BRC Inc (BRCC) 2026 Q3 法說會逐字稿

Greetings and welcome to the Black Rifle Coffee Third Quarter 2026 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operating assistance, please press *0 on your telephone keypad.

各位好，歡迎參加 Black Rifle Coffee 2026 年第三季財報電話會議。目前所有與會者皆處於僅收聽模式。正式簡報結束後將進行問答環節。如需操作協助，請在電話鍵盤上按 *0。

As a reminder, this conference is being recorded.

提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Matthew McKinley, Vice President, Investor Relations.

現在很榮幸為各位介紹本次會議主持人：投資人關係副總裁 Matthew McKinley。

Thank you. You may begin.

謝謝。您可以開始了。

Good morning, everyone, and thank you for joining Black Rifle Coffee Company's third quarter 2026 financial results conference call.

各位早安，感謝各位參加 Black Rifle Coffee Company 2026 年第三季財務結果電話會議。

We released our results yesterday and the earnings release and related materials are available on our Investor Relations website at ir.blackriflecoffee.com. Before we begin, I would like to remind you of the Company's safe harbor provisions regarding forward-looking statements.

我們已於昨日公布業績，新聞稿與相關資料可於我們的投資人關係網站 ir.blackriflecoffee.com 取得。在開始之前，我想提醒各位注意公司關於前瞻性陳述的安全港條款。

During today's call, management may make forward-looking statements including guidance and the underlying assumptions. These statements are based on expectations that involve risks and uncertainties and could cause actual results to differ materially. For a discussion of these risks, please refer to our filings with the SEC.

在今天的電話會議中，管理團隊可能會做出前瞻性陳述，包括財測指引及其所依據的假設。這些陳述係基於包含風險與不確定性的預期，可能導致實際結果出現重大差異。關於這些風險的討論，請參閱我們向美國證券交易委員會（SEC）提交的文件。

Additionally, this call will include non-GAAP financial measures such as adjusted EBITDA. Whenever we refer to EBITDA, we mean adjusted EBITDA unless otherwise noted.

此外，本次電話會議將包含非 GAAP 財務衡量指標，例如調整後 EBITDA。除非另有說明，當我們提到 EBITDA 時，指的都是調整後 EBITDA。

Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included in our earnings release, which was furnished to the SEC and is available on our investor relations website as well as in the investor presentation available there.

非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表，已包含於我們的財報新聞稿中；該新聞稿已提供給 SEC，並可於我們的投資人關係網站取得，同時也收錄於該網站上的投資人簡報中。

Now please refer to the presentation and turn to slide 4.

現在請參閱簡報並翻到第 4 頁。

I would now like to turn the call over to Chris Monzaleski, CEO of Black Rifle Coffee Company. Monz.

接下來我想把電話會議交給 Black Rifle Coffee Company 執行長 Chris Monzaleski。Monz。

Thanks, Matt. Good morning, everyone. Joining me today are Evan Hafer, our executive Chairman Matt Amey, our Chief Financial Officer and Matt McGinley, our head of investor relations. Through the first nine months of 2026, we've continued to make meaningful progress in growing our core coffee business and strengthening the Black Rifle brand.

謝謝，Matt。各位早安。今天與我一同出席的有：我們的執行董事長 Evan Hafer、財務長 Matt Amey，以及投資人關係主管 Matt McGinley。在 2026 年前九個月，我們持續在擴大核心咖啡業務與強化 Black Rifle 品牌方面取得實質進展。

Revenue is up 14% year-over-year.

營收年增 14%。

And in the third quarter, we delivered growth in both our wholesale and direct-to-consumer businesses.

而在第三季，我們的批發與直面消費者（DTC）業務皆實現成長。

We're encouraged by these results, but we also recognize that we have a significant opportunity ahead of us to translate the strength of our brand and the growth of our core coffee business into higher profitability and stronger cash flow.

我們對這些結果感到鼓舞，但也認知到，未來仍有很大的機會，將品牌實力與核心咖啡業務的成長，轉化為更高的獲利能力與更強勁的現金流。

That's really the focus of Project Core, which we launched during the third quarter. I'll come back to that in a few minutes, but first, we'll walk through the quarter.

這正是我們在第三季啟動「Project Core」的重點。我會在幾分鐘後再回到這個主題，但首先我們先回顧本季表現。

Turn to Slide 6.

請翻到第 6 頁。

Our patched coffee business continued to gain share in the third quarter. Growth was driven by expanded distribution and broad-based strength across our retail partners, even as we began to lap the pricing actions we took in 2025.

我們的包裝咖啡業務在第三季持續提升市占。成長動能來自通路擴張，以及各零售合作夥伴的全面性強勁表現，即使我們開始進入 2025 年所採取的調價措施之比較基期。

Looking at the Nielsen data, Black Rifle packaged coffee sales grew 19.4% in the quarter, roughly 10 times the category's 2% growth rate.

從尼爾森（Nielsen）數據來看，Black Rifle 包裝咖啡銷售在本季成長 19.4%，約為品類 2% 成長率的 10 倍。

In looking at the trailing 52 weeks, our retail sales increased 28.9%, nearly three times the category's 9.7% growth.

以過去 52 週來看，我們的零售銷售成長 28.9%，接近品類 9.7% 成長的三倍。

We're seeing that outperformance translate directly into market share gains. Across Nielsen's total US multi-outlet universe, our bagged coffee share increased approximately 65 basis points year-over-year to 3.4%.

我們看到這樣的超額表現直接轉化為市占提升。在尼爾森統計的美國多通路（multi-outlet）整體市場中，我們的袋裝咖啡市占年增約 65 個基點至 3.4%。

While our pod share grew nearly 30 basis points to 2.2%. Turn to Slide 7.

同時，我們的膠囊（pod）市占提升近 30 個基點至 2.2%。請翻到第 7 頁。

We continue to expand our retail distribution in the third quarter. Packaged coffee distribution reached 58.7% ACV across the total US multi-outlet channel, up more than 4.5 points from a year ago and approximately 2 points from the second quarter.

第三季我們持續擴大零售通路覆蓋。包裝咖啡在美國多通路整體的 ACV 覆蓋率達到 58.7%，較去年同期提升超過 4.5 個百分點，較第二季提升約 2 個百分點。

In grocery specifically, distribution increased more than six points year-over-year to 54%. But importantly, we're not just adding new stores. We're also expanding our presence within the stores we already have.

在雜貨通路方面，覆蓋率年增超過 6 個百分點至 54%。但更重要的是，我們不只是新增門市。我們也在既有門市中擴大陳列與能見度。

That's consistent with our land and expand strategy. Grocery stores carrying Black Rifle now stock approximately six of our items on average compared with just over five a year ago.

這與我們的「先進入、再擴張」（land and expand）策略一致。目前販售 Black Rifle 的雜貨店，平均陳列約 6 個品項，高於一年前的略高於 5 個品項。

And we believe there's further opportunity to expand that shelf presence. As our products continue to earn their place at retail.

我們相信仍有進一步擴大貨架陳列的機會。因為我們的產品持續在零售端證明其價值並贏得一席之地。

Slide 8 Beyond distribution, we're also seeing strong underlying volume growth. Over the latest 52 weeks, our packaged coffee unit sales increased 12.8%, while all but one of the other leading national brands we've benchmarked against experienced unit declines.

第 8 頁。除了通路覆蓋之外，我們也看到強勁的基礎銷量成長。在最近 52 週，我們的包裝咖啡銷售量（以件數計）成長 12.8%，而我們對標的其他主要全國性品牌中，除一家之外皆出現件數下滑。

That's an important distinction. We're growing because consumers are buying more Black Rifle coffee, not simply because they're paying more for it.

這是一個重要的差異。我們的成長來自消費者購買更多 Black Rifle 咖啡，而不只是因為他們為同樣的產品支付更高價格。

And in a category where overall volumes remain under pressure, that's a meaningful point of differentiation for our retail partners.

在整體品類銷量仍承壓的環境下，這對我們的零售合作夥伴而言是一個具意義的差異化優勢。

Our direct-to-consumer business delivered its fourth consecutive quarter of growth. We're also continuing to evolve our strategy around the distinct roles that our different digital channels play.

我們的直面消費者（DTC）業務已連續第四季成長。我們也持續調整策略，以更清楚界定不同數位通路各自扮演的角色。

Third-party marketplaces.

第三方市集平台。

Fastest-growing channel, allowing us to reach consumers on the platforms where they're already shopping.

這是成長最快的通路，使我們能在消費者原本就正在購物的平台上觸及他們。

At the same time, blackrifle.com remains the home for our subscriptions, exclusive products and most loyal customers. We see these channels as complementary. Marketplaces help us broaden our reach, while our owned platform supports retention and repeat purchase.

同時，blackrifle.com 仍是我們訂閱服務、獨家產品與最忠誠客群的主要據點。我們將這些通路視為互補。市集平台幫助我們擴大觸及面，而自有平台則支持留存與回購。

Ultimately, our focus is on growing the overall DTC business. While maintaining pricing discipline and improving profitability over time.

