Bioharvest Sciences Inc (BHST) 2025 Q3 法說會逐字稿

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

各位好，歡迎參加 BioHarvest Sciences 2025 年第三季公司業績更新電話會議。（操作說明）提醒各位，本次會議正在錄音。在正式開始演講之前，我想提醒大家，今天電話會議和網路直播中發表的聲明，包括有關未來財務業績和行業前景的聲明，都是前瞻性的，可能受到許多風險和不確定性的影響，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 of the business on an ongoing basis.

請查閱公司提交的監管文件，以了解相關風險清單；同時，我們也建議您造訪公司網站，以取得更多行業資訊。此外，在今天的電話會議中，公司可能會提及調整後的 EBITDA，這是一個非 IFRS 財務指標，公司認為該指標可以持續地為投資者提供有關公司業務表現的有用資訊。

A reconciliation of adjusted EBITDA to its most directly comparable IFRS financial measure is included in today's earnings release, which is available on the BioHarvest website under the Investors tab. On our call today is Chief Executive Officer, Ilan Sobel; and Chief Financial Officer, Bar Dichter.

今天的獲利報告中包含了調整後 EBITDA 與其最直接可比較的 IFRS 財務指標的調節表，該報告可在 BioHarvest 網站的「投資者」標籤下找到。今天參加我們電話會議的有執行長伊蘭·索貝爾和財務長巴爾·迪希特。

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

現在我將把電話交給執行長伊蘭·索貝爾。伊蘭，現在輪到你發言了。

Thank you, operator, and good morning, everyone. I'm pleased to welcome you to today's third quarter 2025 corporate update conference call. Q3 2025 was underscored by continued robust operational performance. We delivered revenue growth in line with our targets and moved closer to our near-term goal of achieving adjusted EBITDA breakeven.

謝謝接線員，大家早安。歡迎各位參加今天舉行的2025年第三季公司業績更新電話會議。2025年第三季業績表現強勁。我們實現了與目標相符的營收成長，並朝著近期實現調整後 EBITDA 收支平衡的目標邁進了一步。

Total revenues increased 39% year-over-year to $9.1 million in the quarter, in line with our guidance with our total US VINIA active user base now exceeding 75,000 customers. This growth was fueled by sustained momentum in our core VINIA capsules, the expanding success of our VINIA Inside product portfolio and an increasingly significant contribution from our CDMO customer base.

本季總營收年增 39% 至 910 萬美元，符合我們的預期，目前美國 VINIA 活躍用戶總數已超過 75,000 名客戶。這一增長得益於我們核心產品 VINIA 膠囊的持續增長勢頭、VINIA Inside 產品組合的不斷成功以及 CDMO 客戶群日益顯著的貢獻。

For those less familiar with our company, BioHarvest is the inventor of Botanical Synthesis, a patented non-GMO platform that produces highly potent plant-derived compounds without needing to grow the whole plant. This technology enables us to create consistent bioavailable products at industrial scale, serving high-value markets across pharmaceuticals, nutraceuticals, cosmetics and nutrition.

對於不太了解我們公司的人來說，BioHarvest 是植物合成技術的發明者，該技術是一種專利的非基因改造平台，無需種植整株植物即可生產高效的植物衍生化合物。這項技術使我們能夠以工業規模生產出生物利用度穩定的產品，服務於製藥、營養保健品、化妝品和營養品等高價值市場。

We operate two synergistic business verticals. First, our direct-to-consumer products division, which includes our flagship VINIA nutraceuticals; and second, our services division as a CDMO, where we partner with other companies to develop novel plant-based compounds. This dual model positions us to drive revenue both from our own branded products and from B2B partnerships, leveraging our unique technology.

我們經營兩個相互促進的業務板塊。首先，我們的直接面向消費者的產品部門，其中包括我們的旗艦產品 VINIA 營養保健品；其次，我們的 CDMO 服務部門，我們與其他公司合作開發新型植物化合物。這種雙軌制模式使我們能夠利用我們獨特的技術，既透過自有品牌產品，也透過 B2B 合作來推動營收成長。

Now turning back to the third quarter, let me share with you some key facts which help explain the quality of our growth in the products business, which increased overall by 30% versus previous year. The core capsules business accounted for 88% of product revenues with new products representing the remaining 12%.

現在回到第三季度，讓我與大家分享一些關鍵事實，這有助於解釋我們產品業務成長的質量，該業務整體比上年增長了 30%。核心膠囊業務佔產品收入的 88%，新產品佔剩餘的 12%。

Core capsules growth represented approximately 70% of total product revenue growth with new products contributing a significant healthy approximately 30% of growth, fueled by strong double-digit growth in tea and coffee businesses and the successful launch of our VINIA 2X Formula Chews, which today has a record review rating of 4.8 out of 5 on Amazon.

核心膠囊的成長約佔產品總收入成長的 70%，新產品貢獻了約 30% 的顯著健康成長，這主要得益於茶和咖啡業務強勁的兩位數成長，以及我們成功推出的 VINIA 2X 配方咀嚼片，該產品目前在亞馬遜上的評分為 4.8 分（滿分 5 分）。

I'd like to now take a moment to highlight three key growth drivers that defined our Q3 performance. Our CDMO business is playing an increasingly important role in our growth with milestone-based project revenues compounding this quarter and together with new deals represented nearly 25% of the company's revenue growth for the quarter.

現在我想花點時間重點介紹一下推動我們第三季業績成長的三大關鍵因素。我們的 CDMO 業務在我們的成長中發揮越來越重要的作用，基於里程碑的專案收入在本季度實現了複合成長，加上新交易，占公司本季營收成長的近 25%。

Notably, we secured an exciting new CDMO partnership to develop saffron-derived compounds with Saffron Tech, in which BioHarvest will retain a 25% ownership of the resulting saffron compound. This collaboration is running Stage 1 and Stage 2 of our process in parallel to accelerate time to market. For context, saffron is known as the world's most expensive spice often retailing for over $10,000 per kilogram due to labor-intensive cultivation and limited supply.

值得一提的是，我們與 Saffron Tech 達成了一項令人興奮的新的 CDMO 合作關係，共同開發藏紅花衍生化合物，其中 BioHarvest 將保留最終藏紅花化合物 25% 的所有權。此次合作將我們流程的第一階段和第二階段並行進行，以加快產品上市速度。作為背景，藏紅花是世界上最昂貴的香料，由於其種植需要大量勞動力且供應有限，零售價通常超過每公斤 10,000 美元。

Our Botanical Synthesis technology has the opportunity to overcome these supply constraints, providing a unique high-value opportunity in this market. Beyond saffron, we continue to advance a robust CDMO prospective customer pipeline with several other target compounds, and we expect additional partners could onboard in the coming quarter.

我們的植物合成技術有機會克服這些供應限制，為該市場提供獨特的高價值機會。除了藏紅花之外，我們還在積極推動強大的 CDMO 潛在客戶產品線，其中包括其他幾種目標化合物，我們預計下一季可能會有更多合作夥伴加入。

Now turning to the product side of our business. To further drive VINIA's growth in Q3, we launched Phase 1 of our VINIA Health Pros professional affiliate program. Creating a new network of health practitioners, athletes, coaches and wellness influencers who are passionate about VINIA. The early response has been very encouraging.

現在我們來談談我們業務的產品方面。為了進一步推動 VINIA 在第三季的成長，我們啟動了 VINIA Health Pros 專業聯盟計畫的第一階段。創建一個由熱愛 VINIA 的健康從業者、運動員、教練和健康領域意見領袖組成的新網絡。目前的反應非常令人鼓舞。

We have already onboarded 75 Health Pros to date, and we're targeting approximately 300 by year-end as we launch Phase 2 of our onboarding process. These professionals effectively become a VINIA professional sales force, introducing our VINIA products to their clients and followers in return for earning a high-teen commission on all sales, costing us significantly less in marketing spend.

