Impinj Inc (PI) 2025 Q3 法說會逐字稿

Welcome to Impinj's third quarter 2025 financial results conference call and Webcast. (Operator Instructions) Please note, this event is being recorded.

歡迎參加 Impinj 2025 年第三季財務業績電話會議和網路直播。（操作說明）請注意，本次活動正在錄影。

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

現在我謹將會議交給公司財務與投資人關係副總裁安迪‧科布先生。請繼續。

Thank you, Gary. Good afternoon, and thank you all for joining us to discuss Impinj's third 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 third quarter financial results and fourth quarter outlook. We will then open the call for questions.

謝謝你，加里。下午好，感謝各位參加本次會議，共同探討 Impinj 2025 年第三季業績。在今天的電話會議上，Impinj 的聯合創始人兼首席執行官 Chris Diorio 將簡要概述我們的市場機會和業績。Impinj 的財務長 Cary Baker 將隨後詳細回顧我們第三季的財務表現和第四季的展望。接下來我們將開放提問環節。

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.

您可以在公司投資者關係網站上找到管理層準備好的發言稿以及趨勢財務數據。我們將在本次電話會議中就財務業績和未來預期發表聲明，這些聲明將基於我們截至目前的展望。根據 1995 年《私人證券訴訟改革法案》，任何此類聲明均屬於前瞻性陳述。

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. 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.

雖然我們認為我們有合理的依據做出這些前瞻性聲明，但我們的實際結果可能會與這些聲明有重大差異，因為任何此類聲明都受到風險和不確定性的影響。我們在向美國證券交易委員會提交的年度報告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前瞻性聲明的任何義務，並明確聲明不承擔任何此類義務。

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，除收入或我們另有明確說明的情況外，所有財務指標均為非GAAP指標。除自由現金流外，所有資產負債表和現金流量指標均符合公認會計原則 (GAAP)。請參閱我們的獲利報告，以了解非GAAP財務指標與最可比較GAAP指標的調節情況。

Before turning to our results and outlook, note that we will participate in the Baird 2025 Global Industrial Conference on November 11 in Chicago, the UBS Global Technology and AI Conference on December 3 in Scottsdale, and the Barclays 23rd Annual Global Technology Conference on December 10 in San Francisco. We look forward to connecting with many of you at those events.

在介紹我們的業績和展望之前，請注意，我們將參加 11 月 11 日在芝加哥舉行的 Baird 2025 全球工業大會、12 月 3 日在斯科茨代爾舉行的瑞銀全球科技與人工智慧大會以及 12 月 10 日在舊金山舉行的巴克萊銀行第 23 屆年度全球科技大會。我們期待在這些活動中與大家見面。

I will now turn the call over to Chris.

現在我將把通話交給克里斯。

Thank you, Andy, and thank you all for joining the call. Our third quarter results were strong with revenue and adjusted EBITDA exceeding the upper end of our guide range. Record endpoint IC volumes and better-than-anticipated reader volumes drove product revenue to a new quarterly record, with Gen2X's success solving challenging industry use cases behind a growing portion of that product revenue.

謝謝你，安迪，也謝謝各位參加這通通話。我們第三季的業績表現強勁，營收和調整後 EBITDA 都超過了我們預期範圍的上限。創紀錄的終端 IC 銷量和超出預期的讀卡器銷量推動產品收入創下新的季度紀錄，而 Gen2X 在解決具有挑戰性的行業用例方面的成功，也為該產品收入的增長做出了貢獻。

We delivered that revenue outperformance despite weak retailer buying patterns and tariff headwinds, highlighting our strong market position and technical and product leadership. Starting with silicon, third quarter endpoint IC revenue exceeded our expectations. Supply chain and logistics led the way with our second large North American end user now fully deployed in domestic parcel delivery.

儘管零售商購買模式疲軟且面臨關稅阻力，我們仍然實現了超額收入，這凸顯了我們強大的市場地位以及技術和產品領先優勢。從晶片業務來看，第三季終端積體電路收入超出了我們的預期。供應鏈和物流引領了這一趨勢，我們的第二個大型北美終端用戶現已全面部署到國內包裹遞送業務。

Retail volumes grew modestly, buoyed by the upcoming holiday season, but with a cautious note as our partners and end users buy into demand rather than ahead of it. We expect third quarter to mark the seasonal peak for both supply chain and logistics and retail endpoint IC volumes, with fourth quarter volumes stepping down modestly.

受即將到來的假期季節的提振，零售量略有增長，但由於我們的合作夥伴和終端用戶是順應需求而不是提前購買，因此市場情緒較為謹慎。我們預計第三季將是供應鏈和物流以及零售終端積體電路銷售的季節性高峰，第四季銷售量將略有下降。

Partner channel inventory remains healthy, declining slightly in third quarter. Turning to reader ICs. Third quarter revenue met expectations with the richest E Family mix to date. Looking to fourth quarter, conservative ordering by our Chinese reader IC partners will push revenue lower. Longer term, we see strong e-family growth, including from multiple overhead reading deployments and pilots that leverage Gen2X, creating pull for our M800 endpoint ICs.

合作夥伴通路庫存依然健康，第三季略有下降。轉向讀卡機積體電路。第三季營收符合預期，E 系列產品組合達到迄今最豐富。展望第四季度，中國讀者IC合作夥伴的保守訂購策略將導致收入下降。從長遠來看，我們看到了強勁的電子產品系列成長，包括來自多個利用 Gen2X 的架空讀取部署和試點項目，這將對我們的 M800 終端 IC 產生需求。

In solutions, we saw strong third-quarter revenue led by our Lighthouse accounts. We delivered more readers to our second large North American supply chain and logistics end user in the quarter than we expected, as they continue driving new use cases. Those use cases should generate meaningful fourth-quarter reader revenue as well, as deliveries will step down as rollouts stretch into 2026.

在解決方案方面，我們的 Lighthouse 客戶帶動了第三季強勁的營收成長。本季度，我們為北美第二大供應鏈和物流終端用戶提供的讀者數量超過了預期，因為他們不斷推動新的應用案例。隨著推廣活動持續到 2026 年，配送量將會減少，這些用例也應該會在第四季為讀者帶來可觀的收入。

We also saw meaningful third-quarter reader revenue from the visionary European retailer, but here again expect a step down in the fourth quarter due to project phasing. To be clear, the size and scope of these rollouts remain intact, but timing will nudge fourth quarter systems revenue down slightly sequentially, bucking the typical seasonal growth trend.

我們也看到這家富有遠見的歐洲零售商在第三季度實現了可觀的讀者收入，但由於專案分階段進行，預計第四季度收入將再次下降。需要明確的是，這些推廣活動的規模和範圍保持不變，但時間安排將導致第四季度系統收入較上季略微下降，與典型的季節性成長趨勢背道而馳。

Despite the stretched timelines, our end users, both current and new, continue asking for our help with their business challenges. Solving those challenges requires not just radio know-how, but also software from ML at the edge to cloud services. So we are aggressively hiring technical and business talent to develop that software and win the recurring revenue opportunity.

