Impinj, Inc. (PI) 2026 Q1 法說會逐字稿

Welcome to Impinj's first-quarter 2026 financial results conference call. (Operator Instructions) Please note, this event is being recorded.

歡迎參加 Impinj 2026 年第一季財務業績電話會議。（接線員指示）請注意，本活動將被錄音。

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

我現在想把會議交給企業財務與投資人關係副總裁 Andy Cobb 先生。請開始。

Thank you, Nick. Good afternoon, and thank you all for joining us to discuss Impinj's first-quarter 2026 results.

謝謝你，Nick。各位下午好，也感謝大家加入我們，一同討論 Impinj 2026 年第一季的業績。

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 first-quarter financial results and second-quarter outlook. We will then open the call for questions. You can find management's prepared remarks plus trended financial data on the company's Investor Relations website.

在今天的電話會議中，Impinj 共同創辦人兼執行長 Chris Diorio 將簡要概述我們的市場機會與表現。接著，Impinj 財務長 Cary Baker 將詳細回顧我們第一季的財務結果與第二季展望。之後我們將開放提問。您可在公司投資人關係網站上找到管理層的事先準備講稿以及趨勢財務資料。

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.

我們在本次電話會議中將就財務表現與未來預期發表聲明，這些聲明係基於我們截至今日的展望。任何此類聲明依 1995 年《私人證券訴訟改革法》均屬前瞻性陳述；雖然我們相信我們有合理依據作出這些前瞻性陳述，但由於此類陳述受風險與不確定性影響，我們的實際結果可能會有重大差異。

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

我們在向美國證券交易委員會（SEC）提交的年度與季度報告中描述了這些風險與不確定性。除法律要求外，我們不承擔且明確否認任何更新或修改前瞻性陳述的義務。

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

在今天的電話會議中，除營收或我們明確另有說明者外，所有財務指標均為非 GAAP。所有資產負債表與現金流量指標（自由現金流除外）均為 GAAP。請參閱我們的財報新聞稿，以取得非 GAAP 財務指標與最可比 GAAP 指標之間的調節表。

Before turning to our results and outlook, note that we will participate in the 2026 Evercore TMT Global Conference on June 2 in San Francisco. We look forward to connecting with many of you this quarter.

在進入我們的業績與展望之前，提醒各位我們將於 6 月 2 日在舊金山參加 2026 Evercore TMT 全球大會。我們期待在本季與各位中的許多人交流。

I will now turn the call over to Chris.

我現在把電話交給 Chris。

Thank you, Andy, and thank you all for joining the call. Our first-quarter results were solid with revenue and adjusted EBITDA exceeding the top end of our guide range. Endpoint IC bookings hit an all-time record, driven by the custom ASIC ramp at our second large North American supply chain and logistics end user, our market-leading share position, retailer rebuys and customers booking beyond our standard lead times amid lengthening competitor lead times.

謝謝你，Andy，也感謝各位加入本次電話會議。我們第一季的結果穩健，營收與調整後 EBITDA 均超出我們指引區間的上緣。端點 IC 訂單（bookings）創下歷史新高，主要受第二家北美大型供應鏈與物流終端用戶的客製化 ASIC 放量、我們市場領先的市占地位、零售商回購，以及在競爭對手交期拉長之際客戶在超出我們標準交期的情況下提前下單所帶動。

Looking further out, we're approaching second-half 2026 prudently, hedging against multiple possible macro scenarios.

展望更長期，我們以審慎態度看待 2026 年下半年，並針對多種可能的總體經濟情境進行避險式規劃。

Starting with endpoint ICs, the RAIN Alliance has now released the 2025 industry volumes and our market share grew 1,700 basis points over 2024. That share gain is a springboard for strong second-quarter demand. We believe we can meet that demand in the multiple scenarios we are modeling. Looking forward, we are focused on using Gen2X and enterprise solutions to spur preference for our endpoint ICs and grow our share further.

先談端點 IC。RAIN Alliance 現已發布 2025 年產業出貨量數據，我們的市占率較 2024 年提升了 1,700 個基點。這一市占提升為第二季強勁需求提供了跳板。我們相信在我們所建模的多種情境下，都能滿足該需求。展望未來，我們將專注運用 Gen2X 與企業解決方案來提升市場對我們端點 IC 的偏好，並進一步擴大市占。

First-quarter inlay partner inventory declined sequentially as expected. So we entered the second quarter with healthy channel inventory and clear air to execute our strategy.

第一季嵌體（inlay）合作夥伴的庫存如預期般較前一季下降。因此，我們以健康的通路庫存進入第二季，並具備清晰的空間來執行我們的策略。

Turning to our opportunities. In supply chain and logistics, we shipped meaningful volumes of the custom ASIC in the first quarter and expect those volumes to more than double in the second with the end user on track to fully convert to that ASIC before year-end. That ASIC opens the door for us to migrate upstream to our customers' customers, delivering ICs and solutions software that improve item visibility and traceability at a double-digit number of accounts.

接著談我們的機會。在供應鏈與物流方面，我們第一季出貨了相當數量的客製化 ASIC，並預期第二季出貨量將增加至第一季的兩倍以上；該終端用戶也正按計畫在年底前全面轉換至該 ASIC。該 ASIC 為我們向上游延伸至客戶的客戶打開大門，向多個（達兩位數）帳戶提供 IC 與解決方案軟體，以提升商品可視性與可追溯性。

In retail apparel, we expect endpoint IC demand to increase in the second quarter. Multiple new end users are speaking openly about RAIN adoption, including a large European brand with whom we are closely engaged. And we are proving the benefits of Gen2X in retail, for example, by using it to dramatically improve item readability at a large Asia-based lifestyle brand and unlock a significant share shift opportunity.

在零售服飾方面，我們預期第二季端點 IC 需求將增加。多個新的終端用戶正公開談論採用 RAIN，包括一家我們正密切合作的大型歐洲品牌。我們也在零售領域驗證 Gen2X 的效益，例如在一家亞洲大型生活風格品牌中使用 Gen2X，大幅提升商品可讀性，並釋放顯著的市占轉移機會。

In general merchandise, we're focused on cosmetics, personal care and health with the goal of unlocking significant incremental endpoint IC opportunities and again, demonstrating the benefits of Gen2X.

在一般商品方面，我們聚焦於化妝品、個人護理與健康品類，目標是釋放可觀的新增端點 IC 機會，並再次展示 Gen2X 的效益。

Food volumes are growing modestly as expected with the bakery rollout on track to double the number of deployed stores this year. Also in food, we and our partners beat the self-checkout readability targets set by the European grocer to progress to a store pilot. Although still early, full store grocery self-checkout enabled by our endpoint ICs and software is a massive opportunity.