最終，我們的重點是擴大整體 DTC 業務規模，同時維持價格紀律，並隨時間推進提升獲利能力。

Move to slide 10 Our largest mass retail customer is a great example of what Black Rifle can achieve as we build distribution and expand our assortment.

請翻到第 10 頁。我們最大的量販零售客戶，是展現 Black Rifle 在建立通路覆蓋並擴充品項組合後可達成成果的絕佳例子。

Today, we hold nearly 10% share in bagged coffee and approximately 5% in pods at that customer. Compare that with less than 2% share in either format across the largest online marketplace in grocery, and you can see where the opportunity is ahead for us.

目前在該客戶端，我們在袋裝咖啡的市占接近 10%，膠囊（pod）約為 5%。相較之下，在雜貨領域最大的線上市集中，我們在兩種形式的市占都不到 2%；由此可見我們未來的機會所在。

These are substantial markets. The largest online marketplace and our largest mass retail customer each represent more than $4 billion in annual packaged coffee sales, while grocery represents another $6.8 billion.

這些都是規模龐大的市場。最大的線上市集與我們最大的量販零售客戶，各自代表每年超過 40 億美元的包裝咖啡銷售額，而雜貨通路則另有 68 億美元。

Now the opportunity isn't identical across these channels.

當然，各通路的機會並不完全相同。

Marketplaces and mass retail are more heavily weighted toward pods, with online purchases skewing towards larger pack sizes. Grocery, on the other hand, has a more balanced mix of bags and pods. Our strategy is to tailor our assortment to those different purchasing patterns while continuing to build distribution and expand our shelf presence.

市集平台與量販零售的銷售結構更偏向膠囊（pod），線上購買則更傾向較大包裝規格。相對地，雜貨通路的袋裝與膠囊組合更為均衡。我們的策略是依據這些不同的購買型態調整品項組合，同時持續建立通路覆蓋並擴大貨架陳列。

Slide 11 In ready-to-drink coffee, Black Rifle has established a significant national presence.

第 11 頁。在即飲咖啡方面，Black Rifle 已建立顯著的全國性布局。

We remain the number three brand in single-serve RTD coffee with distribution of approximately 53% ACV.

我們仍是單杯即飲（RTD）咖啡品類的第三大品牌，通路覆蓋率約為 53% ACV。

That said, category conditions remain challenging. Over the past 52 weeks, single-serve RTD coffee category sales declined 4%, while Black Rifle's RTD retail sales declined 7%. Our focus now is on generating stronger returns from the foundation we've built.

話雖如此，品類環境仍具挑戰。過去 52 週，單杯即飲（RTD）咖啡品類銷售下滑 4%，而 Black Rifle 的 RTD 零售銷售下滑 7%。我們目前的重點是，從已建立的基礎中創造更強的回報。

That means concentrating our investments on our strongest customers and products. Improving productivity across our existing distribution and lowering our cost to serve.

這意味著將投資集中在我們最強的客戶與產品上。提升既有通路的生產力，並降低我們的服務成本。

And this is a good example of the more disciplined approach we're taking to investment and resource allocation across the company, which brings me to Project Core.

這正是我們在全公司投資與資源配置上採取更嚴謹作法的良好例證，也引出我接下來要談的 Project Core。

Turn to slide 12, please Project Core is our multi-year initiative to sharpen our focus on Black Rifle's core coffee business and brand. The objective is straightforward, improve profitability and earnings quality, simplify our operations, and reduce the capital intensity of our business. At the center of this work is a very clear understanding of who we are. Black Rifle is a mission-driven, brand-first premium coffee company, and our goal is to combine the strength of that brand with best-in-class execution.

請翻到第 12 張投影片。Project Core 是我們為期多年的計畫，旨在更聚焦於 Black Rifle 的核心咖啡業務與品牌。目標很明確：提升獲利能力與盈餘品質、簡化營運，並降低我們業務的資本密集度。這項工作的核心，是對「我們是誰」有非常清楚的理解。Black Rifle 是一家以使命為導向、以品牌為先的高端咖啡公司；我們的目標是把品牌的力量與同級最佳的執行力結合起來。

We've organized Project Core around five strategies aligned to the three priorities you see on the slide.

我們將 Project Core 規劃為五項策略，並與投影片上所示的三大優先事項對齊。

First, media and mission remain our engine for building consumer demand. We're bringing greater rigor to measuring how those investments translate into retail sales.

第一，媒體與使命仍是我們建立消費者需求的引擎。我們正以更嚴謹的方法衡量這些投資如何轉化為零售銷售。

Second, we're focused on winning in grocery and mass retail, customer by customer. Third, we're building our presence on the digital shelf led by third-party marketplaces. While BlackRifleCoffee.com remains the home for our subscribers and most loyal customers. Fourth, we're taking a more integrated approach to managing pricing, trade spending, product costs and overhead with the goal of building a business where earnings grow faster than revenue. And fifth, we're simplifying operations outside our core business.

第二，我們聚焦於在雜貨與量販零售通路取勝，逐一客戶推進。第三，我們在數位貨架上的布局由第三方電商平台帶動。同時，BlackRifleCoffee.com 仍是我們訂閱用戶與最忠誠客戶的主要據點。第四，我們以更整合的方式管理定價、通路促銷費用（trade spending）、產品成本與間接費用，目標是打造一個盈餘成長快於營收成長的業務。第五，我們將簡化核心業務以外的營運。

Those operations need to justify their place in the portfolio. If they can't, we'll look to partner or exit them.

這些營運必須證明其在投資組合中的存在價值。若無法做到，我們將尋求合作夥伴或退出。

Across all five strategies, we're applying a simple test to every initiative. Does it grow demand for the brand, improve margins, free up capital, or reduce asset intensity?

在這五項策略中，我們對每一項計畫都套用一個簡單的檢驗標準。它是否能提升品牌需求、改善毛利、釋放資本，或降低資產密集度？

We've already begun taking meaningful action.

我們已開始採取具實質意義的行動。

That includes the planned sale of our Manchester roasting facility, the restructuring currently underway in our outpost business, and the divestiture of a non-core brand. Matt Amy will walk through those actions in more detail shortly. But I want to emphasize one important point. Our increased focus on profitability does not diminish our ambition for growth. Project Core is about making sure we capture more of the value that growth creates.

其中包括：計畫出售我們的 Manchester 烘焙設施、目前正在進行的 outpost 業務重整，以及出售一個非核心品牌。Matt Amy 稍後會更詳細說明這些行動。但我想強調一個重要重點。我們對獲利能力的更高聚焦，並不會削弱我們對成長的企圖。Project Core 的目的，是確保我們能捕捉成長所創造的更多價值。

Before I turn the call over to Matt, I want to spend a moment on something that's been central to Black Rifle since the very beginning, our mission.

在我把電話交給 Matt 之前，我想花一點時間談談自 Black Rifle 創立之初就一直居於核心的事——我們的使命。

And that commitment was on full display again this quarter.

而這份承諾在本季再次充分展現。

We supported 10 charitable events and initiatives. Contributed more than $590,000 to organizations serving veterans, active duty military personnel, first responders and their families, and delivered more than 4,300 bags of coffee to 45 military units around the world.

我們支持了 10 場慈善活動與倡議。向服務退伍軍人、現役軍人、第一線應變人員及其家屬的組織捐助超過 59 萬美元，並向全球 45 個軍事單位送出超過 4,300 袋咖啡。

To commemorate the 25th anniversary of September 11th, we partnered with the Gary Sinise Foundation to deliver 300 appreciation packages to New York City fire stations.

為紀念 9 月 11 日 25 週年，我們與 Gary Sinise Foundation 合作，向紐約市消防分隊送出 300 份致謝禮包。

We also joined the major Brent Taylor Foundation to bring 30 Gold Star families together for a weekend of remembrance.

我們也與 Brent Taylor Foundation 合作，讓 30 個 Gold Star 家庭齊聚一堂，度過一個追思紀念的週末。

And we delivered 1,000 appreciation gifts to service members, caregivers, and medical staff at Walter Reed.

此外，我們向 Walter Reed 的服役人員、照護者與醫護人員送出 1,000 份致謝禮品。

Behind every one of these efforts are people who have dedicated their lives to serving others and families who have made sacrifices that too often go unseen.

每一項努力背後，都是把一生奉獻於服務他人的人們，以及做出犧牲、卻往往不被看見的家庭。

We owe them a tremendous debt of gratitude.

我們對他們懷有深深的感激之情。

And having the opportunity to give something back is one of the most meaningful parts of what we do at Black Rifle.

而能有機會回饋他們，是我們在 Black Rifle 所做之事中最具意義的部分之一。

With that, I'll turn it over to Matt.

接下來，我把時間交給 Matt。

I'll begin my remarks on Slide 14. Third quarter net revenue increased 7.3% year-over-year to $108 million, reflecting growth in both wholesale and direct-to-consumer.

我將從第 14 張投影片開始說明。第三季淨營收年增 7.3% 至 1.08 億美元，反映批發與直面消費者（DTC）兩者皆成長。

Wholesale revenue increased 8.1%, driven by our entry into the dollar channel earlier this year, where Packsize innovation opened new distribution across 19,000 doors, as well as continued distribution gains in grocery, where revenue grew by more than 50% year-over-year, including chain-wide distribution at a large Texas-based regional grocer.