儘管時間緊迫，但我們的最終用戶，包括現有用戶和新用戶，仍然不斷尋求我們在業務挑戰方面的協助。解決這些挑戰不僅需要無線電技術，還需要從邊緣機器學習到雲端服務的軟體。因此，我們正在積極招募技術和商業人才來開發該軟體並贏得持續收入機會。

Last week, we hired an SVP of SaaS and Cloud Services to lead our development, heartwarming for me because he was a student of mine at the University of Washington 25-years ago. He, our CTO, and others across the company are digging into opportunities, including e-commerce, leveraging the strong foundation of our platform, endpoint ICs, and Gen2X uniquely offer for solving those challenges.

上週，我們聘請了一位 SaaS 和雲端服務資深副總裁來領導我們的發展，這讓我感到非常欣慰，因為他 25 年前是我在華盛頓大學的學生。他和我們的技術長以及公司其他同事正在深入挖掘各種機遇，包括電子商務，利用我們平台、終端積體電路和 Gen2X 的獨特優勢來解決這些挑戰。

I'd like to again say a few words about Gen2X. Years ago, when we spearheaded developing the industry's radio protocol, we and others recognized that we couldn't create one single overarching protocol that addresses all market verticals and use cases. So we built into the final protocol the flexibility for customizations.

我想再談談 Gen2X。多年前，當我們率先開發行業無線電協議時，我們和其他人都意識到，我們無法創建一個能夠解決所有市場垂直領域和用例的單一總體協議。因此，我們在最終協議中加入了可自訂的靈活性。

We have now proved the foresight in that choice with Gen2X, which is native in our M800 endpoint ICs, e-family reader ICs, R700 readers, and adopted by many of our industry partners. Our Gen2X customizations have helped us deliver retail loss prevention, supply chain and logistics conveyor sorting, and now partners are using them for overhead retail reading.

現在，我們透過 Gen2X 證明了當初選擇的遠見卓識，Gen2X 已原生應用於我們的 M800 終端 IC、e 系列讀卡器 IC、R700 讀卡器，並被我們的許多行業合作夥伴所採用。我們的 Gen2X 客製化方案幫助我們實現了零售防損、供應鏈和物流傳送帶分揀，現在合作夥伴正在將其用於零售貨架讀數。

We are today enhancing Gen2X for food and e-commerce and will, over time, introduce differentiated endpoint ICs that help solve key use cases and win those markets. Turning to food, which is by far our largest opportunity, product freshness and supply chain efficiencies are driving pallet, case, and item level deployments with two opportunities now public.

我們目前正在增強 Gen2X 在食品和電子商務領域的應用，並將隨著時間的推移，推出差異化的終端 IC，以幫助解決關鍵用例並贏得這些市場。食品領域是我們迄今為止最大的機遇，產品新鮮度和供應鏈效率正在推動托盤、箱子和單品級別的部署，目前已有兩個機會公開。

There are others, including pilots at point of sale and for assisted self-checkout. Although we still expect food endpoint IC volumes to be modest this year and in the first part of next, our engineering and go-to-market organizations are forging silicon, software, and business innovations to help unlock the food opportunity. We are well-positioned to do so.

還有其他用途，包括銷售點飛行員和自助結帳助理。儘管我們仍然預計今年和明年上半年食品終端積體電路的產量將比較有限，但我們的工程和市場推廣團隊正在打造晶片、軟體和商業創新，以幫助釋放食品領域的機會。我們完全有能力做到這一點。

And as the leading grocers adopt, we expect other grocers to follow. On the organizational front, I'm thrilled to welcome Arthur Valdez to our Board. Arthur has more than 30-years of experience leading global supply chain and logistics operations for major e-commerce, retail, and consumer enterprises. His expertise transforming and optimizing supply chain and logistics networks for large consumer-facing companies will be invaluable as we continue advancing our vision of connecting everything. Arthur, welcome to Impinj.

隨著領先的食品雜貨商紛紛效仿，我們預計其他食品雜貨商也會跟進。在組織方面，我非常高興地歡迎 Arthur Valdez 加入我們的董事會。Arthur 在領導大型電子商務、零售和消費品企業的全球供應鏈和物流運營方面擁有超過 30 年的經驗。他擁有為大型消費品公司改造和優化供應鏈和物流網絡的專業知識，在我們繼續推進連接一切的願景的過程中，這些專業知識將發揮不可估量的作用。亞瑟，歡迎來到 Impinj。

In closing, our solutions and Gen2X focus continue paying dividends in revenue, adjusted EBITDA, recurring endpoint IC volumes, and market leadership. Our market opportunity continues expanding with more opportunities for secular growth in retail, supply chain and logistics, food, and a long tail of other applications.

總之，我們的解決方案和 Gen2X 重點繼續在營收、調整後 EBITDA、經常性終端 IC 銷售和市場領導地位方面帶來回報。我們的市場機會持續擴大，零售、供應鏈和物流、食品以及其他眾多應用領域都蘊藏著更多長期成長的機會。

As we continue driving our bold vision, I remain confident in our market position and energized by the opportunities ahead. As always, before I turn the call over to Cary for our financial review and fourth quarter outlook, I'd like to again thank every member of the Impinj team for your tireless efforts.

在我們繼續推進我們宏偉願景的同時，我對我們的市場地位充滿信心，並對未來的機會感到振奮。和往常一樣，在將電話交給 Cary 進行財務回顧和第四季度展望之前，我想再次感謝 Impinj 團隊的每位成員的不懈努力。

I feel honored by my incredible good fortune to work with you. Cary?

能與您共事，我深感榮幸。凱瑞？

Thank you, Chris, and good afternoon, everyone. Third quarter revenue was $96.1 million, down 2% sequentially from $97.9 million in second quarter 2025 and up 1% year-over-year from $95.2 million in third quarter 2024. Third quarter endpoint IC revenue was $78.8 million, down 7% sequentially from $84.6 million in second- quarter 2025 and down 3% year-over-year from $81 million in third quarter 2024.

謝謝你，克里斯，大家下午好。第三季營收為 9,610 萬美元，較 2025 年第二季的 9,790 萬美元季減 2%，較 2024 年第三季的 9,520 萬美元年增 1%。第三季終端積體電路營收為 7,880 萬美元，較 2025 年第二季的 8,460 萬美元季減 7%，較 2024 年第三季的 8,100 萬美元年減 3%。

Excluding the $16 million second-quarter licensing revenue, endpoint IC revenue grew 15% sequentially. Looking forward, we expect fourth quarter endpoint IC revenue to decline sequentially, but on the favorable side of normal seasonality. Third quarter systems revenue was $17.3 million, up 30% sequentially from $13.3 million in second quarter 2025 and up 21% year-over-year from $14.2 million in third quarter 2024.

剔除第二季 1,600 萬美元的授權收入，終端 IC 收入季增 15%。展望未來，我們預計第四季度終端積體電路收入將環比下降，但會受到正常季節性因素的有利影響。第三季系統營收為 1,730 萬美元，比 2025 年第二季的 1,330 萬美元季增 30%，比 2024 年第三季的 1,420 萬美元年增 21%。

Systems revenue exceeded our expectations, driven by reader strength in supply chain and logistics. Looking forward, we expect fourth quarter systems revenue to decline slightly sequentially, driven by project timing, as Chris already noted. Third quarter gross margin was 53% compared with 60.4% in second quarter 2025 and 52.4% in third quarter 2024.