到目前為止，我們已經招募了 75 位健康專家，隨著我們啟動招募流程的第二階段，我們的目標是在年底前招募到大約 300 位健康專家。這些專業人士實際上成為了 VINIA 的專業銷售團隊，他們向客戶和粉絲介紹我們的 VINIA 產品，並從中獲得高達十幾的銷售傭金，這大大降低了我們的行銷支出。

We believe this professional affiliate program will amplify our reach and credibility in the health and wellness community, and we are preparing to enter a more aggressive Phase 2 of this program following the success of our initial Phase 1 onboarding. This week, we continue to advance our VINIA Inside strategy by providing our customers with exclusive early access to our VINIA blood flow hydration solution, which we believe has the potential to be a major category disruptor and driver of significant incremental revenue for the company.

我們相信，這項專業聯盟計劃將擴大我們在健康和保健領域的影響力和信譽，並且，在首期第一階段的招募取得成功之後，我們正準備進入該計劃更積極的第二階段。本週，我們將繼續推動 VINIA Inside 策略，為客戶提供獨家提前體驗 VINIA 血液流動補水解決方案的機會。我們相信，該解決方案有潛力成為顛覆品類的重大創新，並為公司帶來顯著的增量收入。

We began a VIP early adopter rollout on November 10, ahead of a broader market-wide public launch on December 3. This product extends the VINIA brand into the $17 billion US electrolyte hydration market. The line features six great tasting flavors and leverages VINIA's core competence of driving better blood flow, which is so critical in delivering hydration benefits by ensuring the effective transportation of fluids and electrolytes to the body's organs, tissues and cells.

我們於 11 月 10 日開始向 VIP 早期用戶推出產品，隨後於 12 月 3 日公開推出更廣泛的市場。該產品將 VINIA 品牌拓展到價值 170 億美元的美國電解質補水市場。該系列產品共有六種美味口味，並充分利用了 VINIA 的核心競爭力——促進血液循環，這對於確保將體液和電解質有效輸送到身體器官、組織和細胞，從而提供補水益處至關重要。

We are configuring our marketing stack and e-commerce platform to support an aggressive rollout of this exciting new product as we work to uniquely differentiate our blood flow hydration Solution versus competition, anchored in our delivery of unique benefits such as increasing dilation of arteries and improving blood flow, improving physical energy and mental alertness, regulating body temperature under heat and stress.

我們正在配置我們的行銷技術堆疊和電子商務平台，以支持這款令人興奮的新產品的積極推廣，同時努力使我們的血液流動補水解決方案與競爭對手形成獨特的差異化，其核心在於提供獨特的益處，例如增加動脈擴張和改善血液流動，提高身體能量和精神警覺性，在高溫和壓力下調節體溫。

This product is backed with a 90-day money back guarantee if consumers do not love the taste or feel the VINIA difference. Early feedback from our VIP users has been very encouraging, and we're confident that VINIA BloodFlow Hydration will open a significant new revenue stream for BioHarvest. In addition to these growth initiatives, gross profit margins continue to benefit from scale increasing to 61%.

如果消費者不喜歡這款產品的味道或感覺不到 VINIA 的不同之處，我們將提供 90 天退款保證。VIP 用戶的早期回饋非常令人鼓舞，我們相信 VINIA BloodFlow Hydration 將為 BioHarvest 開啟一個重要的全新收入來源。除了這些成長舉措外，毛利率也持續受益於規模效應，成長至 61%。

We remain disciplined and focused on taking every possible action to drive costs out of the manufacturing and distribution side of the business as well as controlling OpEx and G&A. On the capital markets front, over the last two months, we executed a series of strategic transactions to fortify our balance sheet. In September, we completed a $14.7 million strengthening of our balance sheet with an injection of $10.9 million of gross proceeds and an additional $3.8 million in debt reduction via accelerated warrant exercises and debt-to-equity conversions, which significantly reduced our debt and warrant overhang.

我們將繼續保持嚴謹的態度，專注於採取一切可能的措施來降低業務製造和分銷方面的成本，並控制營運支出和一般及行政費用。在資本市場方面，在過去兩個月裡，我們執行了一系列策略交易，以加強我們的資產負債表。9 月，我們透過注入 1,090 萬美元的總收益和透過加速行使認股權證和債務轉股權額外減少 380 萬美元的債務，完成了 1,470 萬美元的資產負債表強化，這大大降低了我們的債務和認股權證負擔。

Leveraging that momentum, earlier this week, we closed a successful $19.9 million institutional equity financing, marking our largest financing ever and the first to bring institutional investors into our shareholder register, bringing total gross proceeds from these combined efforts to roughly $30.8 million.

憑藉這一勢頭，本週早些時候，我們成功完成了 1990 萬美元的機構股權融資，這是我們有史以來規模最大的融資，也是首次將機構投資者納入我們的股東名冊，使這些努力的總收益達到約 3080 萬美元。

This transaction fully funds the company for our next growth phase, giving us the strength and flexibility to accelerate our direct-to-consumer health and wellness business, including the required funds to triple our manufacturing capacity and drive our growing CDMO services business. It also diversifies our shareholder base, enhances trading liquidity and confirms that BioHarvest now firmly belongs on the big stage of NASDAQ.

此次交易為公司下一階段的成長提供了充足的資金，使我們擁有了加速直接面向消費者的健康和保健業務發展的實力和靈活性，包括將我們的生產能力提高三倍所需的資金，以及推動我們不斷增長的 CDMO 服務業務所需的資金。這也使我們的股東基礎多元化，增強了交易流動性，並證實 BioHarvest 現在已穩穩地站在納斯達克的大舞台上。

Looking ahead, we remain laser-focused on closing out 2025 on a high note. We currently expect to deliver in fourth quarter revenue in the range of $9 million to $9.5 million and adjusted EBITDA between negative $0.6 million and zero, essentially breakeven. If not in Q4, this milestone is extremely close and will be delivered in early 2026. Achieving positive adjusted EBITDA has been a key near-term objective for us, and we are consistently pushing forward on this important financial outcome every day.

展望未來，我們將繼續全力以赴，努力在 2025 年取得圓滿成功。我們目前預計第四季營收將在 900 萬美元至 950 萬美元之間，調整後 EBITDA 在負 60 萬美元至零之間，基本達到損益兩平。即使第四季未能實現，這一里程碑也指日可待，將於 2026 年初實現。實現正的調整後 EBITDA 一直是我們的一項關鍵近期目標，我們每天都在朝著這個重要的財務目標不斷努力。

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

接下來，我將把發言權交給巴爾，讓他來分析財務狀況。酒吧，該你了。

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. Revenue for the third quarter of 2025 increased 39% to $9.1 million, in line with management revenue guidance as compared to $6.5 million in the third quarter of 2024.

謝謝你，伊蘭。各位早安。我將向您簡要介紹我們的財務表現。完整的分析報告可在我們提交給美國證券交易委員會的文件以及今天開盤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。2025 年第三季營收成長 39% 至 910 萬美元，與管理階層營收預期一致，而 2024 年第三季營收為 650 萬美元。

Third quarter product revenue grew 30% to $8.4 million, while CDMO revenue grew 722% to $0.7 million. Gross profit increased 50% to $5.6 million or 61% of total revenue in the third quarter of 2025 as compared to $3.7 million or 57% of total revenue in the same year ago quarter. The increase in gross margin was primarily due to the benefits of increased manufacturing scale and improved manufacturing yields.

第三季產品營收成長 30% 至 840 萬美元，而 CDMO 營收成長 722% 至 70 萬美元。2025 年第三季毛利成長 50%，達到 560 萬美元，佔總營收的 61%，而去年同期毛利為 370 萬美元，佔總營收的 57%。毛利率的成長主要歸功於生產規模擴大和生產良率提高所帶來的好處。

Total operating expenses for the third quarter totaled $6.5 million as compared to $5.8 million in the same year ago quarter. The increase in operating expenses was primarily due to increased marketing spend and the development of the Health Pros affiliate programs to support future revenue growth and higher expenses for the CDMO service division, which partially offset by lower general and administration expenses.

第三季總營運支出為 650 萬美元，而去年同期為 580 萬美元。營運費用的增加主要是由於行銷支出增加、為支持未來收入成長而開發 Health Pros 附屬計劃以及 CDMO 服務部門支出增加所致，但部分被一般及行政費用的降低所抵消。

Net losses for the third quarter of 2025 totaled $2.5 million or $0.14 per basic and diluted share as compared to a net loss of $2.7 million or $0.16 per basic and diluted share in the same year ago quarter. Adjusted EBITDA loss, a non-IFRS measure, totaled $0.4 million in the third quarter of 2025 as compared to an adjusted EBITDA loss of $1.7 million in the same year ago quarter.