批發營收年增 8.1%，主要受惠於我們今年稍早進入美元通路（dollar channel）；其中，包裝規格（Packsize）創新在 19,000 個門店開啟新的通路覆蓋。此外，我們在雜貨通路亦持續擴大配銷，帶動該通路營收年增超過 50%，其中包括在一家以德州為基地的大型區域連鎖雜貨商取得全鏈配銷。

Direct-to-consumer revenue increased 8.5% year-over-year, led by approximately 65% growth in third-party marketplaces, partially offset by lower subscription revenue and the divestiture of a non-core brand. Excluding the divested brand, D2C revenue increased 12.3%.

直面消費者（DTC）營收年增 8.5%，主要由第三方電商平台約 65% 的成長帶動，但部分被訂閱營收下降以及非核心品牌的出售所抵銷。若排除已出售品牌，DTC 營收年增 12.3%。

Turning to slide 15, third quarter gross margin was 37.1%, up 25 basis points year-over-year. Gross margin included 325 basis points or $3.5 million, a benefit from the refund of previously paid tariffs.

接著看第 15 張投影片，第三季毛利率為 37.1%，年增 25 個基點。毛利率包含先前已支付關稅的退稅利益 325 個基點（或 350 萬美元）。

As expected, pricing and coffee cost inflation had a neutral impact on the quarter. Productivity gains, including lower fulfillment costs from our logistics transition, helped offset the mix impact of growth in lower margin channels, particularly third-party marketplaces. We also increased trade investment with key retail partners, including a promotional program at a key customer and higher freight rates and fuel costs weighed on margins by 80 basis points.

如預期，定價與咖啡成本通膨對本季影響中性。生產力提升（包括物流轉換帶來的履約成本下降）有助於抵銷低毛利通路成長所造成的組合影響，尤其是第三方電商平台。我們也提高了與主要零售夥伴的通路促銷投資（trade investment），包括對一個關鍵客戶的促銷方案；此外，較高的運費費率與燃料成本使毛利率承壓 80 個基點。

Our 2026 green coffee requirements are fully covered and we now have secured more than 90% of our expected 2027 volume at prices below those contracted for 2026, providing greater visibility into our cost position heading into the next year.

我們 2026 年的生豆需求已全數覆蓋，且目前已以低於 2026 年合約價格的水準，鎖定超過 90% 的 2027 年預期用量，讓我們對明年成本部位有更高的可視性。

Looking ahead, our focus remains on improving the profitability of our sales mix, increasing the effectiveness of trade spending and continuing to reduce our production, fulfillment and freight costs. This focus is not an episodic event, but rather a systematic and repeatable process to drive productivity savings to fuel growth and cash generation.

展望未來，我們仍將聚焦於提升銷售組合的獲利能力、提高通路促銷支出的效益，並持續降低生產、履約與運輸成本。這項聚焦不是一次性的事件，而是一套系統化且可重複的流程，用以推動生產力節省，為成長與現金創造提供燃料。

Moving down the P&L to Slide 16. Third quarter operating expenses were $47.6 million compared to $36.6 million in the prior year period. The increase was primarily attributable to $11.7 million of non-cash impairment charges associated with Project Core, excluding depreciation and amortization and the items reflected in our adjusted EBITDA reconciliation, operating expenses increased approximately $1.2 million or 4.1% to $31 million.

接著往下看損益表至第 16 張投影片。第三季營業費用為 4,760 萬美元，去年同期為 3,660 萬美元。增加主要來自與 Project Core 相關的 1,170 萬美元非現金減損費用；若排除折舊與攤銷，以及我們調整後 EBITDA 對帳中所反映的項目，營業費用約增加 120 萬美元（或 4.1%）至 3,100 萬美元。

That's below our 7.3% revenue growth. And as a percentage of revenue, adjusted operating expenses declined approximately 90 basis points year-over-year to 28.7%. Most of this increase reflected continued investment in building the brand. Marketing expense increased 18% to $10.3 million or 9.5% of revenue compared to 8.6% a year ago.

這低於我們 7.3% 的營收成長。以營收百分比計，調整後營業費用年減約 90 個基點至 28.7%。這些變動多數反映我們持續投入品牌建設。行銷費用增加 18% 至 1,030 萬美元，占營收 9.5%，高於一年前的 8.6%。

The increase was driven by higher investment in performance media to support sales along with content production, influencer programs, and agency support, including programming around America's 250th anniversary. On a year-to-date basis, marketing remains below last year's level as a percentage of revenue at 9.6% compared with 10.4% as marketing efficiency improves through disciplined marketing mix optimization.

成長主要由於加大對績效型媒體的投資以支援銷售，並投入內容製作、網紅計畫與代理商支援，其中包括圍繞美國建國 250 週年的相關企劃。以年初至今來看，隨著透過嚴謹的行銷組合最佳化提升行銷效率，行銷費用占營收比重仍低於去年水準，為 9.6%，相較去年為 10.4%。

Adjusted EBITDA increased 12.3% to $9.5 million from $8.4 million in the prior year with adjusted EBITDA margin expanding approximately 40 basis points to 8.8%.

調整後 EBITDA 較去年同期成長 12.3%，由 840 萬美元增至 950 萬美元，調整後 EBITDA 利潤率擴大約 40 個基點至 8.8%。

Turning to the balance sheet, we ended the quarter with $9.2 million of cash and $35 million of debt outstanding with no borrowings under our revolving credit facility and approximately $50 million of available capacity. Net leverage was approximately 0.8 times trailing 12-month adjusted EBITDA.

談到資產負債表，本季末我們持有 920 萬美元現金，未償還債務為 3,500 萬美元；循環信用額度項下無任何借款，且可用額度約 5,000 萬美元。淨槓桿約為過去 12 個月調整後 EBITDA 的 0.8 倍。

Year-to-date, we generated $8.8 million of free cash flow compared with a $4.1 million use in the prior year period.

年初至今，我們產生自由現金流 880 萬美元，相較去年同期為使用 410 萬美元。

This approximately $13 million year-over-year improvement was driven primarily by higher profitability, lower capital expenditures and reduced inventory balances.

這約 1,300 萬美元的年增改善主要來自獲利能力提升、資本支出降低以及庫存餘額下降。

Our balance sheet and available liquidity provide the financial flexibility to continue investing in the business while executing the initiatives under Project CORE.

我們的資產負債表與可用流動性提供財務彈性，使我們能在推動 CORE 計畫各項措施的同時，持續投資於業務。

On August 21st, we completed a 1 for 10 reverse stock split of our Class A and Class B common stock, a proactive step to provide a meaningful cushion above the New York Stock Exchange's minimum bid price requirement and broaden our appeal to institutional investors, some of whom have policies that limit the investment in lower price shares. All share and per share amounts have been adjusted to reflect the split for all periods presented. Before turning to our outlook, I want to build upon Monza's discussion of Project Core by highlighting three significant actions we have taken and what they mean for Black Rifle financially. Each meets the test he described by improving margins, reducing asset intensity or freeing up capital.

8 月 21 日，我們完成 A 類與 B 類普通股 1 拆 10 的反向股票分割；此為主動措施，旨在為紐約證券交易所最低買價要求提供有意義的緩衝，並擴大對機構投資人的吸引力，其中部分機構的政策限制投資於低股價股票。所有股數與每股數據均已調整，以反映所示各期間的分割影響。在談到我們的展望之前，我想在 Monza 對 Project Core 的討論基礎上，強調我們已採取的三項重大行動，以及它們對 Black Rifle 財務面的意義。每一項都符合他所描述的標準：提升利潤率、降低資產密集度或釋放資本。

First, we signed a definitive agreement to sell our Manchester, Tennessee roasting facility to Cascade Coffee, a long-standing manufacturing partner, for $10 million in cash at closing and a $7 million seller note due in 12 months.

第一，我們已簽署具約束力的最終協議，將位於田納西州曼徹斯特的烘焙工廠出售給長期製造合作夥伴 Cascade Coffee；交易對價為交割時支付 1,000 萬美元現金，另有 700 萬美元賣方票據於 12 個月後到期。

We'll apply $8.6 million of the $10 million in cash proceeds to the term loan, which further reduces net leverage heading into year end. Cascade will assume operations and retain the facility's employees, allowing us to reduce our manufacturing footprint and capital requirements while maintaining an experienced workforce in a facility that can deliver the quality our customers expect.

我們將把 1,000 萬美元現金收益中的 860 萬美元用於償還定期貸款，進一步在年底前降低淨槓桿。Cascade 將接手營運並留任該設施員工，使我們在維持能交付客戶所期待品質的資深團隊與設施的同時，縮減製造版圖與資本需求。

We also secured a long-term supply agreement with Cascade at improved tolling rates, so consolidating production with them is expected to lower our production costs and improve our working capital beginning in 2027.

