超越肉類 (BYND) 2026 Q1 法說會逐字稿

Ladies and gentlemen, please stand by. The conference will begin shortly. Thank you, everyone, and welcome to the Beyond Meet's first quarter 2026 conference call. (Operator Instructions) Please note, this event is being recorded.

各位女士、先生，請稍候。會議即將開始。感謝各位，歡迎參加 Beyond Meat 2026 年第一季電話會議。（接線員指示）請注意，本活動將被錄音。

It is now my pleasure to turn today's conference over to Mr. Paul Shepperd, Vice President of FP&A and Investor Relations. Please go ahead.

現在我很榮幸將今天的會議交給財務規劃與分析（FP&A）及投資人關係副總裁 Paul Shepperd 先生。請開始。

Thank you. Hello, everyone, and thank you for participating in today's call. Joining me are Ethan Brown, Founder, President, and Chief Executive Officer; and Lubi Kutua, Chief Financial Officer and Treasurer.

謝謝。各位好，感謝各位參與今天的電話會議。與我一同出席的有：創辦人、總裁兼執行長 Ethan Brown，以及財務長兼司庫 Lubi Kutua。

By now, everyone should have access to our first quarter 2026 earnings press release filed today after market close. This document is available in the Investor Relations section of Beyond Meat's website at www.beyondmeat.com.

截至目前，各位應已可取得我們於今日收盤後發布並提交的 2026 年第一季財報新聞稿。該文件可於 Beyond Meat 官網 www.beyondmeat.com 的投資人關係（Investor Relations）專區取得。

Before we begin, please note that during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results materially for those described in these forward-looking statements. Forward-looking statements in our earnings release, along with the comments on this call, are made only as of today and will not be updated as actual events unfold.

在開始之前，請注意，在本次電話會議過程中，管理層可能會在聯邦證券法所定義的範圍內作出前瞻性陳述。這些陳述係基於管理層目前的預期與信念，並涉及可能導致實際結果與這些前瞻性陳述所描述內容出現重大差異的風險與不確定性。我們在財報新聞稿中的前瞻性陳述，以及本次電話會議中的相關評論，均僅以今日為準；隨著實際事件發展，我們不承諾更新。

We refer you to today's press release, our quarterly reports on Form 10-Q for the quarter ended March 28, 2026, to be filed with the SEC. Our annual report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC, along with other filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

我們建議各位參閱今日的新聞稿、截至 2026 年 3 月 28 日止季度的 Form 10-Q 季度報告（將提交至美國證券交易委員會 SEC），以及截至 2025 年 12 月 31 日止會計年度的 Form 10-K 年度報告（已提交至 SEC），並參閱我們向 SEC 提交的其他文件，以了解可能導致實際結果與今日所作任何前瞻性陳述明示或暗示內容出現重大差異之風險的詳細討論。

Please note that on today's call, management may reference adjusted EBITDA, adjusted loss from operations and adjusted net loss, which are non-GAAP financial measures. While we believe these non-GAAP financial measures provide useful information for investors, any reference to this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

另請注意，在今天的電話會議中，管理層可能會提及調整後 EBITDA、調整後營業損失與調整後淨損失等非 GAAP 財務衡量指標。雖然我們相信這些非 GAAP 指標能為投資人提供有用資訊，但任何對此資訊的引用，均不應被視為可單獨使用，或可替代依 GAAP 編製之財務資訊。

Please refer to today's press release for a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures.

請參閱今日新聞稿，其中提供上述非 GAAP 財務衡量指標與其最可比 GAAP 指標之調節表。

And with that, I'd now like to turn the call over to Ethan Brown.

接下來，我想把電話交給 Ethan Brown。

Thank you, Paul, and hello, everyone.

謝謝你，Paul，各位好。

Given that we have spoken recently, today, I will briefly summarize our performance in the first quarter of 2026 before jumping right back in to a progress report against the major priorities we are pursuing to position our enterprise for sustainable growth.

鑑於我們不久前才剛交流過，今天我將先簡要總結 2026 年第一季的表現，接著立即回到我們正在推進的主要優先事項之進度報告，以使公司具備可持續成長的定位。

First quarter net revenues of $58.2 million were in line with our expectations, although down year-over-year, reflecting continued headwinds in the plant-based meat category. Gross margin was up both sequentially and year-over-year, but significantly below what we believe to be an achievable target.

第一季淨營收為 5,820 萬美元，符合我們的預期，但年減，反映植物肉品類持續面臨逆風。毛利率較前一季及去年同期皆有所提升，但仍顯著低於我們認為可達成的目標水準。

A more substantial improvement in reported gross margin was frustrated by the flow-through of Q4 2025 inventory. Produced during a period of particularly low volume and overhead absorption, obscuring progress we are making on cost of goods sold, specifically conversion rates.

已揭露毛利率未能更大幅改善，主要受 2025 年第四季庫存結轉影響。該批產品是在產量特別低、製造費用吸收不足的期間生產，掩蓋了我們在銷貨成本（特別是轉換率）方面所取得的進展。

Adjusted EBITDA figures tell a similar story, sequential and year-over-year improvement, yet considerable ground left to cover. Finally, for the quarter, and perhaps what is the strongest data point that we are emerging from the most intensive cash component of our restructuring. While also starting to see the impact of earlier headcount, other SD&A, and inventory management measures. Our cash use for the quarter was $11.8 million, down significantly sequentially in year-over-year.

調整後 EBITDA 也呈現類似情況：較前一季及去年同期改善，但仍有相當大的改善空間。最後，就本季而言，也許最有力的數據點是：我們正走出重組中最密集的現金支出階段，同時也開始看到先前人力編制調整、其他銷售與管理費用（SD&A）以及庫存管理措施的影響。本季現金使用為 1,180 萬美元，較前一季及去年同期均大幅下降。

Turning now to our broader recovery activities, I'll continue to organize these in three main buckets. One, our transition to Beyond the Plant Protein Company. And associated strategic entry into adjacent categories within the growing functional food and beverage space two, our distribution and portfolio strategy activities around our core product narrative and associated product development and three, operations and manufacturing initiatives currently being executed via our standing transformation office.

