Impinj, Inc. (PI) 2026 Q2 法說會逐字稿

Welcome to Impinj's second quarter 2026 financial results conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mr. Andy Cobb, Vice President, Corporate Finance and Investor Relations. Please go ahead.

歡迎參加 Impinj 2026 年第二季財務業績電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給 Andy Cobb 先生，企業財務與投資人關係副總裁。請開始。

Thank you, Nick. Good afternoon, and thank you all for joining us to discuss Impinj's second quarter 2026 results. On today's call, Chris Diorio, Impinj's Co-Founder and CEO, will provide a brief overview of our market opportunity and performance. Cary Baker, Impinj's CFO, will follow with a detailed review of our second quarter financial results and third quarter outlook. We will then open the call for questions.

謝謝你，Nick。各位下午好，感謝大家加入我們，一同討論 Impinj 2026 年第二季業績。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 將詳細回顧我們第二季財務結果以及第三季展望。之後我們將開放提問。

You can find management's prepared remarks plus trended financial data on the company's Investor Relations website. We will make statements in this call about financial performance and future expectations that are based on our outlook as of today. Any such statements are forward-looking under the Private Securities Litigation Reform Act of 1995.

您可在公司投資人關係網站上找到管理層的預先準備講稿以及趨勢財務數據。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。任何此類聲明均屬於 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。

Whereas we believe we have a reasonable basis for making these forward-looking statements, our actual results could differ materially because any such statements are subject to risks and uncertainties. We describe these risks and uncertainties in the annual and quarterly reports we file with the SEC.

儘管我們相信作出這些前瞻性陳述具有合理依據，但由於任何此類陳述均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。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。

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

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。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。除自由現金流外，所有資產負債表與現金流量指標均為 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 Jefferies Semiconductor IT Hardware and Communications Technology Conference on August 25, in Chicago; and the Piper Sandler Growth Frontiers Conference on September 15, in Nashville. We look forward to connecting with many of you this quarter. I will now turn the call over to Chris.

在進入我們的業績與展望之前，提醒各位：我們將參加 8 月 25 日於芝加哥舉行的 2026 Jefferies 半導體、IT 硬體與通訊科技大會；以及 9 月 15 日於納許維爾舉行的 Piper Sandler Growth Frontiers 大會。我們期待在本季與各位中的許多人交流。現在我把電話交給 Chris。

Thank you, Andy, and thank you all for joining the call. Our second quarter results were strong with revenue, adjusted EBITDA and earnings per share setting new quarterly records. For the second consecutive quarter, endpoint IC bookings also hit an all-time high, driven by strong demand across retail apparel, general merchandise and supply chain and logistics. Looking to the third quarter, we see accelerating demand and strong product revenue growth. Starting with silicon.

謝謝你，Andy，也感謝各位加入本次電話會議。我們第二季業績強勁，營收、調整後 EBITDA 與每股盈餘均創下新的單季紀錄。連續第二季，端點 IC 訂單（bookings）也創下歷史新高，主要受零售服飾、一般商品以及供應鏈與物流等領域的強勁需求帶動。展望第三季，我們看到需求加速以及強勁的產品營收成長。先從矽晶產品談起。

Second quarter endpoint IC product revenue exceeded our expectations with unit volumes setting a new quarterly record. In supply chain and logistics, the custom ASIC ramp at our second large North American supply chain and logistics end user is ahead of schedule with our inlay partners rapidly filling their supply chain and full conversion expected in the third quarter. In retail apparel and general merchandise, stronger-than-expected demand drove outsized revenue even as channel inventory declined.

第二季端點 IC 產品營收超出我們預期，出貨量創下新的單季紀錄。在供應鏈與物流方面，我們在北美第二家大型供應鏈與物流終端客戶的客製化 ASIC 量產爬坡進度超前；我們的嵌體（inlay）合作夥伴正快速補齊其供應鏈，預期第三季將完成全面轉換。在零售服飾與一般商品方面，需求強於預期帶動營收顯著增加，即使通路庫存仍在下降。

We believe market expansion, retailer pull-ins before temporary tariffs expired last week, and consumer resilience drove the demand strength. Looking forward, strong bookings suggest continued market expansion and demand on top of our inlay partners rebuilding their IC inventory back to normal levels.

我們認為，市場擴張、零售商在上週臨時關稅到期前提前拉貨，以及消費者韌性，共同推動了需求走強。展望未來，強勁的訂單顯示市場擴張與需求可望延續，並且在我們的嵌體合作夥伴將其 IC 庫存回補至正常水位之上，需求仍將維持。

Reader IC revenue also beat our expectations, driven by strong enterprise demand. Looking to the third quarter, we expect reader ICs to be our fastest-growing product line. For both endpoint and reader ICs, we have sufficient wafers to support the demand with strong support from our foundry partner. Turning to food.

讀寫器 IC 營收也超出我們預期，主要由強勁的企業需求所帶動。展望第三季，我們預期讀寫器 IC 將成為成長最快的產品線。就端點與讀寫器 IC 而言，在晶圓代工夥伴的大力支持下，我們有足夠的晶圓供應以支撐需求。接著談食品領域。

A few weeks ago, another large US grocer publicly cited their ongoing bakery pilot using RAIN to track in-store inventory and product expiration dates. Three of the five largest US grocers have now announced pilots or deployments across bakery, deli or meats. I'll take a moment to give some color on the food opportunity. We are currently supporting four distinct types of food programs.

幾週前，另一家大型美國雜貨商公開提到其正在進行的烘焙部門試點計畫，使用 RAIN 追蹤店內庫存與產品到期日。目前美國前五大雜貨商中已有三家宣布在烘焙、熟食或肉品等品類進行試點或部署。我花點時間補充一些食品機會的背景。我們目前正在支援四種不同類型的食品專案。

First, store replenishment, led by quick-serve restaurants and focused on availability and freshness. Second, in-store inventory, led by supermarkets and focused on stocking and product expiration. Third, loss identification, also led by supermarkets and focused on flagging unscanned items at point of sale. And fourth, automated self-checkout, led by the large vertically integrated European grocer we've discussed previously. A few enterprises in the first and second categories have progressed to chain-wide rollouts, consuming a modest number of endpoint ICs relative to current RAIN industry volumes, but still small relative to the total opportunity.

第一，門店補貨，由速食餐飲業者帶頭，重點在可得性與新鮮度。第二，店內庫存，由超市帶頭，重點在補貨上架與產品到期管理。第三，損耗識別，同樣由超市帶頭，重點在於在收銀結帳點標示未掃描的商品。第四，自動化自助結帳，由我們先前提到的大型垂直整合歐洲雜貨商帶頭。第一與第二類中的少數企業已推進至全連鎖門店的全面導入，所消耗的端點 IC 數量相較於目前 RAIN 產業總量仍屬適中，但相較於整體機會仍然很小。

The third and fourth categories are still in proof of concept with encouraging results to date. Notably, the opportunity breadth and sheer number of large engaged enterprises, so early in the market cycle is far larger and faster than anything I've seen in our industry's history. With all the excitement around food, I need to encourage you not to lose sight of the opportunities in the supply chain and logistics and general merchandise markets.