我們也與 Cascade 簽訂了長期供應協議，並取得更優的代工費率，因此自 2027 年起，與其整併生產預期將降低我們的生產成本並改善營運資金。

Together with the sale proceeds and the reduction in working capital, this is an asset-light move that improves both the balance sheet and the P&L.

結合出售所得與營運資金的降低，這是一項輕資產的舉措，可同時改善資產負債表與損益表。

Second, we are restructuring our outpost business, closing 12 company-operated locations and retaining five. Going forward, we expect growth in this business to come primarily through franchising, allowing us to expand our presence with significant lower capital requirements.

第二，我們正在重整前哨（outpost）業務，關閉 12 個公司自營據點並保留 5 個。未來，我們預期該業務的成長將主要透過加盟（franchising）推動，使我們能以顯著更低的資本需求擴大據點布局。

Third, we completed the divestiture of a non-core brand sold primarily through direct-to-consumer channels, which generated approximately $6.5 million of revenue over the trailing 12 months.

第三，我們完成了一項非核心品牌的剝離；該品牌主要透過直面消費者（DTC）通路銷售，過去 12 個月貢獻約 650 萬美元營收。

The brand divestiture and outpost closures are expected to create a revenue headwind of approximately $3 million in the fourth quarter compared to last year. Once completed, the outpost closures are expected to reduce annualized revenue by approximately $8 million to $10 million, while improving profitability by eliminating losses at underperforming locations.

品牌剝離與前哨據點關閉，預期將使第四季營收相較去年出現約 300 萬美元的逆風。一旦完成，前哨據點關閉預期將使年化營收減少約 800 萬至 1,000 萬美元，同時透過消除表現不佳據點的虧損來提升獲利能力。

These actions also result in a leaner organization. We exited the third quarter with approximately 425 employees and expect approximately 260 by early 2027, a reduction of nearly 40%, largely reflecting the transition of Manchester employees to Cascade and the outpost closures. For perspective, we had 918 employees at the end of 2022, our 1st year as a public company. So the expected level of approximately 260 would be more than 70% lower as we transition to a simpler, more profitable and asset-light operating model.

這些行動也使組織更精實。我們在第三季末約有 425 名員工，並預期至 2027 年初約為 260 名，減少近 40%，主要反映曼徹斯特員工轉至 Cascade 以及前哨據點關閉。作為對照，我們在 2022 年底（成為上市公司的第一年）有 918 名員工。因此，預期約 260 名的水準，將在我們轉型為更簡化、更高獲利且更輕資產的營運模式之際，較當時降低逾 70%。

Moving to the outlook on slide 18, we are reaffirming our 2026 outlook of at least 8% revenue growth or approximately $430 million and at least 35% adjusted EBITDA growth or approximately $29 million.

接著看第 18 頁的展望，我們重申 2026 年展望：營收成長至少 8%（約 4.30 億美元），以及調整後 EBITDA 成長至少 35%（約 2,900 萬美元）。

Through the first nine months, revenue has increased 14% and adjusted EBITDA has nearly doubled.

在前九個月，營收已成長 14%，調整後 EBITDA 幾乎翻倍。

For the fourth quarter, the floor of our guidance implies revenue of at least $106 million compared with $113 million last year. That comparison includes two items, approximately $5 million in liquidation revenue in last year's fourth quarter, though we don't expect to repeat at that level. And approximately $3 million of revenue headwind this year from a recent divestiture and the planned outpost closures. Adjusting for these items, even the floor of our guidance implies a modest year-over-year growth, reflecting continued momentum in our core coffee business.

就第四季而言，我們指引下限意味著營收至少 1.06 億美元，相較去年為 1.13 億美元。該比較包含兩項因素：去年第四季約 500 萬美元的清算收入，但我們預期不會以同等水準重現。以及今年因近期剝離與計畫中的前哨據點關閉而帶來約 300 萬美元的營收逆風。剔除這些因素後，即使以指引下限計算，也意味著溫和的年增成長，反映我們核心咖啡業務動能持續。

On gross margin, we continue to expect full-year results within our guidance range of 34% to 36%. Through September, gross margin was 34.8%.

在毛利率方面，我們仍預期全年結果落在指引區間 34% 至 36% 之內。截至 9 月，毛利率為 34.8%。

For the fourth quarter, we now expect gross margin of approximately 34% compared with approximately 36% when we spoke in August. The change primarily reflects increased trade investment with key retail partners during holiday periods and higher transportation costs. Our retail velocity has been strong this year, and this investment is designed to build on that momentum and position us to earn additional shelf space as we head into 2027. We expect continued fulfillment efficiencies to partially offset these factors.

就第四季而言，我們目前預期毛利率約為 34%，相較我們在 8 月溝通時約為 36%。此變動主要反映在假期期間對主要零售合作夥伴增加通路投資，以及運輸成本上升。我們今年在零售端的銷售速度表現強勁，這項投資旨在延續該動能，並在邁向 2027 年之際，讓我們有利於爭取更多貨架空間。我們預期持續的履約效率提升將部分抵銷上述因素。

The third quarter tariff refund was not included in our August outlook and helps offset these higher costs, supporting our reaffirmed full-year guidance.

第三季的關稅退稅未納入我們 8 月的展望，並有助於抵銷這些較高成本，支撐我們重申的全年指引。

For adjusted EBITDA, the floor of our full-year guidance implies fourth quarter results of approximately $6 million compared with at least $8.3 million implied in August. The reduction primarily reflects the increased trade investment and transportation costs I just described. As planned, holiday marketing will be our highest quarterly spend of the year.

在調整後 EBITDA 方面，我們全年指引下限意味著第四季結果約為 600 萬美元，相較 8 月所隱含至少 830 萬美元。下調主要反映我剛才所述的通路投資增加與運輸成本上升。如同規劃，假期行銷將是全年單季最高支出。

Looking ahead, these three actions under Project Core represent significant steps towards a simpler, more profitable, and less capital-intense black rifle.

展望未來，Project Core 之下的這三項行動，代表我們朝向更簡化、更高獲利、且資本密集度更低的 Black Rifle 邁出重要一步。

Our ambition is not simply to grow revenue. It is to translate that growth into stronger margins, higher profitability, and substantially greater cash flow generation.

我們的企圖不僅僅是成長營收。而是要將該成長轉化為更強的利潤率、更高的獲利能力，以及顯著更高的現金流創造。

We look forward to sharing our 2027 outlook on our fourth quarter earnings call.

我們期待在第四季財報電話會議上分享 2027 年展望。

Operator, we are now ready for the Q&A session.

接線員，我們現在準備進入問答環節。

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

If you would like to ask a question, please press *1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press *2 to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys.

若您想提問，請在電話鍵盤上按 *1。確認音將表示您的線路已進入提問佇列。您可按 *2 退出佇列。使用擴音設備的與會者，可能需要在按下星號鍵之前先拿起話筒。

Our first question comes from the line of Michael Baker with DA Davidson. Please proceed with your question.

我們的第一個問題來自 DA Davidson 的 Michael Baker。請提出您的問題。

So it sounds like, correct me if I'm wrong, you're de-emphasizing ready to drink.

所以聽起來，若我理解有誤請糾正，你們正在降低對即飲產品（ready to drink）的重視。

No mention of energy drinks on the call or I even think of the slides. So clearly just focus on the core coffee business. I guess my question is, how does that change the long-term opportunity for the company?

電話會議中沒有提到能量飲料，我甚至覺得投影片裡也沒有。所以很明顯就是聚焦在核心咖啡業務。我想問的是，這會如何改變公司長期的機會？

If you could I ask how does it change the sort of earnings algorithm? What's a reasonable growth rate expectation and long-term margin expectation? Surely, the outlook has to have changed by de-emphasizing these businesses.

如果可以的話，我想問這會如何改變所謂的獲利模式（earnings algorithm）？合理的成長率預期與長期毛利率／利潤率預期是多少？既然降低對這些業務的重視，前景肯定已經改變了。

Hey, Michael, it's Chris. Thanks for the question. I'll begin answering it at a strategic level, and I'm going to kick it over to Matt, who will give you as many numbers as he's comfortable sharing.

嗨，Michael，我是 Chris。謝謝你的問題。我會先從策略層面開始回答，然後把問題交給 Matt，他會在他覺得可以分享的範圍內提供盡可能多的數字。

Yes, I think, look.

是的，我想，這樣說吧。

We talked about Project Core. I'm going to double down on that for us strategically is around focus on pods and bags.

我們談到 Project Core。在策略上，我們會加倍聚焦在膠囊（pods）與袋裝（bags）。

That has always been the core of our business.

那一直都是我們業務的核心。

As we've been talking about over the last couple of years, we continue to funnel our investment against what we continue to believe is the tailwind component of the market for us, both from a growth as well as a profitability standpoint, and that is, in fact, pods and bags. We're having incredible success with that. Through the quarter, we again saw close to 20% growth overall higher on bags. Pods was still three times the category. We're the only. Brand out there, one of only two brands out there that are growing units while also driving pricing still. So the reality is we feel great about that part of our business.