系統收入超出預期，主要得益於供應鏈和物流領域讀者的強勁需求。展望未來，我們預計第四季度系統收入將環比略有下降，這是由於專案進度安排所致，正如 Chris 已經指出的那樣。第三季毛利率為 53%，而 2025 年第二季為 60.4%，2024 年第三季為 52.4%。

The sequential decline was driven primarily by licensing revenue. The year-over-year increase was driven primarily by lower indirect costs. Excluding licensing revenue, third-quarter product gross margin increased 40 basis points sequentially, driven primarily by endpoint IC product margin, including M800. Looking forward, we expect fourth quarter gross margin to increase sequentially.

環比下降的主要原因是授權收入減少。年比增幅主要由間接成本降低所推動。不計授權收入，第三季產品毛利率較上季成長 40 個基點，主要得益於終端 IC 產品毛利率的成長，包括 M800。展望未來，我們預計第四季毛利率將環比成長。

Total third-quarter operating expense was $31.8 million compared with $31.5 million in second quarter 2025 and $32.5 million in third quarter 2024. Operating expense was below expectations as our team exercised good fiscal discipline. Research and development expense was $17.8 million, sales and marketing expense was $7 million. General and administrative expense was $6.9 million.

第三季總營運支出為 3,180 萬美元，而 2025 年第二季為 3,150 萬美元，2024 年第三季為 3,250 萬美元。由於團隊保持了良好的財務紀律，營運費用低於預期。研發費用為 1780 萬美元，銷售和行銷費用為 700 萬美元。一般及行政費用為690萬美元。

Looking forward, we expect fourth quarter operating expense to increase sequentially. Third quarter adjusted EBITDA was $19.1 million compared with $27.6 million in second quarter 2025 and $17.3 million in third quarter 2024. Third quarter adjusted EBITDA margin was 19.8%, a new quarterly record on a product revenue basis. Third quarter GAAP net loss was $12.8 million.

展望未來，我們預期第四季營運支出將較上季成長。第三季調整後 EBITDA 為 1,910 萬美元，而 2025 年第二季為 2,760 萬美元，2024 年第三季為 1,730 萬美元。第三季調整後 EBITDA 利潤率為 19.8%，以產品收入計算創下新的季度紀錄。第三季GAAP淨虧損為1,280萬美元。

Third quarter non-GAAP net income was $17.7 million or $0.58 per share on a fully diluted basis. Turning to the balance sheet. We ended the third quarter with cash, cash equivalents, and investments of $265.1 million compared with $260.5 million in second quarter 2025 and $227.4 million in third quarter 2024. Inventory totaled $92.6 million, down $3.6 million from the prior quarter.

第三季非GAAP淨利為1,770萬美元，即每股0.58美元（完全稀釋後）。接下來看一下資產負債表。第三季末，我們的現金、現金等價物和投資為 2.651 億美元，而 2025 年第二季為 2.605 億美元，2024 年第三季為 2.274 億美元。庫存總額為9,260萬美元，比上一季減少了360萬美元。

Third quarter capital expenditures totaled $2.9 million. Free cash flow was $18 million compared with $4.7 million in third quarter 2024. Before turning to our guidance, I want to highlight two items specific to our results and outlook. First, in September, we issued $190 million of 0% convertible notes while simultaneously repurchasing $190 million of our 1.125% convertible notes.

第三季資本支出總額為290萬美元。自由現金流為 1,800 萬美元，而 2024 年第三季為 470 萬美元。在介紹我們的指導方針之前，我想專注於與我們的業績和展望相關的兩點。首先，在 9 月份，我們發行了 1.9 億美元的 0% 可轉換債券，同時回購了 1.9 億美元的 1.125% 可轉換債券。

This transaction reduces our interest expense, lowers our underlying share dilution, and breaks our maturity profile into smaller tranches, the latter increasing our ability to leverage our balance sheet in managing that convertible debt. Second, we have consistently projected gross margin leverage in our long-term model. We expect that leverage to be on display in the fourth quarter, where we have embedded more than 100 basis points of sequential gross margin accretion in our guidance. Turning to our outlook.

這項交易降低了我們的利息支出，減少了我們基礎股份的稀釋，並將我們的到期日拆分成更小的批次，後者提高了我們利用資產負債表管理可轉換債務的能力。其次，我們在長期模型中一直預測毛利率槓桿率。我們預計這種槓桿效應將在第四季度顯現出來，我們在業績指引中已將毛利率環比增長超過 100 個基點納入考慮。展望未來。

We expect fourth quarter revenue between $90 million and $93 million compared with revenue of $96.1 million in third quarter 2025, a quarter-over-quarter decrease of 5% at the midpoint. We expect adjusted EBITDA between $15.4 million and $16.9 million. On the bottom line, we expect non-GAAP net income between $14.7 million and $16.2 million, reflecting non-GAAP fully diluted earnings per share between $0.48 and $0.52.

我們預計第四季營收將在 9,000 萬美元至 9,300 萬美元之間，而 2025 年第三季營收為 9,610 萬美元，按中間值計算，季減 5%。我們預計調整後 EBITDA 在 1540 萬美元至 1690 萬美元之間。總而言之，我們預期非GAAP淨利在1,470萬美元至1,620萬美元之間，反映出非GAAP完全稀釋每股收益在0.48美元至0.52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. I will now turn the call to the operator to open the question-and-answer session. Gary?

最後，我要感謝 Impinj 團隊、我們的客戶、供應商以及各位投資者，感謝你們一直以來的支持。現在我將把電話轉給接線員，開始問答環節。加里？

(Operator Instructions) Ezra Weener, Jefferies.

（操作說明）Ezra Weener，傑富瑞。

The first one would be about readers. Q3 is much stronger. You're talking about a little bit weaker Q4 versus seasonal up. Can you just talk a little bit about what that timing means? Was it pull into Q3? Is there a push out to Q4? And then assuming it is pull in, what does that mean for endpoint IC ramp timing?

第一個例子是關於讀者的。第三季表現強勁得多。你指的是第四季業績略低於往年同期水準。能簡單談談這個時間點意味著什麼嗎？是否拖延至第三季？是否會延後到第四季？假設它是拉入的，那麼這對終端 IC 斜坡時序意味著什麼？

Ezra, this is Cary. Thanks for the question. I'll take the first part of that. So originally, we thought we would grow revenue -- systems revenue in the fourth quarter, but probably not achieve kind of normal seasonality because we guided our Q3 systems so strong. Q3 actually turned out stronger than we anticipated. So there's going to be a natural step down as we move from Q3 to Q4.

埃茲拉，這是凱瑞。謝謝你的提問。我來回答第一部分。所以最初，我們認為第四季度系統收入會成長，但可能無法達到正常的季節性成長，因為我們對第三季系統收入的預期非常強勁。第三季業績其實比我們預期的要好。因此，從第三季度到第四季度，自然會出現一個下降階段。

We also saw, as Chris alluded to in the prepared remarks, some of the project timing just shift to the right, which is just exacerbating that a little bit. So instead of growing as we typically would, systems revenue in the fourth quarter, we're down slightly sequentially.

正如克里斯在準備好的演講稿中提到的那樣，我們也看到一些項目的時間安排向前推進了，這在一定程度上加劇了這種情況。因此，第四季系統收入沒有像往常一樣成長，反而較上季略有下降。

Yes. And Ezra, I'll just add that, as I said in the prepared remarks, the size and scope of the rollouts remain intact. What we're seeing is some of the end users adapting in real time to the market environment and adjusting how they phase their rollouts and kind of where they put their emphasis. And so we're seeing a little bit of push in the fourth quarter as a consequence of that internal adjustment.

