Impinj Inc (PI) 2025 Q2 法說會逐字稿

Welcome to the Impinj second quarter 2025 financial results conference call and webcast. (Operator Instructions) Please note, this event is being recorded.

歡迎參加 Impinj 2025 年第二季財務業績電話會議和網路廣播。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Mr. Andy Cobb, Vice President, Strategic Finance. Please go ahead.

現在，我想將會議交給策略財務副總裁安迪‧科布先生。請繼續。

Thank you, Asha. Good afternoon, and thank you all for joining us to discuss Impinj's second quarter 2025 results. On today's call, Chris Diorio, Impinj's Co-Founder and CEO, will provide a brief overview of our market opportunity and performance; Cary Baker, Impinj's CFO, will follow with a detailed review of our second quarter financial results and third quarter outlook. We will then open the call for questions.

謝謝你，阿莎。下午好，感謝大家加入我們討論 Impinj 2025 年第二季的業績。在今天的電話會議上，Impinj 聯合創始人兼首席執行官 Chris Diorio 將簡要介紹我們的市場機會和業績；Impinj 首席財務官 Cary Baker 將詳細回顧我們第二季度的財務業績和第三季度的展望。然後我們將開始提問。

You can find management's prepared remarks plus trended financial data on the company's Investor Relations website. We will make statements in this call about financial performance and future expectations that are based on our outlook as of today. Any such statements are forward-looking under the Private Securities Litigation Reform Act of 1995, whereas we believe we have a reasonable basis for making these forward-looking statements, our actual results could differ materially because any such statements are subject to risks and uncertainties.

您可以在公司的投資者關係網站上找到管理層準備好的評論以及趨勢財務數據。我們將在本次電話會議上根據我們今天的展望對財務業績和未來預期做出聲明。根據 1995 年《私人證券訴訟改革法》，任何此類陳述均具有前瞻性，儘管我們認為我們有合理的基礎做出這些前瞻性陳述，但我們的實際結果可能存在重大差異，因為任何此類陳述都受風險和不確定性的影響。

We describe these risks and uncertainties in the annual and quarterly reports we file with the SEC. We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, except as required by law.

我們在向美國證券交易委員會提交的年度和季度報告中描述了這些風險和不確定性。除法律要求外，我們不承擔更新或修改我們的前瞻性聲明的任何義務，並明確否認任何更新或修改我們的前瞻性陳述的義務。

On today's call, all financial metrics, except for revenue or where we explicitly state otherwise, are non-GAAP. All balance sheet and cash flow metrics, except for free cash flow are GAAP. Please refer to our earnings release for a reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics.

在今天的電話會議上，除收入或我們明確說明的其他財務指標外，所有財務指標均為非 GAAP。除自由現金流外，所有資產負債表及現金流量指標均採用 GAAP。請參閱我們的收益報告，以了解非 GAAP 財務指標與最具可比性的 GAAP 指標的對照組。

Before turning to our results and outlook, note that we will participate -- go for it, Tracy.

在談到我們的結果和展望之前，請注意我們將參與—加油，特蕾西。

This is Tracy Moran with Investor Relations. Before turning to the results and outlook, note that we will participate in the 14 Annual Needham Virtual Industrial Tech, Robotics and Clean Tech One-on-One Conference on August 19; the Jefferies Semiconductor, IT Hardware and Communications Technology Conference on August 26 in Chicago; the Evercore 2025 Semiconductor, IT Hardware and Networking Conference on August 27 in Chicago; the Goldman Sachs Communacopia and Technology Conference 2025 on September 9 in San Francisco; and the Piper Sandler Growth Frontiers Conference on September 11 in Nashville. We look forward to connecting with many of you at those events.

我是投資者關係部的 Tracy Moran。在討論結果和展望之前，請注意，我們將參加 8 月 19 日舉行的第 14 屆年度 Needham 虛擬工業技術、機器人和清潔技術一對一會議；8 月 26 日在芝加哥舉行的 Jefferies 半導體、IT 硬體和通訊技術會議；8 月 27 日在芝加哥舉行的 Evercore 2025 銀行硬體和通訊技術會議；8 月 27 日在芝加哥舉行的 Emuncore 2025 18 月 9999995 月 2076 月A片；和技術會議 2025；以及 9 月 11 日在納許維爾舉行的 Piper Sandler 成長前沿會議。我們期待在這些活動中與你們中的許多人建立聯繫。

I will now turn the call over to Chris.

現在我將電話轉給克里斯。

Thank you, Andy, and thank you, Tracy, and thank you all for joining the call. Our second quarter results were strong with revenue exceeding the upper end of our guide range. Adjusted EBITDA also exceeded our guide range while setting a new quarterly record. Endpoint ICs, reader ICs, readers and gateways all outperformed our expectations as category and use case expansion and 800 adoption and pull for Gen2X more than offset headwinds from tariffs, inflation and supply chain disruptions. We expect these same demand drivers to deliver sequential revenue growth in the third quarter.

謝謝你，安迪，謝謝你，特蕾西，謝謝大家參加電話會議。我們第二季的業績表現強勁，營收超過了我們預期範圍的上限。調整後的 EBITDA 也超出了我們的指導範圍，並創下了新的季度紀錄。端點 IC、閱讀器 IC、閱讀器和網關的表現都超出了我們的預期，因為類別和用例的擴展以及 800 個採用和對 Gen2X 的拉動足以抵消關稅、通貨膨脹和供應鏈中斷帶來的阻力。我們預計這些相同的需求驅動因素將在第三季帶來連續的營收成長。

Our solutions strategy, focused on using our platform to solve enterprise challenges, is central to our strong results and outlook. The examples are many. In the second quarter, a leading apparel retailer began deploying overhead reading, delivering reader IC revenue and, looking forward, endpoint IC share gains. We won two new use cases at the visionary European retailer that delivered meaningful reader revenue in the second quarter and will again in the third. We also won new use cases at the second large North American supply chain and logistics end user that will deliver meaningful reader revenue in the third and fourth quarters.

我們的解決方案策略專注於利用我們的平台來解決企業挑戰，這是我們強勁業績和前景的核心。這樣的例子還有很多。在第二季度，一家領先的服裝零售商開始部署開銷讀取技術，帶來讀取器 IC 收入，並有望帶來終端 IC 份額的成長。我們在這家富有遠見的歐洲零售商那裡贏得了兩個新的用例，它們在第二季度帶來了可觀的讀者收入，並將在第三季度再次帶來可觀的收入。我們還在第二大北美供應鏈和物流終端用戶中贏得了新的用例，這將在第三季和第四季帶來可觀的讀者收入。

And retail loss analytics, derived from the loss prevention solution we developed for the visionary European retailer, drove second quarter demand for our readers and endpoint ICs and should again in the third quarter. At all these accounts, we either have or are focused on winning high endpoint IC share. M800 and Gen2X play a starring role in our strategy.

