Impinj, Inc. (PI) 2026 Q3 法說會逐字稿

Welcome to the Impinj third quarter 2026 financial results conference call and webcast. (Operator Instructions) Please also note today's event is being recorded.

歡迎收聽 Impinj 2026 年第三季財務業績電話會議與網路直播。(接線員指示) 也請注意，今天的活動將被錄音。

At this time, I'd like to turn the floor over to Mr. Andy Cobb, Vice President, Corporate Finance and IR. Please go ahead.

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

謝謝你，Jamie。各位下午好，感謝大家加入我們，一同討論 Impinj 2026 年第三季的業績。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 將詳細回顧我們第三季的財務結果以及第四季展望。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. 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.

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，以及趨勢化的財務數據。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。任何此類聲明依據 1995 年《私人證券訴訟改革法》均屬前瞻性陳述。儘管我們相信作出這些前瞻性陳述具有合理依據，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出現重大差異。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，我們不承擔且明確聲明不負有更新或修改任何前瞻性陳述的義務。在今天的電話會議中，除營收外，或除非我們另有明確說明，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 BMO Technology and Innovation Leaders Conference on November 12 in New York, the 30th Annual UBS Global Technology and AI Conference on December 2 in Scottsdale, the Barclays 24th Annual Global Technology Conference on December 9 in San Francisco and the 29th Annual Needham Growth Conference on January 13 in New York.

在進入我們的業績與展望之前，請注意我們將參加以下會議：11 月 12 日於紐約舉行的 2026 年 BMO 科技與創新領袖大會、12 月 2 日於斯科茨代爾舉行的第 30 屆 UBS 全球科技與 AI 大會、12 月 9 日於舊金山舉行的 Barclays 第 24 屆全球科技大會，以及 1 月 13 日於紐約舉行的第 29 屆 Needham 成長大會。

We look forward to connecting with many of you at these events. I will now turn the call over to Chris.

我們期待在這些活動中與各位中的許多人交流。現在我把電話會議交給 Chris。

Thank you, Andy, and thank you all for joining the call. Our third quarter results were strong, with endpoint IC revenue and unit volumes, as well as total revenue, all setting new quarterly records. M800's market strength, resilient retail demand, growth at our lighthouse accounts and Gen2X momentum all contributed to the record results. Looking forward, we see those trends continuing. Starting with silicon, M800 demand, the custom ASIC conversion at our supply chain and logistics end user and strength at our visionary European retailer anchored our strong unit volume growth.

謝謝你，Andy，也感謝各位加入本次電話會議。我們第三季的業績表現強勁，端點 IC 的營收與出貨量，以及總營收，皆創下新的單季紀錄。M800 的市場強勢、具韌性的零售需求、我們燈塔客戶的成長，以及 Gen2X 的動能，共同促成了這些創紀錄的成果。展望未來，我們看到這些趨勢將持續。先從矽晶產品談起，M800 的需求、我們供應鏈與物流終端用戶的客製化 ASIC 轉換，以及我們具前瞻性的歐洲零售商客戶的強勁表現，支撐了我們出貨量的強勁成長。

We met, but were unable to get ahead of, market need, despite us ramping our back-end wafer post-processing throughput as quickly as we could. We will continue ramping our back end at an elevated pace for at least the next two quarters to meet the growing demand. With strong support from our wafer foundry partner, we remain confident in our ability to deliver. Reader IC revenue also beat our expectations and was our fastest-growing product line, driven by enterprise pull for partner readers. Looking to the fourth quarter, we anticipate strong year over year unit volume and revenue growth for both endpoint and reader ICs, including returning specialty endpoint IC revenue.

儘管我們已盡可能快速提升後段晶圓後製處理（post-processing）的產能吞吐量，我們仍僅能滿足市場需求，未能超前布局。為了滿足持續成長的需求，我們將在至少接下來兩個季度以較高的速度持續擴增後段產能。在晶圓代工夥伴的大力支持下，我們對交付能力仍充滿信心。讀寫器 IC 的營收也超出我們預期，並成為成長最快的產品線，主要由企業客戶對合作夥伴讀寫器的拉動需求所驅動。展望第四季，我們預期端點與讀寫器 IC 的出貨量與營收都將呈現強勁的年增成長，其中也包括回歸的特殊用途端點 IC 營收。

Turning to solutions, today's revenue still derives primarily from hardware sales. Our software is in beta at our lighthouse accounts and not yet generating meaningful revenue. That said, the enterprise need for our software is acute, with very tight end-user-driven delivery schedules confirming our conviction in the long-term software opportunity. Third quarter reader and gateway revenue was strong, led by sales into those lighthouse accounts. We expect those accounts to burn down reader and gateway stock in the fourth quarter, so despite us having a strong pipeline, fourth quarter deliveries will not see the typical seasonal step-up.

再談解決方案業務，目前的營收仍主要來自硬體銷售。我們的軟體正在燈塔客戶處於 Beta 測試階段，尚未產生具意義的營收。儘管如此，企業對我們軟體的需求非常迫切，且由終端用戶驅動的交付時程非常緊湊，進一步印證我們對長期軟體機會的信念。第三季讀寫器與閘道器營收表現強勁，主要由對這些燈塔客戶的銷售所帶動。我們預期這些客戶將在第四季消化讀寫器與閘道器庫存，因此即使我們的商機管線強勁，第四季的出貨不會出現典型的季節性上升。

Looking into 2027, we expect that timing to reverse. Even as we invest in and drive solutions in and beyond our lighthouse accounts, I encourage you to not lose sight of the fact that our solutions efforts at those accounts generate sustained sales across our entire platform, today contributing more than 20% of our total revenue. Turning to food, as we highlighted last quarter, there are four distinct types of food programs: store replenishment, in-store inventory, loss identification and automated self-checkout. The third quarter added a large new logo in replenishment and another in inventory. We are closely engaged with the former on operational improvements for reduced out-of-stocks and food spoilage.

展望 2027 年，我們預期這種時點效應將反轉。即便我們在燈塔客戶內外持續投資並推動解決方案，我也鼓勵各位不要忽略一點：我們在這些客戶的解決方案投入，會在我們整個平台上帶來持續性的銷售，如今對總營收的貢獻已超過 20%。談到食品領域，如同我們上季所強調，食品專案可分為四種不同類型：門市補貨、店內庫存、損耗識別，以及自動化自助結帳。第三季在補貨類別新增了一個大型新客戶標誌（new logo），在庫存類別也新增了另一個。我們正與前者密切合作，推動營運改善，以降低缺貨與食品報廢。

Although it is still early days, we expect the solution to require our entire platform. And for those of you who may have missed Kroger's recent Investor Day, their bakery pilot delivered nearly 70% faster inventory counts, 50% lower waste, approximately 200 basis points of sales lift and nearly 50 basis points of share gains in the category. With trusted item-level data, in our parlance Physical Intelligence, Kroger is creating a better store routine with lower waste, higher availability and more sales. We launched physical intelligence in September, spotlighting how our platform provides real, trusted item data to enterprise AI systems. Physical Intelligence tells enterprises what items they have and when and where the items are moving, enabling the enterprises to take action and, by learning from those actions, improve their business outcomes.