2025 年第三季淨虧損總計 250 萬美元，即每股基本及攤薄虧損 0.14 美元，而去年同期淨虧損為 270 萬美元，即每股基本及攤薄虧損 0.16 美元。2025 年第三季調整後 EBITDA 虧損（非 IFRS 指標）總計 40 萬美元，而去年同期調整後 EBITDA 虧損為 170 萬美元。

Cash and cash equivalents as of September 30, 2025, totaled $11 million as compared to $2.4 million as of December 31, 2024. Subsequent to the close of the third quarter, the company fortified its balance sheet with $19.9 million in gross proceeds from an institutional equity raise in November. Importantly, with current margin momentum and expense discipline, we continue to project that we will reach adjusted EBITDA breakeven in the coming quarters. This inflection is a key financial milestone for validating the scalability of our business model.

截至 2025 年 9 月 30 日，現金及現金等價物總額為 1,100 萬美元，截至 2024 年 12 月 31 日，金額為 240 萬美元。第三季結束後，該公司於 11 月透過機構股權融資籌集了 1,990 萬美元的總收益，從而鞏固了其資產負債表。重要的是，憑藉目前的利潤率成長勢頭和成本控制，我們繼續預計我們將在未來幾季實現調整後 EBITDA 盈虧平衡。這個轉折點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伊蘭，讓他做些總結發言，之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. We are executing against a clear plan. Our direct-to-consumer engine is scaling. The Health Pros program is expanding our reach with more efficient customer acquisition and the VINIA BloodFlow Hydration launch opens new doors accessing a multibillion dollar market with an incremental customer base.

謝謝Bar，也謝謝各位今天蒞臨指導，並感謝大家一直以來對BioHarvest的支持。我們正在按照明確的計劃執行。我們的直接面向消費者的業務模式正在不斷擴展。Health Pros 計劃透過更有效率的客戶獲取方式擴大了我們的覆蓋範圍，而 VINIA BloodFlow Hydration 的推出則為我們打開了通往數十億美元市場的新大門，並帶來了不斷增長的客戶群。

In parallel, our CDMO pipeline is advancing with the Saffron partnership and additional prospects that can translate milestones into durable revenue and often an economic interest in the underlying molecules we hope to create. The recent capital formation simplifies our capital structure, fortifies our balance sheet and gives us the resources necessary to invest in strategic CapEx to expand capacity and capabilities.

同時，我們的 CDMO 產品線正透過與 Saffron 的合作以及其他前景不斷推進，這些合作可以將里程碑轉化為持久的收入，並常常帶來我們希望創造的基礎分子的經濟利益。近期的資本形成簡化了我們的資本結構，強化了我們的資產負債表，並為我們提供了必要的資源，以投資於策略性資本支出，從而擴大產能和能力。

We will prioritize additional bioreactor capacity, process automation, quality systems and the tooling needed to support both VINIA growth and CDMO scale. These investments are designed to improve throughput and increase gross profit margins. The near-term priorities are straightforward execute the VINIA BloodFlow Hydration rollout, scale Health Pros quickly, convert additional CDMO customers and advance projects with existing clients and keep tightening our cost base while we scale.

我們將優先考慮增加生物反應器產能、製程自動化、品質系統以及支援 VINIA 發展和 CDMO 規模所需的工具。這些投資旨在提高生產效率和增加毛利率。近期的優先事項很簡單：推進 VINIA BloodFlow Hydration 的推廣，快速擴大 Health Pros 的規模，轉化更多 CDMO 客戶，推進與現有客戶的項目，並在擴大規模的同時不斷收緊成本基礎。

We will judge ourselves on revenue growth, gross margin progression, adjusted EBITDA trajectory and cash discipline as we work towards achieving the critical adjusted EBITDA breakeven target in the near term.

我們將根據收入成長、毛利率成長、調整後 EBITDA 軌跡和現金管理情況來評判自己，並努力在近期實現關鍵的調整後 EBITDA 盈虧平衡目標。

With that, operator, please open the line for questions.

接線員，請開啟提問頻道。

(Operator Instructions) Matt Hewitt, Craig-Hallum Capital Group.

（操作說明）Matt Hewitt，Craig-Hallum Capital Group。

Maybe first up, could you kind of help us with what to expect from a ramp with the new hydration product? Obviously, you've got it in some initial customers' hands. But as that gets broadly launched on December 3, how should we be thinking about kind of the uptake from that point?

首先，您能否幫我們介紹一下使用這款新型補水產品後，坡道上會出現哪些狀況？顯然，你們已經把產品交付到一些首批客戶手中了。但隨著這項服務於 12 月 3 日全面推出，我們該如何看待從那時起的普及情況？

Thank you for the question. So let's step back. I mean, this is a monster category, $17 billion category in the US, the electrolyte hydration category. You've got the largest player being Liquid I.V. that sits on about $1 billion of revenue. Other major players like BevNology sitting at about $200 million of annual revenue. Obviously, very, very competitive category.

謝謝你的提問。所以讓我們退後一步。我的意思是，這是一個規模龐大的品類，光在美國就價值 170 億美元，那就是電解質補水品類。其中最大的玩家是 Liquid I.V.，收入約為 10 億美元。其他主要參與者，例如 BevNology，年收入約為 2 億美元。顯然，這是一個競爭非常非常激烈的領域。

We are doing a stage launch. So starting Monday this week, we launched VINIA BloodFlow Hydration to all of our existing customers to give them a sneak preview and almost like a VIP opportunity to purchase. We're doing this through a series of very engaging e-mails. All of these people obviously are part of our e-mail database, and this is a very efficient way to reach them.

我們正在進行舞台發表會。因此，從本週一開始，我們向所有現有客戶推出了 VINIA BloodFlow Hydration，讓他們先睹為快，並有機會像 VIP 一樣購買。我們透過一系列引人入勝的電子郵件來實現這一目標。這些人顯然都在我們的電子郵件資料庫中，這是聯繫他們的非常有效的方式。

And I must say, in the last four-days, we've had a great response. very, very encouraging response. And we will be shipping out product to them around about the middle of next week. The products will be shipped out, and then they'll start to consume the product and experience really the amazing overall sensory performance of the product. We will then December 3, start turning on all of our assets.

我必須說，在過去的四天裡，我們得到了非常好的迴響，非常令人鼓舞的迴響。我們將在下周中期左右向他們發貨。產品出貨後，他們將開始使用產品，並真正體驗到產品令人驚嘆的整體感官表現。然後，我們將於12月3日開始啟用所有資產。

So all of our assets, marketing assets, everything from TV assets, so short form as well as long form, as well as YouTube, Instagram, Health Pros will all start to basically drive the multiplier effect of driving BloodFlow Hydration. So we should start to see it ramping up in December, and that continued to ramp up in the first quarter.

因此，我們所有的資產，包括行銷資產、電視資產（包括短影片和長影片）、YouTube、Instagram、健康專家等等，都將開始發揮倍增效應，促進血液循環和水分補充。因此，我們應該會在 12 月開始看到它加速成長，而且這種成長在第一季繼續加速。

We -- it will take time for us to get it on to Amazon just purely because this is Amazon's most critical sales period, and it takes a long time for the product to reach through their distribution system. So we don't expect to see any Amazon revenue coming on board until early January. And then we've also, through our Health Pros affiliate network, we're very, very focused on signing up gyms and other points of sweat, and those will start coming on board literally as we speak.

我們—我們需要一些時間才能把產品上架到亞馬遜上，這完全是因為現在是亞馬遜最關鍵的銷售期，產品需要很長時間才能透過他們的分銷系統到達目的地。因此，我們預計要到一月初才會看到亞馬遜的收入到位。此外，我們還透過我們的 Health Pros 聯盟網絡，非常非常專注於簽署健身房和其他健身場所，這些場所現在就會開始加入我們。

So what you can expect to see is a quarter-on-quarter ramp-up. Definitely, the focus for us from a marketing communications perspective will be heavy weighted BloodFlow Hydration because we really believe in this opportunity. And we'll be putting all the required resources towards it.

