INVE Technologies Inc (INVE) 2025 Q4 法說會逐字稿

Good afternoon. Welcome to Identiv's presentation of its fourth-quarter and fiscal year 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.

下午好。歡迎收聽 Identiv 2025 會計年度第四季及全年財報電話會議簡報。我叫 John，今天下午將擔任會議接線員。出席今天簡報的有公司執行長 Kirsten Newquist，以及財務長 Ed Kirnbauer。在管理層致詞後，我們將開放提問。

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 GAAP 財務衡量指標或指引，包括非 GAAP 調整後 EBITDA、非 GAAP 毛利、非 GAAP 毛利率以及非 GAAP 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，在本次電話會議中，管理層將發表前瞻性陳述。任何提及對未來事件之預期、預測或其他特徵的陳述（包括未來財務結果、未來業務與市場狀況及機會、策略夥伴關係與合作及其相關效益與屬性，以及未來計畫、策略、機會與目標）均屬前瞻性陳述。實際結果可能與這些前瞻性陳述所表達者存在重大差異。

For more information, please refer to the risk factors discussed in documents filed from time to time with the SEC, including the company's 2024 annual report on Form 10-K and second-quarter 2025 Form 10-Q and the 2025 annual report on Form 10-K, which will be filed with the SEC in the future. Identiv assumes no obligation to update these forward-looking statements.

欲了解更多資訊，請參閱公司不時向美國證券交易委員會（SEC）提交文件中所討論的風險因素，包括公司 2024 年度 Form 10-K 年報、2025 會計年度第二季 Form 10-Q，以及將於未來向 SEC 提交的 2025 年度 Form 10-K 年報。Identiv 不承擔更新這些前瞻性陳述的任何義務。

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

接下來我將把電話交給執行長 Kirsten Newquist 發表談話。Newquist 女士，請開始。

Thank you, operator, and thank you all for joining our quarter-four and fiscal year 2025 earnings call. During the fourth quarter, we made meaningful progress across each pillar of our Perform, Accelerate and Transform strategy. Of particular note, we made significant advancements in the development of the specialized Bluetooth Low Energy, BLE smart label in collaboration with IFCO, a leading global provider of reusable packaging solutions for fresh food.

謝謝接線員，也感謝各位參加我們 2025 會計年度第四季及全年財報電話會議。在第四季，我們在「執行（Perform）、加速（Accelerate）與轉型（Transform）」策略的每一個支柱上都取得了實質進展。特別值得一提的是，我們與 IFCO（全球領先的生鮮食品可重複使用包裝解決方案供應商）合作，在專用藍牙低功耗（BLE）智慧標籤的開發方面取得了重大進展。

As announced on Tuesday, we signed a multiyear agreement with IFCO to manufacture and supply the specialized next-generation BLE smart labels. This agreement represents a major milestone in our high-growth BLE strategy and reinforces Identiv's leadership in scalable BLE-enabled solutions for complex global industries.

如同週二所宣布，我們已與 IFCO 簽署多年期協議，製造並供應專用的下一代 BLE 智慧標籤。此協議是我們高成長 BLE 策略的重要里程碑，並強化 Identiv 在可擴展 BLE 使能解決方案方面、服務複雜全球產業的領導地位。

Our BLE smart label will be a key component of IFCO's digital platform designed to transform the global fresh grocery supply chain by delivering enhanced visibility, reducing waste, and supporting a more sustainable circular food system. Under the multiyear agreement, Identiv will serve as exclusive supplier for committed manufacturing volumes.

我們的 BLE 智慧標籤將成為 IFCO 數位平台的關鍵組件；該平台旨在透過提升可視性、減少浪費並支持更永續的循環食品系統，來改造全球生鮮雜貨供應鏈。依據多年期協議，Identiv 將作為承諾製造量的獨家供應商。

Following the development phase, IFCO will maintain exclusivity for these customized BLE labels as they are deployed across its global network of more than 400 million reusable packaging containers. Full-scale mass production is expected to begin later this year, subject to achieving final development milestones.

在開發階段之後，當這些客製化 BLE 標籤於其全球超過 4 億個可重複使用包裝容器的網路中部署時，IFCO 將維持對其的獨家權利。在達成最終開發里程碑的前提下，預期今年稍晚將開始全面量產。

Turning to our quarter-four financial performance. I'm pleased to report that fourth-quarter sales of $6.2 million exceeded our guidance with all other key financial metrics also coming in ahead of expectations.

接著談談我們第四季的財務表現。我很高興報告，第四季銷售額為 620 萬美元，超出我們的指引，且其他所有關鍵財務指標也都優於預期。

We saw continued strength in gross profit margin, reflecting the successful completion of our two-year transition of production from Singapore to our new state-of-the-art manufacturing facility in Thailand. With the Singapore shutdown now complete, we have completed our second full quarter of operations entirely out of Thailand, which has structurally reduced our cost profile while increasing manufacturing efficiency and scalability.