第三與第四類目前仍處於概念驗證階段，迄今結果令人鼓舞。值得注意的是，在市場週期如此早期階段，機會的廣度以及大量積極投入的大型企業數量，遠比我在本產業歷史上所見任何時期都更大、也更快。在食品領域備受關注之際，我也要提醒各位不要忽略供應鏈與物流以及一般商品市場的機會。

The former is poised to expand from shipments to e-commerce and third-party logistics. The latter continues its inexorable growth and expansion with many large categories such as OTC pharmaceuticals, cosmetics and health and beauty not yet deployed.

前者正蓄勢從出貨擴展到電商與第三方物流。後者則持續以不可逆轉的態勢成長與擴張，許多大型品類如非處方藥（OTC）、化妝品以及健康與美容等尚未部署。

Given their head start, both markets today are consuming significantly more endpoint ICs than food. Also, both offer significant solutions opportunities for us. Touching on those solutions, despite only modest second quarter reader and gateway shipments to our lighthouse enterprises, our solutions engagements with those enterprises continue advancing.

由於起步較早，這兩個市場目前消耗的端點 IC 明顯多於食品領域。此外，兩者也為我們提供了重大的解決方案機會。談到這些解決方案，儘管第二季我們對標竿（lighthouse）企業的讀寫器與閘道器出貨量僅屬溫和，我們與這些企業的解決方案合作仍持續推進。

We're focused on two enterprise pain points, replenishment and point of sale using our endpoint and reader ICs, readers, gateways and software to provide real-time event data around supply chain transitions and at front of store. And we are engaging partners to sell and deploy those solutions.

我們聚焦於兩個企業痛點：補貨與銷售點（POS）。我們運用端點與讀寫器 IC、讀寫器、閘道器與軟體，在供應鏈轉換節點以及門店前場提供即時事件資料。同時，我們也與合作夥伴合作銷售並部署這些解決方案。

We believe the event data our solutions deliver, for example, a 100% certain event that a store received an item, will dramatically improve AI models that analyze and automate enterprise operations. We're incredibly well positioned to lead and win in solutions using machine learning to find moving items and confined read zones, Gen2X to improve item readability, label production systems to ensure label quality and reliability, custom ASICs as needed and solutions engineering and sales to truly deliver the use case.

我們相信，我們的解決方案所提供的事件資料——例如「某門店已收到某件商品」這種 100% 確定的事件——將大幅改善用於分析與自動化企業營運的 AI 模型。我們具備極佳的條件在解決方案領域領先並勝出：運用機器學習找出移動中的物品與受限讀取區域、以 Gen2X 提升商品可讀性、以標籤生產系統確保標籤品質與可靠性、視需要提供客製化 ASIC，以及透過解決方案工程與銷售真正交付使用情境。

Although we are still in the early days of solutions delivery, my focus is expanding our company from being primarily a component seller to also being a solution provider. I'm confident we can do so. And given our solutions demand, I have never been more excited about our future than I am today.

雖然我們在解決方案交付方面仍處於早期階段，但我的重點是將公司從主要的元件銷售商，擴展為同時也是解決方案供應商。我有信心我們能做到。而且鑑於我們的解決方案需求，我從未像今天這樣對我們的未來感到興奮。

In closing, this month marks our 10-year anniversary as a public company, and our timing couldn't be better. Our market opportunity is expanding rapidly with the growth rate in supply chain and logistics, general merchandise and food outpacing retail apparel, which is in mainstream adoption. We delivered a quarter with record revenue, adjusted EBITDA, earnings per share and endpoint IC volumes and look to another strong quarter ahead.

最後，這個月是我們作為上市公司滿 10 週年的里程碑，而時機再好不過。隨著供應鏈與物流、一般商品與食品的成長速度超越零售服飾（目前已進入主流採用階段），我們的市場機會正在快速擴大。我們交出了一個季度，創下營收、調整後 EBITDA、每股盈餘以及端點 IC 出貨量的新高，並期待接下來還有另一個強勁的季度。

And we have a stellar team, energized by the opportunities in front of us and driving forward with pace and conviction. As always, before I turn the call over to Cary for our financial review and third quarter outlook, I'd like to thank every member of the Impinj team for your tireless effort.

我們也擁有一支卓越的團隊，因眼前的機會而充滿幹勁，並以速度與信念持續向前推進。一如既往，在我把電話交給 Cary 進行財務回顧與第三季展望之前，我想感謝 Impinj 團隊的每一位成員所付出的不懈努力。

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

能與各位共事，我深感榮幸，也覺得自己非常幸運。Cary？

Thank you, Chris, and good afternoon, everyone. Second quarter revenue was a record $108.4 million, up 46% sequentially from $74.3 million in first quarter 2026 and up 11% year-over-year from $97.9 million in second quarter 2025. Second quarter endpoint IC revenue was a record $96.4 million, up 53% sequentially from $63.2 million in first quarter 2026 and up 14% year-over-year from $84.6 million in second quarter 2025.

謝謝你，Chris，各位下午好。第二季營收創新高，達 1.084 億美元，較 2026 年第一季的 7,430 萬美元季增 46%，較 2025 年第二季的 9,790 萬美元年增 11%。第二季端點 IC 營收創新高，達 9,640 萬美元，較 2026 年第一季的 6,320 萬美元季增 53%，較 2025 年第二季的 8,460 萬美元年增 14%。

Excluding licensing revenue, endpoint IC product revenue grew 26% sequentially and 16% year-over-year, significantly exceeding our expectations. Looking forward, we expect third quarter endpoint IC product revenue to increase sequentially, above the high end of typical seasonal growth.

若排除授權收入，端點 IC 產品營收季增 26%、年增 16%，顯著超出我們的預期。展望未來，我們預期第三季端點 IC 產品營收將較前一季增加，且高於典型的季節性成長上緣。

Second quarter systems revenue was $12 million, up 8% sequentially from $11 million in first quarter 2026 and down 10% year-over-year from $13.3 million in second quarter 2025. Systems revenue met expectations with reader IC strength offsetting label production systems weakness. Looking forward, we expect a strong sequential third quarter systems revenue increase. Second quarter gross margin was a record 60.9% compared with 52.4% in first quarter 2026 and 60.4% in second quarter 2025. The sequential increase was driven primarily by licensing revenue.

第二季系統營收為 1,200 萬美元，較 2026 年第一季的 1,100 萬美元季增 8%，較 2025 年第二季的 1,330 萬美元年減 10%。系統營收符合預期，讀寫器 IC 的強勁表現抵消了標籤生產系統的疲弱。展望未來，我們預期第三季系統營收將出現強勁的季增。第二季毛利率創新高，達 60.9%，相較 2026 年第一季為 52.4%，2025 年第二季為 60.4%。季增主要由授權收入所帶動。

The year-over-year increase was driven primarily by endpoint IC product mix, specifically a richer mix of M800, partially offset by lower systems revenue mix. Excluding licensing revenue, second quarter product gross margin was 53.6% compared with 52.6% in second quarter 2025. Looking forward, we expect third quarter product gross margin to increase sequentially. Total second quarter operating expense was $35.3 million compared with $35.5 million in first quarter 2026 and $31.5 million in second quarter 2025. Operating expense met expectations.

