Identiv Inc (INVE) 2025 Q3 法說會逐字稿

Good afternoon. Welcome to Identiv's presentation of its third Quarter 2025 earnings call. My name is John, and I will be your operator this afternoon. Joining us for today's presentation are the company's CEO, Kirsten Newquist; and CFO, Ed Kirnbauer. Following management's remarks, we will open the call for questions.

午安.歡迎參加 Identiv 2025 年第三季財報電話會議。我叫約翰，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 Ed Kirnbauer。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.

在開始之前，請注意，在本次電話會議中，管理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業費用。

In addition, during the call, management will be making forward-looking statements. Any statement that refers to expectations, projections or other characteristics of future events, including future financial results, future business and market 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.

此外，在電話會議期間，管理階層將發表前瞻性聲明。任何提及對未來事件的預期、預測或其他特徵的陳述，包括未來的財務業績、未來的商業和市場狀況及機會、戰略夥伴關係和合作以及任何相關的利益和屬性以及未來的計劃、戰略、機遇和目標，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 SEC including the company's latest annual report on Form 10-K as well as our third 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三季度 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 three 2025 earnings call.

謝謝接線員，也謝謝各位參加我們2025年第三季財報電話會議。

As we review this quarter's results, I want to highlight that our Perform, Accelerate and Transform strategy continues to guide everything we do, from serving our customers and building our pipeline to driving innovation and commercial momentum in our high-value segments and delivering on our financial commitments. This strategy remains central to transforming the organization and creating lasting value for our shareholders.

在回顧本季業績時，我想強調，我們的「執行、加速和轉型」策略將繼續指導我們所做的一切，從服務客戶和建立銷售管道，到推動高價值細分市場的創新和商業發展，以及履行我們的財務承諾。這項策略對於公司轉型和為股東創造持久價值仍然至關重要。

I'm pleased to report that in quarter three, sales were in line with guidance with all other key financial metrics exceeding expectations. This quarter is particularly notable for our improved gross profit margin, which reflects the initial benefits of completing our two-year transition of production from Singapore to our new state-of-the-art manufacturing facility in Thailand.

我很高興地報告，第三季銷售額符合預期，所有其他關鍵財務指標都超出預期。本季最值得關注的是我們毛利率的提高，這反映了我們完成為期兩年的生產從新加坡過渡到我們在泰國的新型現代化製造工廠的初步成效。

This is the first quarter in which all of our productions have been done in Thailand. A significant milestone that has meaningfully lowered our cost structure, enhanced efficiency and scalability and positions us well for continued margin growth. We expect further margin expansion over the next few quarters as we complete the Singapore site shutdown by year-end, and the Thailand team reaches full productivity.

這是我們所有產品首次全部在泰國生產的第一季。這是一個重要的里程碑，它顯著降低了我們的成本結構，提高了效率和可擴展性，並為我們持續的利潤成長奠定了良好的基礎。我們預計，隨著新加坡工廠在年底前關閉，以及泰國團隊實現全面生產，未來幾季利潤率將進一步擴大。

Our CFO, Ed Kirnbauer, will now provide a detailed review of our quarter three financial performance, and I'll return afterwards to share more on how we're dressing across our strategic initiatives.

我們的財務長 Ed Kirnbauer 將對我們第三季度的財務業績進行詳細回顧，之後我將回來分享更多關於我們在各項策略舉措中的著裝情況。

Thanks, Kirsten. In the third quarter of 2025, we delivered $5.0 million in revenue, which was within our previously announced guidance range compared to $6.5 million in Q3 2024. This year-over-year decrease was as expected and due to lower sales as too we exited lower-margin business earlier in the year.

謝謝你，克爾斯滕。2025 年第三季度，我們實現了 500 萬美元的收入，這在我們先前公佈的指導範圍內，而 2024 年第三季的收入為 650 萬美元。與去年同期相比，這一降幅符合預期，原因是銷售額下降，我們年初就退出了利潤率較低的業務。

Third quarter GAAP and non-GAAP gross margins were 10.7% and 19.1%, respectively, compared to GAAP and non-GAAP gross margins of 3.6% and 9.3%, respectively, in Q3 2024. Factors impacting the increase in gross margin included the reduction in fixed manufacturing overhead costs and direct labor costs at our discontinued Singapore operation, improved utilization of our manufacturing production facility in Thailand and sales of fully reserved inventory of $0.2 million.

第三季 GAAP 和非 GAAP 毛利率分別為 10.7% 和 19.1%，而 2024 年第三季 GAAP 和非 GAAP 毛利率分別為 3.6% 和 9.3%。影響毛利率成長的因素包括：新加坡已終止營運業務的固定製造費用和直接人工成本的降低、泰國製造生產設施利用率的提高以及 20 萬美元已完全預留庫存的銷售。

As we mentioned in our August call, we completed production of RFID inlays and labels in Singapore and the requalification of our customers at our Thailand production facility at the end of Q2 2025. Facility shutdown activities in Singapore continued to progress as planned and are expected to be substantially completed by year-end.

