Impinj Inc (PI) 2025 Q4 法說會逐字稿

Welcome to Impinj's fourth-quarter and full year 2025 financial results conference call and webcast. (Operator Instructions) Please note, this event is being recorded.

歡迎參加 Impinj 2025 年第四季及全年財務業績電話會議及網路直播。（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, sir.

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，先生。

Thank you, Nick. Good afternoon and thank you all for joining us to discuss Impinj's fourth-quarter and full year 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 fourth-quarter and full year 2025 financial results and first quarter of 2026 outlook. We will then open the call for request.

謝謝你，尼克。下午好，感謝各位參加本次會議，共同探討 Impinj 公司 2025 年第四季及全年業績。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 2025 年第四季和全年的財務業績以及 2026 年第一季的展望。然後我們將開放申請。

You can find management prepared remarks, plus trended financial data on the Investor Relations section of the company's website.

您可以在公司網站的投資者關係部分找到管理層準備的演講稿以及趨勢財務數據。

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. We describe these risks and uncertainties in the annual and quarterly reports we file with the SEC.

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聲明。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。

We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements except as required by law.

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，除收入或我們明確聲明另有說明外，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 Barclays' 43rd Annual Industrial Select Conference on February 17 in Miami; Susquehanna's, 15th Annual Technology Conference on February 26 in New York; and the 2026 Cantor Global Technology and Industrial Growth Conference on March 11 in New York. 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 2 月 17 日在邁阿密舉行的巴克萊銀行第 43 屆年度工業精選會議；2 月 26 日在紐約舉行的 Susquehanna 第 15 屆年度技術會議；以及 3 月 11 日在紐約舉行的 2026 年 Cantor 全球技術與工業增長會議。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.

謝謝你，安迪，也謝謝各位參加這通通話。

2025 was a tough year for our industry. Tariffs and tariff-related supply chain (inaudible), inventory reductions at every layer of our retail markets, a downward trend in apparel imports, and protracted general merchandise adoption, all weighed heavily on the RAIN market.

2025年對我們這個產業來說是艱難的一年。關稅和與關稅相關的供應鏈（聽不清楚）、零售市場各個層面的庫存減少、服裝進口的下降趨勢以及一般商品的長期普及，都對 RAIN 市場造成了沉重打擊。

It was also a transition year for us. We grew year over year endpoint ICs volumes by 9%, believe we gained endpoint IC market share, made M800 our volume runner, launched Gen2X and proved it to be a must-have for solution success, drove Gen2X enabled solutions that multiple Lighthouse accounts, helped plant the seeds for accelerating food adoption and exited the year with record adjusted EBITDA and cash. I am very pleased with how our team rose to meet the challenge.

對我們來說，這也是一個過渡年。我們終端集成電路銷量同比增長 9%，相信我們獲得了終端集成電路市場份額，M800 成為我們的銷量主力產品，推出了 Gen2X 並證明它是解決方案成功的必備要素，推動了多個 Lighthouse 客戶採用 Gen2X 解決方案，幫助播下了加速食品終端普及的種子，並以創紀錄的調整後 EBITDA 和現金結束了這一年的調整後 EBITDA 和現金結束了這一年的調整後 EBITDA 和現金結束了這一年。我對我們團隊應對挑戰的表現非常滿意。

Looking into 2026, we see in the first quarter a confluence of order timing, ongoing retailer inventory burndown, product transitions, and a super-seasonal systems decline due to project timing, driving revenue lower. Looking just a bit further out, we see conditions improving. (inaudible) volumes rebound, and gross returning as our investments in ceding new opportunities and our solutions focus pay off.

展望 2026 年，我們看到第一季訂單時間、零售商持續的庫存消耗、產品過渡以及由於專案時間表導致的超級季節性系統下降等因素匯聚在一起，將導致收入下降。展望未來，我們看到情況正在好轉。 （聽不清楚）銷售反彈，隨著我們在把握新機會和專注於解決方案方面的投資獲得回報，毛利也將回升。

Starting with first-quarter endpoint ICs. Like last year, our second large North American supply chain and logistics and user significantly shifted their label supplier allocations. Partners that anticipated share gains ordered ahead in the fourth quarter, whereas those with share losses are reducing inventory in the first. Additionally, we are quickly pivoting to a custom-built endpoint IC for that end user, which I'll describe shortly, causing a further temporary dip in endpoint IC orders as partners reduce prior product inventory while we ramp volumes of new IC.

首先從第一季的終端積體電路開始。與去年一樣，我們第二大北美供應鏈和物流用戶大幅調整了其標籤供應商分配。預期市場佔有率會上升的合作夥伴提前在第四季度下了訂單，而預期市場佔有率會下降的合作夥伴則在第一季減少了庫存。此外，我們正在迅速轉向為該最終用戶定制的終端集成電路（稍後我會詳細介紹），這將導致終端集成電路訂單進一步暫時下降，因為合作夥伴會減少先前的產品庫存，而我們正在增加新集成電路的數量。

Second, we see a pair of retailers reducing stock and underbuying demand, impacting our first quarter outlook.

其次，我們看到兩家零售商減少庫存並低於市場需求，這將影響我們第一季的展望。

And finally, food volumes remain modest in the first quarter.

最後，第一季食品銷售依然不高。

Turning to our expectations as we exit the first quarter. I'll start with that custom endpoint IC. Think of it as an ASIC developed with the end user tightly linked to their and our platforms with added features like label authentication that solve key business needs while also eliminating unneeded features.

讓我們展望一下第一季末的預期。我先從那個自訂端點積體電路開始。你可以把它想像成一個專用積體電路 (ASIC)，它與最終用戶緊密相連，用戶可以透過標籤認證等附加功能與我們的平台連接，從而解決關鍵的業務需求，同時消除不必要的功能。

They planned to fully switch to it this year. The IC also opens new opportunities for them to unlock and for us to participate in new outward facing customer accounts.

他們計劃今年全面改用該系統。IC 也為他們開闢了新的機遇，讓我們有機會參與外部客戶的新業務。

Second, we see when endpoint IC demand for apparel, normalizing as soon as second quarter. Third, we see general merchandise growing as existing categories, ad skews and new categories get added. Fourth, we see food rollouts expanding to more stores.

其次，我們看到終端IC對服裝的需求在第二季就恢復正常。第三，隨著現有類別、廣告偏好和新類別的增加，我們看到一般商品市場正在成長。第四，我們看到食品推廣活動擴展到更多門市。

And finally, we see our solutions efforts, opening major new account opportunities. To speed our pivot to solutions, we recently added Chris Hundley as an Executive Vice President for Enterprise Solutions. Chris adds significant software and solutions talent to our team.

最後，我們看到我們的解決方案努力帶來了重要的全新客戶機會。為了加速我們向解決方案的轉型，我們最近聘請了 Chris Hundley 擔任企業解決方案執行副總裁。Chris 為我們的團隊帶來了重要的軟體和解決方案的才能。

We are also doubling down on Gen2X as a solutions enabler, added EM microelectronic as a Gen2X licensee, and are forging close Gen2X partnerships with leading ecosystem players. We not only see Gen2X increasing the performance and featured gap between M800 and its competition, but also see it as an essential toolkit for enterprise solutions. And we have a growing pipeline of solutions opportunities.

我們也加倍投入 Gen2X 作為解決方案推動者，新增 EM 微電子作為 Gen2X 授權商，並正在與領先的生態系統參與者建立緊密的 Gen2X 合作夥伴關係。我們不僅看到 Gen2X 提高了 M800 與其競爭對手在效能和功能上的差距，而且還將其視為企業解決方案的重要工具包。我們還有越來越多的解決方案機會正在醞釀中。

We expect our solutions efforts to drive, and when I see volumes and share, reader and reader IC revenue growth and with time, meaningful software revenue. And perhaps most importantly, a selling model that focuses on solution value rather than individual components.