食品方面的出貨量如預期溫和成長，烘焙品類的導入計畫進展順利，預計今年將使已部署門市數量翻倍。同樣在食品領域，我們與合作夥伴達成並超越該歐洲雜貨商所設定的自助結帳可讀性目標，得以推進至門市試點。雖然仍在早期階段，但由我們的端點 IC 與軟體所支援的全店雜貨自助結帳是一個龐大的機會。

Overall, we are making strong progress advancing supply chain and logistics, general merchandise and food to fill in behind retail apparel, which is now in mainstream adoption.

整體而言，我們在推進供應鏈與物流、一般商品與食品方面取得強勁進展，以承接零售服飾之後的成長動能；零售服飾目前已進入主流採用階段。

On the development front, we're growing our software and solutions teams to help solve end-to-end enterprise systems problems. We upgraded the processor and memory in our flagship reader to better support machine learning at the edge, helping us address those enterprise systems problems. And because the solutions almost invariably need Gen2X, we drive preference for our endpoint ICs at the same time.

在研發方面，我們正在擴編軟體與解決方案團隊，以協助解決端到端的企業系統問題。我們也升級了旗艦讀取器的處理器與記憶體，以更好地支援邊緣端機器學習，幫助我們處理這些企業系統問題。而且，由於解決方案幾乎無一例外都需要 Gen2X，我們也同時提升市場對我們端點 IC 的偏好。

We also continue advancing Gen2X, for example, with a forthcoming update to our reader ICs and readers that improve M800 tag read range by up to 25%.

我們也持續推進 Gen2X，例如即將推出對我們讀取器 IC 與讀取器的更新，可使 M800 標籤讀取距離提升最高達 25%。

In closing, we have an enviable market position, endless opportunities in front of us, good product supply and a strong wind at our backs. As we continue driving our bold vision, I remain confident in our market position and energized by the opportunities ahead. But faced with today's unpredictable macro, we're approaching the second half prudently even as we pursue market share, solutions successes and growth.

最後總結，我們擁有令人稱羨的市場地位、眼前有無盡的機會、良好的產品供應，以及強勁的順風。隨著我們持續推動大膽願景，我對我們的市場地位仍充滿信心，也對前方的機會感到振奮。然而，面對當前難以預測的總體經濟環境，我們在追求市占、解決方案成功與成長的同時，仍將以審慎態度看待下半年。

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

一如往常，在我把電話交給 Cary 進行財務回顧與第二季展望之前，我想再次感謝每一位 Impinj 團隊成員的不懈努力。我很榮幸能有如此難得的好運與各位共事。

Cary?

Cary？

Thank you, Chris, and good afternoon, everyone. First-quarter revenue was $74.3 million, down 20% sequentially from $92.8 million in fourth-quarter 2025 and flat year over year from $74.3 million in first-quarter 2025. First-quarter endpoint IC revenue was $63.2 million, down 16% sequentially from $75.2 million in fourth-quarter 2025 and up 3% year over year from $61.2 million in first-quarter 2025.

謝謝你，Chris，各位下午好。第一季營收為 7,430 萬美元，較 2025 年第四季的 9,280 萬美元季減 20%，與 2025 年第一季的 7,430 萬美元相比則持平。第一季端點 IC 營收為 6,320 萬美元，較 2025 年第四季的 7,520 萬美元季減 16%，較 2025 年第一季的 6,120 萬美元年增 3%。

Endpoint IC revenue exceeded our expectations, driven by turns orders. Looking forward, we expect second quarter endpoint IC product revenue to increase sequentially on the favorable side of normal seasonality.

端點 IC 營收超出我們預期，主要由追加訂單（turns orders）帶動。展望未來，我們預期第二季端點 IC 產品營收將在有利於正常季節性的情況下，較前一季增加。

First-quarter systems revenue was $11 million, down 37% sequentially from $17.7 million in fourth-quarter 2025 and down 15% year over year from $13.1 million in first-quarter 2025. Systems revenue fell short of our expectations due primarily to the timing of lighthouse enterprise CapEx spend. Looking forward, we expect second-quarter systems revenue to increase sequentially.

第一季系統營收為 1,100 萬美元，較 2025 年第四季的 1,770 萬美元季減 37%，較 2025 年第一季的 1,310 萬美元年減 15%。系統營收低於我們預期，主要原因是標竿（lighthouse）企業客戶資本支出（CapEx）時點的影響。展望未來，我們預期第二季系統營收將較前一季增加。

First-quarter gross margin was 52.4% compared with 54.5% in fourth-quarter 2025, and 52.7% in first-quarter 2025. The sequential decline was driven primarily by higher indirect costs, annual endpoint IC price declines and revenue mix. The year-over-year decline was driven primarily by higher indirect costs and revenue mix, partially offset by the continued M800 ramp. Looking forward, we expect second-quarter product gross margin to increase sequentially.

第一季毛利率為 52.4%，相較於 2025 年第四季的 54.5% 以及 2025 年第一季的 52.7%。季減主要由較高的間接成本、端點 IC 年度價格下滑以及營收組合所致。年減主要由較高的間接成本與營收組合所致，部分被 M800 持續放量所抵銷。展望未來，我們預期第二季產品毛利率將較前一季提升。

Total first-quarter operating expense was $35.5 million compared with $34.2 million in fourth-quarter 2025 and $32.6 million in first-quarter 2025. Operating expense was below our expectations, driven primarily by good fiscal discipline and timing of spend. Research and development expense was $20.4 million. Sales and marketing expense was $7.3 million. General and administrative expense was $7.8 million. Looking to second quarter, we expect similar operating expense to first quarter.

第一季總營業費用為 3,550 萬美元，相較於 2025 年第四季的 3,420 萬美元以及 2025 年第一季的 3,260 萬美元。營業費用低於我們預期，主要受良好的財務紀律與支出時點影響。研發費用為 2,040 萬美元。銷售與行銷費用為 730 萬美元。一般與行政費用為 780 萬美元。展望第二季，我們預期營業費用與第一季相近。

First-quarter adjusted EBITDA was $3.4 million compared with $16.4 million in fourth-quarter 2025 and $6.5 million in first-quarter 2025. First-quarter adjusted EBITDA margin was 4.5%. First-quarter GAAP net loss was $25.3 million. First-quarter non-GAAP net income was $4.4 million or $0.14 per share on a fully diluted basis.