正如我們在 8 月的電話會議中所提到的，我們在 2025 年第二季末完成了新加坡 RFID 嵌體和標籤的生產，以及我們在泰國生產設施的客戶重新認證。新加坡的設施停產檢修工作繼續按計畫進行，預計在年底前基本完成。

GAAP and non-GAAP operating expenses for the third quarter of 2025, including research and development, sales and marketing and general and administrative expenses totaled $6.1 million and $4.5 million, respectively, compared to $9.8 million and $5.1 million, respectively, in Q3 2024.

2025 年第三季的 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 610 萬美元和 450 萬美元，而 2024 年第三季分別為 980 萬美元和 510 萬美元。

The year-over-year decrease in GAAP operating expenses was driven primarily by a reduction in strategic review related costs incurred in 2024. The decrease in non-GAAP operating expenses reflects management's targeted resource allocation to support the company's organic growth initiatives as outlined in our P-A-T strategic framework. Third quarter GAAP net loss from continuing operations was $3.5 million or $0.15 per basic and diluted share compared to GAAP net loss from continuing operations of $9.3 million or $0.40 per basic and diluted share in the third quarter of 2024.

GAAP 營運費用較去年同期下降主要是由於 2024 年策略審查相關成本的減少。非GAAP營運費用的減少反映了管理層有針對性地分配資源，以支援公司按照P-A-T策略框架概述的有機成長計劃。第三季持續經營業務的GAAP淨虧損為350萬美元，即每股基本及攤薄虧損0.15美元，而2024年第三季持續經營業務的GAAP淨虧損為930萬美元，即每股基本及攤薄虧損0.40美元。

This decrease in net loss was primarily due to strategic review-related costs of $3.6 million incurred in the third quarter of 2024 compared to $0.4 million in the third quarter of 2025, higher year-over-year interest income of $1.1 million and an income tax benefit of $0.8 million in the third quarter of 2025 compared to an income tax provision of $0.4 million in the comparable quarter of 2024.

淨虧損減少主要是由於 2024 年第三季策略審查相關成本為 360 萬美元，而 2025 年第三季為 40 萬美元；2025 年第三季利息收入年增 110 萬美元；以及所得稅收益為 80 萬美元，而 2024 年同期所得稅金為 40 萬美元。

Non-GAAP adjusted EBITDA loss for Q3 2025 was $3.6 million compared to $4.5 million in the third quarter of 2024. The decrease in the loss was primarily due to the reduction in fixed manufacturing costs at our Singapore facility, improved utilization of our manufacturing production facility in Thailand, as well as management's continued careful allocation of operating expenses as we execute on our P-A-T strategic initiatives. 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 年第三季非 GAAP 調整後 EBITDA 虧損為 360 萬美元，而 2024 年第三季為 450 萬美元。虧損減少主要是由於新加坡工廠固定製造成本的降低、泰國製造生產設施利用率的提高，以及管理層在執行 P-A-T 戰略計劃時持續謹慎地分配營運費用。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 Q3 2025 with $126.6 million in cash, cash equivalents and restricted cash. In the third quarter of 2025, we used $3.1 million in cash. This brings our total net operating cash use for the 12 months following September 30, 2024, the end of Q3 2024 to $13.4 million, well within our previously announced guidance range of $13 million to $15 million.

接下來來看資產負債表。截至 2025 年第三季末，我們擁有 1.266 億美元的現金、現金等價物和受限現金。2025年第三季度，我們使用了310萬美元現金。這使得我們截至 2024 年 9 月 30 日（即 2024 年第三季末）後的 12 個月的淨經營現金使用總額達到 1,340 萬美元，遠低於我們先前宣布的 1,300 萬美元至 1,500 萬美元的指導範圍。

Our working capital exited Q3 was $135.4 million. Our balance sheet position remains strong. In our 10-Q filing, we will be providing a full reconciliation of 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, which is based on current market conditions and expectations, including macroeconomic conditions and customer demand.

第三季末，我們的營運資金為 1.354 億美元。我們的資產負債表狀況依然穩健。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。最後，我們根據當前市場狀況和預期（包括宏觀經濟狀況和客戶需求）對財務前景進行了展望。

As of today's call, for Q4 2025, we currently expect net revenue in the range of $5.4 million to $5.9 million.