因此，您可以預期會看到季度環比增長。從行銷傳播的角度來看，我們的重點肯定會放在 BloodFlow Hydration 上，因為我們真的相信這個機會。我們將為此投入所有必要的資源。

And basically, we'll see a ramp-up every single quarter and largely also not just through the driving top of the funnel customer acquisition, but we really believe, just given the uniqueness of the proposition, anchored in BloodFlow Hydration, really, it's the first hydration product, which is powered by circulation, powered by blood flow that there will be a significant organic focus, not just through our influencers, but just purely just given the PR value and the unique nature of the proposition.

基本上，我們每季都會看到成長，而且這主要不僅僅是透過推動漏斗頂端的客戶獲取來實現的，我們真的相信，鑑於該產品方案的獨特性，以 BloodFlow Hydration 為基礎，它是第一款由血液循環驅動的補水產品，它將獲得顯著的自然增長，這不僅通過我們的影響力人物，而且完全是基於其公關價值和產品方案的獨特性。

That's super helpful. And then kind of shifting gears to the CDMO opportunity. Congratulations on the Saffron Tech agreement. I noted that you're planning to run the Stage 1 and Stage 2 in parallel. What comes after that? Is there another stage? Or at that point, would you have product that you believe you could start to sell? I'm just trying to think about for fiscal '26, how that opportunity might shake out. Thank you.

這太有幫助了。然後，話題轉向了CDMO（合約研發產量機構）的機會。恭喜您與Saffron Tech公司達成合作協議。我注意到您計劃同時運行第一階段和第二階段。接下來會發生什麼事？還有其他階段嗎？或者，到那時，您是否已經有了可以開始銷售的產品？我只是想思考一下，對於 2026 財年來說，這個機會可能會如何發展。謝謝。

That's a great question. So partnering with Saffron Tech really is kind of like a glove fitting on a hand for us because they're obviously very local here in Israel. They have developed significant technology utilizing vertical agriculture, indoor agriculture to -- indoor agriculture to be able to grow saffron at a very high premium grade with very high active levels indoor.

這是一個很好的問題。因此，與 Saffron Tech 合作對我們來說就像是量身定做的一樣，因為他們顯然是以色列本地企業。他們利用垂直農業、室內農業等先進技術，開發出能夠在室內種植活性成分含量極高的優質藏紅花的技術。

And therefore, we have the plants on our doorstep, which allows us to move very, very fast. They also have great plants from an overall bioactives perspective, which is critical for us. And so we're going to be running two swim lanes with them. They themselves have already done a set of tissue culture work, and we will take their existing tissue culture work and move that into our Stage 2 -- into our Stage 2, which goes from solid media into liquid media.

因此，我們家門口就有工廠，這使我們能夠以非常非常快的速度發展。從整體生物活性成分的角度來看，它們也擁有非常棒的植物，這對我們來說至關重要。所以我們將安排他們使用兩條泳道。他們自己已經完成了一系列組織培養工作，我們將把他們現有的組織培養工作轉移到我們的第二階段——第二階段是從固體培養基過渡到液體培養基。

So in a way, that gives us basically a nine-month head start that we could then take their existing cell bank and work to optimize their existing cell bank into the transfer into liquid media, into (technical difficulty) and small and medium bioreactors. If we're successful at that stage in driving the mirroring and the magnification, which is part of our Botanical Synthesis technology, then we will move very quickly to large-scale bioreactors. And I believe based on our success in the past, we can get a product to market relatively quickly.

從某種意義上說，這基本上給了我們九個月的先機，然後我們可以利用他們現有的細胞庫，並努力優化他們現有的細胞庫，以便將其轉移到液體培養基中，轉移到（技術難度）小型和中型生物反應器中。如果我們在實現鏡像和放大這一階段取得成功（這是我們植物合成技術的一部分），那麼我們很快就會轉向大規模生物反應器。我相信，根據我們過去的成功經驗，我們可以相對快速地將產品推向市場。

So this is leveraging the power of their existing capabilities Secondly, we will go back to their plant and start and do Stage 1 ourselves, leveraging our unique IP and know-how on how to drive the mirroring and the magnification at a -- specifically at a tissue culture level. So we're kind of in a way, got two horses in the race, two tracks.

所以這是利用他們現有的能力。其次，我們將回到他們的工廠，自己開始並完成第一階段，利用我們獨特的智慧財產權和專業知識來驅動鏡像和放大——尤其是在組織培養層面。所以從某種意義上來說，我們就像同時派了兩匹馬來參加比賽，跑兩條不同的賽道。

And we're obviously trying to bring the optimized product to the market, which ultimately we believe is going to be an opportunity to bring a super saffron to the marketplace. In a way, Matt, do on Saffron what we did on Resveratrol. Our Piceid Resveratrol is kind of like a super Resveratrol with greater solubility, greater bioavailability and obviously, the fact that we have Piceid levels 100 times the levels of what's found in the red grape.

我們顯然正在努力將優化後的產品推向市場，我們最終相信這將是將超級藏紅花推向市場的機會。從某種意義上說，馬特，你對藏紅花所做的，就像我們對白藜蘆醇所做的那樣。我們的 Piceid 白藜蘆醇就像一種超級白藜蘆醇，具有更高的溶解度、更高的生物利用度，而且很明顯，我們的 Piceid 含量是紅葡萄中含量的 100 倍。

So we obviously, for us, the vision is to do a super saffron and then be able to bring product to the market through the power of BioHarvest e-commerce machine and also play a critical role in the joint venture that we own 25% of to be able to bring the product to market from a B2B perspective at very, very high margins.

所以很顯然，我們的願景是培育出超級藏紅花，然後藉助 BioHarvest 電子商務平台的力量將產品推向市場，並在我們擁有 25% 股份的合資企業中發揮關鍵作用，以 B2B 的方式以非常非常高的利潤率將產品推向市場。

Nick Sherwood, Maxim Group.

Nick Sherwood，Maxim集團。

Kind of I guess my first question will be, how many of the other pre-existing CDMO contracts are nearing Stage 2? I know that I believe it was the pharmaceutical company had moved to Stage 2, but there's also an existing cosmetics company agreement and then the Tate & Lyle agreement. Can you kind of give an update on some of those other pre-existing CDMO agreements?

我想我的第一個問題是，其他現有的 CDMO 合約中有多少份即將進入第二階段？我知道我相信是製藥公司進入了第二階段，但還有一家現有的化妝品公司協議，以及泰萊公司的協議。您能否簡要介紹一下其他一些現有的CDMO協議的最新進展？

Yes. Thank you, Nick. So let's first talk about the -- we call it -- let's call it the cosmetic fragrance space. Obviously, we're under a strict NDA. We can't get too specific. What I would tell you there is that we're making great progress. We have actually accessed multiple plants around the world.

是的。謝謝你，尼克。那我們先來談談──我們稱之為──就叫它化妝品香氛領域吧。顯然，我們簽了嚴格的保密協議。我們不能說得太具體。我想告訴大家的是，我們取得了巨大的進展。我們實際上已經進入世界各地的多家工廠進行考察。

In fact, our R&D team came back on Thursday from a specific country that will remain nameless where they were actually doing work at a tissue culture level in the country, in local laboratories, which is a unique change that we've made in our overall methodology as it's more efficient than trying to bring plants through the transportation system.

事實上，我們的研發團隊週四從一個不願透露名稱的特定國家返回，他們在那裡當地的實驗室進行組織培養的研究工作。這是我們整體方法論中做出的一個獨特改變，因為它比透過運輸系統運送植物更有效率。

And so we're making continued good progress in building the cell plates -- and now we've got to give the plates the required time to basically let biology do its work with obviously the different know-how that we apply to influence biology.

因此，我們在建構細胞培養板方面持續取得良好進展——現在我們必須給培養板足夠的時間，讓生物學自行發揮作用，當然，我們也需要運用不同的專業知識來影響生物學。

In the case of Tate & Lyle, we've already accessed one plant, and we're making progress. And actually, now we're in the process of sourcing a second plant as part of our relationship that we'll be working to bring to the table as part of this overall deal in order to get -- gives us a better chance of getting at least one over the line into Stage 2.

