態監控的應用提供了顯著的優勢，而這些應用對於傳統的 RFID 技術來說是一個挑戰。在過去的幾個月裡，我們看到人們對涵蓋物流、製藥和資產追蹤應用的專業 BLE 標籤的興趣日益濃厚。

These BLE-enabled solutions not only provide real-time visibility but also generate high-frequency data streams that can be used to power AI models, unlocking predictive insights, operational optimization and automated decision-making. We have several significant BLE projects in our NPD pipeline, including the food logistics project I mentioned earlier, and in an industrial track-and-trace application, all with the potential to improve business efficiency and reduce waste through the analytics they generate.

這些支援 BLE 的解決方案不僅提供即時可見性，還可以產生可用於支援 AI 模型、解鎖預測見解、營運優化和自動決策的高頻資料流。我們的新產品開發流程中有幾個重要的 BLE 項目，包括我之前提到的食品物流項目，以及工業追蹤和追蹤應用，所有這些項目都有可能透過它們產生的分析來提高業務效率並減少浪費。

The technical demands of BLE smart label design and manufacturing play to our engineering strengths and offer a clear competitive edge. Over the past six months, we invested in new MCL manufacturing equipment at our Munich, Germany R&D center; expanded our engineering team with RF and software engineers; and strengthen product management capability dedicated to BLE innovation. In May, we introduced our new BLE smart labels at RFID Journal LIVE!, marking an important step towards commercialization.

BLE智慧標籤設計和製造的技術需求發揮了我們的工程優勢並提供了明顯的競爭優勢。在過去的六個月裡，我們在德國慕尼黑研發中心投資了新的 MCL 製造設備；擴大了我們的工程團隊，增加了射頻和軟體工程師；並加強了致力於 BLE 創新的產品管理能力。5月，我們在RFID Journal LIVE!上推出了全新的BLE智慧標籤，邁出了商業化的重要一步。

We are collaborating with InPlay on a new portfolio of BLE-enabled battery-powered 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 a chip and is expected to be available late this year.

我們正在與 InPlay 合作開發一系列支援 BLE 的電池供電智慧標籤，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，這是一款片上超低功耗 BLE 系統，預計今年稍後上市。

A full launch of this secure scalable BLE portfolio is targeted for early 2026. We continue to work closely with Wiliot on the production of their next-generation IoT Pixels. Our teams have been actively collaborating to ensure we are prepared to support volume production for Wiliot's customers and partners in the coming months.

此安全可擴展 BLE 產品組合預計將於 2026 年初全面推出。我們繼續與 Wiliot 密切合作，生產其下一代 IoT Pixels。我們的團隊一直在積極合作，以確保我們準備好在未來幾個月內為 Wiliot 的客戶和合作夥伴提供大量生產支援。

Wiliot IoT Pixels are small, battery-free Bluetooth sensors, powered by harvesting ambient radio frequency energy, enabling continuous transmission of data like temperature, motion and location for smart supply chain and IoT applications. We are highly encouraged by the momentum building in BLE and the increasing interest from the market.

Wiliot IoT Pixels 是小型、無電池的藍牙感測器，透過收集環境射頻能量供電，能夠為智慧供應鏈和物聯網應用持續傳輸溫度、運動和位置等資料。我們對 BLE 的發展勢頭和市場日益增長的興趣感到非常鼓舞。

The second and third Accelerate initiatives focus on driving growth across six high-value, high-volume applications, three in health care, two in consumer and one in logistics. To support these initiatives, we've expanded our business development and product management teams to drive market engagement through strategic partnerships and direct OEM relationships and to ensure our product road maps are aligned with the specific requirements of each target application. Strategic partnerships are essential to the development and deployment of solutions in these key markets.