零售損失分析源自於我們為富有遠見的歐洲零售商開發的損失預防解決方案，推動了第二季度對我們的閱讀器和終端 IC 的需求，並將在第三季度再次推動這一需求。在所有這些帳戶中，我們要么已經贏得高端 IC 份額，要么正在專注於贏得高端 IC 份額。M800 和 Gen2X 在我們的策略中扮演主角。

In addition to the aforementioned wins, multiple item-level food accounts today use M800 for its superior performance on hard-to-read items, and we are piloting Gen2X for further readability improvements. Apparel, accessories, jewelry and myriad other item categories see faster handheld inventory counting using M800 and Gen2X, saving labor time and cost and increasing ROI.

除了上述優點之外，如今多個商品級食品帳戶都使用 M800，因為它在難以讀取的商品上表現優異，而且我們正在試行 Gen2X，以進一步提高可讀性。服裝、配件、珠寶和無數其他商品類別可以使用 M800 和 Gen2X 進行更快的手持式庫存盤點，從而節省人工時間和成本並提高投資回報率。

I've mentioned Gen2X a few times, so I'd like to again highlight what it is and what it does. Gen2X is a compatible set of extensions to the industry radio protocol. It improves read range for small inlays, increasing the floor coverage of overhead readers. It speeds inventory and improves tag population management, benefiting loss prevention and loss analytics as well as decluttering tag environments in conveyors and truck loading. It speeds handheld inventory counting, reducing labor costs, and it does much more. Today, Gen2X is driving demand for our products and platform. Longer term, we expect it to be a key component of our industry's future.

我已經提到過幾次 Gen2X，所以我想再次強調它是什麼以及它的作用。Gen2X 是一組與產業無線電協定相容的擴充。它提高了小型嵌體的讀取範圍，增加了高架讀取器的地板覆蓋範圍。它加快了庫存盤點，改善了標籤數量管理，有利於損失預防和損失分析，並簡化了傳送帶和卡車裝載中的標籤環境。它加快了手持庫存盤點速度，降低了勞動成本，並且具有更多功能。如今，Gen2X 正在推動我們產品和平台的需求。從長遠來看，我們預計它將成為我們行業未來的關鍵組成部分。

Turning specifically to endpoint ICs. Our second quarter book-to-bill ratio was strong. Turns orders exceeded our expectations despite the macro softness. M800's superior performance, growing inlay certifications and Gen2X support paid dividends in sequential endpoint IC unit volume growth, even as partner channel inventory declined. Strong execution by our sales and operations teams, which helped our inlay partners navigate tariff-related sourcing challenges, also contributed to our results.

具體來說，針對端點 IC。我們第二季的訂單出貨比很高。儘管宏觀經濟疲軟，但訂單量仍超出了我們的預期。儘管合作夥伴通路庫存下降，但 M800 的卓越性能、不斷增長的鑲嵌認證和 Gen2X 支援仍帶來了端點 IC 單位銷售的連續成長。我們的銷售和營運團隊的強大執行力也幫助我們的鑲嵌合作夥伴應對了與關稅相關的採購挑戰，這也有助於我們的績效。

Looking to third quarter, we expect to again deliver sequential endpoint IC product revenue growth. In reader ICs, second quarter revenue declined sequentially due to significantly lower indie shipment volumes, that product line concludes its end of life. E Family revenue met expectations, buoyed by a first order for that retail overhead reading deployment.

展望第三季度，我們預期端點 IC 產品營收將再次實現持續成長。在閱讀器 IC 方面，第二季度收入環比下降，原因是獨立出貨量大幅下降，該產品線已結束其使用壽命。受零售間接閱讀部署首筆訂單的推動，E Family 收入達到了預期。

More than 50 E Family partner modules and readers now support Gen2X, creating a virtuous cycle of E Family reader ICs driving demand for M800 endpoint ICs and vice versa. Looking to third quarter, we anticipate strong E Family shipment volumes driving sequential reader IC revenue growth.

目前，超過 50 個 E 系列合作夥伴模組和讀卡機均支援 Gen2X，從而形成了 E 系列讀卡機 IC 推動 M800 端點 IC 需求的良性循環，反之亦然。展望第三季度，我們預計強勁的 E 系列出貨量將推動閱讀器 IC 收入持續成長。

Turning to readers and gateways. Second quarter revenue increased sequentially, led by the two new use cases at the visionary European retailer as well as retail demand for logs analytics. We will continue innovating our readers and gateways to solve enterprise challenges, especially using Gen2X, focused on creating a second virtuous M800 demand cycle. Looking to third quarter, we expect to again deliver sequential revenue growth, buoyed by the wins at the visionary European retailer and at the second large North American supply chain and logistics end user.

轉向讀者和門戶。第二季度營收環比成長，這得益於富有遠見的歐洲零售商的兩個新用例以及零售對日誌分析的需求。我們將繼續創新我們的閱讀器和網關來解決企業挑戰，特別是使用 Gen2X，專注於創造第二個良性的 M800 需求週期。展望第三季度，我們預計營收將再次實現連續成長，這得益於富有遠見的歐洲零售商以及北美第二大供應鏈和物流終端用戶的成功。

In closing, our solutions focus continues paying dividends in revenue, adjusted EBITDA, recurring endpoint IC volumes and market leadership. It is a key component of our strong financial results in an otherwise challenging retail environment. And our enterprise customers remain actively engaged despite the macro headwinds, extending their RAIN deployments to drive efficiencies, grow sales and improve their supply chain flexibility and resiliency.

最後，我們的解決方案重點將繼續在收入、調整後的 EBITDA、經常性端點 IC 數量和市場領導地位方面帶來回報。它是我們在充滿挑戰的零售環境中取得強勁財務表現的關鍵因素。儘管面臨宏觀不利因素，我們的企業客戶仍積極參與，擴大其 RAIN 部署，以提高效率、增加銷售額並改善其供應鏈的靈活性和彈性。

In addition, our market opportunity continues expanding with more opportunities for secular growth, especially in food, where product freshness, supply chain efficiencies and consumer self-checkout are collectively driving pallet and case level deployments and item-level pilots. Through it all, we continue managing our business with a steady hand, focused on extending our technology lead, market share, platform adoption and delighting our enterprise customers.

此外，我們的市場機會繼續擴大，擁有更多的長期成長機會，特別是在食品領域，產品新鮮度、供應鏈效率和消費者自助結帳共同推動著托盤和箱體級部署以及物品級試點。透過這一切，我們繼續穩健地管理我們的業務，專注於擴大我們的技術領先地位、市場份額、平台採用率並取悅我們的企業客戶。

As always, before I turn the call over to Cary for our financial review and third quarter outlook, I'd like to again thank every member of the Impinj team for your tireless effort. I feel honored by my incredible good fortune to work with you. Cary?