截至今天的電話會議，我們目前預計 2025 年第四季淨收入將在 540 萬美元至 590 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, Ed. As you just heard, we delivered results that met or exceeded our guidance, a solid step forward as we continue executing against our Perform, Accelerate and Transform strategy. While we know there is more work ahead to reach our overall financial goals, we're encouraged by the tangible progress we're making across each pillar, performing with focus accelerating across our high-value segments and ultimately transforming our business, we're building a stronger foundation for sustained and profitable growth. Let me now share how this progress is unfolding across our organization. Perform, deliver exceptional results for customers and drive operational excellence.

謝謝，埃德。正如你剛才聽到的，我們所取得的成果達到或超過了預期目標，這是我們繼續執行「執行、加速和轉型」策略的堅實一步。雖然我們知道要實現整體財務目標還有更多工作要做，但我們對在每個支柱領域取得的切實進展感到鼓舞，我們專注於高價值領域的加速發展，並最終實現了業務轉型，從而為持續盈利增長奠定了更堅實的基礎。現在讓我來分享一下這項進展在我們組織內部的展開情況。高效執行任務，為客戶創造卓越成果，並推動卓越營運。

Our first pillar, Perform, is focused on strengthening and growing our core channel business. To achieve this, we are prioritizing higher margin opportunities, expanding gross margins through our Thailand transition and executing our new product development, NPD pipeline with greater discipline. Our goal is to consistently exceed customer expectations through exceptional support, reliable performance, and on-time delivery.

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，我們將優先考慮利潤率更高的機會，透過我們在泰國的業務轉型擴大毛利率，並以更嚴謹的態度執行我們的新產品開發和新產品開發流程。我們的目標是透過卓越的支援、可靠的效能和準時的交付，不斷超越客戶的期望。

As I mentioned in my opening comments, we reached a major milestone in our manufacturing transformation this quarter. 100% of our RFID tags inlays and labels are now produced at our new state-of-the-art Thailand facility. The Singapore site shutdown is on track for completion by year-end marking the end of a successful two-year transition. The Thailand facility has lowered manufacturing costs, improved efficiency and enhanced scalability, laying a stronger foundation for continued margin growth.

正如我在開場白中提到的，本季我們在製造轉型方面取得了重大里程碑式的進展。我們100%的RFID標籤嵌體和標籤現在都由我們位於泰國的全新現代化工廠生產。新加坡工廠的關閉工作正按計劃進行，預計將於年底完成，這標誌著為期兩年的成功過渡期的結束。泰國工廠降低了製造成本，提高了效率，增強了可擴展性，為利潤率的持續成長奠定了更堅實的基礎。

To further advance operational excellence, we launched CRM and MRP automation initiatives earlier this year to streamline key sales and operations planning processes. We've made steady progress and expect to have these systems largely implemented by year-end, strengthening our operational foundation and ensuring availability as we grow.

為了進一步提升營運效率，我們在今年稍早啟動了 CRM 和 MRP 自動化計劃，以簡化關鍵的銷售和營運計劃流程。我們取得了穩步進展，預計到年底這些系統將基本建成，從而加強我們的營運基礎，並確保在我們發展壯大的過程中系統的可用性。

On the commercial front, our new opportunity pipeline continues to expand, driven by new sales team members ramping up across their territories and channel partners. So far this year, we've converted 18% of our new opportunity pipeline, representing almost 10% of quarter three sales, with additional growth expected as this new business scale.

在商業方面，隨著新銷售團隊成員在其各自區域和通路合作夥伴中不斷成長，我們的新商機管道持續擴大。今年到目前為止，我們已經轉換了 18% 的新商機，佔第三季銷售額的近 10%，隨著這項新業務規模的擴大，預計還將有進一步成長。

In marketing, following the completion of the transition services agreement, TSA, with Vita Protech, we are rebuilding key capabilities, implementing HubSpot to enhance lead generation and visibility and preparing to launch our new corporate website by year-end.

在行銷方面，隨著 Vita Protech 的過渡服務協議 (TSA) 的完成，我們正在重建關鍵能力，實施 HubSpot 以增強潛在客戶開發和可見性，並準備在年底前推出我們新的企業網站。

We also maintained a strong presence at major industry events, including WIoT Tomorrow in Wiesbaden in Germany and Labelexpo in Barcelona, Spain. Both generating meaningful customer engagement and reinforcing strategic partnerships.

我們也在各大產業活動中維持了強大的影響力，包括德國威斯巴登的 WIoT Tomorrow 和西班牙巴塞隆納的 Labelexpo。既能有效提升客戶參與度，又能加強策略夥伴關係。

At Label Expo, our own VP of Business Development, Klaus Simon Meyer; and Narra Vero CEO, Thomas Rödding, shared insights on DPP compliance during a dynamic NFC RFID panel at the smart labeling seminar 2025, further strengthening Identiv's position as an innovation leader.

