Barfresh Food Group Inc (BRFH) 2025 Q1 法說會逐字稿

Good afternoon, everyone. And thank you for participating on today's first quarter 2025 corporate update call for Barfresh Food Group.

大家下午好。感謝您參加今天的 Barfresh Food Group 2025 年第一季公司更新電話會議。

Joining us today is Barfresh Food Group's founder and CEO Riccardo Delle Coste.

今天與我們一起參加的是 Barfresh Food Group 的創辦人兼執行長 Riccardo Delle Coste。

And Barfresh Group's CFO Lisa Roger.

還有 Barfresh Group 的財務長 Lisa Roger。

Following prepared remarks, we will open the call for your questions.

聽完準備好的發言後，我們將開始回答您的問題。

The discussion today will include forward-looking statements.

今天的討論將包括前瞻性陳述。

Except for historical information, you're in, matters set forth on this call are forward-looking within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about the company's commercial progress, success of its strategic relations, and projections of future financial performance.

除歷史資訊外，本次電話會議中討論的事項均屬於《1995 年私人證券訴訟改革法》安全港條款所定義的前瞻性事項，包括有關公司商業進展、戰略關係成功以及未來財務業績預測的聲明。

These forward-looking statements are identified by the use of words such as grow, expand, anticipate, intend, estimate, believe, expect, plan, should, hypothetical, potential, forecast, and project, continue, good, may, predict, and will, and variations of such words and similar expressions are intended to identify such forward-looking statements.

這些前瞻性陳述透過使用諸如增長、擴大、預期、打算、估計、相信、期望、計劃、應該、假設、潛在、預測、項目、繼續、良好、可能、預測和將等詞語來識別，這些詞語的變體和類似表達旨在識別此類前瞻性陳述。

All statements other than the statements of historical fact that address activities, events, or developments that the company believes or anticipates will or may occur in the future are forward-looking statements.

除歷史事實陳述之外，所有涉及公司認為或預期將來會發生或可能發生的活動、事件或發展的陳述均為前瞻性陳述。

These statements are based on certain assumptions made based on experience, expected future developments, and other factors that the company believes are appropriate under those circumstances.

這些聲明是基於經驗、預期的未來發展以及公司認為在這種情況下適當的其他因素而做出的某些假設。

Such statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of the company.

此類聲明受多種假設、風險和不確定性的影響，其中許多超出了公司的控制範圍。

Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those indicted or anticipated by such forward-looking statements.

如果這些風險或不確定性中的一個或多個成為現實，或者基本假設被證明不正確，則實際結果可能與此類前瞻性陳述所指示或預期的結果有重大差異。

Accordingly, investors are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date they are made.

因此，提醒投資者不要過度依賴這些前瞻性陳述，因為這些陳述僅代表其發布之日的觀點。

The contents of this call should be considered in conjunction with the company's recent filings with the Securities and Exchange Commission, including its annual report on Form 10-K, and the quarterly reports on Form 10-Q and current reports on Form 8-K.

本次電話會議的內容應與公司最近向美國證券交易委員會提交的文件一起考慮，包括 10-K 表年度報告、10-Q 表季度報告和 8-K 表當前報告。

Including any warning, risk factors, and cautionary statements contained therein.

包括其中包含的任何警告、風險因素和警告聲明。

Furthermore, the company expressly disclaims any current intention to update publicly any forward-looking statements after this call, whether as a result of new information, future events, changes in assumptions, or otherwise.

此外，該公司明確表示不打算在本次電話會議後公開更新任何前瞻性聲明，無論是由於新資訊、未來事件、假設變更或其他原因。

In order to aid in the understanding of the company's business performance, the company is also presenting certain non-GAAP measures, including adjusted gross profit, EBITDA, adjusted EBITDA which are reconcile it in tables in the business update released to the most comparable GAAP measures and certain calculations based on its results including gross margin and adjusted gross margin.

為了幫助理解公司的業務表現，該公司還提供了某些非 GAAP 指標，包括調整後的毛利、EBITDA、調整後的 EBITDA，這些指標在發布的業務更新中的表格中與最可比較的 GAAP 指標以及基於其結果的某些計算結果（包括毛利率和調整後的毛利率）進行了協調。

The reconciling items are non-operational or non-cash cost, including stock compensation and other non-recurring costs such as those associated with the product withdrawal.