像往常一樣，在我將電話轉給 Cary 進行財務審查和第三季度展望之前，我想再次感謝 Impinj 團隊的每一位成員的不懈努力。我很榮幸能夠與您共事。卡里？

Thank you, Chris, and good afternoon, everyone. Second quarter revenue was $97.9 million, up 32% sequentially from $74.3 million in first quarter 2025 and down 4% year-over-year from $102.5 million in second quarter 2024. Second quarter endpoint IC revenue was $84.6 million, up 38% sequentially from $61.2 million in first quarter 2025 and down 5% year-over-year from $89.4 million in second quarter 2024.

謝謝你，克里斯，大家下午好。第二季營收為 9,790 萬美元，較 2025 年第一季的 7,430 萬美元較上季成長 32%，較 2024 年第二季的 1.025 億美元年減 4%。第二季端點 IC 營收為 8,460 萬美元，較 2025 年第一季的 6,120 萬美元較上季成長 38%，較 2024 年第二季的 8,940 萬美元年減 5%。

Excluding licensing revenue, endpoint IC product revenue grew 12% sequentially and declined 8% year-over-year, exceeding our expectations, albeit still at the low end of typical seasonal growth. We expect third quarter endpoint IC product revenue to increase sequentially, in line with typical seasonality. Second quarter systems revenue was $13.3 million, up 2% sequentially from $13.1 million in first quarter 2025 and up 1% year-over-year from $13.1 million in second quarter 2024.

不包括授權收入，終端 IC 產品收入環比成長 12%，年減 8%，超出我們的預期，儘管仍處於典型季節性成長的低端。我們預計第三季終端 IC 產品營收將季增，符合典型的季節性。第二季系統營收為 1,330 萬美元，較 2025 年第一季的 1,310 萬美元較上季成長 2%，較 2024 年第二季的 1,310 萬美元年增 1%。

Systems revenue exceeded our expectations, driven by reader strength. Looking forward, we expect third quarter systems revenue to increase sequentially, led by strong reader and gateway demand. Second quarter gross margin was 60.4% compared with 52.7% in first quarter 2025 and 58.2% in second quarter 2024. The sequential increase was driven primarily by licensing revenue.

在讀者人數強勁的推動下，系統收入超出了我們的預期。展望未來，我們預計第三季系統營收將環比成長，這主要得益於強勁的讀卡機和網關需求。第二季毛利率為 60.4%，而 2025 年第一季為 52.7%，2024 年第二季為 58.2%。連續成長主要得益於授權收入。

The year-over-year increase was driven primarily by endpoint IC product mix, specifically a richer mix of M800 and by licensing revenue. Excluding licensing revenue, second quarter product gross margin was 52.6% compared with 51% in second quarter 2024. Looking forward, we expect third quarter product gross margin to increase sequentially. Total second quarter operating expense was $31.5 million compared with $32.6 million in first quarter 2025 and $32.8 million in second quarter 2024. Operating expense was below expectations as our team exercised good fiscal discipline.

年比成長主要得益於端點 IC 產品組合，特別是更豐富的 M800 產品組合以及授權收入。不計授權收入，第二季產品毛利率為52.6%，而2024年第二季為51%。展望未來，我們預期第三季產品毛利率將較上季上升。第二季總營運費用為 3,150 萬美元，而 2025 年第一季為 3,260 萬美元，2024 年第二季為 3,280 萬美元。由於我們的團隊實行良好的財務紀律，營運費用低於預期。

Research and development expense was $17.5 million. Sales and marketing expense was $6.7 million. General and administrative expense was $7.3 million. Looking forward, we expect third quarter operating expense to increase sequentially. Second quarter adjusted EBITDA was $27.6 million compared with $6.5 million in first quarter 2025 and $26.8 million in second quarter 2024.

研發費用為1750萬美元。銷售和行銷費用為 670 萬美元。一般及行政開支為 730 萬美元。展望未來，我們預計第三季的營運費用將較上季增加。第二季調整後的 EBITDA 為 2,760 萬美元，而 2025 年第一季為 650 萬美元，2024 年第二季為 2,680 萬美元。

Second quarter adjusted EBITDA margin was 28.2%, a new quarterly record. Excluding licensing revenue, adjusted EBITDA margin was 14.2%. Second quarter GAAP net income was $11.6 million. Second quarter non-GAAP net income was $24.5 million or $0.80 per share on a fully diluted basis. Turning to the balance sheet.

第二季調整後的 EBITDA 利潤率為 28.2%，創下季度新高。不包括授權收入，調整後的 EBITDA 利潤率為 14.2%。第二季 GAAP 淨收入為 1,160 萬美元。第二季非公認會計準則淨收入為 2,450 萬美元，即每股 0.80 美元（完全稀釋後）。轉向資產負債表。

We ended the second quarter with cash, cash equivalents and investments of $260.5 million compared with $232.5 million in first quarter 2025 and $220.2 million in second quarter 2024. Inventory totaled $96.2 million, down $2.3 million from the prior quarter. Second quarter capital expenditures totaled $6.5 million. Free cash flow was $27.3 million.

截至第二季度，我們的現金、現金等價物和投資為 2.605 億美元，而 2025 年第一季為 2.325 億美元，2024 年第二季為 2.202 億美元。庫存總額為 9,620 萬美元，比上一季減少 230 萬美元。第二季資本支出總計 650 萬美元。自由現金流為2730萬美元。

Before turning to our guidance, I want to highlight a few items specific to our results and outlook. First, both gross margin and adjusted EBITDA margin set new quarterly records, an important milestone toward our long-term financial targets. More work remains, but I continue to be encouraged by our progress.

在談到我們的指導之前，我想強調一些與我們的業績和前景有關的內容。首先，毛利率和調整後的EBITDA利潤率均創下了新的季度記錄，這是我們實現長期財務目標的重要里程碑。雖然還有更多工作要做，但我們的進展仍然讓我感到鼓舞。

Second, we anticipate product gross margin to increase in the third quarter, driven by higher M800 mix and sell-through of lower-cost wafers. We anticipate further gross margin benefit from these factors in the fourth quarter. Finally, given the continuing tariff-related uncertainty and volatility, we are again assuming minimal turns at the midpoint of our revenue guidance.