第二和第三個加速計畫重點是推動六個高價值、大容量應用的成長，其中三個在醫療保健領域，兩個在消費領域，一個在物流領域。為了支持這些舉措，我們擴大了業務開發和產品管理團隊，透過策略合作夥伴關係和直接 OEM 關係推動市場參與，並確保我們的產品路線圖符合每個目標應用的特定要求。策略夥伴關係對於在這些關鍵市場開發和部署解決方案至關重要。

While Identiv delivers a critical component of any IoT solution, our inlays, tags and labels, customers also require robust application-specific data analytics to generate meaningful insights. Over the past 6 months, we've prioritized building relationships that complement our technology, and we'll continue pursuing partnerships where strong strategic alignment exists.

雖然 Identiv 提供了任何物聯網解決方案的關鍵元件，即我們的嵌體、標籤和標牌，但客戶也需要強大的特定於應用程式的資料分析來產生有意義的見解。在過去的六個月裡，我們優先考慮建立與我們的技術相輔相成的關係，我們將繼續尋求具有強大策略一致性的合作關係。

In addition to IFCO, we also announced a strategic partnership with Narravero, a global SaaS platform for digital product passports or DPPs and supply chain transparency. The collaboration comes in anticipation of new EU regulations requiring DPPs, which are scheduled to go into effect starting in 2027. A DPP is a digital record that contains detailed information about a product's materials, origin, environmental impact and life cycle, enabling greater transparency and sustainability across the supply chain.

除了 IFCO，我們還宣布與 Narravero 建立戰略合作夥伴關係，Narravero 是一個用於數位產品護照或 DPP 和供應鏈透明度的全球 SaaS 平台。此次合作是為了因應歐盟新出台的 DPP 法規，該法規將於 2027 年開始生效。DPP 是一種數位記錄，其中包含有關產品材料、來源、環境影響和生命週期的詳細信息，從而提高整個供應鏈的透明度和可持續性。

By combining Identiv's NFC inlays for dynamic product data with Narravero's robust data management platform, this collaboration is intended to offer a comprehensive integrated solution that streamlines DPP deployment for companies. Based on current projections and regulatory scope, we estimate the EU's DPP framework could apply to more than 3 billion products annually across categories such as apparel, electronics and industrial goods.

透過將 Identiv 用於動態產品資料的 NFC 嵌體與 Narravero 強大的資料管理平台結合，此次合作旨在提供全面的整合解決方案，簡化公司的 DPP 部署。根據目前的預測和監管範圍，我們估計歐盟的DPP架構每年可適用於服裝、電子產品和工業品等類別的30多億種產品。

We believe this positions our collaboration with Narravero as a high-volume opportunity, potentially enabling Identiv to deliver millions of NFC inlays per year as DPP regulations roll out over time across multiple product categories. We're also advancing collaborations launched earlier this year, including our strategic partnerships with Novanta for medical device applications and Tag-N-Trac for pharmaceutical cold chain management. Last week in Chicago, we joined our partner, Novanta for the ADLM diagnostics industry trade show.

我們相信，這將使我們與 Narravero 的合作成為一個大批量生產的機會，隨著 DPP 法規逐步在多個產品類別中推出，Identiv 有可能每年提供數百萬個 NFC 嵌體。我們也正在推動今年稍早啟動的合作，包括與 Novanta 在醫療器材應用方面建立的策略合作夥伴關係以及與 Tag-N-Trac 在藥品冷鏈管理方面建立的策略合作夥伴關係。上週在芝加哥，我們與合作夥伴 Novanta 一起參加了 ADLM 診斷產業貿易展。

At their booth, we showcased our combined solution for advanced diagnostics, demonstrating how Identiv's RFID tags and Novanta's ThingMagic reader technology can be integrated into diagnostic test equipment. This innovative solution allows for the seamless monitoring of test samples and medical consumables, which helps ensure accurate test results and enhances patient safety.

在他們的展位上，我們展示了用於高級診斷的組合解決方案，展示瞭如何將 Identiv 的 RFID 標籤和 Novanta 的 ThingMagic 閱讀器技術整合到診斷測試設備中。此創新解決方案可無縫監控測試樣本和醫療耗材，有助於確保準確的測試結果並提高病患安全性。

Our strategic partnership with Tag-N-Trac combines our advanced BLE smart labels with Tag-N-Trac's RELATIVITY SaaS platform and is intended to offer pharma customers an integrated IoT solution that delivers item-level visibility and actionable insights for cold chain tracking within the pharmaceutical industry supply chain. In June, we cohosted a keynote session with Tag-N-Trac at the AIPIA & AWA Smart Packaging World Congress 2025 in Amsterdam, and we're enthusiastic about the potential opportunities in the pipeline.

