Bioharvest Sciences Inc (BHST) 2025 Q2 法說會逐字稿

Greetings, and welcome to the BioHarvest Sciences second quarter 2025 corporate update conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 BioHarvest Sciences 2025 年第二季公司更新電話會議。（操作員指示）提醒一下，本次會議正在錄音。

Before we begin the formal presentation, I'd like to remind everyone that statements made on today's call and webcast, including those regarding future financial results and industry prospects are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described on the call.

在我們開始正式演講之前，我想提醒大家，今天的電話會議和網路廣播中所作的陳述，包括有關未來財務業績和行業前景的陳述，都是前瞻性的，可能會受到許多風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與電話會議中描述的結果存在重大差異。

Please refer to the company's regulatory filings for a list of associated risks, and we would also refer you to the company's website for more supporting industry information. In addition, throughout today's call, the company may refer to adjusted EBITDA, a non-IFRS financial measure, which it believes provides helpful information to investors about the performance on the business on an ongoing basis.

請參閱公司的監管文件以獲取相關風險列表，我們也會推薦您訪問公司網站以獲取更多支援行業資訊。此外，在今天的電話會議中，公司可能會參考調整後的 EBITDA（一項非國際財務報告準則的財務指標），公司認為該指標可以為投資者提供有關業務持續表現的有用資訊。

A reconciliation of adjusted EBITDA to its most directly comparable IFRS financial measure is included in today's earnings release, which is available on BioHarvest's website under the Investors tab.

今天的收益報告中包含了調整後的 EBITDA 與最直接可比較的 IFRS 財務指標的對賬，可在 BioHarvest 網站的「投資者」標籤下找到。

On our call today is Chief Executive Officer, Ilan Sobel; and Chief Financial Officer, Bar Dichter.

今天參加我們電話會議的是執行長 Ilan Sobel 和財務長 Bar Dichter。

I would now like to hand the call over to CEO, Ilan Sobel. Ilan, the floor is yours.

現在我想把電話交給執行長伊蘭‧索貝爾 (Ilan Sobel)。伊蘭，現在請你發言。

Thank you, operator, and good morning, everyone. I'm pleased to welcome you to today's second quarter 2025 corporate update conference call. Q2 marked a pivotal quarter for BioHarvest, not just in terms of execution, but in setting the stage for a major inflection in the second half of 2025. With continued gross margin expansion, growing VINIA subscription revenue and accelerating CDMO traction, we remain on track to achieve adjusted EBITDA breakeven targeted for Q4 of this year.

謝謝接線員，大家早安。我很高興歡迎您參加今天的 2025 年第二季公司更新電話會議。第二季度對於 BioHarvest 來說是一個關鍵的季度，不僅在執行方面，而且為 2025 年下半年的重大轉折奠定了基礎。隨著毛利率的持續擴大、VINIA 訂閱收入的成長以及 CDMO 牽引力的加速，我們仍有望實現今年第四季調整後的 EBITDA 盈虧平衡目標。

Now before going further into the second quarter, I'd like to quickly introduce our company and background. BioHarvest is the inventor of botanical synthesis, a patented non-GMO platform that produces highly potent plant-based compounds without needing to grow the plant. Our cell banks replicate key fighter nutrients at magnified potency and industrial scale to enable the creation of consistent, soluble and bioavailable products. This allows us to serve high-value markets across pharma, nutraceuticals, cosmetics and nutrition, both through our branded products and as a CDMO partner.

現在，在進一步介紹第二季之前，我想快速介紹我們的公司和背景。BioHarvest 是植物合成的發明者，這是一個獲得專利的非基因改造平台，無需種植植物即可生產高效的植物化合物。我們的細胞庫以增強的效力和工業規模複製關鍵的戰鬥營養素，從而能夠創造出一致、可溶和生物可利用的產品。這使我們能夠透過我們的品牌產品和作為 CDMO 合作夥伴，服務製藥、營養保健品、化妝品和營養品等高價值市場。

Now, moving to the second quarter. We continued in the second quarter scaling both our products and CDMO divisions. Revenue rose 41% year-over-year to $8.5 million, in line with our $8.5 million guidance. Growth was fueled by balanced performance across vinia.com and Amazon, plus revenue contribution from our CDMO services division, helping to drive our progress towards adjusted EBITDA breakeven in the fourth quarter of 2025.

現在，進入第二季。我們在第二季度繼續擴大我們的產品和 CDMO 部門。營收年增 41% 至 850 萬美元，符合我們的 850 萬美元預期。成長得益於 vinia.com 和亞馬遜的均衡表現，加上我們 CDMO 服務部門的營收貢獻，有助於推動我們在 2025 年第四季實現調整後 EBITDA 收支平衡。

Looking at our direct-to-consumer health and wellness products division. Total active VINIA customers in the U.S. has reached approximately 65,000 as of end of July 2025, with subscription customers representing the majority of these daily users.

看看我們的直接面向消費者的健康和保健產品部門。截至 2025 年 7 月底，美國 VINIA 活躍客戶總數已達到約 65,000 名，其中訂閱客戶佔每日用戶的大多數。

Our Amazon business, which now accounts for approximately 20% of total sales, continues to deliver strong results across conversion rates, repeat purchases and return on ad spend. And VINIA is currently the number 1 resveratrol-only product sold on amazon.com in the US We continue to build real consumer equity and momentum across each of these core platforms.

我們的亞馬遜業務目前約佔總銷售額的 20%，在轉換率、重複購買率和廣告支出回報率方面繼續取得強勁業績。VINIA 目前是美國 amazon.com 上銷售第一的白藜蘆醇專用產品，我們將繼續在每個核心平台上建立真正的消費者權益和發展勢頭。

In Q2, gross margins expanded by 800 basis points to 60%, up from 52% in the same year ago quarter. This improvement reflects both scale and technology leverage driven by the deployment of 22% larger bioreactors, enhanced manufacturing yields and continued digitization of our biological production workflows.

第二季度，毛利率擴大 800 個基點至 60%，高於去年同期的 52%。這項改進反映了規模和技術槓桿的作用，這得益於部署了 22% 更大的生物反應器、提高了製造產量以及持續數位化我們的生物生產工作流程。

We continue to improve efficiencies within our supply chain. For example, in Q2, we began shipping all 6- and 12-month purchases in a single larger onetime shipment rather than a 90-day supply each quarter, which has reduced transportation costs and packaging materials and added 50 basis points to our gross profit margin efforts.

我們不斷提高供應鏈的效率。例如，在第二季度，我們開始將所有 6 個月和 12 個月的採購量一次性運送，而不是每季運送 90 天的供應量，這降低了運輸成本和包裝材料，並為我們的毛利率增加了 50 個基點。

VINIA has maintained its premium pricing in the resveratrol market. Our high customer retention and a 4.7 star average rating on vinia.com continues to validate the product efficacy and brand trust, and we are about to reach a major milestone of 10,000 customer reviews on vinia.com with over 9,900 verified reviews as we speak today. This is a very significant achievement for our hard-working VINIA team.

VINIA 在白藜蘆醇市場一直保持高價位。我們較高的客戶保留率和在 vinia.com 上 4.7 星的平均評分繼續驗證了產品的功效和品牌信任度，並且我們即將在 vinia.com 上達到 10,000 條客戶評論的重要里程碑，其中經過驗證的評論超過 9,900 條。對於我們勤奮的 VINIA 團隊來說，這是一項非常重大的成就。

Our direct-to-consumer health and wellness e-commerce machine is proving highly scalable, allowing us to successfully launch new VINIA Inside products via our e-commerce channels without having to add significant marketing dollars and enabling us to create

我們的直接面向消費者的健康和保健電子商務機器已被證明具有高度可擴展性，使我們能夠透過電子商務管道成功推出新的 VINIA Inside 產品，而無需增加大量行銷費用，並使我們能夠創造

strong operating leverage. In Q2, new products defined as all non-capsule products contributed to 20% of the company's incremental revenue growth versus prior year and now constitute a healthy 10% of the total revenue mix. This healthy contribution is balanced by the fact that our core capsule business is still the primary growth driver of the direct-to-consumer health and wellness business, contributing 80% of the year-over-year revenue growth in the second quarter.

強勁的營運槓桿。在第二季度，所有非膠囊產品的新產品為公司增量收入成長貢獻了 20%，較上年同期成長了 20%，目前佔總收入結構的 10%。這項健康的貢獻與我們的核心膠囊業務仍然是直接面向消費者的健康和保健業務的主要增長動力這一事實相平衡，該業務在第二季度貢獻了 80% 的同比收入增長。

In Q2, we continued to expand our VINIA Inside delivery systems. And in June, we successfully launched VINIA Daily 2X Formula chews, a double-dose 800-milligram first-of-its-kind chew designed to increase nitric oxide production and arterial dilation and to enhance blood flow and oxygen delivery for athletes and individuals with high active lifestyles.

在第二季度，我們繼續擴展我們的 VINIA Inside 交付系統。今年 6 月，我們成功推出了 VINIA Daily 2X Formula 咀嚼片，這是一款雙劑量 800 毫克的首創咀嚼片，旨在增加一氧化氮的產生和動脈擴張，並增強運動員和高強度生活方式人士的血流量和氧氣輸送。

These chews are informed sports certified meeting global antidoping standards and expanding access for us into the critical professional sports and institutional wellness programs. Our VINIA 2x Daily Formula chews are targeting a younger demographic than our core capsule business and enable us to capture revenue from a much younger consumer audience who are looking for the extra edge on the sports field and workplace. The consumer feedback so far has been very encouraging, and we are quickly building strong Amazon reviews with a very encouraging start with many 5-star reviews.

這些咀嚼物經過體育認證，符合全球反興奮劑標準，並擴大了我們參與關鍵職業體育和機構健康計畫的機會。我們的 VINIA 2x Daily Formula 咀嚼片針對的是比核心膠囊業務更年輕的人群，使我們能夠從那些在運動場和工作場所尋求額外優勢的年輕消費者群體中獲取收入。到目前為止，消費者的反饋非常令人鼓舞，我們很快就獲得了強大的亞馬遜評論，並以許多五星級評論取得了令人鼓舞的開端。

In addition, we added this quarter 2 new SuperFood Tea SKUs, our English Breakfast and Matcha Green Tea in K-Cup compatible pods to follow the successful Q1 debut of our SuperFood Teas in sachets. Looking forward, we are also expanding our VINIA SuperFood coffee line with VINIA Espresso expected to launch soon in the Nespresso-compatible format, targeting the more than 5 million US households that use the Nespresso original system.

