I have successfully managed to add a jpg to a TIN surface using a jpeg, appearance styler and appearance adder. When I swap in a png, with the same extent, (perhaps any image with transparency?) it no longer works. I get a black surface, or sometimes a silver one.
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I should say I am viewing the result in a 3D PDF which should allow for 3 bands and an alpha band. The png is showing all black in Inspector but shows normally in an image viewer.
I seem to recall some problems with PDF handling transparent rasters, so your PNG may indeed suffer from that.