我們的毛利率持續展現強勁表現，反映出我們成功完成為期兩年的產能轉移：將生產從新加坡轉移至位於泰國的全新先進製造設施。隨著新加坡關閉作業現已完成，我們已完成第二個完整季度、全面由泰國據點營運；此舉在提升製造效率與可擴展性的同時，也從結構上降低了我們的成本結構。

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

接下來，我們的財務長 Ed Kirnbauer 將就第四季財務表現提供更詳細的回顧；之後我會再回來分享我們在各項策略計畫上的進展。

Thanks, Kirsten. In the fourth quarter of 2025, we delivered $6.2 million in revenue, which exceeded our previously announced guidance range compared to $6.7 million in Q4 2024. The year-over-year decrease was as expected and due to the exit of lower-margin business, which we did not transfer to Thailand.

謝謝你，Kirsten。在 2025 會計年度第四季，我們實現營收 620 萬美元，超出先前公布的指引區間；相較之下，2024 年第四季為 670 萬美元。年對年下滑符合預期，主要是因為我們退出了較低毛利的業務，而該等業務並未轉移至泰國。

Fourth-quarter GAAP and non-GAAP gross margins were 18.1% and 25.6%, respectively, compared to GAAP and non-GAAP gross margins of negative 14.9% and negative 5.2%, respectively, in Q4 2024. Factors driving the expansion in of gross margin included the elimination of direct labor and fixed manufacturing overhead costs associated with our discontinued Singapore operations and improved utilization of our manufacturing production facility in Thailand.

第四季 GAAP 與非 GAAP 毛利率分別為 18.1% 與 25.6%，相較於 2024 年第四季 GAAP 與非 GAAP 毛利率分別為負 14.9% 與負 5.2%。推動毛利率擴張的因素包括：消除與已停止的新加坡營運相關的直接人工與固定製造間接費用，以及提升泰國製造生產設施的產能利用率。

As we mentioned on our November call, we stopped production of RFID inlays and labels in Singapore at the end of Q2 2025. Singapore facility shutdown activities continued through the fourth quarter of 2025. And as of December 31, 2025, it's now complete.

如同我們在 11 月的電話會議中提到的，我們已於 2025 會計年度第二季末停止在新加坡生產 RFID 嵌體與標籤。新加坡廠房的關閉相關作業持續至 2025 會計年度第四季。截至 2025 年 12 月 31 日，現已完成。

GAAP and non-GAAP operating expenses for the fourth quarter of 2025, including research and development, sales and marketing, general and administrative and restructuring and severance totaled $5.8 million and $4.1 million, respectively, as compared to $5.6 million and $4.1 million, respectively, in Q4 2024. The year-over-year increase in GAAP operating expenses was driven primarily by higher strategic review-related costs incurred in Q4 2025 compared to the fourth quarter of 2024.

2025 會計年度第四季的 GAAP 與非 GAAP 營業費用（包括研發、銷售與行銷、一般與行政，以及重整與資遣）分別合計為 580 萬美元與 410 萬美元；相較之下，2024 年第四季分別為 560 萬美元與 410 萬美元。GAAP 營業費用的年對年增加，主要是由於 2025 年第四季發生的策略檢討相關成本高於 2024 年第四季。

Non-GAAP operating expenses in Q4 2025 were comparable to the prior-year period as we continue a careful allocation of operating expenses as we execute on our P-A-T strategic initiatives. Fourth-quarter GAAP net loss from continuing operations was $3.7 million or $0.16 per basic and diluted share compared to GAAP net loss from continuing operations of $4.3 million or $0.19 per basic and diluted share in the fourth quarter of 2024.

2025 年第四季的非 GAAP 營業費用與去年同期相當，因我們在執行 P-A-T 策略計畫時，持續審慎配置營業費用。第四季持續營運的 GAAP 淨損為 370 萬美元，或每股基本及稀釋虧損 0.16 美元；相較之下，2024 年第四季持續營運的 GAAP 淨損為 430 萬美元，或每股基本及稀釋虧損 0.19 美元。

This reduction in net loss was due to lower direct labor and overhead costs following the shutdown of our Singapore operations as well as $1.1 million of charges to cost of revenues recorded in the fourth quarter of 2024. These charges were primarily related to inventory written off after a customer phased out a legacy program earlier than expected. These cost improvements were partially offset by strategic review-related expenses incurred in the fourth quarter of 2025.

淨損減少主要是因新加坡營運關閉後，直接人工與間接費用降低，以及 2024 年第四季在營收成本中認列的 110 萬美元費用。該等費用主要與存貨沖銷有關，原因是某客戶較預期更早逐步淘汰一項既有方案。上述成本改善部分被 2025 年第四季發生的策略檢討相關費用所抵銷。

Non-GAAP adjusted EBITDA loss for Q4 2025 was $2.5 million compared to $4.5 million in the fourth quarter of 2024. The decreased loss was a result from the production transition to our Thailand facility in 2025, the charge to cost of revenue in Q4 2024, and the disciplined spending of operating expenses as we executed on our P-A-T strategic initiatives, as mentioned earlier. 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 年第四季非 GAAP 調整後 EBITDA 虧損為 250 萬美元，相較於 2024 年第四季的 450 萬美元。虧損縮小係由於 2025 年生產轉移至泰國廠、2024 年第四季的營收成本一次性費用，以及如前所述在執行 P-A-T 策略計畫時對營業費用的紀律性支出。在今日簡報的附錄中，我們提供了 GAAP 與非 GAAP 財務資訊的完整調節表，該內容亦包含於我們的財報新聞稿中。

Turning now to our fiscal year 2025 financials. Fiscal year 2025 revenue was $21.5 million, a decrease of $5.1 million compared to the prior-year period, primarily the result of the intentional exit of certain lower-margin legacy business.