此外，繼第一季成功推出袋裝超級食品茶之後，我們在本季又增加了 2 款新的超級食品茶 SKU，即與 K-Cup 相容的英式早餐茶和抹茶綠茶。展望未來，我們也將擴展 VINIA SuperFood 咖啡系列，預計很快將推出與 Nespresso 相容的 VINIA Espresso，目標是超過 500 萬使用 Nespresso 原廠系統的美國家庭。

In the second quarter, we also saw major milestones achieved by the CDMO division. Firstly, we announced that a CDMO research contract had successfully completed Stage 1, becoming the first CDMO project to advance to Stage 2. We are excited to continue working with this valued pharmaceutical partner on a high-impact approved therapeutic drug product. And Stage 2 will involve successfully transitioning growth of the target compound to our liquid bioreactors.

在第二季度，我們也看到 CDMO 部門取得了重大里程碑。首先，我們宣布一項CDMO研究合約成功完成第一階段，成為第一個進入第二階段的CDMO計畫。我們很高興能繼續與這家重要的製藥合作夥伴合作，開發具有高影響力的核准治療藥物產品。第二階段將涉及將目標化合物的生長成功轉移到我們的液體生物反應器中。

It is important to note that to date, we have 100% technical success rate when compounds successfully complete Stage 1 and that each stage in our CDMO development process represents positive revenue and high gross profit margin, improving our bottom line as we complete the critical research and development stages with CDMO partners, bringing valuable life-changing plant compounds to market.

值得注意的是，到目前為止，當化合物成功完成第 1 階段時，我們的技術成功率為 100%，並且我們的 CDMO 開發流程中的每個階段都代表著正收入和高毛利率，在我們與 CDMO 合作夥伴完成關鍵研發階段時提高了我們的底線，將有價值的改變生活的植物化合物推向市場。

The CDMO business development team is actively building the new contract funnel. And in Q2, we also signed our first contract targeting a fragrance molecule. Our AI capabilities were integral in securing this new agreement and are providing invaluable insights as we engage with prospective industrial partners.

CDMO業務拓展團隊正在積極建立新的合約漏斗。在第二季度，我們也簽署了第一份針對香料分子的合約。我們的人工智慧能力對於達成這項新協議至關重要，並在我們與潛在的工業合作夥伴接觸時提供了寶貴的見解。

Our target compound on this project is a provocative use case for our botanical synthesis technology as the compound is a highly valuable compound derived from an endangered plant species that sells for thousands of dollars per kilo. We now have ongoing CDMO projects for pharmaceutical, nutrition and fragrance industry partners, and I'm pleased to report that our deal funnel is very healthy.

該計畫的目標化合物是我們植物合成技術的一個啟發性的用例，因為該化合物是一種源自瀕危植物物種的極有價值的化合物，每公斤售價數千美元。我們目前正在為製藥、營養和香料行業合作夥伴開展 CDMO 項目，我很高興地報告我們的交易管道非常健康。

We are being very selective in the deals we finalize, but our expectation is that, we will announce multiple new CDMO contracts here in the second half of 2025.

我們對最終達成的交易非常挑剔，但我們預計，我們將在 2025 年下半年宣布多個新的 CDMO 合約。

So as our products and our CDMO services business units expand, we are constantly innovating so that we can actively layer on incremental high-margin revenue drivers. I would like to spend a few moments here to discuss three examples of major new programs that are designed to rapidly accelerate our revenues in the second half of 2025, each of which is incremental to existing core growth catalysts such as incremental CDMO contracts and our upcoming olive cell product. I call these our big bets for the downhill of 2025.

因此，隨著我們的產品和 CDMO 服務業務部門的擴大，我們也不斷創新，以便能夠積極地增加高利潤的收入驅動力。我想在這裡花幾分鐘時間討論三個主要新計劃的例子，這些計劃旨在在 2025 年下半年迅速增加我們的收入，每個計劃都是對現有核心增長催化劑的增量，例如增量 CDMO 合約和我們即將推出的橄欖細胞產品。我稱這些為我們對 2025 年下坡路的重大賭注。

The first big bet I want to talk to you about is in our products business, in our direct-to-consumer health and wellness products business, where I am very pleased to announce the launch of our VINIA Health Pros' Professional Affiliate program, which is our new proprietary program to activate major health practitioners, athletes, coaches, trainers and health influencers who have significant followings and who share our passion for healthy and sustainable living.

我想和大家談的第一個大賭注是我們的直接面向消費者的產品業務和保健產品業務，我很高興地宣布推出我們的 VINIA Health Pros 專業聯盟計劃，這是我們新的專有計劃，旨在激活擁有大量追隨者並與我們一樣對健康和可持續生活充滿熱情的主要健康從業者、運動員、教練、培訓師和健康追隨者。

We have always fostered relationships with like-minded influencers and practitioners, but this formalized Health Pros' Professional program will dramatically increase VINIA exposure within our targeted partner physical and social networks and is expected to drive significant subscriber growth at lower acquisition costs.

我們一直與志同道合的影響者和從業者保持著良好的關係，但這個正式的健康專業人士計劃將大大提高 VINIA 在我們目標合作夥伴的實體和社交網絡中的曝光率，並有望以較低的收購成本推動用戶數量的大幅增長。

The Health Pros' Professional network will all be approved and supported by the VINIA team and our own proprietary back-end technology systems. And our goal is to have 300 top thought leaders enrolled by the end of 2025.

Health Pros 的專業網路將全部獲得 VINIA 團隊和我們自己的專有後端技術系統的批准和支援。我們的目標是到 2025 年底招募 300 位頂尖思想領袖。

We are launching with a dynamic and eclectic mix of partners. One great example is Dr. Anna Toker, a top colorectal surgeon with a growing social media audience of 160,000 Instagram followers who is focused on gut health and who advocates the critical importance of blood flow given the need for healthy blood flow in the intestinal tract to digest food, absorb nutrients and ensure optimal delivery of these nutrients to the body's tissue cells and organs.

我們正與充滿活力和不拘一格的合作夥伴一起工作。一個很好的例子是安娜·托克 (Anna Toker) 博士，她是一位頂級結直腸外科醫生，在 Instagram 上擁有 16 萬名粉絲，她關注腸道健康，並強調血液流動的重要性，因為腸道需要健康的血液流動來消化食物、吸收營養，並確保這些營養物質以最佳方式輸送到身體的組織細胞和器官。

Another great new partner is Marcellus Wiley, an NFL Hall of Famer and sports media personality, who is partnering with us to bring the power of VINIA to his community and sporting ecosystem. Just these 2 health pros alone represent over 1 million engaged social media followers. Today, we kick off our test phase with 10 health pros using the platform. And in September, we will scale to 100 by the end of the month with a target of 300 health pros on our platform by the end of the year.

另一位出色的新合作夥伴是 NFL 名人堂成員和體育媒體名人馬塞勒斯·威利 (Marcellus Wiley)，他與我們合作，將 VINIA 的力量帶給他的社區和體育生態系統。光是這兩位健康專家就擁有超過 100 萬活躍的社群媒體粉絲。今天，我們啟動了測試階段，10 位健康專家使用該平台。到 9 月份，我們將擴大到 100 名健康專家，目標是到年底我們的平台上有 300 名健康專家。

Our second big bet also relates to our direct-to-consumer health and wellness business and sits squarely in my own personal wheelhouse based on my 18 years of experience with the Coca-Cola system, where I managed major hydration brands in the USA. such as vitaminwater, smartwater and Powerade sports drinks. I'm excited to announce that we are in the final phases of commercializing our differentiated entry to disrupt the $13 billion electrolyte drinks market in the USA.

我們的第二個大賭注也與直接面向消費者的健康和保健業務有關，並且完全屬於我個人的掌控範圍，這得益於我在可口可樂系統工作的 18 年經驗，我曾管理過美國主要的補水品牌，例如維他命水、智慧水和 Powerade 運動飲料。我很高興地宣布，我們正處於差異化產品商業化的最後階段，以顛覆美國價值 130 億美元的電解質飲料市場。

In October, we will launch our VINIA Blood Flow Hydration Solution into the market as a daily powdered electrolyte mix, which comes in six great-tasting flavors. We will be the first electrolyte hydration beverage powered by blood flow and driven by our unique VINIA matrix of Piceid Resveratrol and other polyphenols, demonstrating that this blood flow-driven hydration solution is a breakthrough that only VINIA and BioHarvest can deliver.

十月份，我們將向市場推出 VINIA 血流補水液，作為日常粉狀電解質混合物，有六種美味口味。我們將推出第一款由血流驅動的電解質補水飲料，並由我們獨特的 VINIA 基質 Piceid 白藜蘆醇和其他多酚驅動，證明這种血流驅動的補水解決方案是只有 VINIA 和 BioHarvest 才能實現的突破。

Currently, the marketplace is swamped by players with marketing claims largely related to electrolytes. We plan to be a disruptor in the market, focusing on the importance of having better blood flow to deliver the necessary oxygen, fluids, electrolytes and nutrients to organs, muscles, tissues and cells, right where hydration matters most. In addition to the blood flow benefits we all know about, our solution will feature premium electrolyte sourced from nature.

目前，市場上充斥著大量行銷宣傳主要與電解質相關的企業。我們計劃成為市場的顛覆者，專注於改善血液流動的重要性，為器官、肌肉、組織和細胞輸送必要的氧氣、液體、電解質和營養物質，而這些部位的補水最為重要。除了我們都知道的血液流動益處之外，我們的解決方案還將採用源自大自然的優質電解質。

Our formulation features salt from the Irish Sea as our source of sodium, potassium from coconut water and magnesium from the ocean bed and at 25 calories, it tastes amazing. We have been very fortunate to partner with one of the best formulators in the industry, Louis Heinsz, the owner of Bevnology and previously Head of R&D for the Coca-Cola Company for Europe, Africa and the Middle East.

我們的配方以愛爾蘭海的鹽作為鈉來源，以椰子水中的鉀作為鉀來源，以海底的鎂作為鎂來源，熱量為 25 卡路里，味道很棒。我們非常幸運能夠與業內最優秀的配方師之一 Louis Heinsz 合作，他是 Bevnology 的所有者，曾擔任可口可樂公司歐洲、非洲和中東地區研發主管。

Louis has partnered with myself and the team on the development of this product for the last 12 months and has invested more than 1,000 hours of R&D time to get this product tasting just perfect. Our VINIA Blood Flow Hydration Solution will be sold via our e-commerce channels and it is a great strategic fit for our Health Pros' Professional Affiliate program.