就泰萊公司而言，我們已經進入了一家工廠，並且正在取得進展。事實上，作為我們合作關係的一部分，我們現在正在尋找第二家工廠，我們將努力將其納入整體交易中，以便——讓我們更有可能至少有一家工廠進入第二階段。

Okay. Yes. That sounds like a lot of work is going on there. And then also on the CDMO side, can you kind of just give an update on any increased interest you've experienced from potential partners after the release of the exosome creation announcement? And just sort of also, can you talk about how that technology has developed further since you -- announced it?

好的。是的。聽起來那裡正在進行很多工作。另外，在CDMO方面，您能否簡要介紹一下，在發布外泌體創建公告後，潛在合作夥伴的興趣是否增加？另外，您能否談談自您宣布這項技術以來，它又有哪些進一步的發展？

So just generally, from a CDMO perspective, the pipeline is rich. I think we're really fortunate that just given the multitude of factors from a global perspective, the world is really understanding the critical importance of going back to the future in the sense of actually going back to the plant kingdom. And so as a result, we're seeing a significant amount of pharmaceutical customers all the way through to nutraceutical and cosmetic customers who are now really looking to find life-changing compounds from plants.

總的來說，從CDMO的角度來看，產品線非常豐富。我認為我們非常幸運，從全球角度來看，考慮到許多因素，世界真正了解回歸未來（即回歸植物王國）的關鍵重要性。因此，我們看到，從製藥客戶到營養保健品和化妝品客戶，大量的客戶現在積極尋找能夠改變生活的化合物來自植物。

And obviously, we at BioHarvest with our Botanical Synthesis technology, we have the critical role to play as the bridge between the plant kingdom and the industry and bringing these life-changing compounds to these customers given our ability to produce with consistency, with economic viability and with the patent protection that they're looking for.

顯然，憑藉我們的植物合成技術，BioHarvest 在植物王國和工業之間扮演著至關重要的橋樑角色，我們能夠以穩定、經濟的方式生產這些改變生活的化合物，並提供客戶所尋求的專利保護。

So Nick, the pipeline right now is intense. The deal flow is significant. It's a lot of work that we have to go through in order to make sure that we're prioritizing our R&D resources on the right big bets. And I think when you look at the nature of the four deals that we have already signed and you look at the potential revenue, the overall royalty revenue from a manufacturing agreement, you start to understand that if we're able to get these compounds all the way through into manufacturing, these are significant, significant multibillion-dollar industries where the overall royalty revenues are very, very meaningful.

尼克，目前管道輸送量非常大。交易量很大。我們需要做很多工作，才能確保將研發資源優先投入正確的重大專案。我認為，當你審視我們已經簽署的四項協議的性質，以及潛在的收入，特別是製造協議帶來的整體特許權使用費收入時，你就會明白，如果我們能夠將這些化合物完全推進到製造階段，這些都是價值數十億美元的重大產業，其整體特許權使用費收入將非常非常可觀。

So right now, we believe we will announce another deal before the end of the year. And there's a number of opportunities that are quite deep in the pipeline. So that just gives you, I think, just a perspective on the pipeline and on what's coming in the immediate term, I would call it. And then understanding that there's a lot that we're working on that will bleed into the first quarter, but really significant opportunities.

所以目前我們相信，我們將在年底前宣布另一筆交易。而且還有不少項目正在籌備中。所以，我認為這可以讓你對整個流程以及近期（我稱之為）即將發生的事情有一個大致的了解。而我們也意識到，我們正在進行的許多工作都會延續到第一季度，但其中也蘊藏著非常重要的機會。

And we're seeing major titans of industry, companies that are significant leaders in the industry who are now looking in a way at the validation of what we've delivered and achieved in our VINIA, overall VINIA operating model and looking at how they are able to do something similar across their different industries that they're operating in.

我們看到，一些行業巨頭，一些在行業中舉足輕重的公司，現在正在以某種方式驗證我們在 VINIA 整體營運模式中取得的成果，並考慮如何在他們所處的不同行業中實現類似的目標。

So it's really helpful for us to have VINIA as a great validation of the power of our Botanical Synthesis technology. As it relates to exosomes, look, the exosomes opportunity is for us in the medium term is significant. It's not short term, but it's more medium term. We are currently now doing further work -- in the process of doing further work to really understand the downstream implications on how we most effectively move to actually drive the ultrafiltration process to be able to remove the exosomes from the media.

因此，VINIA 的成功對我們來說非常有幫助，它很好地驗證了我們植物合成技術的強大。就外泌體而言，從中長期來看，外泌體對我們來說是一個重要的機會。這不是短期問題，而是中期問題。我們目前正在進行進一步的研究——正在進行進一步的研究，以真正了解下游的影響，從而更有效地推動超濾過程，以便能夠從培養基中去除外泌體。

And obviously, this is going to be an integral part of the process development work that we need to do over the next 12-months as part of the engineering design work for our new manufacturing facility that we -- as a result of the capital raise that we've done, we will start to aggressively move forward with final overall engineering design, design drawings to start to actually build that facility.

顯然，這將是我們未來 12 個月內需要進行的製程開發工作的重要組成部分，也是我們新製造工廠工程設計工作的一部分。由於我們籌集了資金，我們將開始積極推進最終的整體工程設計和設計圖紙，以便開始實際建造該工廠。

And obviously, the downstream exosome component to be able to go from exosome in a bioreactor all the way through to actual exosomes ready for market, that downstream process will be a critical component of our new facility. We have seen significant demand.

顯然，下游外泌體組件能夠從生物反應器中的外泌體一直到可上市的實際外泌體，而下游製程將是我們新設施的關鍵組成部分。我們看到了顯著的需求。

What it also helps us is that for our CDMO customers and our future customers in our pipeline, there's really an opportunity for them to get, in a way, buy one, get one free or in the sense of us also being able to really deliver more value because when we go after a specific life-changing compound from a plant, not only are they going to get the unique composition from the actual cell but they have an opportunity of also being able to leverage the power of the exosomes that those cells are actually producing.

這也有助於我們的 CDMO 客戶和我們未來的客戶，讓他們有機會以某種方式獲得「買一送一」的優惠，或者說，我們也能真正提供更多價值，因為當我們從植物中獲取某種特定的、能夠改變生活的化合物時，他們不僅可以獲得來自實際細胞的獨特成分，還有機會利用這些細胞實際產生的胞外體的力量。

So there's significant incremental -- the value proposition that we provide now to our CDMO customers, obviously, specifically in the cosmetic industry and in the nutraceutical industry has been significantly strengthened, and that will allow us to get more deals over the line, create more value and even potentially allow us to take some pricing realization because of the significant incremental value that we're taking.

因此，我們為 CDMO 客戶（尤其是在化妝品行業和營養保健品行業）提供的價值主張得到了顯著提升，這將使我們能夠達成更多交易，創造更多價值，甚至有可能讓我們獲得一些價格上的收益，因為我們獲得了顯著的增量價值。

And we're just trying to figure out what the right balance is right now on that. And part of that is a learning process.

我們現在正努力弄清楚這方面的最佳平衡點是什麼。其中一部分是學習過程。

Okay. Yes. I mean it sounds like a lot of really exciting progress. And then my last question is, can you just talk about some of the early success you've had with the Health Pros program? Any positive trends and maybe click-through rates from your Health Pros? Or have you found the recruitment for the Health Pros to kind of be accelerating as that program has been active longer since we last spoke?

好的。是的。我的意思是，這聽起來像是取得了許多令人振奮的進展。最後一個問題是，您能否談談您在「健康專家計畫」中取得的一些早期成功？您的健康專家方面是否有任何正面的趨勢或點擊率？或者，您是否發現，自從我們上次交談以來，隨著健康專業人員計劃的開展時間延長，該計劃的招聘速度似乎正在加快？

Yes, that's a great question. So look, the focus for us in Phase 1 on Health Pro was getting the technology perfect. Because when you're taking a doctor and you're onboarding a doctor into the whole, let's call it, Health Pro ecosystem from actual onboarding, getting all of their account details, taxation, social security numbers, educating them on the brand, educating them on what they can say, what they can't say, all the way through to providing them with specific materials to help their creative process we had to make a significant investment in development, technology.