接著談我們 2025 會計年度的財務數據。2025 會計年度營收為 2,150 萬美元，較前一年度同期減少 510 萬美元，主要是因我們有意退出部分較低毛利的既有業務。

Fiscal year 2025 GAAP and non-GAAP gross margin was 6.1% and 14.3%, respectively, compared to GAAP and non-GAAP gross margin of 1.3% and 8%, respectively, in fiscal year 2024. This year-over-year margin expansion reflects a more favorable product mix and significant operational efficiencies following the successful completion of our manufacturing transition to Thailand.

2025 會計年度 GAAP 與非 GAAP 毛利率分別為 6.1% 與 14.3%，相較於 2024 會計年度 GAAP 與非 GAAP 毛利率分別為 1.3% 與 8%。此一毛利率的年增擴張反映出更有利的產品組合，以及在我們成功完成製造轉移至泰國後所帶來的顯著營運效率提升。

GAAP and non-GAAP operating expenses for fiscal year 2025, including research and development, sales and marketing, general and administrative and restructuring and severance totaled $23.5 million and $17.6 million, respectively, as compared to $28.3 million and $17.9 million, respectively, in fiscal year 2024. Fiscal year 2024 GAAP operating expenses included $5.3 million of incremental strategic review-related costs compared to 2025.

2025 會計年度 GAAP 與非 GAAP 營業費用（包括研發、銷售與行銷、一般與行政，以及重整與資遣）合計分別為 2,350 萬美元與 1,760 萬美元，相較於 2024 會計年度分別為 2,830 萬美元與 1,790 萬美元。2024 會計年度 GAAP 營業費用包含相較於 2025 年新增的 530 萬美元策略檢討相關成本。

Fiscal year GAAP net loss from continuing operations was $18 million or $0.79 per basic and diluted share compared to GAAP net loss from continuing operations of $25.9 million or $1.14 per basic and diluted share in fiscal year 2024.

本會計年度持續營運之 GAAP 淨損為 1,800 萬美元，或每股基本及稀釋虧損 0.79 美元；相較於 2024 會計年度持續營運之 GAAP 淨損為 2,590 萬美元，或每股基本及稀釋虧損 1.14 美元。

Non-GAAP adjusted EBITDA loss for fiscal year 2025 was $14.5 million compared to $15.8 million in fiscal year 2024. This relative stability in adjusted EBITDA despite lower year-over-year revenues was primarily driven by the reduction in manufacturing overhead and targeted allocation of operating expenses as we execute on our P-A-T strategic initiatives.

2025 會計年度非 GAAP 調整後 EBITDA 虧損為 1,450 萬美元，相較於 2024 會計年度為 1,580 萬美元。在年對年營收下降的情況下，調整後 EBITDA 仍相對穩定，主要係因我們在推動 P-A-T 策略倡議的同時，降低製造間接費用並對營業費用進行有針對性的配置。

Moving now to the balance sheet. We exited Q4 2025 with $128.9 million (sic - see press release, "$128.6 million) in cash, cash equivalents and restricted cash, which is a sequential increase of $2.3 million over the third quarter of 2025. This increase included an income tax refund of $2.9 million and a prepayment of $2.8 million from a new customer to procure product for their full 2026 projected sales volumes. Excluding these items, operating cash usage net of interest income for the fourth quarter was approximately $3.4 million.

接下來談資產負債表。我們在 2025 年第四季結束時，現金、約當現金及受限制現金為 1.289 億美元（原文如此—請參閱新聞稿，「1.286 億美元」），較 2025 年第三季季增 230 萬美元。此一增加包含 290 萬美元的所得稅退稅，以及一位新客戶為採購產品以滿足其 2026 年全年預估銷售量而支付的 280 萬美元預付款。排除上述項目後，第四季營運現金使用（扣除利息收入後）約為 340 萬美元。

Our working capital exiting Q4 was $133.3 million. Our balance sheet remains strong as we move into 2026. In our 10-K filing, we will be providing a full reconciliation of full year cash flows. For completeness, we have included the full balance sheet in the appendix of today's earnings release.

我們在第四季結束時的營運資金為 1.333 億美元。展望 2026 年，我們的資產負債表仍然穩健。在我們的 10-K 申報文件中，我們將提供全年現金流量的完整調節表。為求完整起見，我們已在今日財報新聞稿的附錄中納入完整的資產負債表。

As we look ahead into 2026, we anticipate Q1 sales of $6.7 million to $7.2 million, which includes the benefit of one of our new customers ordering their full-year volume in Q1. This would be an anticipated increase of 26% to 35% over the $5.3 million in sales that we reported for Q1 of 2025.

展望 2026 年，我們預期第一季銷售額為 670 萬至 720 萬美元，其中包含我們一位新客戶在第一季下單其全年需求量所帶來的效益。相較於我們在 2025 年第一季所報告的 530 萬美元銷售額，這將是預期增加 26% 至 35%。

Throughout 2026, we do expect some near-term variability in gross margins as we begin scaling production for the IFCO program and for another new customer in Q1. This reflects the typical dynamics of ramping production for large programs. It's important to note that the underlying cost structure improvements from our manufacturing transition remain in place. As these programs mature and volume scale, we believe they will support attractive long-term margin performance.