在過去的 12 個月裡，Louis 與我和團隊合作開發了這款產品，並投入了超過 1,000 小時的研發時間，以使這款產品的口感完美。我們的 VINIA 血流補水解決方案將透過我們的電子商務管道銷售，這對於我們的健康專家專業聯盟計劃具有很好的策略契合。

Our third big bet is the addition of a new revenue driver in our CDMO services division. We call this our AI-enabled discovery phase. This new service offering has been developed for cosmetic pharmaceutical, nutraceutical and nutrition companies who need help identifying the most promising botanical compounds for their products. It leverages our proprietary AI trained on rare plant biology and biosynthesis and couples it with our team's proven ability to achieve full-scale production from indication to market.

我們的第三個重大賭注是在我們的 CDMO 服務部門增加新的收入驅動力。我們稱之為人工智慧發現階段。這項新服務專為化妝品、保健品和營養品公司而開發，這些公司需要協助為其產品找到最有前景的植物化合物。它利用我們經過稀有植物生物學和生物合成訓練的專有人工智慧，並將其與我們團隊已證實的從適應症到市場實現全面生產的能力相結合。

With these assets, we are uniquely positioned to provide companies and researchers and assessment for the most effective plant candidates based on scientific evidence, unique value propositions and prior success in tissue culture.

憑藉這些資產，我們擁有獨特的優勢，能夠根據科學證據、獨特的價值主張和組織培養方面的先前成功經驗，為公司和研究人員提供最有效的植物候選物的評估。

We will provide models of feasibility and future product analysis, including evaluation of active ingredients and formulation, patentability, sourcing and safety, these customers will receive a final shortlist of suitable plant candidates with multi-pathway efficacy and full scalability within the BioHarvest system.

我們將提供可行性模型和未來產品分析，包括活性成分和配方、專利性、採購和安全性的評估，這些客戶將收到一份最終候選植物名單，其中列出了具有多途徑功效和 BioHarvest 系統內完全可擴展性的合適植物候選植物。

This service includes the utilization of our computational biologists and access to our catalog library of plants information, whereby our PhD plant cell biologists analyze the AI-driven data to provide a human experience-based point of view behind the recommendation for plants to take into a Stage 1 contract.

這項服務包括利用我們的計算生物學家並訪問我們的植物資訊目錄庫，我們的博士植物細胞生物學家將分析人工智慧驅動的數據，以提供基於人類經驗的觀點，為植物納入第一階段合約提供建議。

The discovery phase will be completed in 7 to 10 days at a cost to the CDMO customer of approximately USD35,000 to USD50,000. The goal of the discovery phase is to finalize 1 or 2 recommended plants to move into Stage 1, and we anticipate that this new service addition will accelerate the rate of new high-value CDMO customer projects entering into Stage 1 contracts.

發現階段將在 7 到 10 天內完成，CDMO 客戶的成本約為 35,000 到 50,000 美元。發現階段的目標是最終確定 1 或 2 個推薦工廠進入第 1 階段，我們預計這項新服務的增加將加速新的高價值 CDMO 客戶專案進入第 1 階段合約的速度。

Each of these big bets, along with our subscription-driven operating leverage, expanding gross margins and maturing CDMO contracts are designed to put us in a strong position to reach the adjusted EBITDA breakeven target in Q4 of this year.

每一個大賭注，加上我們由訂閱驅動的營運槓桿、不斷擴大的毛利率和到期的 CDMO 合同，旨在讓我們處於有利地位，在今年第四季度實現調整後的 EBITDA 盈虧平衡目標。

With that, I'll now turn it over to Bar, our CFO, to walk through the financials. Thank you, Bar.

現在，我將把時間交給我們的財務長巴爾 (Bar) 來介紹一下財務狀況。謝謝你，巴爾。

Thank you, Ilan. Good morning, everyone. I will provide you with a succinct review of our financial results. A full breakdown is available in our SEC filings and in the press release that crossed the wire before market opened today. Please note that all figures are in US dollars unless stated otherwise.

謝謝你，伊蘭。大家早安。我將向您簡要回顧我們的財務表現。完整的細目可以在我們提交給美國證券交易委員會的文件和今天開市前發布的新聞稿中找到。請注意，除非另有說明，所有數字均以美元為單位。

Revenue for the second quarter of 2025 increased 41% to $8.5 million, in line with our revenue guidance as compared to $6 million in the second quarter of 2024. The increase was as a result of continued success of the company's VINIA family of products.

2025 年第二季的營收成長 41%，達到 850 萬美元，與 2024 年第二季的 600 萬美元相比符合我們的營收預期。此次成長是由於該公司 VINIA 系列產品的持續成功。

Gross profit increased 65% to $5.1 million or 60% of total revenue in the second quarter of 2025 as compared to $3.1 million or 52% of total revenue in the same year ago quarter. The increase in gross margin was primarily attributed to the benefits of increased manufacturing scale and improved manufacturing yields.

2025 年第二季毛利成長 65%，達到 510 萬美元，佔總營收的 60%，去年同期為 310 萬美元，佔總營收的 52%。毛利率的增加主要歸因於製造規模的擴大和製造產量的增加。

Total operating expenses for the second quarter totaled $6.9 million as compared to $4.8 million in the same year ago quarter. The increase in operating expenses was primarily due to increased marketing spend and the development of our Health Pros' Affiliate program to support future revenue growth and higher expenses from the CDMO service division.

第二季總營運費用為 690 萬美元，而去年同期為 480 萬美元。營運費用的增加主要是由於行銷支出的增加以及我們健康專家聯盟計劃的發展，以支持未來的收入成長和 CDMO 服務部門的更高費用。

General and administration expenses increased 61% in the second quarter as compared to the same year ago quarter due to onetime costs associated with our NASDAQ corporate compliance upgrade.

由於與納斯達克企業合規升級相關的一次性成本，第二季的一般和行政費用與去年同期相比增加了 61%。

Net losses for the second quarter of 2025 totaled $4 million or $0.24 per basic and diluted share as compared to a net loss of $0.7 million or $0.04 per basic and diluted share in the same year ago quarter.

2025 年第二季淨虧損總計 400 萬美元，即每股基本虧損和稀釋虧損均為 0.24 美元，而去年同期淨虧損為 70 萬美元，即每股基本虧損和稀釋虧損均為 0.04 美元。

Adjusted EBITDA loss, a non-IFRS measure, totaled $1.3 million in the second quarter of 2025 as compared to an adjusted EBITDA loss of $1.2 million in the same year ago quarter. On a percentage of revenue basis, adjusted EBITDA loss totaled 14.7% in the second quarter of 2025 as compared to 20.7% in the same year ago quarter.

2025 年第二季度，非國際財務報告準則 (IFRS) 調整後 EBITDA 虧損總計 130 萬美元，而去年同期調整後 EBITDA 虧損為 120 萬美元。以營收百分比計算，2025 年第二季調整後的 EBITDA 虧損總計 14.7%，而去年同期為 20.7%。

Cash and cash equivalents as of June 30, 2025, totaled $3.7 million as compared to $2.4 million as of December 31, 2024.

截至 2025 年 6 月 30 日的現金及現金等價物總額為 370 萬美元，而截至 2024 年 12 月 31 日為 240 萬美元。

Importantly, with the current margin growth and expense discipline, we continue to project that we will reach adjusted EBITDA breakeven in the fourth quarter. We believe this is achievable within the second half of 2025 based on VINIA run rate growth, expanding Amazon contribution and maturing of our first CDMO programs. This inflection is a key financial milestone for validating the scalability of our business model.

重要的是，憑藉當前的利潤率成長和費用控制，我們繼續預計第四季將實現調整後的 EBITDA 收支平衡。我們相信，基於 VINIA 運行率的成長、亞馬遜貢獻的擴大以及我們首個 CDMO 專案的成熟，這一目標可以在 2025 年下半年實現。這項轉變是驗證我們商業模式可擴展性的關鍵財務里程碑。

I would now like to pass the call back to Ilan to offer some closing remarks, after which we will begin our Q&A session.

現在我想把電話轉回給伊蘭，讓他發表一些結束語，然後我們將開始問答環節。

Thank you, Bar, and thank you all for joining us today and for your continued support of BioHarvest Sciences. As we wrap up today's call, I want to take a moment to recognize the strength of the platform we've built, the discipline of our team and the momentum we're carrying into the second half of the year, which I view as a monumental financial turning point in the history of our organization.

謝謝你，Bar，也謝謝大家今天的加入我們，並感謝你們對 BioHarvest Sciences 的持續支持。在我們結束今天的電話會議時，我想花點時間來認識到我們所建立的平台的力量、我們團隊的紀律以及我們進入下半年的勢頭，我認為這是我們組織歷史上一個重大的財務轉折點。

I consider it a privilege to lead this company, and I remain confident in our ability to deliver, both operationally and financially against the incredible opportunity in front of us.

我認為領導這家公司是一種榮幸，我仍然對我們在營運和財務上實現我們面前難以置信的機會的能力充滿信心。

We're seeing our strategy come to life. The direct-to-consumer business is scaling efficiently with growing margin leverage, and our CDMO pipeline is starting to unlock long-term value through marquee partnerships. This synergy between product and platform is translating into real commercial traction and most importantly, a path to adjusted EBITDA breakeven target in Q4 of this year.

我們看到我們的策略正在變成現實。直接面向消費者的業務正在高效擴展，利潤槓桿不斷增長，我們的 CDMO 管道開始透過大型合作夥伴關係釋放長期價值。產品和平台之間的這種協同作用正在轉化為真正的商業吸引力，最重要的是，在今年第四季實現調整後的 EBITDA 損益平衡目標。

That inflection will mark a turning point for BioHarvest, a shift from foundation building to scalable execution and from early validation to accelerating value creation. Botanical synthesis is no longer just a breakthrough technology. It's a commercial platform with expanding utility across multiple high-value verticals.

這一轉變將標誌著 BioHarvest 的一個轉折點，從基礎建設轉向可擴展執行，從早期驗證轉向加速價值創造。植物合成不再只是一項突破性技術。它是一個商業平台，其實用性在多個高價值垂直領域中不斷擴展。

As we scale from here, our focus remains unchanged: execute with discipline, deliver measurable health benefits from life-changing plant compounds for millions of consumers and drive long-term sustainable value for our shareholders. With that, I'll hand the call back to the operator to begin our Q&A session. Thank you, operator.

