Edible Garden AG Inc (EDBL) 2025 Q1 法說會逐字稿

Good morning everyone and welcome to the Edible Garden AG Incorporated 2025 first quarter Business Update conference.

大家早安，歡迎參加 Edible Garden AG Incorporated 2025 年第一季業務更新會議。

At this time, all participants are in a listen-only mode and the floor will be open for questions following the presentation. If anyone should require operator assistance during the conference, [Operator Instructions]. Please note this conference is being recorded. I will now turn the conference over to your host, Ted Evas, Investor Relations at Crescendo Communications. Ted, the floor is yours.

目前，所有參與者都處於僅聆聽模式，演講結束後將開放提問。如果有人在會議期間需要接線員協助，[操作員指示]。請注意，本次會議正在錄製。現在我將會議交給主持人、Crescendo Communications 投資者關係部的 Ted Evas。泰德，現在請你發言。

Thanks, Jenny. Good morning and thank you for joining Edible Garden's first quarter 2025 earnings conference call and business update. On the call with us today are Jim Kras, Chief Executive Officer of Edible Garden and Kostas Dafoulas, interim Chief Financial Officer of Edible Garden.

謝謝，珍妮。早安，感謝您參加 Edible Garden 2025 年第一季財報電話會議和業務更新。今天與我們通話的是 Edible Garden 執行長 Jim Kras 和 Edible Garden 臨時財務長 Kostas Dafoulas。

Earlier this morning, the company announced its operated results for the three months ended March 31, 2025. The press releases posted on the company's website www.ediblegardenag.com. In addition, the company will file its quarterly report on Form 10Q with the US Securities and Exchange Commission, which will also be accessible on the company's website as well as the SEC's website at www.SEC.gov.

今天早些時候，該公司公佈了截至2025年3月31日的三個月的營運業績。新聞稿發佈於本公司網站 www.ediblegardenag.com。此外，公司將向美國證券交易委員會提交 10Q 表季度報告，該報告也可在公司網站以及美國證券交易委員會網站 www.SEC.gov 上查閱。

If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communication at 212-671-1020. Before Mr. Kres reviews the company's operating results for the quarter end of March 30, 2025 and provides a business update, we would like to remind everyone that this conference call may contain forward-looking statements.

如果您在通話後有任何疑問或想了解有關該公司的更多信息，請聯繫 Crescendo Communication，電話：212-671-1020。在克雷斯先生回顧公司2025年3月30日止季度的經營業績並提供業務更新之前，我們想提醒大家，本次電話會議可能包含前瞻性陳述。

All statements other than statements of historical facts contained in this conference call, including statements regarding our future results of operations and financial positions, strategy and plans and our expectations for future operations are forward-looking statements.

本次電話會議中除歷史事實陳述以外的所有陳述，包括有關我們未來經營業績和財務狀況、戰略和計劃以及我們對未來經營的預期的陳述均為前瞻性陳述。

The words aim, anticipate, believe, could, expect, may, plan, project, strategy, will and the negative of such terms and other words in terms of similar expressions are are intended to identify forward-looking statements.

目標、預期、相信、可能、期望、也許、計劃、項目、戰略、意願等詞語以及此類詞語的否定形式和其他類似表述旨在識別前瞻性陳述。

These forward-looking statements are based largely on the company's current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, strategy, short term and long term business operations and objectives and financial needs.

這些前瞻性陳述主要基於公司目前對未來事件和趨勢的預期和預測，公司認為這些事件和趨勢可能會影響其財務狀況、營運績效、策略、短期和長期業務營運和目標以及財務需求。

These forward-looking statements are subject to several risks, uncertainties and assumptions as described in the company's filings with the SEC, including the company's annual report on form 100 for the year ended December 31, 2024.

這些前瞻性陳述受到本公司向美國證券交易委員會提交的文件中所述的若干風險、不確定性和假設的影響，包括本公司截至 2024 年 12 月 31 日的 100 表年度報告。

Because of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this conference call may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statement.

由於這些風險、不確定性和假設，本次電話會議中討論的前瞻性事件和情況可能不會發生，實際結果可能與前瞻性聲明中預期或暗示的結果有重大不利差異。

You should not rely upon forward-looking statements as predictions of future events. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievement.