年增主要由端點 IC 產品組合所帶動，特別是 M800 的占比提高，但部分被系統營收組合較低所抵消。若排除授權收入，第二季產品毛利率為 53.6%，相較 2025 年第二季為 52.6%。展望未來，我們預期第三季產品毛利率將較前一季提升。第二季總營業費用為 3,530 萬美元，相較 2026 年第一季為 3,550 萬美元，2025 年第二季為 3,150 萬美元。營業費用符合預期。

Research and development expense was $20.2 million. Sales and marketing expense was $7.1 million. General and administrative expense was $8.1 million. Looking to the third quarter, we expect third quarter operating expense to increase sequentially. Second quarter adjusted EBITDA was a record $30.7 million compared with $3.4 million in first quarter 2026 and $27.6 million in second quarter 2025.

研發費用為 2,020 萬美元。銷售與行銷費用為 710 萬美元。一般與行政費用為 810 萬美元。展望第三季，我們預期第三季營業費用將較前一季增加。第二季調整後 EBITDA 創新高，達 3,070 萬美元，相較 2026 年第一季為 340 萬美元，2025 年第二季為 2,760 萬美元。

Second quarter adjusted EBITDA margin was a record 28.3%. Excluding licensing revenue, adjusted EBITDA margin was 15%. Second quarter GAAP net income was $12.2 million. Second quarter non-GAAP net income was a record $27 million or $0.86 per share on a fully diluted basis. Turning to the balance sheet.

第二季調整後 EBITDA 利潤率創新高，達 28.3%。若排除授權收入，調整後 EBITDA 利潤率為 15%。第二季 GAAP 淨利為 1,220 萬美元。第二季非 GAAP 淨利創新高，達 2,700 萬美元，或在完全稀釋基礎下每股 0.86 美元。接著看資產負債表。

We ended the second quarter with cash, cash equivalents and investments of $263.7 million compared with $235.2 million in first quarter 2026 and $260.5 million in second quarter 2025. Inventory totaled $91.5 million, up $5.2 million from the prior quarter. Second quarter capital expenditures totaled $2.4 million. Free cash flow was $29.2 million. Turning to our outlook.

第二季期末現金、約當現金與投資為 2.637 億美元，相較 2026 年第一季為 2.352 億美元，2025 年第二季為 2.605 億美元。存貨合計 9,150 萬美元，較前一季增加 520 萬美元。第二季資本支出合計 240 萬美元。自由現金流為 2,920 萬美元。接著談我們的展望。

We expect third quarter revenue between $105.5 million and $108.5 million compared with $91.4 million product revenue in second quarter 2026, a quarter-over-quarter increase of 17% at the midpoint. We expect adjusted EBITDA between $20.7 million and $22.2 million. On the bottom line, we expect non-GAAP net income between $18.5 million and $20 million, reflecting non-GAAP fully diluted earnings per share between $0.59 and $0.63. In closing, I want to thank the Impinj team, our customers, our suppliers and you, our investors, especially those of you still holding IPO shares today at our 10-year listing anniversary for your ongoing support.

我們預期第三季營收介於 1.055 億至 1.085 億美元之間，相較 2026 年第二季 9,140 萬美元的產品營收，以中位數計算季增 17%。我們預期調整後 EBITDA 介於 2,070 萬至 2,220 萬美元之間。在獲利方面，我們預期非 GAAP 淨利介於 1,850 萬至 2,000 萬美元之間，對應非 GAAP 完全稀釋每股盈餘介於 0.59 至 0.63 美元。最後，我要感謝 Impinj 團隊、我們的客戶、供應商，以及各位投資人；特別是在我們上市 10 週年之際，仍持有 IPO 股票的各位，感謝你們持續的支持。

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

我現在把電話交給接線員，開始問答環節。

(Operator Instructions)

（接線員指示）

Harsh Kumar, BMO Capital Markets.

BMO Capital Markets 的 Harsh Kumar。

Yeah, hey, Chris and the entire Impinj team, I guess, congratulations on two distinct things, your 10-year anniversary and the biggest quarter you guys put up and also the biggest guide from what I believe, not including royalties. So to that end, Chris, I wanted to ask you, the third quarter guide is quite a bit of a surprise to me. And I was curious if you could provide us with some color on where you are seeing outsized strength relative to your previous expectations.

是的，嗨，Chris 以及整個 Impinj 團隊，我想恭喜兩件明確的事：你們的 10 週年，以及你們交出的史上最大單季表現，還有我認為（不含權利金）史上最大的財測指引。因此，Chris，我想問的是，第三季指引對我來說相當令人意外。我想請你多分享一些細節，說明你們在哪些方面看到相較先前預期更為突出的強勁需求。

Okay. Harsh, thank you for your kind words. And so to answer your question, where we're seeing strength. As I said in our prepared remarks, we're seeing pull in general merchandise, supply chain and logistics and food. Obviously, there's also continued expansion in retail apparel. There continue to be new programs that are coming online as well as growth in existing programs. So although retail apparel is in mainstream adoption and therefore, its pace of growth has slowed in terms of an overall volume number, it's still contributing significant volume growth to us.

好的。Harsh，謝謝你的好意。回答你的問題：我們在哪裡看到強勁表現。如同我在事先準備的發言中提到的，我們看到一般商品、供應鏈與物流，以及食品領域的拉貨需求。顯然，零售服飾也仍在持續擴張。同時也持續有新的專案上線，以及既有專案的成長。因此，雖然零售服飾已進入主流採用階段，從整體量的角度來看其成長速度放緩，但它仍為我們帶來顯著的出貨量成長。

On top of that, we saw share gains last year in the overall market, and those share gains are giving us momentum in 2026. You put all those pieces together, strong market demand, market pull for solutions, multiple verticals going on our strength in the market, and they all contribute to a strong Q2 and a strong Q3.

此外，我們去年在整體市場中取得了市占提升，而這些市占提升在 2026 年為我們帶來動能。把這些因素綜合起來：強勁的市場需求、對解決方案的市場拉動、多個垂直領域共同推動我們在市場上的優勢，這些都促成了強勁的第二季以及強勁的第三季。

Thank you, Chris. And then I think you spent quite a bit of time on food and laying out how you will play it. I know that the largest retailer in the United States is implementing food tracking or food -- yes, food tracking for deli and bakery. I was curious about how that is going because it wasn't announced by you, it was announced by one of your inlay partners. And then also, are you concerned about tariffs at all? Or are you seeing anything? It doesn't seem like you're seeing anything, but I'd be curious if that's something in the back of your mind.

謝謝你，Chris。另外，我想你在食品方面花了不少時間，並說明你們將如何切入。我知道美國最大的零售商正在導入食品追蹤，或食品——是的，針對熟食與烘焙的食品追蹤。我想了解那件事進展如何，因為那不是由你們宣布，而是由你們的一家嵌體（inlay）合作夥伴宣布的。另外，你們對關稅有任何擔憂嗎？或你們有看到任何跡象嗎？看起來你們似乎沒有看到什麼，但我想知道這是否是你們心中會考量的事情。

Okay, Two questions. First on food and then the second one on tariffs. In the food space, Harsh, we as a company, tend to let our partners and customers speak for themselves. I devoted a significant portion of my script to the food opportunity overall because, like I said, I'm truly excited about this opportunity.