調節項目是非營運或非現金成本，包括股票補償和其他非經常性成本，例如與產品召回相關的成本。

The related dispute and certain manufacturing and relocation cost.

相關的爭議以及一定的製造和搬遷費用。

Management believes that adjusted gross profit, EBITDA and adjusted EBITDA proved.

管理層認為，調整後的毛利、EBITDA 和調整後的 EBITDA 都已證明。

Useful information to the investor because they are directly reflective of the performance of the company.

對投資者來說，這些資訊很有用，因為它們直接反映了公司的表現。

Now, I will turn the call over to the CEO of our Barfresh Food Group, Mr. Riccardo Delle Coste.

現在，我將把電話轉給我們 Barfresh 食品集團的執行長 Riccardo Delle Coste 先生。

Please go ahead, sir.

先生，請繼續。

Good afternoon, everyone, and thank you for joining us for our first quarter 2025 earnings call.

大家下午好，感謝大家參加我們的 2025 年第一季財報電話會議。

We achieved our revenue and gross margin guidance for the first quarter and continued to sign new customers in the education channel as we continue to invest in our manufacturing operations to be well prepared for the upcoming 2025 school year.

我們實現了第一季的營收和毛利率預期，並繼續在教育管道簽約新客戶，同時我們繼續投資於製造業務，為即將到來的2025學年做好充分準備。

Based on the progress we are making towards additional manufacturing capacity and our first quarter results, we are reiterating our full-year revenue guidance of 35% to 55% growth.

根據我們在增加製造能力方面取得的進展和第一季的業績，我們重申全年營收成長 35% 至 55% 的預期。

Our revenue guidance accounts for continuing orders from existing customers and confirmed bids, while also considering estimated revenue from end user opportunities at later stages in our sales pipeline.

我們的收入預期考慮了現有客戶的持續訂單和已確認的投標，同時也考慮了銷售管道後期最終用戶機會的預期收入。

I would like to now provide an update on our manufacturing capacity.

我現在想提供有關我們製造能力的最新情況。

During the 4th quarter of 2024, we began onboarding two new strategic partners. This entails important equipment investments by ourselves and our partners, which will continue into the second quarter.

2024 年第四季度，我們開始引進兩個新的策略夥伴。這需要我們和我們的合作夥伴進行重要的設備投資，這將持續到第二季​​。

While this transition creates near-term cost pressures on our first and second quarter bottom line results, we expect all of the investments and onboarding process to be complete by the end of Q2, 2025. Bringing us to full manufacturing capacity in time for our high season selling in the education Channel, which picks up with back-to-school demand in Q3.

雖然這種轉變會對我們第一季和第二季的獲利業績帶來短期成本壓力，但我們預計所有投資和入職流程將在 2025 年第二季末完成。隨著第三季返校需求的增加，教育管道的銷售旺季將迎來全面產能。

Once our new manufacturing partner for Twist and go is fully online, we will increase our bottling capacity, enabling us to expand our revenue in the back half of this year.

一旦我們的 Twist and go 新製造合作夥伴全面上線，我們將提高裝瓶能力，使我們能夠在今年下半年擴大收入。

In addition, we expect our gross and operating margins to dramatically improve in the back half of 2025, enabling us to achieve positive adjusted even data in the second half of the year.

此外，我們預計我們的毛利率和營業利潤率將在 2025 年下半年大幅提高，使我們在下半年實現正調整後的數據。

The costs associated with onboarding our new co-manufacturers, including higher supply chain expenses from sourcing products from multiple locations and trial costs are expected to be completed by the end of the second quarter.

與引入新的合作製造商相關的成本，包括從多個地點採購產品而產生的更高的供應鏈費用和試驗成本，預計將在第二季末完成。

Turning to our product portfolio. We launched a new pop and go 100% juice freeze pops in our education channel during Q4, and it continues to gain traction as we enter the second quarter.

轉向我們的產品組合。我們在第四季度透過教育管道推出了一款新的即食 100% 果汁冷凍飲料，進入第二季度後，它的銷量繼續增長。

While this new product contributed modest revenue in the first quarter, we're excited about its potential.

雖然這款新產品在第一季貢獻的收入不大，但我們對其潛力感到興奮。

Unlike our breakfast-focused offerings, this product targets the lunch day part, a market opportunity significantly larger than breakfast.