是的。埃茲拉，我還要補充一點，正如我在準備好的演講稿中所說，推廣活動的規模和範圍保持不變。我們看到的是一些終端用戶正在即時適應市場環境，並調整他們的推廣階段和重點方向。因此，由於這種內部調整，我們在第四季度看到了一些成長勢頭。

I wouldn't read -- there's nothing to read into it in terms of pullbacks -- these are not pullbacks. They're just real-time adjustments at the end-user level to what's going on in the macro environment.

我不會這樣解讀──從回呼的角度來看，沒有什麼好解讀的──這些都不是回呼。它們只是對最終用戶層面上宏觀環境變化的即時調整。

And then the second would be, I think we all saw the Walmart announcement with Avery. Can you talk a little bit about what that means in terms of timing and sizing for you guys?

其次，我想我們都看到了沃爾瑪宣布艾弗里加盟的消息。你們能稍微談談這對你們來說在時間和尺寸方面意味著什麼嗎？

Yes. Why don't I start, Cary, and then you jump in? So, I presume you're alluding to the food news. Grocery -- Walmart. Yes, the grocery. So I'm going to start by saying we're very excited by that news. It's not a surprise to us, but we're very excited that it's out there. The theme in this announcement and the prior Kroger announcement are to improve product freshness, reduce waste, and lower costs.

是的。凱瑞，不如我先開始，然後你再加入？所以，我猜你指的是食品新聞。食品雜貨——沃爾瑪。是的，就是雜貨店。首先我想說的是，我們對這個消息感到非常興奮。這對我們來說並不意外，但我們仍然非常興奮它終於面世了。這次公告和克羅格公司先前的公告的主題都是提高產品新鮮度、減少浪費和降低成本。

And that's an important theme for the industry. As I mentioned in our prepared remarks, we highlighted another longer-term theme, which is improving the shopping experience. But there are no public announcements yet on that front. But you combine the two of those, the freshness opportunity and the customer shopping experience opportunity, and we're very excited about food.

這對整個行業來說是一個重要的主題。正如我在事先準備好的演講稿中提到的，我們重點強調了另一個長期主題，那就是改善購物體驗。但目前這方面還沒有公開聲明。但將新鮮度和顧客購物體驗這兩方面結合起來，我們對食品業感到非常興奮。

We expect modest food volumes through first half '26 and accelerating from there. The pacing really is set by the complexity of rolling out at scale. And you think about it, you've got thousands of stores, got a lot of categories of items. You literally have tens of thousands of employees who need to train. You got to change how you do your operations. You got to build the back end out.

我們預計 2026 年上半年食品銷售將保持適中，之後將加速成長。實際進度取決於大規模推廣的複雜性。你想想，你有成千上萬家商店，有很多商品類別。你們公司有數萬名員工需要接受訓練。你必須改變你的運作方式。你得先把後端搭建起來。

These kinds of deployments at this kind of scale at any major enterprise take time. But as we've seen in some of the others, aviation, retail, and others, once retailers move forward and see the successes, they continue to go forward, and other parts of the industry adopt. So we feel good about where we are. We feel about the opportunities for rollout. M800 and Gen2X are very well positioned, and we will be driving hard into the food opportunity in 2026.

在任何大型企業中，如此大規模的此類部署都需要時間。但正如我們在其他一些行業（如航空、零售等）中所看到的，一旦零售商向前邁進並看到成功，他們就會繼續向前邁進，而行業的其他部分也會採納。所以我們對現狀感到滿意。我們對推廣機會感到擔憂。M800 和 Gen2X 的市場地位非常有利，我們將在 2026 年全力進軍食品業。

Cary, anything you'd add?

凱瑞，你還有什麼要補充的嗎？

Yes, Ezra, I'd just add that the volume estimates that are out there are not unreasonable. We view this as a multibillion-unit annual opportunity when it's fully ramped. But to Chris' point, it's just always difficult to judge the pace of deployments, especially one of this size, until we get into it. So give us a little time to figure out what the pacing looks like. But I'll just reiterate what Chris said.

是的，埃茲拉，我只想補充一點，目前公佈的銷售預測並非不合理。我們認為，一旦全面投產，這將是一個每年數十億台的銷售機會。但正如克里斯所說，在真正開始部署之前，總是很難判斷部署的速度，尤其是像這樣規模的部署。所以請給我們一點時間來確定節奏。但我只想重複一下克里斯說過的話。

We're very excited not only about what this opportunity means with Walmart, but what it means to the rest of the grocery community, who can leverage the work that Walmart is doing.

我們不僅對與沃爾瑪的這次合作機會感到非常興奮，也對其他食品雜貨商來說意義重大，他們可以利用沃爾瑪正在進行的工作。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

Congratulations on very good results. Chris, I had a multipart for you for starters, and then I have one for Cary. So we hear about the announcement that was just talked about with Walmart, bakery, meats, et cetera, and tagging. Is there a fundamental problem in tagging vegetable grocery, leafy greens, and other things that compromise the other vast majority of the volume? Or is that just the next step of the evolution?

恭喜你取得非常好的成績。克里斯，我先為你準備了一系列內容，然後為凱瑞準備了一篇。所以我們聽說了剛才沃爾瑪宣布的關於烘焙、肉類等以及標籤的公告。將蔬菜雜貨、綠葉蔬菜和其他佔商品總量絕大部分的商品進行標記是否存在根本性問題？或者，這只是進化的下一步？

And part two of my question is, Chris, I'm hearing you use the word e-commerce a lot all of a sudden in this call. I've never heard you say that in this much detail. Is there something that -- I guess I'm trying to understand the significance of it, or if you're trying to take the enterprise strategy to the next level and help with e-commerce in some way?

我的問題的第二部分是，克里斯，我聽到你在這通電話中突然頻繁提到電子商務這個詞。我以前從未聽過你如此詳細地描述過這件事。我猜我是想了解它的意義，或者您是否想將企業策略提升到一個新的水平，並以某種方式幫助電子商務？

Yes. So thank you, Harsh. Thanks for your questions. I will address both of them in order. So on the grocery side, you're seeing announcements in bakery, deli, and meat products. There are very significant expansion opportunities beyond that. As you've alluded to with produce, you should look at first at perishable categories as being the areas where grocers will see the most immediate opportunity.

是的。所以，謝謝你，哈什。謝謝你的提問。我會按順序回答這兩個問題。所以在食品雜貨方面，你會看到烘焙食品、熟食和肉類產品的公告。除此之外，還有非常大的發展機會。正如你之前提到的農產品一樣，你應該先關注易腐品類，因為這是雜貨商能夠看到最直接機會的領域。

But then, of course, as I alluded to in the prepared remarks, there are also opportunities for the consumer experience, which requires tagging all the items. Specifically around produce, fruits, and vegetables, there is no fundamental limit that prevents us from tagging those items. It simply is a call mechanical limit or just kind of a functional limit, specifically, how do you do the tagging?