第一季調整後 EBITDA 為 340 萬美元，相較於 2025 年第四季的 1,640 萬美元以及 2025 年第一季的 650 萬美元。第一季調整後 EBITDA 利潤率為 4.5%。第一季 GAAP 淨損為 2,530 萬美元。第一季非 GAAP 淨利為 440 萬美元，完全稀釋後每股 0.14 美元。

Turning to the balance sheet. We ended the first quarter with cash, cash equivalents and investments of $235.2 million compared with $279.1 million in fourth-quarter 2025 and $232.5 million in first-quarter 2025. Inventory totaled $86.3 million, up $1.3 million from the prior quarter. First-quarter capital expenditures totaled $1.7 million. Free cash flow was $2.2 million.

接著看資產負債表。我們在第一季末的現金、約當現金與投資為 2.352 億美元，相較於 2025 年第四季的 2.791 億美元以及 2025 年第一季的 2.325 億美元。存貨合計 8,630 萬美元，較前一季增加 130 萬美元。第一季資本支出合計 170 萬美元。自由現金流為 220 萬美元。

Before turning to our guidance, I want to highlight a few items specific to our results and outlook.

在談到我們的指引之前，我想先強調幾個與我們的業績與展望相關的重點事項。

First, in March, we opportunistically repurchased $40.2 million aggregate principal of our 1.125% convertible notes due May 2027 using cash on hand. This repurchase highlights our commitment to minimize dilution, in this case, by roughly 400,000 shares as we manage our convertible debt.

第一，在 3 月，我們運用手頭現金，伺機回購了本金總額 4,020 萬美元、於 2027 年 5 月到期、票面利率 1.125% 的可轉換公司債。這次回購凸顯我們致力於將稀釋降到最低；在管理可轉債的過程中，此舉約可減少 40 萬股的稀釋。

Second, our indirect cost of goods sold increased in the first quarter, driven by a short-term endpoint IC production issue that reduced our back-end capacity utilization. That issue is fixed and behind us.

第二，我們第一季的間接銷貨成本上升，主因是一項短期的端點 IC 生產問題，導致我們後段產能利用率下降。該問題已修復並已成為過去。

Third, as Chris highlighted, our inlay partners exited first quarter with healthy endpoint IC channel inventory. In second quarter, we anticipate strong sequential endpoint IC product revenue growth, driven primarily by underlying demand and to a lesser extent, by no channel inventory burn down.

第三，如 Chris 所強調，我們的嵌體（inlay）合作夥伴在第一季末的端點 IC 通路庫存維持健康水位。第二季，我們預期端點 IC 產品營收將呈現強勁的季增，主要由基本需求帶動，較小部分則來自於通路庫存不再去化。

Turning to our outlook. We expect second-quarter revenue between $103 million and $106 million compared with revenue of $97.9 million in second-quarter 2025, a year-over-year increase of 7% at the midpoint. We expect adjusted EBITDA between $27.8 million and $29.3 million. On the bottom line, we expect non-GAAP net income between $24.6 million and $26.1 million, reflecting non-GAAP fully diluted earnings per share between $0.77 and $0.82.

接著談我們的展望。我們預期第二季營收介於 1.03 億至 1.06 億美元，相較於 2025 年第二季的 9,790 萬美元，以中位數計算年增 7%。我們預期調整後 EBITDA 介於 2,780 萬至 2,930 萬美元。在獲利方面，我們預期非 GAAP 淨利介於 2,460 萬至 2,610 萬美元，對應非 GAAP 完全稀釋後每股盈餘介於 0.77 至 0.82 美元。

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

最後，我要感謝 Impinj 團隊、我們的客戶、供應商，以及各位投資人長期以來的支持。

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

接下來我把電話交給接線員，開始問答環節。Nick？

(Operator Instructions) Timothy Arcuri, UBS.

（接線員指示）Timothy Arcuri，瑞銀（UBS）。

This is Natalia Winkler for Timothy here. So first one was on the record bookings. Congratulations on that. Just wanted to understand if that kind of offers you guys incrementally more visibility into September quarter. And I think specifically, you're calling out having a little bit more of a conservative stance in the second half. So how should we kind of think about the visibility that you guys have?

我是 Natalia Winkler，代 Timothy 發言。第一個問題是關於創紀錄的訂單預訂（bookings）。恭喜你們。想了解這是否讓你們對 9 月季度有額外的能見度。另外我想特別問，你們提到下半年採取較保守的立場。我們應該如何看待你們目前的能見度？

Yeah. Natalia, this is Cary. Thanks for the question. I'll take it first. There are a variety of factors that drove our strong Q1 bookings.

好的。Natalia，我是 Cary。謝謝你的問題。我先回答。推動我們第一季強勁 bookings 的因素有好幾項。

First, our ecosystem is aggressively ramping, the custom ASIC to support our North American supply chain and logistics customer. And second, we're beginning to see retail rebuys after a prolonged period of destocking. Within those two trends, we did see inlay partner request times move from the lower end of our standard to the higher end of our standard lead times. And then finally, to a lesser extent, we saw some customers book beyond our standard lead times, likely in response to lengthening lead times from our competitor.

第一，我們的生態系正在積極擴產，為我們北美供應鏈與物流客戶所需的客製化 ASIC 提供支援。第二，在經歷一段較長的去庫存期後，我們開始看到零售客戶的回補採購（rebuys）。在這兩個趨勢之下，我們確實看到嵌體合作夥伴的需求交期從我們標準交期的較短端，移向標準交期的較長端。最後，較小程度上，我們也看到部分客戶在超出我們標準交期的期間下單，可能是因應競爭對手交期拉長。

At this point, we believe that the orders match the demand. And in fact, our 2Q bookings are off to a good start, and they're right within our standard lead times.

就目前而言，我們相信這些訂單與需求相符。事實上，我們第二季的 bookings 開局良好，而且都落在我們的標準交期範圍內。

And I guess a follow-up, Cary, probably to you as well on the gross margin. It sounds like in March quarter, there were a few factors affecting -- there's the onetime back-end capacity issue and mix. And then I think usually, you go through the annual kind of pricing negotiations in this quarter as well.

我還有一個追問，Cary，可能也是問你關於毛利率。聽起來在 3 月季度，有幾個因素在影響——包括一次性的後段產能問題與產品組合。然後我想你們通常也會在這一季進行年度的價格談判。

Can you kind of help us maybe decipher how these factors are -- how they have transpired in the first quarter and how we should think about them in the second quarter?