隨著我們不斷擴大規模，我們的重點始終保持不變：嚴格執行，為數百萬消費者提供改變生活的植物化合物的可衡量的健康益處，並為我們的股東創造長期可持續的價值。說完這些，我將把電話交還給接線員，開始我們的問答環節。謝謝您，接線生。

(Operator Instructions)

（操作員指示）

First question is from Matt Hewitt, Craig Halum Capital Group.

第一個問題來自 Craig Halum Capital Group 的 Matt Hewitt。

Good morning and congratulations on all your progress. Maybe to start off, if we could dig a little bit into the consumer side. I'm curious if the 2X chew launch has kind of progressed as you would have anticipated. How you think that ramp could look over the back half of the year?

早上好，恭喜你所取得的所有進步。首先，我們可以稍微深入一下消費者方面。我很好奇 2X 咀嚼片的推出是否如您預期的那樣取得了進展。您認為今年下半年的情況會是怎樣？

And then regarding the hydration launch, is there anything different given that this will be a liquid versus your prior consumer products? And how do you anticipate that launch proceeding into the back half of the year?

那麼關於補水產品的推出，鑑於這是一種液體，與您之前的消費產品相比有什麼不同嗎？您預計下半年的發表會進度如何？

Matt, thank you for your questions. The 2X Formula feedback has been phenomenal. I would encourage everybody to go to Amazon and have a look at our consumer reviews. I think the last time I looked, we had 25 reviews, read the reviews. It will help you understand the level of engagement that consumers have, the overall taste feedback, the overall functionality.

馬特，謝謝你的提問。2X Formula 的回饋非常驚人。我鼓勵大家去亞馬遜看看我們的消費者評論。我認為上次我查看時，我們有 25 條評論，請閱讀這些評論。它將幫助您了解消費者的參與程度、整體口味回饋和整體功能。

And this is really encouraging because it's a premium product. It's $79. Obviously, it's still a strong value proposition because you're getting basically 800 milligrams of VINIA in each specific chew. So when you benchmark it versus singles, it's still a better value proposition.

這確實令人鼓舞，因為它是一款優質產品。價格是 79 美元。顯然，它仍然是一個強大的價值主張，因為每次咀嚼基本上可以獲得 800 毫克的 VINIA。因此，當你將它與單曲進行比較時，它仍然是一個更好的價值主張。

But from an absolute price point, we premiumize it because we understand that the user is different. The user is looking for very unique functionality, increased vascularity and all the benefits that you get from increasing nitric oxide from an overall blood flow and oxygenation perspective. So we're very enthused.

但從絕對價格角度來看，我們將其推向高端，因為我們知道用戶是不同的。使用者正在尋找非常獨特的功能、增加的血管以及從整體血流和氧合角度增加一氧化氮所帶來的所有好處。所以我們非常熱情。

It does take time to get the product out there and to get the reviews going. And just from an efficiency perspective, and you understand that we're all about marketing efficiency on how we operate, you can't really start spending significant resources on a platform like Amazon, as an example, until you have a critical mass of reviews.

推出產品並獲得評論確實需要時間。從效率的角度來看，你明白我們營運的重點是行銷效率，除非你有足夠的評論，否則你無法真正開始在像亞馬遜這樣的平台上投入大量資源。

So now we're tracking at that 25 reviews, which is a significant number of reviews. The last time I looked, we had a 5-star rating from 25 reviews, which, again, just emphasizes the consumers' vote on quality, on functionality and on taste.

所以現在我們正在追蹤這 25 條評論，這是一個相當可觀的評論數量。上次我查看時，我們得到了 25 條評論中的 5 星評級，這再次強調了消費者對品質、功能和口味的投票。

So we're very encouraged, and we see that the 2X chews will continue to build momentum and be an important contributor for the business in the third quarter and then again in the fourth quarter as we start to ramp up additional marketing spend behind that and specifically because the new Health Pros' channel is going to be a key channel that the chew product is going to be totally appropriate for the consumer that the health pros, the discerning consumer that the health pros channel is focusing on.

因此，我們感到非常鼓舞，我們看到 2X 咀嚼片將繼續增強勢頭，並成為第三季度和第四季度業務的重要貢獻者，因為我們開始增加額外的營銷支出，特別是因為新的 Health Pros 渠道將成為一個關鍵渠道，咀嚼產品將完全適合健康專家、健康專家渠道關注的挑剔消費者。

And that's probably a good segue to the hydration product that we're bringing to the marketplace. This is unique. And as I said in the notes in my comments earlier, it's personal. Having spent 18 years in the beverage business on both the ready-to-drink math and on the powdered side of the business, I did have the privilege of launching in Vietnam powdered beverages back in the previous life. So I have a lot of experience with this space.

這可能是我們向市場推出的補水產品的一個很好的過渡。這是獨一無二的。正如我之前在評論中所說，這是個人的事情。我從事飲料業 18 年，既從事即飲飲料業務，也從事粉末飲料業務，之前我有幸在越南推出粉末飲料。我對這個領域有豐富的經驗。

But, obviously, we're focused on the stick packs, which is the powdered beverage space, which today, just in the US it's roughly about a $4 billion market. You have players like Liquid I.V. who lead this market that's right now more than $1 billion of revenue on an annual basis. And obviously, there's significant interaction between the powdered stick business and the ready-to-drink business. Right now, our focus is on the powdered stick business.

但顯然，我們專注於條狀包裝，也就是粉末飲料領域，目前，光是在美國，這個市場的規模就約為 40 億美元。像 Liquid I.V. 這樣的公司引領著這個市場，目前每年的收入超過 10 億美元。顯然，粉狀飲料業務和即飲飲料業務之間存在著顯著的交互作用。目前，我們的重點是粉狀棒業務。

As I said, we've developed a formula, which we believe is a game changer from an overall taste perspective. It's clean. The formula is super clean, which is so important for these consumers, very, very discerning.

正如我所說，我們已經開發出一種配方，我們相信從整體口味的角度來看，它將改變遊戲規則。很乾淨。配方非常乾淨，這對於這些非常挑剔的消費者來說非常重要。

As you can see, you've got the power of VINIA from a blood flow perspective, which is powering hydration. And it's pretty much common sense when you actually talk to the consumer, you understand the consumer behavior and the consumer just cognitive thinking approach.

如您所見，從血液流動的角度來看，您已經了解了 VINIA 的力量，它能夠促進水合作用。當你真正與消費者交談時，你就會了解消費者的行為和消費者的認知思考方法，這幾乎是常識。

Consumers understand that in order to have the best hydration, you got to have really good blood flow to transfer all the fluids and the electrolytes to your muscles, your tissues and your cells. So the consumer, it really -- it resonates very strongly.

消費者明白，為了獲得最佳的補水效果，你必須擁有良好的血液流動，將所有液體和電解質輸送到你的肌肉、組織和細胞。因此，消費者確實對此產生了非常強烈的共鳴。

You can see -- and this is just work in progress packaging. We've evolved the packaging even more breakthrough in the last 72 hours. But it's very clearly, it's blood flow hydration. It's hydration powered by blood flow.

您可以看到——這只是正在進行的包裝工作。在過去的 72 小時內，我們對包裝進行了進一步的改進。但很明顯，這是血流補水。這是由血液流動提供動力的水合作用。

And we have naturally derived electrolytes, which again, is very unique differentiated in the category with sodium from Irish Sea salt, the potassium from coconut water powder and the magnesium from the bed of the ocean and a really unique clean sugar sweetener system where we're using organic cane sugar and REBM with a very unique ratio that Louis from Bevnology has developed and you have a product that has very little after taste.

我們擁有天然提取的電解質，這種電解質在同類產品中非常獨特，鈉來自愛爾蘭海鹽，鉀來自椰子水粉，鎂來自海底，並且我們擁有一個真正獨特的清潔糖甜味劑系統，我們使用有機蔗糖和 REBM，其比例非常獨特，這是 Bevnology 的 Louis 開發的，因此您的產品幾乎沒有餘味。

So the power of the 2X chews and the hydration product all being doubled down and executing through our regular channels plus through the Health Pros' channel, this timing has been absolutely critical to start to build the additional scaling and additional incremental growth points within our business with -- in a way, with through the health pros with the sales force that politically, the health pros act as a sales force for our business, an educated technical sales force for our business to be able to communicate to the more discerning health-based audience, the power of our 2X Formula chews and hydration products.

因此，2X 咀嚼片和補水產品的功效都加倍了，並透過我們的常規管道和健康專家管道實施，這個時機對於開始在我們的業務中建立額外的擴展和額外的增量增長點至關重要 - 在某種程度上，透過健康專家與銷售人員合作，從政治上講，健康專家充當我們業務的銷售隊伍，一支受過教育的技術製作團隊，能夠向更挑剔的健康受眾告訴我們的補水

Thank you, and I hope I've covered your question.

謝謝，希望我已經解答了您的問題。

No, yes, that was fantastic. Maybe shifting gears a little bit on the CDMO side. Obviously, congratulations on your color there. You noted the success with the initial pharmaceutical company and the fragrance. I'm just curious how that pipeline is progressing, maybe an update on the Tate & Lyle opportunity.

不，是的，那真是太棒了。也許在 CDMO 方面會稍微轉變一下方向。顯然，恭喜你的顏色。您注意到最初的製藥公司和香水取得了成功。我只是好奇這條管道進展如何，也許是關於泰特萊爾機會的最新消息。

Yeah, sure. So we've been very busy to put it simply. The pipeline is significant. We have high single-digit number of leads that we are working on, and these are all, I would say, significant catalysts that we're looking to bring into the CDMO business. Not all of them will get through the gates, but there is consistently new use cases that we are being shared significant life-changing compound billion- dollar opportunities.

是的，當然。簡而言之，我們一直都非常忙碌。這條管道意義重大。我們正致力於開發高個位數的潛在客戶，我想說，這些都是我們希望帶入 CDMO 業務的重要催化劑。雖然並非所有技術都能成功，但總有新的用例讓我們分享改變生活的、價值數十億美元的重大複合機會。

A good example is the announcement that we made in May regarding the fragrance. I mean, that was a use case that we wouldn't have coming into this 12 months ago, thought that, that would be a use case. And we continue to see new incremental use cases, which just basically opens up the opportunities for us.

