Barfresh Food Group Inc (BRFH) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for participating on today's first quarter 2026 earnings conference call and Webcast for Barfresh Food Group. Joining us today is Barfresh Food Group's Founder and CEO, Riccardo Delle Coste; and Barfresh Food Group's CFO, Lisa Roger.

各位下午好，感謝各位參與 Barfresh Food Group 今日 2026 年第一季財報電話會議與網路直播。今天與會者包括 Barfresh Food Group 創辦人暨執行長 Riccardo Delle Coste，以及 Barfresh Food Group 財務長 Lisa Roger。

Following prepared remarks, we will open the call for your questions. The discussion today will include forward-looking statements. Except for historical information herein, 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 relationships and projections of future financial performance.

在管理層預先準備的發言之後，我們將開放提問。今天的討論將包含前瞻性陳述。除本次電話會議中所述之歷史資訊外，本次電話會議所提及之事項均屬 1995 年《私人證券訴訟改革法》安全港條款所定義之前瞻性陳述，包括關於公司商業進展、策略關係之成功，以及未來財務表現之預測等陳述。

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, could, may, predict and will and variations of such words and similar expressions are intended to identify such forward-looking statements.

此等前瞻性陳述可透過使用如 grow、expand、anticipate、intend、estimate、believe、expect、plan、should、hypothetical、potential、forecast、project、continue、could、may、predict、will 等字詞及其變化形式與類似表述加以辨識，該等用語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. These statements are based on certain assumptions made based on experience, expected future developments and other factors that the company believes are appropriate under the circumstances.

除歷史事實陳述外，凡涉及公司相信或預期未來將會或可能發生之活動、事件或發展之所有陳述，均屬前瞻性陳述。此等陳述係基於若干假設，該等假設係依據經驗、預期之未來發展及公司在當時情況下認為適當之其他因素所作出。

Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.

此等陳述受多項假設、風險與不確定性影響，其中許多超出公司控制範圍。若一項或多項風險或不確定性實現，或基礎假設被證明不正確，實際結果可能與此等前瞻性陳述所示或所預期者存在重大差異。

Accordingly, investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. 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, including any warnings, risk factors and cautionary statements contained therein.

因此，提醒投資人勿對此等前瞻性陳述過度依賴；該等陳述僅截至其作出之日期有效。本次電話會議內容應與公司近期向美國證券交易委員會（SEC）提交之文件一併考量，包括其 Form 10-K 年度報告、Form 10-Q 季度報告及 Form 8-K 即時報告，以及其中所載之任何警示、風險因素與審慎聲明。

Furthermore, the company expressly disclaims any current intentions to update publicly any forward-looking statements after this call, whether the result of new information, future events, changes in assumptions or otherwise. In order to aid in the understanding of the company's business performance, the company is also presenting certain non-GAAP measures, including EBITDA, adjusted EBITDA, which are reconciled in tables in the business update release to the most comparable GAAP measures.

此外，公司明確聲明，在本次電話會議後並無任何目前意圖公開更新任何前瞻性陳述，不論係因新資訊、未來事件、假設變更或其他原因。為協助理解公司營運表現，公司亦提供若干非 GAAP 指標，包括 EBITDA、調整後 EBITDA；其與最可比之 GAAP 指標之調節，已於業務更新新聞稿之表格中揭露。

The reconciling items are nonoperational or noncash costs, including stock, compensation and other nonrecurring costs such as those associated with the acquisition-related expenses. Management believes that EBITDA and adjusted EBITDA provides useful information to the investor because they are directly reflective of the performance of the company.

調節項目為非營運或非現金成本，包括股票、薪酬及其他非經常性成本，例如與併購相關之費用。管理層認為 EBITDA 與調整後 EBITDA 能為投資人提供有用資訊，因其可直接反映公司之表現。

Now I will turn the call over to CEO of Barfresh Food Group, Mr. Riccardo Delle Coste. Please go ahead, sir.