您不應依賴前瞻性陳述來預測未來事件。儘管公司認為前瞻性陳述中反映的預期是合理的，但它不能保證未來的結果、活動水準、績效或成就。

In addition, neither the company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The company disclaims any duty to update any of these forward-looking statements except as required by law.

此外，本公司或任何其他人士均不對這些前瞻性陳述的準確性和完整性承擔責任。除法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

All forward-looking statements attributable to the company are expressly qualified in their entirety by these cautionary statements as well as others made on this conference call. You should evaluate all forward-looking statements made by the company in the context of these risks and uncertainties. Having said that, I would not like to turn the call over to Mr. Jim Kras, Chief Executive Officer of Edible Garden. Jim.

所有與本公司有關的前瞻性陳述均完全符合這些警告性聲明以及本次電話會議上所做的其他聲明的明確限制。您應該在這些風險和不確定性的背景下評估公司所做的所有前瞻性陳述。話雖如此，我還是不想把電話轉給 Edible Garden 的執行長 Jim Kras 先生。吉姆。

Thanks. Good morning and thank you to everyone for joining us today.

謝謝。早安，感謝大家今天的參加。

We're pleased to report that Q1 2025 marked a strong start to the year, reflecting the continued momentum behind our strategic transformation.

我們很高興地報告，2025 年第一季標誌著今年的一個強勁開局，反映了我們策略轉型的持續勢頭。

Our realignment towards higher margin shelf stable products such as kick sports nutrition, tickle party, squeezables, pulp, and vitam weight is gaining traction, and the results are becoming increasingly visible across our business.

我們正朝著利潤較高的貨架穩定產品方向調整，例如運動營養品、搔癢派對、可擠壓產品、果肉和維生素減肥等，這些產品的趨勢正在增強，其效果在我們的業務中也越來越明顯。

We also made meaningful progress expanding our national retail presence.

我們在擴大全國零售業務方面也取得了重大進展。

During the quarter, we launched or strengthened our relationships with several major retailers including Walmart, Stop and Shop, Wakefront Shoprite and Burcott Superfoods. These relationships are driving growth across both our fresh and non-perishable categories while also leveraging our patented in-store merchandizing solutions such as our self-watering displays and reinforcing our omni-channel strategy.

本季度，我們與沃爾瑪、Stop and Shop、Wakefront Shoprite 和 Burcott Superfoods 等幾家大型零售商建立或加強了合作關係。這些關係推動了我們新鮮且不易腐爛的商品類別的成長，同時也利用了我們專利的店內行銷解決方案，例如我們的自澆水展示，並加強了我們的全通路策略。

Total revenue declined 414,000 to 2.7 million in the first quarter. This decline was primarily attributed to our strategic decision to exit lower margin, floral and lettuce categories.

第一季總營收下降 41.4 萬至 270 萬美元。這一下降主要歸因於我們退出利潤率較低的花卉和生菜類別的策略決策。

Cutter sales rose 13% on a seasonal basis, high highlighting sustained consumer demand for freshness and convenience. This deliberate shift in our product mix is already contributing to margin expansion and setting the stage for scalable, profitable growth, highlighting the traction in our non-perishable portfolio where revenue rose 15% year over year.

切片機的銷售量按季度上漲了 13%，凸顯了消費者對新鮮度和便利性的持續需求。我們產品組合的這種刻意轉變已經促進了利潤率的擴大，並為可擴展的盈利增長奠定了基礎，凸顯了我們的非易腐產品組合的吸引力，其收入同比增長了 15%。

Each of our non-perishable shelf stable brands have contributed to this performance.

我們每一個不易腐爛的貨架穩定品牌都為這一業績做出了貢獻。

Kick sports nutrition achieved a milestone with new brick and mortar replacement at a major Midwest big box retailer.

Kick 運動營養品在美國中西部一家大型零售商店更換實體店，並取得了里程碑式的進展。

The brand includes clean labeled whey and plant-based protein powders with planned expansion into pre and post workout formulas and hydration products. These offerings support performance, recovery and overall wellness for today's health conscious consumers.

該品牌包括清潔標籤乳清和植物蛋白粉，並計劃擴展到運動前後配方和保濕產品。這些產品為當今注重健康的消費者提供運動表現、恢復和整體健康支援。

Pickle party. Created in partnership with Herman Pickle Company, it's the world's first functional pickle, fermented, refrigerated, and gut health focused, featuring kosher and non-GMO non-GMO ingredients. It's launching across all Burkhart food superfood stores.