接著談我們更廣泛的復甦行動，我將其持續歸納為三大面向：第一，我們向「Beyond 植物蛋白公司」的轉型，以及在成長中的機能性食品與飲料領域策略性切入相鄰品類；第二，圍繞核心產品敘事的通路與產品組合策略，以及相關產品開發；第三，透過常設轉型辦公室推動的營運與製造計畫。

As you will recall, we began our transition from Beyond Meats to Beyond, the plant protein company, earlier this year to bring the strength of our brand. Expertise and technology to adjacent growing categories in the functional food and beverage space. We believe that we are strongly positioned to compete and win based on what is now nearly two decades of work on the functionality, characteristics, cost and presentation of plant-based inputs.

各位應該還記得，我們今年稍早開始從 Beyond Meat 轉型為 Beyond——植物蛋白公司，以將我們品牌的力量、專業與技術延伸至機能性食品與飲料領域中相鄰且成長中的品類。我們相信，憑藉近二十年在植物性原料的功能性、特性、成本與呈現方式上的投入，我們具備強而有力的競爭與勝出定位。

It's possible that we've done this work, that is, we've innovated with plants under more scrutiny than any other company ever. And I believe that because we've chosen to confront challenges, criticism and incumbent industry campaigns against us by innovating more intensely, taking perceived weakness and seeking to create strength from it, we've developed disciplines and capabilities that allow us to produce winning products in adjacent categories.

我們很可能是在比任何公司都更嚴苛的檢視之下完成這些工作——也就是以植物進行創新。我之所以這麼認為，是因為我們選擇以更強度的創新來面對挑戰、批評，以及既有產業對我們發起的宣傳攻勢；把被視為弱點之處拿來鍛造為優勢。正因如此，我們建立了能在相鄰品類打造致勝產品的紀律與能力。

Consider, for example, that many of the most dominant products in these fast-growing segments use ingredients that we long ago dismissed and learned to work around. More generally, our scientists have labored against the arduous task of making plant protein and other plant-based ingredients taste, behave, and feel like animal muscle.

例如請想想，在這些快速成長的細分市場中，許多最具主導地位的產品使用的原料，是我們很早以前就已排除並學會繞開的。更廣泛而言，我們的科學家長期投入艱鉅任務：讓植物蛋白與其他植物性成分在味道、表現與口感上，能像動物肌肉一樣。

Delivering nutrition of plants and products with less formidable characteristics offers degrees of freedom previously unavailable to our technical teams. The first product to emerge from this broadened aperture is Beyond Immerse, a clear. Lightly carbonated drink delivering protein, fiber, antioxidants, and electrolytes.

當我們提供植物的營養、且產品特性不再那麼難以駕馭時，技術團隊便獲得了過去不曾擁有的自由度。從這個更寬廣的視野中誕生的第一個產品是 Beyond Immerse——一款清澈、微氣泡飲品，提供蛋白質、膳食纖維、抗氧化物與電解質。

One way to think about Beyond Immersed is to note that it is concurrently addressing four distinct beverage categories, each of which serve its specific need: protein drinks, fiber drinks, vitamin drinks, and electrolyte drinks.

理解 Beyond Immerse 的一種方式是：它同時對應四個不同的飲料品類，而每一類都滿足其特定需求：蛋白飲、纖維飲、維生素飲，以及電解質飲。

The product delivers against each relevant need state within not four, but one beverage, and does so with a refreshing, enjoyable delivery. The consolidation of these nutrients in a single platform is intuitive, given the presence of each in the plant kingdom.

這項產品不是用四種飲料，而是用一種飲料就能滿足各個相關需求狀態，並以清爽、愉悅的方式呈現。將這些營養素整合於單一平台是直覺且合理的，因為它們本就存在於植物界之中。

It is this feature that gives the product its name, with the consumer immersing their body in the power of plants, 20 grams of clean protein, critical to support muscle health. 7-grams of fiber, vital to support a healthy gut, antioxidants for immunity and recovery, and electrolytes for hydration, all with only 100 calories.

正是這個特點賦予產品其名稱，讓消費者以植物的力量「浸潤」身體：20 克純淨蛋白質（對支持肌肉健康至關重要）、7 克膳食纖維（對維持腸道健康至關重要）、用於免疫與恢復的抗氧化物，以及用於補水的電解質，而熱量僅 100 大卡。

The product is formulated without added sugar, artificial sweeteners or colors, stabilizers or dairy, and it's designed for athletes, students, professionals, as well as GLP-1 users seeking a clean, functional beverage. That delivers on nutrition without additives and with minimal calories.

本產品配方不添加糖、人工甜味劑或色素，也不含安定劑或乳製品；其設計面向運動員、學生、專業人士，以及尋求乾淨、具機能性飲品的 GLP-1 使用者——在不添加添加物且以最低熱量的前提下，提供營養。

As is our process, we've developed many iterations since its initial conception, each more refined than the last, and I'm confident that as we launch in earnest across New York this summer, we are bringing a compelling product to market.

依照我們一貫的流程，自最初構想以來我們已開發多個迭代版本，每一版都比前一版更精緻。我有信心，當我們今年夏天在紐約正式全面上市時，將為市場帶來一款極具吸引力的產品。

Importantly, we are doing so with a world-class partner in Big Geyser, one of the nation's largest non-alcoholic beverage distributors and the number one non-alcoholic beverage distributor in New York. With a footprint of more than 26,000 outlets across grocery, drug, convenience, mass merchandisers club and food service.

重要的是，我們將與世界級合作夥伴 Big Geyser 一同推進；Big Geyser 是全美最大的非酒精飲料經銷商之一，也是紐約排名第一的非酒精飲料經銷商。其通路覆蓋超過 26,000 個據點，涵蓋超市、藥妝、便利商店、大型量販、會員制賣場（club）以及餐飲服務通路。

Finally, before turning to the next set of key objectives driving our turnaround, I'll make two final comments on our entry into adjacencies within the functional food and beverage space. One, though we are entering the clear protein beverage category initially.

最後，在我轉到推動我們扭轉局勢的下一組關鍵目標之前，我想就我們切入機能性食品與飲料領域相鄰品類再補充兩點。第一，雖然我們初期將先進入清澈蛋白飲品類別。

Our thesis is that we have the brand and capabilities to deliver the power plants across multiple related categories within functional food and beverage. Two, as I stated in our previous call, in broadening the company's aperture, we do not see a retreat from our core category.

我們的論點是：我們具備品牌與能力，能在機能性食品與飲料的多個相關品類中傳遞植物的力量。第二，如同我在上一次電話會議所說，擴大公司的視野並不代表我們會從核心品類撤退。

To the contrary, I believe that introducing consumers to our brand. And our foundational commitment to great taste, clean ingredients, and plant-based nutrition in less controversial applications, we will bring back many to the center of the plate.