當然，正如我在準備好的演講稿中提到的那樣，消費者體驗也存在著機會，這需要為所有商品貼上標籤。具體來說，對於農產品、水果和蔬菜，並沒有任何根本性的限制阻止我們為這些物品貼上標籤。這只是一個呼叫機制上的限制，或者說是一種功能上的限制，具體來說，你是如何進行標記的？

What we're seeing some of already is grocers put some of the items in bags, and you can tag the bag fairly easily, or in spring containers, or other things. Individual items are just harder because getting the tag on and keeping it on. You will see innovation on the tagging front, but I think you're also going to see innovation on the packaging front to make that produce tagging possible.

我們已經看到一些雜貨店將一些商品裝進袋子裡，你可以輕鬆地給袋子貼上標籤，或者裝進彈簧容器或其他容器裡。單件商品比較難處理，因為要把標籤貼上去，還要防止標籤脫落。你會看到標籤方面的創新，但我認為你也會看到包裝方面的創新，以使產品標籤成為可能。

Turning to e-commerce. I use that word intentionally. Yes. I don't want you to read too much into it right now, but we are seeing two significant trends. One is an interest across many of our customers, enterprise end customers for a direct from DC or warehouse to consumer, and that's in the retail space, in the supply chain and logistics, and other areas.

轉向電子商務。我故意使用這個詞。是的。我不想讓你現在過度解讀，但我們確實看到了兩個重要的趨勢。其中一個原因是，我們的許多客戶，特別是企業終端客戶，都對從配送中心或倉庫直接向消費者供貨感興趣，這體現在零售領域、供應鏈和物流以及其他領域。

And the second one is 3PL opportunities. And so enterprises acting as 3PLs for other enterprises. The net of those I'm using is a broader e-commerce term. You are correct. It's the first time I've meaningfully used that term, and it was intentional and expect us to push forward hard into that e-commerce and attempt to expand and grow there.

第二個機會是第三方物流 (3PL) 機會。因此，一些企業可以充當其他企業的第三方物流供應商。我所使用的這些術語中的“net”是一個更廣泛的電子商務術語。你說得對。這是我第一次真正意義上使用這個術語，而且是故意的，希望我們能大力推進電子商務，並嘗試在那裡擴張和發展。

And as I said in our prepared remarks, I see opportunities for differentiation at the endpoint IC level, the reader IC level, and the software level to address those opportunities, both grocery and e-commerce.

正如我在事先準備好的發言稿中所說，我認為在終端積體電路層面、閱讀器積體電路層面和軟體層面都存在差異化的機會，可以抓住這些機會，無論是在食品雜貨領域還是在電子商務領域。

And my follow-up question to Cary is pretty impressive. I think you're implying 100 basis points of margin increase in the fourth quarter, Cary, if I heard you correctly, -- and is that all from M800? Or is there some other stuff at play over here?

我向凱瑞提出的後續問題非常精彩。凱瑞，如果我沒聽錯的話，你的意思是第四季度利潤率將提高 100 個基點——而且這全部來自 M800 嗎？或者，這裡面還有其他因素在運作嗎？

It's a lot of M800. We're also now fully selling the 2025 costed wafers. So we're getting the benefit of wafer costs matched to 2025 pricing. But you're starting to see us flex the M800 muscle that we've been talking about for a while. Now I think the M800 ramps to volume runner in Q4. I don't think we reach the terminal mix though of the M800 until 2026 sometime.

有很多M800。我們現在也全面銷售 2025 年成本計算的晶圓。因此，我們能夠享受與 2025 年價格相符的晶圓成本所帶來的好處。但你們現在開始看到我們正在展示我們一直在談論的 M800 的強大實力了。現在我認為M800將在第四季成為銷售主力。我認為我們可能要到 2026 年才能達到 M800 的最終混合比例。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

There was a press release by what appears to be a competitor of yours talking about getting some traction using Bluetooth as RFID or like RAIN alternative. So I'd love to know, Chris, in particular, your take on this technology? Is it disruptive? Or conversely, does it have significant drawbacks, and what those are? And if it was a compelling technology, would you guys or could you offer this Bluetooth alternative as well?

似乎你的競爭對手發布了一份新聞稿，談到使用藍牙作為 RFID 或 RAIN 的替代方案，以期獲得一些市場份額。所以，克里斯，我很想知道你對這項技術的看法？它具有乾擾性嗎？或者反過來說，它是否有重大缺點？如果存在，這些缺點是什麼？如果這項技術很有吸引力，你們是否也會提供這種藍牙替代方案？

Okay. Thanks, Chris. I'll do my best to answer the question. I'll give -- I'll say some things. And then if you have a further question on that, I'm happy to engage back and forth. So RAN RFID is ideal for item tagging with huge volumes and a huge opportunity. We've talked multiple times in the past about other technologies like vision, and now with Bluetooth beacons here that can help fill in the gaps.

好的。謝謝你，克里斯。我會盡力回答這個問題。我會說——我會說些什麼。如果您還有其他相關問題，我很樂意與您繼續探討。因此，RAN RFID 非常適合大批量、大市場需求的物品標籤應用。我們過去曾多次討論過視覺等其他技術，現在有了藍牙信標，可以幫助填補這些空白。

Yes, we can make RAIN RFID ICs, sense pallet temperature or humidity. In fact, our industry standardized those capabilities in the radio protocol back in 2012, 13 years ago. But the volumes to date have been tiny and are still small. So we're focused where the volumes are right now. I would say that some complementary technologies filling in the gaps is helpful for enterprise adoption.

是的，我們可以製造 RAIN RFID IC，感知托盤的溫度或濕度。事實上，早在 2012 年，也就是 13 年前，我們的產業就已經在無線電協議中標準化了這些功能。但迄今為止，銷量仍然很小。所以我們現在關注的是交易量最大的領域。我認為，一些互補技術可以填補空白，這對企業採用這些技術是有幫助的。

If the volumes become large, we can look at either that technology or using RAIN RFID to accomplish the same objective. But given the size of the volumes right now, we are focused on the food opportunity, the e-commerce opportunity, supply chain and logistics, the big opportunities where the volumes are orders of magnitude larger, and we'll stay focused there until we see some meaningful change. So I view them as gap fillers. Did that answer your question?

如果數量變得很大，我們可以考慮採用該技術或使用 RAIN RFID 來實現相同的目標。但鑑於目前的市場規模，我們專注於食品、電子商務、供應鏈和物流等市場規模較大的領域，我們將繼續專注於這些領域，直到看到一些實質的變化。所以我認為它們是用來填補空缺的。這樣回答了你的問題嗎？

That did, Chris. Perhaps just following up kind of on a couple of comments you made. The first was about the second large North American supply chain logistics vendor. You said that they were now fully deployed in parcel delivery. So does that mean -- sorry, say that again?

確實如此，克里斯。也許只是想對你之前的一些評論做一些補充說明。第一家是北美第二大供應鏈物流供應商。您說他們現在已經全面投入包裹遞送工作。所以，那意思是──不好意思，再說一次？

Yes. Domestic parcel deliveries, not international, but you keep going. I interrupt you, I apologize.

是的。是國內包裹遞送，不是國際包裹遞送，但你繼續。打斷一下，抱歉。

So does that mean that the full infrastructure is fully deployed? Like do they have readers everywhere they basically need them? And then in terms of tagging individual items, has this reached an attach rate that you think is normal? Or do you think they grow from here as, call it, a percentage of parcels?