在 2026 年全年，隨著我們在第一季開始為 IFCO 專案以及另一位新客戶擴大量產，我們確實預期毛利率在短期內會有一定波動。這反映了大型專案在產能爬坡時的典型動態。需要強調的是，我們製造轉移所帶來的基礎成本結構改善仍然存在。隨著這些專案成熟並且規模放量，我們相信它們將支撐具吸引力的長期毛利率表現。

From a cash usage perspective, we expect to use $14 million to $16 million in 2026, excluding strategic review-related costs. This includes the cash required to support ongoing operations, plus $3.5 million of capital expenditures primarily related to the IFCO production, $1 million increase in working capital to support growth, and $1.5 million to purchase chips, locking in favorable pricing required to fulfill orders, which extend past 2026.

就現金使用而言，我們預期 2026 年將使用 1,400 萬至 1,600 萬美元（不含策略檢討相關成本）。其中包含支應持續營運所需的現金，加上約 350 萬美元的資本支出（主要與 IFCO 量產相關）、為支援成長而增加 100 萬美元營運資金，以及 150 萬美元用於採購晶片，以鎖定履行訂單所需的有利價格，而這些訂單將延伸至 2026 年之後。

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

以上為財務部分的說明。接下來我把電話交回給 Kirsten。

Thanks, Ed. As you just heard, we delivered results that exceeded our guidance and expectations, a solid step forward as we continued executing against our Perform, Accelerate and Transform strategy. Our mission is clear. We provide digital identities for billions of fiscal objects, enabling real-time intelligence for the world's most demanding industries. While there is more work ahead to reach our long-term financial goals, we are encouraged by the tangible progress we made in 2025.

謝謝你，Ed。正如各位剛才所聽到的，我們交出超越指引與預期的成果；在持續執行 Perform、Accelerate 與 Transform 策略的過程中，這是向前邁出的穩健一步。我們的使命很清楚。我們為數十億個實體物件提供數位身分，讓全球要求最嚴苛的產業得以取得即時智慧。雖然距離達成我們的長期財務目標仍有更多工作要做，但我們對 2025 年所取得的具體進展感到鼓舞。

Perform. Under the Perform pillar, our focus is on strengthening and growing our core business while driving operational efficiency, scalability and margin expansion to create stronger long-term value for both our customers and our shareholders.

Perform。在 Perform 支柱之下，我們的重點是強化並成長核心業務，同時推動營運效率、可擴展性與毛利率擴張，為客戶與股東創造更強的長期價值。

In 2025, we achieved several important milestones that directly enhance the value we deliver. First, we completed a major two-year manufacturing transformation. We moved production of all RFID tags, inlays and labels to our Thailand facility and fully shut down the Singapore site. This transition has lower costs and improved efficiency, increased margins and is enabling faster, more reliable product delivery.

在 2025 年，我們達成數項重要里程碑，直接提升我們所提供的價值。首先，我們完成了一項為期兩年的重大製造轉型。我們將所有 RFID 標籤、嵌體（inlays）與標籤（labels）的生產移至泰國廠，並全面關閉新加坡據點。此一轉移降低成本並提升效率、提高毛利率，並使產品交付更快速且更可靠。

We also implemented new enterprise software systems, including a CRM platform and an MRP system to better integrate sales, demand planning and operations. These enhanced capabilities will increase visibility across the business and enable faster responses to customer needs, produce more accurate demand forecasting and generate higher product availability. As a result, we expect more efficient planning of raw materials and production, driving lower operating costs and supporting continued margin expansion.

我們也導入新的企業軟體系統，包括 CRM 平台與 MRP 系統，以更好地整合銷售、需求規劃與營運。這些強化的能力將提升跨部門的可視性，並使我們能更快速回應客戶需求、產出更精準的需求預測，並提高產品可供性。因此，我們預期原物料與生產規劃將更有效率，進而降低營運成本並支持毛利率持續擴張。

In addition, we completed our transition to a pure-play IoT company, fully separating from the physical security business sold to Vitaprotech after a 12-month transition period. This strategic focus allows us to concentrate all of our resources, innovation and capital on high-value IoT opportunities where we see the strongest long-term growth potential.

此外，在 12 個月的過渡期後，我們完成轉型為純 IoT 公司，並與已出售給 Vitaprotech 的實體安防業務完全分離。此一策略聚焦使我們能將所有資源、創新與資本集中投入於高價值的 IoT 機會，亦即我們認為具備最強長期成長潛力的領域。

On the commercial side, we completed the build-out of our team, adding market development and business development capabilities and reoriented the company around a stronger customer-centric operating mode. Throughout the year, we converted 29 new pipeline opportunities into sales, which generated $1.2 million in revenue with continued growth expected as these customers reach steady-state adoption.

在商務面，我們完成團隊建置，新增市場開發與業務開發能力，並將公司重新導向更強的以客戶為中心的營運模式。全年我們將 29 個新的管線機會轉化為銷售，帶來 120 萬美元營收；隨著這些客戶達到穩態採用，預期仍將持續成長。

Our marketing communications function was rebuilt following the separation, culminating in the launch of our new corporate website in January, which more clearly communicates our technology leadership, market positioning and value proposition. I encourage all of you to check it out if you have not already done so.