你能否協助我們釐清這些因素在第一季是如何發生的，以及我們應該如何看待它們對第二季的影響？

Yeah. I'll start first with the annual price negotiations. Those were largely complete entering the first quarter. There were a little bit -- a couple of laggards, but mostly complete entering the quarter. We didn't exactly size it other than to say it was within our normal expectations. Maybe a little bit on the aggressive side as we were driving pricing to support the food ramp that we expect to begin this year.

可以。我先從年度價格談判談起。這些談判在進入第一季前大致已完成。還有一點點——有幾個落後者，但大多在進入本季前就完成了。我們沒有精確量化，只能說結果在我們的正常預期範圍內。也許略偏積極一些，因為我們在推動定價，以支援我們預期今年開始的食品（food）放量。

On the capacity utilization issue, we had an issue with one of our production tools that drove that capacity underutilization. As I mentioned, that issue is now behind us, and we expect to have full production in Q2.

至於產能利用率的問題，我們其中一台生產設備出現狀況，導致產能利用不足。如我所提，該問題現在已經過去，我們預期第二季將恢復滿載生產。

If I were to size it, I would say that the underutilization charge was roughly 100 basis point impact to Q1. And we expect in the second quarter on a product basis, our gross margin to increase sequentially. Of course, in second quarter, recall, we had the $17 million license revenue. So that will drive an outsized gross margin increase. But if I strip that out and look at just the product, we expect a sequential increase in product gross margin.

如果要量化，我會說產能利用不足的費用對第一季約造成 100 個基點的影響。我們預期第二季在產品層面，毛利率將季增。當然，回想一下，第二季我們有 1,700 萬美元的授權收入，這會帶來顯著的毛利率提升。但若把它剔除、只看產品，我們仍預期產品毛利率將較前一季上升。

Jim Ricchiuti, Needham and Company.

Jim Ricchiuti，Needham & Company。

Cary, just a follow-up to that, is the improvement that you're anticipating in Q2 product gross margin, is that mainly that 100 basis points? Or are there some other factors that will drive additional improvement to product gross margins in Q2?

Cary，針對剛才的內容追問一下：你們預期第二季產品毛利率的改善，主要就是那 100 個基點嗎？還是第二季還有其他因素會推動產品毛利率進一步改善？

Yeah. The 100 basis points is obviously sizable. So yeah, that's driving a lot of it. But in addition, the M800 continues to ramp. That drives gross margin accretion.

是的。那 100 個基點顯然影響很大，所以沒錯，它會貢獻很大一部分。此外，M800 持續放量，這會帶來毛利率增厚（accretion）。

We're getting our lots of revenue scale back in Q2, which will drive leverage against our fixed operating costs. And we also expect higher systems revenue in the second quarter. All of those factors will contribute to the sequential increase in product gross margin.

我們在第二季也會恢復較多的營收規模，這將使我們的固定營運成本產生槓桿效益。我們也預期第二季系統（systems）營收更高。上述因素都將促成產品毛利率的季增。

And the three factors that you cited beyond the production issue, would you say that the total combined would be a bigger tailwind than just recapturing that 100 basis points?

你提到除生產問題之外的三個因素，你會說它們合計帶來的順風，會比單純收回那 100 個基點更大嗎？

Probably not, Jim. I think the 100 basis points will be the largest even when comparing the rest as a collective.

可能不會，Jim。我認為那 100 個基點會是最大的一項，即使把其他因素合在一起比較也是如此。

Okay. And just a quick follow-up just on OpEx. I'm wondering if -- how we might be thinking about OpEx in the second half, just given some of the puts and takes around demand and also some of the conservatism that you talked about just in light of the macro.

好的。再快速追問一下關於營業費用（OpEx）。我想了解在下半年，我們應該如何看待 OpEx，考量到需求的各種增減因素，以及你們在宏觀環境下所提到的保守態度。

Yeah. We expect our OpEx to follow normal seasonal patterns. So we'll see similar OpEx in the second quarter and then the back half steps up. That is a combination of us continuing to invest in our business, primarily in the engineering line and offset by the seasonal pressure -- upward pressure on OpEx that we see in the first half of the year.

好的。我們預期 OpEx 會遵循正常的季節性模式。因此第二季的 OpEx 會與目前相近，而下半年會上升。這是因為我們持續投資於業務，主要是在工程（engineering）線上；同時也會受到季節性因素影響——我們通常在上半年會看到 OpEx 的上行壓力。

Troy Jensen, Cantor Fitzgerald.

Troy Jensen，Cantor Fitzgerald。

Congrats on just another great quarter and great results here. So Chris, I guess for you, I thought coming into the quarter, retail might have been at risk a little bit given the high gas prices, but you seem more bullish than ever on retail. So can you just talk a little bit? Is this -- obviously, it seems like it's expanding SKUs and new customers, but any more detail would be great.

恭喜又交出一個很棒的季度與很好的成果。Chris，我想問你：我原本以為在本季之前，零售可能會因為高油價而有點風險，但你們看起來比以往更看多零售。你能多談一點嗎？顯然看起來是 SKU 擴張與新客戶帶動，但若能提供更多細節會很有幫助。

Yeah. So Troy, we do see some retail strength. We see retail rebuys, especially helped by the tariff clarity and essentially the tariff whipsaws are gone and there's more certainty in the markets associated with tariffs.

好的。Troy，我們確實看到零售端的強勁。我們看到零售回補採購（rebuys），尤其受惠於關稅政策更明朗，基本上關稅的反覆擺盪已消失，市場對關稅相關的不確定性降低、確定性提高。

We see new program growth at many accounts, Abercrombie & Fitch, Aritzia, Fabletics, Old Navy, just many others. And so when you combine those factors together, we feel good about the retail situation in the market. And on top of that retail growth, we feel good about what's falling in behind, which is supply chain and logistics, retail general merchandise and food. So I think those factors are contributing to our -- some of the strength we saw in the first quarter and the very strong bookings we saw in the first quarter leading into the second quarter.

我們也看到許多客戶的新專案成長，例如 Abercrombie & Fitch、Aritzia、Fabletics、Old Navy，以及其他許多客戶。把這些因素綜合起來，我們對市場上的零售狀況感到樂觀。除此之外，在零售成長之上，我們也看好後續承接的動能，包括供應鏈與物流、零售一般商品（general merchandise）以及食品。我認為這些因素共同促成了我們第一季看到的一些強勢表現，以及第一季非常強勁的 bookings，並延續到第二季。

Obviously, macro uncertainties are staring us in the face behind that. And so we're being prudent and cautious as we look forward. But we feel good about 2026, absent that macro uncertainty and there's a big if associated with it. But if consumer demand holds up through that macro, we feel good about 2026 overall.