一個很好的例子就是我們在五月發布的有關香水的公告。我的意思是，這是我們 12 個月前沒有想到的用例，我們以為那會是用例。我們繼續看到新的增量用例，這基本上為我們打開了機會。

The team is very, very focused on pulling that pipeline through. It's a really good mix of pharma, of nutraceutical and of food companies that are part of the pipeline. And we are confident that in the downhill of the year, so between now and the end of the year, we will announce at least 1 and maybe 2 new deals into the CDMO, which I think would give us significant momentum going into 2026.

該團隊非常非常專注於完成該管道。這是製藥公司、營養保健品公司和食品公司的完美組合，也是該生產線的一部分。我們有信心，在今年的下坡期，也就是從現在到年底，我們將宣布至少 1 筆、甚至 2 筆新的 CDMO 交易，我認為這將為我們進入 2026 年提供巨大的動力。

Importantly as well, as it relates to the new product that we've launched, the discovery product, this is -- for us, has been a game changer because many of our customers are coming to us. They have very clear indications that they're focusing on.

同樣重要的是，由於它與我們推出的新產品——發現產品——相關，這對我們來說是一個遊戲規則的改變者，因為我們的許多客戶都來找我們。他們有非常明確的跡象表明他們正在關注什麼。

But unlike Tate & Lyle, who are very, very focused and had done enormous research that was Plant A and Plant B, many of our customers are more focused in starting with the indication. And they'll come to us and say, look, we have a specific indication we're targeting, let's say, I'll just use a broad example out there, asthma. And obviously, they have -- these are companies that have played in the chemical synthesis space for the last 20, 30 years.

但與泰萊公司不同，他們非常專注並且對植物 A 和植物 B 進行了大量研究，而我們的許多客戶則更專注於從適應症開始。他們會來找我們說，看，我們有一個特定的目標，比如說，我只舉一個廣泛的例子，氣喘。顯然，這些公司在過去 20 到 30 年裡一直活躍在化學合成領域。

And all of a sudden, they're starting to understand that there's massive blind spot out there that they have to make sure they get their arms around that may be a critical answer in driving a game-changing compound for their businesses.

突然之間，他們開始意識到，存在著巨大的盲點，他們必須確保能夠抓住這個盲點，這可能是推動其業務發生根本性改變的關鍵答案。

And that's when they knock on the BioHarvest Sciences' door because, obviously, we're the critical bridge between the planting them and scaling these life-changing compounds with unique consistency, economic viability and obviously, patents.

這時他們就會敲開 BioHarvest Sciences 的大門，因為顯然，我們是種植這些改變生活的化合物和擴大其規模之間的關鍵橋樑，具有獨特的一致性、經濟可行性，當然還有專利。

And so, we've developed now this unique discovery process, which is indication focused and then utilizing the different tools, the computational biology tools that we've developed from -- and obviously, utilizing a significant amount of AI because we've actually been able now to catalog so many libraries of plants, of compounds of the mechanism of action of understanding what's worked in tissue culture, what hasn't worked in tissue culture.

因此，我們現在已經開發出這種獨特的發現過程，它以適應症為中心，然後利用不同的工具，我們開發的計算生物學工具——顯然，利用了大量的人工智慧，因為我們現在實際上已經能夠對如此多的植物庫、化合物庫進行分類，了解哪些成分在組織培養中有效，哪些成分在組織培養中無效。

And we're able to very quickly, and it's normally like a 14-day process that we're able to work through it, be able to then sit down with the customer and say, okay, based on that indication, here are the one or two or three plants that we believe have the compounds that can be the next generation of life-changing compound for you.

我們能夠非常快速地完成這項工作，通常只需 14 天，然後我們就可以與客戶坐下來商討，並說，好的，根據這一跡象，我們認為這裡有一、兩或三種植物含有可以成為下一代改變您生活的化合物。

And we believe that based on the mechanism of action, based on the work that's been done in the last 30 years from a tissue culture perspective that we can deliver on this compound. And that then gives them the confidence to go into that critical Stage 1.

我們相信，基於作用機制，基於過去 30 年從組織培養角度所做的工作，我們可以開發出這種化合物。這讓他們有信心進入關鍵的第一階段。

So with this new tool, we're able to also increase further the amount of leads that are coming into the pipeline. And I think that's going to really stand us in very strong position as we go into 2026.

因此，有了這個新工具，我們也能夠進一步增加進入通路的潛在客戶數量。我認為，當我們邁入 2026 年時，這將真正使我們處於非常有利的地位。

Lastly, in the case of our Tate & Lyle partnership, the partnership continues to strengthen. The relationship between the 2 working teams is excellent. There's a great collaboration. We have sourced the critical -- one of the critical plants. We are working actively on the tissue culture work.

最後，就我們與泰特萊爾的合作關係而言，這種合作關係正在不斷加強。兩個工作團隊之間的關係非常好。這是一次很棒的合作。我們已經找到了關鍵的——關鍵的植物之一。我們正積極進行組織培養工作。

And I promise that when we have news to share, we will be sharing that news, but the partnership continues to grow from strength to strength, and that gives us opportunities to -- Tate & Lyle are a significant company. They cover many categories. And I think Tate & Lyle have experienced the professionalism, the capabilities of our organization over the last six months.

我保證，當我們有新聞要分享時，我們會分享這些新聞，但合作關係將繼續不斷發展壯大，這為我們提供了機會——泰特萊爾是一家重要的公司。它們涵蓋許多類別。我認為泰萊公司在過去六個月裡已經感受到了我們組織的專業和能力。

And I believe that can also open up some potential new opportunities for us outside of the existing swimlane that we've been working on. And at the right time, I can share a little bit more in this area, if appropriate. Thank you.

我相信這也能為我們在現有努力範圍之外開闢一些潛在的新機會。如果合適的話，在適當的時候，我可以分享更多關於這個領域的資訊。謝謝。

That's helpful. Maybe one last one for me, and I'll hop back in the queue. But will you guys be seeing any impact from the implementation of tariffs? And if so, how do you expect to respond? Thank you.

這很有幫助。也許對我來說這是最後一個了，然後我會回到隊列中。但是你們會看到關稅實施帶來的影響嗎？如果是的話，您預計會如何回應？謝謝。

Yeah, So, obviously, everybody is familiar that the final tariff impact from an Israel perspective is now sitting at 15% as far as transfer material from Israel to the US.

是的，所以，顯然，每個人都知道，從以色列的角度來看，就從以色列到美國的轉移材料而言，最終的關稅影響現在是 15%。

We, obviously, are transferring material from one company from owned by BioHarvest to another company. So we have factored that in into our value chain. And, obviously, I would prefer it to be zero, but the impact of that, we've been able to manage that through driving efficiencies in other areas.

顯然，我們正在將材料從 BioHarvest 旗下的一家公司轉移到另一家公司。因此，我們已將其納入我們的價值鏈。顯然，我希望它是零，但對於其影響，我們已經能夠透過提高其他領域的效率來管理它。

We had budgeted actually for a higher number, thinking it was going to go up to 17%, and that's basically what we had factored into our downhill now that it's sitting at 15% for the moment. And I do think that, that's not stationary, that may change.

我們實際上已經為更高的數字編制了預算，認為它會上升到 17%，而這基本上就是我們在現在的下滑中考慮到的因素，因為目前它的比例是 15%。我確實認為，這不是靜止的，可能會改變。

So we do get a little bit of upside. And obviously, we're focused on everything here. But we have been able to factor that into our P&L and into our projections as we look to guide the business to that adjusted EBITDA profitability that we're focusing on getting to in the fourth quarter. It would be -- it's not a major impact, okay? The quantum is not major. It's manageable. And we've managed it through just religious focus on cost reduction in other areas to balance that impact

所以我們確實獲得了一點好處。顯然，我們關注這裡的一切。但我們已經能夠將其納入我們的損益表和預測中，因為我們希望引導業務實現我們致力於在第四季度實現的調整後 EBITDA 獲利能力。這不會造成太大影響，對吧？量子並不大。這是可以控制的。我們透過專注於降低其他領域的成本來平衡這種影響

That's helpful thank you.

這很有幫助，謝謝。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾、H.C. 溫賴特。

Thank you. Good morning, everyone, and congrats on another strong quarter. With respect to the sales channels, Ilan, can you give us sort of a high-level overview of what are the different sales channels you will have by the end of the year? And how are you managing these?

謝謝。大家早安，恭喜您又一個強勁的季度。關於銷售管道，Ilan，您能否向我們概述一下到今年年底您將擁有哪些不同的銷售管道？您如何處理這些？

Amit, nice to hear from you. Okay. From a sales channel perspective, obviously, our core vinia.com direct-to-consumer business is basically the lion's share of our business. This today is roughly around about 80% of the business.

阿米特，很高興收到你的來信。好的。從銷售管道的角度來看，顯然，我們的核心 vinia.com 直接面向消費者的業務基本上佔據了我們業務的最大份額。如今，這大約佔業務的 80% 左右。

Obviously, Amazon, we've been able to manage this at a healthy 20% of the business. So today, these are the core channels. In addition, we have a growing direct-to- doctor professional business, where we have a small team that focuses on key integrated medicine specialist centers around the US and key doctors that actually do sell supplements directly to their patients.

顯然，對於亞馬遜來說，我們已經能夠將這一比例控制在健康的 20% 左右。所以今天，這些就是核心管道。此外，我們擁有不斷成長的直接面向醫生的專業業務，我們有一個小團隊，專注於美國各地的主要綜合醫學專家中心和實際上直接向患者銷售補充劑的主要醫生。

We've also opened up our international purchases in the last two months, and we're seeing a really nice steady stream of international purchases come through every single day. And that obviously helps us from a marketing efficiency perspective because they're seeing this through leakage of a lot of our TV.

在過去的兩個月裡，我們也開放了國際採購業務，每天都能看到源源不絕的國際採購。從行銷效率的角度來看，這顯然對我們有幫助，因為他們透過我們許多電視節目的洩漏看到了這一點。

We do a lot of work with TBN, Trinity Broadcast Corporation, which is the fourth largest TV channel in the US A lot of that content is projected into the Southern Hemisphere, Australia and New Zealand, also into Singapore, Malaysia and even into Europe.

我們與美國第四大電視台三一廣播公司 (TBN) 合作很多，很多內容都投射到南半球、澳洲和紐西蘭，還有新加坡、馬來西亞，甚至歐洲。

So we're starting to see now that those consumers, and that's one of the reasons why we turned on international purchasing. And every single day, we're getting more and more requests, and I believe that will continue to grow.