我們在分拆後重建了行銷傳播職能，並於 1 月推出全新的公司網站，更清楚傳達我們的技術領導地位、市場定位與價值主張。若各位尚未瀏覽，我鼓勵大家前往看看。

Looking ahead to 2026, our focus is on translating the stronger operational foundation into profitable growth. We are shifting to a make-to-forecast production model for key customers, supported by predictive demand planning that better aligns inventory with customer demand, lowers raw material costs through higher volume purchasing and improved factory utilization.

展望 2026 年，我們的重點是將更強的營運基礎轉化為獲利性成長。我們正轉向針對關鍵客戶的「依預測生產」（make-to-forecast）模式，並以預測式需求規劃作為支撐，使庫存能更貼近客戶需求，透過更高量的採購降低原物料成本，並提升工廠稼動率。

Quarterly sales and operations planning sessions will align our sales operations and supply chain teams around a single demand plan and disciplined production execution, enabling better overall service for our customers. These capabilities position us to support large deployment customer programs such as IFCO and scale them more rapidly.

每季的銷售與營運規劃會議將使我們的銷售營運與供應鏈團隊圍繞單一需求計畫與嚴謹的生產執行對齊，從而為客戶提供更佳的整體服務。這些能力使我們得以支援如 IFCO 等大型部署客戶專案，並更快速地擴大其規模。

With improved forecasting, shorter lead times and a more flexible manufacturing platform, we can respond more quickly to new sales opportunities and bring new products to market more efficiently. This combination of operational discipline and commercial focus enables us not only to operate more efficiently, but also to pursue growth opportunities more aggressively.

隨著預測能力提升、交期縮短以及更具彈性的製造平台，我們能更快速回應新的銷售機會，並更有效率地將新產品推向市場。這種營運紀律與商業聚焦的結合，使我們不僅能更有效率地營運，也能更積極地追求成長機會。

We will also launch targeted cost reduction initiatives on key products and deepen engagement with key customers through strategic business reviews. Together, these initiatives will strengthen execution and ensure the operational investments of the past two years translate directly into faster growth and long-term value creation.

我們也將針對關鍵產品推出聚焦式的成本降低計畫，並透過策略性業務檢討（strategic business reviews）深化與關鍵客戶的互動。這些措施將共同強化執行力，並確保過去兩年的營運投資能直接轉化為更快的成長與長期價值創造。

Accelerate. Under the Accelerate pillar, our focus is on driving growth in high-value segments through innovation, particularly in BLE technology and multi-component manufacturing.

加速（Accelerate）。在「加速」支柱下，我們的重點是透過創新推動高價值細分市場的成長，特別是在 BLE 技術與多組件製造方面。

In 2025, we made meaningful progress across our innovation pipeline. We advanced our BLE smart label programs, producing the first 30,000 units for IFCO proof-of-concept trials. These trials provided valuable feedback that is helping us refine the product design ahead of scale-up and mass production.

2025 年，我們在創新管線上取得了具體進展。我們推進了 BLE 智慧標籤計畫，為 IFCO 的概念驗證（proof-of-concept）試驗生產了首批 30,000 個單位。這些試驗提供了寶貴回饋，協助我們在擴產與量產前精進產品設計。

We also shipped our first orders of Wiliot's next-generation Pixels. In addition, we completed five customer-driven new product development projects that are shifting to commercialization, including applications in wine authentication, medication compliance and water safety.

我們也出貨了 Wiliot 次世代 Pixels 的首批訂單。此外，我們完成了五項由客戶驅動的新產品開發專案，並正轉入商業化階段，其中包括葡萄酒防偽、用藥依從性與用水安全等應用。

We expanded our partner ecosystem through strategic agreements, including with InPlay, Tag-N-Trac, Novanta, Narravero, IFCO, and Wiliot. These partnerships are a key component of our Accelerate strategy, aligning us closely with organizations building complementary elements of IoT-enabled solutions.

我們透過策略性協議擴大合作夥伴生態系，包括與 InPlay、Tag-N-Trac、Novanta、Narravero、IFCO 以及 Wiliot 的合作。這些合作關係是我們「加速」策略的關鍵組成，使我們能與打造 IoT 賦能解決方案互補要素的組織緊密對齊。

We also finalized detailed BLE and high-value segment RFID road maps to closely align our innovation efforts with market opportunities, our core competencies and customer priorities. In 2026, we are working to build on this momentum.

我們也完成了詳細的 BLE 與高價值細分市場 RFID 路線圖，以使我們的創新工作能與市場機會、核心能力與客戶優先事項緊密對齊。2026 年，我們將在此動能基礎上持續推進。

A major focus will be completing development for the IFCO BLE smart label program and ramping production to support more than 100 million units per year. In partnership with IFCO, we are expanding our capacity in multicomponent manufacturing to support these volumes. This program represents a transformational opportunity for both our business and the fresh food logistics industry as IFCO works to bring unprecedented digital visibility to the global fresh food supply chain, reducing waste and supporting a more sustainable circular food system.