在標籤博覽會上，我們自己的業務發展副總裁 Klaus Simon Meyer 和 Narra Vero 執行長 Thomas Rödding 在 2025 年智慧標籤研討會上，在一個充滿活力的 NFC RFID 小組討論中分享了關於 DPP 合規性的見解，進一步鞏固了 Identiv 作為創新領導者的地位。

Finally, the TSA transition with Vita Protech is now substantially complete, and we are fully separated from the physical security business we sold one year ago. A key milestone marking our strategic focus and transition to being a pure play in IoT and RFID technology.

最後，TSA 與 Vita Protech 的過渡工作已基本完成，我們已與一年前出售的實體安全業務完全分離。這是標誌著我們策略重點轉型為純粹的物聯網和RFID技術公司的關鍵里程碑。

Accelerate. Accelerate growth in high-value segments and through technology innovation, 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.

加速。加速高價值細分市場的成長，並透過技術創新，邁向我們 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率的成長。

One, expanding our BLE technology platform and multi-component 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.

第一，擴展我們的 BLE 技術平台和多組件製造能力。第二，瞄準三個醫療保健高價值應用領域的成長。第三，進一步推動 Three 在消費和物流高價值應用領域的成長。

This quarter, we made notable progress in R&D and new product development, particularly in our Bluetooth Low Energy, BLE programs. BLE represents the next generation of IoT technology offering real-time traceability and condition monitoring capabilities that are difficult to achieve with traditional RFID. We believe the technical complexity of BLE's smart label design and manufacturability aligns well with our engineering expertise and gives us a clear competitive advantage.

本季度，我們在研發和新產品開發方面取得了顯著進展，尤其是在藍牙低功耗（BLE）專案方面。BLE 代表了下一代物聯網技術，它提供了即時可追溯性和狀態監測功能，而這些功能是傳統的 RFID 難以實現的。我們認為，BLE智慧標籤設計和製造的技術複雜性與我們的工程技術專長非常契合，並賦予我們明顯的競爭優勢。

We successfully completed the first production runs of the IFCO BLE prototypes and Wiliot's next-generation pixels. Key milestones in the development and commercialization of two important customer-driven BLE program. These achievements, along with the internal development of our BLE shipping label, expand our product portfolio and further strengthen our expertise in next-generation RFID technology and multi-component manufacturing.

我們成功完成了 IFCO BLE 原型機和 Wiliot 新一代像素的首批生產。兩個重要的以客戶需求為導向的 BLE 專案的開發和商業化過程中的關鍵里程碑。這些成就，加上我們自主研發的 BLE 運輸標籤，擴展了我們的產品組合，並進一步加強了我們在下一代 RFID 技術和多組件製造方面的專業知識。

We also formalized a partnership agreement and a manufacturing agreement with Wiliot to scale up and commercialize next-generation pixels. 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 application.

我們也與 Wiliot 正式簽署了合作協議和製造協議，以擴大下一代像素的規模並實現商業化。Wiliot IoT 像素是小型無電池藍牙感測器，透過收集環境射頻能量供電。實現溫度、運動和位置等數據的持續傳輸，適用於智慧供應鏈和物聯網應用。

In health care innovation, our R&D work with Lilly was recently highlighted in a new white paper that we published in September, demonstrating our leadership in RFID innovation for drug adherence and delivery. This is a compelling example of how our technology is enabling smarter, safer patient experiences.

在醫療保健創新領域，我們與禮來公司的研發工作最近在9月份發布的一份新的白皮書中得到了重點介紹，該白皮書展示了我們在藥物依從性和輸送方面的RFID創新領域的領先地位。這是一個令人信服的例子，說明我們的技術如何帶來更聰明、更安全的患者體驗。

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. Additionally, we announced a new commercial partnership with TUK, bringing our secure NFC technology to children's books. Each book integrates seamlessly with TUK's speakers through customizable NFC tags. Activating guided audio without screened, Wi-Fi or extra devices.

我們也在推動今年稍早啟動的合作項目，包括與 Novanta 在醫療器材應用方面的策略合作，以及與 Tag-N-Trac 在藥品冷鏈管理方面的合作。此外，我們宣布與 TUK 建立新的商業合作夥伴關係，將我們安全的 NFC 技術引入兒童書籍領域。每本書都透過可自訂的 NFC 標籤與 TUK 的揚聲器無縫整合。無需螢幕、Wi-Fi 或額外裝置即可啟動語音導覽。

Designed for durability and security, this solution is built to scale across classrooms, libraries and home. Empowering the next generation of young readers. These new interactive books are available for purchase now in Scandinavia with expansion plans into the rest of Europe.