所以我們現在開始看到這些消費者，這也是我們轉向國際採購的原因之一。每天，我們都會收到越來越多的請求，我相信這個數字還會持續成長。

The Health Pros' channel, Amit, is a major, major bet for us and something that I believe will be a critical source of our competitive advantage because to be able to manage and build that professional channel requires IT capabilities, critical technology that we, as a company, it's part of our DNA, the way we run our business with technology and systems running the whole back end of the business.

阿米特 (Amit)，健康專業人士管道對我們來說是一項重大賭注，我相信它將成為我們競爭優勢的關鍵來源，因為能夠管理和建立該專業管道需要 IT 能力，這是關鍵技術，作為一家公司，它是我們 DNA 的一部分，是我們利用技術和系統運行整個業務後端的方式。

We've spent literally the last four months building the back end of how do you onboard 300 health pros, how do you make sure that you have all the required information that's critical, banking information, tax information, being able to pay them at the appropriate time and all the back-end systems.

我們花了四個月的時間來建立後端系統，包括如何讓 300 名健康專家加入進來，如何確保擁有所有必需的關鍵資訊、銀行資訊、稅務訊息，如何能夠在適當的時間向他們付款以及所有後端系統。

We've now developed that. We've also developed all the content to be able to educate these people, the catalogs, the specific programming to make sure that these health experts understand the technical nature of our product, almost like it's our own sales force going out and communicating to the world the uniqueness of our -- in this case, of our VINIA product. And obviously, this -- the health pros will continue as we launch new products into the marketplace.

我們現在已經開發了它。我們還開發了所有內容來教育這些人，目錄，特定的程序，以確保這些健康專家了解我們產品的技術性質，幾乎就像我們自己的銷售團隊出去向世界傳達我們的獨特性 - 在這種情況下，我們的 VINIA 產品的獨特性。顯然，隨著我們向市場推出新產品，健康專家將繼續這樣做。

So our expectation with these health pros that are coming on board, they are people that are highly respected in their ecosystems and their communities. Many of them have significant social media presence as we articulated with the two examples that we shared a little bit earlier.

因此，我們對這些加入的健康專家的期望是，他們是在其生態系統和社區中備受尊重的人。正如我們之前分享的兩個例子所表明的那樣，他們中的許多人在社交媒體上都有顯著的影響力。

And we see this as being a critical strategic channel for the company, a channel that we can control, a channel that we're able to scale. Initially, it will go from 10 to 100 to 300 by the end of the year. And ultimately, we will continue to build this out and scale it. And my expectation is that, this will contribute shortly 20% of the business and will then start to kind of give us a nice

我們認為這是公司的關鍵策略管道，一個我們可以控制的管道，一個我們能夠擴展的管道。最初，這個數字將從 10 增加到 100，到今年年底將增加至 300。最終，我們將繼續建構並擴大這一體系。我的預期是，這將很快貢獻 20% 的業務，然後開始為我們帶來不錯的

balanced channel mix. And importantly, the marketing efficiency in this channel is much greater than all the other channels because it allows us to be able to generate a much lower cost of acquisition. So this should help us really drive increased marketing efficiency and leverage as we start to continue to scale the business.

平衡的渠道組合。重要的是，這個管道的行銷效率比所有其他管道都要高得多，因為它使我們能夠產生更低的獲取成本。因此，當我們開始繼續擴大業務規模時，這應該有助於我們真正提高行銷效率和槓桿率。

The only other channels that I think we would start to consider as we're scaling our business is other e-commerce channels, which play in parts of the world or play in certain areas that we don't specifically play in.

我認為，在擴大業務規模時，我們唯一會開始考慮的其他管道是其他電子商務管道，這些管道在世界各地或我們沒有特別涉足的某些地區發揮作用。

And I'll be able to share more about that probably in the next call.

我可能會在下次通話中分享更多相關資訊。

Understood. These health pros, are these like fitness and health sort of influencers? Or like are these some other type of folks or other credentials?

明白了。這些健康專家，是健身和健康的影響者嗎？或者這些人是其他類型的人或其他資歷？

No, this is like another level. A lot of the people we're going to be bringing on board on the health pros, they are doctors. They are nutritionists. They are physiotherapists. They are chiropractors. These are people that -- they are top coaches.

不，這就像是另一個層次。我們將邀請許多健康專業人士加入，他們都是醫生。他們是營養學家。他們是物理治療師。他們是脊椎按摩師。這些人都是頂級教練。

They are trainers. These are people that basically live and breathe health every single day that when you explain to them about dilation of arteries and nitric oxide and ET1, they get. They understand exactly the uniqueness of our product.

他們是培訓師。這些人基本上每天都生活和呼吸健康，當你向他們解釋動脈擴張、一氧化氮和 ET1 時，他們就明白了。他們完全了解我們產品的獨特之處。

When you talk to them about solubility and bioavailability, they get it. When we talk to them about hydration powered by blood flow, they get it. These are educated people that live and breathe in the health and nutrition world. And we're very, very selectively bringing on board these people. We have very, very tight agreements with them as well.

當你與他們談論溶解度和生物利用度時，他們就明白了。當我們和他們談論血液流動帶來的水合作用時，他們明白了。這些人受過良好教育，生活和呼吸在健康和​​營養的世界。我們非常有選擇性地招募這些人。我們與他們也簽訂了非常非常嚴格的協議。

And so, it's a layer of very highly skilled trained health professionals that understand the science and understand the consumer and can be a very important and highly effective bridge between our company and consumers out there and a consumer that basically we can then target in a much more efficient way.

因此，這是一群訓練有素、技術水平極高的健康專業人士，他們了解科學，了解消費者，可以成為我們公司和消費者之間的一座非常重要且高效的橋樑，基本上，我們可以以更有效的方式瞄準這些消費者。

Understood. With respect to margins, you see -- we see another sort of improvement this quarter. Is there more room here? You spoke about some maybe slight headwinds from tariffs, et cetera. With that in mind, are we sort of capped at around 60% at least for the near-term?

明白了。就利潤率而言，您看——我們本季度看到了另一種改善。這裡還有空間嗎？您談到了關稅等可能帶來的一些輕微阻力。考慮到這一點，我們是否至少在短期內會被限制在 60% 左右？

So I think you know my answer to that. And you know that we literally are a company that, as a result of some great work that Bar has done with her team and the systems that we put in, like we're like ABC costing on steroids in our company.

所以我想你知道我的答案。你知道，我們公司確實是一家這樣的公司，由於 Bar 和她的團隊所做的出色工作以及我們採用的系統，我們公司的 ABC 成本就像是加強版一樣。

We know every single step and what the cost is of that step, and we're maniacal in looking at every single opportunity to turn the knobs. So I would tell you that we still have target opportunities to turn the knobs.

我們知道每一步以及每一步的成本，我們瘋狂地尋找每一個機會來改變局面。所以我想告訴你，我們仍然有目標機會去扭轉局面。

And you saw us share that example a little bit earlier, just purely by changing how we ship and shipping in a double pack for many of the households that have purchased two subscriptions for each household. This added literally another 50 basis points for us.

您看到我們之前分享過這個例子，我們只是透過改變運輸方式，為每個家庭購買了兩個訂閱的許多家庭提供雙包裝運輸。這實際上為我們增加了另外 50 個基點。

And there are a number of other opportunities like that, that we will be able to execute between now and the end of the year. And then, obviously, we do get the benefits of scale as we continue to scale up the revenue of the business.

從現在到今年年底，我們還將能夠實現許多其他類似的機會。然後，顯然，隨著我們不斷擴大業務收入，我們確實獲得了規模效益。

So I would say to you, there's more in it. And we're very, very focused on literally turning every single screw. It may be -- the pace will not be as fast as the pace of what we've done. I mean, if you think about it, we went from 6% now to 60% in three years.

所以我想告訴你，其中還有更多內容。我們非常非常專注於擰緊每一個螺絲。有可能——速度不會像我們已經做的速度那麼快。我的意思是，如果你想想，我們在三年內從現在的 6% 上升到了 60%。

But I think importantly, Amit, this is really, really important. I want everybody out there to understand this. The price of VINIA core package, which is our 90 days three-month subscription package when we launched in May 2021 was $99. If you all go online today and you want to buy that same package, it's $99. We've maintained price.

但我認為重要的是，阿米特，這真的非常重要。我希望每個人都能理解這一點。VINIA 核心套餐（即我們的 90 天三個月訂閱套餐）於 2021 年 5 月推出時的價格為 99 美元。如果你們今天上網並想購買相同的套餐，價格是 99 美元。我們維持價格不變。

And show me another company out there that has, in this hyperinflationary four years, has been able to maintain price on their core SKU. This is super unique. It's driven by, number one, the company's vision and value system, which is all about democratizing life-changing compounds, and we felt that this price point is a magical price point and critical.

並且告訴我還有哪家公司在這惡性通貨膨脹的四年裡能夠維持其核心 SKU 的價格。這是非常獨特的。首先，這是由公司的願景和價值體系所驅動的，讓改變生活的化合物民主化，我們認為這個價格點是一個神奇的價格點，而且至關重要。

And then just real servant leadership across the end-to-end value chain to find other ways outside of pricing to be able to drive margin in the business. So there are plenty of opportunities left for us. Obviously, pricing for us is not a lever that we want to be pulling because as we democratize and scale the business. We do utilize mix management. Obviously, our coffee products and tea products are higher margin than our capsule business.

然後，透過端到端價值鏈中的真正服務式領導，找到定價以外的其他方法來提高業務利潤。因此，我們還有大量的機會。顯然，定價並不是我們想要利用的槓桿，因為我們正在實現業務的民主化和規模化。我們確實利用了混合管理。顯然，我們的咖啡產品和茶產品的利潤率高於膠囊業務。

And I think with the success we're going to see in our hydration business, we have very high expectations. This will help us improve margin as well from a mix perspective. But again, on the cost side and the efficiency side, there's still more work for us. It won't be at the same pace, but there's still work to be done there.

我認為，鑑於我們在補水業務上取得的成功，我們對此抱有很高的期望。從組合角度來看，這也將幫助我們提高利潤率。但從成本和效率來看，我們還有很多工作要做。雖然速度不會一樣，但仍有工作要做。

Understood. Thank you for that comprehensive answer, Ian. I'll, take my other questions offline. Thank you.