我們期望我們的解決方案能夠推動，當我看到銷售和市場份額的成長時，讀者和讀者積體電路的收入將會成長，隨著時間的推移，軟體收入也將實現顯著成長。或許最重要的是，銷售模式要注重解決方案的價值，而不是單一組件的價值。

Of course, even as we pursue solutions, we remain keenly focused on our current products. In retail apparel, multiple new end users are talking openly about RAIN adoption. We are pursuing wins with them, as well as further share shifts with existing retailers.

當然，即便我們在尋求解決方案的同時，我們仍然高度關注我們目前的產品。在零售服飾領域，許多新的終端用戶正在公開談論 RAIN 的採用。我們正在努力與他們取得合作成功，並進一步擴大與現有零售商的市場份額。

In general merchandise, we see 2026 is the year that unlocks key new logos in current use cases, add significant new ones, and drive IC volume growth. On the competitive front, we see Gen2X driving additional opportunities to us.

在一般商品領域，我們認為 2026 年是解鎖當前應用程式場景中的關鍵新標誌、增加重要新標誌並推動 IC 銷售成長的一年。在競爭方面，我們看到 Gen2X 為我們帶來了更多機會。

In food, we see a ramp through 2026, led by bakery with proteins to follow. And although food volumes remain modest, the opportunity is staggeringly large, and we intend to lead and win it. Overall, we see industry endpoint IC volumes rebounding from an uninspiring 2025 as these growth factors layer on with our leading market share driving an outsized portion of those volumes to us.

在食品領域，我們看到到 2026 年將出現成長高峰，其中烘焙食品將引領成長，蛋白質食品將緊隨其後。儘管食品產量仍然不高，但機會卻非常巨大，我們打算引領並贏得這一機會。總體而言，我們認為隨著這些成長因素的疊加，產業終端積體電路銷售將從2025年令人失望的水平反彈，而我們領先的市場份額將推動我們獲得其中很大一部分銷售。

We see our solutions revenue expanding notably as our Lighthouse end users outperform their peers and pull us into opportunities. And in all, we expect our focus on hitting solution price points, where the ROI pencils out for the end user to pay off handsomely.

我們看到，隨著 Lighthouse 終端用戶超越同行並為我們帶來機遇，我們的解決方案收入顯著增長。總而言之，我們希望專注於找到能夠為最終用戶帶來豐厚投資回報的解決方案價格點。

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

在將電話交給 Cary 進行財務回顧和第一季度展望之前，我想再次感謝 Impinj 團隊的每一位成員，感謝你們為實現我們大膽的願景所做的不懈努力。一如既往，能與您共事是我的榮幸。

Cary?

凱瑞？

Thank you, Chris, and good afternoon, everyone.

謝謝你，克里斯，大家下午好。

Fourth-quarter revenue was $92.8 million down 3% sequentially compared with $96.1 million in third quarter 2025 and up 1% year over year from $91.6 million in fourth quarter 2024. 2025 revenue was $361.1 million, down 1% year over year compared with $366.1 million in 2024. Fourth quarter endpoint IC revenue was $75.2 million down 5% sequentially compared with $78.8 million in third quarter 2025 and up 2% year over year from $74.1 million in fourth quarter of 2024.

第四季營收為 9,280 萬美元，季減 3%，而 2025 年第三季為 9,610 萬美元；年增 1%，而 2024 年第四季為 9,160 萬美元。 2025 年營收為 3.611 億美元，年減 1%，而 2024 年為 3.661 億美元。第四季終端積體電路營收為 7,520 萬美元，季減 5%（2025 年第三季為 7,880 萬美元），較去年同期成長 2%（2024 年第四季為 7,410 萬美元）。

Endpoint IC revenue slightly exceeded our expectations, driven by Bern's orders. M800 was the volume runner with unit volumes increasing sequentially. 2025 endpoint IC revenue declined 2% year over year, driven by the factors Chris already noted. Looking to first quarter, we expect endpoint IC revenue to decline sequentially at a high teens percentage rate driven primarily by supply chain and logistics, channel inventory reductions, retail weakness, and to a lesser extent by annual endpoint IC price reductions.

終端積體電路收入略微超出預期，主要得益於伯恩的訂單。M800銷售持續成長，成為銷售主力。受Chris已提及的因素影響，2025年終端積體電路收入較去年同期下降2%。展望第一季度，我們預期終端積體電路營收將季減兩位數百分比，主要原因是供應鏈和物流、通路庫存減少、零售疲軟，以及較小程度受到終端積體電路年度價格下調的影響。

Fourth quarter systems revenue was $17.7 million up 2% sequentially compared with $17.3 million in third quarter 2025, and up 1% year over year from $17.5 million in fourth quarter 2024. Systems revenue exceeded our expectations driven by NRE revenue, while Reader and Gateway revenue and Reader IC revenue declined as anticipated. 2025 systems revenue grew 2% year over year with Reader and Gateway growth more than offsetting declines in both reader ICs and test and measurement solutions.

第四季系統營收為 1,770 萬美元，比 2025 年第三季的 1,730 萬美元成長 2%，比 2024 年第四季的 1,750 萬美元成長 1%。系統收入超出預期，主要得益於非經常性工程費用 (NRE) 收入的成長；而讀卡機和網關收入以及讀卡機積體電路 (IC) 收入則如預期般下降。 2025 年系統營收年增 2%，其中讀卡機和網關的成長足以抵銷讀卡機 IC 和測試測量解決方案收入的下滑。

Looking to first quarter, we expect systems revenue to expand more than seasonally, primarily due to project timing at our enterprise customers.

展望第一季度，我們預期系統營收將比季節性成長幅度更大，這主要是由於我們企業客戶的專案進度安排。

Fourth-quarter gross margin was 54.5% compared with 53% in third quarter 2025 and 53.1% in fourth quarter 2024. The year-over-year increase was driven by high endpoint IC direct margins, specifically from a richer mix of M800.

第四季毛利率為 54.5%，而 2025 年第三季為 53%，2024 年第四季為 53.1%。年成長主要得益於較高的終端積體電路直接利潤率，特別是來自更豐富的 M800 產品組合。

The quarter over quarter increase was driven primarily by higher systems direct margins, specifically higher NRU revenue and to a lesser extent, a higher endpoint IC direct margins. 2025 gross margin was 55.3% compared with 54% in 2024, with the increase due primarily to a richer mix of M800 and ICs. Looking to first quarter, we expect gross margins to decline sequentially, driven primarily by lower revenue on fixed cost in annual endpoint IC price reductions.

環比成長主要得益於系統直接利潤率的提高，特別是NRU收入的成長，以及終端IC直接利潤率的提高（儘管幅度較小）。 2025年毛利率為55.3%，高於2024年的54%，成長主要歸功於M800和IC產品組合的最佳化。展望第一季度，我們預期毛利率將環比下降，主要原因是終端積體電路年度價格下調導致固定成本收入減少。

Total fourth-quarter operating expense was $34.2 million compared with $31.8 million in third quarter 2025 and $33.6 million in 2024. Research and development expense was $18.6 million. Sales and marketing expense was $8.2 million. General and administrative expense was $7.4 million. 2025 operating expense totaled $130.1 million compared with $131.9 million in 2024.

第四季總營運支出為 3,420 萬美元，而 2025 年第三季為 3,180 萬美元，2024 年為 3,360 萬美元。研發費用為1860萬美元。銷售和行銷費用為 820 萬美元。一般及行政費用為740萬美元。 2025年營運費用總計1.301億美元，而2024年為1.319億美元。

We expect total first quarter 2025 operating expense to increase sequentially driven primarily by normal seasonal factors. Fourth quarter adjusted EBITDA was $16.4 million compared with $19.1 million in third quarter 2025 and $15 million in fourth quarter 2024.