相反地，我相信，透過在爭議較少的應用情境中，讓消費者接觸我們的品牌，以及我們對美味、乾淨成分與植物性營養的根本承諾，我們將把許多人帶回到「餐盤中心」的品類。

With this context, I'll now move to our efforts to stabilize and grow anew, the center of the plate business. We are approaching this task in at least three ways. One, we continue to focus on gaining distribution and building our brand blocks in the frozen retail set.

在此背景之下，我接下來將談我們為穩定並重新成長「餐盤中心」業務所做的努力。我們至少從三個面向著手。第一，我們持續聚焦於在冷凍零售貨架中擴大通路覆蓋，並建立我們的品牌基石。

Last month, we began rolling out Beyond Chicken Pieces Spicy Buffalo, a bold new Beyond Chicken Pieces variety at over 2000 Kroger stores nationwide, marking an exciting expansion of our chicken portfolio. Like the original, it offers the same craveable, satisfying taste and strong nutritional profile.

上個月，我們開始在全美超過 2,000 家 Kroger 門市推出 Beyond Chicken Pieces Spicy Buffalo，這是 Beyond Chicken Pieces 的大膽新口味，標誌著我們雞肉產品組合令人振奮的擴展。與原味相同，它提供同樣令人垂涎、令人滿足的口感，以及強勁的營養表現。

21 grams of plant protein per serving, and just 0.5 grams of saturated fat from heart-healthy avocado oil, no cholesterol, and only 130 calories. I invite the listener to pause a moment on these nutritionals. 21 grams of protein to only 130 calories, all with half a gram of saturated fat, no cholesterol, no antibiotics, no hormones, or to compare against popular functional protein products.

每份含 21 克植物蛋白，並且僅含 0.5 克飽和脂肪（來自有益心臟健康的酪梨油），不含膽固醇，且只有 130 卡路里。我想請聽眾花一點時間留意這些營養數據：21 克蛋白質卻只有 130 卡路里，同時僅有半克飽和脂肪、無膽固醇、無抗生素、無荷爾蒙；也可與市面上熱門的機能性蛋白產品作比較。

No gels, no gums, no artificial fat systems, flavors, or colors. As we move out from under the cloud of misinformation that has impeded our growth, I believe it is this type of value proposition that will resonate strongly with the consumer.

不含凝膠、不含膠體、不含人造脂肪系統、香料或色素。隨著我們逐步走出阻礙成長的錯誤資訊陰霾，我相信這類價值主張將能強烈引起消費者共鳴。

Both the original and spicy buffalo varieties are made with ingredients that comply with non-GMO project standards and are the first plant-based chicken products to be certified by the Clean Label Project. We are rounding out the Beyond four portfolio, recently announcing the nationwide rollout of our new Beyond Breakfast Sausage lineup at Kroger, Sprouts and soon Whole Foods Market.

原味與香辣水牛城兩種口味皆採用符合 Non-GMO Project 標準的原料，並且是首批獲得 Clean Label Project 認證的植物性雞肉產品。我們也在完善 Beyond 四大產品組合，近期宣布在 Kroger、Sprouts，以及即將在 Whole Foods Market 全國性推出全新的 Beyond 早餐香腸系列。

The new lineup includes Beyond Breakfast Sausage Links and Beyond Breakfast Sausage Patties in Original and Spicy. Crafted with simple ingredients and heart-healthy avocado oils, Beyond Breakfast Sausage are the first plant-based breakfast sausages to earn. Clean Label Project Certification, and in aggregate, we now hold more than 20 Clean Label Project Certifications.

新系列包含 Beyond 早餐香腸腸條（Links）與 Beyond 早餐香腸肉排（Patties），並提供原味與辣味。Beyond 早餐香腸以簡單配方與有益心臟健康的酪梨油製作，是首款獲得 Clean Label Project 認證的植物性早餐香腸；整體而言，我們目前已擁有超過 20 項 Clean Label Project 認證。

Lastly, in the area of accreditations, both the Beyond Burger four and Beyond Steak were recently recognized as the first plant-based meats to qualify as climate solutions under the Climate Solution Framework developed by the Exponential Roadmap Initiative and Oxford Net Zero. Three. We continue to push the envelope with regard to new center-of-the-plate protein offerings.

最後，在各項認證方面，Beyond Burger 四代與 Beyond Steak 近期被認定為首批符合由 Exponential Roadmap Initiative 與 Oxford Net Zero 所制定之《Climate Solution Framework》下「氣候解方」資格的植物性肉品。第三，我們持續在新的主菜型蛋白產品供應上突破界限。

In just one example, I encourage you to take a look at consumer reactions to Beyond Steak Fillet, which is currently only offered through our direct-to-consumer platform, Beyond Test Kitchen. With 28 grams of protein, 3 grams of fiber, 1 gram of saturated fat from heart-healthy avocado oil, no cholesterol, and only 230 calories. It is gaining an enthusiastic following.

僅舉一例，我建議大家看看消費者對 Beyond Steak Fillet 的反應；該產品目前僅透過我們的直營消費者平台 Beyond Test Kitchen 提供。每份含 28 克蛋白質、3 克膳食纖維、1 克飽和脂肪（來自有益心臟健康的酪梨油）、不含膽固醇，且只有 230 卡路里，正累積一群熱情的支持者。

Here, too, we are delivering outstanding protein levels enveloped in great taste, all with minimal saturated fat, no cholesterol, no hormones, no antibiotics, stolen and so forth. We expect to be able to bring this innovation to certain retail markets as production ramps up later this year.

在這裡，我們同樣以絕佳風味包覆出色的蛋白質含量，同時飽和脂肪極低、無膽固醇、無荷爾蒙、無抗生素、以及（原文）stolen 等等。隨著今年稍晚產能提升，我們預期能將此創新帶入部分零售市場。

We are starting to see some benefit as we execute across our distribution and portfolio strategy in our retail business. These encouraging signs are not, however, present yet in our US or international food service businesses. To this end, we are applying significant emphasis to impactful portfolio modifications within certain food service distribution channels and expect to be able to report out additional detail during our next call.

隨著我們在零售業務中落實通路與產品組合策略，已開始看到一些成效。然而，這些令人鼓舞的跡象尚未出現在我們美國或國際的餐飲服務業務中。為此，我們正對特定餐飲通路的產品組合進行具影響力的調整，並預期在下一次電話會議中提供更多細節。

Having offered commentary in what we are doing in an effort to stabilize and grow the top-line from our transition to beyond the plant protein company and entry into adjacent functional food and beverage categories to our focus on increasing distribution in our core business, including through product renovation and innovation, I'll now turn to our transformation initiative activities.