明白了。謝謝你的全面回答，伊恩。我將離線回答我的其他問題。謝謝。

Thank you.

謝謝。

Anthony Vendetti, Maxim Group.

安東尼·文德蒂（Anthony Vendetti），馬克西姆集團（Maxim Group）。

Thank you. Ilan, I was wondering if you could just dig a little deeper into your botanical process there. Any other this quarter, particularly innovations in the process in terms of improving the throughput and any other new molecule isolation that you've been able to ascertain this quarter? And then just an update on your facility expansion.

謝謝。伊蘭，我想知道您是否可以更深入地了解您的植物學過程。本季還有其他進展嗎？特別是在提高吞吐量方面的製程創新，以及本季您能確定的任何其他新分子分離技術？然後只是關於您的設施擴建的最新消息。

Thanks so much.

非常感謝。

So from a botanical synthesis process perspective, Anthony, we've done -- we continue every quarter, there's a lot of work that we're doing on the process, let's call it the process optimization. I think I first want to break this up into the first area, which is around digitization of our facility as it relates to all the biological metrics that are critical for us to make sure that the cells are growing effectively on the growth curve in a way that optimizes the Piceid Resveratrol polyphenols that they produce, as well as optimizing potency, as well as optimizing yield.

因此，從植物合成過程的角度來看，安東尼，我們已經完成了 - 我們每個季度都會繼續進行，我們在這個過程上做了很多工作，我們稱之為過程優化。我認為我首先要將其分解為第一個領域，即我們設施的數位化，因為它與所有生物指標相關，這些指標對於我們確保細胞在生長曲線上有效生長至關重要，從而優化它們產生的 Piceid 白藜蘆醇多酚，以及優化效力和產量。

And my COO, Ilana and her team are growing in their knowledge because this whole piece is being digitized and with more data we're able to optimize. So we're getting better and better at doing what we need to do to drive optimization of yield and potency. And that's really, really critical. And that's all just driven by the digitization. We built a blueprint, a brain for our facility, which allows us also to be much more efficient in handling every single month anywhere from 100 to 140 bioreactors. There's no other company in the world that handles the quantum scale of bioreactors that we handle. This is number one.

我的營運長 Ilana 和她的團隊的知識也在不斷增長，因為整個部分正在數位化，我們能夠利用更多的數據進行最佳化。因此，我們在推動產量和效力優化方面做得越來越好。這真的非常關鍵。而這一切都是由數位化推動的。我們為我們的設施建立了一個藍圖，一個大腦，這使我們能夠更有效率地處理每個月 100 到 140 個生物反應器。世界上沒有其他公司能夠像我們一樣處理如此大規模的生物反應器。這是第一名。

Number two is -- and I actually sat down with the team before I went overseas. So like last week, Wednesday, I had a great three-hour meeting with our process engineering team, and there are certain parts of our process where we have an opportunity to automate these processes more effectively.

第二點是——我在出國之前實際上和團隊坐下來談過。因此，就像上週三一樣，我與我們的流程工程團隊進行了一次長達三個小時的會議，而我們流程的某些部分有機會更有效地實現這些流程的自動化。

And so, there is a significant amount of work, specifically in the area which we call harvesting, which is when we basically take the cells when they finished their growth cycle and we separate it from the liquid. We call this harvesting. We are now working on a number of different technologies to much more efficiently work through the harvesting side.

因此，需要進行大量的工作，特別是在我們稱之為收穫的領域，也就是當細胞完成生長週期後，我們將其從液體中分離出來。我們稱之為收穫。我們目前正在研究多種不同的技術，以便更有效地完成收穫工作。

And then similarly, on the drying side, there's a number of technologies that we're working on right now because as we scale our manufacturing capacity, we will be putting in place our own drying capacity. And that's, again, just to the earlier point around the margins, once we start to bring at least a large proportion of our drying in-house, this will allow us to improve gross profit margins.

同樣，在乾燥方面，我們目前正在研究多種技術，因為隨著我們擴大製造能力，我們將建立自己的乾燥能力。再次強調，這只是關於利潤率的早期觀點，一旦我們開始將至少很大一部分乾燥工作轉移到內部，這將使我們能夠提高毛利率。

So everything that we're doing from process optimization as it relates to harvesting as it relates to downstream drying and upstream digitization, all of this is ultimately allowing us to get better at what we do and will translate over time in much better gross profits for the direct-to-consumer business. But importantly, all of this translates into the CDMO business itself.

因此，我們所做的一切，從流程優化到收穫，再到下游乾燥和上游數位化，所有這些最終都使我們能夠更好地完成工作，並隨著時間的推移轉化為直接面向消費者業務的更好的毛利。但重要的是，所有這些都轉化為 CDMO 業務本身。

In addition, we're also working on the next generation of bioreactors. Now we're at 1,200-liter bioreactors. And we're not going to so we don't stay stationary. We keep on moving. We went from 350 to 600 to 800 to 1,000 to 1,200 liters.

此外，我們也正在研究下一代生物反應器。現在我們擁有 1,200 公升的生物反應器。我們不會這樣做，所以我們不會停滯不前。我們繼續前進。我們從 350 公升增加到 600 公升、800 公升、1,000 公升、1,200 公升。

And as we plan now to move to our next facility, which we will commence the more specific manufacturing towards the back end of this year, the expectation is to be in 2,000 liters and above. So, there's a lot of work that we're doing in that space.

我們現在計劃搬遷到下一個工廠，並將在今年年底開始更具體的生產，預計產量將達到 2,000 公升及以上。所以，我們在該領域做了很多工作。

And this is just part of how a company like ourselves that's building a movement of change to bring life-changing compounds to the world. It's like the natural cycle of just continuous improvement around the process engineering of our end-to-end business so we can get better and better as it relates to botanical synthesis.

這只是我們這樣的公司發起變革運動的一部分，旨在為世界帶來改變生活的化合物。這就像圍繞著我們端到端業務流程工程不斷改進的自然循環，因此我們在植物合成方面可以做得越來越好。

On the CDMO side, and I speak here on behalf of Zaki, it's amazing the way Zaki and obviously, given his background as a mathematician and an engineer, Zaki has built a, I would say, a best-in-class computational biology team with some real experts from the industry, and this is really starting to be seen as a force of our competitive advantage across the business.

在 CDMO 方面，我代表扎基發言，扎基的方式非常出色，顯然，鑑於他的數學家和工程師背景，扎基已經組建了一支一流的計算生物學團隊，其中有一些來自業內的真正專家，這確實開始被視為我們整個業務的競爭優勢。

Our business, we don't talk about it a lot externally. You don't see us kind of stumping our chests around how we use AI, but we're using AI across our entire business and specifically within the CDMO business, whether it relates to the work that we do from a discovery perspective or it relates to the work we're doing on the actual tissue culture work in leveraging the power of AI computational biology to get more and more efficient all the way through to -- we live in an ecosystem in Israel, probably the best ecosystem as it relates to tapping into best- in-class cutting-edge technology to make us more efficient like computer vision.

我們很少對外談論我們的業務。您不會看到我們為如何使用人工智慧而大談特談，但我們正在整個業務中使用人工智慧，特別是在 CDMO 業務中，無論是從發現角度還是與我們在實際組織培養工作中所做的工作有關，我們都在利用人工智慧計算生物學的力量來提高效率——我們生活在以色列的生態系統中，這可能是最好的生態系統，因為它涉及利用一流的尖端技術來提高我們的技術。

We started a major project in the area of computer vision so that there's less handling of the materials, and we can actually use computer vision to be able to -- an AI, a combination of computer vision and AI to be able to assess whether the tissue culture is growing the right way or not.

我們在電腦視覺領域啟動了一個重大項目，以便減少對材料的處理，我們實際上可以使用電腦視覺來——人工智慧，電腦視覺和人工智慧的結合，來評估組織培養是否以正確的方式生長。

So continuous, continuous, and this is really part of the culture and the innovative mindset that we have at BioHarvest.

所以持續不斷，持續不斷，這實際上是 BioHarvest 的文化和創新思維的一部分。

Okay. Great. And then just maybe one last follow-up. In terms of the quarter we're in now, I know fourth quarter '25 is the target for EBITDA breakeven. But for this quarter, are there any other major milestones by September 30 that we should be looking for between now and then?

好的。偉大的。然後也許只是最後一次跟進。就我們現在所處的季度而言，我知道 25 年第四季是 EBITDA 收支平衡的目標。但對於本季來說，從現在到 9 月 30 日之間是否還有其他值得我們關注的重要里程碑？

Look, I think you'll start to see the impact of the Health Pros' in the month of September. For us now, as I said, we're bringing in our first 10 this week. Everything is ready. The whole back end is ready, the front end is ready. It's a huge effort of the whole marketing organization and as well as the IT side of the organization.

看，我認為你會在九月開始看到「健康專家」的影響。對我們來說，正如我所說的，本週我們將迎來前 10 名。一切就緒。整個後端已經準備好了，前端也準備好了。這是整個行銷組織以及組織 IT 部門的巨大努力。

So -- and then we plan to very quickly bring on board 50, 100. And so, we should start to see some of those benefits come through in September, but we're working through very methodically and carefully around how we do that. But the impact -- the true impact of that will be in the fourth quarter.

所以 — — 然後我們計劃很快引進 50 到 100 名員工。因此，我們應該會在九月開始看到一些好處，但我們正在非常有條不紊、謹慎地研究如何做到這一點。但其影響——真正的影響將在第四季顯現。

Similarly, the hydration product, we will launch -- we're trying to get production completed in September. And because the product is Informed Sports certified, and again, it's one of the few products in the market, that actually is third-party verified antidoping.

同樣，我們將推出補水產品——我們計劃在 9 月完成生產。而且由於該產品已通過 Informed Sports 認證，因此它是市場上少數經過第三方驗證的反興奮劑產品之一。

We've been very, very technical on how we're bringing this product to market. Everything is best-in-class. So with Informed Sports certification, it takes about another 10 days from the time you've done manufacturing to send samples to London to make -- because every single batch is certified to make sure it passes antidoping laws. And this is so critical to get into NCAA18s, NFL, MLS.

我們在將該產品推向市場方面非常注重技術。一切都是一流的。因此，通過 Informed Sports 認證，從製造完成到將樣品送往倫敦進行生產大約需要 10 天的時間——因為每一批產品都經過認證，以確保其符合反興奮劑法。這對於進入 NCAA18s、NFL、MLS 至關重要。

And I really believe we have the game changer, the game changer of hydration as it relates to the science, as it relates to the taste and then ultimately, efficacy when it comes to these athletes. And that's why it was so important for us to invest in Informed Sports certification. So the true impact, again, will be in October.