那是否意味著所有基礎設施都已全面部署？他們是不是到處都有讀者，基本上需要他們的時候都有？那麼，就單一物品的標記而言，您認為目前的標記率是否達到了正常的水平？還是你認為它們會從這裡開始成長，比如說，以一定比例的地塊成長？

So I'm going to start with the first question first. For all of our Lighthouse enterprise, including that one, they're never fully deployed. They always have new use cases. They're always coming to us with new opportunities. They're always thinking and inventing, and they're looking to us to help them think and event and event.

那我先從第一個問題開始。對於我們所有的 Lighthouse 企業來說，包括那個企業在內，它們從未完全部署過。它們總是能找到新的應用場景。他們總是帶給我們新的機會。他們總是不斷思考和創造，他們希望我們能幫助他們思考和舉辦活動。

So you should look to us to continue talking about fixed reading opportunities, mobile reading opportunities, new tagging opportunities, and just more. I view our engagement with them as a true partnership, a close partnership, a partnership among friends. They trust us to not let them down. We will not let them down, and we will be there to support them.

所以，您可以期待我們繼續探討固定閱讀機會、行動閱讀機會、新的標籤機會等等。我認為我們與他們的合作是一種真正的夥伴關係，一種緊密的夥伴關係，一種朋友之間的夥伴關係。他們相信我們不會讓他們失望。我們不會讓他們失望，我們會全力支持他們。

In terms of the actual tagging volumes, yes, they're fully deployed in domestic parcel delivery, but that's just domestic parcel delivery. There are opportunities in other areas of their business in international, and then in their expansion opportunities, including in e-commerce opportunities for them. So we see growth opportunities on the endpoint IC side, on the reader side, on software side, on helping them as a Lighthouse partner win in their respective market opportunity.

就實際的標籤數量而言，是的，它們已完全部署在國內包裹遞送中，但那隻是國內包裹遞送。他們在其他業務領域，例如國際市場，也存在發展機遇，此外，他們的擴張機會還包括電子商務機會。因此，我們看到了終端 IC 端、讀卡機端、軟體端的成長機會，作為 Lighthouse 合作夥伴，我們可以幫助他們在各自的市場機會中取得成功。

And Chris, this is Cary. I would just add that while they're fully deployed domestically right now, as Chris said, they haven't been that gateway for the entire year. So there's potentially opportunity on a year-over-year basis just as they're fully deployed next year.

克里斯，這位是凱瑞。我還要補充一點，雖然它們現在已經在國內全面部署，但正如克里斯所說，它們並沒有成為全年的門戶。因此，隨著這些技術在明年全面部署，可能會出現同比增長的機會。

Scott Searle, ROTH Capital.

Scott Searle，ROTH Capital。

Great job on the quarter. Maybe to dive in on some of the gross margin commentary, but specific to Gen2X and some of the software investment. I'm wondering a couple of things on the Gen2X front. Is it delivering shares now that is demonstrable that you're seeing in terms of your customer buying patterns? And in terms of the customization opportunity then from an endpoint IC standpoint, does this permanently move you guys into a different gross margin realm on the endpoint IC?

本季表現出色。或許可以深入探討毛利率方面的一些評論，但要具體針對 Gen2X 和一些軟體投資。關於 Gen2X，我有幾個問題想請教一下。現在，你的客戶購買模式是否出現了可證明的份額成長？那麼從終端積體電路的角度來看，就客製化機會而言，這是否會永久地將你們的終端積體電路毛利率提升到不同的水平？

And then maybe as a follow-up to that, talking a little bit more about software and recurring revenue, Chris, I'm wondering if you could flesh that out a little bit more in terms of what that means and where it goes. In the past, we've talked about things like authenticity. But how does that evolve? How does that look in the future?

然後，作為後續討論，克里斯，我們不妨再多談談軟體和經常性收入，我想知道你能否更詳細地闡述一下這是什麼意思以及它的發展方向。過去，我們曾討論過真實性之類的話題。但這又是如何演變的呢？未來會怎樣？

Scott, this is Cary. I'll take the first part of that. So from -- does Gen2X drive share to Impinj? We sure hope so. It's too early to say and comment specifically on share, but this is exactly why we launched Gen2X. This is exactly why we licensed Gen2X to the reading community for free is so that we can not only solve previously unsolvable opportunities for our end customers.

史考特，我是凱瑞。我來回答第一部分。那麼，Gen2X 是否支援與 Impinj 共享？我們當然希望如此。現在就市場佔有率發表具體評論還為時過早，但這正是我們推出 Gen2X 的原因。正因如此，我們才免費向閱讀社群授權 Gen2X，這樣我們不僅可以為終端客戶解決以前無法解決的問題。

But we can also drive endpoint IC share to Impinj. So give us until kind of February, March time frame next year, we'll comment on whether or not we were able to grow share again in 2025. From a gross margin accretion perspective, think of Gen2X as native in the M800. So not driving any more gross margin than the M800 was already slated to, but helping to drive adoption of the M800.

但我們也可以推動終端積體電路份額流向 Impinj。所以，請給我們一些時間，到明年二、三月左右，我們會對2025年是否能夠再次擴大市場份額發表評論。從毛利率成長的角度來看，可以將 Gen2X 視為 M800 的原生元件。因此，雖然沒有比 M800 預期的毛利率更高，但卻有助於推動 M800 的普及。

And, I will try and answer your question. So the genesis of a lot of our Gen2X customizations was Lighthouse Enterprises coming to us and asking for -- basically presenting us with a problem that they've got a challenge and us addressing that challenge. And so our Lighthouse Enterprise accounts use Gen2X because we actually invented some of the capabilities in it to enable them to deploy.

我會盡量回答你的問題。因此，我們許多 Gen2X 定制的起源是 Lighthouse Enterprises 找到我們，提出他們的問題，並要求我們解決這個問題。因此，我們的 Lighthouse 企業帳戶使用 Gen2X，因為我們實際上發明了其中的一些功能，使他們能夠進行部署。

So we view it as very least helping us maintain those accounts for us going forward, expand from that basis into other accounts. Now in terms of diversification, we see further opportunities in Gen2X to innovate on the endpoint IC, as I said, the reader IC, and in the software. As we migrate down Moore's Law and get to more advanced process nodes for the endpoint IC, we have access to more digital capabilities.

因此，我們認為這至少有助於我們繼續維護這些帳戶，並以此為基礎擴展到其他帳戶。就多元化而言，我們看到 Gen2X 在終端 IC（如我所說，讀卡機 IC）和軟體方面有更多創新的機會。隨著我們沿著摩爾定律向下發展，並採用更先進的終端積體電路製程節點，我們將獲得更多數位化能力。

Those capabilities allow us to add features to the endpoint IC that we just couldn't do in the past. And you mentioned some of them, the cryptographic authentication, but there's more. There's lots more. We've only scratched the surface. And so expect us to continue advancing those Gen2X capabilities in concert with our lighthouse enterprises. They present us problems. We solve them.

這些功能使我們能夠為終端積體電路添加過去無法實現的功能。你提到了其中一些，例如加密認證，但還有更多。還有很多。我們只是觸及了皮毛。因此，我們將繼續與標竿企業攜手推動 Gen2X 能力的發展。它們給我們帶來了問題。我們解決了這些問題。

We roll it into Gen2X, and we continue from there. I'm not going to cite any specific additional opportunities right now. Just please note that they're there. Now in terms of what it means for software specifically, I guess that was the last part of your question. I'm going to take a minute to answer that question. In every information industry, if you go back decades, that industry first has to build the hardware foundation.