一項主要重點將是完成 IFCO BLE 智慧標籤計畫的開發，並將產能爬坡至每年支援超過 1 億個單位。我們將與 IFCO 合作，擴充多組件製造產能以支援上述出貨量。隨著 IFCO 致力於為全球生鮮食品供應鏈帶來前所未有的數位可視性、降低浪費並支持更永續的循環型食品系統，該計畫對我們的業務以及生鮮物流產業而言都代表一個具變革性的機會。

In terms of artificial intelligence, we are developing a BLE AmbientChat.ai demonstration platform to showcase the value of connecting the physical and digital worlds enhanced by real-time intelligence powered by AI. In addition, several programs from our BLE road map will advance this year, focusing on high-value applications across health care, industrial and logistics markets.

在人工智慧方面，我們正在開發 BLE AmbientChat.ai 示範平台，以展示在 AI 驅動的即時智慧加持下，連結實體與數位世界的價值。此外，我們 BLE 路線圖中的多項計畫也將於今年推進，聚焦於醫療照護、工業與物流市場的高價值應用。

In particular, we expect to commercialize our ID-BLU smart label, utilizing the next-generation in-play chip later this year. Together, these initiatives are designed to accelerate growth in our high-value segments and maximize the commercial impact of our BLE and IoT innovation platforms.

尤其是，我們預期將於今年稍晚商業化推出 ID-BLU 智慧標籤，並採用次世代 InPlay 晶片。整體而言，這些措施旨在加速我們高價值細分市場的成長，並最大化我們 BLE 與 IoT 創新平台的商業影響力。

Transform. Our third pillar, Transform, focuses on expanding the business through strategic M&A that accelerates EBITDA breakeven, broadens our product portfolio, enhances technical capabilities and seeks to increase shareholder value. We have a dedicated team working with our financial adviser, Raymond James, to evaluate our strategic alternatives. Transform remains a top priority this year.

轉型（Transform）。我們的第三個支柱「轉型」聚焦於透過策略性併購（M&A）擴大業務，以加速達成 EBITDA 損益兩平、擴充產品組合、強化技術能力，並致力提升股東價值。我們有一支專責團隊與財務顧問 Raymond James 合作，評估我們的策略選項。「轉型」今年仍是最優先事項之一。

Our metrics. In 2025, we began reporting several new metrics to monitor our progress against strategic objectives. We learned a lot, made some refinements and have established targets for 2026.

我們的衡量指標。2025 年，我們開始揭露數項新指標，以監測我們相對於策略目標的進展。我們學到很多、做了一些調整，並已為 2026 年設定目標。

First, new sales pipeline and conversion rate. This metric tracks opportunities with new customers or customers we haven't sold to in over two years. By year-end, the pipeline included 101 opportunities, up 35% from the start of the year.

第一，新銷售管線與轉換率。此指標追蹤來自新客戶，或我們超過兩年未曾銷售的客戶之商機。截至年底，管線包含 101 個商機，較年初增加 35%。

As mentioned, throughout the year, we converted 29 of the opportunities totaling $1.2 million in sales. This represents a 28% conversion rate of the current pipeline or 16% when including opportunities that were lost or removed during the year. Our 2026 goal is to grow the pipeline to 125 opportunities and convert at least 35 by the end of the year.

如前所述，全年我們轉換了 29 個商機，合計帶來 120 萬美元的銷售額。這相當於目前管線的 28% 轉換率；若將年度內流失或移除的商機納入，則為 16%。我們 2026 年的目標是將管線擴大至 125 個商機，並在年底前至少轉換 35 個。

Second, new product development projects. This metric tracks the 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 four, there were 18 active NPD projects, 10 customer-driven and eight internally driven. We will continue to measure our NPD pipeline, but will not be setting a 2026 target as our focus will be to ensure enough resources are allocated to producing the multimillion volumes needed by IFCO.

第二，新產品開發（NPD）專案。此指標追蹤進行中的 NPD 計畫數量。這些專案涉及開發全新的 RFID 或 BLE 標籤天線嵌體（inlays）或標籤（labels）。截至第四季末，共有 18 個進行中的 NPD 專案，其中 10 個由客戶驅動、8 個由內部驅動。我們將持續衡量 NPD 管線，但不會設定 2026 年目標，因為我們的重點將是確保投入足夠資源，以生產 IFCO 所需的數百萬量級出貨。

Third, NPD project completion. This metric captures the number of NPD projects completed within the quarter. In quarter four, we completed one customer-driven project, bringing us to a total of five for the full year. The project completed in quarter four is for mass transit application. Our target for 2026 is to complete five to seven NPD projects, including IFCO.

第三，NPD 專案完成數。此指標反映當季完成的 NPD 專案數量。第四季我們完成了一個由客戶驅動的專案，使全年完成總數達到五個。第四季完成的專案為大眾運輸應用。我們 2026 年的目標是完成 5 至 7 個 NPD 專案（包含 IFCO）。

We are pleased with the progress we made in 2025 advancing our Perform, Accelerate and Transform strategy. Our fourth-quarter results show encouraging momentum, including gross margin improvement following the completion of our production transition to Singapore.

我們對 2025 年在推進「執行（Perform）」、「加速（Accelerate）」與「轉型（Transform）」策略方面所取得的進展感到滿意。我們第四季的結果顯示出令人鼓舞的動能，包括在完成將生產轉移至新加坡後，毛利率有所改善。

In addition, the advancements that the Board has overseen in 2025 are not only related to operational and financial improvements, but it has also taken several shareholder-friendly actions to improve our governance profile over the past 12 months. Such actions include the declassification of the Board with each of the directors now being annually elected and enhancing the Board's collective expertise with the addition of Mick Lopez, a seasoned financial expert and former CFO.