此解決方案設計著重耐用性和安全性，可擴展應用於教室、圖書館和家庭等場所。賦能下一代年輕讀者。這些全新的互動書籍目前已在斯堪的納維亞半島上市，並計劃擴展到歐洲其他地區。

We were also honored as a winner of the World Beverage Innovation Awards in 2025, together with our partners, ZATAP by collect ID and Genuine Analytics AG for our NFC-powered smart packaging solution that safeguards luxury wine producers and collectors from counterfeiting. This recognition in the best technology innovation category, underscores our engineering excellence and collaborative approach to smart packaging.

2025 年，我們與合作夥伴 ZATAP by collect ID 和 Genuine Analytics AG 一起榮獲世界飲料創新獎，我們憑藉 NFC 智慧包裝解決方案保護了高檔葡萄酒生產商和收藏家免受假冒偽劣產品的侵害。在最佳技術創新類別中獲得此認可，凸顯了我們在智慧包裝領域的卓越工程技術和協作方法。

Finally, within our accelerate initiatives, we completed detailed product road maps aligned with our high-value market segments, which is intended to ensure that our innovation and go-to-market efforts are tightly connected to customer needs and strategic priorities. Several of these NPD programs will begin in the next quarter.

最後，在我們的加速計畫中，我們制定了與高價值市場區隔一致的詳細產品路線圖，旨在確保我們的創新和市場推廣工作與客戶需求和策略重點緊密相關。這些新產品開發項目中的幾個將於下一季啟動。

Transform, create significant business expansion and capability growth through M&A for long-term success. Our third pillar, transform, focuses on expanding the business through strategic M&A that accelerates EBITDA breakeven and broadens our product portfolio and enhances our technical capabilities. We continue to work with our financial adviser, Raymond James, to assess our strategic alternatives.

透過併購實現轉型，創造顯著的業務擴張和能力成長，從而獲得長期成功。我們的第三大支柱是轉型，重點是透過策略併購來擴大業務，加速實現 EBITDA 損益平衡，拓寬產品組合，並增強技術能力。我們將繼續與財務顧問 Raymond James 合作，評估我們的策略選擇。

Metrics. This year, we began reporting several new metrics to monitor our progress against strategic objectives. We're continuing to refine these metrics and plan to establish formal targets in 2026. The quarter three results are for the first metric, 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.

指標。今年，我們開始報告幾個新的指標，以監測我們在實現策略目標方面的進展。我們正在不斷改進這些指標，並計劃在 2026 年制定正式目標。第三季業績主要針對第一項指標：新銷售管道和轉換率。此指標追蹤新客戶或兩年多未曾購買過產品的客戶的機會數量。

At the end of quarter three, we had 118 new opportunities in our pipeline. We added 46 closed 28 and converted seven to sales, leading to a net increase of 18% over quarter two. We had 100 new opportunities in our pipeline at the end of the quarter two and 75 in quarter one, showing a steady increase over time. So far this year, we have converted 18% of our new opportunities to sales.

第三季末，我們有 118 個新的專案機會正在籌備中。我們新增了 46 個項目，關閉了 28 個項目，並將 7 個項目轉化為銷售，與第二季相比淨成長了 18%。第二季末，我們有 100 個新的潛在客戶，第一季末有 75 個，這表明隨著時間的推移，潛在客戶數量穩定成長。今年到目前為止，我們已經將 18% 的新商機轉換為銷售。

Second, NPD projects, this metric tracks a number of active NPD initiatives. These projects involve the development of entirely new RFID or BLE tags inlays or labels. As of the end of quarter three, there were 17 active NPD projects, 11 customer-driven and six internally driven. Four of the customer-driven projects target health care applications and four utilized BLE technology, which represents the largest share of potential volume and steady state revenue.

其次，NPD 項目，該指標追蹤多個正在進行的 NPD 計劃。這些項目涉及開發全新的 RFID 或 BLE 標籤嵌體或標籤。截至第三季末，共有 17 個活躍的新產品開發項目，其中 11 個是客戶驅動的，6 個是內部驅動的。四個以客戶為導向的項目針對醫療保健應用，四個項目採用了 BLE 技術，這代表了潛在銷售和穩定收入的最大份額。

Our third metric, NPD project completion. This metric captures the number of NPD projects completed within the quarter. In quarter three, we completed three customer-driven projects, two of which are moving into commercialization. Both projects were for anti-counterfeiting initiatives in the high-end spirits and wine market, which will be scaling up in 2026.

我們的第三個指標是新產品開發專案完成情況。此指標反映了本季完成的新產品開發專案數量。第三季度，我們完成了三個客戶驅動的項目，其中兩個項目正在進入商業化階段。這兩個項目都是為了打擊高端烈酒和葡萄酒市場的假冒偽劣產品，並將於 2026 年擴大規模。

In closing, this was a quarter of steady financial performance and meaningful operational milestones. We met or exceeded guidance, achieved 100% production of tags inlays and labels in Thailand. Advanced key R&D and commercialization initiatives and made continued progress across our Perform, Accelerate and Transform strategy.