我們與 Tag-N-Trac 的策略合作夥伴關係將我們先進的 BLE 智慧標籤與 Tag-N-Trac 的 RELATIVITY SaaS 平台結合，旨在為製藥客戶提供整合的物聯網解決方案，為製藥業供應鏈中的冷鏈追蹤提供專案級可視性和可操作的見解。6 月，我們與 Tag-N-Trac 在阿姆斯特丹舉行的 2025 年 AIPIA 和 AWA 智慧包裝世界大會上共同舉辦了主題演講，我們對即將出現的潛在機會充滿熱情。

Turning now to the third part of our strategic framework, Transform. This pillar focuses on driving business expansion and capability growth through M&A. Our objective is to accelerate reaching EBITDA breakeven by gaining scale, broadening our product portfolio and enhancing our technical capabilities through strategic acquisitions.

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擴張和能力成長。我們的目標是透過擴大規模、拓寬產品組合以及透過策略性收購增強技術能力來加速實現 EBITDA 收支平衡。

We continue to evaluate with our financial adviser, Raymond James, our strategic alternatives. We have also strengthened our Board and standing M&A committee with the addition of our newest Board member, Mick Lopez. As a former public company CFO, Mick brings deep expertise in M&A and corporate finance, along with a strong shareholder-focused perspective that is already proving valuable to our strategic decision-making.

我們繼續與我們的財務顧問雷蒙德詹姆斯 (Raymond James) 一起評估我們的策略替代方案。我們也透過增加最新董事會成員 Mick Lopez 來加強董事會和常設併購委員會的實力。作為前上市公司財務官，Mick 擁有併購和公司財務方面的深厚專業知識，以及強烈的股東中心視角，這已經證明對我們的策略決策非常有價值。

Starting last quarter, we began reporting several metrics to monitor our progress across our strategic objectives. Throughout this year, we will be developing our baseline, and we'll be refining our learning. Based on our findings, we intend to establish targets for these metrics in 2026. The new metrics are: One, new sales pipeline and conversion rate. This metric tracks the number of opportunities with new customers or customers we have not sold to in over two years.

從上個季度開始，我們開始報告幾個指標來監控我們實現策略目標的進展。今年，我們將不斷拓展我們的基礎，並改善我們的學習。根據我們的調查結果，我們打算在 2026 年為這些指標設定目標。新的指標是：一、新的銷售管道和轉換率。此指標追蹤新客戶或兩年多來我們未向其銷售過產品的客戶的機會數量。

At the end of quarter two, we had 100 new opportunities in our pipeline. This is an increase from the 75 we had at the end of quarter one. We have converted 14% of our new opportunities to sales in the first half of the year. NPD, new product development projects. This metric tracks the number of active NPD initiatives.

截至第二季末，我們已獲得 100 個新機會。這比第一季末的 75 個有所增加。今年上半年，我們已將14%的新機會轉化為銷售額。NPD，新產品開發專案。此指標追蹤活躍的新產品開發計劃的數量。

These projects involve the development of entirely new RFID or BLE tags, inlays or labels. As of the end of quarter two, there were 19 active NPD projects, 12 customer-driven and 7 internally driven. 4 of the customer-driven projects target health care applications and 5 utilized BLE technology, which represent the largest share of potential volume and steady state revenue.

這些項目涉及全新 RFID 或 BLE 標籤、嵌體或標籤的開發。截至第二季末，共有 19 個活躍的 NPD 項目，其中 12 個由客戶驅動，7 個由內部驅動。其中 4 個客戶驅動的專案針對醫療保健應用，5 個利用 BLE 技術，這代表了潛在銷售量和穩定狀態收入的最大份額。

Three, NPD project completion. This metric captures the number of NPD projects completed within the quarter. In quarter two, we completed one internally-driven project, the specialized new conductive adhesive that forms the critical connection between the chip and the antenna on the inlay.