在就我們為穩定並成長營收所做的努力提出說明後——包括從轉型為 Beyond 植物蛋白公司、進入相鄰的機能性食品與飲料品類，到聚焦提升核心業務的通路覆蓋（包含透過產品翻新與創新）——我現在將轉向說明我們的轉型計畫相關活動。

To date, we have achieved the following. Consolidated our production network, activated our continuous production line in Columbia, Missouri, to allow us to internalize additional volume that was previously outsourced, made investments that are driving year-over-year improvement in conversion costs, implemented RFP actions intended to reduce material costs, secure secondary sourcing, and enhance our formulations, consolidated warehouses and lowered logistics costs.

截至目前，我們已達成以下事項：整併生產網絡；啟用密蘇里州哥倫比亞（Columbia, Missouri）的連續式生產線，使我們能將先前外包的部分產量內製化；進行投資以推動轉換成本（conversion costs）年對年改善；推動 RFP 行動以降低材料成本、確保第二來源供應並優化配方；整併倉庫並降低物流成本。

Exited less profitable lines. Finalized plans to exit China and disposition certain non-strategic assets and realize significant reductions in inventory. As I mentioned at the beginning of my comments, the impact of these gains on gross margin was, as it has been in prior quarters, obscured by lower volume and associated lower overhead absorption, among other factors.

退出獲利較低的產品線。完成退出中國市場的計畫，並處置部分非策略性資產，同時大幅降低庫存。如我在開場時所提到，這些成果對毛利率的影響，如同前幾季一樣，受到銷量下降及其導致的間接費用吸收不足等因素所掩蓋。

We are, however, as I touched on earlier, beginning to see the positive impact of our prior reductions in force and SG&A streamlining, the cessation of certain legal expenses, alongside other transformation office operational efficiency measures.

不過，正如我先前提到的，我們已開始看到先前裁員與 SG&A 精簡、停止部分法律費用，以及其他轉型辦公室營運效率措施所帶來的正面影響。

The combined impact of these and other savings netted an approximately $14 million year-over-year reduction in operating expenses. Finally, the key achievement of our transformation office in the first quarter of 2026 was the lowest quarterly cash use we've seen in over two years at the aforementioned $11.8 million.

這些與其他節省措施的合併影響，使營業費用年對年約減少 1,400 萬美元。最後，轉型辦公室在 2026 年第一季的關鍵成果，是我們在過去兩年多以來最低的單季現金使用額，即前述的 1,180 萬美元。

Clearly, we have work ahead across top-line recovery, margin expansion, and operating expense reduction, yet we are confident in the plan we are executing to deliver results in each case. We look forward to updating you on our progress in the months ahead.

顯然，我們在營收回升、毛利率擴張與營業費用降低方面仍有許多工作要做；但我們對正在執行的計畫有信心，能在各方面交付成果。我們期待在未來幾個月向各位更新進展。

And with that, I'll now turn the call to Lubi to review our first quarter financials in greater detail.

接下來，我將把電話會議交給 Lubi，請她更詳細地回顧我們第一季的財務表現。

Thank you, Ethan, and hello, everyone.

謝謝你，Ethan，大家好。

I'll begin with a review of our first quarter financial results and will then provide some brief comments on our outlook. Net revenues decreased 15.3% to $58.2 million in the first quarter of 2026. Compared to $68.7 million in a year-ago period.

我將先回顧我們 2026 年第一季的財務結果，接著簡要說明我們的展望。2026 年第一季淨營收下降 15.3% 至 5,820 萬美元，相較於去年同期的 6,870 萬美元。

The decrease in net revenues was primarily driven by a 19.5% decrease in volume of products sold, partially offset by a 5.4% increase in net revenue per pound. The decrease in volume of products sold was primarily driven by lower sales of burger and chicken products to QSR customers in the international foodservice channels.

淨營收下降主要由產品銷售量下降 19.5% 所致，部分被每磅淨營收上升 5.4% 所抵銷。銷售量下降主要是因國際餐飲通路中，對 QSR 客戶的漢堡與雞肉產品銷售減少所致。

And by weak category demand and some loss of distribution in our US Retail and foodservice channels. The increase in net revenue per pound was primarily driven by changes in product sales mix, including the impact of reduced sales to QSR customers, as I just noted, and was further aided by favorable changes in foreign currency exchange rates, though partially offset by a higher trade discount rate versus the year-ago period.

以及因品類需求疲弱與我們在美國零售與餐飲通路中部分通路覆蓋流失所致。每磅淨營收上升主要來自產品銷售組合變化，包括我剛提到的對 QSR 客戶銷售減少的影響；此外亦受惠於外匯匯率的有利變動，但部分被較去年同期更高的通路折讓率（trade discount rate）所抵銷。

Taking a closer look at our sales results by channel, US Retail net revenues decreased 15.3% to $26.6 million in the first quarter of 2026, compared to $31.4 million in a year-ago period. Volume of products sold declined 14.7% versus the year-ago period, primarily driven by weak category demand and reduced points of distribution within certain channels.

更細看各通路的銷售表現：2026 年第一季美國零售（US Retail）淨營收下降 15.3% 至 2,660 萬美元，較去年同期的 3,140 萬美元為低。產品銷售量較去年同期下降 14.7%，主要因品類需求疲弱，以及在部分通路中的配銷點（points of distribution）減少所致。

Net revenue per pound in US Retail was down slightly, falling 0.6% year-over-year as higher trade discounts and favorable changes in product sales mix largely offset each other. In US Foodservice, net revenues decreased 29.7% to $6.6 million in the first quarter of 2026, compared to $9.4 million in the year-ago period.

美國零售每磅淨營收小幅下降，年對年下滑 0.6%，原因是較高的通路折讓與產品銷售組合的有利變化大致互相抵銷。在美國餐飲（US Foodservice）方面，2026 年第一季淨營收下降 29.7% 至 660 萬美元，較去年同期的 940 萬美元為低。

The decrease in net revenues was primarily driven by a 31.8% decrease in volume of products sold, partially offset by a 3% increase in net revenue per pound. The decrease in volume of products sold was primarily driven by weak category demand and loss of distribution within certain channel segments, including sales of chicken products to a QSR customer in the year-ago period that did not repeat in the first quarter of 2026.