好的，兩個問題。第一個關於食品，第二個關於關稅。在食品領域，Harsh，我們公司一向傾向讓合作夥伴與客戶自己發聲。我在講稿中用相當大的篇幅談到整體食品機會，因為如我所說，我對這個機會真的非常興奮。

The number of large enterprises that are engaged is far greater than anything I've seen in our history. I mean just think about it. If you look at supply chain and logistics, it was led primarily by one enterprise. You look at some of the growth in retail apparel in the old days was led by a very small number of enterprises. Here, we've got three of the five largest US

目前參與其中的大型企業數量，遠遠超過我在我們歷史上所見過的任何時候。我的意思是，想想看。如果你看供應鏈與物流，過去主要是由一家企業帶動。你再看早年零售服飾的一些成長，也是由非常少數的企業帶動。而在這裡，我們有美國五大

grocers jumping in at the beginning. So just that the demand and the pace is something I haven't experienced. So I'm very excited about food. We're working with those grocers, including the one you mentioned, I'm supporting them as we can. Very much as we can.

雜貨零售商中的三家在一開始就加入。所以，這樣的需求強度與推進速度，是我以前未曾經歷過的。因此我對食品非常興奮。我們正與那些雜貨商合作，包括你提到的那一家；我們會在力所能及的範圍內支持他們。盡我們所能。

But I'll let them speak for themselves in terms of where their program is. And then regarding tariffs, as I said in my prepared remarks, we did see some pull ahead in the second quarter before the prior tariffs expired a week ago. And we did see some channel inventory burn down as our inlay and label partners filled into the demand to -- for product inventory before those tariffs expired.

但就他們的專案進展到哪裡，我會讓他們自己來說。至於關稅，如我在事先準備的發言中提到的，在先前的關稅於一週前到期之前，我們確實在第二季看到一些提前拉貨。而且，當我們的嵌體與標籤合作夥伴在關稅到期前為了——為產品庫存需求補貨時，我們也看到通路庫存有所消化。

That said, we still see strength in the market built on consumer resilience and ongoing category expansion and market expansion. And as Cary said in his prepared remarks, we see very strong demand for our endpoint ICs. So yes, pull ahead for tariffs, yes, continued strength in the market. And on top of that, we expect our inlay and label partners to rebuild their inventories in the back half of the year.

話雖如此，我們仍看到市場的強勁表現，這建立在消費者韌性以及持續的品類擴張與市場擴張之上。而且如 Cary 在事先準備的發言中所說，我們看到對我們端點 IC 的需求非常強勁。所以，是的，關稅帶來提前拉貨；是的，市場仍持續強勁。此外，我們也預期我們的嵌體與標籤合作夥伴會在下半年重建其庫存。

Thank you, and congratulations again.

謝謝你，也再次恭喜。

Christopher Rolland, Susquehanna.

Susquehanna 的 Christopher Rolland。

Hey, guys. Thanks for the question. Mine is around -- and Chris, you mentioned logistics on your main partner there. They had some very positive comments about RFID and an increased deployment there, basically going from a scanner world to RFID world. And then also and perhaps most significantly, an expansion internationally as well. So on this, if you could talk about what that means for you guys and any other movement on other logistics potential engagements and customer opportunities.

嗨，各位。謝謝讓我提問。我的問題是關於——Chris，你提到你們在物流方面的主要合作夥伴。他們對 RFID 以及更大規模的部署給了非常正面的評論，基本上是從掃描器的世界轉向 RFID 的世界。另外，也可能是最重要的，他們也在國際上擴張。因此在這方面，你能談談這對你們意味著什麼，以及在其他物流潛在合作與客戶機會上是否也有任何進展嗎？

Yeah, thank you, Chris. I'll do my best here. Obviously, I could talk a long time on that topic. We do our very best to support that customer. I call them a customer, but they're really a partner of ours. We do our very best to support them with all their initiatives. We work closely together. We support each other and that we are -- we at Impinj on the Impinj side are very thrilled about what they've got going on. They spoke a little bit about AI and the opportunities with AI.

好的，謝謝你，Chris。我會盡力回答。顯然，這個主題我可以講很久。我們盡最大努力支持那位客戶。我稱他們為客戶，但他們其實更像是我們的合作夥伴。我們盡最大努力在他們所有的倡議上支持他們。我們密切合作。我們彼此支持，而我們——在 Impinj 這一端——對他們正在推動的事情感到非常振奮。他們也稍微談到 AI 以及 AI 的機會。

And the one thing I'd like to say there is that we deliver what I like to call hard event data. I made a point in my prepared remarks about 100% certainty that that item arrived at a certain location. When we read it, we have certainty that that's the item. It arrives at that time and that location. And that kind of hard data is a boon to AI models because you don't have to create synthetic data.

我想在這裡說的一點是：我們提供我喜歡稱之為「硬事件資料」（hard event data）。我在事先準備的發言中特別強調：能以 100% 的確定性知道某個物品在某個地點到達。當我們讀取到它時，我們能確定那就是那個物品。它在那個時間、那個地點到達。而這種硬資料對 AI 模型是一大助益，因為你不必去建立合成資料。

There's no inference or anything on what's going on with the underlying data for the model. The data are real. The AI model has the job of optimizing the enterprise's operations. So that partner's ability to ingest the real hard event data, optimize their operations and then take their learnings to their customers who then become our customers is where I want to take the company and deliver solutions to that partner's customers. And that's why I talk about third-party logistics opportunities.

模型不需要對底層資料發生了什麼做推論或其他判斷。資料是真實的。AI 模型的工作是去最佳化企業的營運。因此，那位合作夥伴能夠吸收真實的硬事件資料、最佳化其營運，然後把學到的成果帶給他們的客戶——而那些客戶接著就會成為我們的客戶——這就是我希望帶領公司前進的方向：為那位合作夥伴的客戶交付解決方案。這也是我為什麼會談到第三方物流（3PL）的機會。

So huge opportunity with them, we will support them. We never let them down. And I am incredibly excited about the future in supply chain and logistics. Now of course, there are other companies in the supply chain and logistics space. We are supporting them as well, supporting them through partners. And we're doing what we can to drive the whole overall industry forward. But of course, the partner we work with is well ahead of everybody else.

所以與他們合作的機會非常巨大，我們會支持他們。我們從不讓他們失望。而我對供應鏈與物流的未來感到無比興奮。當然，供應鏈與物流領域還有其他公司。我們也在支持他們，並透過合作夥伴來支持他們。我們也在盡我們所能推動整個產業向前發展。但當然，我們合作的那位夥伴確實領先其他所有人。

Excellent. Additionally, you're great at kind of looking ahead at some of these trends. So I guess, first of all, if you could talk about any new opportunities, end markets or opportunities you see on the horizon? And then circling back on one that has some potential is the digital passport product passport opportunity. Can you talk about any progress we might have seen there?

很好。另外，你也很擅長提前觀察這些趨勢。所以我想，首先你能否談談你在地平線上看到的任何新機會、終端市場或機會？接著回到一個可能性很高的方向：數位護照（digital passport）/產品護照（product passport）的機會。你能談談我們在那方面可能看到的任何進展嗎？

Yes, I'll do my best. New opportunities on the horizon outside of supply chain and logistics and food. I think you should just take note of the categories I mentioned around retail general merchandise. The three categories I mentioned, OTC, pharma, health and beauty and cosmetics are all gigantic. They would all benefit significantly from tagging, whether it's for expiration, guarantees of product, availability on a shelf, stock accuracy.