我們預計 2025 年第一季總營運支出將較上季成長，主要受正常季節性因素驅動。第四季調整後 EBITDA 為 1,640 萬美元，而 2025 年第三季為 1,910 萬美元，2024 年第四季為 1,500 萬美元。

Fourth quarter adjusted EBITDA down margin was 17.7%. 2025 adjusted EBITDA was a record $69.6 million compared with $65.9 million in 2024. 2025, adjusted EBITDA margin was a record 19.3% in line with the long-term model we shared at our 2023 investor base. Fourth quarter GAAP loss was $1.1 million. Fourth quarter non-GAAP net income was $15.6 million or $0.50 per share on a fully diluted basis. 2025 GAAP net loss was $10.8 million. 2025 non-GAAP net income was $64.2 million dollars, or $2.11 per share on a fully diluted basis.

第四季調整後 EBITDA 下降率為 17.7%。 2025 年調整後 EBITDA 達到創紀錄的 6,960 萬美元，而 2024 年為 6,590 萬美元。 2025 年調整後 EBITDA 利潤率達到創紀錄的 19.3%，與我們在 2023 年向投資者公佈的長期模型一致。第四季GAAP虧損為110萬美元。第四季非GAAP淨利為1560萬美元，即每股0.50美元（完全稀釋後）。2025年GAAP淨虧損為1,080萬美元。 2025年非GAAP淨利為6,420萬美元，即完全稀釋後每股收益2.11美元。

Turn to a balance sheet, we ended the fourth quarter with record cash equivalents, and investments of $279.1 million compared with $265.1 million in third quarter 2025 and $239.6 million in fourth quarter 2024. Inventory totaled $85 million down $7.7 million from the prior quarter. Fourth quarter capital expenditures totaled $1.5 million dollars, free cash flow with $13.6 million. 2025, capital expenditures totaled $12.9 million free cash flow was $45.9 million.

從資產負債表來看，我們第四季末的現金等價物和投資額創歷史新高，達到 2.791 億美元，而 2025 年第三季為 2.651 億美元，2024 年第四季為 2.396 億美元。庫存總額為 8,500 萬美元，比上一季減少了 770 萬美元。第四季資本支出總額為150萬美元，自由現金流為1360萬美元。 2025年，資本支出總額為1,290萬美元，自由現金流為4,590萬美元。

According to our outlook, we expect first-quarter revenue between $71 million and $74 million compared to a $74.3 million in first quarter 2025, a year over year decrease of 2% at the midpoint. We expect adjusted EBITDA between $1.2 million and $2.7 million. On the bottom line, we expect non-GAAP net income between $2.5 million and $4 million reflecting non-GAAP, fully diluted earnings per share between $0.08 and $0.13.

根據我們的預測，我們預計第一季營收將在 7,100 萬美元至 7,400 萬美元之間，而 2025 年第一季的營收為 7,430 萬美元，以中間值計算，年減 2%。我們預計調整後 EBITDA 在 120 萬美元至 270 萬美元之間。總而言之，我們預期非GAAP淨收入在250萬美元至400萬美元之間，反映出非GAAP完全稀釋後每股收益在0.08美元至0.13美元之間。

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

最後，我要感謝impinge團隊、我們的客戶、供應商以及各位投資人的持續支持。

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

現在我將把電話轉給接線員，開始問答環節。缺口？

(Operator Instructions) Harsh Kumar, Piper Sandler.

（操作說明）Harsh Kumar，Piper Sandler。

I wanted to hit upon the first quarter guidance a little bit, I think you're off something like $17 million, $18 million relative to the expectation on the suite. I know you've got shift at EPA -- I'm sorry, a shifted your second customer in logistics, and you've also got some sort of a custom chip that you're developing and also seems like some excess inventory so I was hoping that you could break down for us. This miss between the impact from orders from the custom chip and the timing associated with it versus how much excess you have.

我想稍微談談第一季的業績指引，我認為你們的業績比預期少了大約 1700 萬美元到 1800 萬美元。我知道你在環保署（EPA）有班次——抱歉，我在物流部門給你的第二個客戶換班了，而且你還在開發某種定制芯片，似乎還有一些庫存過剩，所以我希望你能給我們詳細說明一下。客製化晶片訂單的影響及其相關時間與你的剩餘庫存量之間的差距。

And I'll ask my second question, at the same time, it seems like there's a lot of stuff moving around. You talked about food, sort of, moving around APAR, moving around, but then you seem pretty confident that all of this will fix itself fairly fast, like in second quarter. These are large in markets, and I'm curious what gives you the confidence that this will swing around in a better situation.

同時，我還要問第二個問題，感覺好像有很多東西在移動。你談到了食物，也談到了 APAR 的變動，但你似乎很有信心，所有這些問題都會很快得到解決，例如在第二季。這些在市場上規模很大，我很好奇是什麼讓你有信心情況會好轉。

Okay, thank you, Harsh. This is Chris. There's a lot to unpack in this question, and I think Cary will tag team it here. So I'm going to start by saying that despite starting points looking the same, we see 2026 very differently from 2025. 2025, we took a competitive lead and held her own, and it, what was an otherwise a pretty tough year. In 2026, we're going to press that lead. In what we believe is shaping up to be a growth year for the reasons that we cited in our prepared remarks.

好的，謝謝你，哈什。這是克里斯。這個問題有很多值得探討的地方，我認為凱瑞會和其他人一起解答。首先我要說的是，儘管起點看起來相同，但我們對 2026 年的看法與 2025 年截然不同。 2025 年，我們取得了競爭優勢並保持了領先地位，而那一年原本相當艱難。2026年，我們將繼續保持領先。我們認為，由於我們在準備好的演講稿中提到的原因，今年將是一個增長之年。

And relative to those to those prepared marks, and I will both go through some of the details on why we see things turning around and actually, why I talked about exiting the quarter, on an upward swing. But just before I hand over to Cary to add a few points, I will say that that custom ship for a second large American supply chain and logistics and user. It's not just in design, we are currently shipping it. And so it is in production now.

相對於這些準備好的分數，我將詳細解釋為什麼我們看到情況正在好轉，以及為什麼我談到本季末將出現上升趨勢。但在我把麥克風交給 Cary 補充幾點之前，我想說，那艘客製化船是為第二個大型美國供應鏈、物流和用戶服務的。這不僅僅是設計上的改進，我們現在已經開始出貨了。目前該產品已投入生產。

Cary, I want to turn over to you for a bit and then we can go back and forth.

凱瑞，我想暫時把發言權交給你，然後我們輪流發言。

Thanks, Chris. Harsh, let me break down. The Q1 revenue guide and how we built it, so as I noted, we're expecting endpoint IC revenue to decline sequentially at a high teens percentage. That's primarily on lower volume as our inlay partners supporting our logistics costs, burned down a few weeks of inventory. Think of each week of a burned down approximating about $5 million of impact, to a much lesser degree, yearly price reductions and product mix are also impacting our first quarter.

謝謝你，克里斯。太殘酷了，讓我來解釋一下。第一季營收指引以及我們是如何建構這項指引的，正如我所指出的，我們預計終端積體電路營收將季減十幾個百分點。這主要是因為銷售量下降，我們的鑲嵌合作夥伴承擔了我們的物流成本，消耗了幾週的庫存。想想看，每週一次的火災造成的損失約為 500 萬美元，而年度降價和產品組合的變化，雖然程度要小得多，但也對我們的第一季產生了影響。

We're modeling pricing at a couple million bucks and the mix impact is smaller than that. There's also some retail weakness, that we're factoring through our guide. Now, as we built our guide, we wanted to be prudent in doing so. So there's a couple of things to consider, in our guidance. First, the January turn orders have been strong. They're already double what few 4th quarter was at the same point in the quarter, and they're up more than 50% than they were last January.

我們假設定價在幾百萬美元以內，而產品組合的影響要小得多。零售業也存在一些疲軟跡象，我們已將這些因素納入我們的指導方針中。現在，在編寫指南時，我們希望謹慎行事。因此，在我們的指導方針中，有幾點需要考慮。首先，1月份的訂單量非常強勁。它們已經是第四季同期水準的兩倍，比去年一月成長了 50% 以上。

The second piece I would highlight is that the elevating elevated rescheduling behavior that we saw all of last year, a significantly moderated and is approaching a normal, a return to normal levels right now. And then finally, I would add our endpoint I see business is nearly 100% booked at the midpoint of the guide, despite there being a few weeks left to turn business in the quarter.