如同過去幾年我們一直在談的，我們持續把投資導向我們認為對我們而言具備順風的市場部分，無論是成長或獲利角度，而那確實就是膠囊與袋裝。我們在這方面取得了非常亮眼的成果。截至本季，我們整體再次看到接近 20% 的成長，其中袋裝更高。膠囊的成長仍是品類的三倍。我們是唯一——市場上少數品牌之一（僅兩個品牌之一），在推動價格上升的同時，出貨量（units）仍能成長。所以現實是，我們對這部分業務感到非常有信心。

The RTD Coffee business has been challenged as a category. We talked about that. There are significant headwinds in that category. We are absolutely not giving up on that business. But we are being smart about our investment profile. We're going to continue to put our dollars where we see the highest return. And in the background, we continue to work on initiatives that we believe could be key to us growing that component of the business, but doing it in a smart way where we can do it profitably and make sure that we're taking care of the overall mix of the business. From an energy standpoint, that's an innovation we pushed out a couple of years ago. Clearly, we are very excited about it as you would with any major innovation initiative.

即飲咖啡（RTD Coffee）業務在品類層面一直面臨挑戰。我們也談過這點。該品類存在顯著逆風。我們絕對沒有要放棄這項業務。但我們會更聰明地配置投資組合。我們會持續把資金投向我們看到最高報酬的地方。同時在背景端，我們仍在推動一些我們認為可能是帶動該業務成長關鍵的計畫，但會以更聰明的方式來做，確保能夠獲利，並確保我們照顧到整體業務組合的結構。至於能量飲料方面，那是我們幾年前推出的一項創新。很明顯地，和任何重大創新計畫一樣，我們對此非常興奮。

And yes, we've. And we talked pretty openly about the fact that we have reduced the geography of that.

而且是的，我們——我們也相當坦率地談到，我們已縮小了該產品的銷售地理範圍。

We've had some successes and we certainly had some areas that need significant improvement as well and as such, we've been careful to tailor our dollars. Against that component of the business that we believe is appropriate to its size, which is obviously significantly smaller than any of the other components of our business on the coffee side. As far as long-term outlook, we're not in a position right now to give long-term guidance. We may be here in the future. Does it change our perspective?

我們有一些成功的地方，也確實有一些需要大幅改善的區域；因此，我們謹慎地調整資金配置。針對我們認為與其規模相稱的那部分業務投入資源；很明顯地，就咖啡相關業務而言，它的規模遠小於我們其他任何組成部分。至於長期展望，我們目前不便提供長期指引。未來也許會。這是否改變我們的看法？

Certainly. But again, as we go back to Project Core, this is about building a sustainable growth engine on coffee first and foremost, that's a $14 billion coffee as measured. By Nielsen, those are only Nielsen channels, so it's actually bigger than that. But $14 billion, we're 3.2 billion in bags, we're 2.7 billion in pods.

當然。但回到 Project Core，這是要打造一個可持續的成長引擎，首先且最重要的是咖啡；以尼爾森（Nielsen）衡量，咖啡市場規模為 140 億美元。而且那只是尼爾森涵蓋的通路，所以實際上比這更大。但以 140 億美元來看，我們袋裝是 32 億美元，膠囊是 27 億美元。

We have significant room for improvement or growth, I should say, in that category as we think about our long-term ambition. We've talked about land and expand and how we're going to drive it behind that, which is about not only distribution increases, but velocity increases, which we've already been demonstrating as we've been growing the distribution.

就我們的長期企圖而言，我們在該品類仍有很大的提升空間或成長空間。我們談過「先站穩再擴張（land and expand）」以及我們將如何推動：不僅是提高鋪貨／通路覆蓋（distribution），也要提升動銷（velocity）；而隨著我們擴大鋪貨，我們已經在展現動銷提升。

So we believe there is significant long-term growth potential behind that alone. And then yes, I think as the cold business, as we're able to smartly make those investments in the cold side of our business, that will play a role as well. And then most importantly, Michael, we're going to do that in a very profitable way that is going to generate significant free cash flow back into the business and allow that whole engine to continue to work for us.

因此，我們相信僅靠這一點就有顯著的長期成長潛力。然後是的，我認為在冷飲業務方面，當我們能夠更聰明地在冷飲端進行投資時，它也會扮演一定角色。而最重要的是，Michael，我們會以非常獲利的方式來做，為公司帶來可觀的自由現金流，並讓整個引擎持續為我們運轉。

Michael, I'd add to what Mans said about Project CORE. When it comes down to we're going to improve profitability and earnings quality for sure, simplify the operations and improve free cash flow and make this business asset-light. And I think you can see that in some of the moves we announced today.

Michael，我補充 Mans 關於 Project CORE 的說法。歸根結底，我們一定會提升獲利能力與盈餘品質，簡化營運、改善自由現金流，並讓這門生意走向輕資產（asset-light）。我想你可以從我們今天宣布的一些動作中看到這點。

As Mans mentioned, we're not going to guide 27 today, we'll wait to the Q4 call to do that. But what I can say about it is, when you go up, there are several building blocks that we already know about 27, as I mentioned a little bit ago, we have about 90% of our coverage. For 2027 already locked in at prices lower than 2026, we're feeling good about that. And as always mentioned, the team is putting a great effort right now on productivity savings, and we're beginning to see those really come through. And a piece of that would be the sale of Manchester, that's going to work out as a lowering pulling rate going forward under a long-term agreement. So we have good building blocks on the gross margin side.

如 Mans 提到的，我們今天不會提供 2027 年的指引，我們會等到第四季電話會議再提供。但我能說的是，展望 2027 年，我們已經知道有幾個組成要素；如我剛才稍早提到的，我們大約 90% 的覆蓋——2027 年的部分已經以低於 2026 年的價格鎖定，我們對此感覺良好。而且一如既往，團隊目前在生產力節省（productivity savings）上投入很大努力，我們也開始看到成效真正浮現。其中一部分會來自曼徹斯特（Manchester）的出售，這將在長期協議下，使未來的代工費率（pulling rate）降低。因此在毛利率端，我們有不錯的基礎構件。

What I can say is, again, it's about expanding the margin and EBITDA as well as free cash flow, and you can expect that from us in 2027.

我能說的是，同樣地，重點在於擴大利潤率與 EBITDA，以及自由現金流；你們可以期待我們在 2027 年做到這些。

Fair enough.

了解。

Can I ask one other question?

我可以再問一個問題嗎？

So I think both of the third quarter and the full year, the profitability would have been below where you had talked about in the past if not for the tariff refund.

所以我認為，無論是第三季還是全年，如果沒有關稅退稅（tariff refund），獲利能力都會低於你們過去談到的水準。

I think some things have changed like higher transportation costs perhaps you're leaning more into marketing, spending some of that tariff money back for at least the trade promotions. But if you could sort of talk to us about what has changed.

我想有些事情已經改變了，例如運輸成本可能更高、你們可能更偏向加大行銷投入，至少把部分關稅退稅的資金再投入到通路促銷（trade promotions）上。但如果可以的話，請跟我們談談到底有哪些改變。

You're getting the positive from the tariffs, but presumably there are offsets somewhere else such that they even out and the guidance hasn't changed even with that benefit.

你們從關稅得到正面效益，但推測在其他地方應該有一些抵銷因素，使得整體相互抵銷；因此即使有這項利多，指引也沒有改變。

Yeah, I'll start the conversation on that, Mike, or the answer to your question on that, Michael, is we're really happy with the way the year is playing out right now. Year-to-date revenue is up about 14%. Free cash flow went from a consumption of $4 million to generating $8 million, so like almost a $13 million change in free cash flow year-over-year. And adjusted EBITDA at almost $24 million year-to-date is nearly double. So we're very pleased with the way year is playing out. Now, Q3, I'll just be direct. Yeah, we would have been under what we framed up if it wasn't for the tariffs, but that's based on one big decision that we made, which was, hey, we're going to spend some of that back in promotion at our key accounts on very effective promotion. That's going to put us in a very good position with velocities as we exit the year as we get ready for the line reviews with our key accounts and we're going to expect more distribution gains. So we're spending some of that back on promotion to strengthen our position in '27.

是的，Mike，我先來回應這個話題，或者說回覆你這個問題，Michael，我們對今年目前的進展方式真的很滿意。年初至今營收約成長14%。自由現金流從消耗400萬美元轉為產生800萬美元，所以自由現金流年對年變動接近1,300萬美元。而年初至今調整後EBITDA接近2,400萬美元，幾乎翻倍。所以我們對今年的走勢非常滿意。至於第三季，我就直說。是的，如果不是因為關稅，我們本來會低於我們先前所設定的框架，但那是基於我們做的一個重大決策：也就是，我們要把其中一部分回投到關鍵客戶端的促銷上，而且是非常有效的促銷。這會讓我們在年底退出時的動銷速度（velocities）上處於非常有利的位置，因為我們正準備與關鍵客戶進行品類/產品線檢視（line reviews），並且我們預期會有更多的通路鋪貨（distribution）增長。所以我們把其中一部分回投到促銷上，以強化我們在'27年的地位。

When it comes down to the other driver, I talked about it a few minutes ago, it's going to be freight and fuel, right? So the driver capacity out there is a real capacity issue with drivers, and that's coming through in lane rate. We're seeing that clearly. And then we didn't anticipate that the world would continue on and the price of diesel will be over $6, and we're adjusting for that as well. And you'll see that in the Q4 outlook that we have. Now, we are holding the year at least 8% growth on that revenue, which is about.