現在我將把電話會議交給 Barfresh Food Group 執行長 Riccardo Delle Coste 先生。先生，請開始。

Good afternoon, everyone, and thank you for joining us for our first quarter 2026 earnings call. I'm pleased to report that Q1 2026 represents a continuation of the momentum built through 2025. We delivered revenue of $5.6 million, which is slightly above our expectations. The outperformance was driven by stronger-than-anticipated contribution from Arps Dairy's raw and processed milk business.

各位下午好，感謝各位參加我們 2026 年第一季財報電話會議。我很高興報告，2026 年第一季延續了 2025 年所建立的成長動能。我們實現營收 560 萬美元，略高於我們的預期。此一優於預期主要來自 Arps Dairy 生乳與加工乳業務的貢獻高於原先預估。

While this additional revenue contributed to our top line beat, it operates at a lower margin profile than our core Barfresh products, which is why the revenue outperformance did not flow through proportionately to adjusted EBITDA.

雖然這部分額外營收推升了我們的營收表現，但其毛利率結構低於我們核心 Barfresh 產品，因此營收超預期並未按比例反映至調整後 EBITDA。

Overall, we remain on track with our fiscal 2026 plan and the strategic work underway gives me confidence in our long-term growth opportunity. Let me provide an update on the operational progress that underpins our outlook. The transition into our own manufacturing infrastructure continues to advance. The Arps Dairy processing facility is operating and supported approximately 50% of our frozen beverage and food volume in the first quarter of 2026.

整體而言，我們仍按計畫推進 2026 會計年度的營運規劃，而目前進行中的策略性工作也讓我對長期成長機會更具信心。接下來我將更新支撐我們展望的營運進展。我們向自有製造基礎設施的轉型持續推進。Arps Dairy 的加工設施已投入運作，並在 2026 年第一季支援了約 50% 的冷凍飲品與食品出貨量。

At our larger 44000-square-foot facility in Defiance, Ohio, we will continue to procure and install the proper equipment and personnel to enable more efficient and flexible production of our product range. We remain on track to commission the facility before the end of 2026, and the $2.4 million government grant for specialized equipment is supporting that time line.

在俄亥俄州 Defiance 的較大型 44,000 平方英尺廠房，我們將持續採購並安裝適當的設備與配置人員，以實現更高效率且更具彈性的產品組合生產。我們仍按計畫在 2026 年底前完成該廠房的試車啟用，而用於專用設備的 240 萬美元政府補助正支援此一時程。

As discussed on our last call, we closed the $7.5 million senior convertible note financing in March and anticipate paying down a portion of those notes via remortgaging the new facility, the larger facility in 2026. Turning to our commercial progress during the quarter. The education channel remains our primary area of focus and our greatest near-term opportunity.

如同我們上次電話會議所述，我們已於 3 月完成 750 萬美元的優先可轉換票據融資，並預期將於 2026 年透過對新廠房（較大型廠房）進行再抵押融資，償還其中一部分票據。接著談到本季的商業進展。教育通路仍是我們的主要聚焦領域，也是近期最大的機會。

In the quarter, we continue to make tangible progress rebuilding customer relationships and adding new school district wins. Our broker network and direct sales team have been consistent in communicating our manufacturing progress and the supply reliability we all seek, and that message is resonating.

本季我們持續在重建客戶關係與新增學區得標方面取得具體進展。我們的經銷商（broker）網絡與直銷團隊持續一致地傳達我們製造端的進展，以及我們共同追求的供應可靠性，而這項訊息正產生共鳴。

Our recent award of the seven-year bid with the fifth largest school district in the United States reflects exactly the kind of large-scale relationship we are now positioned to pursue. This win demonstrates that we can compete successfully for the most significant contracts in the country, and it is a benchmark for the pipeline of similar opportunities we are building.