泡菜派對。它是與 Herman Pickle Company 合作開發的，是世界上第一個功能性泡菜，經過發酵、冷藏，注重腸道健康，採用猶太潔食和非基因改造成分。該產品正在所有 Burkhart 食品超級食品商店推出。

And has secured pre-orders at Food Town, Lincoln Market ahead of summer season. Squeezables. A shelf stable stern pace line has successfully completed its pilot and is moving into full scale production. Pulp, a line of organic fermented, gourmet hot sauces and chili-based condiments continues to gain momentum in the premium condiments category and resonates with consumers seeking healthy, elevated alternatives to traditional sauces.

並且已經在夏季來臨之前在林肯市場美食城獲得了預訂。可擠壓物。貨架穩定的 Stern Pace 生產線已成功完成試點並正在進入全面生產階段。Pulp 是一系列有機發酵的美味辣醬和辣椒基調味品，在高端調味品類別中繼續保持強勁勢頭，並引起了尋求健康、高檔傳統醬料替代品的消費者的共鳴。

Vitamin Way and Vitamin Way offer a growing portfolio of whey and plant-based protein powders with designed to support recovery, overall wellness, and daily nutritional needs. The brand continues to combine advanced supplementation with consumer friendly taste and value. Following a successfully established retail presence, we launched a dedicated e-commerce platform at vitaminway.com to broaden access and accelerate brand growth.

Vitamin Way 和 Vitamin Way 提供越來越多的乳清和植物蛋白粉，旨在支持恢復、整體健康和日常營養需求。該品牌繼續將先進的補充劑與消費者友好的口味和價值結合起來。在成功建立零售業務後，我們在 vitaminway.com 推出了專門的電子商務平台，以擴大訪問範圍並加速品牌成長。

Gross profit increased 283% year over year, nearly quadrupling from Q1 2024, while gross margin improved to 3.2% from 0.7%. This improvement reflects strong stronger cost control and improved Skemix.

毛利年增 283%，比 2024 年第一季成長了近四倍，毛利率從 0.7% 提高到 3.2%。這項改進反映了更強的成本控制和改進的 Skemix。

One of the most transforming milestones of the year announced just yesterday was a $15.5 million dollar acquisition from natural shrimp farms funded through a mix of preferred equity and institutional investment. This deal strengthens our balance sheet without increasing debt and further extends our vertically integrated model.

昨天剛宣布的今年最具變革意義的里程碑之一是透過優先股和機構投資的方式，以 1550 萬美元的價格收購天然蝦養殖場。這筆交易在不增加債務的情況下增強了我們的資產負債表，並進一步擴展了我們的垂直整合模式。

The acquisition includes a fully operational aquaculture facility in Fort Dodge, Iowa and two patented water treatment technologies. These patented innovations will be integrated into our greenhouse operations to enhance water efficiency and reduce environmental impact, complementing our ongoing nano bubble irrigation trials with Presea New Jersey Institute of Technology.

此次收購包括位於愛荷華州道奇堡的全面營運的水產養殖設施和兩項專利水處理技術。這些專利創新將融入我們的溫室營運中，以提高用水效率並減少對環境的影響，並補充我們正在與普雷西亞新澤西理工學院進行的奈米氣泡灌溉試驗。

Institute New Jersey Institute of Technology, the EPA and the USDA, which have already shown up to a 55% increase in yield and 30% reduction in harvest cycle time.

新澤西理工學院、美國環保署和美國農業部共同進行的研究顯示，該技術已使產量提高了 55%，收穫週期縮短了 30%。

In addition, the Iowa facility offers valuable infrastructure for expanded R&D warehousing and potential nutraceutical development, supporting our goals around vertical integration, sustainability and long-term innovation.

此外，愛荷華州工廠為擴大研發倉儲和潛在的營養保健品開發提供了寶貴的基礎設施，並支持我們圍繞垂直整合、永續性和長期創新的目標。

Our commitment to sustainability remains central to our identity. Though initiatives like Walmart's Project Gigaton, we helped avoid nearly 11,800 metric tons of virgin plastic in 2024, conserved over 28,000 gallons of diesel, and diverted 103 tons of food through donation programs. We're proud to be recognized in the Food Tech 500 as the TOP50.