總之，本季財務表現穩定，營運方面也取得了一些重要的里程碑。我們達到或超過了預期目標，在泰國實現了標籤嵌片和標籤100%的生產力。推動關鍵研發和商業化舉措，並在我們的「執行、加速和轉型」策略中持續取得進展。

We reaffirm Identiv's commitment to advancing specialized IoT solutions, expanding our BLE capabilities and fully leveraging the strategic advantages of our Thailand-based production. By continuing to execute against our Perform, Accelerate and Transform strategy, we believe we are well positioned to capture future growth opportunities within the rapidly evolving global IoT market.

我們重申 Identiv 致力於推動專業物聯網解決方案，擴展我們的 BLE 能力，並充分利用我們在泰國的生產策略優勢。透過持續執行我們的「執行、加速和轉型」策略，我們相信我們能夠很好地掌握快速發展的全球物聯網市場中未來的成長機會。

As we look ahead, our priorities are clear. Complete the Singapore site shutdown by year-end, ensure excellent service to our customers while driving productivity and efficiency in Thailand, execute our key new product development initiatives with excellence, expand our commercial and business development pipeline across high-value segments and position the company for sustained growth and stronger financial performance in 2026 and beyond.

展望未來，我們的工作重點很明確。在年底前完成新加坡工廠的關閉，確保為客戶提供優質服務，同時提高泰國工廠的生產力和效率，出色地執行我們的關鍵新產品開發計劃，擴大我們在高價值領域的商業和業務發展渠道，並為公司在 2026 年及以後的持續增長和更強勁的財務業績做好準備。

I want to take a moment to thank our employees, customers, partners and shareholders for their continued trust and support. We're encouraged by our progress, confident in our strategy, and excited about the opportunities ahead as we continue to lead in the fast-growing RFID and BLE markets.

我想藉此機會感謝我們的員工、客戶、合作夥伴和股東們一直以來的信任和支持。我們對我們的進展感到鼓舞，對我們的策略充滿信心，並對未來在快速成長的 RFID 和 BLE 市場中繼續保持領先地位所帶來的機會感到興奮。

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) Craig Ellis, B. Riley.

（操作說明）克雷格·艾利斯，B.萊利。

Nice job on the gross margins in the quarter. I wanted to start, though, on the top line. So for the fourth quarter, it looks like we're expecting sales up about 11%. So the question is, as we look across the different vectors of the business, whether it's channel or NPD conversion. What's driving the growth sequentially? And what are some of the gives and takes as we think about tailwinds and headwinds as we exit the year?

本季毛利率表現不錯。不過，我想先從最基本的開始。因此，我們預計第四季度銷售額將成長約 11%。所以問題是，當我們審視業務的不同面向時，無論是通路轉換還是新產品開發轉換。是什麼因素推動了持續成長？在即將結束的這一年裡，當我們思考順風和逆風時，有哪些利弊權衡呢？

Yes. No, thank you. Let's see. So definitely, we are seeing some growth from our existing channel customers. But I do think we're also seeing some uptick that's related to some of our BLE projects that we're seeing some additional traction for in the fourth quarter.

是的。不，謝謝。讓我們來看看。所以，我們確實看到現有通路客戶有所成長。但我認為，我們也看到一些成長勢頭，這與我們一些 BLE 項目有關，這些項目在第四季度獲得了額外的進展。

So it's a nice combination of both kind of our perform customers as well as some of the accelerate initiatives that we're starting to see some traction quarter-over-quarter.

所以，這很好地結合了我們現有的客戶表現以及一些加速計劃，這些計劃我們開始看到季度環比都有所成效。

And just speaking of BLE, in the prepared remarks, you talked about progress with IFCO and Wiliot. Can we conclude that IFCO is on track for volume shipments in the second half of next year? And Wiliot had previously been talked about as a potential high-volume customer, certainly not the size of IFCO, but high volume, how do we think about what's possible with Wiliot next year?

說到 BLE，您在準備好的演講稿中談到了與 IFCO 和 Wiliot 的合作進展。我們能否得出結論，IFCO預計在明年下半年實現批量出貨目標？在此之前，Wiliot 曾被視為潛在的大量客戶，當然規模肯定比不上 IFCO，但批量確實很大。我們該如何看待明年與 Wiliot 合作的可能性？

Yes. Well, to start with the IFCO question. Yes, we are making progress. So product development is well underway. As we mentioned, we shipped out production made prototypes that are now being used in proof of concept in the field.