雖然仍處於早期階段，我們預期該解決方案將需要我們的整個平台。另外，若各位錯過了 Kroger 最近的投資人日，他們的烘焙部門試點專案帶來了近 70% 更快的盤點速度、50% 更低的浪費、約 200 個基點的銷售提升，以及在該品類近 50 個基點的市占提升。透過可信賴的單品級數據（以我們的說法即 Physical Intelligence），Kroger 正在打造更好的門市作業流程，降低浪費、提高可得性並增加銷售。我們於 9 月推出 Physical Intelligence，聚焦展示我們的平台如何為企業 AI 系統提供真實、可信賴的單品數據。Physical Intelligence 讓企業知道他們擁有哪些商品，以及商品在何時、何地移動，使企業能採取行動，並透過從這些行動中學習來改善其業務成果。

Building on that launch, I'm thrilled to announce that Aileen Ryan, the outgoing President of the RAIN Alliance, will join us on December 1 as Chief Commercial Officer. In her four years leading the Alliance, Aileen built deep ecosystem and enterprise connections that will serve us well. She also brings 20-plus years of engineering and leadership experience at technology companies. Aileen will lead lighthouse account success as well as our solutions go-to-market, including partnerships and whole solutions delivery. She will partner closely with Gahan Richardson, now EVP of Product Management, and Carl Brasek, our SVP who leads go-to-market for our endpoint and reader ICs, readers, gateways and solution engines.

在此發布的基礎上，我很高興宣布：RAIN Alliance 即將卸任的總裁 Aileen Ryan 將於 12 月 1 日加入我們，擔任商務長（Chief Commercial Officer）。在她領導該聯盟的四年間，Aileen 建立了深厚的生態系與企業連結，將對我們大有助益。她也擁有在科技公司超過 20 年的工程與領導經驗。Aileen 將負責燈塔客戶的成功推動，以及我們解決方案的市場推進（go-to-market），包括合作夥伴關係與整體解決方案交付。她將與現任產品管理執行副總裁（EVP）Gahan Richardson，以及我們負責端點與讀寫器 IC、讀寫器、閘道器與解決方案引擎之市場推進的資深副總裁（SVP）Carl Brasek 緊密合作。

In closing, our strong market and product leadership, solutions focus and enterprise engagements continue driving record results. Our secular growth opportunity in retail, supply chain and logistics, food and a long tail of other applications continues expanding. Our solutions pipeline also continues growing, with exciting emerging opportunities in food. As we continue driving our bold vision, I remain confident in our market position and energized by the opportunities ahead. As always, before I turn the call over to Cary for our financial review and fourth quarter outlook, I'd like to thank every member of the Impinj team for your tireless effort.

最後，我們強勁的市場與產品領導地位、以解決方案為核心的策略以及企業級客戶合作，持續推動創紀錄的成果。我們在零售、供應鏈與物流、食品，以及其他眾多長尾應用領域的長期結構性成長機會仍在擴大。我們的解決方案管線也持續成長，在食品領域出現令人振奮的新興機會。在我們持續推進大膽願景的同時，我對我們的市場地位依然充滿信心，並對前方的機會感到振奮。一如既往，在我把電話交給 Cary 進行財務回顧與第四季展望之前，我想感謝 Impinj 團隊每一位成員不懈的努力。

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

能與各位共事，我為自己擁有如此難得的好運而感到榮幸。Cary？

Thank you, Chris, and good afternoon, everyone. Third quarter revenue was a record $112.1 million, up 3% sequentially from $108.4 million in second quarter 2026 and up 17% year over year from $96.1 million in third quarter 2025. Notably, this quarter's revenue exceeded last quarter's record and did so without the benefit of licensing revenue. Third quarter endpoint IC revenue was a record $97.3 million, up 1% sequentially from $96.4 million in second quarter 2026 and up 24% year over year from $78.8 million in third quarter 2025. Excluding the $17 million second quarter licensing revenue, endpoint IC product revenue grew 23% sequentially, exceeding our expectations.

謝謝你，Chris，各位下午好。第三季營收創下 1.121 億美元的新高，較 2026 年第二季的 1.084 億美元季增 3%，較 2025 年第三季的 9,610 萬美元年增 17%。值得注意的是，本季營收不僅超越上季的紀錄，且是在沒有授權收入挹注的情況下達成。第三季端點 IC 營收創下 9,730 萬美元的新高，較 2026 年第二季的 9,640 萬美元季增 1%，較 2025 年第三季的 7,880 萬美元年增 24%。若排除第二季 1,700 萬美元的授權收入，端點 IC 產品營收季增 23%，高於我們的預期。

Looking forward, we expect a modest sequential decline in fourth quarter endpoint IC revenue, yet on the favorable side of typical seasonality. Third quarter systems revenue was $14.8 million, up 23% sequentially from $12 million in second quarter 2026 and down 15% year over year from $17.3 million in third quarter 2025. Systems revenue exceeded expectations, with strength across all product lines. Looking forward, we expect fourth quarter systems revenue to decline sequentially for the reasons Chris cited. Third quarter gross margin was 54.9%, compared with 60.9% in second quarter 2026 and 53% in third quarter 2025.

展望未來，我們預期第四季端點 IC 營收將小幅季減，但仍將優於典型季節性表現。第三季系統營收為 1,480 萬美元，較 2026 年第二季的 1,200 萬美元季增 23%，較 2025 年第三季的 1,730 萬美元年減 15%。系統營收優於預期，各產品線皆呈現強勁表現。展望未來，基於 Chris 所提到的原因，我們預期第四季系統營收將季減。第三季毛利率為 54.9%，相較 2026 年第二季為 60.9%，2025 年第三季為 53%。

The sequential decline was driven primarily by licensing revenue. The year over year increase was driven primarily by endpoint IC product mix, specifically a higher contribution from M800. Excluding the licensing revenue, third quarter product gross margin increased 130 basis points sequentially, driven primarily by M800. Looking forward, we expect fourth quarter gross margin to again increase sequentially, driven primarily by specialty ICs and M800. Total third quarter operating expense was $37 million, compared with $35.3 million in second quarter 2026 and $31.8 million in third quarter 2025.

季減主要是由授權收入所致。年增主要由端點 IC 產品組合帶動，具體而言是 M800 的貢獻提高。若排除授權收入，第三季產品毛利率季增 130 個基點，主要由 M800 帶動。展望未來，我們預期第四季毛利率將再次季增，主要由特殊規格 IC 與 M800 帶動。第三季總營業費用為 3,700 萬美元，相較 2026 年第二季為 3,530 萬美元，2025 年第三季為 3,180 萬美元。

Operating expense met expectations. Research and development expense was $21.5 million. Sales and marketing expense was $7.6 million. General and administrative expense was $7.9 million. Looking to the fourth quarter, we expect operating expense to increase sequentially.