我們對永續發展的承諾仍然是我們的核心。透過沃爾瑪的「十億噸計畫」等舉措，我們在 2024 年幫助避免了使用近 11,800 公噸原生塑料，節省了超過 28,000 加侖的柴油，並透過捐贈計畫轉移了 103 噸食物。我們很榮幸被評為食品科技 500 強中的 TOP50。

Company and continued to lead the way in our controlled environment, agriculture with real measurable impact. With a focused strategy, brand momentum, and an even stronger operational foundation, we believe edible garden is well positioned to deliver long term value for our customers, partners and shareholders.

公司繼續在受控環境、農業領域發揮引領作用，並產生真正可衡量的影響。憑藉專注的策略、品牌發展動能以及更強大的營運基礎，我們相信食用花園能夠為我們的客戶、合作夥伴和股東帶來長期價值。

I would like, I would now like to turn the call over to Kostas Dafoulas, our interim CFO, who reviewed the financial results for the quarter ended March 31, 2025. Costas.

現在我想將電話轉給我們的臨時財務長 Kostas Dafoulas，他審查了截至 2025 年 3 月 31 日的季度財務結果。科斯塔斯。

Thanks, Jim, and good morning everyone. For the quarter ended March 31st, 2025.

謝謝，吉姆，大家早安。截至 2025 年 3 月 31 日的季度。

Revenue totaled $2.7 million a decrease of 13.2% compared to $3.1 million for the three months ended March 31, 2024.

總收入為 270 萬美元，與截至 2024 年 3 月 31 日的三個月的 310 萬美元相比下降了 13.2%。

This decline was primarily driven by the company's strategic exit from the lower margin floral and lettuce products.

造成這一下降的主要原因是該公司策略性地退出利潤率較低的花卉和生菜產品。

Non-perishable revenue, however, grew 15% year over year in the quarter, a clear indication that our innovative shelf stable brands like kicks, Forcecentrtion, Pickle Party, Squeezables, Pulp and Vitamin Way are resonating with customers.

然而，本季非易腐食品收入年增 15%，這清楚地表明我們的創新貨架穩定品牌（如 kicks、Forcecentrtion、Pickle Party、Squeezables、Pulp 和 Vitamin Way）正在引起客戶的共鳴。

Cost of goods sold was 2.6 million for the first quarter of 2025 compared to 3.1 million for the same period in 2024. The decrease reflects the decreased revenue in the quarter and as we've seen previously in Q1.

2025 年第一季的銷售成本為 260 萬美元，而 2024 年同期為 310 萬美元。這一下降反映了本季收入的下降，正如我們在第一季看到的那樣。

Gross profit increased to 88,000 compared to 23,000 in the prior year period, representing an increase of approximately 283% year over year.

毛利由去年同期的23,000元增至88,000元，較去年同期成長約283%。

Gross margin improved to 3.2%, up from 0.7% in 2024, reflecting early returns from the company's shift to higher margin shelf to stable product lines.

毛利率從 2024 年的 0.7% 提高至 3.2%，反映出公司從利潤率更高的貨架產品轉向穩定產品線所帶來的早期回報。

Selling general administrative expenses for 3.3 million for the quarter, down from $3.9 million in the prior year period. The reduction was primarily attributable to lower personnel costs as we continue to optimize our cost structure in the roll off of severance expenses incurred in the first quarter of 2024 related to executive transitions.

本季銷售一般管理費用為 330 萬美元，低於去年同期的 390 萬美元。減少的主要原因是人員成本降低，因為我們繼續優化成本結構，以抵消 2024 年第一季與高階主管過渡相關的遣散費。

Net loss was 3.3 million for the first three months ended March 31, 2025 compared to a net loss of $4 million for the first three months ended March 31, 2024.

截至 2025 年 3 月 31 日的第一季淨虧損為 330 萬美元，而截至 2024 年 3 月 31 日的第一季淨虧損為 400 萬美元。

The year over year improvement in net loss was primarily driven by cost reductions along with increased contribution from higher margin, non-perishable product sales.

淨虧損年改善主要得益於成本降低以及高利潤、不易腐壞產品銷售貢獻的增加。

With that operator, please open the line for questions.

請與該接線員聯繫，以便我們解答疑問。

Thank you very much. We will now be opening the floor for questions. If you would like to ask a question, [Operator Instructions]. Please wait a moment whilst we poll for questions.

非常感謝。我們現在開始回答大家的提問。如果你想問一個問題，[操作員指示]。我們正在調查問題，請稍等片刻。

Thank you very much.