是的。好，先從 IFCO 的問題開始。是的，我們正在取得進展。產品開發工作正在順利進行中。正如我們之前提到的，我們已經交付了生產製造的原型產品，這些產品目前正在現場進行概念驗證。

And so that, of course, a lot of learnings will come from that, and we'll take those learnings and use that to continue to optimize the design. So that's progressing well. And in terms of Wiliot, we've been working very hard over the last six months to qualify their next-generation product. So that's underway. And this quarter -- and even last quarter, last quarter was beginning in this quarter, we will be shipping those next-generation products to the field.

當然，我們會從中吸取許多經驗教訓，並將這些經驗教訓用於繼續優化設計。進展順利。至於 Wiliot，在過去的六個月裡，我們一直在努力使他們的下一代產品獲得認證。這件事正在進行中。本季——甚至上個季度，上個季度是從本季開始的，我們將把這些下一代產品交付到現場。

So both of them are nice opportunities. We're excited about both of them, and working really hard to make sure that we can complete the development of the IFCO product and then really helps to support all the different Wiliot customers as they look commercialize the Wiliot solution.

所以這兩個都是不錯的機會。我們對這兩款產品都感到非常興奮，並且正在努力確保能夠完成 IFCO 產品的開發，然後真正幫助支援所有不同的 Wiliot 客戶，因為他們正在尋求將 Wiliot 解決方案商業化。

Great. And if I could sneak one in for Ed. Ed, real nice job by the team with gross margin in the third quarter. With the business getting the benefit of the full Singapore shutdown in the fourth quarter and with higher revenues and with some of that coming from that higher-quality revenue basket that the company has been prioritizing.

偉大的。順便提一句，艾德，團隊第三季的毛利率做得真不錯。由於第四季度新加坡全面停擺，公司受益，收入增加，其中一部分收入來自公司一直優先考慮的高品質收入來源。

Can you talk a little bit about what we could expect for gross margins in the fourth quarter? And if there are any headwinds we need to comprehend.

您能否談談我們對第四季毛利率的預期？如果遇到任何不利因素，我們也需要了解。

Thanks, Craig. Yes, our Q3 numbers, we saw significant benefits from the reduction in fixed costs with the discontinuance of our Singapore operations from both an overhead cost perspective and direct labor.

謝謝你，克雷格。是的，從第三季的業績來看，由於停止了新加坡的業務，固定成本和直接人工成本都大幅降低，這帶來了顯著的效益。

Now we expect that to continue. We are -- we will be substantially complete with all shutdown activities in Q4. So we're still working through the remainder there. I don't really expect a full impact on gross margin until we enter Q1 of next year.

我們預計這種情況還會持續下去。我們將在第四季基本完成所有停工檢修工作。所以我們還在處理剩下的部分。我預計要到明年第一季才會對毛利率產生全面影響。

Okay. And then what about other potential benefits such as sales mix and the move to higher margin products as mix goes more towards NPD?

好的。那麼，隨著產品組合向新產品開發傾斜，銷售組合和向高利潤產品轉型等其他潛在好處又會如何呢？

I'll let Kirsten talk about that. But I do want to say, in addition, to that we have the -- we will continue to improve margins with improving the utilization of our Thailand facility. But as far as mix?

就讓克斯汀來談談這件事吧。但我還想補充一點，我們將繼續透過提高泰國工廠的利用率來提高利潤率。但就混合比例而言呢？

Yes, yes. So I think what we'll see in quarter four, there's certainly some slight increase in utilization in the Thailand plant that will help. As Ed mentioned, we aren't completely shut down -- have shut down Singapore yet. So we still have some labor that's getting that whole plant now back to its original state and shut down, et cetera. So we have still a little bit of cost of Singapore related costs in quarter four.

是的，是的。所以我認為，在第四季度，泰國工廠的利用率肯定會略有提高，這將有所幫助。正如 Ed 所說，我們還沒有完全停擺——新加坡還沒有停擺。所以我們現在還有一些工人正在讓整個工廠恢復原來的狀態並關閉等等。所以第四季我們仍然會有一些與新加坡相關的成本。

In terms of the mix, we definitely have some of our kind of NPV projects starting to ramp. Those are still a little bit in the ramp-up phase. So we still have a little bit of ramp-up costs until we get the full productivity of those projects, but we do see kind of a slight increase in mix overall going into quarter four.

就專案組合而言，我們確實有一些淨現值較高的專案開始逐步推進。這些項目目前仍處於起步階段。因此，在這些專案達到完全生產力之前，我們還有一些啟動成本，但我們確實看到進入第四季後，整體產品組合略有增加。

Anthony Stoss, Craig-Hallum.

安東尼·斯托斯，克雷格-哈勒姆。

Congrats on the move to Thailand, getting it complete. Kirsten, I'll leave roughly 21 opportunities that converted to customers, when will they show up in the P&L? And if you could just ballpark guess what percentage of those are above your 28% gross margin goal?

