2026 Beyond Takeaways - Signed, Shipped, Delivered!

研报英文原文证据摘录

2026 Beyond Takeaways - Signed, Shipped, Delivered!

ncluding an investor day example of tools stolen from a vehicle being located within days. Importantly,

IOT holds near term exclusivity with the European producer of the Tracking Label, providing an early opportunity to

establish adoption and customer workflows before competing offerings enter the market, a gap that should become

harder to close as adoption builds across newer industries like shipping.

●Tracking Label TAM Math. We ran a quick math on the Tracking Label opportunity. We learned that the list price is

$15, but bulk users land in single digits. High-volume shippers that drive most of the labels are getting discounts.

In our build our blended average price is ~$7.5 as realized ASP skews toward the discounted end (60% vol on $5,

30% on $10, and 10% on $15). ARR is calculated by higher-value shipments/yr × ASP. Base case is ~$45B/year

(6B shipments × ~$7.50 blended), as we assume high-value shipments is around 2-3% of total package volume,

versus ~$30B in the $5 version. The other scenario runs ~$22B at the low end (3B shipments) to ~$75B at the

high end (10B shipments). For IOT, 1% to 3% share of a ~$45B TAM is ~$450M to $1.4B of revenue.

Agent Studio. IOT's 60T+ proprietary data points across vehicle performance, fault codes, inspections, location, video,

driver behavior, and environmental conditions supported the development of agents focused on physical operations.

Agent Studio allows customers to create agents through simple text prompts for workflows such as weekly KPI

reporting, geofence alerts, maintenance management, and warranty recovery. Adoption remains early, as customers

are interested in AI but still need help determining the right use cases and integrating agents into existing processes,