與我們以早餐為主的產品不同，該產品針對的是午餐時段，這是一個比早餐更大的市場機會。

On the sales front, our robust sales network is now covering 95% of the US.

在銷售方面，我們強大的銷售網絡現已覆蓋美國 95% 的地區。

As a reminder, while we've had strong success in new customer acquisition in the education channel, we're still only at a 5% mark of penetration, representing significant runway for growth.

提醒一下，雖然我們在教育管道獲取新客戶方面取得了巨大成功，但我們的滲透率仍然只有 5%，這意味著還有很大的成長空間。

And many of these new wins will not start contributing to our top line until the back half of 2025.

其中許多新勝利要到 2025 年下半年才會開始為我們的收入做出貢獻。

During the second quarter, we will continue to make the appropriate investments in our manufacturing and supply chain, but we fully believe this will be completed by the end of the second quarter.

在第二季度，我們將繼續對我們的製造和供應鏈進行適當的投資，但我們完全相信這將在第二季末完成。

Our expanded manufacturing capacity, new product introductions, and robust sales network give us confidence in our growth projection. More importantly, we expect to see meaningful margin improvement as we realize the benefits of our operational investments.

我們擴大的生產能力、推出的新產品以及強大的銷售網絡使我們對我們的成長預測充滿信心。更重要的是，隨著我們實現營運投資的收益，我們預計利潤率將顯著提高。

Before I turn it over to Lisa for a detailed financial review, I want to thank our employees, partners and shareholders for their support during this transition period for our company.

在交給麗莎進行詳細的財務審查之前，我想感謝我們的員工、合作夥伴和股東在我們公司過渡時期給予的支持。

The investment we have made into our overall company during the past few quarters will enable us to achieve profitable growth in the back half of 2025, and we are very excited about our future. I'll now turn the call over to our CFO, Lisa Roger. Lisa.

過去幾季我們對整個公司的投資將使我們在 2025 年下半年實現獲利成長，我們對我們的未來感到非常興奮。現在我將把電話轉給我們的財務長麗莎羅傑 (Lisa Roger)。麗莎。

Thank you, Riccardo. As we guided during our last earnings call, our first quarter revenue remained consistent with Q4 levels as we continue to manage our supply chain through a transitional period.

謝謝你，里卡多。正如我們在上次收益電話會議上所指出的那樣，由於我們繼續在過渡期內管理我們的供應鏈，我們的第一季收入與第四季的水平保持一致。

Revenue for the first quarter of 2025 was $2.9 million compared to $2.8 million for the first quarter of 2024. The year over year increase in revenue is primarily driven by expanded bottle capacity at our existing bottle manufacturer, enabling higher sales volume compared to the prior year.

2025 年第一季的營收為 290 萬美元，而 2024 年第一季的營收為 280 萬美元。營收年增率主要得益於我們現有瓶子製造商的瓶子產能擴大，從而使銷售量比上一年有所提高。

Gross margin for the first quarter of 2025 was 31% compared to 41% for the first quarter of 2024.

2025 年第一季的毛利率為 31%，而 2024 年第一季的毛利率為 41%。

Adjusted gross margin for the first quarter of 2025 was 31% compared to 43% in the prior year period.

2025 年第一季調整後毛利率為 31%，去年同期為 43%。

Our adjusted gross margin for the first quarter of 2025 was consistent with Q4 2024, adjusted gross margin of 30% as expected.

我們 2025 年第一季的調整後毛利率與 2024 年第四季一致，調整後毛利率為 30%，符合預期。

The year over year decrease was due primarily to temporary production and efficiencies and higher supply chain expenses related to sourcing elements of our production process from multiple locations as we continue to enhance our supply chain capabilities.

年比下降主要是由於臨時生產和效率以及與從多個地點採購生產流程要素相關的供應鏈費用增加，因為我們正在不斷增強供應鏈能力。

We expect our gross margin to normalize in the second half of 2025 as new co-manufacturers are operating at a higher capacity and capability, improving our supply and cost structure.

我們預計，隨著新的合作製造商以更高的產能和能力運營，我們的供應和成本結構將得到改善，我們的毛利率將在 2025 年下半年恢復正常。

Selling, marketing and distribution expense for the first quarter of 2025 increased to $824,000 or 28% of revenue, compared to $694,000 or 25% of revenue in the first quarter of 2024.