營業費用符合預期。研發費用為 2,150 萬美元。銷售與行銷費用為 760 萬美元。一般與行政費用為 790 萬美元。展望第四季，我們預期營業費用將季增。

Third quarter adjusted EBITDA was $24.5 million, compared with $30.7 million in second quarter 2026 and $19.1 million in third quarter 2025. Third quarter adjusted EBITDA margin was 21.9%, well within the long-term range we provided at our 2023 Investor Day. Third quarter GAAP net income was $4.7 million. Third quarter non-GAAP net income was $22.1 million, or $0.69 per share on a fully diluted basis. Turning to the balance sheet, we ended the third quarter with cash, cash equivalents and investments of $228.3 million, compared with $263.7 million in second quarter 2026 and $265.1 million in third quarter 2025.

第三季調整後 EBITDA 為 2,450 萬美元，相較 2026 年第二季為 3,070 萬美元，2025 年第三季為 1,910 萬美元。第三季調整後 EBITDA 利潤率為 21.9%，完全落在我們於 2023 年投資人日所提供的長期區間內。第三季 GAAP 淨利為 470 萬美元。第三季非 GAAP 淨利為 2,210 萬美元，完全稀釋後每股盈餘為 0.69 美元。就資產負債表而言，我們在第三季末的現金、約當現金與投資合計為 2.283 億美元，相較 2026 年第二季為 2.637 億美元，2025 年第三季為 2.651 億美元。

Inventory totaled $83.4 million, down $8.1 million from the prior quarter. Third quarter capital expenditures totaled $5 million. Free cash flow was $20.6 million. Before turning to our guidance, I want to highlight a few items specific to our results and outlook. First, in September, when our 1.125% convertible notes due May 2027 became callable, we opportunistically repurchased $56.3 million aggregate principal using a mix of cash and shares.

存貨總額為 8,340 萬美元，較前一季減少 810 萬美元。第三季資本支出合計為 500 萬美元。自由現金流為 2,060 萬美元。在進入我們的財測之前，我想強調幾個與我們業績與展望相關的重點事項。第一，9 月份，當我們於 2027 年 5 月到期、票面利率 1.125% 的可轉換公司債變得可被提前贖回時，我們把握時機，以現金與股票的組合方式，機動性回購了本金總額 5,630 萬美元。

This repurchase highlights our ongoing commitment to minimize dilution, in this case by roughly 300,000 shares, as we reduce our convertible debt. Second, we elected cash settlement for our capped call that matures in fourth quarter 2026, increasing our flexibility to opportunistically manage our remaining convertible debt. We now include the value of that asset, roughly $49 million, on our third quarter balance sheet as a current asset. Third, as Chris highlighted, our growing endpoint IC demand requires additional back-end investment, specifically focused on throughput, site diversification and capacity. We expect capital expenditures to step up in first quarter 2027, with overall 2027 capital intensity back in line with our long-term model after lower spend in 2025 and 2026.

這次回購凸顯我們持續致力於將稀釋降至最低；在本案中，隨著我們降低可轉債部位，約可減少 30 萬股的稀釋。第二，對於將於 2026 年第四季到期的 capped call，我們選擇以現金結算，提升我們在機動管理剩餘可轉債方面的彈性。我們現在將該資產的價值（約 4,900 萬美元）列入第三季資產負債表的流動資產。第三，如 Chris 所強調，我們日益成長的端點 IC 需求需要額外的後段投資，特別聚焦於產出吞吐量、據點多元化與產能。我們預期資本支出將在 2027 年第一季提高，而 2027 年整體資本強度將在 2025 與 2026 年較低支出之後，回到與我們長期模型一致的水準。

Finally, after a multi-year drought, we anticipate modest specialty endpoint IC revenue in fourth quarter and into 2027. That revenue is gross-margin accretive. Turning to our outlook, we expect fourth quarter revenue between $104 million and $107 million, compared with revenue of $92.8 million in fourth quarter 2025, a year over year increase of 14% at the midpoint. We expect adjusted EBITDA between $19.2 million and $20.7 million. On the bottom line, we expect non-GAAP net income between $17.6 million and $19.1 million, reflecting non-GAAP fully diluted earnings per share between $0.55 and $0.60. In closing, I want to thank the Impinj team, our customers, our suppliers and you, our investors, for your ongoing support.

最後，在經歷多年低迷之後，我們預期第四季以及進入 2027 年，特殊規格端點 IC 營收將有溫和回升。該營收對毛利率具有增厚效果。就展望而言，我們預期第四季營收介於 1.04 億至 1.07 億美元，相較 2025 年第四季營收 9,280 萬美元，以中位數計算年增 14%。我們預期調整後 EBITDA 介於 1,920 萬至 2,070 萬美元。在獲利方面，我們預期非 GAAP 淨利介於 1,760 萬至 1,910 萬美元，對應非 GAAP 完全稀釋後每股盈餘介於 0.55 至 0.60 美元。最後，我要感謝 Impinj 團隊、我們的客戶、供應商，以及各位投資人持續的支持。

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

我現在把電話交給接線員，開放問答時段。Jamie？

(Operator Instructions)

（接線員指示）

Harsh Kumar, BMO.

Harsh Kumar，BMO。

First of all, congratulations. Awesome guidance, awesome results. Chris, I wanted to better understand, maybe some more details on the driver for significantly less-than-normal seasonality. I mean, historically, you're down 5% to 10%, and I just wanted to understand which particular segments or, maybe if you want to get into it, which particular customers might have driven the better-than-normal seasonality. And then I've got a follow-up.

首先，恭喜。非常出色的財測、非常出色的成果。Chris，我想更深入了解一下，關於季節性明顯低於常態的驅動因素，能否提供更多細節。我的意思是，歷史上你們通常會下滑 5% 到 10%，我想了解是哪些特定的細分市場，或者如果你願意更具體一些，是哪些特定客戶，推動了優於常態的季節性表現。然後我還有一個追問。

Yeah. Harsh, this is Cary. I think I'll actually take that one.

是的。Harsh，我是 Cary。我想我其實會接這題。

Actually, I'm going to start by saying thank you for your comments, Harsh. Now go ahead, Cary.

其實，我想先謝謝你的評論，Harsh。那就請繼續，Cary。

Okay, Harsh. So our endpoint IC bookings strength continued in Q3, not quite at the level of Q1 and Q2 where we set a record and then reset the record, but still very strong with a book-to-bill greater than one. We see several drivers of that strength. First, after a prolonged period of softness, we continue to see encouraging signs from retail. New programs continue rolling, existing programs continue expanding, the retail consumer remains resilient and retail sales overall continue to be growing.