我真的相信我們已經擁有了改變遊戲規則的東西，改變了補水技術的遊戲規則，因為它與科學有關，與口味有關，最終與運動員的功效有關。這就是為什麼投資 Informed Sports 認證對我們來說如此重要。因此，真正的影響將再次出現在十月。

We are doing a lot of work on the CDMO, and there's a lot of action going on, but I don't want to be overly predictive on this, and we will obviously share more updates when appropriate over the next 6 weeks. But you can see the business is gearing up for putting in place the infrastructure to really have a significant acceleration in the fourth quarter.

我們正在 CDMO 上做大量工作，並且有很多行動正在進行，但我不想對此做出過多的預測，我們顯然會在接下來的 6 週內在適當的時候分享更多更新。但你可以看到，企業正在加緊建設基礎設施，以便在第四季度真正實現顯著加速。

And I think it was important for us to give our shareholders the visibility of what that looks like, building on top already very, very good core momentum in the business.

我認為，讓我們的股東了解情況對我們來說很重要，這將建立在業務已經非常非常好的核心動能上。

Okay, great. Thanks so much for all that color, appreciate it.

好的，太好了。非常感謝這些顏色，很感激。

Hunter Diamond, Diamond Equity Research.

戴蒙德（Hunter Diamond），戴蒙德股票研究公司。

Hi everyone, good morning and congratulations on the strong results. My question relates to the CDMO, again, when do you see that sort of ramping up high level and contributing more meaningful to revenue? And maybe you could touch on the Phase I, Phase II assets, the breakdown of contracts or how you see -- where you see the low-hanging fruit? Is it more coming in earlier stage or some later-stage compounds that you're able to work with?

大家好，早安，恭喜你們取得優異的成績。我的問題與 CDMO 有關，您何時才能看到這種成長達到高水準並對收入做出更有意義的貢獻？也許您可以談談第一階段、第二階段的資產、合約的細目，或者您如何看待——您認為容易實現的目標在哪裡？您能夠處理的是早期化合物還是後期化合物？

Hi, good morning, Hunter, thank you for the question. So look, just to kind of remind everybody, we've made huge progress. We moved our NASDAQ- listed pharmaceutical company that has an approved drug, I repeat, an approved drug.

你好，早安，亨特，謝謝你的提問。所以，我只是想提醒大家，我們已經取得了巨大的進步。我們搬遷了在納斯達克上市的製藥公司，該公司擁有一種核准的藥物，我再說一遍，一種核准的藥物。

We moved them already from Phase I to Phase II in the second quarter in May. And so that was really a major, major validation of the power of our technology and given the fact that this is quite a unique biological material that we plan to produce for this very, very strategic partner.

我們已於 5 月第二季將它們從第一階段轉移到第二階段。因此，這確實是對我們技術實力的重大驗證，考慮到我們計劃為這個非常具有戰略意義的合作夥伴生產這種非常獨特的生物材料。

And as you know, we are now working very closely with Tate & Lyle and then, obviously, the fragrance opportunity, which we haven't really spoken about in a public forum like this. But this is a monster of an opportunity of a category or I'd call it more like a segment, which is $16 billion and it's just waiting for innovation just given the sustainability challenge that exist -- literally, the particular plant that we're dealing with here is a plant that in 20 years' time may not exist. It's a rare plant, and it's a massive opportunity from a financial leverage perspective for us.

如你所知，我們現在正與泰萊公司密切合作，顯然還有香水的合作機會，我們還沒有在這樣的公開論壇上談論過這個問題。但這是一個巨大的機遇，一個類別，或者我更願意稱之為一個細分市場，它的價值為 160 億美元，它只是在等待創新，因為存在可持續性挑戰——實際上，我們在這裡處理的特定工廠是 20 年後可能不復存在的工廠。這是一種稀有植物，從財務槓桿的角度來看，這對我們來說是一個巨大的機會。

So what's already in the queue is significant. And each of those opportunities are literally specifically on the Tate & Lyle side and on the fragrance side, these are multibillion-dollar opportunities. On the pharmaceutical side, it's a good million -- multimillion dollar opportunity.

因此，已經排隊的事情非常重要。而這些機會其實都是針對泰特萊爾和香水方面的，這些都是價值數十億美元的機會。從製藥方面來說，這是一個價值數百萬美元的好機會。

So what's sitting in the pen looks really, really good right now. And as I mentioned a little bit earlier, the team have built an amazing pipeline. And what's really very encouraging for me is that, that pipeline has not been built by a crazy amount of marketing.

所以現在圍欄裡的東西看起來真的非常好。正如我之前提到的，該團隊已經建立了一條令人驚嘆的管道。對我來說真正令人鼓舞的是，這個管道並不是透過大量的行銷來建立的。

The demand creation is coming from the customers. It's customers that are finding us and are totally intrigued, overwhelmed by technology and then start to understand what it could actually do for their respective businesses.

需求創造來自於客戶。客戶發現我們後，非常感興趣，對科技感到震撼，然後開始了解它實際上能為他們各自的業務做些什麼。

And that's why through our significant interaction with the customers, we decided to bring into play the discovery module because we felt that this for $35,000 to $50,000, a few weeks of work by our computational biologists together with our R&D team, we could very quickly get customers on the path into a Stage 1 project.

這就是為什麼透過與客戶的大量互動，我們決定啟用發現模組，因為我們認為，只需花費 35,000 到 50,000 美元，我們的計算生物學家和研發團隊經過幾週的工作，就能很快讓客戶進入第一階段的專案。

So going back to your -- that just gives a bit of color and texture on what's going on, which is super exciting. But what's important going back to your question is, when are we going to start to see meaningful contributions?

所以回到你的話題——這只是為正在發生的事情提供了一些色彩和質感，這非常令人興奮。但回到你的問題，重要的是，我們什麼時候才能開始看到有意義的貢獻？

The meaningful contributions, I believe, will start coming to play in early next year because we'll start to see more of the existing projects coming into -- so Phase 1 moving to Phase II, Phase II moving into Phase III.

我相信，有意義的貢獻將在明年年初開始發揮作用，因為我們將開始看到更多現有項目進入——第一階段進入第二階段，第二階段進入第三階段。

And then as a result of a lot of the work we've done in building the pipeline, you'll start to see a lot more projects coming into Phase 1. So the contribution of the CDMO will continue to increase. And by the way, the CDMO contribution right now, it's meaningful.

然後，由於我們在建立管道方面所做的大量工作，您將開始看到更多專案進入第一階段。因此CDMO的貢獻將會持續增加。順便說一句，CDMO 目前的貢獻是有意義的。

It's not insignificant. It's meaningful because as we're realizing revenue on a quarter-by-quarter basis, it's becoming more and more meaningful each quarter. And obviously, that will continue, and we'll start to probably break it out more clearly for the -- our shareholders and the analysts as we go into next year.

這並不是無關緊要的事。這是有意義的，因為隨著我們逐季實現收入，它每季都變得越來越有意義。顯然，這種情況將會持續下去，隨著明年的到來，我們可能會開始為股東和分析師更清楚地闡明這一點。

Great. Thanks, thank you for taking my question.

偉大的。謝謝，感謝您回答我的問題。

This concludes our question-and-answer session. I'd now like to hand the call back over to Mr. Ilan Sobel for his closing remarks.

我們的問答環節到此結束。現在我想將發言權交還給伊蘭·索貝爾先生，請他作最後發言。

So thank you, everybody, for making time. I know for some of you on the West Coast, it was pretty early this morning. I appreciate that. I hope after the last 1 hour, you really see the progress that the company has made, our ability to maniacally execute day in, day out and deliver on what we said we would deliver.

謝謝大家抽出時間。我知道對於西海岸的一些人來說，今天早上還很早。我很感激。我希望經過最後 1 個小時，您能真正看到公司所取得的進步，以及我們日復一日瘋狂執行並兌現承諾的能力。

I also hope you walk away from this conference call encouraged by the additional capabilities that we're building as it relates to new channels, as it relates to new breakthrough disruptive products going into multibillion-dollar categories, all the way through to what we're doing on the CDMO side with our new discovery service, which ultimately has the ability to really act as a significant catchment of customers that we can bring in and progress through our CDMO.

我也希望您在參加本次電話會議後，能夠對我們正在構建的與新渠道相關的附加功能感到鼓舞，因為它與進入數十億美元類別的突破性新顛覆性產品有關，一直到我們在 CDMO 方面通過新的發現服務所做的工作，它最終能夠真正成為一個重要的客戶群，我們可以通過我們的 CDMO 引入並取得進展。

And it's those capabilities that we're building that combined with the momentum of the business that together are ultimately going to ensure that we deliver on the financial metrics that are so important that we're all my management team, Bar and kudos to Bar, who's just so focused on ensuring that we execute on our financial metrics.

我們正在建立的這些能力與業務的發展勢頭相結合，最終將確保我們實現財務指標，這些指標非常重要，我們都是管理團隊，Bar，向 Bar 致敬，他非常專注於確保我們執行財務指標。

And as I said earlier, we have such great visibility, data visibility on where we need to be focusing our resources on to ultimately deliver those critical financial milestones that I believe all of our shareholder partners are obviously eager for us to cross the line and then really start to scale this business and our capabilities and build a life-changing company that's delivering compounds that affecting -- positively affecting the health and wellness of initially millions and 10 millions and ultimately, hundreds of millions of consumers around the world.

正如我之前所說，我們擁有如此出色的可見性，數據可見性，讓我們知道需要將資源集中在哪裡，以最終實現那些關鍵的財務里程碑，我相信我們所有的股東合作夥伴都渴望我們跨越界限，然後真正開始擴大這項業務和我們的能力，並建立一家改變生活的公司，提供影響的化合物——對全球最初數百萬、消費者的健康和千萬甚至產生積極影響。

So thank you for your time, and I'm super excited as we move into an exciting downhill of the company as we continue to build on the existing momentum. Thank you.

所以，非常感謝您抽出時間，我非常高興，因為我們正進入公司令人興奮的下坡期，我們將繼續保持現有的勢頭。謝謝。

Ladies and gentlemen, this concludes today's teleconference. Thank you for your participation. You may now disconnect your lines at this time, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路，享受美好的一天。