是的，這是一個很好的問題。所以你看，我們在 Health Pro 第一階段的重點是完善技術。因為當你要將一名醫生納入整個，我們姑且稱之為「健康專業人士生態系統」時，從實際的入職流程，獲取他們所有的帳戶詳細信息、稅務信息、社會保障號碼，向他們普及品牌知識，教育他們哪些話能說，哪些話不能說，一直到為他們提供具體的材料來幫助他們進行創作，我們都必須對開發和技術進行大量的投資。

What many of our investors see, obviously, is the technology being the Botanical Synthesis and how we bring Botanical Synthesis to market through our e-commerce machine. But behind all of this is a huge amount of technology that we've built across each of the different aspects of our business. So over the last four months, we built like an end-to-end affiliate system with a very seamless onboarding process so that we can scale this.

顯然，我們許多投資者看到的是植物合成技術，以及我們如何透過電子商務將植物合成技術推向市場。但這一切的背後，是我們業務各個面向所建構的大量技術。因此，在過去的四個月裡，我們建立了一個端到端的聯盟行銷系統，並配備了非常無縫的入職流程，以便我們能夠擴大規模。

And we wanted to make sure that the overall user experience for all the doctors, the coaches, the nutritionists was a very, very good experience. And that's why in Stage 1, we onboarded 75. We learned, we did interviews. We understood where some of the issues were, and then we overlaid additional development work, which we've now finished.

我們希望確保所有醫生、教練和營養師的整體使用者體驗都非常非常好。所以，在第一階段，我們招募了 75 人。我們進行了學習，也進行了訪談。我們了解了一些問題所在，然後我們進行了額外的開發工作，現在這些工作已經完成了。

And now we're about to ramp it up. Between now and the end of the year, we want to bring on 300 Health Pros. What we have found is that, obviously, these -- the Health Pros that have significant ecosystems of social media followers that are highly engaged when those Health Pros are posting information about VINIA, talking about the science, talking about the benefits.

現在我們要加大力度了。從現在到年底，我們希望引進 300 位健康專家。我們發現，很顯然，這些健康專家擁有龐大的社群媒體粉絲群，當這些健康專家發布有關 VINIA 的資訊、談論科學原理、談論益處時，這些粉絲的參與度很高。

We're starting to see a very significant funnel build and very high conversion rates because of the trust-based relationship between these Health Pros and their social media ecosystems. And we started to see -- you talked about click-through rates, very good click-through rates and more importantly, very good conversion rate.

由於這些健康專家與其社群媒體生態系統之間建立了基於信任的關係，我們開始看到一個非常顯著的銷售漏斗形成和非常高的轉換率。我們開始看到——你談到了點擊率，非常好的點擊率，更重要的是，非常好的轉換率。

And for us, it's a cost of acquisition, which is significantly lower than some of the other channels that we have. So for us, the next six weeks are critical. Also a really important product for the Health Pros is our hydration product. So now we have basically the integration of the hydration product coming out, Health Pros coming in.

對我們來說，這是獲客成本，比我們擁有的其他一些管道的成本要低得多。所以對我們來說，接下來的六週至關重要。對於健康專業人士來說，我們的補水產品也是非常重要的產品。所以現在我們基本上整合了補水產品，以及健康專家的加入。

And because of just the ability to scale the hydration product, given the size of the category, every hydration is relevant to such a broad cross-section of consumers that it gives the Health Pros something to start to talk about, start to sell and actually start to see the scaling. And we've actually also built a model now to be able to show the Health Pros what the recurring revenue looks like for them as they start to bring on board customers because our business is a subscription business.

而且，由於補水產品具有規模化生產的能力，考慮到該品類的規模，每種補水產品都與如此廣泛的消費者群體相關，這使得健康專家們有了可以開始談論、開始銷售並真正開始看到規模化生產的話題。我們現在也建立了一個模型，可以向健康專家展示隨著他們開始吸引客戶，他們的經常性收入會是什麼樣子，因為我們的業務是訂閱業務。

So we want to show that you bring on 100 customers now, right? This is what you get today, but understand you're going to get this in three months, this in 6-months, this in 12-months. And that's very, very important. That's part of the education so they understand the size of the -- or the return on the time that they're spending.

所以，我們要證明你現在能帶來 100 位客戶，對嗎？這是你今天得到的，但你要明白，三個月後你會得到這個，六個月後你會得到這個，十二個月後你會得到這個。這一點非常非常重要。這是教育的一部分，目的是讓他們了解投入的時間的回報。

(Operator Instructions) Susan Anderson, Canaccord.

（操作說明）Susan Anderson，Canaccord。

I guess maybe just a follow-up on the CDMO business. It sounds like there's definitely a lot of interest there. How are you thinking about that business longer term as a percent of the total versus where the product revenue is at right now? And then also, have you talked about the difference in margin of that business versus the product revenue?

我想這或許只是CDMO業務的後續報導。聽起來那裡確實有很多人感興趣。從長遠來看，您如何看待這項業務在總收入中所佔的百分比，以及它目前在產品收入中所佔的百分比？另外，你們有沒有討論過該業務的利潤率與產品收入之間的差異？

Susan, thank you. Two very good questions. So look, let's just try and just dimensionalize like what does the business look like in, let's call it, five to seven-years. We really see that, obviously, as we continue to bring more deals through the pipeline, we're not going to be able to convert every single deal. We build into our economics roughly a 40% success rate.

蘇珊，謝謝你。兩個非常好的問題。所以，我們不妨試著分析一下，在未來五到七年內，這家企業的發展前景會是什麼樣子。很明顯，隨著我們不斷推進更多交易，我們不可能最終促成每一筆交易。我們的經濟模型中設定了約 40% 的成功率。

So 4 out of every 10 deals we bring in, we'll be able to develop those compounds. We start to see end of '27, '28 those compounds coming to life and really starting to see the magnitude of revenue coming from royalties. Important to note that in Stage 1, Stage 2 and Stage 3, there's still meaningful revenue, as you see already from today's announcement, there's meaningful revenue that we're able to recognize.

因此，我們每促成 10 筆交易，就能開發出 4 筆這些化合物。我們開始看到 2027 年底、2028 年，這些化合物開始發揮作用，並真正開始看到來自特許權使用費的巨大收入。值得注意的是，在第一階段、第二階段和第三階段，仍然會有可觀的收入，正如您從今天的公告中已經看到的那樣，我們能夠確認可觀的收入。

And also, we do make money. In Stage 1, we make money. In Stage 2, we make more money. In Stage 3, we make more money as the work becomes more efficient. And then obviously, the huge upside is in the royalty-based manufacturing revenue. And just remember, on a number of deals, we also have a piece of those specific compounds as a result of the structural agreement that we have with those companies.

而且，我們也確實賺到錢了。第一階段，我們賺錢。在第二階段，我們賺的錢更多。在第三階段，隨著工作效率的提高，我們賺的錢也變多了。顯然，最大的潛在收益在於基於版稅的製造收入。請記住，在許多交易中，由於我們與這些公司達成的結構性協議，我們也擁有這些特定化合物的一部分股份。

So like, for example, in the case of Saffron, we own 25% of the future compound that we will be developing. So for us, we will see, whilst today, the large proportion of the revenue, obviously, is coming from the products business, we'll start to see, I believe, this flipping over time, whereby in the course of the next five- to seven-years, probably 75% of the revenue will come from the CDMO, 25% from the products business. But obviously, the size of the pie is going to obviously be significantly larger.

例如，就 Saffron 而言，我們擁有我們將要開發的未來化合物的 25% 股份。因此，對我們來說，雖然目前大部分收入顯然來自產品業務，但我相信，隨著時間的推移，這種情況將會轉變，在未來五到七年內，可能 75% 的收入將來自 CDMO，25% 來自產品業務。但很顯然，蛋糕的大小將會顯著增大。

From a margin perspective, where we see and specifically, you've seen we've been very purposeful and strategic on the compounds, life-changing compounds that we're going after with our technology. We're not going after the coffee, we're not going after cocoa. We're going after really strategic profit pools where our technology has the greatest utility value.