好的，Harsh。所以我們端點 IC 的訂單動能在第三季持續強勁，雖然沒有達到第一季與第二季我們創下紀錄、又再刷新紀錄的水準，但仍然非常強，且接單出貨比（book-to-bill）大於 1。我們看到幾個驅動這股強勢的因素。第一，在經歷一段較長時間的疲弱之後，我們持續看到來自零售端的令人鼓舞的跡象。新專案持續上線、既有專案持續擴大，零售消費者仍具韌性，整體零售銷售也持續成長。

And then second, in supply chain and logistics, our second large supply chain and logistics customer conversion to the custom IC was essentially completed in the third quarter, and we still have the international expansion on the horizon. So all of those factors are leading in. I think the other thing that I would add to the strength on Q4 revenue guide and being at the more favorable end of seasonality is we're also seeing the specialty IC revenue return, and we haven't had that in a while. It's modest, but it is certainly helping that equation.

第二，在供應鏈與物流方面，我們第二家大型供應鏈與物流客戶轉換到客製 IC 的工作在第三季基本完成，而國際擴張也已在視野之內。因此，這些因素都在帶動成長。我想我還要補充一點：第四季營收指引之所以強、且處於季節性較有利的一端，另一個原因是我們也看到特殊 IC（specialty IC）營收回流，而我們有一段時間沒有看到這個了。規模不大，但確實對整體有幫助。

I'll just say a little bit more, Harsh. You also asked what segments, and as Cary mentioned retail, it's kind of broad-based as well. We see strength in supply chain and logistics, growing opportunities in food as well as M800 market strength. So there's not one particular area I can point you directly to. It's a broad-based demand.

我再多說一點，Harsh。你也問到哪些細分市場；如 Cary 提到的零售，其實也是相當廣泛。我們看到供應鏈與物流的強勁表現、食品領域的成長機會，以及 M800 市場的強勢。所以我沒辦法只指向某一個特定領域。這是廣泛性的需求。

And guys, congratulations on, I think you added two new customers that you talked about in food, and I think new logos is what you said. So maybe you could help us understand the size and the scope of these customers relative to the ones you're dealing with now.

各位，恭喜你們——我想你們提到在食品領域新增了兩個新客戶，我記得你們用的是「新 logo」這個說法。所以也許你們可以幫我們理解一下，這些客戶相較於你們目前正在合作的客戶，其規模與範圍如何。

Yeah, Harsh, I'd say that the two logos are two logos. I didn't directly cite them as both customers. Both are pretty early. One of them we're engaged directly with. They are of the same size and magnitude as the existing ones that we have mentioned publicly or that you know about publicly.

是的，Harsh，我會說那兩個 logo 就是兩個 logo。我並沒有直接點名它們兩個都是客戶。兩者都還在相當早期。其中一個我們是直接在接觸合作。它們的規模與量級，和我們先前公開提過、或你們已公開知道的既有客戶相當。

I can't cite their name or what we're doing with them, but it is a direct solutions engagement to solve some of their problems on replenishment and food freshness. So we're excited about that opportunity. It's very early days, but we believe that solving their problems will be a whole solutions play for us and will require our entire platform. So more on that opportunity as we get going. It's obviously very early days, but exciting and corroborates the overall food opportunity that we see expanding.

我不能透露他們的名稱或我們正在為他們做什麼，但這是一個直接的解決方案合作，目的是解決他們在補貨與食品新鮮度方面的一些問題。所以我們對這個機會感到很興奮。目前仍是非常早期的階段，但我們相信，解決他們的問題對我們而言會是一個完整解決方案（whole solutions）的打法，並且需要我們整個平台。隨著進展，我們會再分享更多。顯然現在還很早，但令人振奮，也印證了我們看到的整體食品機會正在擴大。

Huge opportunity. The bigger they are, the slower they end up ramping, but with all the logos in food now that are engaging, we feel really positive about the food opportunity next year and beyond.

機會非常大。客戶規模越大，通常導入爬坡就越慢；但以目前食品領域所有正在接觸的 logo 來看，我們對明年及更長期的食品機會感到非常正面。

Jim Ricchiuti, Needham & Company.

Needham & Company 的 Jim Ricchiuti。

I just wanted to get -- hopefully get a better understanding of what you're seeing in terms of the reader and gateway portion of the business. You talk about strong sales in Q3. Were there pull-ins that occurred? Because it sounds like we're not going to see the normal seasonality in Q4. I don't know, maybe if you could just spend a moment on what may be transpiring in that part of the business.

我想——希望能更了解你們在讀取器（reader）與閘道器（gateway）這部分業務所看到的情況。你們提到第三季銷售強勁。是否有提前拉貨（pull-ins）發生？因為聽起來第四季我們不會看到正常的季節性。我不確定——也許你們可以花點時間談談，這部分業務可能正在發生什麼。

Yeah. Jim, this is Cary. Thanks for the question. I think the biggest thing that we're seeing in Q4 systems guide is that project timing has shifted a couple programs to the right that we previously expected in the fourth quarter. Systems was strong in Q3 across all of our product lines, and that really goes to the broad strength that Chris was highlighting earlier.

是的。Jim，我是 Cary。謝謝你的問題。我認為我們在第四季系統（systems）指引中看到的最大因素是：專案時程有幾個計畫往後延了，我們原本預期會在第四季發生。第三季系統業務在我們所有產品線上都很強勁，而這也呼應了 Chris 先前強調的廣泛性強勢。

But the gap in Q4 is the project timing of one of our enterprise deployments. As you think about seasonality, we're not going to hit the typical seasonal lift in Q4, but I think that reverses course in the first part of 2027. And where we typically are down in the first quarter of 2027, we may be more flattish in the first quarter because of that timing reversal.

但第四季的落差在於我們其中一個企業級部署專案的時程。談到季節性，我們第四季不會出現典型的季節性拉升，但我認為在 2027 年前段會反轉。而通常我們在 2027 年第一季會下滑，但因為這個時程反轉，第一季可能會更接近持平。

Jim, I'd like to say one more thing about systems. The way I think about our systems business is that it's the anchor that allows us to win enterprises and with those wins, drive endpoint IC share, Gen2X pull and going forward, gives us an opportunity to drive software sales.

Jim，我想再補充一句關於 systems。我看待我們 systems 業務的方式是：它是讓我們能贏下企業客戶的「錨」，而隨著這些勝出，我們可以帶動端點 IC 份額、帶動 Gen2X 的拉動（pull），並在未來帶來推動軟體銷售的機會。

Okay. Thanks for clarifying that as well. And maybe just need some additional clarification. When you say you were unable to get ahead of the market needs, are you saying that you would have been able to ship more product had it not been for some of the challenges at the back-end post-processing part of the business? What -- I'm not entirely clear on what happened there, if that -- if you could spend a moment on that.