2025 年第一季的銷售、行銷和分銷費用增至 824,000 美元，佔收入的 28%，而 2024 年第一季為 694,000 美元，佔收入的 25%。

The year over year increase is a result of higher personnel costs and broker commissions due to expansion of our broker network, as well as an increase in sample expense due to the introduction of pop and go 100% juice freeze pops.

同比增長是由於我們的經紀人網絡擴張導致的人員成本和經紀人佣金增加，以及由於推出 pop and go 100% 果汁冷凍冰棒而導致的樣品費用增加。

G&A expenses for the first quarter of 2025 were $747,000 compared to $855,000 in the same period last year.

2025 年第一季的 G&A 費用為 747,000 美元，而去年同期為 855,000 美元。

The year over year decrease in G&A was driven by a reduction in legal, professional, and consulting fees and lower stock-based compensation as a result of lower expected attainment under our performance stock unit program, partially offset by an increase in personnel related expenses.

一般及行政費用較去年同期下降的原因是法律、專業和諮詢費用的減少，以及由於我們的績效股票單位計劃的預期成果較低而導致的股票薪酬的降低，但部分被人員相關費用的增加所抵消。

Net loss for the first quarter of 2025 was $761,000 compared to a net loss of $449,000 in the first quarter of 2024.

2025 年第一季淨虧損為 761,000 美元，而 2024 年第一季淨虧損為 449,000 美元。

The increase in net loss was primarily due to the reduction in gross margin as previously discussed.

淨虧損的增加主要是由於前面討論過的毛利率下降所致。

For the first quarter of 2025, our adjusted EBITDA was a loss of approximately $506,000 compared to a gain of approximately $53,000 in the same period last year. Adjusted EBITDA in the first quarter of 2025 was impacted by costs associated with sourcing elements of the production process from multiple locations, while new co-manufacturers complete equipment installations required to perform as full-service partners.

2025 年第一季度，我們的調整後 EBITDA 虧損約 506,000 美元，而去年同期獲利約 53,000 美元。2025 年第一季的調整後 EBITDA 受到從多個地點採購生產流程要素相關成本的影響，而新的聯合製造商完成了作為全方位服務合作夥伴所需的設備安裝。

This resulted in higher logistics costs and less efficient production than in the first quarter of 2024. The equipment is expected to be delivered, installed, and operational by the end of the second quarter, and we should return to our optimized production and distribution network in the back half of the year.

這導致物流成本高於2024年第一季，生產效率低於2024年第一季。預計該設備將在第二季末交付、安裝並投入運營，我們將在下半年恢復優化的生產和分銷網路。

Now moving on to our balance sheet. As of March 31st, 2025, we had approximately $3.4 million of cash and accounts receivable and approximately $1.1 million of inventory on our balance sheet.

現在來看我們的資產負債表。截至 2025 年 3 月 31 日，我們的資產負債表上有約 340 萬美元的現金和應收帳款以及約 110 萬美元的庫存。

The company has taken measures to reduce its liquidity requirements, including compensating its director's employees with equity to reduce cash compensation requirements, obtaining non-recourse litigation financing, and securing receivables financing. In February 2025, the company secured $3 million in growth financing. This capital raise enhances our financial position and supports scaling of production capacity to meet growing customer demand, particularly in the education channel.

該公司已採取措施降低其流動性需求，包括向其董事員工提供股權補償以減少現金補償需求、獲得無追索權訴訟融資以及獲得應收帳款融資。2025年2月，該公司獲得300萬美元的成長融資。此次融資增強了我們的財務狀況，並支持擴大生產能力以滿足日益增長的客戶需求，尤其是在教育管道。

Now I will turn the call back to Riccardo for closing remarks.

現在我將請里卡多致閉幕詞。

Thank you, Lisa. For the full year of 2025, we continue to expect significant revenue growth of between 35% and 55%, with margin expansion beginning in the second half as our manufacturing capabilities come online.

謝謝你，麗莎。對於 2025 年全年，我們預計營收將大幅成長 35% 至 55%，隨著製造能力的上線，利潤率將在下半年開始擴大。

We look forward to updating you on our progress in the quarters ahead. And with that, I would like to open up the line for questions, operator.

我們期待在未來幾季向您通報我們的進展。現在，我想開始回答大家的提問，接線生。

Thank you.

謝謝。

Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions).