此外，董事會在 2025 年所監督推動的進展，不僅與營運與財務改善相關；在過去 12 個月中，董事會也採取了多項有利股東的行動，以提升我們的公司治理形象。這些行動包括取消董事會分級改選（declassification），使每位董事皆改為每年改選，以及新增 Mick Lopez（資深財務專家、前任 CFO）以強化董事會的整體專業能力。

As we move into 2026, we are focused on building on the operational foundation established last year, scaling production for IFCO, expanding our customer base, and launching new products. With our strategy in place and strong execution ahead, we believe we are well positioned to capture opportunities in the rapidly growing global IoT market.

展望 2026 年，我們將聚焦於在去年建立的營運基礎上持續深化，為 IFCO 擴大量產、擴展客戶基礎，並推出新產品。在策略到位且執行力強勁的前提下，我們相信自己已具備良好定位，可掌握快速成長的全球 IoT 市場機會。

I want to thank our employees, customers, partners and shareholders for their continued trust and support. We are encouraged by our progress and excited about the opportunities ahead in the RFID and BLE markets.

我要感謝我們的員工、客戶、合作夥伴與股東持續的信任與支持。我們對自身進展感到振奮，也對 RFID 與 BLE 市場的未來機會充滿期待。

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

接下來，我想開放各位提問。接線員，請開啟提問佇列。

(Operator Instructions) Jaeson Schmidt, Lake Street.

(接線員指示) Jaeson Schmidt，Lake Street。

Just want to dig in a bit more on the IFCO opportunity. Obviously, it's noted that they have over 400 million units out there, and you guys are obviously scaling in anticipation to support a large number. But how should we think about this revenue opportunity from an ASP and gross margin profile standpoint?

我想再更深入了解一下 IFCO 這個機會。很明顯地，資料提到他們在外部已有超過 4 億個單位，而你們也正在為支援大量需求而擴產。但從 ASP（平均銷售單價）與毛利率結構的角度，我們應該如何看待這個營收機會？

Yeah, sure. So we're very excited about the IFCO project. We've been working on development for the past year, and so very thrilled that we were able to announce the signing of the agreement.

是的，當然。我們對 IFCO 專案感到非常興奮。過去一年我們一直在進行開發，因此非常高興我們能夠宣布已簽署該協議。

We are scaling up to 100 million units of capacity per year and they do want to tag their full 400 million and growing plus of reusable plastic containers. They also have to replace approximately 10% of those per year. So there's the ongoing opportunity to continue to support their full pool of plastic containers.

我們正把產能擴大到每年 1 億個單位，而他們確實希望為其全部 4 億個且持續成長的可重複使用塑膠周轉箱貼標。他們也必須每年更換其中約 10%。因此，這帶來了持續性的機會，讓我們能夠繼續支援他們完整的塑膠容器池。

So we aren't talking specifically about the pricing or specific gross margin, but it is a higher price point than our average price per product, which I think we've previously told around $0.15. And it's also a lower price than we anticipate our standard BLE label, which we've publicly announced is going to be less than $1. So somewhere in that range.

因此我們不會具體談定價或特定毛利率，但它的單價高於我們的平均單價（我想我們先前提過約為 0.15 美元）。同時，它也低於我們預期的標準 BLE 標籤價格；我們已公開宣布該價格將低於 1 美元。所以大概會落在那個區間。

And obviously, gross margins, it is a true partnership with IFCO. They are investing CapEx along with us to scale up. They are committing to a certain volume. And so with that, we are -- the gross margin will be less than our target gross margin of 30%, but still a very, very great opportunity for us.

而且很明顯，就毛利率而言，這是與 IFCO 的真正合作夥伴關係。他們會與我們一起投入資本支出（CapEx）以擴產。他們承諾一定的採購量。因此在這樣的條件下，我們的毛利率會低於我們 30% 的目標毛利率，但對我們而言仍是非常、非常好的機會。

Got you. That's helpful. And just to clarify, are you guys sole sourced here? How many potential suppliers are there?

了解。這很有幫助。再確認一下，你們在這裡是唯一供應來源嗎？潛在供應商有多少家？

It's an exclusive agreement. So this is an exclusive agreement. We will be developing this product exclusively for them, and then we will be the exclusive supplier for them over the term of the agreement.

這是一份獨家協議。所以這是一份獨家協議。我們將專為他們獨家開發這項產品，並且在協議期限內，我們將成為他們的獨家供應商。

Okay. Perfect. And then just the last one for me, and I'll jump back in the queue. When you think about your new opportunity pipeline, can you give us a rough sense of sort of how that breaks down by end market?

好的。完美。最後一個問題，問完我就回到隊列。談到你們新的機會管線，你們能否大致說明一下按終端市場的拆分情況？

Yeah. So kind of in our current pipeline, so the customer-driven opportunities that we have in our pipeline, it's roughly 25% of them are for health care. I would say another, probably, 25% for logistics, probably another 25% for food and beverage and then the rest is a variety of applications.