我們將其納入 Gen2X，並以此為基礎繼續發展。我現在不會提及任何其他具體的機會。請注意它們的存在。至於這對軟體的具體影響，我想這就是你問題的最後一部分了。我花一分鐘回答這個問題。在任何資訊產業中，如果追溯到幾十年前，該產業首先都必須建立硬體基礎。

Think about mobile phones for 20-years. We spent the '80s and the '90s building the hardware foundation. So by the 2000s, early 2000s, we flip phones. But there was no -- there was just phones, you made calls. Only when the foundation is sufficiently mature, can you really start monetizing the information in apps and data services, solution management, AI, and just a whole bunch of stuff.

想想未來20年手機的發展。我們在 80 年代和 90 年代致力於建立硬體基礎。所以到了2000年代，或者說2000年代初期，我們開始使用翻蓋手機。但當時並沒有──只有電話，你只能打電話。只有當基礎足夠成熟時，你才能真正開始在應用程式和數據服務、解決方案管理、人工智慧以及其他各種方面將資訊貨幣化。

So our industry is close enough to that maturity point that it's time to invest in that information. We get there by investing in every layer of the stack, the endpoint IC, the reader IC, and the software. Now there's a fun twist with the endpoint ICs and that they're recurring silicon. But even there, think of the endpoint IC as a data carrier on which to build those SaaS and cloud services.

因此，我們的行業已經接近成熟階段，現在是時候投資這些資訊了。我們透過投資堆疊的每一層來實現這一目標，包括終端 IC、讀卡機 IC 和軟體。現在，終端積體電路有了一個新的有趣之處，那就是它們是可重複使用的矽片。但即便如此，也要把終端積體電路看成是建構 SaaS 和雲端服務的資料載體。

So we -- as we add Gen2X innovations in the endpoint IC, we will leverage those innovations in the reader IC. We will build software solutions on top of it that look more and more like apps today for enterprises in the future for consumers, and create a virtuous cycle by which our platform enables that information economy on the Internet of Things. That is our vision, and it stems from the significant enhancements we're making around Gen2X.

因此，隨著我們在終端 IC 中加入 Gen2X 創新技術，我們將把這些創新技術應用到讀卡機 IC 中。我們將在此基礎上建立軟體解決方案，這些解決方案如今越來越像面向企業的應用程序，未來將面向消費者，從而創造一個良性循環，使我們的平台能夠推動物聯網上的信息經濟發展。這就是我們的願景，它源自於我們圍繞 Gen2X 所做的重大改進。

And Cary, if I could just throw out typical pricing negotiations and decreases as we go into the first quarter, kind of early thoughts in terms of how we should be thinking about endpoint IC pricing in the first quarter and traditional seasonality.

Cary，如果我可以拋開典型的定價談判和第一季的降價，談談我們應該如何看待第一季終端積體電路定價以及傳統的季節性因素，我有一些初步的想法。

Yes. We are just getting into endpoint pricing conversations right now. So I don't have a lot of color to provide at this point. We'll definitely provide insight next quarter.

是的。我們現在才剛開始討論終端設備定價問題。所以目前我沒有特別值得關注的地方。我們下個季度一定會提供相關資訊。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

Chris, I'm not sure if you can elaborate on this, but you were just kind of touching on it. But when you talk about enhancing Gen2X for food and e-commerce applications, can you help us understand a little bit more about what that might entail and what challenges you might be solving or addressing?

克里斯，我不知道你能不能詳細說說，但你剛才只是稍微提了一下。但是，當您談到增強 Gen2X 在食品和電子商務應用方面的功能時，您能否幫助我們更多地了解這可能包含哪些內容，以及您可能正在解決或應對哪些挑戰？

Thanks, Jim. Thanks for the question. thinking how I want to answer it. Jim, I can't -- I'm going to tell you upfront, I'm not going to be able to give you a sufficient answer to -- because I don't want to disclose our product plans. What I'm going to say is this, the radio link, the over-the-air link, is for all practical purposes an endpoint IC talking over-the-air to a reader IC with software controlling the reader IC.

謝謝你，吉姆。謝謝你的提問。我正在思考該如何回答。吉姆，我不能——我先跟你坦白，我無法給你一個令人滿意的答案——因為我不想透露我們的產品計劃。我要說的是，無線鏈路，也就是空中鏈路，實際上就是一個終端集成電路透過空中通信與一個讀卡器集成電路通信，而讀卡器集成電路則由軟體控制。

Think of it that way. What we've learned from our Lighthouse accounts is that we need to customize all three, the endpoint IC, the reader IC, and the software. And there are major opportunities to customize all three, not just to improve the radio performance, think beyond that, to really drive apps to drive additional information, to drive use cases.

這麼想吧。我們從 Lighthouse 帳戶中了解到，我們需要對所有三個部分進行客製化：終端 IC、讀卡機 IC 和軟體。而且，這三者都有很大的機會進行定制，不僅是為了提高無線電性能，還要超越這一點，真正推動應用程序提供更多信息，推動用例。

And I guess I'll do it by analogy. So again, going back to the mobile phone analogy, by the early 2000s, a lot of the infrastructure was built out. Then it took Apple really to come up with the touchscreen to enable apps that consumers could use to drive the industry forward. That was one of the key innovations that turned a hardware-based technology into something that was an information-based technology that people could use.

我想我只能用類比的方式來解釋了。所以，再以手機為例，到 21 世紀初，許多基礎建設已經建成。然後，蘋果公司真正發明了觸控屏，使得消費者可以使用各種應用程式來推動產業發展。這是將基於硬體的技術轉變為人們可以使用的資訊技術的關鍵創新之一。

We have that level of opportunity in terms of driving information value around RAIN RFID in our future. I'm not going to say more about how we get there, the time frame in which we're going to get there, what the innovations are going to be, how many there are, but they're in there. And I believe, fundamentally, we're just scratching the surface on what we can do.

未來，我們在推動 RAIN RFID 的資訊價值方面擁有這樣的機會。我不會再多說我們如何實現目標、實現目標的時間框架、會有哪些創新、有多少創新，但它們都包含在其中。而我認為，從根本上講，我們目前所做的事情還只是冰山一角。

Well, we'll have to stay tuned on that. Cary, a question for you. As we think about these opportunities, it sounds like -- and correct me if maybe I'm just misinterpreting it, but how might we be thinking about operating expense? It sounds like do we -- should we be thinking about higher investments in R&D? You're getting a nice lift from gross margins, but I'm wondering how do we think about OpEx going forward in light of some of the opportunities you're going after?

嗯，我們得繼續關注這件事。凱瑞，我有個問題想問你。當我們思考這些機會時，聽起來——如果我理解有誤請指正——我們該如何看待營運費用？聽起來我們是否應該考慮加大研發投入？毛利率確實帶來了不錯的成長，但考慮到您正在尋求的一些機會，我想知道我們應該如何看待未來的營運支出？

Yes. So expect us to continue investing. Our OpEx is going to increase in the fourth quarter. We've held it fairly flat throughout most of the year. But it's going to increase in the fourth quarter. And then you know you've been following the story long enough that there's seasonal increase of OpEx in the first quarter and then that kind of increases again in the second quarter, then moderates thereafter.