從利潤率的角度來看，我們看到，具體來說，你們也看到了，我們一直非常有目的性和策略性地致力於研發能夠改變生活的化合物，並運用我們的技術來追求這些化合物。我們不是去追逐咖啡，也不是去追逐可可。我們瞄準的是真正具有戰略意義的利潤池，在這些利潤池中，我們的技術能夠發揮最大的實用價值。

And when you look at the margin structures that we will be able to achieve from a royalty-based manufacturing revenue, it's significantly north of 70%. You're looking at 70%, sometimes going up to 80%. And obviously, this kind of business has a significant earnings multiple versus the direct-to-consumer business where today, we're around about that 60% mark.

當你觀察我們從基於特許權使用費的製造收入中能夠實現的利潤率結構時，你會發現它遠高於 70%。你看到的是 70%，有時甚至高達 80%。顯然，這類業務的獲利倍數遠高於直接面向消費者的業務，目前我們大約在 60% 左右。

We do believe we will move it over the course of the next six to nine-months, closer to 65% with a potential of getting even further with scale. But the CDMO business, just given the nature of the business and the very strategic surgical approach we have to the selection of life-changing compounds we're going after, combined with the ownership that we have in the compounds, this is when you start to get to those kind of margins, which are north of -- well north of 70%. And ultimately, we're going to drive that mix very, very hard.

我們相信，在接下來的六到九個月裡，我們將把這一比例提高到接近 65%，並且隨著規模的擴大，還有可能進一步提高。但是，CDMO 業務，鑑於該業務的性質，以及我們對所追求的改變人生的化合物的選擇所採取的非常具有戰略性的精準方法，再加上我們對這些化合物的所有權，當你開始達到那種利潤率時，利潤率就會超過——遠遠超過 70%。最終，我們將大力推進這種融合。

And it's also -- and I'll leave you with this, anchored in the North Star of the company because if you look at the North Star of the company that drives us every single day, it's all about discovering, developing, manufacturing. And then for me, the most important word is democratizing life-changing compounds to affect the lives of hundreds of millions of people from a health and wellness perspective.

而且——我最後要強調的是——這一切都根植於公司的北極星，因為如果你看看公司每天驅動我們前進的北極星，它就是發現、開發和製造。對我來說，最重要的詞是讓能夠改變生活的化合物普及化，從而從健康和福祉的角度影響數億人的生活。

And whilst our direct-to-consumer business is a great business, and we've been really successful in the US, and we will scale to other markets over time, the CDMO is going to get us to touch with our compounds, the tens and hundreds of millions of people. And that's what we're really, really focused on ultimately as the future of the company and the North Star that we're tracking on.

雖然我們的直接面向消費者的業務非常成功，而且我們在美國也取得了巨大的成功，並且隨著時間的推移，我們將擴展到其他市場，但 CDMO 將使我們能夠接觸到我們的化合物，以及數千萬甚至數億人。而這才是我們真正關注的重點，也是公司的未來和我們努力追尋的北極星。

Okay. Great. That was very helpful. Maybe if I could just follow up on the VIP early adopter launch of the VINIA BloodFlow Hydration. I'm just curious if there's been any feedback from the early adopters or learnings that you've come across that you maybe can apply to the overall launch? Or just any color on how that's gone so far?

好的。偉大的。那很有幫助。或許我可以跟進 VINIA BloodFlow Hydration 的 VIP 早期用戶發布。我只是好奇早期用戶是否有任何反饋，或者您是否積累了任何經驗教訓，可以應用到整體發布中？或者，你只是想用一句話概括一下目前為止的進展？

Yes, sure. So literally, we started on Monday evening. We sent our first e-mail out to our existing customers, giving them basically special rights to be -- to have access to the first 1,000 variety packs. And I would say we've sold a significant amount of those variety packs as I sit here on Thursday evening with not a lot of effort. Just one e-mail is going out.

當然可以。所以，我們實際上是從週一晚上開始的。我們向現有客戶發送了第一封電子郵件，賦予他們特殊的權利——獲得前 1,000 份混合裝。截至週四晚上，我可以毫不費力地說，我們已經售出了相當數量的這種混合裝產品。只發出一封電子郵件。

We have another e-mail going out in a few hours' time, all talking about the different aspects and benefits of the BloodFlow Hydration proposition. What's going to be critical is when those people receive their first shipments, their overall reaction to the product. First of all, the sensory reaction to the product. We've worked endlessly.

幾個小時後，我們將發出另一封電子郵件，詳細介紹 BloodFlow Hydration 方案的不同面向和好處。關鍵在於這些人收到第一批貨物後，對產品的整體反應。首先，是對產品的感官反應。我們一直在不懈地努力。

This is a two-year project. We've worked with probably the best of the product developers of the Coca-Cola Company, Louis Heinsz, who's partnered with us. Louis runs a company called BevNology out of Atlanta. I personally made about six trips to Atlanta to drive the optimization of the product. And we really believe this is going to be the best tasting product in the category.

這是一個為期兩年的計畫。我們與可口可樂公司最優秀的幾位產品開發人員之一路易斯海因茨合作過，他與我們建立了合作關係。路易斯在亞特蘭大經營一家名為 BevNology 的公司。我自己曾經六次前往亞特蘭大，推動產品優化。我們堅信這將是同類產品中最好喝的。

And then obviously, we've got all the benefits of VINIA in the product. So you've got hydration powered by BloodFlow. And as we know, you've got to have really good blood flow to be able to transport all the fluids and the electrolytes to your body, tissues and cells. So it's a very strong, simple, easy-to-understand proposition for consumers, and we believe quite differentiated and disruptive.

顯然，我們的產品也具備 VINIA 的所有優點。所以，你的身體就能透過血液循環獲得充足的水分。我們都知道，要將所有體液和電解質輸送到身體、組織和細胞，就必須有良好的血液循環。因此，對於消費者而言，這是一個非常強大、簡單、易於理解的方案，我們認為它具有相當的差異化和顛覆性。

And obviously, for us, leveraging the power of our marketing machine we're cautiously optimistic that this is going to build a significant future revenue base for us. What's going to be critical is that the first moment of truth for the consumers. What we are seeing is when people are going to our landing page, we're seeing a really good conversion rate. So that's pretty encouraging.

顯然，對我們來說，利用我們強大的行銷機器，我們謹慎樂觀地認為這將為我們建立一個重要的未來收入基礎。關鍵在於消費者的第一印象。我們發現，當人們造訪我們的登陸頁面時，轉換率非常高。這真是令人鼓舞。

The next step now is the repeat purchase rates based on the overall flavor profile and the efficacy of the product, which we know delivers because it's got the equivalent of one capsule VINIA in every single stick pack plus all the benefits of the naturally sourced electrolyte. So we've done a lot of homework on this. We've put all the right building blocks to drive differentiation.

下一步是根據產品的整體口味和功效來計算重複購買率，我們知道這款產品效果顯著，因為每個包裝中都含有相當於一粒 VINIA 膠囊的成分，以及天然電解質的所有益處。所以我們在這方面做了很多功課。我們已經具備了所有必要的要素來實現差異化。

We're focused on learning from every single step to make sure we scale smarter. But the initial signs -- the early, early initial signs are encouraging. And importantly, everybody that consumes this product, they love the taste. And I'll give you one small anecdote. We were -- we had like a shoot with models where we were shooting obviously, multiple different scenes with them consuming the product.

我們專注於從每一步中學習，以確保我們能夠更聰明地擴展規模。但初步跡象——早期的初步跡象——令人鼓舞。更重要的是，所有食用過這款產品的人都喜歡它的味道。我再給你講個小故事。我們當時——我們和模特兒一起拍攝，顯然，我們拍攝了他們使用產品的多個不同場景。

And what the producer told me is that like normally, when all the models come in and they have to drink a product, they just take a sip because they have to. They've got to do it as part of the overall -- their job. They had to do consumption shots. And what they said is that with our product, people were just drinking and enjoying the product and literally taking extra sachets or stick packs of the product.