可以，我會盡力。在供應鏈與物流以及食品之外、地平線上的新機會方面，我認為你應該注意我提到的零售一般商品（retail general merchandise）相關品類。我提到的三個品類：OTC（非處方藥）、處方藥（pharma）、健康與美容以及化妝品，規模都非常巨大。無論是用於效期管理、產品保證、貨架可得性、庫存準確度，這些品類都能從貼標（tagging）中獲得顯著效益。

And so those categories, we believe, hold a significant potential volume -- future volume opportunity for us. If I just look across that set, retail apparel, retail general merchandise, especially those three categories on top of everything that's been tagged already, supply chain and logistics and food, that's enough to propel us on our industry forward. Now turning to DPP. I've been pushing forward this vision for a long time of getting readers in the hands of consumers and the DPP benefit as part of that, but it's really more than a DPP benefit. It's giving consumers the ability to get information about items they own and recycling at end of life.

因此我們相信，這些品類對我們而言蘊含可觀的潛在出貨量——未來的量能機會。如果我把這一組合放在一起看：零售服飾、零售一般商品，尤其是那三個品類，再加上目前已經貼標的所有項目、供應鏈與物流以及食品，這些就足以推動我們的產業持續向前。接著談 DPP。我長期以來一直在推動一個願景：讓讀取器進到消費者手中，而 DPP 的效益是其中一部分，但其實不只是 DPP 的效益。而是讓消費者能夠取得他們所擁有物品的資訊，以及在生命週期末端的回收資訊。

The Qualcomm announcement a while back that they're embedding RAIN RFID reading in their mobile phone chipsets, at least initially for industrial devices, but they said also that it can be ported to a consumer devices. The progress at the regulatory side around DPP, I see all of that coming to a confluence by the end of this decade and DPP helping to drive the consumer use case and consumers helping to drive the DPP use case. So a little bit early to post results there because both of those things are in the early days.But in the out years here, they hold huge promise for our future.

先前 Qualcomm 的公告提到，他們正在把 RAIN RFID 讀取功能嵌入其手機晶片組中——至少一開始是用於工業裝置，但他們也表示可以移植到消費性裝置。在 DPP 的監管面進展上，我看到這些因素在本十年末將匯聚成一個合流：DPP 有助於推動消費者使用情境，而消費者也有助於推動 DPP 的使用情境。因此現在要提出成果還稍早，因為這兩件事都還在早期階段。但在更長期的未來，它們對我們的前景具有巨大的潛力。

Thanks, Chris.

謝謝你，Chris。

Okay, thank you.

好的，謝謝。

Jim Ricchiuti, Needham & Company.

Jim Ricchiuti，Needham & Company。

Hi, thanks. Good afternoon. Chris, just with respect to OTC, cosmetics and health and beauty, I'm not aware of the large general merchandise retailer moving forward with that phase of deployment. Do you anticipate this potentially being a driver in 2027? And if you can't comment directly on that, can you give us a sense that if we do see a retailer like this customer moving forward, how would you think about this scaling versus some of the other general merchandise categories in the past?

嗨，謝謝。下午好。Chris，關於OTC、化妝品以及健康與美容這些品類，我並不清楚那家大型綜合商品零售商是否正在推進那一階段的部署。你是否預期這可能會在2027年成為一個驅動因素？如果你不能直接評論這點，能否讓我們了解一下：若我們確實看到像這位客戶這樣的零售商推進，你會如何看待其擴張規模，相較於過去一些其他綜合商品品類的擴張？

So Jim, so let me be clear. I mentioned those categories because I see the opportunity there. And obviously, there's been broad interest in the past, if you really want to look at it, it was the cosmetics use case that got this whole industry going in the first place back 25 years ago. So it's because those categories haven't gone yet. I see the opportunity there.

Jim，我先說清楚。我提到那些品類，是因為我在那裡看到了機會。而且很明顯，過去一直有廣泛的興趣；如果你真的回頭看，25年前正是化妝品的應用案例最先帶動了整個產業的起步。所以，正因為那些品類還沒有推進，我才在那裡看到機會。

I know from history about the opportunity there. And we are doing work internally to enable those categories. That said, there's been no announcement that I know of by any retailer that they're moving forward with those categories. So I'm not trying to put words in anybody's mouth. It's just where I see the opportunity.

我從歷史經驗知道那裡的機會。我們也正在內部進行一些工作，以支援那些品類。但話說回來，就我所知，目前沒有任何零售商宣布要推進那些品類。所以我不是要替任何人發言。那只是我看到的機會所在。

As I think about the size of those categories, obviously, they're smaller than food, but they're gigantic, and they drive sales uplift for enterprises. So health and beauty, huge, cosmetics and the need there. Like I said, it drove our industry in the first case. And OTC pharma would be the first step towards prescription pharma. And I can't cite the numbers.

就那些品類的規模而言，顯然它們比食品小，但仍然非常龐大，並且能為企業帶來銷售提升。所以健康與美容很大，化妝品以及其中的需求也很大。如我所說，一開始就是它帶動了我們這個產業。而OTC藥品會是邁向處方藥的第一步。我無法引用具體數字。

I don't have them off the top of my head, but the OTC market is also gigantic. All of those categories are taggable. They take work, but it can be done. So I'm excited about those categories to the point where we, as a company, are putting some effort into helping them go. Did that answer your question?

我一時沒有那些數字，但OTC市場也非常龐大。所有這些品類都可以貼標。需要一些工作，但可以做到。所以我對這些品類感到興奮，以至於我們公司正在投入一些資源來協助推動它們落地。這有回答你的問題嗎？

Yes. And I knew it would be a tough to answer directly, but you did, I think, provide some good color on the market opportunity. I wanted to switch gears a little bit on the competitive environment. Your major competitor has introduced a new endpoint IC. I'm wondering whether this might impact some of the share gains that you've made in recent years.

有。我也知道這很難直接回答，但我認為你確實提供了一些關於市場機會的有用補充說明。我想稍微換個話題談談競爭環境。你們的主要競爭對手推出了一款新的端點IC。我想知道這是否可能影響你們近年來取得的一些市占提升。

Curious how you see the competitive landscape at the moment? And then if I could just ask a quick one to Cary, just with respect to gross margin improvement in Q3 on the product side, how much of that is this full conversion of the ASIC ramp logistics side of the business? Two questions, I apologize.

你目前如何看待競爭態勢？另外如果我可以快速問Cary一個問題：關於第三季產品端毛利率的改善，其中有多少是來自ASIC爬坡、物流端業務的全面轉換？兩個問題，不好意思。

Okay. I can go first.

好的。我可以先回答。

Okay. You want to go first? Go ahead, Cary.

好的。你想先說嗎？你先吧，Cary。

So on the gross margin side, Jim, it's really our continued ramp with the M800. So think of the custom ASIC as part of the M800 platform and contributing to the 300 basis points of gross margin accretion that the M800 will eventually deliver. So in Q2, on a product gross margin basis, we saw gross margin increase by about 120 basis points sequentially. I expect a roughly similar increase sequentially in Q3, again, on a product margin -- gross margin basis. Chris, I'll hand it over to you.