淨營收下降主要由產品銷售量下降 31.8% 所致，部分被每磅淨營收上升 3% 所抵銷。銷售量下降主要因品類需求疲弱，以及在部分通路區隔中的配銷流失；其中包括去年同期對某 QSR 客戶的雞肉產品銷售，在 2026 年第一季未再發生。

The increase in net revenue per pound was primarily driven by changes in product sales mix and lower trade discounts, partially offset by price decreases of certain of our products. Turning to international retail net revenues increased 8.1% to $13.7 million in the first quarter of 2026, compared to $12.7 million in the year-ago period.

每磅淨營收上升主要來自產品銷售組合變化與較低的通路折讓，部分被我們部分產品降價所抵銷。接著看國際零售（International Retail），2026 年第一季淨營收成長 8.1% 至 1,370 萬美元，較去年同期的 1,270 萬美元增加。

Net revenue per pound increased 7.8%, primarily due to favorable changes in foreign currency exchange rates and price increases of certain of our products, partially offset by higher trade discounts. Volume of products sold increased 0.3% year-over-year, primarily driven by improved demand and distribution gains in certain European markets, partially offset by limited distribution losses in Canada.

每磅淨營收上升 7.8%，主要因外匯匯率有利變動與部分產品提價，部分被較高的通路折讓所抵銷。產品銷售量年對年增加 0.3%，主要由部分歐洲市場需求改善與通路擴張所帶動，但部分被加拿大有限的通路流失所抵銷。

Finally, in International Foodservice, net revenues decreased 25.9% to $11.3 million in the first quarter of 2026, compared to $15.3 million in the year-ago period. The decrease in net revenues was primarily driven by a 32.6% decrease in volume of products sold, mainly reflecting lower sales of burger and chicken products to certain QSR customers.

最後，在國際餐飲（International Foodservice）方面，2026 年第一季淨營收下降 25.9% 至 1,130 萬美元，較去年同期的 1,530 萬美元為低。淨營收下降主要由產品銷售量下降 32.6% 所致，主要反映對部分 QSR 客戶的漢堡與雞肉產品銷售減少。

Net revenue per pound in international foodservice increased 10.2% on a year-over-year basis, primarily driven by favorable changes in foreign currency exchange rates and lower trade discounts, partially offset by changes in product sales mix.

國際餐飲服務通路每磅淨營收年增 10.2%，主要受惠於外幣匯率變動帶來的有利影響以及較低的貿易折扣，惟部分被產品銷售組合變動所抵銷。

Moving down the P&L. Gross profit in the first quarter of 2026 was approximately $2 million or gross margin of 3.4% compared to a loss of $6.9 million or gross margin of minus 10.1% in the year-ago period. Compared to the first quarter of 2025, gross profit and gross margin benefited from lower cost per pound and higher net revenue per pound, with the former mainly reflecting lower inventory provision and reduced manufacturing expenses, including depreciation, partially offset by increased materials costs.

接著往損益表（P&L）往下看。2026 年第一季毛利約為 200 萬美元，或毛利率 3.4%，相較於去年同期為毛損 690 萬美元，或毛利率為負 10.1%。與 2025 年第一季相比，毛利與毛利率受惠於每磅成本下降及每磅淨營收提高；其中前者主要反映較低的存貨提列以及製造費用（含折舊）下降，但部分被材料成本上升所抵銷。

Improvements in our cost of production. Reflect, among other things, benefits from our recent SKU rationalization initiative and certain efficiency projects implemented within our US manufacturing network. However, our cost of goods sold in the first quarter of 2026 was negatively impacted by the flow-through of inventory produced in the fourth quarter of 2025 that absorbed more fixed costs due to our significant curtailment of production volumes in that period.

我們生產成本的改善，反映了（除其他因素外）近期 SKU 精簡（rationalization）計畫以及在美國製造網絡內推行的若干效率專案所帶來的效益。然而，2026 年第一季的銷貨成本受到 2025 年第四季生產之存貨結轉影響而承壓；由於該期間我們大幅縮減產量，導致單位產品吸收較多固定成本，進而對本季造成不利影響。

Additionally, the decline in volume of products sold in the first quarter of 2026 also drove unfavorable fixed cost absorption compared to the year-ago period, representing a drag on our Q1 gross margin. Lastly, gross profit and gross margin in the first quarter of 2026 also included approximately $0.5 million in expenses related to the shutdown of our business in China, which we expect to substantially complete by the end of the year.

此外，2026 年第一季產品銷售量下滑，相較去年同期也造成固定成本吸收不利，對第一季毛利率形成拖累。最後，2026 年第一季的毛利與毛利率亦包含約 50 萬美元、與關閉中國業務相關的費用；我們預期將於年底前大致完成該關閉作業。

Turning to operating expenses, total operating expenses were $43.1 million in the first quarter of 2026, compared to $57.4 million in the year-ago period. Operating expenses in the first quarter of 2026 included $3.7 million in incremental share-based compensation expense stemming from our convertible debt exchange, $0.8 million in certain non-routine SG&A expenses.

再看營業費用，2026 年第一季營業費用總額為 4,310 萬美元，去年同期為 5,740 萬美元。2026 年第一季的營業費用包含：因可轉換公司債交換而產生的 370 萬美元增量股份基礎給付費用，以及 80 萬美元的若干非例行性 SG&A 費用。

$0.4 million in amortization of costs related to the partial lease termination of a portion of our campus headquarters, and $0.2 million in incremental legal and other fees and expenses associated with arbitration proceedings related to a contractual dispute with a former co-manufacturer.

另包含：與我們園區總部部分租約提前終止相關成本之攤銷 40 萬美元，以及因與前共同代工廠之合約爭議所引發仲裁程序而產生的增量法律及其他費用與支出 20 萬美元。

Notwithstanding these items, the decrease in operating expenses compared to the first quarter of 2025 was primarily driven by lower product donation costs. Lower legal expenses, and reduced salary and related expenses.

撇除上述項目不談，與 2025 年第一季相比，營業費用下降主要由較低的產品捐贈成本、較低的法律費用，以及薪資及相關費用減少所帶動。

Combined with the previously mentioned increase in gross profit, the net result was a reduction in loss from operations from $64.4 million in the year-ago period to $41.1 million in the first quarter of 2026. Below the line, total other income net was $12.6 million in the first quarter of 2026, compared to $3.3 million in the year-ago period.