我想強調的第二點是，我們去年一整年看到的不斷升級的重新安排行程的行為，已經明顯緩解，並且正在接近正常水平，目前正在恢復正常水平。最後，我想補充一點，我看到我們的終點站業務在指南的中點幾乎已預訂完畢，儘管本季度還有幾週的時間來促成業務。

Harsh, I will pause there. Why don't you follow on? And did we answer your question adequately or do we leave parts of it open?

很嚴厲，我就先說到這裡吧。為什麼不繼續呢？我們是否充分回答了您的問題，還是有些問題仍未解答？

No, it's super helpful. I just wanted to follow up on the second question that I asked, which was, you've got a lot of end markets moving around, food, apparel, all of which is going ahead seems like in 12, you mentioned, but then you're pretty confident that all of this will turn around.

不，它超級有用。我只是想就我提出的第二個問題做個後續說明，那就是，你提到，很多終端市場都在運轉，食品、服裝等等，所有這些似乎都在向前發展，就像12月份那樣，但你很有信心這一切都會好轉。

I was curious, are you just looking at your -- are you looking at your orders and saying this will turn around for you or is there something happening within the market that is causing the orders to have come in into the 12 and you're expecting something to happen and in the end market to drive that that that business up?

我很好奇，你只是在觀察你的訂單，然後認為情況會好轉嗎？還是說市場中發生了一些事情，導致訂單集中在12點，你預期最終市場會發生一些事情來推動業務成長？

Yeah, so there's no easy answer to your question because the answer depends on the particular aspects of the in markets and food, we, as I said in my prepared remarks, we see modest volumes but inexorable growth. And we remain incredibly excited about that food opportunity we see. Stores, we see the number of stores expanding, especially in bakery.

是的，所以你的問題沒有簡單的答案，因為答案取決於市場和食品的具體情況，正如我在準備好的發言稿中所說，我們看到銷量不高，但增長勢頭強勁。我們仍然對我們看到的食品行業機會感到無比興奮。我們看到商店數量正在增加，尤其是在烘焙店。

And we see opportunities in good space. In retail apparel, As we said, we see ongoing retailer inventory burndown. We saw some of it in the latter part of the fourth quarter now that we finally have the data and we see it continuing in the first quarter. We expect that inventory burned down to normalize based on input from the retailers themselves as well as from our partners. And we see new accounts, coming online, for example, Abercrombie and Fitch, Aritzia, Old Navy, Academy Sports, and others.

我們看到了優質航太領域的機會。正如我們所說，在零售服裝領域，我們看到零售商的庫存正在減少。現在我們終於有了數據，我們在第四季後期看到了一些這種情況，而且我們看到這種情況在第一季仍在繼續。我們預計，根據零售商本身以及我們合作夥伴的回饋，庫存消耗量將恢復正常。我們看到一些新帳戶上線，例如 Abercrombie and Fitch、Aritzia、Old Navy、Academy Sports 等。

So we see new accounts coming online. And then in supply chain and logistics space, of course, as Carrie noted, we see the inventory burndown, correcting, as well as the new IC adding volumes to us. So overall, we think we've got visibility into the and opportunities that we've been talk that you've been, you just raised here, and that the reasons we feel positive about the situation exiting the corner is that we see positive news there.

所以我們看到有新帳戶上線。當然，正如 Carrie 指出的那樣，在供應鏈和物流領域，我們看到庫存正在減少、調整，同時新的 IC 也為我們增加了庫存量。總的來說，我們認為我們已經看到了我們一直在談論的、你剛才提到的機遇，我們對局勢走出困境感到樂觀的原因是，我們看到了積極的消息。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

Ezra Weener on for Blaine. Thanks for taking my questions. Just first, want to make sure I understand this correctly. You said apparel is going to normalize in Q2 -- also expect the logistics to normal in Q2, or do you think that's going to take a little bit longer?

埃茲拉·維納替補布萊恩上場。謝謝您回答我的問題。首先，我想確認一下我理解得是否正確。您說服裝業將在第二季恢復正常——您也預計物流業將在第二季恢復正常嗎？還是您認為這需要更長的時間？

We said that we see apparel overall normalizing as early as second quarter. We're not going to actually project the actual date. In the supply chain and logistics space. Cary said just a minute ago andar you had again, we see the inventory correction happening in the first quarter. Is there anything you'd add there?

我們曾表示，預計服裝業整體最快在第二季就會恢復正常。我們不會預測實際日期。在供應鍊和物流領域。凱瑞剛才說，你又一次看到了，我們看到庫存調整將在第一季發生。您還有什麼要補充的嗎？

Yeah, Ezra, I would say, we're entering the quarter with a few extra weeks to channel inventory related to supply chain and logistics. We're going to work very hard to burn that down into one, but We know from history that it's difficult to contain a correction to a single quarter, and it may spill over into the second quarter. So I have to wait for us to give an update, as we exit Q1 on how successful we are at burning that inventory down.

是的，埃茲拉，我想說，我們進入本季時還有幾週的額外時間來處理與供應鏈和物流相關的庫存。我們將努力把這些問題控制在一個季度內，但我們從歷史經驗中得知，很難將調整控制在一個季度內，而且可能會蔓延到第二季度。所以我需要等到第一季末我們發布最新消息，才能說明我們在清空庫存方面取得的進展。

Got it. And then the, my faul would be in terms of AI you talked a little bit about pricing and solutions. Can you talk a little bit about, how you view that and that solution for the cost and how you think about kind of pricing and value going forward with that.

知道了。然後，我的失誤在於，在人工智慧方面，你稍微談到了定價和解決方案。您能否談談您如何看待這個問題，以及您如何看待這種解決方案的成本，以及您如何考慮未來的定價和價值？

Yeah, this is Chris. I'm happy to. We've focused for a while on understanding and user problems. Designing customizations through our platform that address the customer needs. We did protected mode for a visionary European retail and brought that ship broadly to market, and it's being used By them and many others You can think overall of Gen2X is the same idea. Cutom features that were released broadly to the market, and both of them have seen market success.

是的，這是克里斯。我樂意。我們一段時間以來一直專注於了解用戶問題。透過我們的平台設計客製化方案，以滿足客戶需求。我們為一家富有遠見的歐洲零售商開發了保護模式，並將該模式廣泛推向市場，現在他們和其他許多公司都在使用它。你可以把 Gen2X 的理念看成是相同的。兩項自訂功能都已廣泛推向市場，並且都取得了市場成功。

In this case, you can think of the custom I see as being tailored to the specific needs of that end user. And it is an I see customized for them. And We see it as not only Meeting their critical needs and helping their business go forward. But also giving them the opportunity to drive operational efficiencies across their organization. And for them to expand their prowess in RFID to win new cost business, including with that I see.

在這種情況下，你可以把我看到的這種客製化理解為是根據最終用戶的特定需求量身定制的。而且我覺得這是為他們量身訂做的。我們認為這不僅可以滿足他們的關鍵需求，還能幫助他們的業務向前發展。但同時也讓他們有機會推動整個組織的營運效率。而且我認為，他們還希望擴大在 RFID 領域的實力，以贏得新的成本業務，包括透過這種方式。

So we as a company are focused on Working directly with those end users and truly enabling them To drive forward with their business and to expand it and then for us to basically partner with them along the way. So expect us to do more of those kinds of opportunities. And as we build more and more whole solutions to tie that customized endpoint IC and the (inaudible) that supports it and features in our reader ICs into an overall solutions offering more and more and less just an IC offering.