好的。也謝謝你釐清這點。另外我可能還需要一些進一步的說明。當你說你們無法超前市場需求時，你的意思是：如果不是因為後段（back-end）後製處理（post-processing）這部分業務的一些挑戰，你們本來可以出更多貨嗎？我不太確定那裡到底發生了什麼——如果你能花點時間說明一下。

Yeah, I'm happy to, Jim. If you look at my prepared remarks, I said that our back-end ramp is at least a three quarter effort, the Q3 that we just went through and the two quarters ahead. I also said we see market demand continuing. So I encourage you to think about not just one quarter, but rather about us meeting our customers' multi-quarter supply needs and growing in market with them. So we're looking across at least 3 quarters and pacing our deliveries to meet the customer need, but making sure that we meet the customer need so we can grow in market.

好的，Jim，我很樂意說明。若你看我事先準備的講稿，我提到我們後段產能爬坡至少是一個三個季度的工作：我們剛走過的第三季，以及接下來的兩個季度。我也提到我們看到市場需求仍在延續。所以我建議你不要只用單一季度來看，而是把重點放在：我們如何滿足客戶跨多個季度的供應需求，並與他們一起在市場中成長。因此我們至少以三個季度為視角，來安排出貨節奏以滿足客戶需求，同時確保我們能滿足客戶需求，讓我們得以在市場中成長。

And I guess while I have the chance here, I'm going to say just a little bit more there to drive some clarity about the back end. So we have sufficient capacity in the back-end semiconductor processing steps where we own the equipment. Our shortcoming, or kind of where we're struggling to get capacity, is in the shared process steps where we buy that capacity.

另外既然有這個機會，我再多補充一點，以更清楚說明後段。在我們自有設備的後段半導體製程步驟上，我們有足夠的產能。我們的不足之處，或說我們較難取得產能的地方，是在那些共享的製程步驟——也就是我們需要購買產能的環節。

So we're getting good support from our post-processors, no complaints there, but capacity in those steps is just tight because of the overall semiconductor market. So we're also investing to own some of those process steps, which is where Cary said that we're going to be -- I mean, our capital spend is going to increase going forward in line with our long-term model, whereas it has been down for the past two years.

所以我們的後製合作夥伴（post-processors）給了我們很好的支援，這方面沒有抱怨；但由於整體半導體市場的關係，那些步驟的產能就是吃緊。因此我們也在投資把其中一些製程步驟納入自有，這也就是 Cary 所說的——我的意思是，我們的資本支出未來將會依照長期模型而增加；而過去兩年資本支出則是下降的。

Chris Rolland, Susquehanna.

Chris Rolland，Susquehanna。

And yes, just following up on the supply side of things. So just to be clear, are you talking about front-end capacity and owning --

是的，只是接續追問供應端的情況。所以確認一下，你指的是前段產能以及自有——

No, Chris. We're talking about back end. So we have sufficient wafer supply. We're getting good support from our wafer foundry partner. This is the back end, the post-processing once we get the wafer: the thinning, bumping, dicing, testing, all those things that we have to do to the wafer to make it usable by our partners who take a bare IC and put it down on a label.

不是，Chris。我們談的是後段。所以我們的晶圓供應是充足的。我們的晶圓代工夥伴也給了我們很好的支持。問題在後段，也就是我們拿到晶圓之後的後製：薄化、凸塊（bumping）、切割（dicing）、測試，以及所有我們必須對晶圓做的處理，才能讓合作夥伴使用；他們會拿到裸晶片（bare IC）並把它貼裝到標籤上。

I see. Okay. Got it. And then what has happened to lead times for your products and backlog just given the tightness?

了解。好，明白了。那麼在供應吃緊的情況下，你們產品的交期以及積壓訂單（backlog）有什麼變化？

Yeah. Chris, this is Cary. The backlog has definitely gone up. We've had strong bookings throughout the year. Customers are ordering into Q1 already, so that explains some of the bookings strength. Now, that's not every customer, but we do have backlog into the first quarter.

是的，Chris，我是Cary。積壓訂單確實上升了。我們全年接單都很強勁。客戶已經開始下單到第一季（Q1），所以這也解釋了部分接單強度。當然不是每一位客戶都如此，但我們確實有延伸到第一季的積壓訂單。

Okay. And then lastly, just for you, Chris, if you could just kind of speak more broadly about 2027 and the drivers of growth there, what you're most excited for, particularly in terms of end markets, what might be needle-moving as we think of growth at the margin for '27?

好的。最後一個問題想請教你，Chris：能否更宏觀地談談2027年以及那時的成長驅動因素？你最期待的是什麼，特別是就終端市場而言？當我們思考到2027年邊際成長時，哪些因素可能會帶來顯著推動？

So Chris, I'm going to lean in and tell you where I'm most excited. If you look at where we engaged closely with our lighthouse accounts over the past few years, and with those accounts built solutions for and with them, the results are really nothing short of amazing. Think about our visionary European retailer, our second large North American supply chain and logistics end user, our Asian retailer. The results they're delivering in market are just fantastic, and the technology advancements they've made are just fantastic. Today, we are, quite frankly, oversubscribed with new enterprises who see those results and are asking for our help to do similar things for them.

Chris，我就直接說我最興奮的地方。如果你回頭看過去幾年我們與燈塔客戶（lighthouse accounts）緊密合作的情況，並且與這些客戶一起、為他們打造解決方案，成果真的只能用驚人來形容。想想我們那家具有前瞻性的歐洲零售商、我們第二個大型北美供應鏈與物流終端用戶、以及我們的亞洲零售商。他們在市場上交出的成果非常出色，他們在技術上的進展也非常出色。坦白說，現在看到這些成果的新企業客戶大量湧入、需求超額（oversubscribed），都在請我們協助他們做出類似的事情。

So what I'm most excited about is our efforts to build repeatable solutions that we can drive more broadly into market and repeat some of our solution successes. Are we there today? No. Will we make progress next year? Absolutely. And that's where I'm most excited and where I'm pushing to drive those repeatable solutions that create pull for our entire platform.

所以我最期待的是：我們致力於打造可重複、可複製的解決方案，讓我們能更廣泛地推向市場，並複製我們一些解決方案的成功經驗。我們今天已經做到那一步了嗎？還沒有。明年會有進展嗎？絕對會。

Guy Hardwick, Barclays.

Guy Hardwick，Barclays。

This is Nick Igneri on for Guy. So I just wanted to ask about software. It's still in beta, but I think you described customer delivery schedules as very tight. What milestones need to occur before software becomes commercially available, and then when could we start to see a contribution to revenue?

我是代替Guy的Nick Igneri。我想問一下軟體。它仍在beta階段，但我記得你提到客戶交付時程非常緊。在軟體能夠商業化上市之前，需要達成哪些里程碑？另外，我們何時可能開始看到對營收的貢獻？

So I'll take the first part of the question. We're on very tight delivery schedules. We're still in beta. Because we are delivering enterprise-grade software that needs to be fully hardened, we're not rushing it, but given that we're in beta, the time frame for us to go to full GA, at least for the first part of our software deliveries, is measured in months, not quarters. Cary?