其次，我們預計第三季產品毛利率將會增加，這得益於更高的 M800 組合和低成本晶圓的銷售。我們預計第四季的毛利率將進一步受益於這些因素。最後，鑑於與關稅相關的不確定性和波動性持續存在，我們再次假設收入預期中點的轉變很小。

Turning to our outlook. We expect third quarter revenue between $91 million and $94 million, compared with product revenue of $81.9 million in second quarter 2025, a quarter-over-quarter increase of 13% at the midpoint. We expect adjusted EBITDA between $15.6 million and $17.1 million. On the bottom line, we expect non-GAAP net income between $14 million and $15.5 million, reflecting non-GAAP fully diluted earnings per share between $0.47 and $0.51.

轉向我們的展望。我們預計第三季營收在 9,100 萬美元至 9,400 萬美元之間，而 2025 年第二季的產品營收為 8,190 萬美元，以中位數計算季增 13%。我們預計調整後的 EBITDA 在 1560 萬美元至 1710 萬美元之間。總體而言，我們預計非 GAAP 淨收入在 1,400 萬美元至 1,550 萬美元之間，反映非 GAAP 完全稀釋每股收益在 0.47 美元至 0.51 美元之間。

In closing, I want to thank the Impinj team, our customers, our suppliers and you, our investors, for your ongoing support.

最後，我要感謝 Impinj 團隊、我們的客戶、我們的供應商以及您，我們的投資者，感謝您一直以來的支持。

I will now turn the call to the operator to open the question-and-answer session. Operator?

我現在將電話轉給接線生，開始問答環節。操作員？

(Operator Instructions) Harsh Kumar, Piper Sandler.

（操作員指示）Harsh Kumar、Piper Sandler。

Yeah, hey. First of all, Andy, we like working with you a lot. We hope you're okay, and you're simply overcome with emotions with the great results you're putting up. So I hope you're well. Question for Cary.

是啊，嘿。首先，安迪，我們非常喜歡和你一起工作。我們希望你一切安好，你只是為自己所取得的優異成績而感到興奮。我希望你一切都好。問卡里 (Cary) 一個問題。

Cary, as you look at your results of the strong beat you put up in the June quarter, you didn't have turns in there before. So I guess my first question is I want to understand how much of the beat in 2Q was turns related and how much of it was just tremendous strength that you saw?

卡里，當你回顧你在六月季度取得的強勁業績時，你會發現你之前並沒有遇到過這樣的情況。所以我想我的第一個問題是，我想了解第二季的節拍有多少與轉彎有關，有多少只是您所看到的巨大力量？

And then you're saying that you have minimal amount of turns in the third quarter guidance for September. And I want to just understand how much you're building in? If you can give us a percentage or maybe just some color if you don't want to give us a percentage? And then I've got a follow-up.

然後您說您在 9 月第三季的指導中出現了最少的轉變。我只是想了解你們的建設規模是多少？如果您可以給我們一個百分比，或者如果您不想給我們一個百分比，可以給我們一些顏色嗎？然後我有一個後續行動。

Yes. Sure, Harsh. Thanks for the question. So we continue operating in a very dynamic and rapidly changing market. In the second quarter, we did see more turns than we expected, but we also saw adjustments to delivery timing and location as our partners continue to optimize their geographic production strategies.

是的。當然，哈什。謝謝你的提問。因此，我們繼續在一個非常活躍且快速變化的市場中運作。在第二季度，我們確實看到了比預期更多的轉變，但隨著我們的合作夥伴繼續優化其地理生產策略，我們也看到交貨時間和地點的調整。

This dynamic may continue into the third quarter. So we're deploying a similar approach in building our guidance, and we've assumed no additional turns at the midpoint of our guide. Now given our stated lead times and our inventory position, we could fill up a few more weeks of turns order in the third quarter. So this approach should give us enough room to absorb any potential request for order adjustments.

這種動態可能會持續到第三季。因此，我們在製定指導時採用了類似的方法，並且我們假設在指導的中點沒有額外的轉彎。現在，考慮到我們所述的交貨時間和庫存狀況，我們可以在第三季完成幾週的周轉訂單。因此，這種方法應該給我們足夠的空間來吸收任何潛在的訂單調整請求。

Great. And then you are talking about the margins being up quite substantially or they were already up and you're saying you had the benefit of M800 proliferating through the revenue stream. And then you talked also about some kind of wafer costs. Could you maybe elaborate on what you mean by that? And then I guess, maybe just give us a sense of which is a bigger factor?

偉大的。然後您說利潤率大幅上升或已經上升了，而且您說您從 M800 的收入流中獲益匪淺。然後您還談到了某種晶圓成本。能否詳細說明一下您這樣說的意思？然後我想，也許只是讓我們來了解哪個因素比較重要？

Is the wafer pricing better for you dramatically? Or is it mostly M800 coming through for you? Or is it something else altogether?

晶圓定價對您來說是否顯著更有利？或者主要是 M800 對您有幫助？或者完全是別的東西？

Yes, Harsh. So the M800 continues to ramp. It ramped nicely in the second quarter, and we expect it to do so again in the third quarter and again in the fourth quarter. So we are starting to see the benefit of the M800 cost advantage in our gross margin. We saw some of it in Q2.

是的，哈什。因此 M800 持續攀升。它在第二季度表現良好，我們預計它在第三季和第四季將再次呈現這種勢頭。因此，我們開始看到 M800 成本優勢為我們的毛利率帶來的好處。我們在第二季看到了一些這樣的情況。

We'll see more of it in Q3. The comment as it relates to wafers is we are in an environment where we are back to normal ASP declines, where those ASP declines go into effect in the first quarter of the year. And typically, we support those ASP declines with wafer cost downs. The wafer cost down pricing also goes into effect at the beginning of the year. However, because we want to ensure supply to our customers, we carry approximately six months of forward-looking inventory.

我們將在第三季看到更多這樣的情況。與晶圓相關的評論是，我們正處於恢復正常 ASP 下降的環境，這些 ASP 下降將在今年第一季生效。通常情況下，我們會透過降低晶圓成本來支持平均售價的下降。晶圓成本下降定價也將於年初生效。然而，因為我們想要確保向客戶供應，所以我們持有大約六個月的前瞻性庫存。

So we have to sell through that inventory first before we get to the wafers that are costed in 2025 pricing terms. So that's what we're seeing. Now we're six months through the year. We're starting to see the benefit of those cost downs on the wafer side that we achieved in the first quarter.

因此，我們必須先賣掉這些庫存，然後才能獲得 2025 年定價的晶圓。這就是我們所看到的。今年已經過去六個月了。我們開始看到第一季晶圓成本下降的好處。

Hey guys, congratulations. I'll get back in the line.

嘿夥計們，恭喜你們。我會回到隊伍裡。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納。

Hey guys, thanks for the question. So just as I look at some of your channel partners, so a large North American partner described kind of slower apparel and general retail growth, but faster or solid food and logistics growth. I guess, first of all, would you concur with those takes, agree with those takes?