結合前述毛利增加，最終使營業損失由去年同期的 6,440 萬美元縮減至 2026 年第一季的 4,110 萬美元。至於營業外（below the line），2026 年第一季其他收益淨額為 1,260 萬美元，去年同期為 330 萬美元。

The increase was primarily due to non-cash gains from the remeasurement of derivative liability and gain on debt extinguishment resulting from the conversion of some of our 2030 convertible mills. These gains were partially offset by an increase in interest expense related to our delayed draw term loan facility and net realized and unrealized foreign currency transaction losses due to unfavorable changes in FX rates of the euro.

增加主要來自：衍生性負債重新衡量所產生的非現金利益，以及因部分 2030 年到期可轉換票據轉換而產生的債務消滅利益。上述利益部分被以下因素抵銷：與延遲提領定期貸款融資（delayed draw term loan facility）相關的利息費用增加，以及因歐元匯率不利變動所致之外幣交易已實現與未實現損失淨額。

Net loss was $28.5 million or $0.06 per common share in the first quarter of 2026, compared to net loss of $61.1 million or $0.80 per common share in the year-ago period. Adjusted EBITDA was a loss of $27.8 million. Or minus 47.7% of net revenues in the first quarter of 2026, compared to an adjusted EBITDA loss of $50.5 million, or minus 73.5% of net revenues in the year-ago period.

2026 年第一季淨損為 2,850 萬美元，或每股普通股虧損 0.06 美元；去年同期淨損為 6,110 萬美元，或每股普通股虧損 0.80 美元。調整後 EBITDA 為虧損 2,780 萬美元，或為 2026 年第一季淨營收的負 47.7%；相較之下，去年同期調整後 EBITDA 虧損為 5,050 萬美元，或為淨營收的負 73.5%。

Turning to our balance sheet and cash flow highlights, our cash and cash equivalents balance, including restricted cash, was $205.8 million as of March 28, 2026. Or a decrease of approximately $11.8 million compared to our 2025 ending cash balance.

接著談資產負債表與現金流重點。截至 2026 年 3 月 28 日，我們的現金及約當現金餘額（含受限制現金）為 2.058 億美元，較 2025 年期末現金餘額約減少 1,180 萬美元。

Excluding the impact from financing activities, this represents our lowest rate of quarterly cash consumption in over two years, reflecting the benefit of various capital and cost reduction measures we have implemented over the last several quarters. Unencumbered by many of the non-routine costs stemming from our transformation efforts that have burdened our P&L in recent periods.

若排除籌資活動的影響，這是我們兩年多以來最低的單季現金消耗率，反映過去數季我們所推動的各項資本與成本削減措施所帶來的效益；同時也不再受到近期因轉型工作而產生、並對損益表造成負擔的多項非例行性成本所牽制。

Total outstanding carrying value of debt, net of debt discount, was $411.6 million as of March 28, 2026, which included the total undiscounted future cash flows of the new 2030 notes recorded at the completion of our convertible debt exchange.

截至 2026 年 3 月 28 日，未償債務的帳面價值總額（扣除債務折價後）為 4.116 億美元，其中包含在完成可轉換公司債交換時入帳之新 2030 年票據的未折現未來現金流總額。

Net cash used in operating activities was $5 million in the three months ended March 28, 2026, compared to $26.1 million in the year-ago period, and capital expenditures totaled $2.5 million, compared to $4.5 million in the year-ago period.

截至 2026 年 3 月 28 日止三個月，營業活動所使用之淨現金為 500 萬美元，去年同期為 2,610 萬美元；資本支出合計為 250 萬美元，去年同期為 450 萬美元。

Net cash used in financing activities was $4.5 million in the three months ended March 28, 2026. Compared to $0.6 million in the year-ago period, primarily driven by withholding tax payments associated with equity awards related to our convertible debt exchange.

截至 2026 年 3 月 28 日止三個月，籌資活動所使用之淨現金為 450 萬美元，去年同期為 60 萬美元；主要係因與可轉換公司債交換相關之股權獎酬所產生的預扣稅款支付所致。

It is also worth noting that subsequent to the end of the first quarter, an additional $62.6 million in aggregate principal amount of our 2030 convertible notes were converted into approximately 52.1 million shares of common stock. And an additional $3.9 million anti-dilution restricted stock units were also granted to management in accordance with the management incentive plan awards associated with the convertible debt exchange.

另值得一提的是，在第一季結束後，我們 2030 年到期可轉換票據又有合計本金 6,260 萬美元被轉換為約 5,210 萬股普通股。此外，亦依據與可轉換公司債交換相關之管理層激勵計畫獎酬，向管理層額外授予 390 萬單位的反稀釋限制型股票單位（RSU）。

Let me now touch briefly on our outlook before concluding my remarks. As in recent periods, we are continuing to provide only limited net revenue guidance given ongoing levels of uncertainty and volatility within our operating environment, which we believe may continue to have unforeseen impacts on our actual realized results.

在結束我的發言前，我先簡要談一下展望。如同近期幾個期間，鑑於我們營運環境仍存在持續的不確定性與波動性，我們將繼續僅提供有限的淨營收指引；我們認為這些因素可能仍會對實際實現的結果造成難以預見的影響。

To this end, in the second quarter of 2026, we expect net revenues to be in the range of approximately $60 million to $65 million. And with that, I'll turn the call over to the operator to open it up for your questions.

基於此，2026 年第二季我們預期淨營收約落在 6,000 萬至 6,500 萬美元區間。接下來我把電話交給主持人，開放各位提問。

Thank you.

謝謝。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（主持人指示）

Ben Theurer, Barclays.

Ben Theurer，巴克萊（Barclays）。

Yeah, good afternoon, Ethan, Lubi. Thanks for taking my question.

是的，下午好，Ethan、Lubi。謝謝讓我提問。

Two quick ones, if you may allow. So first one, clearly a good improvement year over year on the gross margin. You laid out a few issues still, like kind of like carrying over. I know you're not going to provide much of guidance beyond the sales part, but can you maybe help us just understand directionally what we should think about gross margin sequentially into the second quarter?

我有兩個簡短問題，如果可以的話。第一個，很明顯毛利率年對年有不錯的改善。你們也提到仍有一些因素在延續影響。我知道你們除了銷售之外不會提供太多指引，但能否協助我們從方向性角度理解，第二季毛利率相較第一季（sequentially）應該如何看？

Obviously, you should have about a. Give or take, 10% higher sales base sequentially, and hopefully some of that older, higher cost inventory is being worked through by now. So just to understand a little bit like roughly trends, fair to assume that we're going to get a little bit of a better gross margin, that would be my first question. Anything you can share here?