我先回答問題的第一部分。我們的交付時程非常緊。我們仍在beta階段。因為我們交付的是企業級軟體，必須完全強固化（fully hardened），我們不會趕進度；但既然已在beta，從beta走到全面正式發布（GA，General Availability），至少就我們第一部分的軟體交付而言，時間尺度是以「月」來衡量，而不是以「季」來衡量。Cary？

I would say that the timing of revenue will obviously follow that. Our expectations are aligned with our customers. I think the revenue impact in 2027 is probably modest at first, and then as we grow with our enterprise end users, there's a real opportunity for us to grow from there.

我會說營收認列的時間點顯然會隨之而來。我們的預期與客戶是對齊的。我認為2027年的營收影響一開始可能不大，但隨著我們與企業終端用戶一起成長，對我們而言會有很實質的成長機會。

Okay. Great. That's helpful. And then maybe just on specialty endpoint IC revenue, it's nice to see it returning after a multi-year drought, but I was wondering what's changed maybe in that market and how meaningful that could be during 2027.

好的，很好。這很有幫助。另外，關於特殊用途端點IC（specialty endpoint IC）營收，在經歷多年低迷後看到回升很不錯，但我想了解這個市場可能有哪些變化？以及在2027年這會有多大的意義？

Think of this one as really a single customer that's focused on it, and we've seen over the course of our time that the demand for this ebbs and flows a little bit based on their business. We had strong specialty IC revenue in the 2022, 2023 time frame, a little bit of a drought and now it's coming back. I still think it's modest at this point, at least that's what I'm modeling, but obviously, given the high-margin profile of it, we'd love to sell as much as we can.

這個基本上可以視為主要是單一客戶在推動，我們也看到隨著他們自身業務狀況，需求會有些起伏。我們在2022、2023年期間有很強的特殊用途IC營收，之後有一段低迷期，現在又回來了。我仍然認為目前規模不大，至少我在模型裡是這樣估的；但很顯然，考量到它的高毛利特性，我們當然希望能賣越多越好。

Scott Searle, ROTH Capital.

Scott Searle，ROTH Capital。

Nice job on the quarter, guys. Chris, maybe quickly to follow up on the software front. It sounds like as you're starting to get through beta, start to get some deployments in 2027, can you take us a little bit through how you expect this to monetize? Is it like traditional software? Is it going to be tied to unit volumes? How are you guys thinking about it? And as we look out a couple years, what might that look like as a percentage of sales? What's the goal there for the software portion of the business?

各位這一季做得不錯。Chris，我想快速追問一下軟體。聽起來你們正逐步走出beta，並在2027年開始有一些部署；你能否帶我們了解一下你們預期如何變現（monetize）？會像傳統軟體那樣嗎？會跟出貨量（unit volumes）綁在一起嗎？你們是怎麼思考的？另外，往後看兩三年，軟體營收可能占總銷售額的比例會是什麼樣子？你們對軟體這塊業務的目標是什麼？

So Scott, it's pretty early days for us to provide some thoughts on how we're going to monetize it. Obviously, we'll be selling the software or licensing the software directly. But the way I like to think about that software is it reaches down all the way and touches the endpoint ICs, because at the end of the day, it's the endpoint ICs that are on the items and deliver the Physical Intelligence. So we're going to be looking for a whole platform initiative that includes our endpoint ICs, our readers and gateways, reader ICs and software as an integrated whole. And so my vision going forward is not just to think about monetizing software, but to monetize the integrated whole.

Scott，現在對我們來說還算很早期，要就如何變現提供太多想法。很明顯，我們會直接銷售軟體或以授權方式提供軟體。但我看待這套軟體的方式是：它一路向下延伸並觸及端點IC，因為說到底，是貼在物品上的端點IC在提供「實體智慧」（Physical Intelligence）。因此我們會以整體平台方案來推進，包含端點IC、讀取器與閘道器（readers and gateways）、讀取器IC以及軟體，作為一個整合的整體。所以我對未來的願景，不只是把軟體單獨變現，而是把整個整合方案一起變現。

Now that's not something we're going to do quickly, but you should be looking at us over time and saying, how well are you as a company monetizing your platform sales, not just software, endpoint ICs or the things we talk about today. So I know that's not a direct and immediate answer, but it's where I want to take the company. Cary, do you want the latter part of the question, or did I catch it?

當然這不是我們能很快做到的事，但你們應該隨著時間觀察我們，並問：作為一家公司，你們把平台銷售變現的能力如何，而不只是軟體、端點IC或我們今天談到的那些單項。所以我知道這不是一個直接、立刻的答案，但這是我想帶領公司前進的方向。Cary，你要不要回答問題的後半段，還是我已經涵蓋到了？

I think you got it, Chris.

我想你理解了，Chris。

Scott, did I answer your question adequately?

Scott，我有充分回答你的問題嗎？

Yeah, you did. That's fine. I know it's early days and it's going to be evolutionary, so no, I appreciate that. And just as a follow-up, the last two years, right, we've had some channel inventory issues as we've gone into the end of the year. There have been some changes from a customer standpoint in terms of what you guys have done from a custom IC standpoint and I think just general visibility into your customers, I think more so. Could you give us an update in terms of what you're seeing now, what your comfort level is going into the end of the year and managing that potential channel inventory issue and seasonality as we go into the first quarter?

有，你回答了。那很好。我知道現在還在初期，而且會是逐步演進的，所以不，我理解，也很感謝。另外追問一下，過去兩年對吧，我們在年底前後進入年末時，通路庫存一直有些問題。從客戶角度來看，就你們在客製化 IC 方面所做的事情，以及我認為更廣泛地對你們客戶的可視性，都有一些變化。你能否就你們目前看到的情況、你們在進入年底時的信心程度，以及如何管理潛在的通路庫存問題與我們進入第一季時的季節性，給我們一個更新？

Yeah. Scott, thanks for the question. The Q1 endpoint IC missteps that we've had the last couple of years were a result of our inability to see how our customers managed inventory in support of our second large supply chain and logistics customer. The improved visibility that the custom IC provides is already paying dividends on that front, especially from a channel management standpoint. We now see how customers order.

可以。Scott，謝謝你的問題。過去幾年我們在第一季端點 IC 的失誤，源於我們無法看清客戶如何管理庫存，以支援我們第二個大型供應鏈與物流客戶。客製化 IC 帶來的可視性提升，在這方面已經開始產生效益，特別是在通路管理上。我們現在能看到客戶如何下單。

We see how they manage the channel inventory in support of that end user. And prior to the custom IC, we were unable to see that. We were unable to discriminate between orders for supply chain and logistics versus orders for typical retail demand. Now we believe with that improved visibility, we now have our arms around this portion of our channel, but after back-to-back mid-teens sequential endpoint IC declines in Q1 of '25 and then again in Q1 of '26, we fully understand that we have to prove it to you in the first quarter of 2027. It's also worth highlighting, as you think about first quarter '25 and first quarter 2026, that they were impacted by both annual price declines as well as the rapid ramp of the M800.