當然，背後仍有宏觀不確定性正面而來。因此我們在展望上保持審慎與保守。不過，若不考慮宏觀不確定性，我們對 2026 年的看法是正面的——但這裡有個很大的「如果」。如果消費需求能在這些宏觀因素下維持韌性，我們整體上對 2026 年有信心。

Yeah. Clearly. Good job. All right. Maybe one quick follow-up too. Can we just dive into a little bit on the NXP royalty, just the longevity of that. Do you guys feel like their new chip has no longer violates your guys' IP?

是的，確實。做得很好。好，那再一個快速追問：我們能否深入談一下 NXP 權利金（royalty），特別是其可持續性。你們是否認為他們的新晶片已不再侵犯你們的 IP？

And if so, how long would it take them to try to like design out? And if designing out, is that an opportunity for you guys to get more share here? But any insight would be great.

如果是的話，他們大概需要多久才能嘗試把你們的設計排除（design out）？而如果他們要 design out，這是否反而是你們在這裡取得更多市占的機會？任何見解都很有幫助。

So yeah, Troy, there's a limited amount of information that we have right now because NXP's new IC is, of course, new. I'll just say that we don't know yet if they have designed out or not designed out our intellectual property.

是的，Troy，我們目前掌握的資訊有限，因為 NXP 的新 IC 當然才剛推出。我只能說，我們目前還不確定他們是否已經把我們的智慧財產權設計排除（designed out），或仍未排除。

We do know, of course, that the older ICs, which are still in market, use our intellectual property because there were court rulings and juries decided that they did use our intellectual property. So NXP needs to either sunset those existing ICs or redesign them as well.

我們當然知道，仍在市場上的較舊 IC 使用了我們的智慧財產，因為先前已有法院判決與陪審團裁定認定他們確實使用了我們的智慧財產。因此，NXP 需要要麼讓這些既有 IC 逐步退場（sunset），要麼也必須重新設計它們。

We don't know the time frame for them doing so. We obviously got the payment this year. I can't speak to next year, but we're guardedly optimistic that we'll get another payment next year, and then we'll see what happens after that. Obviously, time will tell. And as we learn more and are able to report things out, we will.

我們不知道他們採取行動的時間表。我們今年顯然已收到款項。我無法評論明年，但我們審慎樂觀地認為明年還會再收到一筆款項，之後會如何就再看情況。顯然，時間會給出答案。而當我們了解更多、也能對外說明時，我們會進一步更新。

And Troy, just to be clear, the payment that we received this year was $17 million, up from $16 million last year.

另外，Troy，為了釐清，今年我們收到的款項是 1,700 萬美元，高於去年的 1,600 萬美元。

Blayne Curtis, Jefferies.

Blayne Curtis，Jefferies。

Ezra Weener on for Blayne. Just wanted to follow up on the European grocery opportunity. I know the current food opportunity, bakery moving into protein. This seems like it would be a little bit more all-encompassing. Can you talk about kind of the sizing of that opportunity and the timeline? And then I have a follow-up after.

我是代替 Blayne 的 Ezra Weener。想追問一下歐洲雜貨的機會。我知道目前的食品機會是從烘焙延伸到蛋白質品類。這次看起來會更全面一些。你能談談這個機會的大致規模與時間線嗎？另外我還有一個追問。

So yes, Ezra. So it is a very large opportunity. It is really for us, the first meaningful opportunity that is a full store, every item tagging and consumer self-checkout opportunity. To date, the testing has been all lab testing. European grocers set certain readability targets for them to make an internal decision to transition to a live store pilot. And not only did we and our partners meet those readability targets, but we exceeded them, and we're waiting for the decision for them to go forward with a store pilot.

好的，是的，Ezra。這是一個非常大的機會。對我們而言，這其實是第一個具實質意義的「全店」機會：所有品項都貼標，並提供消費者自助結帳。到目前為止，測試都還是在實驗室環境進行。歐洲的零售商會設定特定的可讀率目標，作為其內部決策是否轉入實體門市試點（live store pilot）的依據。我們與合作夥伴不僅達成了這些可讀率目標，還超越了它們；目前正等待他們決定是否推進門市試點。

So we're excited about that opportunity. We continue to be -- we have a very close relationship with that grocer and looking forward to being able to continue to report positive results there.

所以我們對這個機會感到興奮。我們也持續——我們與該零售商維持非常緊密的合作關係，並期待能持續回報那邊的正面成果。

But to answer your question, very large, all items. They do control a lot of their own supply. So they're one of the grocers that would be an -- that are an ideal candidate for tagging all items because they can get the tags on because they have significant control over their own supply chain.

回到你的問題：規模非常大，涵蓋所有品項。他們也掌控相當多自有供應，因此他們是非常理想的「全品項貼標」候選者之一，因為他們對自身供應鏈有很高的掌控度，能確保標籤得以上到商品上。

Got it. And then a follow-up question. You talked about with the ASIC opportunity moving upstream at a double-digit number of accounts. Can you talk a little bit about that process and what that looks like?

了解。接著追問：你提到 ASIC 的機會正在往上游推進，涉及到兩位數的客戶數量。你能多談談那個流程，以及實際上會是什麼樣子嗎？

Yeah. So our second large North American supply chain and logistics end user has done an amazing -- just an amazing job driving operational efficiencies across their organization using RAIN RFID.

可以。我們第二個大型北美供應鏈與物流終端用戶，透過使用 RAIN RFID，在其組織內推動營運效率提升方面做得非常——真的非常出色。

The custom IC is a further step down that path for them and also for us. Both, they and we see opportunities for them to use their prowess and their learnings, basically what they've done, what they've learned to help their customers in the same way. It's not just about package shipping. It's about driving operational efficiencies at their customers and leveraging their learnings to improve their customers' operations.

客製化 IC 對他們、也對我們而言，是沿著這條路徑更進一步。無論是他們或我們，都看到了機會：他們可以運用自身的能力與學到的經驗——基本上就是他們做過什麼、學到了什麼——以同樣方式去協助他們的客戶。這不只是包裹運輸而已，而是要在他們客戶端推動營運效率，並把他們的學習成果用來改善客戶的營運。

So it's a big opportunity for them. It's also a big opportunity for us. And I guess the way I think you really should think about it is that end user that we've been working with for these many years is actually a partner for us. It is a replication partner that is now starting to pull us into other accounts. And they're a fantastic partner for us.