顯然，你們的銷售基礎按季大概會提高約 10%（上下浮動），而且希望那些較舊、成本較高的存貨到現在應該也消化得差不多了。所以想更了解一下大致趨勢：是否可以合理假設毛利率會再好一些？這是我的第一個問題。你們這裡有什麼可以分享的嗎？

Sure. I'll let Lubi tackle the specifics on that. But I think in general. Both on the operating expense as well as in margin, you're seeing a business that's kind of digging out from a lot of intense expense and drag. And on the operating expense, it was really around a lot of legal fees as we were involved in several issues there and then a lot of the restructuring expense, just heavy OpEx and cash use.

當然。我會讓 Lubi 來說明其中的細節。但我想整體而言，無論是營業費用或毛利率，你們看到的是一個正在從大量高強度費用與拖累中逐步走出來的業務。在營業費用方面，主要是因為我們涉及幾個事項而產生大量法律費用，另外還有許多重整費用，使得 OpEx 與現金使用都很沉重。

And then on the margin side, you do continue to see. Some of this flow through just as we right-size the business and things of that nature that have made it difficult for us, as I mentioned in my comments, to really demonstrate the progress that's occurring, let's say, at the conversion level at our plants where our conversion continues to improve, our cost of goods continue to get stronger.

至於毛利率方面，你確實仍會看到一些結轉影響；因為我們在調整業務規模（right-size）以及類似措施的過程中，正如我在評論中提到的，這些因素讓我們較難充分展現正在發生的進展。比如說，在工廠的轉換成本（conversion）層面，我們的轉換效率持續改善，銷貨成本也持續轉強。

And so while we don't provide very specific guidance on margin, I'm absolutely confident that we'll be headed in a good direction.

因此，雖然我們不會就毛利率提供非常具體的指引，但我完全有信心我們將朝著良好的方向前進。

In the next quarter, but we don't give a particular number.

在下一季，但我們不會給出特定的數字。

Yeah, thanks for the question, Ben. I think Ethan covered it for the most part. I think the way you're thinking about it, though, is right in the sense that typically, the second quarter does tend to be just seasonally, a higher volume quarter for us that always represents a benefit from a gross margin perspective and fixed cost absorption perspective.

是的，謝謝你的提問，Ben。我想 Ethan 大致上已經涵蓋了。我認為你思考的方向是對的，因為通常第二季在季節性因素下，對我們而言往往是出貨量較高的一季，這一點從毛利率角度以及固定成本吸收角度來看，總是會帶來好處。

We also this this effect that we talked about that impacted us in Q1 with the flow-through of high-cost inventory, we would expect that to not be not not impact the Q2 to the same degree that it did in Q1. And then also, not only do we have, generally speaking, seasonally higher volumes in Q2 relative to Q1.

另外，我們也有我們談到過、在第一季影響我們的那個效應，也就是高成本庫存的結轉影響；我們預期第二季不會像第一季那樣受到同等程度的影響。而且，不僅如此，一般而言第二季相較第一季也有季節性較高的銷量。

But the mix of our sales, right, does tend to benefit us. We do sell some of the more higher margin core products as a result of the summer grilling season. We are continuing that is part of the improvements in conversion costs that Ethan referenced, right, does reflect some of the good work that I think the team is doing.

但我們的銷售組合（mix）確實也往往對我們有利。由於夏季烤肉季，我們會賣出一些毛利較高的核心產品。我們也持續推進——這也是 Ethan 提到的轉換成本（conversion costs）改善的一部分——這反映了我認為團隊正在做的一些很好的工作。

In terms of some of the efficiency projects that we have been pursuing. I think like we would expect to build on those in the balance of the year, not necessarily expecting a step change from that. In the next quarter. But I think like gradually, we should start to see more and more benefit from some of those projects that we've been working on.

就我們一直在推動的一些效率專案而言，我認為我們預期在今年剩餘期間會在此基礎上持續累積成果，但不一定預期在下一季出現跳躍式的變化。不過我認為，隨著時間推進，我們應該會從這些一直在做的專案中看到越來越多的效益。

I think if you look at COGS, you see something like 8% good guy in terms of improvement. And that's if the folks in Colombia and in Pennsylvania are listening and elsewhere, that's really due to their good work. And so it's about getting rid of the noise so that those things start showing up.

我想如果你看一下銷貨成本（COGS），你會看到大約 8% 的改善。若哥倫比亞、賓州以及其他地區的同仁正在收聽，這真的要歸功於他們的努力。所以重點是把雜訊去除，讓這些成果能夠開始反映出來。

Okay, perfect. And then, obviously you have a lot of the restructuring going on, but one of the projects really is, and you've talked about it, is really taking this from just beyond meat alternatives to more like beyond the protein company transitioning here. And obviously, you've presented that beverage portfolio a few months ago. So I was just wondering, like, where.

好的，完美。然後，很明顯你們正在進行大量重組，但其中一個專案其實是——你們也談過——要把公司從僅僅是植物肉替代品，轉型成更像是 Beyond 的蛋白質公司。你們幾個月前也展示了飲料產品組合。所以我只是想問一下，大概目前進度到哪裡。

Where are we in kind of like the rollout of that? How should we expect this to kind of like be marketed? Just given the constraints from a cash perspective, how do you plan on rolling these products out, making them just promoted, anything marketing? What is that kind of like the base plan here for all these products?

這個推出（rollout）目前進展如何？我們應該如何預期它會被行銷？考量到現金面的限制，你們打算如何推出這些產品、如何做促銷、任何行銷活動？對於這些產品，你們的基本計畫是什麼？

Sure, I think there's a couple of key words, the first one I'll start with is leverage, we are leveraging, as I think I joked last time, we have been sort of a beverage company in hiding with the tremendous expertise we have on our board with Kathy Waller, CFO of Coke; or Seth Goldman, our Chairman, founder of Honest Tea and Just Iced Tea; and Tim Cook on Boston Beer.

當然。我認為有幾個關鍵字。第一個我先從「槓桿（leverage）」開始：我們正在運用（leveraging）——就像我上次開玩笑說的——我們其實一直是一家「隱藏版」飲料公司，因為我們董事會擁有非常深厚的專業：像是可口可樂前財務長 Kathy Waller；或是我們的董事長 Seth Goldman，Honest Tea 與 Just Iced Tea 的創辦人；以及在 Boston Beer 的 Tim Cook。

So just leveraging that expertise to make sure that that's a lot of decades of combined expertise to make sure that we're going about this in the smartest way possible. And so I think the second word that I'd emphasize is focus.