是的。所以請期待我們繼續投資。我們的營運支出將在第四季度增加。今年大部分時間裡，我們都將其維持在相當平穩的水平。但第四季將會成長。然後你就會知道，你關注這個故事的時間夠長了，營運支出在第一季會出現季節性成長，然後在第二季再次出現這種成長，之後就會趨於緩和。

I don't see any change to the seasonal spend patterns that we've had in the past. But we will always stay true to the long-term model that we put together a few years back, and that is every single line item that we have in our spend will deliver leverage, less so in engineering, because that's our primary focus of investment. But still, we will have leverage in the R&D line. We'll have leverage in sales and marketing, and clearly leverage in the G&A line.

我認為季節性消費模式與以往相比沒有任何變化。但我們將始終堅持幾年前製定的長期模式，那就是我們支出中的每一項都將帶來槓桿效應，工程方面的槓桿效應較小，因為那是我們投資的主要重點。但是，我們在研發領域仍有優勢。我們將在銷售和行銷方面擁有優勢，並且在一般及行政費用方面也擁有明顯的優勢。

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

I think you said earlier, you're fairly comfortable with some of the numbers discussed out there in terms of volumes. But in terms of some of the numbers I've seen is the Walmart opportunity alone could be as much as 5 billion labels over the, say, once fully ramped over, say, two to three years. And since Kroger is maybe half the size of Walmart or maybe better bigger than that, we're talking about maybe a $7.5 billion combined between the two. First question is, are you comfortable with those sort of numbers?

我想你之前說過，你對目前討論的一些交易量數據相當有信心。但就我看到的一些數字而言，光是沃爾瑪一家就有機會在兩到三年內全面投產後，提供多達 50 億個標籤。鑑於克羅格的規模可能是沃爾瑪的一半，甚至可能更大，我們說的是兩家公司加起來的市值可能達到 75 億美元。首先，您對這類數字感到滿意嗎？

And secondly, I understand that Impinj is the sole provider in the pilots of, say, 40 to 60 stores at Walmart. But how long would you expect to remain the sole provider as typically customers suppliers over time?

其次，據我了解，在沃爾瑪的 40 到 60 家門市的試點計畫中，Impinj 是唯一的供應商。但您預計能作為唯一供應商持續多久？畢竟，隨著時間的推移，客戶通常會成為供應商。

Why don't you take the volumes? I'll take the first.

為什麼不拿走這些卷冊呢？我選第一個。

So Guy, we -- as I said earlier, we think this is a multibillion unit opportunity on an annual basis once it's ramped. There's a lot of categories within freshness in food. There's a lot of SKUs. So we really need to see what the rollout timing is for each of those categories, each of those SKUs to give a sense of what the final number in terms of units are. But under any scenario that we envision, it's a multibillion-unit opportunity per year.

所以蓋伊，正如我之前所說，我們認為一旦量產，這將是一個每年數十億美元的商機。食物的新鮮度有很多類別。SKU 很多。因此，我們需要了解每個類別、每個 SKU 的推出時間，才能大致了解最終的銷售數量。但無論我們設想哪一種情況，這都是每年數十億單位的商機。

And then, Guy, you had asked about our current position in those rollouts and pilots and whether we are able -- and essentially, how are you going to sustain that position? So we feel today we are very well positioned in many, if not all, of the ongoing pilots and deployments. We believe that's a result of the performance of our products, the quality of our products, the effort that we have put in with others, and a healthy dose of Gen2X.

然後，蓋伊，你問了我們目前在這些推廣和試點計畫中的處境，以及我們是否能夠——本質上來說，你們將如何維持這種處境？因此，我們今天感覺，即使不是全部，我們也已經在許多正在進行的試點和部署專案中處於非常有利的地位。我們認為這是由於我們產品的性能、產品品質、我們與他人共同努力以及 Gen2X 的積極作用所致。

What we also see is a set of -- I'm not going to use the word challenges. I'm going to use the word opportunities, a set of opportunities in the food space for continued innovation. And we will be driving those innovations, pulling them into Gen2X, and put distance between us and our competition in terms of readability, in terms of findability of items, in terms of scanability, in terms of the data that we and they provide in terms of the reliability of the overall solution.

我們也看到了一系列——我不想用「挑戰」這個詞。我將使用「機會」一詞，指的是食品領域持續創新的一系列機會。我們將推動這些創新，將它們引入 Gen2X，並在可讀性、專案查找性、可掃描性、我們和他們提供的數據以及整體解決方案的可靠性方面，拉開我們與競爭對手之間的差距。

So look to us to drive those innovations, measure us against our success, creating and building those innovations. And if we're successful in so doing, which I have every intention of being, look to us to hold good share in the food space.

所以，請期待我們推動這些創新，並以我們創造和建構這些創新的成功來衡量我們。如果我們能夠成功做到這一點（而我完全有信心做到這一點），那麼我們有望在食品領域佔據相當大的份額。

Ezra Weener, Jefferies.

埃茲拉‧韋納，傑富瑞集團。

Yes. Just a very quick one. I know the last couple of quarters, you've talked about not guiding any turns. I didn't see that in the prepared remarks this time. Could you just comment on that?

是的。就簡單說一下。我知道在過去的幾個季度裡，你一直說不會引導任何轉向。這次我在準備好的發言稿裡沒看到這一點。您能否就此發表一下看法？

Yes. Ezra, this is Cary. So I'll take a shot at that. So we continue operating in a very dynamic market. In the third quarter, we saw more turns than expected, but we also saw the same trend of partners requesting changes to delivery timing and location continue. In a typical quarter for endpoint IC, we have two to three weeks following earnings to turn business given -- turn business for the quarter, given our current lead times.

是的。埃茲拉，這是凱瑞。那我就試試吧。因此，我們繼續在一個充滿活力的市場中運作。第三季度，我們看到的周轉次數比預期要多，但我們也看到合作夥伴要求更改交貨時間和地點的趨勢仍在繼續。對於終端積體電路來說，在典型的季度中，我們在財報發布後的兩到三週內需要完成當季的業務拓展，這是基於我們目前的交付週期。

Since we've not seen a standard environment all year, we're not -- we're going to take a similar approach to our guidance that served us well in the second and third quarter. So looking into Q4 for endpoint ICs, we've assumed very minimal turns, less than a week's worth. And then on the systems side, we've assumed more normal turns to reflect the typical end-of-year enterprise hardware buying patterns of the channel portion of our systems business.

由於我們今年還沒有看到標準的市場環境，所以我們不會——我們將採取與第二季和第三季行之有效的方法類似的指導方針。因此，展望第四季終端積體電路，我們假設週轉率非常低，不到一週。而在系統方面，我們假設了更正常的波動，以反映我們系統業務通路部分典型的年末企業硬體購買模式。

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

我們的問答環節到此結束。我謹將會議交還給聯合創辦人兼執行長克里斯·迪奧裡奧，請他作總結發言。

Thank you, Gary. I'd like to thank you all for joining the call today. And I'd especially like to thank you for your ongoing support. Thank you, and bye-bye.

謝謝你，加里。感謝各位今天參加電話會議。我特別要感謝你們一直以來的支持。謝謝，再見。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線。