三、NPD項目完成。此指標反映了本季度內完成的 NPD 專案的數量。在第二季度，我們完成了一個內部驅動的項目，即形成晶片和嵌體上的天線之間的關鍵連接的專用新型導電黏合劑。

Finally, I would like to provide an update on our corporate governance. At the 2025 Annual Meeting held on June 10, stockholders approved the proposal to amend the company's charter to declassify the Board. Therefore, the Class II Director Nominees were reelected for one-year terms and the Board's classified structure will end at the end of 2026 Annual Meeting of Stockholders, at which time all nominees for election as director will stand for one-year terms.

最後，我想介紹一下我們公司治理的最新情況。在6月10日舉行的2025年度股東大會上，股東批准了修改公司章程、取消董事會分級的提案。因此，第二類董事候選人連任一年，董事會的分類結構將於 2026 年股東週年大會結束時結束，屆時所有董事候選人的任期均為一年。

As a reminder, the Board previously announced plans to declassify its structure as part of its ongoing corporate governance review, which aims to better align the company's governance with best practices and enhance accountability to shareholders.

提醒一下，董事會先前宣布了對其結構進行解密的計劃，作為其正在進行的公司治理審查的一部分，旨在使公司治理更好地與最佳實踐保持一致並加強對股東的責任。

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 P-A-T strategic framework.

最後，雖然我們預期全球宏觀經濟的不確定性將持續下去，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。作為專注於純粹的物聯網解決方案供應商，我們相信我們擁有合適的團隊來執行我們的 P-A-T 策略框架。

By reinforcing our core channel strengths, expanding through new strategic partnerships and innovative product development and working expeditiously through our transform process with our financial adviser, we believe we can create value for all of our stakeholders.

透過加強我們的核心通路優勢，透過新的策略合作夥伴關係和創新產品開發進行擴展，並與我們的財務顧問迅速合作完成轉型過程，我們相信我們可以為所有利害關係人創造價值。

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)

（操作員指示）

Jaeson Schmidt, Lake Street.

傑森‧施密特 (Jaeson Schmidt)，湖街。

Yeah. Thanks for taking my questions. I just want to start with your announcement this week and thinking about this sort of opportunity in the grocery space, understanding that it's pilot testing here in 2025 and then full-scale deployment in 2026. Can you help us get a sense of the size of this opportunity longer term and when it can be impactful to the model?

是的。感謝您回答我的問題。我只是想從您本週的公告開始，思考一下食品雜貨領域的這種機會，了解它將在 2025 年進行試點測試，然後在 2026 年全面部署。您能否幫助我們了解這個機會的長期規模以及何時它會對模型產生影響？

Well, yeah, certainly, we're really excited and pleased about this partnership, and it is a significant potential volume opportunity for us. So IFCO, they have over 400 million plastic containers that they ultimately want to get tagged. The goal is to tag all of them over the next four to five years. And then there's an ongoing opportunity because there's roughly 10% or more of those plastic containers that need to get replenished every single year. So excited about the opportunity.

嗯，是的，當然，我們對這次合作感到非常興奮和高興，這對我們來說是一個巨大的潛在銷售機會。因此，IFCO 最終希望對超過 4 億個塑膠容器進行標記。我們的目標是在未來四到五年內標記所有這些。而且這是一個持續的機遇，因為每年大約有 10% 或更多的塑膠容器需要補充。我非常興奮能有這樣的機會。

It is still very much an active development program. And so the goal is to be able to launch mass production in 2026, but there is always a little bit of uncertainty when you're doing a development program. It is a very innovative product. It's using a next-generation chip. There's some kind of real interesting innovation related to the manufacturing process. So all that still is being developed, but the goal will be to start mass production in 2026.