因此，我們公司專注於直接與最終用戶合作，真正幫助他們推進業務發展並擴大業務規模，然後我們基本上在過程中與他們建立合作夥伴關係。所以，敬請期待我們未來提供更多這類機會。隨著我們建立越來越多的完整解決方案，將客製化的終端 IC 和支援它的（聽不清楚）以及我們讀卡機 IC 中的功能整合到一個整體解決方案中，提供的解決方案越來越不像僅僅是 IC 產品。

So we're early in that stage where we focus on a solution sale rather than a, than an individual I see sale But expected is care out is we'll price that I see to the market, yeah. At least currently our current way of selling future we'll be looking for new opportunities to do solution sales.

所以我們現在還處於早期階段，我們專注於解決方案銷售，而不是單一客戶的銷售。但預計我們會根據市場情況定價，是的。至少目前我們的銷售方式是這樣的，未來我們將尋找新的機會來進行解決方案銷售。

Jim Ricchiuti, Needham & Company.

吉姆‧里基烏蒂 (Jim Ricchiuti)，李約瑟公司。

Thanks, good afternoon. I just want to follow-up on this new chip is this for a subset of applications with this customer.

謝謝，下午好。我只是想跟進一下這款新晶片是否適用於該客戶的特定應用領域。

No, Jim, it's for all applications with the cost. They're going to switch to that chip. They planned to fully switch to that ship in 2026. Customized for them for their needs.

不，吉姆，這是所有需要付費的應用程式。他們打算改用那款晶片。他們計劃在 2026 年全面換用那艘船。根據他們的需求量身定制。

I don't recall you guys ever going down this path with a cost, what kind of concerns could this cost have about two sourcing, being able to source the chip from someone other than you just to protect themselves. I wondering is this have anything to do with the relationship, perhaps with the microelectronics.

我不記得你們曾經考慮過成本問題，這種成本問題會造成什麼影響？例如，為了保護自身利益，你們可能會從其他供應商採購晶片。我想知道這是否與這段關係有關，或許與微電子技術有關。

Good question and good connecting the dots, Jim. We're not far enough long to speak to any possibilities along the about the relationship with the am but you're thinking in the right direction. Right now, we're focused on delivering to the customer's needs, ensuring they have adequate supply and giving them commitments of supplies so they have confidence in this chip and the ability to rely on it.

吉姆，問得好，你把所有線索連結起來也很棒。我們距離討論與早上的關係還不夠遠，所以無法探討任何可能性，但你的想法是對的。目前，我們專注於滿足客戶的需求，確保他們有足夠的供應，並向他們做出供應承諾，以便他們對這款晶片充滿信心，並能夠依賴它。

As the future evolves, and we do more of these things, and I want to do more custom shifts because we've got other enterprise customers with With key needs that aren't addressed without customization. We will be looking to ensure for them that they have added adequate supply of chips, labels, reader ICs, and everything else, so they can feel confident moving down this path.

隨著未來發展，我們會做更多這類事情，而且我想做更多客製化的調整，因為我們還有其他企業客戶，他們的關鍵需求如果不進行客製化就無法滿足。我們將確保他們有足夠的晶片、標籤、讀卡器集成電路以及其他所有配件供應，以便他們能夠自信地沿著這條道路前進。

That one final question, I'll jump back in the queue. You suggested that, in gain market share, and endpoint ICs The major competitor is introduced a new chip and I'm wondering how you're thinking about market share. Particularly Particularly With this new chip that you're introducing and in a related question. It sounds like this competitor is still talking about a license payment in the June quarter.

最後一個問題，我得重新排隊了。您建議，為了獲得市場份額，終端積體電路的主要競爭對手推出了一款新晶片，我想知道您是如何看待市場份額的。特別是關於您即將推出的這款新晶片，以及一個相關的問題。聽起來這家競爭對手還在談論六月的授權費支付事宜。

So Cary, maybe you could help me out with is that something we should be thinking about as well for Q2.

所以 Cary，也許你能幫我解答一下，這是我們在第二季也該考慮的問題嗎？

The way I'll take you back the license payment in Q2, Jim, you should expect it. We do, so yes, we'll get the license payment, and to the other part of your question, Jim. We're focused on enabling solutions for enterprise end users. Those solutions are just not a, not just a chip and an antenna. It's a chip and an antenna And the air link supporting it, and the reader I see supporting that and the firmware on the radar I see supporting it, and the readers and gateway supporting it and the partnership supporting it, and then solution software.

吉姆，我會在第二季把許可證費用退還給你，你應該會收到的。是的，我們會收到許可費。至於你問題的另一部分，吉姆。我們專注於為企業終端用戶提供解決方案。這些解決方案不僅僅是晶片和天線。它由晶片、天線、支援它的空中鏈路、支援它的讀卡器、支援它的雷達韌體、支援它的讀卡機和網關、支援它的合作夥伴關係以及解決方案軟體組成。

We're focused on driving the entirety of those pieces to create an enterprise solution. And we firm and you see tend to x as a key part of that initiative. And we firmly believe that by delivering whole solutions and optimizing that the solution for the end user. We can outperform mix and match efforts using competitor products, and that's our focus. Thank you Thank you.

我們致力於整合所有這些要素，打造企業級解決方案。我們公司和您都傾向於將 x 作為該舉措的關鍵部分。我們堅信，透過提供完整的解決方案並優化該解決方案，最終用戶能夠獲得最佳體驗。我們可以透過混合搭配競爭對手的產品來超越他們的策略，而這正是我們的重點。謝謝。謝謝。

Scott Searle, Roth Capital.

Scott Searle，羅斯資本。

Hey, good afternoon. Thanks for taking my questions. Chris, maybe you start, I just wanted to get a couple of clarifications on some of your comments and some of the initial questions. For starters on The logistics softness. I want to clarify, is the cost that you're designing a custom chip for, are they in part then working down inventory to zero from legacy M700 M800 ships, and that's part of the pressure as well.

嘿，下午好。謝謝您回答我的問題。克里斯，或許你先說吧，我只是想就你的一些評論和最初的一些問題澄清一下。首先是物流方面的軟實力。我想澄清一下，你們設計客製化晶片的成本，是否部分原因是他們正在努力將舊款 M700 和 M800 的庫存減少到零，這也是他們面臨的壓力之一。

And then as it relates specifically to the custom basic, I think you get asked the the market share question, but I'll ask it maybe a different way, I would imagine if they're moving in this direction it should deliver higher share as opposed to Splitting the business historically with NX.

至於具體到自訂基礎版，我認為你會被問到市場份額的問題，但我可能會換個方式問，我想如果他們朝著這個方向發展，應該會帶來更高的市場份額，而不是像過去那樣與 NX 分割業務。

Should we be assuming though that you're going to be gaining 100% share with these types of costs and it sounds like there's more custom opportunities in the pipeline. So how is this going to transition then over the course of '26 and '27?

不過，我們是否可以假設，在這樣的成本水準下，您將獲得 100% 的市佔率？而且聽起來還有更多客製化的機會正在醞釀中。那麼，在 2026 年和 2027 年期間，這種情況將如何轉變？

And then I had a follow-up.

然後我還有後續跟進。

Yeah, Scott, I'll do my best for those questions. First, we're not just designing the chip, it's in production now. Second, it's dedicated to a single customer, which is our second large North American supply chain of logistics cost. It is targeted at addressing their specific needs, and it is a chip specific to them. We already have high share at that account. It will maintain that share.

是的，史考特，我會盡力回答這些問題。首先，我們不只是在設計晶片，它現在已經投入生產了。其次，它是專供單一客戶使用，這是我們在北美物流成本第二大的供應鏈。它是針對他們的特定需求而設計的，是一款專為他們量身定制的晶片。我們在那個帳戶上已經擁有很高的份額。它將繼續保持這一份額。

And w e are exploring Customizations for other enterprises that aren't aren't as far down the path as we are in this particular instance where we're actually have the I or the chip in production. But more importantly I view this chip as us engaging closely enough with the enterprise w here they can share their needs, we can share what we can do.