談到另一個驅動因素，我在幾分鐘前提過，就是運輸與燃料，對吧？所以外部的司機運能確實存在司機短缺的產能問題，而這正反映在路線運價（lane rate）上。我們很清楚地看到這一點。另外，我們也沒預期到全球情勢會持續發展，柴油價格會超過6美元，我們也正在對此進行調整。你們會在我們對第四季的展望中看到這點。目前我們仍維持全年營收至少成長8%，約為。

$430 million, but keep in mind that includes us having a $3.5 million headwind from the closure to the outpost as well as the divestiture. So in essence, that really is a raise if you take into account those adjustments. And then when it comes to the bottom line, we're feeling good about the.

4.30億美元，但請記住，這其中包含了因前哨（Outpost）關閉以及資產剝離（divestiture）帶來的350萬美元逆風。所以本質上，如果把這些調整因素納入考量，這其實等同於上調。至於獲利端，我們對。

At least 35% growth and around $29 million. And again, the reason you're not going to see that pop in Q4 EBITDA is simply the fact that we're going to run a little bit hotter on promotion to strengthen our position for '27 and then the fuel and lane rate costs.

至少35%的成長、約2,900萬美元感到樂觀。同樣地，你們之所以不會在第四季看到EBITDA明顯跳升，純粹是因為我們會在促銷上跑得更積極一些，以強化我們在'27年的位置，另外還有燃料與路線運價成本。

Yeah, it makes sense to reinvest the tariffs. Thanks. Appreciate the color, and we'll turn it over to someone else.

是的，把關稅回投再投資是合理的。謝謝。感謝補充說明，我們把時間交給其他人。

Our next question comes from the line of Eric Deslurias with Craig Allum. Please proceed with your question.

下一個問題來自Craig Allum的Eric Deslurias。請提出您的問題。

Thanks for taking my question and congrats on the continued market share gains and the announced Project Core here.

謝謝讓我提問，也恭喜你們持續取得市占率提升，以及這次宣布的Project Core。

So most of my questions, just kind of focusing on Project Core, wondering if you can provide a bit more color on the.

所以我大部分的問題，主要聚焦在Project Core，想請你們就此提供更多細節。

Sort of integrated approach to trade spend here. Can you just kind of give us a bit more detail on what to expect from that front?

關於這裡貿易費用（trade spend）的整合式做法。你們能否再多給我們一些細節，讓我們了解在這方面可以期待什麼？

Yeah, I'll kick it off. Matt can jump in. So thanks for the question, Eric. I think this is something we're very excited about. Project Core, this is really the first that we're talking about it publicly. That is something that we've been driving internally already for some time. It's been producing the focus that I talked about on the last question from Michael.

好的，我先開頭。Matt也可以補充。謝謝你的問題，Eric。我想這是我們非常興奮的一件事。Project Core，這其實是我們第一次公開談到它。這是我們內部推動一段時間的事情。它已經帶來我在上一個Michael的問題中提到的那種聚焦成果。

There are five elements to it.

它有五個要素。

They're all quite simple and that's to me what makes the best strategies. It starts with for media and mission for us, brand and mission, that is number one for us. The brand is everything to any successful premium CPG business, but particularly for us at Black Rifle is a lifestyle brand. We've seen that brand carry us to significant gains across the market and that will always be our number one priority, the ability to invest and make that most efficient.

它們都相當簡單，而在我看來，最好的策略往往就是這樣。首先，對我們而言是媒體與使命——品牌與使命——這是我們的第一優先。品牌對任何成功的高端消費品（CPG）企業都至關重要，但對我們Black Rifle尤其如此，因為我們是一個生活風格品牌。我們看到品牌帶動我們在整個市場取得顯著成長，而這永遠會是我們的第一優先：能夠投資並讓這些投資最有效率。

Wind Center Store is the second element of Project Core.

「贏在中間貨架（Center Store）」是Project Core的第二個要素。

Center Store then we are defining that as pods and bags. I just talked about that is going to be the lion's share of our investment. It's again a $14 billion category.

所謂Center Store，我們將其定義為膠囊（pods）與袋裝（bags）。我剛剛提到，這將會是我們投資的最大宗。這同樣是一個1,400億美元的品類。

We have a growing but small share and we believe that we can significantly grow that share over the next few years.

我們的市占正在成長但仍然不大，我們相信未來幾年可以顯著提升這個市占。

The third is digital shelf. So again, we've talked very much about how we look at our DTC business as one. Combined digital shelf to the consumer, whether they're buying off of our site, whether they're buying off of Amazon, walmart.com, target.com, any retailer site, that is a decision the consumer is going to make, they're deciding that they would like to buy digitally, they'd like to have that product delivered to them in some form and we are going to be omnipresent in our ability to support that. We're not going to tell the consumer how to shop, but we are going to be there for the consumer at a very strong value. And again, we've had a lot of success with this. We continue to grow our DTC business with this approach, and we've added profitability to the business with this approach. Number four is going to be focused on margin and earnings. Matt will elaborate a bit on that. Again, he's been talking about this now quarter after quarter.

第三是數位貨架（digital shelf）。所以同樣地，我們已經多次談到，我們如何把DTC業務視為一體。對消費者而言，整合的數位貨架，不論他們是在我們的網站購買、在Amazon購買、在walmart.com、target.com或任何零售商網站購買，這都是消費者會做的決策；他們決定要用數位方式購買，並希望以某種形式把產品送到他們手上，而我們將以全通路（omnipresent）的方式提供支援。我們不會告訴消費者該怎麼購物，但我們會以非常強的價值主張在那裡服務消費者。同樣地，我們在這方面已經取得很多成功。透過這種做法，我們持續成長DTC業務，也透過這種做法提升了業務的獲利能力。第四將聚焦在毛利與獲利（earnings）。Matt會再多補充一些。同樣地，他已經連續好幾季都在談這件事。

We will continue to edge our margin in a positive direction. The overall business in a healthy way where we're still investing back to drive growth.

我們會持續讓毛利率朝正向改善。讓整體業務以健康的方式運作，同時我們仍會回投資以推動成長。

And then on an earnings front, we will continue to optimize the overall remit of the business. We've done a good job, I think, of controlling our G&A costs, line items that kind of fall below the P&L, and we will continue to do that to ensure really strong cash conversion off of those earnings as well. And then finally, a component that's wrapped into all of it is simplify.

而在獲利面，我們會持續優化整體業務的職責範圍（remit）。我認為我們在控管G&A費用、以及那些在損益表（P&L）下方的科目方面做得不錯，我們也會持續這麼做，以確保從這些獲利中有非常強的現金轉換（cash conversion）。最後，貫穿所有要素的一個組成部分是「簡化」。

Non-core. And again, for those of you who have been following our business, you understand that we do run a multi-leg business. We have multiple components out there and we're always going to be innovating with our business, but we need to be very careful that we are always putting our investments against where we see those strongest returns. So you heard us talk about our Manchester facility in a partnership, that's a great example of where we get a win-win scenario, we get product produced in exceptionally high-quality and we do it in a way where that doesn't become. A cash constraint on our P&L and the Outpost closure, just another example, again, we still view Outposts as a significant way to build our brand in the future, but we're going to be smart about it, we're going to make sure that items like that do not become a drag on the P&L that would then limit our investment back into what we define as the core, which again are the bags, the pods component of our business. Matt, you want to build on that at all?

非核心。同樣地，對於一直關注我們業務的人來說，你們了解我們確實經營一個多支柱（multi-leg）的業務。我們有多個組成部分，而且我們會持續在業務上創新，但我們必須非常謹慎，確保我們的投資永遠投向我們看到回報最強的地方。所以你們聽到我們談到曼徹斯特（Manchester）工廠的合作夥伴關係，這就是一個很好的例子：我們得到雙贏的情境，我們能以極高品質生產產品，同時以一種不會讓它成為。損益表上的現金限制（cash constraint）的方式來進行；而前哨（Outpost）關閉也是另一個例子。同樣地，我們仍然認為Outpost在未來是建立品牌的重要方式，但我們會更聰明地做，我們會確保這類項目不會變成損益表上的拖累，進而限制我們回投資到我們所定義的核心——也就是我們業務中的袋裝（bags）與膠囊（pods）部分。Matt，你要再補充一些嗎？

Yeah, Eric, it comes down to outside the five principles that Mans walk you through, it comes down to a very simple filter we put on each of these actions that we plan on doing. Number one, hey, does it lift margin? Number two, does it make us asset light? Number three, does it free up capital? And does it protect our growth brand, right? So does it protect our core business? So these three actions, you see that.