它仍然是一個非常活躍的開發計劃。因此，目標是能夠在 2026 年開始大規模生產，但在進行開發計畫時總是會存在一些不確定性。這是一個非常創新的產品。它使用的是下一代晶片。製造過程中存在一些真正有趣的創新。因此，所有這些仍處於開發階段，但目標是在 2026 年開始大規模生產。

Got you. And then just curious if you could talk about sort of order patterns so far here in the first six weeks of the quarter.

明白了。我很好奇您是否可以談談本季前六週迄今的訂單模式。

Sure. Are you saying specifically for the third quarter?

當然。您是專門針對第三季說的話嗎？

Yes.

是的。

Yeah. I mean I think the order patterns seem to be on track with the guidance that we have provided.

是的。我的意思是，我認為訂單模式似乎與我們提供的指導一致。

Got you. And then last one for me, and I'll jump back in the queue. How should we think about gross margin? I know there were some dynamics impacting it in Q2. But looking here in Q3 and Q4, how should we think about sort of the general level?

明白了。這是我的最後一個發言，然後我會重新回到隊列中。我們應該如何考慮毛利率？我知道第二季度有一些動態對其產生了影響。但看看問題 3 和問題 4，我們應該如何考慮整體水準？

Yeah. So definitely, and Ed can weigh in on this as well. But we definitely -- in the first half of the year, we were significantly impacted in our gross margin with our dual manufacturing sites, both Thailand and Singapore. And then also just some additional transition costs that we had in terms of doubling up with training and so on and so forth. So we were really happy to hit our goal or our milestone of completing production in Singapore in quarter two, and that has been achieved.

是的。所以毫無疑問，Ed 也可以對此發表意見。但我們確實——在今年上半年，我們的泰國和新加坡雙生產基地的毛利率受到了顯著影響。此外，我們也承擔了一些額外的過渡成本，例如加倍訓練等等。因此，我們非常高興能夠在第二季度實現在新加坡完成生產的目標或里程碑，而這一目標已經實現。

So that is done. At this point, we have a very small skeleton crew that remains to really support the shutdown. We have to pack up the final equipment and ship it off and we have to shut down the site. But we definitely expect to see a benefit for sure in the second half as we closed down the site. And then maybe, Ed, any other color?

這樣就完成了。目前，我們只剩下非常少的精幹人員來真正支援關閉工作。我們必須打包最後的設備並將其運走，並且必須關閉現場。但我們關閉網站後，肯定希望在下半年看到效益。那麼也許，艾德，還有其他顏色嗎？

I'll agree with that. With the closing of production in Singapore, we should -- we will definitely see a positive impact on margins as we go into Q3 as well as Q4.

我同意這一點。隨著新加坡生產的結束，我們肯定會看到利潤率在進入第三季和第四季時受到正面影響。

Okay, perfect. Thanks a lot, guys.

好的，完美。非常感謝大家。

(Operator Instructions)

（操作員指示）

That concludes our Q&A session. I'll now hand the conference back to CEO, Kirsten Newquist, for closing remarks. Please go ahead.

我們的問答環節到此結束。現在，我將會議交還給執行長 Kirsten Newquist，請她致閉幕詞。請繼續。

Thanks, operator, and thank you all again for joining us today. We appreciate the continued support of our customers, partners, shareholders and employees. In terms of investor outreach, we'll be attending the B. Riley TMT Conference in New York on Wednesday, September 10. And Lake Street will be hosting a virtual NDR on Tuesday, September 16.

謝謝，接線員，再次感謝大家今天加入我們。我們感謝客戶、合作夥伴、股東和員工的持續支持。在投資者拓展方面，我們將於 9 月 10 日星期三參加在紐約舉行的 B. Riley TMT 會議。並且 Lake Street 將於 9 月 16 日星期二舉辦虛擬 NDR。

So thank you again for joining us this afternoon and evening, and have a nice night. Bye-bye.

再次感謝您今天下午和晚上加入我們，祝您有個愉快的夜晚。再見。

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。各位，今天的活動就到這裡了。現在您可以斷開連接，並享受美好的一天。感謝您的參與。