我們正在探索為其他企業進行定制，這些企業在晶片研發方面還沒有像我們一樣走得這麼遠，我們目前已經將晶片投入生產。但更重要的是，我認為這款晶片讓我們能夠與企業進行足夠緊密的互動，讓他們能夠分享他們的需求，我們也能分享我們能做什麼。

And we can together build a chip. It's not just imp impinged chip, build a chip for them. And we worked together on it They came forward with what they needed, and we built it for them, and they're going to be using it, and we intend to keep doing so. I have a mantra in the company. And I push it At every meeting we have, which is w e support our end customers.

我們可以一起製造晶片。這不僅僅是植入晶片，還要為他們製造晶片。我們共同努力，他們提出了他們的需求，我們為他們打造了它，他們將會使用它，我們也打算繼續這樣做。我在公司裡有一句座右銘。我每次開會都會強調這一點，那就是我們要支持我們的終端客戶。

We never let an end customer down. And you should expect us to do that. Harry, what did I see for God, let me unpack the, oh. Let me just one clarification inventory bills just. Oh sorry, before the inventory bill just Chris to to clarify then, do you retain the IP and the ability then to license it to additional customers within that same subvertical or no?

我們絕不會讓最終客戶失望。你應該期待我們這樣做。哈利，我看到了什麼？上帝啊，讓我來解釋一下，哦。我只想澄清一下庫存帳單的問題。哦，不好意思，在庫存賬單之前，克里斯，我只是想澄清一下，您是否保留知識產權，以及是否能夠將其授權給同一細分領域的其他客戶？

Yes, we do in this particular instance, retain the IP. I can imagine other scenarios where there might be some shared IP in this in this instance, we retain the IP, but our focus, first and foremost, Is supporting that cost There are lighthouse customer to us. I consider them a close partner. You should expect us to focus first on them. With this particular chip, and we built it for them specifically and and Scott, I'll unpack the the inventory build a little bit, today, parcel tracking deployment uses the M800 exclusively.

是的，在這種特殊情況下，我們會保留智慧財產權。我可以想像其他情況下可能會有一些共享 IP，在這種情況下，我們保留 IP，但我們的首要重點是支援成本。他們是我們的標竿客戶。我視他們為親密的合作夥伴。你們應該預料到我們會先關注他們。有了這款特殊的晶片，而且是我們專門為他們打造的，斯科特，今天我將稍微介紹一下庫存構建，包裹跟踪部署完全使用 M800。

The M800 is our general purpose skew, meaning it can also support virtually any retail apparel or general merchandise application and that application fungibility gave some of our partners the confidence to lean in, build supply ahead of actually winning the award, knowing that they Could move those IC ICs through other applications if necessary. So when we were looking at our 4th quarter and we were building our 4th quarter. It came together as we expected.

M800 是我們的通用型晶片，這意味著它幾乎可以支援任何零售服裝或一般商品應用，這種應用互換性使我們的一些合作夥伴有信心在實際贏得合約之前就積極投入並建立供應，因為他們知道如有必要，他們可以將這些 IC 晶片轉移到其他應用中。所以，當我們展望第四季並著手規劃第四季的時候。一切都如我們預期的順利進行。

When we unpacked it, the unpacked the quarter in mid-January and we matched that with our channel inventory reports from our inlay partners. We realized that the logistics-related build had masked the weakness in retail. Now, this will get better. With our with our logistics cost now ramping to the new custom I see that Chris just described. We will logisticatory.

我們拆封後，在一月中旬拆封了季度報告，並將其與來自我們鑲嵌合作夥伴的通路庫存報告進行了比對。我們意識到，與物流相關的建設掩蓋了零售業的弱點。現在情況會好轉的。隨著我們的物流成本不斷攀升，我明白了克里斯剛才描述的新情況。我們將負責物流。

We'll be able to match our shipments of that custom IC directly to that end customer's monthly consumption consumption reports. We have to prove it to you, certainly, but we think this gets better going forward. Okay, very helpful. And if I could just as a follow-up, another market share question, Chris, you've referenced it a couple of times in your opening remarks, but Gen2X provides significant benefits and advantages.

我們將能夠把我們客製化積體電路的出貨量與最終客戶的每月消耗量報告直接匹配起來。我們當然需要向你們證明這一點，但我們認為情況會越來越好。好的，很有幫助。克里斯，如果可以的話，我想再問一個關於市場佔有率的問題。你在開場白中已經提到過幾次，Gen2X 提供了顯著的利益和優勢。

It only works with your endpoint IC. So I'm wondering as you look out over the next couple of quarters in 26 and 27, is this the primary driver, of incremental share out there, and will you start to run the table a little bit more in terms of meaningful market share within your existing account. I'm going to answer the question. I believe that Gen2X will be this significant driver of our market share gains.

它只能與您的終端積體電路搭配使用。所以我想知道，展望接下來的幾個季度（2026 年和 2027 年），這是否是市佔率成長的主要驅動力，以及您是否會在現有客戶中開始獲得更多有意義的市場佔有率。我將回答這個問題。我相信Gen2X將成為我們市場佔有率成長的重要驅動力。

But you think of Gen2X as a toolbox that we can bring to bear. For enterprise customers who have an unmet need. Allow us to solve their problem. So to the extent that we have significant enterprise accounts, which we do. We need a way to solve them consider Gen2X to be the way we're going to be driving the solution and going forward, even adding more features and capabilities to Gen2X as we learn and do more.

但你可以把 Gen2X 看作是一個我們可以運用的工具箱。面向有未滿足需求的企業客戶。讓我們來解決他們的問題。因此，就我們擁有大量企業客戶而言，而我們確實擁有大量企業客戶。我們需要一種方法來解決這些問題，Gen2X 就是我們將要推動解決方案的方式，隨著我們學習和實踐的深入，我們也會為 Gen2X 添加更多特性和功能。

So essentially you think of Gen2X as a way to improve the readability. Overall performance and protection capabilities provided by RAIN RFID. To reduce labor costs to speed inventory to provide readability work. You wouldn't have it otherwise to localize where items are, to identify exits and theft, and many protect consumer privacy and many other areas where you put that whole toolbox together. It's the driver of our differentiation in the market. It's kind of manifestation of it, but it's also a manifestation of our overall solution strategy.

所以，從本質上講，你可以把 Gen2X 看作是提高可讀性的一種方式。RAIN RFID 提供的整體效能和保護能力。降低人工成本，加快庫存管理，以提高工作可讀性。否則你就無法定位物品所在位置、識別出口和盜竊行為，也無法保護消費者隱私以及將整個工具箱整合到許多其他領域。這是我們在市場上脫穎而出的關鍵。這既是其體現，也是我們整體解決方案策略的體現。

So the two together, they're going to be the drivers of our success.

所以，這兩者結合起來，將成為我們成功的驅動力。

Natalia Winkler, UBS.

娜塔莉亞溫克勒，瑞銀集團。

Hi, thank you so much for taking my question. I just wanted to, ask one more on the first quarter kind of outlook for you guys. So if I understood correctly, Kari, you mentioned several weeks of inventory burned for retail, right? And it sounds like each week is $5 million, so if I'm thinking, even a sequential, reduction of $20 million. It sounds like, more than half of that is probably related to the retail inventory burndown. Is that kind of a fair way to think about it, or is it more nuanced?

您好，非常感謝您回答我的問題。我只是想再問一下你們對第一季的展望。如果我理解正確的話，Kari，你提到零售庫存被燒掉了好幾週，對嗎？聽起來每週減少 500 萬美元，所以如果我沒理解錯的話，即使按順序減少，也會減少 2000 萬美元。聽起來，其中一半以上可能與零售庫存消耗有關。這種思考方式是否公平，還是有較細緻的考量？

I think that's a fair way to think about it. It's a few weeks of inventory, not several, it's primarily related to supply chain logistics for the reasons I just described. You're correct in that the impact is about $5 million per week of burned down.