女士們、先生們，我們現在開始問答環節。（操作員指令）。

The first question comes from the line of Anthony Vendetti from Maxim Group. Please go ahead.

第一個問題來自 Maxim Group 的 Anthony Vendetti。請繼續。

Yes, thank you.

是的，謝謝。

It sounds like the Co-manufacturing partners will be up and running by the end of second quarter 2025 with all the equipment that you need to get everything.

聽起來聯合製造合作夥伴將在 2025 年第二季末開始運營，並配備完成所有工作所需的所有設備。

Ready to go. Is there anything that could, that could slow that down, Riccardo, or is everything on track?

準備出發。有什麼可以減緩這一進程嗎，里卡多，或者一切都在按計劃進行？

I mean, we don't know. But we've done an enormous amount of testing. In actual fact, we went live on some of the equipment last week, and we had our first production runs with the new, change parts that have been installed. We do have a little bit more, just refinement of the process, but we expect that to be completed over the next couple of weeks. So definitely before the end of Q2, we expect it to be up and running, and it's already started in part, this week, technically. So we feel very good about it.

我的意思是，我們不知道。但我們已經做了大量的測試。事實上，我們上週就已開始使用部分設備，並使用已安裝的新零件進行了首次生產運作。我們確實還有更多工作要做，只是對流程進行改進，但我們預計將在接下來的幾週內完成。因此，我們預計它肯定會在第二季結束前啟動並運行，從技術上講，本週它已經部分啟動了。因此我們對此感覺非常好。

Okay, great. And then, I know we still have to finish out the this the 2024, 2025 school year, but has the bidding process started, for the 2025, 2026 school year and what is that that pipeline looks like at this point?

好的，太好了。然後，我知道我們仍然必須完成 2024、2025 學年，但是 2025、2026 學年的招標過程是否已經開始了，目前的流程是什麼樣的？

Yeah, it most definitely has started. It started, a couple of months ago, so that's really how we're providing the guidance based on our existing customers, expectations of repeat orders as well as a portion of what we have in our pipeline already, and there's.

是的，它肯定已經開始了。它是幾個月前開始的，所以我們實際上是根據現有客戶、重複訂單的預期以及我們已有的部分訂單來提供指導。

And there's been some more kind of customers being added and we'll continue to be added to that pipeline as we, move through the bidding process. We should start to be notified of the bids up until the end of June, really. We still get notifications of them being awarded. We've completed a lot of them. The awards haven't necessarily all come back yet. But over the next couple of months, we expect those to come back.

並且已經有更多類型的客戶加入，隨著我們進行投標過程，我們將繼續將客戶添加到該管道中。實際上，我們應該在六月底之前開始收到投標通知。我們仍然會收到他們獲獎的通知。我們已經完成了很多。獎項不一定都會回來。但我們預計在接下來的幾個月裡這些都會回歸。

Okay, and this year in particular, whether it's from some of your existing customers or some of the new potential schools and school districts, are they bidding, are they interested in both the twist and go and the pop and go or is it more the twist and go and then the pop and go is sort of, a, an add on for some but not all.

好的，特別是今年，無論是來自您的一些現有客戶還是一些新的潛在學校和學區，他們是否都在競標，他們是否對旋轉行走和彈出行走都感興趣，或者他們更喜歡旋轉行走，而彈出行走對某些人來說是一種附加功能，但不是全部。

I mean, I wouldn't say that it's for every, everyone's adding it to their bids, but we are definitely completing quite a number of bids with the pop and go on them.

我的意思是，我不會說它適用於每個人，每個人都將其添加到他們的出價中，但我們肯定會通過彈出並繼續的方式完成相當多的出價。

Okay, great. And you have with these new co-packers, and co-manufacturing partners, you have all the inventory you need to meet that demand for the 2025, 2026 school year.

好的，太好了。有了這些新的聯合包裝商和聯合製造合作夥伴，您就擁有了滿足 2025、2026 學年需求所需的所有庫存。

Correct, as it stands right now. Keeping in mind that over the last few months, we've been doing an enormous amount of testing on the pops in the customers taste testing with the students, with the administrators, so there's been a lot of work that's been happening in the background.