所以這對他們是很大的機會，對我們也是。我認為你應該這樣理解：我們多年來合作的那個終端用戶，其實就是我們的合作夥伴。他們是一個「複製型合作夥伴」（replication partner），現在開始把我們帶進其他客戶帳戶。他們對我們而言是非常棒的合作夥伴。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

My question is also on the competitive landscape and your competitors' new offering. They kind of described their situation in RFID as having channel issues in 2025 with their partners, but coming in 2026, clean in terms of that perspective and then great prospects for their new product with greater capabilities.

我的問題也與競爭態勢以及你們競爭對手的新產品有關。他們把自己在 RFID 的情況描述為：2025 年與合作夥伴之間在通路上會有一些問題，但到 2026 年從那個角度看會更乾淨，並且他們的新產品因具備更強能力而有很好的前景。

I guess, would you describe their situation as similar to your own? And then if you could talk about the competitive prospects for their new product and where you think market share might move between you and them moving forward on these new capabilities?

我想問，你會把他們的情況描述為與你們類似嗎？另外，你能談談他們新產品的競爭前景，以及你認為在這些新能力帶動下，未來你們與他們之間的市占可能如何變化嗎？

Okay. Chris, that's quite a question. I think I could talk for maybe an hour on that one, but I'll do my best here.

好，Chris，這問題很大。我可能可以講上一個小時，但我會盡力簡要回答。

First, starting with our competitor's IC. I'm going to start in a slightly different spot. You probably noticed as have others that the RAIN Alliance endpoint IC numbers in 2025 were down. Part of that reason, of course, was due to retailer destocking and the impact of tariffs and other whipsaws that happened in the market. But we believe another part of it was due to excess channel inventory of our competitor ICs.

首先，從競爭對手的 IC 談起。我會從一個稍微不同的切入點開始。你可能注意到、其他人也注意到，RAIN Alliance 公布的 2025 年端點 IC 數量是下滑的。部分原因當然是零售商去庫存，以及關稅與其他市場劇烈波動（whipsaws）的影響。但我們相信，另一部分原因是競爭對手 IC 在通路端有過多庫存。

So competitor ICs in the channel that needed to get burned down. So we believe that to be the case. I think your comments that there was some -- you didn't use the word burn down, but that there was some improvement in our overall channel position would tend to buoy our belief that that's what happened and was part of the reason for the decline.

也就是說，通路裡的競爭對手 IC 需要被消化掉（burn down）。我們相信確實如此。我想你提到通路狀況有所改善——你沒有用「消化庫存」這個詞，但你提到整體通路狀況改善——這也支持了我們的判斷：這確實發生了，並且是造成下滑的部分原因。

As we look forward, we had record first quarter endpoint IC bookings. Some of that strength undoubtedly spilled over to our competitor as well. The market is strong. We're doing well. We had strong bookings. They probably did too.

展望未來，我們第一季端點 IC 的訂單預訂（bookings）創下紀錄。這股強勁動能無疑也有一部分外溢到競爭對手那邊。市場很強，我們表現不錯，我們的 bookings 很強，他們可能也一樣。

As we look forward, they've got a new IC. It's early in the market. We haven't seen it out there much at all. Our competition for it is our existing M800, which is performing very well in the market. We also continue to improve that M800 with time and Gen2X.

再往前看，他們推出了新的 IC，但目前仍在市場早期，我們幾乎還沒怎麼看到它在外面出現。我們用來競爭的，是我們現有的 M800，而它在市場上的表現非常好。我們也會隨著時間與 Gen2X 持續改進 M800。

And Gen2X is kind of unique in that it doesn't just improve the endpoint IC, it improves the reader as well. On the last earnings call, I talked about improvements to reader sensitivity that extended a reader's hearing range by more than 40%. On this call, I talked about changes that improve a tag's ability to be powered and extend its range by up to 25%. And we've got further improvements in Gen2X in the wings. I truly -- and Gen2X is really optimized for enterprise solutions.

而 Gen2X 的獨特之處在於，它不只是改善端點 IC，也同時改善讀取器（reader）。在上一季財報電話會議上，我談到讀取器靈敏度的提升，讓讀取器的「聽取」範圍延伸超過 40%。在這次電話會議上，我談到能提升標籤被供電的能力、並將其讀取距離延伸最多達 25% 的變更。而我們在 Gen2X 上還有更多改進正在醞釀中。我真心——而且 Gen2X 其實是特別為企業級解決方案最佳化的。

So I truly believe that our product portfolio, our solutions emphasis, what we're doing in Enterprise Solutions and Gen2X will allow us to solve enterprise problems in a way that mix and match components just can't. So look for us to continue to drive into the market, focus on enterprise solutions and drive successes for us as a company.

所以我真心相信，我們的產品組合、我們對解決方案的重視、我們在企業級解決方案（Enterprise Solutions）與 Gen2X 上所做的事情，將使我們能以「單純混搭元件」所做不到的方式來解決企業問題。因此，請期待我們持續推進市場、聚焦企業級解決方案，並推動公司取得成功。

Fantastic. And maybe coupled with that success, where are you planning to invest or reinvest? Do you just see many more inorganic or organic opportunities? Or do you think there could be some inorganic opportunities here to -- whether they're bolt-ons or adjacencies, something else to do in this market?

很好。也許接著問：在這些成功之上，你們計畫投資或再投資在哪些地方？你們是看到更多外延式（inorganic）或內生成長（organic）的機會？或者你認為在這個市場上可能會有一些外延式機會——不論是補強型併購（bolt-ons）或相鄰領域（adjacencies），或其他可以做的事？

Yeah. So I'll take that one also. So invest, we continue investing in our existing product lines and expect us to continue doing so. We've got a lot of improvements and changes and overall positive things we can make.

好，這題我也來回答。關於投資，我們會持續投資於既有產品線，也請預期我們會繼續這麼做。我們還有很多改進、變更，以及整體上能帶來正面效果的事情可以推進。

Equally importantly, perhaps more important is the effort we're putting into enterprise solutions, making our products and the enterprise benefit from those products be seamless for the enterprise and driving partner replication of those solutions so we can expand the pace or both expand adoption and increase the pace of adoption.

同樣重要——甚至可能更重要——的是我們在企業級解決方案上投入的努力：讓我們的產品，以及企業從這些產品中獲得的效益，能夠無縫衔接；並推動合作夥伴對這些解決方案的複製與擴散，讓我們既能擴大採用，也能加快採用速度。

So in response to the last question, I talked about our second large North American supply chain and logistics end user as a partner. And we truly see them as a partner because with their prowess and know-how and our technology underpinning, I believe we can drive solutions out into the market broadly.