我覺得這種思考方式很合理。這只是幾週的庫存，不是好幾週，主要與供應鏈物流有關，原因我剛才已經描述了。你說得對，每週的損失大約是 500 萬美元。

And then the other factors which are far less impactful our pricing and mix sized pricing at a couple million dollars and mix of less than that. And thank you so much. And then I guess a follow-up, can you guys help us understand, clearly, it's a highly complex supply chain for retail, right, with kind of multiple different steps and stages in it.

還有其他一些影響較小的因素，例如我們的定價和產品組合規模（數百萬美元）和產品組合規模（不到幾百萬美元）。非常感謝。然後我想問一個後續問題，你們能否幫助我們理解，很明顯，零售業的供應鏈非常複雜，對吧，其中包含多個不同的步驟和階段。

Can you walk us through your, forecasting process and maybe part of the reason like why we're seeing such a strong kind of corrections of and burnouts, that may be a little bit less predictable than for some of the other end markets you guys cover?

您能否詳細介紹一下您的預測過程，以及為什麼我們會看到如此強烈的市場調整和疲軟，這可能比您覆蓋的其他一些終端市場更難以預測？

Yeah, so the inventory build was related to logistics. We had a similar logistics build last year at the time, but for different reasons. It's none less frustrating. This year's build is a result of of our partners leaning in ahead of winning the supply supply or supply awards or label awards following the label reallocation process. They were comfortable leaning in because up until the custom I see ships, the M800 goes into the Package, you're tracking deployment.

是的，所以庫存增加與物流有關。去年我們也進行類似的物流建設，但原因不同。這同樣令人沮喪。今年的成果得益於我們的合作夥伴在標籤重新分配過程中積極爭取供應獎或標籤獎。他們很樂意參與，因為直到我看到定制的船，M800 進入包裝，你都在追蹤部署情況。

The M800 is a fungible skew across the industry in that its general purpose, it can support retail apparel. It can support general merchandise, it can support logistics. That fundibility gave our partners the confidence to lean in, build extra inventory in hopes of winning an award, because if they didn't win the award or didn't win as much of an award as they thought, they would be able to burn that inventory down through the rest of their market opportunities.

M800 在整個行業中具有可替代性，因為它用途廣泛，可以支援零售服裝。它可以支援一般商品銷售，也可以支援物流。這種融資能力讓我們的合作夥伴更有信心投入其中，增加庫存，希望贏得獎項，因為即使他們沒有贏得獎項，或者沒有贏得他們預期的獎項，他們也可以透過其他市場機會消耗掉這些庫存。

We didn't realize that in the fourth quarter as it was happening, because our fourth quarter from a unit volume perspective was put in right as we expected. When we began unpacking the fourth quarter volumes in mid January and we matched that with the channel inventory reports we received around that same time, we realized that the logistics build had masked some weakness in retail apparel that we didn't anticipate and wasn't obvious to us until that point.

我們在第四季並沒有意識到這一點，因為從單位銷售來看，我們第四季的業績完全符合預期。1 月中旬，當我們開始分析第四季度銷量，並將其與同期收到的通路庫存報告進行比對時，我們意識到物流建設掩蓋了零售服裝的一些弱點，這是我們之前沒有預料到的，也是我們直到那時才發現的。

Now, I think next year this gets better and I know we have to prove that first, given the last two years, channel inventory bills, but I think it gets better because we will only ship one SKU to the customer. It's only usable by that cost, and we will be able to match our shipments with their monthly consumption reports, and the difference between the two is the inventory that will be in the channel.

現在，我認為明年情況會好轉，我知道我們首先要證明這一點，考慮到過去兩年的通路庫存帳單，但我認為情況會好轉，因為我們只會向客戶運送一個 SKU。只有達到這個成本才能使用，我們將能夠把我們的出貨量與他們的月度消耗報告進行匹配，兩者之間的差額就是通路中的庫存量。

So again, we have to prove it to you, but I think we get better next year at that.

所以，我們還是要向你們證明這一點，但我認為明年我們會在這方面做得更好。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森，坎托·菲茨杰拉德。

Hey, gentlemen, thanks for taking my questions. Maybe for Chris, or I guess either one of you guys. These customers that would lean in, right in the hopes for the awards. Is like they went to a competitor, so I'm just curious why do you think we had this share loss in the quarter was running go to competitors, right?

各位先生，謝謝你們回答我的問題。或許是給克里斯的，或是我覺得是給你們兩個的。這些顧客會積極參與，希望能獲得獎項。感覺他們好像投奔了競爭對手，所以我很好奇，你認為我們本季市佔率下降的原因是什麼？是不是因為投奔了競爭對手？

No, that wasn't part of it. There was no -- none of that moving to a competitor. So just say, what awarded it? There's a new IC coming. They anticipated some wins. They started building to the new IC. At the same time, they know they're existing inventory is going to grab it needs to get burned down. So they're lying ahead. The ones who -- as we said in our prepared remarks, the ones who didn't win as much now need to burn down their inventory in the first order.

不，那不屬於其中的一部分。完全沒有跳槽到競爭對手的可能。那麼請問，是什麼獎項頒給了它？即將推出一款新的積體電路。他們預料到會取得一些勝利。他們開始建造新的積體電路。同時，他們也知道現有的庫存將會被搶購一空，必須盡快清空。所以它們正埋伏在前面。正如我們在準備好的演講稿中所說，那些沒有贏得太多的人現在需要優先清空他們的庫存。

So Troy, the only thing I'd add to Chris is that our logistics cost rebids their label suppliers each year. It's still the M800 for all labels, but the mix of inlay partners that support them each year can change based on that rebidding process, and that rebidding process here this year, coupled with the fungibility of the M800 that I just described, gave them the confidence to lean in and buy more supplies so they could be more responsive if they won the award or to win a greater share of the award.

所以，Troy，我唯一要補充的是，我們的物流成本每年都會重新招標標籤供應商。對於所有唱片公司來說，M800 仍然是標準尺寸，但每年支持他們的唱片內頁合作夥伴組合會根據重新競標過程而改變。今年的重新競標過程，加上我剛才描述的 M800 的可替代性，讓他們更有信心加大投入，購買更多耗材，以便在贏得獎項或贏得更大份額的獎項時能夠更迅速地做出反應。

And they knew that if they didn't win as much they would be able to take that inventory out through virtually any other retail apparel or general merchandise application.

他們知道，即使他們沒有贏得那麼多，他們也可以透過幾乎任何其他零售服裝或一般商品申請來處理這些庫存。

Okay, understood. So several partners probably thought they're going to win the award and went to one and it was oversubscribed. The award was oversubscribed?

好的，明白了。所以可能有好幾個合作夥伴都認為自己會贏得這個獎項，於是就去參加了一個評選，結果發現名額已經滿了。該獎項申請人數過多？

Exactly, and then we compound it with a new chip entering the market and there needs to be a further burndown of the existing M800 product. Yes, you talked about skew growth you're seeing. I'm curious if that's broad-based or is that just limited to a couple of your bigger customers. It was a skewed growth in general merchandise.

沒錯，再加上市面上出現了一款新晶片，現有的 M800 產品就需要進一步淘汰了。是的，你提到了你所看到的這種不平衡的成長。我很好奇這種情況是普遍存在的，還是僅限於你們的幾個大客戶。一般商品的成長是不均衡的。

You mean a retail apparel, growth, I think it means small growth in general. Just becoming a skew growth was that, just based on a few large customers or is it on a broad based? The comment on Skew growth, and existing categories as well as the potential for new categories was related to a small number, a pretty small number of customers in the general merchandise space.

你是說零售服飾業的成長嗎？我覺得你指的是整體上的小幅成長。這種傾斜成長只是基於少數幾個大客戶，還是基於廣泛的客戶群？關於 Skew 成長、現有類別以及新類別潛力的評論與一般商品領域的一小部分客戶有關，而且客戶數量相當少。

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

Just a couple of questions. So I think a year ago, when you had a inventory overhang in the TNL space, you said some similar comments that it could take more than the court to clear the inventory, but I think you actually cleared the inventory in just one quarter. What's different this time?