嘿夥計們，謝謝你的提問。正如我觀察你們的一些通路夥伴時發現的，一家北美大型合作夥伴表示服裝和一般零售業的成長速度較慢，但食品和物流業的成長速度較快或穩健。我想，首先，您是否同意這些看法，並同意這些看法？

And then secondly, a partner out of Asia had softer 2Q sales. Are you seeing anything there with that partner as well?

其次，亞洲以外的合作夥伴第二季的銷售額較弱。您是否也看到了那位合作夥伴的什麼動靜？

So Chris, the answer to your first question is a simple yes. We feel good about our market position and good about our partnership with that North American partner, and the things that they're seeing in the market are basically what we're seeing in the market. That said, we don't always line up exactly with them. This year, for example, we saw first quarter supply chain and logistics correction and some mix shift changes separate from what they saw. But overall, in terms of the comments they've made, we're seeing the same thing out in the market.

所以克里斯，你的第一個問題的答案是肯定的。我們對我們的市場地位感到滿意，並且對我們與北美合作夥伴的合作關係感到滿意，他們在市場上看到的東西基本上就是我們在市場上看到的。話雖如此，我們並不總是與他們完全一致。例如，今年第一季度，我們看到供應鏈和物流出現調整，以及一些與他們所見不同的混合轉變。但總體而言，就他們的評論而言，我們在市場上看到的也是同樣的情況。

In terms of the Asian partner, we obviously have very good relationship with them as well. They're one of our -- also one of our top partners. They deliver very well into the market, and we expect continued strength from them going forward. Every company has corrections that they have to go through. We went through one in the first quarter.

就亞洲合作夥伴而言，我們顯然與他們也保持著非常好的關係。他們是我們的頂級合作夥伴之一。他們在市場上表現非常出色，我們預計他們未來將繼續保持強勁勢頭。每家公司都有必須經歷的糾正。我們在第一季就經歷過一次。

They're seeing a little bit of one right now. But in terms of their overall market position, in terms of how we engage with them, we continue to engage with them as a very close partner. And we feel great about where they're headed and about all of them. Just at the highest level, feel good about the market. Despite the macro headwinds, despite the tariff-related uncertainties, despite the things that are going on, you can see strength in the market.

他們現在就看到了一點。但就他們的整體市場地位而言，就我們如何與他們合作而言，我們將繼續以非常密切的合作夥伴的身份與他們合作。我們對他們的未來以及他們所有人感到十分高興。只是在最高層面上，對市場感覺良好。儘管面臨宏觀逆風，儘管存在與關稅相關的不確定性，儘管正在發生各種事情，但你仍然可以看到市場強勁。

And the reason I highlighted our solution strategy is I feel good about our position in the market with that solution strategy driving strength for us overall.

我強調我們的解決方案策略的原因是，我對我們在市場上的地位感到滿意，而該解決方案策略為我們帶來了整體的推動力。

We feel good about it, too. I wanted to ask you on the economics of Gen2X. I think it's just available on M800 ICs and then there's like a software or firmware update for readers. But is there any other kind of better economics associated with Gen2X like ASP or gross margin? Or is this just really all about like a faster transition to M800?

我們對此也感到很高興。我想問您有關 Gen2X 的經濟學問題。我認為它僅適用於 M800 IC，然後有針對閱讀器的軟體或韌體更新。但是，Gen2X 是否還有其他更好的經濟效益，例如平均售價或毛利率？或者這實際上只是為了更快地過渡到 M800？

But right now, it's focused on a faster transition to M800. But perhaps more importantly, it's focused on enabling our enterprise customers with solutions that we couldn't solve previously. So we introduced Gen2X for all the reasons I said in the prepared remarks, improves readability and lower footprint and other things, and we're using Gen2X to enable enterprise solutions, which turns around and provides that virtuous cycle of pull for M800. So that's where you should focus. You should focus on us using Gen2X to enterprise solutions that we couldn't do previously.

但現在，它專注於更快地過渡到 M800。但也許更重要的是，它專注於為我們的企業客戶提供我們以前無法解決的解決方案。因此，我們出於我在準備好的發言中提到的所有原因引入了 Gen2X，提高了可讀性、減少了佔用空間等等，我們正在使用 Gen2X 來實現企業解決方案，從而為 M800 提供良性循環。所以這就是你應該關注的地方。您應該專注於我們使用 Gen2X 來實現我們以前無法實現的企業解決方案。

Great. Thanks So much, Chris.

偉大的。非常感謝，克里斯。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Ezra Weener on for Blayne. I guess two quick ones. One, in terms of your overhead reading and other solutions that you are talking about bringing to market, can you help size the impact of what that means from both a reader but also from an endpoint IC perspective?

埃茲拉·維納 (Ezra Weener) 替換布萊恩 (Blayne)。我想有兩個簡單的。首先，就您正在談論的要推向市場的開銷讀取和其他解決方案而言，您能否從讀取器和端點 IC 的角度來衡量其影響？

And then secondly, can you just talk about what you're seeing from channel inventory? I know you had talked about two extra weeks for supply chain optionality, but you also talked a little bit about inventory coming down in the quarter. So can you talk about the moving pieces there?

其次，您能談談您從渠道庫存中看到的情況嗎？我知道您談到了額外兩週的供應鏈可選性，但您也談到了本季庫存下降的問題。那麼你能談談那裡的活動部分嗎？

So thanks, Blayne. I'll take the first question, and I'll let Cary take the second one. So in regards to the opportunity with these enterprise customers and really where our focus is, let me just start by saying the overhead reading opportunity is primarily a reader IC opportunity. We're supporting a partner there, not a direct reader and gateway opportunity. With that said, our ability to enhance the performance and then demonstrate further performance enhancement benefits with Gen2X, we're using to drive our endpoint IC market share.

所以謝謝你，布萊恩。我來回答第一個問題，然後請 Cary 回答第二個問題。因此，關於這些企業客戶的機會以及我們真正的重點，我首先要說的是，頭頂閱讀機會主要是閱讀器 IC 機會。我們在那裡支持合作夥伴，而不是直接的讀者和門戶機會。話雖如此，我們能夠提高效能，然後透過 Gen2X 展示進一步的效能增強優勢，我們正在利用這項能力來推動我們的端點 IC 市場份額。

In general, the enterprises that we engage directly with have high or very high Impinj endpoint IC market share, and that is our goal of engaging with these enterprises from our perspective. So we're monetizing the relationships by selling readers and gateways, of course, but primarily in the recurring revenue stream from the endpoint ICs.