非常感謝。

Your first question is coming from Anthony Vendetti of the Maxim Group. Anthony, your line is life.

您的第一個問題來自 Maxim Group 的 Anthony Vendetti。安東尼，你的路線就是生命。

Thank you. Good morning. I was just wondering, this acquisition of national, it's, it was completed.

謝謝。早安.我只是想知道，這次對國家石油的收購是否已經完成。

Hey, can you talk about what your initial plans are, for natural shrimp and talk about what synergies are available to you immediately and then down the road what the cross-selling synergies could be.

嘿，您能談談您對天然蝦的初步計劃嗎？談談您能立即獲得哪些綜效，以及將來可以實現哪些交叉銷售綜效。

Anthony, good morning. How are you?

安東尼，早安。你好嗎？

Thank you for dialing in.

謝謝您的撥入。

Yeah, a couple of quick things here to answer your question. The two, it's like basically three driving sort of initiatives that'll that'll happen immediately at the facility.

是的，這裡有幾件簡單的事情來回答你的問題。這兩項基本上是三種推動舉措，它們將立即在工廠內實施。

First of all, facilities in a key place for us as we're expanding our relationships with, big, the big retailers out that are based out there whether it's target or Walmart or Meyer and the facility has considerable warehousing ex room for us, which we need frankly we're in Grand Rapids and Grand Rapids is getting full and as we start to shift into more shelf stable products.

首先，設施對我們來說至關重要，因為我們正在擴大與大型零售商的關係，無論是塔吉特、沃爾瑪還是邁耶，而且該設施為我們提供了相當大的倉儲空間，坦率地說，我們需要這些空間，我們在格蘭德拉皮茲城，格蘭德拉皮茲城已經滿了，我們開始轉向更穩定的產品。

Some of which will require refrigeration, those capabilities are already existing at this facility. So that I'm excited about. There's, to the where it's located, going to give it allow us to continue to stretch out further west allow us to penetrate where we're already strong as a company in the Midwest and getting stronger and start to run some really great programs, especially leading into the second half of the year.

其中一些需要冷藏，而該設施已經具備這些能力。所以我非常興奮。就其所在地而言，這將使我們能夠繼續向西延伸，使我們能夠滲透到我們作為一家公司在中西部已經很強大的地區，並且變得更加強大，並開始運行一些非常棒的項目，特別是在進入下半年之前。

These products that require refrigeration will be able to be housed there, transported. I mean it's in the central part of the country, so that's great. The RD aspect of it, I'm extremely excited about, shrimp has many therapeutic qualities in addition to tasting great.

這些需要冷藏的產品將能夠存放在那裡並進行運輸。我的意思是它位於該國中部，所以這很棒。我對它的研發方面感到非常興奮，蝦子除了味道好之外還具有許多治療功效。

So it's kind of twofold. It's not only are we going to continue the innovation that the existing team has in order to leverage, better, healthier, cleaner shrimp in a in an era where people are concerned about tariffs and whatnot and yet being able to do things stateside like that long term, in a sustainable fashion plays right into what we're known for with being.

所以它有雙重意義。我們不僅要延續現有團隊的創新，在人們擔心關稅等問題的時代，利用更好、更健康、更乾淨的蝦，而且能夠長期以可持續的方式在美國本土開展這樣的業務，這也符合我們的特色。

Always always inspired, so that's, I could just, I don't have another word for it other than just very cool. And then there's and then there's, just the opportunity to take what we learned from raising shrimp. There's a bunch of patterns that they already have right, that'll help us not only in the greenhouse aspect but also in water treatment but also just with the nutraceutical business that just continues to accelerate for us, as I've mentioned to you in the past.

總是受到啟發，所以，我只能說，除了非常酷之外，我沒有其他詞可以形容它。然後，我們就有機會利用從養蝦中學到的知識。他們已經擁有很多正確的模式，這些模式不僅會在溫室方面幫助我們，還會在水處理方面幫助我們，而且就像我過去提到的那樣，營養保健品業務也會繼續加速我們的發展。

I come out of that business, that's where I started, between twin lab years ago and then and then Nature's bounty for for years before we sold out to Carlisle. I'm excited about just developing, new innovative ingredients, utilizing shrimp and we know that.