製片人告訴我，通常情況下，當所有模特兒進來並且必須喝某種產品時，她們只是抿一小口，因為她們必須這樣做。這是他們整體工作的一部分，也是他們職責的一部分。他們需要進行吸毒測試。他們說，使用我們的產品後，人們不僅喜歡飲用，而且還會額外購買小袋或條狀包裝的產品。

So all these anecdotal feedback on the taste is very, very encouraging because when you're dealing with a product like this, taste is king and then efficacy is so critical. So early signals are encouraging, but watch -- we all got to watch the spot.

所以所有這些關於口味的軼事回饋都非常令人鼓舞，因為對於這類產品來說，口味至關重要，其次才是功效。所以早期跡象令人鼓舞，但要密切注意——我們都必須密切關注事態發展。

Okay. Great. Yes, I remember tasting it at our conference, and it does taste really good. Last question, I guess, for me, I wanted to just see if there is a time frame or how long you think it's going to take to get to that Phase 2 of the Health Pro affiliate program to get to that 300? Like when do you think you'll reach there? What time frame are you expecting --

好的。偉大的。是的，我記得在會議上嚐過，味道確實很好。最後一個問題，我想問的是，您認為要達到 Health Pro 聯盟計畫的第二階段，也就是達到 300 人的目標，需要多長時間？你覺得你什麼時候能到達那裡？您預計需要多長時間？--

In our company, I think our shareholders understand this, we're very operationally focused. And we -- in our company, we work on missions. We have like missions. And one of those missions now is 300 Health Pros by December 31. And we have a team working on that. We have resources working on that. So that's the mission that I've set the marketing organization and I believe we can do that.

我認為我們公司的股東都明白這一點，我們非常注重營運。而我們──在我們公司，我們從事任務相關的工作。我們有著相似的任務。其中一項任務是到 12 月 31 日招募 300 名健康專家。我們有一個團隊正在負責這項工作。我們已經投入資源處理此事。這就是我給行銷部門設定的任務，我相信我們能夠完成這個任務。

We have access to the ecosystems. We have the right people bringing in the networks. We're now working on trying to convert. We have one network of gyms, over 200 gyms across the US. So we're working to convert gym by gym. And it's -- we'll be reporting out more about this, I guess, when we do the end of year results. But yes, this is an important milestone.

我們能夠接觸到這些生態系。我們有合適的人來建立人脈。我們正在努力嘗試轉換。我們擁有一個健身房網絡，在美國各地有超過 200 家健身房。所以我們正在努力逐一改造健身房。至於這方面──我想，我們會在公佈年終業績時進行更詳細的報道。是的，這是一個重要的里程碑。

And then when we get to 300, we'll move to 500. And from 500, maybe to 700, I want to get to 1,000 as soon as possible. I think now we have the product portfolio that really gives the Health Pro the ability to, in a way, generate scalable revenue for their time. Because these are people that are professionals. We're dealing with doctors, nutritionists, coaches, trainers, their time is precious.

然後，當我們達到 300 的時候，我們會過渡到 500。我希望盡快達到 1000，而不是目前的 500 到 700。我認為我們現在擁有的產品組合，確實能夠讓健康專家以某種方式利用他們的時間創造可擴展的收入。因為這些人都是專業人士。我們要和醫生、營養師、教練、訓練師打交道，他們的時間非常寶貴。

For them to go and post on social media, they're very professional. It takes time out of their day, and they've got to see the revenue coming in, in their bank accounts every single month. And now we have almost like the scale, the heft of products with hydration, with tea, with coffee, with capsule, with the chew business. And so this is now really -- we've been waiting some time to do this.

他們能在社交媒體上發帖，這很專業。這佔用了他們一天的時間，而且他們每個月都必須看到收入進帳。現在，我們幾乎已經擁有了規模，以及各種補水產品、茶、咖啡、膠囊、咀嚼片業務的重量。所以現在真的是——我們已經等了一段時間來做這件事了。

It took us a while to get the technology right and to get the whole onboarding experience really perfect. So getting customer success and if they got a problem, there's a help line. Again, these are people that are busy people. So we've got to get the onboarding right. And now we have the portfolio for them to get the return on time, which is so critical for them. So watch the spot, 300 by the end of December, and then we'll ramp it up again.

我們花了一段時間才把技術完善好，並且把整個新用戶註冊體驗做到盡善盡美。這樣可以確保客戶獲得成功，如果他們遇到問題，還可以撥打求助專線。再說一遍，這些人都是很忙的人。所以我們必須把新進員工入職流程做好。現在我們有了合適的投資組合，可以讓他們按時獲得回報，這對他們來說至關重要。所以請密切關注，到 12 月底達到 300，然後我們會再次加強。

This concludes our question-and-answer session. I would like to turn the conference back over to Ilan Sobel for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給伊蘭·索貝爾，請他作總結發言。

So thank you, everybody. I appreciate you taking the time to be with us today. I personally enjoyed the questions. It's great to see all of our analyst partners really understanding the granularity of our business. I hope from the results that we've delivered to the marketplace as reflected in the Q3 results and specifically the events of the last four weeks where we had some significant milestones for the company that you'll start to see the continued maniacal focus on execution.

所以，謝謝大家。感謝您今天抽空與我們共聚一堂。我個人很喜歡這些問題。很高興看到我們所有的分析師合作夥伴都真正了解我們業務的細微之處。我希望從我們第三季業績以及過去四周公司取得的一些重要里程碑事件中，大家能夠看到我們持續瘋狂地專注於執行。

Yes, we do have, as a result of a lot of hard work, the required treasury, the cash in the bank. The company is now obviously fully funded for all of our critical activities in the foreseeable future. That means that management can really focus another degree of intensity on executing and driving results. Those results are obviously anchored in continuing to grow revenue, continuing to squeeze every single possible margin point on the product side of the business and the CDMI side of the business as well as being very, very responsible stewards of resources to make sure we continue despite the cash that's in the bank, we continue with a culture of ownership to be really ensure we're spending every dollar in a very, very thoughtful way.

是的，經過一番努力，我們確實擁有了所需的資金，銀行裡也有了現金。顯然，公司目前資金充足，足以應付可預見的未來所有關鍵活動。這意味著管理階層可以將更多精力集中在執行和推動結果上。這些成果顯然建立在持續成長的收入、持續榨取產品業務和 CDMI 業務的每一分錢以及對資源的負責任管理之上，以確保我們即便銀行帳戶裡有現金，也能繼續保持主人翁精神，真正確保我們以非常、非常深思熟慮的方式使用每一分錢。

And this is a commitment that I make to shareholders that there's going to be a really purposeful use of the funds. We are going to be using a proportion of the funds initially to start to build our second manufacturing facility, which we need to have operational by the second quarter of 2027. We are actually going to be building this in a modular way so that we're able to manage the capital very, very cautiously and carefully, and we'll continue to ramp up the scale as the business continues to scale, which I think is quite appropriate.

我向股東們承諾，這些資金將會得到真正有意義的使用。我們將首先使用一部分資金來開始建造我們的第二個製造工廠，我們需要在 2027 年第二季之前使其投入運作。我們實際上將以模組化的方式進行建設，以便我們能夠非常謹慎地管理資金，並且隨著業務規模的不斷擴大，我們將繼續擴大規模，我認為這非常合適。

And ultimately, this is going to allow us to deliver the revenue growth, the gross margin progression and the adjusted EBITDA trajectory and cash discipline that's going to get us to adjusted EBITDA breakeven in the near term and then continue to improve those margins in the medium term. So that becomes a really nice profitable business that ultimately is delivering on the North Star every single day. So -- thank you for your time. And on this note, I think we'll end the call.

最終，這將使我們能夠實現收入成長、毛利率提升、調整後 EBITDA 成長以及現金流控制，從而在短期內實現調整後 EBITDA 收支平衡，並在中期內繼續提高利潤率。這樣一來，它就變成了一個非常不錯的盈利企業，並且最終每天都在實現其最初的目標。非常感謝您抽出時間。就此打住，我想我們今天就結束通話吧。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may 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了，祝您有美好的一天。