是的，Eric，歸根結底，除了Mans帶你走過的五項原則之外，我們對每一項計畫要做的行動，都套用一個非常簡單的篩選條件。第一，是否能提升毛利率？第二，是否能讓我們走向輕資產？第三，是否能釋放資本？以及是否能保護我們的成長品牌，對吧？也就是說，是否能保護我們的核心業務？所以你會看到這三項行動。

Filter pass on each of those. So with the outpost restructuring, we're going to close down 12 of the company-operated outposts and another eight undeveloped sites, we're going to exit those as well that we have sitting on the books. Now we're going to keep the best five, as Mons mentioned, we'll create a model for what we want to franchise out in the future and we'll build the growth out through a franchise model, which is obviously a lot more.

每一項都要通過這個篩選。因此，就前哨站（outpost）重整而言，我們將關閉12個公司自營前哨站，以及另外8個尚未開發的據點；這些也會一併退出，因為它們目前仍列在帳上。接著我們會保留最好的5個，如Mons提到的，我們會建立一個未來要推動加盟（franchise）的模型，並透過加盟模式來擴張成長，這顯然要更……

Capital intense. When it comes to Manchester, it really is a win-win opportunity for us and we took advantage of it and not only will we get $17 million in proceeds, $10 million upfront and $7 million 12 months out at the anniversary date.

資本密集。至於Manchester，這對我們來說確實是雙贏的機會，我們也把握住了；我們不僅將取得1,700萬美元的處分收入，其中1,000萬美元為預付款，另外700萬美元將在12個月後、於周年日支付。

But Cascade is a long-term supplier of Black Rifle, they care about quality as much as we do, they're going to take on all the employees at Manchester, so they're going to get an experienced workforce that knows what we expect out of brand. And overtime time, this is going to give us a cost advantage when it comes to tolling fees, which stepped down over time and we're very pleased with that. And then finally, the divestiture of the DTC brand, which was just a distraction, right. So we're taking a brand that really didn't drive much on the top-line and nothing on the bottom line, we're jetticing that and making this business simpler. But again, as I said to Michael a little bit ago, these are all going to play through margin accretion, EBIT accretion and.

而且Cascade是Black Rifle的長期供應商，他們和我們一樣重視品質；他們會承接Manchester的所有員工，因此將獲得一支有經驗的團隊，了解我們對品牌的要求。隨著時間推移，這也會在代工（tolling）費用方面帶給我們成本優勢，因為費率會逐步下調，我們對此非常滿意。最後是剝離DTC品牌，坦白說那只是分散注意力，對吧。我們把一個在營收端貢獻不大、在獲利端更是沒有貢獻的品牌剔除掉，讓業務更簡單。但同樣地，正如我剛才跟Michael提到的，這些都會反映在毛利率增厚、EBIT增厚以及……

Free cash flow accretion as well. So you'll see this reflected when we guide for 2027 at the Q4 call.

自由現金流增厚上。所以你會在第四季電話會議、我們提供2027年指引時看到這些反映。

That's all very helpful. I appreciate that extra color there.

這些都非常有幫助。也感謝你補充這些細節。

And then just higher level, I mean, I know that you guys are going to give 27% guidance on the next call, but overall, how should we think about the amount of savings that you expect from Project Core here? If you can break that down between COGS and OpEx, that'd be helpful. And then just higher level, I mean, I've heard you guys comment just recently here on continuing to sort of edge up margin. So presumably not all this is going to be reinvested, but can you just kind of talk, I guess, more philosophically on how to think about sort of reinvesting the savings from Project Core versus letting those basically fall to margin expansion? And then to the extent that you will be reinvesting, should we be thinking of that as mostly in the promotion and trade spend that you've kind of called out for Q3 and Q4 here?

再從更高層次來看，我知道你們會在下一次電話會議給出27%的指引，但整體而言，我們應該如何看待你們預期從Project Core獲得的節省幅度？如果你能把它拆分為COGS與OpEx會更有幫助。另外再從更高層次來看，我也聽到你們最近提到會持續讓毛利率逐步上升。所以推測並非所有節省都會再投資；但你們能否從更偏理念/策略的角度談談，應該如何看待把Project Core的節省用於再投資，與讓它直接落到毛利率擴張之間的取捨？以及若你們會再投資，那我們是否應該把它主要視為你們在此提到的、第三季與第四季的促銷與通路費用（trade spend）？

Eric, I'll let Matt address some of the numbers you're asking for. Really quickly, though, I do want to emphasize, and you kind of closed this in the second part of your question, and I appreciate that, which is that this is more than just cost savings for us. This is really about growth.

Eric，我先讓Matt回應你問到的一些數字。不過我想很快強調一下——你在問題的第二部分其實也有提到，我很感謝——也就是，這對我們而言不只是成本節省。這其實是關於成長。

We are a growth company, and we are a growth company within what we have defined as the core of our business, again, the pods and the bags, and again, we've walked through the numbers and how we've driven that up to now is our land and expand strategy that we will continue to drive and then the ability to. The velocities of our items in market through smart marketing and we need to have the fuel for that and that is what Project Core is all about is ensuring that we have every penny available to us to reinvest while still delivering a significantly profitable business with significant cash flow for the capital needs that we need going forward.

我們是一家成長型公司，而且我們是在我們所定義的核心業務範圍內成長——再次強調，就是膠囊（pods）與袋裝（bags）。我們也已經走過相關數字，說明我們迄今如何推動成長：也就是我們的「先進入再擴張」（land and expand）策略，我們會持續推動；以及提升……我們產品在市場上的動銷速度（velocity），透過更聰明的行銷。我們需要為此準備燃料，而Project Core的核心就是確保我們有每一分錢可以用來再投資，同時仍能交付一個顯著獲利、並具備可觀現金流的業務，以滿足我們未來的資本需求。

And so again, it's two parts for sure for us, focused on both the top and the bottom line of the business. But Matt, I'll let you decide where you want to elaborate on numbers there.

所以對我們而言，確實是兩個面向：同時聚焦在營收端與獲利端。但Matt，我就讓你決定要在哪些數字上再多補充。

And Eric, I don't want to sound cagey on the project core opportunities at all, but there are some things that we're still working through, which is there will be a capacity expansion project going into the Manchester facility by Cascade. We're still working on the timing of when we'll start to realize some of those savings. But what I can say. When we think about how to think about 2027, we do know that we were locked completely for 2026 on green coffee pricing, we have over 90% locked in for next year, as I mentioned, it's lower than the cost structure with it we see this year when it comes to green coffee pricing, so we're feeling great about that, now the outpost closure will generate.

Eric，我完全不想在Project Core的機會上講得含糊，但確實有一些事情我們仍在推進中；例如Cascade將在Manchester廠進行產能擴充專案。我們仍在釐清開始實現部分節省的時間點。但我可以說的是：當我們思考2027年時，我們確定2026年的生豆（green coffee）價格已完全鎖定；如我提到的，我們明年已鎖定超過90%，而且相較於今年看到的生豆成本結構更低，所以我們對此感到非常樂觀。至於前哨站關閉將帶來……

Not so much gross margin benefit, but when you look at the lease expense and the G&A that goes against it for the labor, it's going to be accretive at the EBITDA level. So we'll see some accretion come through for the outpost closures. Those closure dates vary, and we're working through that right now. Many of them closed down in 2026, but some stretched out into 2027. So we're working on that timing.

毛利率面的效益不會那麼大，但若看租賃費用，以及與之相關的人力所對應的G&A費用，會在EBITDA層級帶來增厚。因此，前哨站關閉會帶來一些增厚效益。各據點的關閉日期不一，我們目前正在處理。其中許多會在2026年關閉，但有些會延伸到2027年。所以我們正在釐清這個時程。

Look, we'll definitely lap the third-party tariff or excuse me, the third-quarter tariff.

另外，我們肯定會在比較基期上跨過第三方關稅——抱歉，是第三季的關稅。

Benefit that we've seen. So we don't consider that to be a run rate change in our cost structure at all. We're not assuming any pricing in 2027. The pricing has already settled in from the two actions we took in 2025. But again, think back to what Project Core means. We're going to grow earnings faster than to grow revenue. And you will see an increase in margin and EBITDA and EBITDA margin free cash flow as we plan out 2027.

我們所看到的那個效益。因此我們完全不把它視為成本結構的常態化（run rate）變化。我們在2027年不假設任何再度調價。價格已經反映了我們在2025年採取的兩次行動。但再回到Project Core的意義：我們將讓獲利成長快於營收成長。而在我們規劃2027年時，你會看到毛利率、EBITDA與EBITDA利潤率，以及自由現金流的提升。

That's all helpful.

這些都很有幫助。

Thank you very much for taking my question.

非常感謝你回答我的問題。

Sure.

當然。

Thank you.

謝謝。

Our next question comes from the line of Joe Feldman with Telsey Advisory Group. Your line is now live.

下一個問題來自Telsey Advisory Group的Joe Feldman。您的線路已開通。

Yeah. Hey, guys. Thanks, Alan, for sorry this morning.

是的。嗨，各位。謝謝，Alan，抱歉今天早上……

I wanted to ask, with regard to the project court, how are you guys incorporating technology to generate productivity and.

我想問一下，關於Project Core，你們如何導入科技來提升生產力並且……

Are there other opportunities? I think you touched on maybe a little bit of a reduction in headcount down the road, but could you share a little more color on I guess technology's role in that?