我退出了那個行業，那是我開始的地方，幾年前在雙胞胎實驗室之間，然後在自然的賞金之間工作了好幾年，直到我們把錢賣給了卡萊爾。我很高興能夠利用蝦子來開發新的創新原料，我們知道這一點。

Shellfish in general is used for joint care and other, growing areas of that business. So, for us it's a super exciting time. I've been out there quite a few times, through due diligence, and it's quite a facility and these guys, they got a real head start on quite a peop, and people in the industry focusing on this part of the business. So I think we're going to be able to do, quite a few things with it.

貝類一般用於關節護理以及該行業其他不斷增長的領域。所以，對我們來說這是一個非常令人興奮的時刻。透過盡職調查，我已經去過那裡好幾次了，那裡設施齊全，這些人比業內專注於這項業務的許多人領先一步。所以我認為我們可以用它做很多事情。

Okay, and then are you able to provide what what the revenues were for national shrimps in 2024 and then would this be gross margin accretive?

好的，那麼您能否提供 2024 年全國蝦的收入是多少，這是否會增加毛利率？

As of right now, it's fairly nominal, the sales part of the business, it's not going to be I wouldn't say it's going to be margin of creative but I think, from their existing business but as we sort of morph and expand their business utilizing like I said, some of the existing space that they have using, I think this is like I said, this is a large facility that really gives us penetration to markets.

截至目前，這只是名義上的，業務的銷售部分，它不會是創意利潤，但我認為，從他們現有的業務來看，但隨著我們利用我說過的一些現有空間來改變和擴展他們的業務，我認為這就像我說過的，這是一個大型設施，可以真正讓我們滲透到市場。

There's a lot of excitement around, the shrimp shells, to develop, new products and nutraceuticals. So for us, the existing business is the existing business. It's not, it wasn't, it was really kind of a demonstration mode and R&D facility, we're going to accelerate the R&D pieces start to leverage the facility, in order to immediately impact our margin as it relates to warehousing and logistics.

人們對蝦殼、新產品和營養保健品的開發感到非常興奮。因此對我們來說，現有業務就是現有業務。它不是，它不是，它實際上是一種演示模式和研發設施，我們將加速研發部分開始利用該設施，以便立即影響與倉儲和物流相關的利潤率。

So that to answer your question, we'll be able to leverage our distribution to accelerate what they're currently doing and their sales, as well as, leverage their, the space of the facility to be able to lead to, margin accretion. So I think that'll happen pretty quickly. It's just a function of totality of what's sitting out there.

為了回答您的問題，我們將能夠利用我們的分銷來加速他們目前正在做的事情和銷售，並利用他們的設施空間來增加利潤。所以我認為這會很快發生。這只是那裡所有事物總體的一個函數。

Okay, and then lastly switching back to edible gardens, can you talk about the sports nutrition line, how that specifically did this quarter, and, are you happy with that ramp? And do you expect that to continue in .

好的，最後回到食用花園，可以談談運動營養系列嗎？本季的具體表現如何？您對這一增長感到滿意嗎？你認為這種情況會持續下去嗎？。

Am, I am, I'm ecstatic.

是的，我欣喜若狂。

Look, I love the business, so it's always like people love to work on things that they really take pleasure and so, coming out of brands like Body Fortress and Metrics and pure protein and then to be able to do this, better is with this type of wine which is the right product at the right time, which is so much of what we're focused on as a company we just gained distribution in the Midwest big box retailer.

聽著，我熱愛這項事業，所以人們總是喜歡從事他們真正喜歡的事情，因此，從 Body Fortress、Metrics 和純蛋白等品牌中脫穎而出，然後能夠做到這一點，更好的方法是使用這種類型的葡萄酒，它是在正確的時間推出的正確產品，這也是我們公司所關注的重點，我們剛剛在中西部大型零售商處獲得了分銷權。

Those orders got shipped in Q2, so in April, so they're not reflective in Q1. So, and then, we've got, some big launches coming up, in the very near term, so, I couldn't be happier. We developed the product with Neutricom. They've been a great partner, we just continue to deepen that relationship.

這些訂單是在第二季（即 4 月）發貨的，因此在第一季沒有反映出來。所以，我們近期將會推出一些大型產品，所以我非常高興。我們與 Neutricom 合作開發了該產品。他們一直是我們很好的合作夥伴，我們只是繼續深化這段關係。

And, I think we're just in such a great spot and you know we're continuing to invest in not only in people, infrastructure, but also marketing support. We're we're adding some salespeople to really continue to push out into the marketplace.