我們近期取得美國第五大學區為期七年的標案，正反映出我們如今已具備追求的大型合作關係類型。此一得標證明我們能成功競爭全國最重要的合約，並成為我們正在建立之類似機會管線的基準。

With that overview of our first quarter progress, I'll now turn it over to Lisa to walk us through the numbers.

以上為我們第一季進展概述，接下來我將把電話會議交給 Lisa，請她帶我們檢視財務數字。

Thank you, Riccardo. Let me walk you through our first quarter 2026 financial results in detail. Revenue for the first quarter of 2026 was $5.6 million compared to $2.9 million in the first quarter of 2025, representing a 92% year-over-year growth as a result of the Arps acquisition. As Riccardo noted, this came in above the high end of our guidance range of $5 million to $5.2 million, driven by stronger contribution from Arps Dairy's raw and processed milk business.

謝謝你，Riccardo。接下來我將詳細說明我們 2026 年第一季的財務結果。2026 年第一季營收為 560 萬美元，較 2025 年第一季的 290 萬美元增加，年增 92%，主要係 Arps 併購所致。如 Riccardo 所提，本季營收高於我們指引區間 500 萬至 520 萬美元的上緣，係由 Arps Dairy 生乳與加工乳業務貢獻較強所帶動。

Gross margin for the first quarter of 2026 was 18% compared to 31% in the first quarter of 2025. Gross margins continue to reflect the ongoing contribution of Arps Dairy's milk processing business, which operates at different margin profiles than our core Barfresh products and remain subject to commodity pricing fluctuations.

2026 年第一季毛利率為 18%，相較於 2025 年第一季的 31%。毛利率持續反映 Arps Dairy 牛奶加工業務的持續貢獻；該業務的毛利結構與我們核心 Barfresh 產品不同，且仍受大宗商品定價波動影響。

Additionally, transition costs associated with producing in our newly acquired processing facility have impacted our margins. These are anticipated dynamics as we ramp toward our optimized operating model. We continue to expect incremental margin recovery throughout the year and into 2027 with a more significant improvement as new equipment is installed at the existing facility and construction is completed at the new facility.

此外，於我們新收購的加工設施進行生產所產生的轉換成本亦影響了毛利率。隨著我們朝向最佳化營運模式逐步提升產能，這些都是可預期的動態。我們仍預期今年內並延續至 2027 年毛利率將逐步回升；當既有設施安裝新設備且新設施完成施工後，改善幅度將更為顯著。

Net loss for the first quarter of 2026 was $661,000 compared to a net loss of $761,000 in the first quarter of 2025. Selling, marketing and distribution expenses were $697,000 compared to $824,000 in the first quarter of 2025. The year-over-year decrease reflects lower personnel costs as we increasingly leverage our broker network.

2026 年第一季淨損為 661,000 美元，較 2025 年第一季淨損 761,000 美元改善。銷售、行銷及配送費用為 697,000 美元，較 2025 年第一季的 824,000 美元下降。年對年下降反映人事成本降低，因我們愈來愈多地運用經紀商（broker）網絡。

Additional reductions are a result of reduced sampling expense following the launch of Pop & Go freeze pops last year and lower equipment maintenance costs as single-serve products, which require no customer equipment represent a greater share of the portfolio mix in the education channel.

其他降幅則來自於去年推出 Pop & Go 冷凍冰棒後，試吃（sampling）費用下降，以及設備維護成本降低；因單份（single-serve）產品（不需要客戶端設備）在教育通路的產品組合中占比提高。

G&A expenses for the first quarter of 2026 were $755,000 compared to $747,000 in the same period last year. Adjusted EBITDA for the first quarter was a loss of approximately $238,000 compared to a loss of approximately $506,000 in the prior year period. The adjusted EBITDA result compared to our breakeven guidance reflects two primary factors.

2026 年第一季一般及行政（G&A）費用為 755,000 美元，較去年同期的 747,000 美元略增。第一季調整後 EBITDA 約為虧損 238,000 美元，較前一年同期約虧損 506,000 美元改善。調整後 EBITDA 結果相較於我們的損益兩平指引，主要反映兩項因素。

First, the revenue mix was weighted more heavily towards the lower-margin milk processing business than we had anticipated in our guidance model.