我們也能看到他們如何管理通路庫存，以支援該終端用戶。而在客製化 IC 之前，我們看不到這些。我們無法區分哪些訂單是供應鏈與物流需求、哪些是典型零售需求的訂單。現在我們相信，透過這種可視性提升，我們已經掌握了這一部分通路；但在 25 年第一季以及 26 年第一季連續兩次出現端點 IC 連續季減中十幾個百分點之後，我們完全理解，我們必須在 2027 年第一季向各位證明這點。另外也值得強調的是，回顧 25 年第一季與 2026 年第一季，它們同時受到年度價格下滑以及 M800 快速放量的影響。

In the past, annual price negotiations impacted Q1 revenue, driving endpoint IC revenue down slightly sequentially. What is different this year is that our costs are going up, and while our first move is to try and design around those cost increases, sometimes we need to pass along those cost increases to protect the integrity of our gross margin model. And on the M800 ramp, we expect the M800 to reach its terminal mix in the fourth quarter 2026. And then the final piece I would add, as you're thinking about Q1, is our 4Q sequential comparison benefits from that modest specialty endpoint IC revenue.

過去，年度價格談判會影響第一季營收，使端點 IC 營收在季比上略為下滑。今年不同之處在於我們的成本正在上升；雖然我們的第一步會嘗試透過設計來消化這些成本上升，但有時我們需要把這些成本上升轉嫁出去，以維護我們毛利率模型的完整性。至於 M800 的放量，我們預期 M800 會在 2026 年第四季達到其最終組合占比。最後我想補充的一點是，當你在思考第一季時，我們第四季的季比比較也受惠於那一小部分的特殊用途端點 IC 營收。

Jim Ricchiuti, Needham & Company as a follow-up.

Needham & Company 的 Jim Ricchiuti，追問一下。

Yeah, it sounds like things are going well with your second US logistics supply chain customer. I'm wondering, are you -- can you talk about whether you're seeing increased activity in logistics outside of that customer and any clarity on what might be happening in that market in terms of adding a more significant revenue stream from someone outside of that customer in logistics?

是的，聽起來你們與第二個美國物流供應鏈客戶的進展很順利。我想問的是，你們是否——能否談談除了該客戶之外，你們是否看到物流領域的活動增加？以及對該市場可能正在發生什麼、是否可能由該客戶以外的某個客戶帶來更顯著的營收來源，你們有沒有更清楚的看法？

Yeah. So Jim, answer -- the simple answer to your question is a yes. We can't cite names or logos, but we do see opportunity outside that customer. But notably, we also see 3PL opportunities with that customer to help them and us grow at their own customers. So those 3PL opportunities are driving additional endpoint IC sales, revenue opportunities and ultimately solution sales opportunities for us. So broad-based opportunities, and because we have such a close relationship with our existing customer, we're significantly focused on our ability to help them win those 3PL opportunities in market, which benefit both of us.

是的。所以 Jim，你的問題——簡單答案是：有。我們不能提及名稱或標誌，但我們確實看到該客戶之外的機會。不過值得注意的是，我們也看到與該客戶相關的 3PL 機會，能協助他們以及我們在他們的客戶端成長。因此，這些 3PL 機會正在帶動額外的端點 IC 銷售、營收機會，最終也帶來我們的解決方案銷售機會。所以機會面相當廣泛；而且因為我們與既有客戶關係非常緊密，我們會高度聚焦在協助他們在市場上拿下這些 3PL 機會的能力，這對雙方都有利。

Okay. The other thing, Chris, any -- I don't recall hearing you talk much about general merchandise. What -- how would you characterize demand in that segment of the market in Q3? I may have missed it. And how are you -- going forward, are you seeing either any signs of additional programs at some of the key players in that market or potentially even new players?

好的。另一件事，Chris，我不太記得聽你談很多關於一般商品（general merchandise）。你會如何描述第三季該市場區隔的需求？也許我漏聽了。另外往前看，你們是否看到該市場一些關鍵玩家有任何新增專案的跡象，或甚至可能出現新玩家？

Yeah, okay. Jim, I'll do my best on that question. Yes, I didn't cite anything about general merchandise in our prepared remarks because it keeps going at pace, neither faster nor slower than it has been, and so it was just one of the things that -- we had other stuff to talk about. But we are -- the work is progressing. We are doing what we can, or doing our part, to help drive additional general merchandise category expansion and remain excited about the opportunity.

好的。Jim，我會盡力回答這個問題。是的，我在事先準備的講稿裡沒有提到一般商品，因為它一直按既有節奏推進，既沒有更快也沒有更慢，所以就只是我們——有其他事情要談。但我們——相關工作正在推進。我們正在盡我們所能、做好我們的部分，來協助推動一般商品品類的進一步擴張，並且仍對這個機會感到興奮。

Of course, there is one lead customer, and we look to that customer to make statements about their progress, but their efforts are already bleeding over into other enterprises who are starting to track general merchandise as well. So overall, let's just say that the momentum has not picked up, nor has it slowed down. Additional categories are in play. They're not announced yet. We're working on them, and continue to ask about it because you'll see more general merchandise pick up in the quarters ahead.

當然，目前有一家領先客戶，我們也期待由該客戶來對其進展發表說明；但他們的努力已經外溢到其他企業，這些企業也開始追蹤一般商品。所以整體而言，可以這麼說：動能既沒有加速，也沒有放緩。更多品類正在推進中。目前還沒有對外宣布。我們正在進行相關工作，也會持續追問，因為你會在接下來幾季看到更多一般商品的成長。

Crawford Clarke, Jefferies.

Jefferies 的 Crawford Clarke。

Congrats on the results. Juggling a few different things tonight, but I had a few quick questions, hopefully they haven't been asked. I think there was some commentary on March. I wasn't sure whether or not that was specifically referring to systems alone from a revenue perspective, or was that total revenue in terms of expectations for maybe how that might develop?

恭喜這次的業績。我今晚同時在處理幾件事，不過我有幾個簡短問題，希望之前還沒被問過。我想有一些關於三月的評論。我不確定那是否特別是從營收角度只指系統（systems），還是指總營收、也就是對可能如何發展的預期？

Yeah, we didn't guide -- we only guide one quarter at a time, so we weren't guiding the March quarter, but what we were highlighting was how to think about this Q1 versus prior Q1s. And Crawford, you know we've had missteps in the prior two Q1s. So we were just highlighting how we believe we have our arms around the channel inventory situation as it relates to our second large logistics customer, really the crux of the issue the last two Q1s.

是的，我們沒有提供——我們一次只提供一個季度的指引，所以我們沒有對三月季度提供指引；但我們想強調的是，應該如何看待這個第一季相較於過去的第一季。Crawford，你也知道我們在前兩個第一季有過失誤。

We highlighted how the pricing and the mix environment might be different this year than the last two Q1s because our costs are going up, and when we're unable to engineer around those cost increases, we look to pass them on to protect our margin model. And we're exiting fourth quarter, we believe, with the M800 at its terminal mix, so we won't ramp up -- we won't have that ramp ahead of us as well.