恭喜你移居泰國，一切順利！Kirsten，我這裡大約有 21 個機會轉化成了客戶，它們什麼時候會出現在損益表中呢？如果你能大致估算一下其中有多少百分比的毛利率高於你 28% 的目標就好了？

Yes. So I think -- I'm not sure where you're getting the 21 conversions, but we did convert -- we have roughly converted 18% year-to-date of our new opportunity pipeline and that represented in the third quarter roughly 10% of our sales. So those will definitely continue to scale and grow as we go into 2026. But yes, no, we were happy to -- year-to-date, we've converted roughly 18% of our total new opportunity pipeline.

是的。所以我覺得——我不確定你是從哪裡得到 21 個轉換率的，但我們的確轉換了——今年到目前為止，我們新機會管道的轉換率約為 18%，這在第三季約占我們銷售額的 10%。因此，隨著我們進入 2026 年，這些規模肯定會繼續擴大和成長。是的，我們很高興——今年迄今為止，我們已經轉換了約 18% 的新商機。

Roughly what percentage are at your 28% gross margin goal?

大約有多少百分比的客戶達到了您設定的 28% 的毛利率目標？

Yes. So of the new opportunity of the new opportunities that converted, I think roughly 2/3 of them were on the higher value side, so higher than 30% gross margin and probably 1/3 of them were slightly lower than that. But 2/3 of them were what we would consider on the high-value side.

是的。因此，在轉換成新機會的新機會中，我認為大約 2/3 的機會屬於高價值領域，毛利率高於 30%，而約 1/3 的機會毛利率略低於 30%。但其中三分之二都屬於我們所認為的高價值產品。

Got it. Good to hear. And then if you could frame the size the new opportunity with Wiliot and also a similar question, what kind of gross margins would you expect to generate?

知道了。很高興聽到這個消息。然後，如果您能結合 Wiliot 的情況來評估新機會的規模，並提出類似的問題，您預計會產生怎樣的毛利率？

Yes. So I mean we're not talking about kind of ultimate sales volume potential with the Wiliot, and that's still progressing. Margins, the opportunity is large. We're scaling up the next generation, we definitely anticipate margins to be quite a bit significantly higher than where they were two years ago, but we're still working to increase those over the next probably three to four quarters and definitely higher -- much higher than where they were back in 2023 and early 2024.

是的。所以我的意思是，我們現在討論的不是 Wiliot 的最終銷售潛力，它還在不斷發展中。利潤空間大，機會也大。我們正在擴大下一代產品的規模，我們預計利潤率肯定會比兩年前高得多，但我們仍在努力在未來三到四個季度內提高利潤率，而且肯定會比 2023 年和 2024 年初的水平高得多。

Got it. And the last question for me, Kirsten, with your background in this industry in the health care side. I know in quarters past, you spoke a lot about your health care opportunities. I didn't hear a lot on this call. Maybe you can just refresh us where you stand and what you think the opportunity set is on the health care side?

知道了。克爾斯滕，最後一個問題，鑑於你在醫療保健行業的背景。我知道在過去的幾個季度裡，您多次談到了您的醫療保健機會。我沒在這通通話中聽到太多內容。您能否簡單介紹一下您目前的立場，以及您認為醫療保健領域有哪些機會？

Yes. We certainly still see a nice opportunity in health care, and we see kind of the interest from some of the medical device and the pharmaceutical companies and really engaging in evaluating these types of solutions, but these are also longer-term opportunities.

是的。我們當然仍然看到醫療保健領域存在著很好的機會，我們也看到一些醫療器材公司和製藥公司對這類解決方案表現出了興趣，並積極參與評估，但這些也是長期的機會。

So of our current NPD, new product development pipeline, I think roughly 1/3 of them are health care related, they just take longer to get to the commercialization side. So we remain positive about the opportunity space. We remain positive about the projects that we have, but we definitely see some of the ones that are on the logistics side, the consumer product side, getting to market faster than we do with some of the health care projects that we're working on.

因此，在我們目前的新產品開發流程中，我認為大約有三分之一與醫療保健相關，只是它們需要更長的時間才能商業化。因此，我們對市場機會依然保持樂觀。我們對目前的項目仍然保持樂觀，但我們確實看到，一些物流和消費品方面的項目，其上市速度比我們正在進行的一些醫療保健項目要快得多。

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

問答環節到此結束，現在我將把電話交給克爾斯滕，請她作總結發言。

Thanks, operator, and thank you all again for joining us today, and we look forward to speaking with you next quarter. Have a good afternoon. Bye-bye.

謝謝接線員，也再次感謝各位今天參與我們的節目，我們期待下個季度與您再次交流。午安.再見。

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

今天的會議到此結束，您可以斷開線路了。感謝您的參與。