第一，營收組合中，低毛利的牛奶加工業務占比高於我們在指引模型中的預期。

Second, we experienced start-up inefficiencies in our newly acquired processing facility due to lower production volumes than planned. These inefficiencies are typical of facility transitions and are already improving as we optimize our production process and build volume.

第二，由於產量低於原先規劃，我們在新收購的加工設施中出現啟動期效率不彰。這類效率不彰是設施轉換期間的常見情況；隨著我們最佳化生產流程並提升產量，情況已在改善。

We continue to expect to achieve positive adjusted EBITDA in fiscal year 2026 as we realize the full benefits of our integrated manufacturing model and complete our facility optimization. Turning to our balance sheet. As of March 31, 2026, we had approximately $4.1 million of cash and accounts receivable and approximately $1.8 million of inventory on our balance sheet.

我們仍預期在 2026 會計年度達成正的調整後 EBITDA，因我們將充分實現整合式製造模式的效益並完成設施最佳化。接著談資產負債表。截至 2026 年 3 月 31 日，我們資產負債表上約有 410 萬美元的現金及應收帳款，以及約 180 萬美元的存貨。

In March 2026, we secured a $7.5 million senior convertible note financing. Combined with the $2.4 million government grant approved for specialized equipment installation, we have a well-structured capital foundation to support the completion of our facility build-out and our operational growth through 2026.

2026 年 3 月，我們取得 750 萬美元的優先可轉換票據融資。再加上已核准用於專用設備安裝的 240 萬美元政府補助，我們具備結構良好的資本基礎，可支持我們在 2026 年完成設施擴建並推動營運成長。

We will continue to evaluate additional financing options, including mortgage and equipment financing against our unencumbered facility as necessary to support our growth objectives and potential paydown of the convertible note. The financial flexibility we have built into our capital structure allows us to preserve cash for operational needs during the construction phase.

我們將持續評估其他融資選項，包括以未設定擔保的設施作為抵押的房貸與設備融資（視需要而定），以支持我們的成長目標及可轉換票據的潛在償還。我們在資本結構中建立的財務彈性，使我們能在施工階段保留現金以滿足營運需求。

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

現在我把電話交回 Riccardo，請他做結語。

Thank you, Lisa. As I reflect on the first quarter, I'm energized by the progress we are making on every front: Manufacturing, customer relationships and the commercial momentum that is building as we recover lost ground and pursue new opportunities. We said on our Q4 call that 2026 would be a pivotal year, and I believe that more strongly now than ever.

謝謝你，Lisa。回顧第一季，我對我們在各方面取得的進展感到振奮：製造、客戶關係，以及在我們收復失土並追求新機會的過程中逐步累積的商業動能。我們在第四季電話會議上曾表示 2026 年將是關鍵的一年，而我現在比以往任何時候都更堅信這一點。

The integrated manufacturing model we are building is not just an operational upgrade, it is the foundation of a fundamentally different company, one that can fulfill demand reliably and can pursue growth aggressively.

我們正在打造的整合式製造模式不僅是營運升級，更是一家本質上截然不同公司的基礎——一家能可靠地滿足需求並能積極追求成長的公司。

We are now able to have conversations with the large school districts, food service operators and other potential channel partners with a level of confidence we simply could not offer when we were dependent on third-party manufacturers.

如今，我們已能以一種過去在依賴第三方製造商時根本無法提供的信心程度，與大型學區、餐飲服務營運商及其他潛在通路夥伴進行洽談。

Looking ahead for the remainder of fiscal 2026, our priorities are clear. First, we are executing on the completion and commissioning of our new facility. Second, we are aggressively rebuilding our customer base in the education channel. Third, as our capacity expands, we are beginning to look beyond the education channel. Foodservice, convenience and other channels represent substantial growth and long-term opportunities.