因此，就是運用這些專業，這是數十年累積的綜合經驗，確保我們以最聰明的方式來推進。我想第二個我要強調的字是「聚焦（focus）」。

We're not going broad here, we're thinking about the New York launch we're doing, it's very intentional. We want to go into that market with the best partner that I think you can get, and that's an example of how Seth was able to impact the business here.

我們不會在這裡全面鋪開；我們在思考我們正在進行的紐約上市（launch），這是非常有意圖的。我們希望以我認為你能找到的最佳合作夥伴進入該市場，而這就是 Seth 能夠在這裡對業務產生影響的一個例子。

[Big Eyeser] has been working with him for a very long time, and so having the opportunity to go into New York with a world-class partner, having tested the product now with many consumers online. I am super excited about the version that we're going to be sending over to New York. It has gotten better and better, and it's a total winner.

[Big Eyeser] 和他合作已經很長一段時間了，因此能夠與世界級合作夥伴一起進入紐約，同時我們也已經透過線上與許多消費者測試過產品。我對我們即將送到紐約的版本感到非常興奮。它變得越來越好，而且絕對是個大贏家。

And so if you think about how we're going to market this, and here's a very simple way to understand it, which I mentioned in the script, but I don't want to, it's not necessarily just a protein drink. It's a system, and it's a system for people who want to tap into the tremendous nutritional benefits of plants in a really convenient way. So you're getting your protein.

所以如果你在想我們要如何行銷它，這裡有一個非常簡單的理解方式——我在講稿裡提過——它不一定只是蛋白飲。它是一個系統（system），是為了那些想以非常便利的方式，獲取植物所帶來巨大營養益處的人所設計的系統。所以你可以獲得你的蛋白質。

And a substantial amount getting 20 grams of protein, getting 7 grams of fiber, which is 25% daily value. You're getting your antioxidants with the daily dose, full 100% of vitamin C, and you're getting electrolytes, something similar to what you get in a Gatorade. So you're getting all of these things without anything artificial with a very limited ingredient list, a very clean ingredient list, a really convenient, great taste.

而且含量相當可觀：20 克蛋白質、7 克膳食纖維（相當於每日建議攝取量的 25%）。你也能透過每日劑量獲得抗氧化物，維生素 C 達到完整 100%。你還能獲得電解質，類似你在佳得樂（Gatorade）中得到的那種。因此，你可以在不含任何人工成分、配方成分表非常精簡且乾淨的前提下，獲得所有這些；同時非常方便、口感也很棒。

And so we're going to go back to our playbook that we've used so successfully over so many years. If you think back to 2017, there was a Sports Illustrated article, the title of which, our veggie burgers, the new Gatorade. And it had a bunch of NBA players who had invested in Beyond, you get Kyrie Irving, you get Chris Paul, you get J.J. Redick.

因此我們會回到我們多年來非常成功的打法（playbook）。如果你回想 2017 年，《Sports Illustrated》曾有一篇文章，標題是「我們的蔬菜漢堡：新的佳得樂」。當時有一群投資 Beyond 的 NBA 球員，包括 Kyrie Irving、Chris Paul、J.J. Redick。

Others at the time were involved, the underdoor, et cetera. And the idea there was they were using Beyond products to help them basically recover more quickly, build muscle, so on and so forth. This drink is an incredible opportunity to go back to that storyline.

當時還有其他人參與，像是 Underdoor 等等。當時的概念是，他們使用 Beyond 的產品來幫助自己更快恢復、增肌等等。這款飲料是一個絕佳機會，讓我們回到那條敘事主線。

And so I think you'll see us using athletes, using active people, being very focused in terms of who in New York are going after, whether it's run clubs, fitness studios. Folks that are active in hiking and outdoor sports, competitive athletes, people that are really going to benefit from that system, and then it'll spread out to the general population from there.

所以我想你會看到我們使用運動員、使用活躍族群，並且在紐約鎖定目標上非常聚焦——不論是跑團、健身工作室、熱衷健行與戶外運動的人、競技型運動員，或是真正能從這個系統中受益的人——然後再由此擴散到一般大眾。

Thank you. This does actually conclude our question-and-answer session. I'd like to hand the conference back over for any closing remarks.

謝謝。這也確實結束了我們的問答環節。我想把會議交回去，看看是否有任何結語。

Thank you, and thanks for listening. We obviously are at a very pivotal point in the business, taking the brand, the technology, the expertise that we've built over what is now a generation, almost 18 years, and bringing it into adjacent, fast-growing markets in the functional food and beverage space. We're also continuing to focus very much on our core.

謝謝，也謝謝各位收聽。我們顯然正處於業務非常關鍵的轉折點：把我們在如今幾乎一個世代、接近 18 年所建立的品牌、技術與專業，帶入功能性食品與飲料領域中相鄰且快速成長的市場。我們也持續非常專注於我們的核心業務。

I'm seeing some, I think, promising signs within it, although there's a lot of work left to do. But if you look at in retail, you look at some of the largest conventional grocers that there are. And if you look at the 13-week data in one of them, you see that we've started to return to very modest single-digit unit and dollar growth.

我在其中看到一些我認為令人鼓舞的跡象，雖然仍有很多工作要做。但如果你看零售端，看看一些最大的傳統雜貨通路；在其中一家通路的 13 週數據中，你會看到我們已開始回到非常溫和的個位數（single-digit）銷量與金額成長。

And then you look at another one, which reports on a 12-week period, and you see the same. In fact, double-digit. Now, that's being offset in other areas by, let's say, the loss of club business and things like that. But you can start to see signs of recovery. Now, how quick in the core business, I can't say, but we're not waiting around.

再看另一家以 12 週期間報告的通路，你也會看到同樣的情況，甚至是雙位數（double-digit）。當然，其他領域例如會員制賣場（club）業務的流失等，會抵消一部分表現。但你開始能看到復甦的跡象。至於核心業務會多快復甦，我無法斷言，但我們不會坐等。

We are going into the adjacencies so that when that core business does recover, which it will, we're also augmenting it with these additional product lines that leverage all the brand and expertise that we have here. I think our team is energized and focused on this, and we look forward to delivering results.

我們正在進入相鄰市場，這樣當核心業務復甦時——而它一定會復甦——我們也能用這些額外的產品線來增強核心業務，並運用我們在這裡所擁有的品牌與專業。我認為我們的團隊對此充滿動能且非常聚焦，我們也期待交出成果。

Thanks.

謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。