因此回應上一題時，我提到我們第二個大型北美供應鏈與物流終端用戶是我們的合作夥伴。我們確實把他們視為合作夥伴，因為結合他們的能力與專業知識，以及我們技術作為底層支撐，我相信我們能把解決方案更廣泛地推向市場。

In terms of other opportunities for us, inorganic opportunities, obviously, we keep our eyes open. And if an opportunity arises, we'll be looking.

至於其他機會、外延式機會，我們當然會持續留意。如果有機會出現，我們就會評估。

Guy Hardwick, Barclays.

Guy Hardwick，Barclays。

Just a quick fairly easy one for you, Chris. I mean you said you feel good about 2026. If I ask you to order, rank in order the factors which make you feel good about '26. What would you start with? And what are the other ones?

我這邊是一個很快、也相對容易的問題，Chris。你說你對 2026 年感覺不錯。如果我請你把讓你對 2026 年有信心的因素按重要性排序，你會先從哪一項開始？其他因素又是哪些？

Well, I'm going to have to think about that one for a second, Guy. So I'm excited about a lot of things.

嗯，Guy，這我得先想一下。我對很多事情都感到興奮。

Number one, I'd start with our opportunities around enterprise solutions. Us bringing ML to bear at the edge on the reader to confine read zones, to identify items that are transitioning, whether it's to a dock door, store exit, front store, back store, any of these transitions. ML is providing us some very significant benefits, and I believe will transform the industry and our ability to drive those solutions in the market and provide enterprise benefits. So that would be number one.

第一，我會先從我們在企業級解決方案方面的機會談起。我們把機器學習（ML）部署到讀取器端的邊緣（edge），用來限制讀取區域（read zones），並辨識正在發生轉移的物品——不論是移動到碼頭門（dock door）、店鋪出口、前場（front store）、後場（back store），或任何這些轉移情境。ML 正帶給我們非常顯著的效益，我相信它將改變這個產業，以及我們在市場上推動這些解決方案、並為企業帶來效益的能力。所以這會是第一項。

Number two, after that would be Gen2X and what we're doing in Gen2X to enable those ML solutions, again, to spur enterprise adoption. We're going to see those -- that adoption happening in the areas that I mentioned already, supply chain and logistics. And I'll put that one first because that's where we believe we can first and best apply our ML techniques in Gen2X. And obviously, there's a lot of transitions and readability needs to be incredibly high for those use cases.

第二點，接下來會是 Gen2X，以及我們在 Gen2X 中所做的事情，以支援那些機器學習（ML）解決方案，再次推動企業端採用。我們將會看到那種採用發生在我先前提到的領域：供應鏈與物流。我會把這個放在第一位，因為我們相信在 Gen2X 中，我們可以最先、也最有效地把我們的 ML 技術應用在那裡。而且很明顯，對於那些使用情境，轉換很多、可讀性必須非常高。

You don't want to miss any package. So supply chain and logistics and us falling in behind our key end user there and helping them and us and their customers in the market. So I probably put that one number one.

你不希望漏掉任何一個包裹。所以在供應鏈與物流方面，我們會緊跟在那裡的關鍵終端用戶之後，協助他們，也協助我們以及他們在市場上的客戶。所以我大概會把那個排在第一。

And then, of course, we have general merchandise and food, which are the other two that I mentioned. We are waiting on some of the key end users to choose what categories they'll be going forward with in the latter part of 2026 across general merchandise. We mentioned some categories, of course, health, cosmetics, beauty, and then there's obviously food there, food ramp and proteins and bakery.

然後，當然，我們還有一般商品與食品，這是我提到的另外兩個。我們正在等待一些關鍵終端用戶決定，在 2026 年下半年於一般商品範疇中，他們接下來要推進哪些品類。我們當然提到了一些品類，例如健康、化妝品、美妝；另外顯然還有食品，包括食品放量以及蛋白質與烘焙。

So all of those are out there. We're being a little bit prudent in terms of us picking and choosing simply because we're going to wait to see what the customer announces. But we do expect a growth in general merchandise and food this year, and we'll be pushing on both of them.

所以這些都在那裡。我們在取捨上會稍微審慎一些，純粹是因為我們會等客戶宣布。但我們確實預期今年一般商品與食品都會成長，我們也會同時推動這兩個。

So that's how I order them. I order them in basically the order in which I spoke to them rather than calling one, two and three, but that's how I'd see things. Secular growth in retail, of course, supply chain and logistics, enterprise solutions, huge opportunity and then food and general merchandise coming up behind.

所以我就是這樣排序的。我基本上是按照我剛剛談到它們的順序來排，而不是硬要叫它們第一、第二、第三，但我就是這樣看。零售的長期結構性成長，當然還有供應鏈與物流、企業解決方案，是巨大的機會；接著食品與一般商品會跟上。

And just as a follow-up, just after five consecutive months of double-digit declines in US apparel imports, just wondering how you feel about the status of apparel inventories amongst your largest customers here in the US?

再追問一下，在美國服飾進口連續五個月出現兩位數下滑之後，我想請教你對於你們在美國最大客戶的服飾庫存狀況，目前感受如何？

We see apparel inventories picking up, both because they're incredibly lean right now. And you can listen to some of the retailers are actively talking about growing some inventories. So we see inventories picking up. And it's also the tariff side. Tariff certainty has contributed to increased orders.

我們看到服飾庫存正在回升，一方面是因為目前庫存非常精簡。你也可以聽到一些零售商正在積極談論要增加部分庫存。另一方面也與關稅有關。關稅確定性提升，促使訂單增加。

Scott Searle, Roth Capital.

Roth Capital 的 Scott Searle。

Great job on the quarter and the outlook. Chris, you've referenced a couple of times concern from a macro standpoint. I wonder if you could flesh that out a little bit. Are you seeing any of that in terms of order patterns from your customer base?

本季表現與展望都做得很好。Chris，你提到過幾次對總體環境的擔憂。我想請你再多說一點。你是否在客戶群的下單模式上看到任何相關跡象？

And then as we look into the second half of this year, and you kind of answered this indirectly in a couple of earlier questions. But should we be expecting normal seasonality, all things equal? And what are you baking in, in terms of your expectations for a large general merchandise customer moving into the next phase of development and food?

另外，當我們看今年下半年時，你在前面幾個問題中其實有間接回答一些。但在其他條件相同下，我們是否應該預期正常的季節性？以及你們在假設中，對於一位大型一般商品客戶進入下一階段開發與食品方面，有納入哪些預期？

Given yesterday's comments from Avery Dennison, it sounds like they're expecting those to move pretty aggressively in the second half. I'm wondering if you could kind of gauge the range of outcomes of what you guys are building into your baseline expectations.