展望 2026 會計年度剩餘期間，我們的優先事項很明確。第一，我們正執行新設施的完工與試運轉（commissioning）。第二，我們正積極重建教育通路的客戶基礎。第三，隨著產能擴張，我們開始把目光放到教育通路之外。餐飲服務、便利通路及其他通路代表可觀的成長與長期機會。

Fourth, the co-manufacturing revenue opportunity from our expanded facility is a genuinely exciting prospect. We remain confident in our full year fiscal 2026 guidance of $28 million to $32 million in revenue and $3.2 million to $3.8 million in adjusted EBITDA.

第四，擴增後設施所帶來的代工製造（co-manufacturing）營收機會確實令人振奮。我們仍對 2026 會計年度全年指引充滿信心：營收 2,800 萬至 3,200 萬美元，調整後 EBITDA 為 320 萬至 380 萬美元。

The first quarter performance is tracking in line with our plan, and we expect year-over-year quarterly improvement in both revenue and profitability as we progress through the year and complete our facility enhancements.

第一季表現符合我們的計畫，我們預期隨著年度推進並完成設施強化，營收與獲利能力都將呈現年對年的季度改善。

For the second quarter, we expect revenue of $5.2 million to $5.6 million and expect an adjusted EBITDA loss of $0.3 million to $0.2 million. We are in the midst of changing our business and our business model, and we could not accomplish it without the effort and dedication of our growing team, so a shout-out to them all. We look forward to updating you on our progress when we report second quarter results.

第二季方面，我們預期營收為 520 萬至 560 萬美元，並預期調整後 EBITDA 虧損為 30 萬至 20 萬美元。我們正處於改變公司與商業模式的過程中，若沒有持續成長的團隊所付出的努力與投入，我們無法完成這一切，因此也要向大家致意。我們期待在公布第二季業績時，向各位更新我們的進展。

And with that, I would like to open up the line for questions. Operator?

接下來，我想開放線路進行提問。接線員？

(Operator Instructions)

（接線員指示）

Anthony Vendetti, Maxim Group.

Anthony Vendetti，Maxim Group。

So I just wanted to first focus on Arps Dairy and then just the general Barfresh business. But first, you mentioned that, I guess, at the new plant, I guess, it's the Arps Dairy plant, there's still some processing inefficiencies. Have all of those been worked out? And what percent of revenues right now is Arps Dairy to the overall corporate revenues?

我想先聚焦在 Arps Dairy，然後再談整體 Barfresh 業務。不過首先，你提到在新廠——我想是 Arps Dairy 的工廠——仍有一些加工效率不彰的情況。那些問題都已經解決了嗎？另外，目前 Arps Dairy 的營收占整體公司營收的百分比是多少？

So the inefficiencies are really related to ramp-up in equipment and installation and training. And that's part of the transition as we're waiting for equipment and things to arrive. Some things have longer lead times. It takes a little bit longer to get projects completed.

這些效率不彰主要與設備的爬坡、安裝與訓練有關。這也是轉換過程的一部分，因為我們仍在等待設備與相關物件到位。有些項目的交期較長，因此完成專案需要多一點時間。

The Q1 also represented product that we were still utilizing from our co-mans as well. So we had less production actually going through the facility, and that's continuing to increase. So in terms of expecting it to continue, a little bit we do, but that's just part of the process, but it is continuing to improve, right? So as we get through second quarter, that should mostly be behind us.

第一季也包含了我們仍在使用來自共同代工廠（co-mans）的產品。因此，實際上經由該設施的產量較少，而這個情況正在持續增加。所以就預期它是否會持續而言，我們確實會有一點，但那只是流程的一部分；不過它確實在持續改善，對吧？因此，等我們度過第二季後，這部分應該大多就會在我們身後了。

We're seeing it in a couple of step functions. We're going through a step function right now of some more significant improvements in throughput and efficiency in the plant. And then obviously, once we get to the new facility, there will be a very significant step change in the new facility from a throughput efficiency, profitability perspective as well.