正確，就目前情況而言。請記住，在過去的幾個月裡，我們與學生、管理人員一起對冰棒進行了大量的測試，讓顧客品嚐，因此在幕後進行了大量工作。

Okay, and are you currently staffed appropriately? Do you need to add, any additional salespeople or other or other, senior execs to make sure all this logistics work out and I'm just curious where do you feel like you stand.

好的，您目前的人員配備合適嗎？您是否需要添加任何額外的銷售人員或其他高級管理人員來確保所有這些後勤工作順利進行，我只是好奇您覺得自己處於什麼位置。

We feel like we've got the right amount of staff for where we are and what we need to achieve.

我們覺得，對於我們目前的狀況和需要實現的目標來說，我們擁有的員工數量是合適的。

Okay, great.

好的，太好了。

All right, great, thanks. I'll hop back in the queue, appreciate it.

好的，太好了，謝謝。我會重新回到隊列中，謝謝。

Thanks.

謝謝。

Thank you.

謝謝。

(Operator Instructions).

（操作員指令）。

The next question comes from the line of Ankur Sagar, an investor. Please go ahead.

下一個問題來自投資者 Ankur Sagar。請繼續。

Hey, good afternoon, Riccardo and Lisa.

嘿，下午好，里卡多和麗莎。

Thank you for taking my questions. Just have a couple, you have been bottlenecked with this, coal manufacturing, and you expect to have this completed by Q2. Anything you can share in terms of, what sort of manufacturing capacity will this provide to you in terms of the revenue, even if it's a range.

感謝您回答我的問題。只是有幾個，你們在煤炭製造方面遇到了瓶頸，你們預計在第二季完成這項工作。您可以分享一下，就收入而言，這將為您提供什麼樣的製造能力，即使它是一個範圍。

Could there be an upside, to even the guidance that you have provided if you have if you're able to, fulfil more I assume you probably have the, customer base and the orders to fulfil that as well.

如果您能夠滿足更多需求，您提供的指導是否還有好處？我認為您可能擁有客戶群和訂單來滿足這些需求。

Yeah, it really depends on product mix, right? Because we have a significant amount of capacity in the op and go, also in the cartons, and we're now just opening up that capacity with the bottles as well. Anywhere from 5 to 10 in a quarter is probably quite double where we are.

是的，這確實取決於產品組合，對嗎？因為我們在操作和運輸方面都有很大的容量，而且在紙箱方面也有很大的容量，現在我們也在開放瓶子方面的容量。每季 5 到 10 個這樣的數字可能相當於我們現在的兩倍。

In that range. Again, it depends on the product mix.

在那個範圍內。再次，這取決於產品組合。

Okay, and, I think you probably mentioned it in the prepared remarks, but just to clarify, I mean with these, coal manufacturing coming up online, you expect the gross margin to trek back to, normally, about 40s.

好的，我想您可能在準備好的發言中提到了這一點，但只是為了澄清一下，我的意思是，隨著這些煤炭製造業的上線，您預計毛利率通常會回升到 40 左右。

Is that fair to say?

這樣說公平嗎？

It's about, 40 is what we're expecting. We have been spending, a lot of money just trying to get the commands up and running, whether it's testing, getting product out that we've had to double handle, trial costs, you name it. There's been an enormous amount of money being spent.

我們預計大約是 40。我們花了大量資金只是為了讓指令正常運行，無論是測試、推出我們必須雙重處理的產品、試用成本，還是其他什麼。我們已經花費了大量的資金。

So now that the changes have been made at the plant, we expect the margins to Get back to where they, should have been and, hopefully we'll see some upside in that as well.

因此，既然工廠已經做出了改變，我們預計利潤率將恢復到應有的水平，並且希望我們也能看到一些好處。

Okay. All right.

好的。好的。

Thank you.

謝謝。

Thanks.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

As there are no further questions, I would now have the conference over to Riccardo Della Coste for his closing comments.

由於沒有其他問題，現在我將請里卡多·德拉·科斯特 (Riccardo Della Coste) 作總結發言。

Thanks, everyone. We look forward to updating you on our progress and upcoming developments shortly. Thanks.

謝謝大家。我們期待很快向您通報我們的進展和即將發生的發展。謝謝。

Thank you. Ladies and gentlemen, the conference of our Freshfood Group has now concluded.

謝謝。女士們、先生們，我們Freshfood集團的會議現已結束。

Thank you for your participation. You may now disconnect your lines.

感謝您的參與。現在您可以斷開線路了。