考量 Avery Dennison 昨天的評論，聽起來他們預期下半年會相當積極地推進。我想請你們大致說明一下，你們在基準預期中所納入的結果範圍（range of outcomes）大概是什麼。

Okay. I'm going to try and take those questions. There's a lot of questions in there, and I'm going to try and take them, but I'm going to tag team with Cary, and you'll catch me on the parts that I miss.

好，我會試著回答這些問題。裡面問題很多，我會盡量回答，但我會和 Cary 搭配，你可以在我漏掉的部分再補問我。

So to start with, no, we are not seeing anything currently from the macro perspective. However, we look at the clouds on the horizon, and we want to be prudent. Our hope and expectation is that consumer demand will hold. And if it does, as I said, we expect 2026 to be a good year.

首先，沒有，我們目前從總體面並沒有看到任何狀況。不過，我們也看到地平線上的烏雲，因此希望保持審慎。我們的希望與預期是消費需求能夠維持。如果能維持，如我所說，我們預期 2026 年會是個好年。

But I can't predict the future and the things that are going on right now are way out of our control. And so that's where our prudence comes in. So we're just being careful, and we're modeling a bunch of different scenarios. But as of right now, do we see anything, any pullbacks or any impact right now? Nothing of consequence.

但我無法預測未來，而現在正在發生的事情也遠超出我們的控制範圍，所以這就是我們審慎的原因。我們只是更小心，並且在建模多種不同情境。但就目前而言，我們是否看到任何回撤或任何影響？沒有任何顯著的。

Second, in the categories, let me speak to food a little bit because, yes, Avery Dennison did make those comments the other day and -- or yesterday. And we obviously know of those -- or know of that account and specifically the accounts that they're talking about and are in there and trying to drive the use case in those accounts.

第二，在品類方面，讓我談一下食品，因為是的，Avery Dennison 前幾天——或昨天——確實發表了那些評論。我們當然也知道那些——或知道那個客戶，特別是他們所談到的那些客戶，並且也在那些客戶中推動使用情境。

Our preference here is to wait for the enterprise end user to make a statement in terms of what they're going to do. And that's just a preference, just as the way they are. And I'm not saying anything negative there, just we're going to wait and see until they make an announcement and then we'll speak a bit more about it.

我們在這裡的偏好，是等待企業端終端用戶就他們要做什麼發表聲明。這只是偏好，也就是他們一貫的方式。我不是在說任何負面的話，只是我們會等到他們宣布之後，再多談一些。

So don't view our reticence to speak a lot as anything negative on the opportunity there. It is a real opportunity, and we're excited about it. We only guide one quarter at a time. Customer hasn't made an announcement yet. So when they make an announcement, we'll speak more about it.

所以，不要把我們不太願意多談，解讀為那個機會有任何負面訊號。那是一個真實的機會，我們也很興奮。我們一次只提供一季的指引。客戶還沒有宣布。所以當他們宣布時，我們會再多談。

And that also covers the general merchandise categories. I alluded to some of the general merchandise categories, as I spoke just a minute ago about. We see significant opportunities in those categories, health, beauty, cosmetics, personal care, and we're putting effort into those categories to make them go.

這也涵蓋了一般商品品類。我剛剛提到了一些一般商品品類。我們在那些品類看到顯著機會：健康、美妝、化妝品、個人護理；我們也正在投入資源推動那些品類落地。

When the customer makes an announcement, we'll be as excited as you are. Or maybe the other -- we'll be more excited than you are. I'll put it that way.

當客戶宣布時，我們會跟你一樣興奮。或者——我們會比你更興奮。我就這麼說吧。

So what did I miss? Cary, what did I miss?

所以我漏了什麼？Cary，我漏了什麼？

You did great.

你做得很好。

No, that was perfect, Chris. And I'll hopefully make this the follow-up quick. But in terms of the European food opportunity, given the magnitude of the items there, you have to push down across the entire supply chain and vendor supply chain.

不，那很完美，Chris。我希望把追問講快一點。但就歐洲食品機會而言，考量那裡品項的規模，你必須往下推動到整個供應鏈以及供應商供應鏈。

Is that something that requires DPP? And maybe just some quick updated thoughts on that and timing?

那是否需要 DPP？也請你快速更新一下你對此的看法與時程。

The first answer -- the answer to the first question is it is not -- it doesn't really require DPP. DPP is rolling out. The category that impacts us in terms of the DPP rollout is textiles, and this is a grocery opportunity. The other stuff is batteries and tires and stuff, which is kind of not really relevant.

第一個問題的答案是：不——它其實不太需要 DPP。DPP 正在推行中。就 DPP 推行而言，對我們有影響的品類是紡織品，而這是一個雜貨（grocery）機會。其他像是電池、輪胎之類的，基本上不太相關。

The difference between this grocer and many others is that they control the significant majority of their own supply chain. So if they want to get tagging, they can do it themselves. Of course, they sell some categories as well, but they're in a very good position in order to drive the tagging when they say go. So that's why we see a significant opportunity there.

這家雜貨商與許多其他業者的不同之處在於，他們掌控了自家供應鏈的絕大多數。所以如果他們想要推動貼標（tagging），他們可以自己做。當然，他們也販售一些其他品類，但他們在宣布啟動時，具備非常好的條件去推動貼標。因此我們認為那裡有顯著的機會。

In terms of the DPP overall, the delegated act for textiles will come into force in 2027. There'll be a grace period currently estimated to be about 18 months. We'll have to wait and see how that goes. To my best estimate, I'd say DPP will be meaningful near the end of this decade. We are participating in many of those DPP efforts.

就整體 DPP 而言，紡織品的授權法案（delegated act）將在 2027 年生效。之後會有一段寬限期，目前估計約 18 個月。我們還得觀察後續發展。以我最佳估計，我會說 DPP 會在本十年末期附近變得具有實質意義。我們也正在參與許多 DPP 的相關工作。

RAIN RFID is now approved as a data carrier for DPP. We are doing some work on the endpoint IC side on the beta side on our ICs to support DPP. And so expect us to be a key part of it, but at a measured pace because the actual implementation is still several years away.

RAIN RFID 現在已被核准作為 DPP 的資料載體（data carrier）。我們也正在端點 IC 端進行一些工作，在我們 IC 的 beta 端支援 DPP。因此預期我們會是其中的關鍵一環，但會以審慎的步調推進，因為實際導入仍需數年時間。

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.

問答環節到此結束。接下來我想把電話交回共同創辦人兼執行長 Chris Diorio，請他做結語。

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

謝謝你，Nick，也感謝各位今天參與電話會議。非常感謝各位持續的支持。再見。

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

本次會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。