我們也提到，今年的定價與產品組合環境可能會與前兩個第一季不同，因為我們的成本正在上升；當我們無法透過工程設計來消化這些成本上升時，我們會考慮將其轉嫁，以保護我們的利潤率模型。而且我們相信在退出第四季時，M800 已達到其最終組合占比，因此我們也不會再面臨後續的放量爬坡。

The other piece is on the systems side. You probably noticed in the guide or the commentary that we are guiding systems down quarter-over-quarter in the fourth quarter. That's different than typical seasonality. Typical seasonality is up. The reason we're not typical this Q4 is because of project timing.

另一部分是在系統端。你可能已在指引或評論中注意到，我們在第四季指引系統業務較前一季下滑。這不同於典型的季節性。典型季節性是上升。我們這次第四季不符合典型季節性的原因，是因為專案時程安排。

We think that project timing reverses in the first part of next year. So in 1Q, again, this is not a guide, this is just things to think about, in 1Q, where we're typically down seasonal on a systems business, we may have the opportunity to be flattish from a systems perspective. Then the other piece on the guide that you may be referring to, Crawford, is on gross margin for the fourth quarter. Now, we've got two benefits in gross margin: we've got the continued M800 ramp to its terminal mix, and we also have the layering in of the specialty ICs, and those are high-margin ICs. So we think gross margin is probably up roughly 100 basis points in the fourth quarter sequentially.

我們認為這種專案時程安排會在明年上半年反轉。因此在第一季，再次強調，這不是指引，只是提供一些思考方向；在第一季，系統業務通常會有季節性下滑，但我們可能有機會在系統面維持大致持平。另外一個你可能指的是指引中的部分，Crawford，是第四季的毛利率。目前毛利率有兩個利多：其一是 M800 持續爬坡至其最終的產品組合占比；其二是特殊用途 IC 的逐步導入，而這些是高毛利 IC。因此我們認為第四季毛利率可能較前一季上升約 100 個基點。

Yeah, that's very, very helpful. And then I guess there was maybe a pretty healthy decline in inventory. Is that like a die bank drawdown, or is that kind of what's going on there? And then if you could talk a little bit about maybe lead times for M800, that would be super helpful.

是的，這非常、非常有幫助。另外我想庫存似乎有相當明顯的下降。那是像晶粒庫（die bank）的提領／去化，還是大致上是那類情況？另外如果你能稍微談一下 M800 的交期，那會非常有幫助。

Yeah. So the inventory decline is two reasons, and both were anticipated. One is just the timing of wafer deliveries. They just slipped over into the first part of the fourth quarter. We knew that going in. We knew that would impact us. The other piece is, as you look through our inventory, you'll see our mix of finished goods is low. This goes to the back end having to catch up after being underutilized in the first part of the year. So as we move die from raw to WIP to finished goods, we obviously increase cost. So when our mix of finished goods is lower than usual, you see that in the overall inventory value.

好的。庫存下降有兩個原因，而且兩者都在預期之內。第一個只是晶圓交付時點的因素。它們只是延後到第四季初交付。我們在一開始就知道這點。我們知道這會對我們造成影響。第二個部分是，當你檢視我們的庫存時，你會看到我們成品的組合占比偏低。這反映後段製程在年初因產能利用率偏低而需要追趕。因此當我們把晶粒從原料轉為在製品（WIP）再轉為成品時，成本自然會上升。所以當我們的成品占比低於平常時，你會在整體庫存價值上看到這個影響。

So between those two things, that's what's driving most of the inventory coming down. We also outperformed on our revenue line, so that will impact it. On M800 lead times, our bookings, as you know, have been healthy. We're actually booking somewhat into the first quarter of 2027. That's a little bit ahead of schedule.

因此主要是這兩件事驅動庫存下降。我們的營收表現也優於預期，所以也會對庫存造成影響。至於 M800 的交期，如你所知，我們的接單一直很健康。我們實際上已經接單到 2027 年第一季的部分時段。這比原先時程稍微超前一些。

Scott Searle, ROTH Capital.

Scott Searle，ROTH Capital。

Chris, I just wanted to slip a question in quickly on DPP, Digital Product Passport. Just kind of any updated thoughts in terms of what you're seeing on that front, progression in terms of adoption with RAIN as part of the standard or otherwise and just kind of high-level thoughts of when we might actually start to see some benefits from that?

Chris，我想快速插問一題關於 DPP（Digital Product Passport，數位產品護照）。想請教你對目前看到的進展是否有任何更新的看法：例如採用進度、RAIN 是否作為標準的一部分或其他情況；以及從較高層次來看，我們大概何時可能開始看到它帶來一些效益？

Yeah. So this is another item that I didn't touch on in my prepared remarks. The pace of DPP is basically following what we expect. RAIN is approved as a data carrier for DPP. There is renewed push to get readability in consumer mobile devices. We're, of course, not there yet, but today industrial devices are rolling forward with processors in them, driven by Qualcomm and now by others, that have support for RAIN RFID.

好的。這也是我在事先準備的講稿中沒有提到的一項。DPP 的推進速度基本上符合我們的預期。RAIN 已被核准作為 DPP 的資料載體。現在也重新推動讓消費者行動裝置具備可讀取能力。我們當然還沒到那一步，但目前工業用裝置正持續推進，裝置內建處理器；在 Qualcomm 的帶動下、以及現在其他廠商也加入，這些處理器已支援 RAIN RFID。

And what we're looking to is the delegated acts coming into force and DPP itself coming into force in the 2029 time frame. So although all the pieces are in place, it takes time for all the acts to roll out and the deadlines to be in place. So we're still 2.5 years out, but as we get closer to the actual date, I think you'll start to see a pick up of DPP initiatives, leading with, at least from a materiality standpoint, retail apparel.

我們關注的是授權法案（delegated acts）生效，以及 DPP 本身在 2029 年左右的時間框架內正式生效。因此，雖然所有拼圖都已到位，但仍需要時間讓各項法案逐步推出、並讓各項期限到位。所以我們距離那個時間點仍約 2.5 年；但隨著接近實際日期，我認為你會開始看到 DPP 專案的推動加速，而就重要性（materiality）而言，會以零售服飾為先。

And with that, ladies and gentlemen, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Chris Diorio, Co-Founder and CEO, for any closing remarks.

那麼，各位女士先生，今天的問答環節到此結束。我想把時間交還給共同創辦人暨執行長 Chris Diorio，請他做結語。

All right. Thank you, Jamie. I'd like to thank you all for joining the call today, and a very special thanks for your ongoing support. Have a good rest of your week. Bye-bye.

好的。謝謝你，Jamie。也感謝各位今天參與電話會議，並特別感謝各位持續的支持。祝各位本週接下來一切順利。再見。

The conference has now concluded. We do thank you for attending today's presentation. You may now disconnect your lines.

本次電話會議到此結束。感謝各位出席今天的簡報。各位現在可以掛線。