幾個問題。所以我覺得一年前，當TNL領域出現庫存積壓時，你曾發表過類似的評論，認為僅靠法院可能無法清理庫存，但我認為你實際上只用了一個季度就清理了庫存。這次有什麼不同？

And then, and as a follow-up, it looks like you have pretty good visibility on the endpoint I see business that you're pretty much already booked for Q1 within midpoint of your guidance looking at your comments. So what does that tell you or tell us in terms of what's the underlying growth in the endpoint IC market of 2025 levels?

然後，作為後續跟進，看起來您對終端市場有相當清晰的了解。從您的評論來看，我看到您在第一季的業務幾乎已經排滿了，正好符合您指導目標的中點。那麼，這告訴我們，到 2025 年終端 IC 市場的潛在成長水準如何？

Guy, this is Cary. I'll try to take that, both of those questions. So yes, it is the same in that it's the supply chain logistics space, there are a variety of different reasons which I've already covered. We, last year we were successful in burning all that channel inventory out in the first quarter. We are attempting to do the exact same thing this year. However, we know that inventory corrections are seldom contained to one quarter.

蓋伊，這是凱瑞。我會盡量回答這兩個問題。是的，情況確實相同，因為它屬於供應鏈物流領域，原因有很多種，我已經一一列舉了。去年，我們成功地在第一季就清空了所有通路庫存。我們今年也打算做同樣的事情。然而，我們知道庫存調整很少會局限於一個季度。

And we just want to be cautious with our guidance so that if it does spill into the second quarter, we have room to do that. As it relates to our guidance, we are seeing strong signals from our bookings and our returns order in in the quarter today. So think of January through the first week of February. That is turns at a higher rate than it was at the same time in 4th quarter, more than double and 50% up from last year, January.

我們只是想謹慎地發布業績指引，以便如果這種情況延續到第二季​​度，我們還有應對的空間。就我們的業績指引而言，我們從本季的預訂量和退貨訂單中看到了強勁的訊號。所以，想想一月到二月的第一週。也就是說，今年的周轉率比第四季同期更高，是去年同期的兩倍多，比去年1月份成長了50%。

That has put us in a position where we are 100% booked to the midpoint of our guide for our endpoint I see business or nearly 100% booked. We're giving ourselves a little bit of a room, a little bit of room because we aren't done with the annual price negotiations. We still have a couple that are outstanding there and also the Chinese New Year occurs later this year than it did last year, and we typically see a lull in bookings during those three weeks. Thank you

這導致我們行程安排的中點到目的地都已 100% 預訂完畢，我看到業務量或幾乎 100% 預訂完畢。我們給自己留了一點餘地，因為我們還沒有完成年度價格談判。我們還有幾家非常優秀的酒店，而且今年的春節比去年晚，我們通常會在那三週看到預訂量下降。謝謝

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

This is Dylan Olivier on for Chris. Thanks for taking my question. Maybe pivoting away a bit from this inventory situation and sort of bigger picture question. I wanted to ask about sort of a competitive landscape, particularly against non-RSID components. We've heard some news flow of some end users kind of pivoting away to some more belly and other protocols.

這裡是迪倫·奧利維爾，替克里斯為您報道。謝謝您回答我的問題。或許我們可以暫時拋開庫存狀況，談談更宏觀的問題。我想了解一下競爭格局，特別是與非RSID組件的競爭格局。我們聽到一些消息說，一些終端用戶正在轉向使用其他協議，例如更傳統的協議。

Is that something that you consider a risk or do you remain confident in RFID's idea as a long-term solution?

您認為這有風險嗎？還是您仍然對RFID作為長期解決方案充滿信心？

Dylan, this is Chris. A simple answer is we remain confident and (inaudible) as a long-term solution. They're just two different technologies. And active BOA with batteries has a particular use case for tracking things like temperature and other kind of stuff against continuous data logging, and that's complimentary. Passive DLE for beaconning operates in a narrow window of of use cases and again with some different features and capabilities that I also view as mostly complementary.

迪倫，我是克里斯。一個簡單的答案是，我們仍然充滿信心，並且（聽不清楚）這是一個長期的解決方案。這只是兩種不同的技術。而帶有電池的主動式 BOA 則有特殊的用途，例如追蹤溫度和其他類型的數據，以進行連續數據記錄，這是一種補充。被動式 DLE 用於信標通信，其應用場景較為狹窄，並且具有一些不同的特性和功能，我認為這些特性和功能大多是互補的。

The volume differences between the two are gigantic. I mean, our industry delivered 52.8 billion ICs less in '24. And the language differences are gigantic. The infrastructure is different. I view them as mostly complementary, of course, with every complimentary thing, there's a bit of overlap. But I don't really look at the competitiveness. I look at complimentary things and trying to enable the end customer with a solution that meets their needs.

兩者的體積差異巨大。我的意思是，2024 年我們產業的積體電路交付量減少了 528 億顆。而且語言差異巨大。基礎設施有所不同。我認為它們大多是互補的，當然，任何互補的事物都會有一些重疊之處。但我並不太關注競爭。我專注於互補的事物，並努力為最終客戶提供滿足其需求的解決方案。

Thanks I appreciate the caller here, and then maybe more of a housekeeping question for my second for my follow-up, but yeah, you had that microelectronics license announcement in the quarter. Just wondering how we should think about that impacting the model, if there's going to be a recurring revenue and if that's going to be consistent through the year?

謝謝，我很感激這位來電者。接下來，我可能想問一個與本季相關的瑣事，是的，你們在本季發布了微電子許可證公告。我想知道，如果存在經常性收入，而這種收入在一年中保持穩定，我們應該如何看待這會對模型產生的影響？

Yeah, there's an immaterial impact to revenue in 2026. We're still working on what that first chip might be likely a dual frequency I see likely not available this year. It just view it as a strategic partnership. And then just think that it so that the answers that we gave to Jim's question, view the strategic partnership as a way for us to deliver confidence to our end users.

是的，這對 2026 年的收入影響甚微。我們仍在研究第一款晶片​​，它很可能是一款雙頻晶片，我認為今年不太可能上市。它只是將其視為一種策略夥伴關係。然後想想，我們對吉姆問題的回答，就是將策略夥伴關係視為我們向最終用戶傳遞信心的一種方式。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

So I was curious how long do you think it would take for you to be fully penetrated at your second largest logistics cost with the custom chip? And am I correct in assuming that custom chips typically mean better pricing than a normal chip?

所以我很好奇，您認為使用客製化晶片後，需要多長時間才能完全滲透到您第二大物流成本環節？我的理解是，客製化晶片的價格通常比普通晶片更優惠，這種說法正確嗎？

So I'll take the first answer. So the customer plans to fully switch over to that ship this year. That's what I said in my prepared remarks. And as Cary said, we are pricing the chip to market.

所以我選第一個答案。因此，該客戶計劃今年全面換用那艘船。我在事先準備好的發言稿裡就是這麼說的。正如凱瑞所說，我們是根據市場狀況來定價的。

Is there anything you want to ask? Did I answer your question well?

有什麼想問的嗎？我的回答是否讓您滿意？

I guess there is no market for a custom chip, right? The you're the standard in RFID and you've got a custom product. I would suspect. So are you saying that your pricing is similar to M800 or more than that?

我猜定制晶片沒有市場，對吧？你是RFID領域的標竿企業，而且你還有客製化產品。我懷疑是這樣。所以你的意思是說，你們的定價跟 M800 差不多，還是比較高？

I'm going to say that we're pricing it to -- as I also said, in some of the prepared remarks a little bit further down, to a drive an ROI or the end customer, and for us.

我想說，我們定價是為了——正如我在後面準備的一些發言稿中提到的——推動最終客戶的投資回報率，也為了我們自己。

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，請他作閉幕致詞。

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

謝謝你，尼克。感謝各位今天參加電話會議，也感謝你們一直以來的支持。再見。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。