可以。就我們目前的管線而言，也就是由客戶驅動、目前在管線中的機會，大約 25% 來自醫療保健。我會說另外大概 25% 來自物流，再大概 25% 來自食品與飲料，其餘則是各式各樣的應用。

Tony Stoss, Craig-Hallum.

Tony Stoss，Craig-Hallum。

It's Ryan on for Tony Stoss. Just following up on the last question about your pipeline. I think last quarter, you said about two-thirds is at or above your 30% gross margin target. Any changes there? And if you could, what percentage of revenue in the December quarter were from these new opportunities?

我是 Ryan，代 Tony Stoss 發言。接續上一題關於你們的管線。我記得上季你們說大約三分之二的項目達到或高於你們 30% 的毛利率目標。這方面有任何變化嗎？另外，如果可以的話，12 月季度的營收中，有多少百分比來自這些新機會？

So anything that's in our NPD pipeline, those are being developed. So there would be nothing in our quarter four that is in our NPD pipeline. Those are new product development, they're in process.

凡是在我們 NPD 管線中的項目都仍在開發中。因此在我們第四季不會有任何來自 NPD 管線的項目。那些是新產品開發，仍在進行中。

And I would still say that roughly two-thirds of the opportunities in the NPD pipeline would be in higher margin targets because these are more specialized, highly engineered products that we're developing. They're not from our standard product portfolio. So in order to accept them into the pipeline, we would want to see that margins would be slightly higher than average.

而我仍會說，NPD 管線中的機會大約有三分之二會落在較高毛利目標，因為這些是我們正在開發的更專業、工程化程度更高的產品。它們並非來自我們的標準產品組合。因此，為了把它們納入管線，我們會希望看到其毛利率略高於平均水準。

Okay. Got it. And then one more on the IFCO deal. It was nice to see that supply agreement come in. It said there was a development phase that needed completion.

好的。了解。再問一個關於 IFCO 交易的問題。很高興看到那份供應協議落地。其中提到需要完成一個開發階段。

I'm curious what kind of that looks like throughout the year. And it seems like the plan is still to ramp towards the end of the year towards the larger volumes.

我想了解這在全年大概會是什麼樣的進度安排。而且看起來計畫仍是在年底、朝更大出貨量的方向爬坡。

Yeah. So we will be -- we are still in product development. We are still making final design changes to it. We will continue to be producing in lower volumes throughout the year for pilots and testing and so on. But the significant ramp-up will be at the end of the year, quarter four.

是的。所以我們將會——我們仍在產品開發階段。我們仍在做最後的設計變更。在全年我們會持續以較低的產量生產，用於試點、測試等等。但顯著的放量會在年底，也就是第四季。

Rebecca Zamsky, B. Riley Securities.

Rebecca Zamsky，B. Riley Securities。

I'm on for Craig Ellis. Could you provide some color on the relative contribution and the visibility of the gross margin drivers in 2026, whether that be the Singapore [cost elimination filed], and yield improvements, NPD mix shift and the IFCO ramp?

我代 Craig Ellis 提問。你能否補充一些資訊，說明 2026 年毛利率驅動因素的相對貢獻與可見度？例如新加坡（[成本消除 filed]）、良率改善、NPD 組合轉移，以及 IFCO 的放量爬坡？

I'm sorry. So just trying to clarify the question. So are you asking just about our kind of gross margin expectations as we go into 2026?

不好意思。我想先確認一下問題。所以你是在問我們進入 2026 年時，對毛利率的預期嗎？

Yeah. Like could you just like provide some color on the relative contribution of the gross margin drivers?

對。例如你能否補充一下毛利率驅動因素的相對貢獻？

So you're asking about what we're expecting from a gross margin perspective as we move into 2026 as compared to --

所以你是在問，與-- 相比，我們在邁入 2026 年時，從毛利率角度預期會如何？

Yes.

是的。

Okay. Yes. So as we mentioned earlier on the call, we did finish the year at a non-GAAP 25.6% margin. But as we move into 2026, we do anticipate near-term variability as we start scaling for the IFCO project and as well as we have -- we're onboarding a new customer in Q1.

好的。是的。如同我們先前在電話會議中提到的，我們以非 GAAP 25.6% 的毛利率結束了本年度。但在邁入 2026 年時，隨著我們開始為 IFCO 專案擴產，以及我們在第一季導入一位新客戶，我們預期短期內毛利率會有波動。

So that will -- in the near term, we're expecting some variability. But if you look at -- and we look at our current customer base, we're definitely seeing strength and improvement, and we expect expansion of the margin as we progress through 2026 with our current customer base.

因此——短期內我們預期會有一些波動。但如果你看——我們看我們目前的客戶基礎，我們確實看到強勁與改善，並且預期在 2026 年的推進過程中，隨著現有客戶基礎的表現，毛利率將逐步擴張。

I'd like to turn the floor back to Kirsten Newquist for closing remarks.

我想把時間交回給 Kirsten Newquist 作結語。

Okay. Well, thank you. Thank you, everyone, for joining. We are pleased to share our fourth-quarter results and summarize our full-year 2025. So thank you for joining us today, and we'll talk to you next quarter.

好的。那麼謝謝。謝謝各位的參與。我們很高興分享第四季業績並總結 2025 全年表現。感謝各位今天加入，我們下個季度再談。

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

謝謝。今天的電話會議到此結束，您現在可以掛斷電話線。感謝您的參與。