我們看到它以幾個階段性的躍升呈現。我們現在正處於一個階段性躍升，工廠的產能吞吐量與效率有更顯著的改善。然後很明顯地，一旦我們進入新設施，從吞吐效率與獲利能力的角度來看，新設施也會帶來非常顯著的階段性變化。

Okay. In terms of revenue from that plant, has it been completely converted over? Or was there some legacy revenue from Arps Dairy?

好的。就該工廠的營收而言，是否已經完全轉換過去了？還是仍有一些來自 Arps Dairy 的既有營收？

So I can address that. In our 10-Q, we actually have segment reporting in the raw milk and processed milk component is all legacy Arps. There's a small portion in Q1 that's also included in the -- what's called the frozen beverage and food component.

我可以回應這個。在我們的 10-Q 裡，其實有分部揭露：生乳與加工乳的部分全部都是 Arps 的既有業務。另外在第一季，還有一小部分也被納入——也就是所謂的冷凍飲品與食品（frozen beverage and food）項目中。

It's mostly legacy Barfresh in Q1 at least. A little bit of that is ice cream mix from Arps. So kind of a good way of looking at it. It's not completely split out legacy versus new, but it should give you a pretty good indicator.

至少在第一季，主要還是 Barfresh 的既有業務。其中有一點是來自 Arps 的冰淇淋基底（ice cream mix）。所以這算是一個不錯的看法。它沒有把既有與新業務完全拆開，但應該能給你一個相當好的指標。

Okay. And then, Lisa, maybe just in terms of what you expect the blended margin to be once all the inefficiencies are worked out, all the new equipment in, training is done, what would be a normalized gross margin approximate or a range?

好的。然後，Lisa，或許就你預期在所有低效率都排除、新設備全部到位、訓練完成之後的綜合毛利率而言，正常化的毛利率大概會是多少，或是一個區間？

I mean we should be back in the low 40s, I would say. I mean, even with the legacy raw milk and processed milk, which is pretty low margin, you can see also in the segment reporting, we break out the margins that we achieved in Q1. You can see we're running about 5% for that processed milk piece. That's going to be a smaller portion of our revenue, though, going forward as we, kind of, get into the new school year.

我的意思是，我們應該會回到 40% 出頭（low 40s）。即使包含既有的生乳與加工乳業務（那部分毛利率相當低），你也可以在分部揭露中看到我們把第一季達成的毛利率拆出來；你會看到加工乳那一塊大約在 5% 左右。不過往後隨著我們進入新的學年度，那部分占我們營收的比重會變小。

Okay, so you said low 40s.

好的，所以你說是 40% 出頭。

Yeah.

對。

At a normalized rate. Okay. And you expect to hit that more towards the second half of the year, third quarter, fourth quarter timeframe?

以正常化水準來看。好的。那你預期會在今年下半年、第三季到第四季的時間點更接近達到那個水準嗎？

Yeah, as the new school year starts, you'll start to see some of that creeping through because we'll have that -- those new products coming as well as the volume for them and the efficiencies of the new equipment and processes and things like that, even ahead of getting into the new facility more at the end of the year.

對，隨著新學年度開始，你會開始看到其中一些逐步反映出來，因為我們會有——那些新產品推出，以及相應的銷量，還有新設備與流程等帶來的效率提升；甚至在年底更接近搬入新設施之前，就會先看到一些效果。

Okay. And then maybe just if you could talk about the new schools that you've signed up, any new contracts and what that pipeline looks like for new schools in the September or I know some schools start in August, September school year.

好的。然後也許你可以談談你們已簽下的新學校、任何新合約，以及針對新學校的管線（pipeline）在 9 月——我知道有些學校在 8 月、9 月開學——這個學年度看起來如何。

Yeah, well, we're still going through -- it's still bid season. So we are still receiving bids for the upcoming school season, and we've received quite a few. So we are expecting obviously a strongest ever back half of the year even for the Barfresh products. We are going back to customers that we've lost, and we are gaining customers back. So overall, it's very positive in terms of the growth of the core business, especially for the new school year.