Jim，關於毛利率這一塊，主要是我們M800持續爬坡。所以可以把客製化ASIC視為M800平台的一部分，並且會貢獻M800最終可帶來的300個基點毛利率增益。因此在第二季，以產品毛利率口徑來看，我們的毛利率季增約120個基點。我預期第三季也會有大致相近的季增幅度，同樣是在產品毛利率——毛利率口徑下。Chris，我把問題交回給你。

Yeah. And Jim, to your question, obviously, our key competitor highlighted strong demand for their products. We see strong demand as well, evidenced by our second quarter results and third quarter guide and propelled by our last year's share gains. So they saw strong demand. We see strong demand, and that strong demand is driven by market growth.

好的。Jim，針對你的問題，很明顯，我們的主要競爭對手強調他們產品需求強勁。我們也看到強勁需求，這從我們第二季的業績與第三季的指引可以看出來，而且也受到我們去年市占提升的推動。所以他們看到強勁需求。我們也看到強勁需求，而這股強勁需求是由市場成長所驅動。

We feel good about our share position today. They have introduced a new product. We have not seen it significantly in market yet. And I think you know from our M800 ramp prior product ramps that introducing new product in our industry, given that the end customers need to qualify them and a lot of those products go through the -- through our testing takes a while. So we feel good about our share position now.

我們對目前的市占位置感到滿意。他們推出了新產品。我們目前還沒有看到它在市場上有顯著的存在。而且我想你也知道，從我們M800的爬坡以及過去產品爬坡的經驗來看，在我們這個產業推出新產品，由於終端客戶需要進行認證，且許多產品還要經過——經過我們的測試，通常需要一段時間。所以我們對目前的市占位置感到滿意。

We feel good about where we are driving forward. And we have very high-performing products in market that are meeting end customers needs. We're driving forward with Gen2X to improve readability, machine learning to do the things we said around solutions, confined read zones and identify transitions. And we'll be driving forward in the solution space, winning our fair share of the market.

我們也對我們推進的方向感到有信心。我們在市場上有高效能的產品，能滿足終端客戶的需求。我們正推進Gen2X以提升可讀性，運用機器學習來實現我們在解決方案方面所說的那些能力，包括受限讀取區域以及辨識轉換。我們也會在解決方案領域持續推進，拿下我們應得的市場份額。

Thanks very much. Appreciate it.

非常感謝。感激不盡。

Thank you.

謝謝。

Scott Searle, ROTH Capital.

Scott Searle，ROTH Capital。

Hey, good afternoon. Thanks for taking the questions. Congrats on the anniversary and congrats on the quarter. Chris, maybe quickly to follow up on your comments with Gen2X, significant in terms of throughput and readability. I'm wondering if you could extrapolate a little bit on that in terms of market share potential, kind of what you're seeing in terms of engagement with customers. Gen2X, as I understand it, huge performance advantages when you're using endpoint ICs from Impinj. So how is that impacting the share outlook when you're talking to existing and new customers?

嗨，下午好。謝謝讓我提問。恭喜週年，也恭喜本季表現。Chris，我想快速追問你對Gen2X的評論，它在吞吐量與可讀性方面意義重大。我想知道你能否就此再延伸談一下，從市占潛力的角度，以及你們與客戶互動的情況。依我理解，當你使用Impinj的端點IC時，Gen2X有巨大的效能優勢。那麼在你與既有及新客戶溝通時，這如何影響你對市占前景的看法？

I'm wondering if you could factor in or kind of fold in the custom ASIC development as well. You gave an update in terms of where that was with the pre-existing customer, but you had referenced earlier that we might see additional customers moving into that direction. So kind of wondering how that's playing out.

我也想請你把客製化ASIC的開發一併納入考量或整合說明。你更新了與既有客戶的進展，但你先前也提到我們可能會看到更多客戶朝那個方向前進。所以想了解這方面目前的進展如何。

Yeah, I'll do my best here. So on the Gen2X front, the vast majority of labels today are still read with handheld readers. It's for inventory visibility. We see and have been able to demonstrate a material benefit from Gen2X in that handheld reading scenario, which is especially in some of the more difficult to read categories like food, which is giving us a leg up in the market.

好的，我會盡力回答。就Gen2X而言，目前絕大多數標籤仍是用手持式讀取器來讀取。用途是庫存可視性。我們看到並且已經能夠證明，Gen2X在這種手持讀取情境下帶來實質效益，特別是在一些較難讀取的品類，例如食品，這讓我們在市場上更具優勢。

And we have partners like Zebra and Qualcomm and others who are pushing forward with Gen2X because of its readability benefits. So in the base market, handheld-driven inventory counting, we see a benefit from Gen2X with our endpoint ICs. And you don't have to have 100% Impinj endpoint ICs out there. You get the benefit from the Impinj side with Gen2X.

而且我們有像 Zebra、Qualcomm 以及其他合作夥伴，因為 Gen2X 在可讀性上的優勢而持續推動 Gen2X 向前。因此在基礎市場、以手持設備驅動的盤點計數方面，我們看到 Gen2X 搭配我們的端點 IC 能帶來效益。而且你不必在外部部署 100% 的 Impinj 端點 IC。你仍然可以從 Impinj 這一側透過 Gen2X 獲得好處。

If I then turn to the rapidly growing part of the market, at least on a percentage basis, which is fixed reading for transitions, point-of-sale, store exits -- there, Gen2X has an outsized benefit because we've tailored the capabilities of Gen2X to enable the ML enhancements we're driving to the solution that literally make the solution go.

如果我轉到市場中成長最快的部分——至少以百分比來看——也就是用於通道轉換、銷售點（POS）、店鋪出口的固定式讀取，在那裡，Gen2X 的效益更為顯著，因為我們已經量身打造 Gen2X 的能力，以支援我們正在推動的 ML 強化，讓解決方案真正能運作起來。

So for us, those Gen2X enhancements are critical to our solutions efforts, evidenced by the fact that our two very high share enterprise end users in supply chain and logistics and retail apparel are both using Gen2X to enhance the readability or essentially to enable their use cases.

因此對我們而言，這些 Gen2X 的強化對我們的解決方案推進至關重要；從事實可見，我們在供應鏈與物流以及零售服飾領域的兩個市占率非常高的企業終端用戶，都在使用 Gen2X 來提升可讀性，或本質上是讓他們的使用情境得以實現。

And what you'll see us doing going forward is using Gen2X more and more to enable solutions we literally otherwise could not do. So Gen2X, in my mind, is key to fixed reading solutions, which is where the market is heading and where we're taking the company. I mean, the second part of the question because I forgot it already. Custom ASIC.

而你將看到我們未來會越來越多地使用 Gen2X，來實現一些我們否則根本做不到的解決方案。所以在我看來，Gen2X 是固定式讀取解決方案的關鍵；市場正朝這個方向前進，而我們也正把公司帶往那裡。我是說，問題的第二部分，因為我已經忘了。客製化 ASIC。

So we've obviously already delivered one custom ASIC. We will -- we don't have anything else to report right now on the custom ASIC side. We will do custom ASICs as needed. And I use that word carefully because when you do a custom ASIC, you also have the operations issues around just having a custom product. So where we need a custom ASIC and the customers can use it, we'll build it.