整體來說，我們直接合作的企業在 Impinj 終端 IC 市場上佔有較高或非常高的份額，從我們的角度來看，這就是我們與這些企業合作的目標。因此，我們當然是透過銷售閱讀器和網關來實現關係貨幣化的，但主要還是透過終端積體電路的經常性收入流。

At the same time, when we commit to an enterprise end user, we truly commit to them. So what you're seeing in these recurring engagements is us committing to them, them committing to us and us working in partnership with the enterprise to drive further use case, they become core partners for our learnings, they become reference customers for us, and they allow us to advance our position in the market, all while maintaining high endpoint IC market share. So that is essentially our solutions focus, and you can see it in every account, every enterprise account that we work directly with.

同時，當我們對企業最終用戶做出承諾時，我們是真正地對他們做出承諾。因此，您在這些反覆的合作中看到的是我們對他們做出承諾，他們對我們的承諾以及我們與企業合作以推動進一步的使用案例，他們成為我們學習的核心合作夥伴，他們成為我們的參考客戶，他們讓我們提升我們在市場上的地位，同時保持較高的終端 IC 市場份額。所以這基本上是我們解決方案的重點，您可以在我們直接合作的每個帳戶、每個企業帳戶中看到它。

Ezra, this is Cary. Regarding your channel inventory question, we anticipated a modest channel inventory build in Q2 as our partners continue building geographic production optionality. However, we actually saw channel inventory come down even as they built that optionality.

埃茲拉，這是卡里。關於您的通路庫存問題，隨著我們的合作夥伴繼續建立地理生產可選性，我們預計第二季的通路庫存將適度增加。然而，即使他們建立了這種可選性，我們實際上也看到渠道庫存下降了。

Overall, we believe channel inventory is healthy compared to our inlay partner demand, and we expect the weeks of channel inventory to roughly stay in this range for the foreseeable future. So we feel really good about where we are from a channel perspective.

總體而言，我們認為與我們的鑲嵌合作夥伴需求相比，通路庫存是健康的，並且我們預計在可預見的未來，通路庫存的周數將大致保持在這個範圍內。因此，從通路角度來看，我們對目前的狀況感到非常滿意。

Awesome. Thank you very much.

驚人的。非常感謝。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森、康托·費茲傑拉。

Hey, gentlemen, Congrats on another great quarter here. I want to talk -- well, maybe two verticals here. So specifically, logistics, obviously, you've done well. You kind of commented on two customers there. Can you just talk about the pipeline or the opportunity?

嘿，先生們，恭喜你們又度過了一個美好的季度。我想談談——好吧，也許這裡有兩個垂直主題。具體來說，在物流方面，顯然你們做得很好。您對那裡的兩位顧客發表了評論。能談談通路或機會嗎？

Is there more big deals in the logistics vertical in the coming quarters?

未來幾季物流垂直領域還會有更多大交易嗎？

So Troy, yes, there are more opportunities in the logistics space. But what I'd like to do right now is kind of get you to think about broadening that aperture a bit because there are straight supply chain and logistics customers. And then there are a variety of retailers and others who manage their own supply chains. And right now, given the tariff situation, all of those enterprise end users or enterprise customers are looking to improve the resiliency and flexibility of their supply chains.

所以特洛伊，是的，物流領域有更多的機會。但我現在想做的是讓你考慮稍微擴大這個範圍，因為有直接的供應鏈和物流客戶。此外，還有各種零售商和其他管理自己供應鏈的公司。目前，考慮到關稅情況，所有企業終端使用者或企業客戶都在尋求提高其供應鏈的彈性和靈活性。

So even when we talk about food opportunities and other things, we're still talking, in many cases, about supply chain resiliency and flexibility. So you should expect us to continue talking about supply chain and logistics, but broadening the aperture beyond just pure SC&L or e-commerce companies to kind of just everybody who has a supply chain, which is essentially every one of our customers.

因此，即使我們談論食品機會和其他事物，在許多情況下，我們仍在談論供應鏈的彈性和靈活性。因此，你應該期待我們繼續談論供應鏈和物流，但將範圍從純粹的 SC&L 或電子商務公司擴大到擁有供應鏈的每個人，基本上就是我們的每一個客戶。

Great. Okay. And then for Cary, are you allowed to give us what the license revenues were in Q2?

偉大的。好的。那麼對於 Cary，您能否告訴我們第二季的授權收入是多少？

Yes, you'll see it in our 10-Q, it was $16 million.

是的，您會在我們的 10-Q 中看到它，它是 1600 萬美元。

Was that up from $15 million or up from $15.5 million? Or where was it last year? I'm curious.

這是比 1500 萬美元高了還是比 1550 萬美元高了？或去年它在哪裡？我很好奇。

Up from $15 million last year.

比去年的 1500 萬美元增加。

Thank you.

謝謝。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

Hi, thanks. Good afternoon. I joined a little bit late, just going through the transcript. But Cary, I was hoping if you didn't give this and I just haven't gotten to it. The improvement you're expecting in product gross margins in Q3. I mean it sounds like you're looking -- you're more optimistic not only on the endpoint IC business, but also on the systems portion of the business. I mean, it sounds like these are multiple drivers that impact your Q3 gross margins and then presumably, as you look at Q4, you get a better mix of M800 and maybe more systems business. But I'm just wondering, is there any more color you can provide if you haven't on gross margins?

你好，謝謝。午安.我加入得有點晚，只是想看成績單。但是卡里，我希望你沒有給這個，而我只是還沒有得到它。您預計第三季產品毛利率會有所提高。我的意思是，聽起來您不僅對終端 IC 業務更加樂觀，而且對業務的系統部分也更加樂觀。我的意思是，聽起來這些是影響您第三季毛利率的多個驅動因素，然後可以推測，當您展望第四季度時，您將獲得更好的 M800 組合和更多的系統業務。但我只是想知道，如果您還沒有了解毛利率，您還能提供更多資訊嗎？

Yes, Jim, I think the biggest drivers of the gross margin increase on a quarter-over-quarter basis for Q3 that we're signaling is, first, the M800 mix. It's continuing to ramp. I expect the M800 to achieve volume running status at some point this year. I don't think it blends for the full year, and I don't think it reaches its terminal mix in 2025, but we're starting to hit our stride on the M800, and you're seeing that benefit come through in Q3 gross margin, and we signaled it again in the fourth quarter gross margin.

是的，吉姆，我認為我們所發出的訊號是第三季毛利率環比成長的最大驅動力，首先是 M800 組合。它正在繼續上升。我預計 M800 將在今年某個時候實現批量運行。我認為它不會在全年實現混合，也不認為它會在 2025 年達到最終混合，但我們在 M800 上開始步入正軌，您會看到這一優勢在第三季度的毛利率中得到體現，我們在第四季度的毛利率中再次暗示了這一點。

Then the second factor that's helping us is we're finally getting to the lower-cost wafers. So this goes back to Harsh's question earlier on, where, yes, we're back in a normal pricing environment where we deliver ASP declines to our customers that go into effect at the beginning of the year. We support those with wafer cost downs. But because we carry six months of forward-looking inventory to ensure supply to our customers, it takes us six months to get to those lower-cost wafers. We're starting to see that benefit now.