對，我們仍在進行——現在仍是投標季（bid season）。所以我們還在持續收到即將到來的學年度投標案，而且已經收到不少。因此，我們預期今年下半年會是史上最強的一段，即使就 Barfresh 產品而言也是如此。我們正在回到那些因供應不足而流失的客戶，並把客戶重新爭取回來。整體來看，就核心業務的成長而言非常正面，尤其是針對新學年度。

Okay, great. I'll hop back in the queue. Thanks for the call. I appreciate it.

好的，很棒。我先回到等候隊列。謝謝這通電話，我很感謝。

(Operator Instructions)

（接線員指示）

William Gregozeski, Greenridge Global.

William Gregozeski，Greenridge Global。

Hi, guys. On the new school year coming up, should we expect kind of a step increase in revenue between the new customers you're bringing on and the lost customers you're bringing back now that you'll have the capacity to service all that?

嗨，各位。針對即將到來的新學年度，考量你們新增的客戶，以及現在把先前流失的客戶找回來，而且你們也將有能力服務所有這些需求，我們是否應該預期營收會出現某種階段性的躍升？

I mean that's what we're expecting.

我的意思是，這正是我們所預期的。

Okay. And then on the --.

好的。然後關於——

Sorry, we're actively working on going back out to those customers that had dropped off from lack of supply.

抱歉，我們正積極回去接觸那些因供應不足而流失的客戶。

Okay. On the Arps business, do you expect to see much growth in that? Or is that just going to be pretty flat as we go forward?

好的。關於 Arps 業務，你們預期那部分會有很多成長嗎？還是往後大致會維持持平？

Not particularly. We expect that to be pretty flat.

不會特別。我們預期那部分會相當持平。

Okay. And then did you say in the opening that you guys are looking at doing co-manufacturing for others?

好的。然後你們在開場時是不是提到，你們正在考慮替其他人做共同代工（co-manufacturing）？

It's just a possibility that may be open to us once the facility is up and running.

那只是等設施建置完成並開始運轉後，我們可能會有的一個選項。

Okay. I mean is that -- I'm assuming like a next year kind of thing?

好的。我的意思是——我猜那應該是明年之類的事情？

Oh, yeah. I'm not looking at any. This year is our transition year. This year, we're really focused on just solidifying production, getting back into our core products, making sure our customers are serviced and we're out there going and acquiring our own customers and business. It's really -- that was more just with regards to we're completing the construction of the new facility. We're going to have so many different options available to us.

喔，對。我今年不會去做任何這方面的事。今年是我們的轉型年。今年我們真正專注的是把生產穩定下來、回到我們的核心產品，確保客戶得到服務，並且我們在外面持續開發、取得我們自己的客戶與業務。這真的——那段話更多是針對我們正在完成新設施的建設；我們將會有非常多不同的選項可用。

And as we look at what the business looks like in the future, we're going to have just a lot of other opportunities that are going to be presented to us. Our core focus is really on growing our brands and expanding our business and especially in a time like today when there's so much consumer uncertainty, I feel like we really stand out because we're feeding kids around the country. And it's not discretionary spending. It's funded by the government. So we really want to hone in and focus on our core customers.

而當我們展望未來業務樣貌時，會有很多其他機會呈現在我們面前。我們的核心重點確實是成長我們的品牌並擴張業務，尤其在像今天這樣消費者不確定性很高的時期，我覺得我們非常突出，因為我們是在為全國的孩子提供餐食。這不是可自由支配的支出；它是由政府資助的。所以我們真的想要聚焦並專注在我們的核心客戶。

All right. Thank you.

好，謝謝。

(Operator Instructions) And there are no further questions at this time. And this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

（接線員指示）目前沒有其他問題。今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話線。