所以我們顯然已經交付了一款客製化 ASIC。我們——目前在客製化 ASIC 方面沒有其他可報告的內容。我們會在需要時做客製化 ASIC。我很謹慎地使用「需要」這個詞，因為當你做客製化 ASIC 時，也會面臨僅因為有客製化產品而帶來的營運議題。因此在我們需要客製化 ASIC、且客戶也能使用它的情況下，我們就會打造它。

And where we don't need a custom ASIC, if they can just get by with base Gen2X, we will do that. So we don't expect us to push everything to a custom ASIC because it creates a kind of overall operations headache. And it provides -- we have to manage through it. But as needed, we need to do something special for an enterprise, we will do so.

而在不需要客製化 ASIC 的地方，如果他們用基礎版 Gen2X 就能滿足需求，我們就會採用那個方案。所以我們不預期把所有東西都推向客製化 ASIC，因為那會造成整體營運上的一種頭痛問題。而且它也會帶來——我們必須去管理並克服這些問題。但在需要時，如果我們必須為某個企業做一些特別的事情，我們就會去做。

And Chris, if I could, just to follow-up on the food front. A lot of progress on that front, both within North America and it sounds like as well within the European marketplace, but we're in the pilot phase. So could you provide a little bit of color as we're starting to look into '27? Is the expectation now that these will convert from pilots into full-fledged deployments?

Chris，如果可以的話，我想就食品這一塊追問一下。在這方面已經有很多進展，不論是在北美，聽起來在歐洲市場也是如此，但我們目前仍在試點階段。所以當我們開始展望 2027 年時，你能否提供一些更具體的說明？現在的預期是這些試點會轉換成全面部署嗎？

And with that backdrop, given where the market is, given the growth that you're seeing now and the unit opportunity that just exists within those existing pilot customers, right, of the 3 of the top 5 in North America and Europe, are we due for an inflection point now in terms of RAIN RFID ICs as we go into '27, and '28?

在這樣的背景下，考量市場現況、你們目前看到的成長，以及那些既有試點客戶內部本來就存在的單位數量機會——也就是北美與歐洲前五大中的三家——我們在 2027、2028 年邁進時，RAIN RFID IC 是否即將迎來一個拐點？

That's a hard question for me to answer because we don't guide out into 2027. And when you're talking about programs this size, the -- obviously, there's a huge commitment on the part of the end user to go forward. We do have at least one enterprise that has already deployed many hundreds of stores and is continuing with that -- the store rollout as well as talking about moving to additional categories. We've got the other grocers in there. So I think I'm just going to have to revert back to what I said, the pace of the adoption and the number of end users here is unlike anything I've seen.

這對我來說很難回答，因為我們不會提供到 2027 年的指引。而當你談的是這種規模的專案時——顯然終端用戶要往前推進需要非常大的承諾。我們確實至少有一家企業已經在數百家門店完成部署，並且仍在持續推進——包括門店擴張，同時也在討論擴展到更多品類。其他雜貨商也在其中。所以我想我只能回到我之前說的：這裡的採用速度與終端用戶的數量，是我前所未見的。

And because we're generating positive results for the enterprises, I do expect rapid growth on a percentage basis. Now the other retail apparel, supply chain and logistics, retail general merchandise are far ahead in terms of volumes. So it's going to take a good bit of time until food volumes cross over because those other categories are still growing. But in terms of excitement, I'm incredibly excited about food.

而且因為我們正在為企業帶來正向成果，我確實預期在百分比的基礎上會快速成長。不過，其他零售服飾、供應鏈與物流、零售一般商品在量的層面已經領先很多。因此要等到食品的量超越，還需要相當一段時間，因為那些其他類別也仍在成長。但就興奮程度而言，我對食品非常、非常興奮。

That's helpful. Thanks so much and congrats again.

這很有幫助。非常感謝，也再次恭喜。

Troy Jensen, Cantor Fitzgerald.

Troy Jensen，Cantor Fitzgerald。

Congrats also. Maybe a question for both of you guys. Chris, for you first, I'd love you just to expand a little bit on your comments about being a solution provider or focusing more on that. And what do you have to do? Does this compete at all with some of your partners? Just to expand would be great.

也恭喜。也許我有一個問題想同時問你們兩位。Chris，先問你：我希望你能再多延伸一下你關於成為解決方案供應商、或更聚焦於那方面的評論。你們需要做些什麼？這會不會在某種程度上與你們的一些合作夥伴競爭？如果能多說一些就太好了。

Troy, I'm going to start with the partner side. This opportunity is so big and our opportunity to grow the pie is so large that outside of our endpoint IC competitor, I view everybody else as a partner. I mean there's no reason for us to compete with anybody out in this space, including in solutions delivery because the opportunities are so compelling. I mentioned the opportunities just on the food side. It's just one of them.

Troy，我先從合作夥伴這一面開始。這個機會非常大，而我們把整個市場做大的機會也非常大；除了我們的端點 IC 競爭對手之外，我把其他所有人都視為合作夥伴。我的意思是，我們沒有理由在這個領域與任何人競爭，包括在解決方案交付上，因為機會實在太具吸引力。我提到的食品端機會只是其中之一。

The loss identification at point of sale -- we had one grocer come to us and say they lose $100 million a year from theft at point of sale, primarily proteins and liquor products, wines and beers and alcohol. I mean that's a huge number for a grocer. So the opportunities are there. The opportunities are for fixed-reading, and yet you can't just go in with a handheld and solve the thing. So we are developing solutions that include every layer of our platform, plus a huge push on the software side to do the ML part, the device management part, the solutions management part.

在銷售點的損耗識別——有一家雜貨商來找我們說，他們每年在銷售點因竊盜損失 1 億美元，主要是蛋白質類與烈酒產品、葡萄酒、啤酒與酒精類。我的意思是，對雜貨商而言這是個巨大的數字。所以機會就在那裡。機會在於固定式讀取，但你不可能只拿著手持設備就把問題解決。因此我們正在開發包含我們平台每一層的解決方案，並且在軟體端大力投入，以完成 ML 部分、裝置管理部分、解決方案管理部分。

So rather than serving up raw data to the enterprise, we serve up events and working closely with our partners to deliver those solutions to an enterprise. Impinj by itself cannot go out and deploy 5,000 stores. We don't have -- I mean, we have to partner. And there's huge opportunities for us and the partner, including ERP partners, WMS partners as well as other RAIN RFID partners. So the opportunity is there, fixed-reading solutions to drive a new chapter in this industry beyond just inventory accounting.

因此我們不是把原始資料提供給企業，而是提供事件（events），並與合作夥伴緊密合作，把這些解決方案交付給企業。Impinj 單靠自己無法出去部署 5,000 家門店。我們沒有——我的意思是，我們必須合作。而且對我們與合作夥伴而言都有巨大的機會，包括 ERP 合作夥伴、WMS 合作夥伴，以及其他 RAIN RFID 合作夥伴。所以機會就在那裡：以固定式讀取解決方案，推動這個產業超越僅僅是庫存盤點的全新篇章。

And I am incredibly excited about it, and it's where I'm pushing the company. Did I answer your question?

而我對此非常興奮，這也是我正在推動公司前進的方向。我有回答到你的問題嗎？

Yes, very much so. I love the passion here. But maybe just a follow-up for Cary. Just on the inlay partners that are handling the IC transition with your logistics customer. I mean thoughts on -- do you have good visibility on that? Is there any kind of risk of getting surprised on channel inventory during that transition?