是否還有其他機會？我想你們可能稍微提到未來會有一些人力精簡，但你能否再多分享一些細節，關於科技在其中扮演的角色？

The biggest thing, Joe, at Frankfurt is that when we became a public company a couple of years ago, we had over 900 employees. We expect to end this year at around 425 and after Project Core is done, we expect to be down to about 260. So a lot of that is just getting a lean organization and focusing on what's actually driving the top-line. But we're incorporating technology into everything that we do and we kind of rethink every position.

Joe，在法蘭克福這邊最大的一件事是，幾年前我們成為上市公司時，員工超過900人。我們預期今年年底約為425人，而在Project Core完成後，我們預期將降至約260人。因此，其中很大一部分就是打造精實組織，並聚焦於真正驅動營收成長的因素。但我們也把科技融入我們所做的每一件事，並且某種程度上重新思考每一個職位。

As we refocus and are positioning for this next phase of our growth, which is going to have a few top-line impacts next year from the divestitures that we're seeing. But remember that the EBITDA at end state, the expectation here is that we're going to have EBITDA growth that's substantially higher than what we see for revenue growth.

隨著我們重新聚焦並為下一階段的成長做定位，明年因我們看到的資產剝離，營收端會有一些影響。但請記得，在最終狀態下，這裡的預期是我們的EBITDA成長將顯著高於營收成長。

There's a lot that goes into that, but one of those things is technology and we're incorporating all those things into how we're viewing the future of this company.

這背後有很多因素，其中之一就是科技；我們正把這些因素都納入我們對公司未來的看法之中。

I think, Joe, just to build on that, we see. And to be H1st, what Matt said is true, we see technology as an enabler for growth. That's the way we look at it. Some of the stuff we do is proprietary. I'm not going to go into the details of it. Whether. We're ahead or below behind the market when it comes to utilization of AI, et cetera, I don't know, we're not too concerned about that. What we're concerned about is how is it enabling us to drive our growth model on a more accelerated basis. And I will tell you, again, if you follow our business, I know all of you do, I know you do, Joe, when it comes to our marketing, we absolutely take advantage of all of the leading edge elements of technology in putting together our brand positioning, how we look at that. As you can imagine, even for some of the more traditional parts of the business, we've begun to utilize that as well. But again, we do it through a growth lens. We don't look at it as necessarily optimization of the business. Yes, those things happen naturally, but frankly, that's the easier part. The harder part, I think, and what we believe in, Matt and I is challenging ourselves to say, how do we use this technology to put ourselves in a position where we will be able to sustainably outgrow the market across our pods and bags business?

Joe，我想在此基礎上再補充一下，我們看到……坦白說，Matt說得沒錯，我們把科技視為成長的促成因素。我們就是這樣看待它的。我們做的一些事情是專有的。我不會深入細節。至於……在AI等技術的運用上，我們是領先市場還是落後，我不確定，我們也不太擔心這個。我們關心的是，它如何讓我們能以更快的速度推動我們的成長模型。我再說一次，如果你們關注我們的業務——我知道你們都關注，Joe，我也知道你關注——在行銷方面，我們絕對會善用所有最前沿的科技元素來打造我們的品牌定位，以及我們如何看待這件事。如你所想，即便在一些較傳統的業務部分，我們也開始加以運用。但同樣地，我們是以成長的視角來做。我們不一定把它視為業務最佳化。是的，那些效果會自然發生，但坦白說，那是比較容易的部分。我認為更難的部分，也是Matt和我所相信的，是挑戰自己去問：我們如何運用這項科技，讓我們能在pods與bags業務上，長期且可持續地跑贏市場成長？

That's really helpful, guys.

這真的很有幫助，各位。

Thank you. And then maybe just to follow-up, I wanted to drill down a little bit into the non-core.

謝謝。接著也許再追問一下，我想更深入了解一下非核心業務。

Was that one business that we were selling off, is that it? Like are there other areas like I think it was kind of touched on earlier by Mike, but is it like ready to drink or energy? Like are those non-core that could go away?

我們賣掉的就是那一個業務，對嗎？比如說還有其他領域嗎？我想Mike先前有稍微提到，但像即飲（ready to drink）或能量飲料（energy）呢？那些算是非核心、也可能會被剝離嗎？

Hey, Joe, this is Matt.

嗨，Joe，我是Matt。

So the D2C business that we divested was a very non-core brand called Grounds and Hounds, so it wasn't aligned with the brand messaging of Black Rifle. Like I said before, it was pretty much a distraction, didn't generate much any EBITDA at all. So that was a very deliberate decision that we made. When it comes to the other product lines that we have, they're still massive. If you think about the RTD business and roughly a 4.1 share in the marketplace right now, we're number three in market. So the focus there would be more of improving the margin of the business and improving the really the cost to get the product to market. So that's where we'll focus on that business going forward. But everything in the business we're looking at through the filters that Mans described earlier and we'll use that discipline to evaluate each and every product line.

我們剝離的D2C業務是一個非常非核心的品牌，叫Grounds and Hounds，因此它與Black Rifle的品牌訊息並不一致。如我之前所說，它基本上是一種分心，幾乎沒有產生任何EBITDA。所以那是我們非常刻意做出的決定。至於我們其他產品線，它們仍然規模很大。如果你看RTD業務，目前在市場上的市占約4.1，我們是市場第三名。因此那邊的重點會更偏向提升該業務的毛利率，以及改善把產品推向市場的成本。所以未來我們會把重點放在那個業務上。但公司內所有業務，我們都會透過Mans先前描述的篩選標準來檢視，並用這樣的紀律去評估每一條產品線。

Just to build on that, because it's a great point you're making, no, it does not mean just it does not mean that anything that is non-core is going to be unwound, but by no means does it mean that.

再補充一下，因為你提出的是個很好的觀點：不，這並不表示凡是非核心的就都會被拆解或退出，絕對不是這個意思。

It does, however, mean we're going to focus investment significantly toward the core components of our business.

不過，這確實表示我們會把投資顯著地集中在業務的核心組成部分。

We also potentially, we'll revise what the core looks like overtime.

此外，我們也可能會隨著時間推移，調整「核心」的定義。

Again, right now, the category is challenged within cold coffee, and we have some work to do, as Matt said, on that business to ensure that we've got the right level of profitability and that we've got the growth ideas that we believe can help to turn that category. As we do that work in the background over the next couple of years.

再說一次，目前冷萃咖啡（cold coffee）這個品類面臨挑戰；正如Matt所說，我們在那項業務上還有一些工作要做，以確保我們具備適當的獲利水準，並且有我們相信能協助扭轉該品類的成長構想。在接下來幾年我們在背景中推進這些工作時。

That very well could change our point of view on where that plays within core overall.

這很可能會改變我們對它在整體核心版圖中所扮演角色的看法。

So again, there are elements of the business that are going to be clear decisions for us to unwind like Matt talked about with Grounds and Hounds, but it does not mean it's a classic portfolio approach.

所以再說一次，業務中有些部分會是我們明確決定要退出的，就像Matt談到Grounds and Hounds那樣，但這並不代表我們採取的是典型的投資組合（portfolio）做法。

And just because something isn't core in your portfolio does not necessarily mean that it won't be part of your business.

而且，僅僅因為某項業務在你的組合中不是核心，也不一定表示它不會成為你業務的一部分。

That's great. That's really helpful, guys.

太好了。這真的很有幫助，各位。

Thank you so much. Good luck with the fourth quarter.

非常感謝。祝第四季順利。

Thank you.

謝謝。

And ladies and gentlemen, this concludes our question-and-answer session. I'll turn the floor back to management for any final comments.

各位女士、先生，問答環節到此結束。我將把時間交還給管理層做最後的補充。

Well, I appreciate the questions.

好的，感謝各位的提問。

Overall, we're building on our progress that we've made, strengthening the business, we're improving profitability. And generating cash flow and we believe we'll continue to accelerate that as we go into '27. We'll give you, as Matt said, we'll give you guidance on that as we go into the next quarter call.

整體而言，我們正在延續已取得的進展，強化業務、提升獲利能力，並創造現金流；我們相信在邁向'27的過程中，這些將持續加速。正如Matt所說，我們會在下一次季度電話會議時，提供相關指引。

Project Core, it was exciting to talk about that for the first time. It's about accelerating the growth of our coffee business and using the stronger foundation to drive further earnings and cash generation.

Project Core，這是我們第一次談到它，令人振奮。它的重點是加速我們咖啡業務的成長，並利用更強健的基礎來推動進一步的獲利與現金創造。

For us going forward.

就我們未來而言。

We will reinvest behind the opportunities that we believe have the greatest potential for this business overall.

我們將把資源再投資在我們認為對整體業務最具潛力的機會上。

So again, we appreciate everybody's interest in the business and we will talk to you next quarter.

因此，再次感謝大家對本公司業務的關注，我們下個季度再與各位交流。

And this concludes today's conference and you may disconnect you live at this time. We thank you for your participation.

今天的電話會議到此結束，您現在可以中斷連線。感謝您的參與。