對我們有幫助的第二個因素是我們最終獲得了成本較低的晶圓。所以這又回到了 Harsh 之前提出的問題，是的，我們已經回到了正常的定價環境，我們會在年初向客戶提供 ASP 下降。我們支持那些降低晶圓成本的人。但由於我們持有六個月的前瞻性庫存以確保向客戶供應，因此我們需要六個月的時間才能獲得這些成本較低的晶圓。我們現在開始看到這種好處。

Okay. And you also signaled -- sorry, go ahead.

好的。而且你還發出訊號——抱歉，請繼續。

Yes. I just remembered the second part of your question, you asked about OpEx. I expect OpEx to increase in the third quarter.

是的。我剛剛想起你問題的第二部分，你問的是 OpEx。我預計第三季營運支出將會增加。

Okay. And maybe just a follow-up on that inlay partner in North America. The messaging also being more optimistic about food, they seem to call out proteins and as being another opportunity. And Chris, I'm wondering, as you think about the opportunity has been talked about has been bakery departments. You've talked about some other areas, but how quickly could we see this adoption as it relates to proteins?

好的。也許只是對北美鑲嵌合作夥伴的後續行動。他們傳遞的訊息也對食物更加樂觀，似乎將蛋白質視為另一個機會。克里斯，我想知道，您認為所討論的機會是否與麵包店部門有關。您談到了其他一些領域，但是我們多快才能看到與蛋白質相關的應用呢？

Yes. So Jim, first, I look at bakery, proteins and fresh. At the pallet and case level, there are active deployments ongoing. At the item level, I would still characterize what's going out on in the market as pilots. Of course, they're food size pilots, which means they're large, but I would still call them pilots.

是的。吉姆，首先，我來看看烘焙食品、蛋白質和新鮮食品。在托盤和箱子層面，正在進行積極的部署。在專案層面，我仍然將市場上正在發生的事情描述為試點。當然，他們是食物大小的飛行員，這意味著他們很大，但我仍然稱他們為飛行員。

Both our close partner and we are very excited about all of those opportunities. And we see and we're guardedly optimistic that those pilots are really going to turn into full-fledged deployments because as you heard in some of the other prepared remarks from others, the ROI is positive.

我們和我們的親密合作夥伴都對所有這些機會感到非常興奮。我們看到並且謹慎樂觀地認為這些試點確實會轉變為全面部署，因為正如您在其他人的準備好的評論中所聽到的，投資回報率是積極的。

I will say that given the size of the food category and given it's -- we're in the early innings, that don't expect things to ramp just instantaneously. It's going to take time. As I've always said, the bigger the category, the longer it takes.

我想說的是，考慮到食品類別的規模，而且我們還處於早期階段，所以不要指望事情會立即好轉。這需要時間。正如我一直說的那樣，類別越大，所需的時間越長。

But with that caveat, I'm about as excited as I could be about the food opportunity because the pace at which we see enterprises either piloting or being interested reminds me of what happened in the early days of retail apparel once we got over the hump of having the right level of products that worked and everything like that. There was a rapid surge in interest and demand, which then turned into the market we have today. I'm seeing the same thing in food. I'm excited, I'm bullish but that said, it takes time.

但儘管如此，我仍然對食品領域的機會感到無比興奮，因為我們看到企業進行試點或感興趣的速度讓我想起了服裝零售業早期發生的事情，當時我們克服了擁有適當水平的有效產品的困難等等。興趣和需求迅速增加，最終形成了我們今天的市場。我在食物中也看到了同樣的事情。我很興奮，我很樂觀，但話雖如此，這需要時間。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) Scott Searle, ROTH Capital.

（操作員指示） ROTH Capital 的 Scott Searle。

Hey, good afternoon. Thanks for taking my questions. Great job on the quarter, guys. Chris, maybe to follow up on Jim's question to dive in a little bit deeper on the food front. You've talked about the two larger customers and pilots that have been ongoing in bakery, fresh proteins and private label. I'm wondering if you could give us more of a 30,000-foot view in terms of the level of engagement across the industry?

嘿，下午好。感謝您回答我的問題。大家，本季表現非常出色。克里斯，也許可以繼續吉姆的問題，更深入地探討一下食物方面的問題。您談到了在烘焙、新鮮蛋白質和自有品牌領域正在進行的兩個較大的客戶和試點項目。我想知道您是否可以從更宏觀的角度為我們提供整個行業參與度的概況？

And then the time lines, maybe digging in a little bit more on that front. Next year, do we start to see more accelerated push into not just the categories you talked about, but getting a little bit broader, getting down to the item level, and what does it take to get down to the item level? It sounds like Gen2X is certainly a key component of that but does it also require the holy grail, the $0.01 tag to start to tag everything within the foodservice opportunity? And then I had a follow-up.

然後是時間線，也許在這方面需要深入挖掘一點。明年，我們是否會開始看到更多的加速推進，不僅僅是您談到的類別，而且範圍更廣，深入到物品級別，以及要深入到物品級別需要什麼？聽起來 Gen2X 肯定是其中的關鍵組成部分，但它是否也需要聖杯，即 0.01 美元的標籤來開始標記餐飲服務機會中的一切？然後我進行了後續跟進。

Yes. Okay. I'm going to do my best on this question, but there's a lot of pieces to it. So the close partner that we've mentioned a couple of times so far on this call already cited in their prepared remarks that one of their customers is seeing a positive -- a more positive ROI in Big 3 than they had expected. And I think -- and I'm not surprised by that.

是的。好的。我將盡力回答這個問題，但這個問題涉及很多部分。因此，我們在這次電話會議上提到過幾次的密切合作夥伴已經在他們的準備好的發言中提到，他們的一個客戶看到了積極的一面——三巨頭的投資回報率比他們預期的要高。我認為——我對此並不感到驚訝。

I think it really highlights the opportunity that RAIN RFID brings and the fact that enabling those enterprises to track their items using expiration dates, the value proposition that it brings in food freshness, reduce food waste and increase sales to their consumers. So I am -- like I said to Jim, I'm very excited about the food opportunity. I am not overestimating how quickly it's going to go. But I do believe that given the state of the pilots that are happening now, the positive results that we've seen and the readability on items that food is going to go at the item level. We're already seeing it at a palette and case level.