有的，非常有。我很喜歡你們展現出的熱情。但也許再追問 Cary 一下。關於那些正在協助你們物流客戶進行 IC 轉換的嵌體（inlay）合作夥伴。我的意思是——你們對此有很好的能見度嗎？在那個轉換期間，通路庫存是否有任何被意外「驚到」的風險？

Yeah. It's a good question, Troy. After missteps in the last couple of Q1s, yes, we're very alert to this because those missteps have been centered around that second large supply chain and logistics customer. Now, both years were for different reasons, but the crux of the issue was our inability to see the channel inventory that our partners held in support of that customer. So until this year, our second large supply chain and logistics customer used our general purpose M800.

是的。這是個好問題，Troy。在過去幾個第一季出現失誤之後，是的，我們對此非常警覺，因為那些失誤主要都圍繞著我們第二個大型供應鏈與物流客戶。這兩年各有不同原因，但問題的核心在於：我們無法看見合作夥伴為支援該客戶所持有的通路庫存。因此直到今年，我們第二個大型供應鏈與物流客戶一直使用我們的通用型 M800。

That SKU can go into any apparel, general merchandise or food application, which made it difficult for us to understand and have visibility into just how much inventory they were holding for supply chain versus what they were holding for the rest of their market. And because this end customer typically does a share reallocation at the end of the year, we found ourselves in the early part of the next year navigating some channel inventory noise.

那個 SKU 可用於任何服飾、一般商品或食品應用，這使得我們很難理解並掌握他們究竟為供應鏈持有多少庫存、以及為其餘市場持有多少庫存。而且由於這個終端客戶通常會在年底進行份額重新分配，我們發現自己在隔年年初需要應對一些通路庫存雜訊。

But with the transition to a custom IC, we have much better visibility. We know what we ship into the channel. We know what gets pulled from the channel, and therefore, we know what is left in the channel when the day is done. One of the things that we've learned from having this better visibility is that the purchasing seasonality of our inlay partners in support of this customer is dislocated from the seasonality of the package volume of this customer.

但隨著轉換到客製化 IC，我們的能見度好得多。我們知道我們出貨到通路的數量。我們知道從通路被拉貨的數量，因此，我們也知道在一天結束時通路裡還剩多少。我們從這種更佳能見度中學到的一點是：我們的嵌體（inlay）合作夥伴為支援該客戶的採購季節性，與該客戶包裹量的季節性是錯位的。

So our peak season supporting this customer is 2Q into Q3 with a steeper decline in the fourth quarter consumption as the ecosystem prepares for that annual RFP process. So we feel good that our visibility into this channel is much improved versus the prior two years, but we understand that we have to prove it to you in Q1 of '27.

因此，我們支援該客戶的旺季是在第二季延伸到第三季，而第四季的消耗會更陡峭地下滑，因為整個生態系統在為年度 RFP 流程做準備。所以我們對於我們在此通路的能見度相較前兩年已大幅改善感到樂觀，但我們也理解，我們必須在 2027 年第一季向各位證明這一點。

Understood. Congrats. It's going to be a fun couple of years, guys.

了解。恭喜。接下來幾年會很有趣，各位。

Thanks, Troy.

謝謝你，Troy。

Guy Hardwick, Barclays.

Barclays 的 Guy Hardwick。

Hi, this is Nick Igneri on for Guy. So you guys mentioned endpoint IC bookings reached another all-time high. Maybe if you can just discuss the composition of those bookings by vertical and how much visibility they provide into 4Q and early 2027 demand?

嗨，我是代替 Guy 的 Nick Igneri。你們提到端點 IC 的訂單預訂（bookings）再創歷史新高。或許你們可以談談這些預訂按垂直領域的組成，以及它們對第四季與 2027 年初需求提供了多少能見度？

Yeah. So Nick, thanks for the question. As you know, we delivered record bookings in Q2, and that was after posting record bookings, what were previously record bookings in Q1. We see several drivers of that booking strength. Kind of first and foremost, after a prolonged period of softness, we are starting to see encouraging signs from retail apparel and general merchandise.

好的。Nick，謝謝你的問題。如你所知，我們在第二季交出創紀錄的預訂，而那是在第一季剛公布（當時）創紀錄預訂之後。我們看到有幾個因素驅動了這股預訂強勁。首先也是最重要的，在經歷一段較長的疲弱期之後，我們開始從零售服飾與一般商品看到令人鼓舞的跡象。

There continues to be market expansion in both of those verticals and the consumer remains very resilient. We also saw some pull-ins from the retailers ahead of the tariff -- the July tariff reset. Now fortunately, that reset wasn't a large reset and the rates aren't that different than the expiring rates. Then second, in supply chain and logistics, the custom ASIC ramp at our second large North American retail supply chain and logistics customer is ahead of schedule. Our inlay partners are filling their channel and filling their supply chain, and we expect full conversion at some point in the third quarter.

這兩個垂直領域的市場仍在擴張，而消費者依然非常有韌性。我們也看到零售商在關稅——7 月關稅重設——之前有一些提前拉貨。幸運的是，那次重設幅度不大，稅率與到期的稅率差異不大。第二，在供應鏈與物流方面，我們第二個北美大型零售供應鏈與物流客戶的客製化 ASIC 拉升進度超前。我們的嵌體（inlay）合作夥伴正在補滿其通路並補滿其供應鏈，我們預期在第三季某個時間點完成全面轉換。

And then finally, as you noted, some of those bookings or some of our customers are booking into the fourth quarter, which is a little further out than our standard six to eight week lead time. But if I were to break it down, it's those three categories -- or those three factors in that order that are driving the booking strength.

最後，如你所提到的，其中一些預訂——或我們的一些客戶——已經預訂到第四季，這比我們標準的 6 到 8 週交期要更往後一些。但如果要我拆解的話，推動預訂強勁的就是這三個類別——或這三個因素，且順序如我所述。

Okay. Great. And just maybe to put a finer point on the retailer pull-ins. Can you help quantify the impact? Was this a modest boost or a meaningful portion of the endpoint IC upside in the quarter? And then maybe what assumptions are embedded in 3Q guidance around that?

好的。很好。再針對零售商提前拉貨這點更精準一些。你能幫忙量化其影響嗎？這是小幅提振，還是占了本季端點 IC 超預期的相當大一部分？另外，第三季指引中對此內含了哪些假設？

It was a small benefit to the quarter. That's why I listed it as third on that list. We -- it's hard to quantify specifically, but we know that retailers have signaled that. We know that some of our partners in our ecosystem have said they think it's happening, but we don't think it was a meaningful driver of the growth.

對本季而言是小幅受益。所以我才把它列在那份清單的第三項。我們——很難具體量化，但我們知道零售商已經釋出這樣的訊號。我們也知道生態系中的一些合作夥伴表示他們認為確實正在發生，但我們不認為它是成長的重要驅動因素。

Great. Thanks. I'll pass it on.

很好。謝謝。我把時間交給下一位。

Thank you.

謝謝。

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

問答環節到此結束。我想把會議交回給共同創辦人兼執行長 Chris Diorio 作結語。

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

謝謝你，Nick。我要感謝各位今天參加電話會議，也特別感謝各位持續的支持。非常感謝。再見。

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

本次會議現在結束。感謝各位參加今天的簡報。您現在可以斷線。