我認為這確實凸顯了 RAIN RFID 帶來的機遇，以及使這些企業能夠使用有效期來追蹤其物品的事實，它帶來的食品新鮮度價值主張，減少食品浪費並增加對消費者的銷售。所以，就像我對吉姆說的，我對食物機會感到非常興奮。我不會高估它進展的速度。但我確實相信，鑑於目前正在進行的試點的狀況、我們所看到的積極成果以及食品將在物品層面進行的可讀性。我們已經在調色板和案例層面看到了它。

It will go at the item level. I believe that what we should do over the next couple of quarters is focus on those categories where expiration date matters. So bakery items, deli items, proteins, things that expire quickly and they're useless if you don't sell them before they expire. I think that's where the return is we're going to see over -- for a good while before food migrates to other categories. I could be proven wrong in the out years, but I suspect for right now, we're on the right track, and that's where you see the adoption happening.

它將以項目級別進行。我認為，我們在接下來的幾個季度應該專注於那些對到期日有影響的類別。因此，烘焙食品、熟食、蛋白質等很快就會過期的東西，如果你不在過期前賣掉它們，它們就毫無用處了。我認為，在食品轉向其他類別之前的一段時間內，我們將會看到這種回報。未來幾年我的觀點可能會被證明是錯誤的，但我認為就目前而言，我們正走在正確的軌道上，而這正是你所看到的採用正在發生的地方。

So we'll keep talking about food in upcoming calls, and I'm sure others will as well. And as you poke around a little bit more and try to owners some stores and things like that, you might actually see items tagged in some of the stores where you buy things even today. I don't know if I answered your question.

因此，我們將在接下來的通話中繼續討論食物，我相信其他人也會這樣做。當你再多打聽一下，試著找一些商店的老闆之類的，你可能會發現，即使在今天，你也會在一些商店裡看到貼有標籤的商品。我不知道我是否回答了你的問題。

You did. I apologize, it was very amorphous and wide open. But let me ask this. So in the second half of '26, is there a number of commercial deployments you would expect at that period of time? Or is there a number of units that you would be willing to believe that foodservice will be a part of 5% to 10% of units exiting next year?

你做到了。我很抱歉，它非常不定形並且開放。但請容許我問一下。那麼在 26 年下半年，您預計會有多少商業部署？還是您願意相信餐飲服務將佔明年退出單位總數的 5% 至 10%？

Or is that too difficult to determine at the current time? And then just one other question from a systems level perspective. A lot of, I think, engagements or discussions going on with other big box retailers leveraging the Walmart supply chain. I'm wondering any updates on that front? It sounds like the systems outlook is pretty healthy.

還是目前還很難確定？然後從系統層面來看還有一個問題。我認為，我們正在與其他利用沃爾瑪供應鏈的大型零售商進行大量的接觸或討論。我想知道這方面有什麼最新進展嗎？聽起來系統前景相當健康。

I'm wondering if you could dive down a little bit into that in terms of where it's coming in terms of new customers, what that opportunity pipeline looks like.

我想知道您是否可以深入探討新客戶的來源以及機會管道是什麼樣的。

Okay. Thanks. I'll do my best. On the food opportunity, item level food, I look to 2026 as to driving meaningful volumes. It's -- like I said, we're in the pilot phase now.

好的。謝謝。我會盡力的。對於食品機會、單品級食品，我期待在 2026 年能實現有意義的銷售量。正如我所說，我們現在處於試點階段。

Anything on the food size is large, but in terms of really meaningful volumes and actually seeing those pilots turn into full-fledged ramps, we're looking at next year. That doesn't take away at all from the excitement. In terms of big box expansion in general merchandise, we are seeing the large North American retailer continue to push forward and continue adopting in the categories they've already announced. We also see them piloting and doing R&D on additional categories. The pace and timing of which they continue to roll out is clearly going to be up to them, but they continue moving forward, and we're excited to be supporting them.

任何關於食物規模的事情都很重要，但就真正有意義的數量以及真正看到這些試點項目變成成熟的坡道而言，我們正在關註明年。但這絲毫沒有減損我的興奮之情。在百貨商品大賣場擴張方面，我們看到北美大型零售商繼續推進並繼續採用他們已經宣布的類別。我們也看到他們正在對其他類別進行試點和研發。他們繼續推出的速度和時間顯然取決於他們自己，但他們會繼續前進，我們很高興能夠支持他們。

We do see those general merchandise categories beginning to trickle down to other retailers and significantly big box suppliers but there haven't been any big announcements that I am aware of. And I can't say when there will be one, but there are some trickle-down effects that are going on.

我們確實看到這些日用百貨類別開始逐漸滲透到其他零售商和大型倉儲式供應商，但據我所知，還沒有任何重大公告。我無法說出什麼時候會出現這種情況，但確實存在一些涓滴效應。

And then fixed reading versus handheld reading versus what we're seeing out in the environment. For the fresh stuff in retail -- I'm sorry, for food freshness, let me be clear. For food freshness, we're seeing that predominantly being driven by handheld readers, employees going out in the store and finding they're about to expire items.

然後將固定讀數與手持讀數與我們在環境中看到的情況進行比較。對於零售中的新鮮商品——抱歉，對於食品新鮮度，讓我說清楚。對於食品新鮮度，我們發現這主要由手持閱讀器驅動，員工走進商店並發現他們所購買的物品即將過期。

In other parts of the industry, including in food for item -- I mean, for case and pallet level, we are seeing a resurgence of autonomous reading, which is where a lot of our demand for our readers and gateways is coming from. The autonomous reading, whether it's overheads, dock doors, front store, back store, store exits, loss prevention, loss identification, it's all driving demand for fixed reading, and that's where we're seeing that resurgence in fixed reading, and we are putting a significant focus on it as a company.

在該行業的其他部分，包括食品領域——我的意思是，對於箱體和托盤級別，我們看到了自主閱讀的複蘇，這也是我們對閱讀器和網關的大量需求的來源。自主讀取，無論是高架橋、碼頭門、前店、後店、商店出口、損失預防、損失識別，都在推動固定讀取的需求，這就是我們看到固定讀取復甦的地方，我們作為一家公司將重點放在了這一點上。

Did I get it all?

我全部都明白了嗎？

Yes, you got it all. Thanks.

是的，你全部明白了。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Chris Diorio, Co-Founder and CEO, for closing remarks. Please go ahead.

我們的問答環節到此結束。我想將會議交還給聯合創始人兼首席執行官克里斯·迪奧裡奧 (Chris Diorio) 來致閉幕詞。請繼續。

Thank you, operator. I'd like to thank you all for joining our call today, and thank you for your ongoing support. Take care. Bye-bye.

謝謝您，接線生。我要感謝大家今天參加我們的電話會議，並感謝你們一直以來的支持。小心。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。