而且，我認為我們正處於一個很好的位置，你知道我們不會在人員、基礎設施方面繼續投資，還會在行銷支援方面繼續投資。我們正在增加一些銷售人員，以繼續向市場拓展。

We continue to go to key trade shows, so I'm excited. I think you're going to see more from us our some of our existing nutraceutical businesses really started to pick up. I think it's an interesting time, protein, different forms are hot and and continue to be hot.

我們繼續參加重要的貿易展覽會，所以我很興奮。我想您將會看到我們現有的一些營養保健品業務確實開始回升。我認為這是一個有趣的時期，蛋白質的不同形式都很熱門，並且會持續熱門。

All you have to do is, go and look into the news and see where people are at with that. So it's a great time to be doing what we're doing. It really is. I just want to get there faster. But also be able to do it where we can do it, in the right manner so that we can continue to have the infrastructure and the integrity we need to deliver on what we, what are great relationships that we have out there because we've always worked hard for our retailers shipping at a super high rate.

你所要做的就是去看看新聞，看看人們對此的看法。所以現在是我們做這些事情的好時機。確實如此。我只是想更快到達那裡。但我們也能夠在力所能及的地方以正確的方式做到這一點，以便我們能夠繼續擁有履行職責所需的基礎設施和誠信，我們在那裡建立了良好的關係，因為我們一直努力為我們的零售商提供超高的發貨率。

We've excelled in fresh goods, which is super challenging. Now if we can marry the two and then leverage the platform of the stores that we're in and pick up new stores. And and being almost every corner of the grocery store as well as our significant online presence that will, that's going to be growing and accelerating with our relationship with Proana, which is an agent an agency that was basically approved by Amazon for us to work with. So I, once again, I'm pretty, I'm very psyched about about the business and and particularly Kick because I think it's just, timing is everything sometimes, and I think we got it.

我們在生鮮商品方面表現出色，這極具挑戰性。現在，如果我們能夠將兩者結合起來，然後利用我們所在商店的平台來開設新店。而且，我們的業務幾乎遍布雜貨店的每個角落，而且我們重要的線上業務也會隨著我們與 Proana 的關係而不斷增長和加速，Proana 是一家獲得亞馬遜批准與我們合作的代理商。所以我，再說一次，我對這項業務，特別是 Kick 感到非常興奮，因為我認為時機有時就是一切，我認為我們做到了。

Okay, great. Thanks, Jim. I appreciate all the color. I'll hop back in the queue.

好的，太好了。謝謝，吉姆。我欣賞所有的色彩。我會重新回到隊列中。

All right, thanks, Anthony.

好的，謝謝，安東尼。

Thank you very much. Just as a reminder, if there are any questions, you can press one on your phone keypad now to join the key.

非常感謝。提醒一下，如果有任何疑問，您可以立即按下手機鍵盤上的 1 來加入金鑰。

Our next question is coming from Nick Pincus of Forest Capital. Nick, your line is life.

我們的下一個問題來自 Forest Capital 的 Nick Pincus。尼克，你的路線就是生命。

Hey guys, congrats on the solid results and the positive shift in the product mix. You touched on this a bit, but I was just hoping if you could elaborate some more on the drivers behind the sustained improvement and gross margin, particularly as you transition towards. Higher margin shelf stable products, but also specifically what strategic initiatives are you pursuing to accelerate the growth of these product lines and how do you see this part of the business developing going forward?

嘿夥計們，祝賀你們取得了堅實的業績，產品組合也發生了積極的變化。您稍微提到了這一點，但我只是希望您能更詳細地闡述一下持續改善和毛利率背後的驅動因素，特別是在您向…轉型的時候。利潤率較高的貨架穩定產品，但具體來說，您正在採取哪些策略舉措來加速這些產品線的成長，以及您如何看待這部分業務未來的發展？

Thank you. Great question. Welcome, Nick. Look, it's gets boiled down, to kind of a few things and for us, it's continue invest the continued investment in the company, starting with getting the right people.

謝謝。好問題。歡迎光臨，尼克。你看，歸根究底就是幾件事，對我們來說，就是繼續對公司進行投資，從找到合適的人才開始。

That we continue to do and we continue to elevate the people that come into the business as we become more and more successful. It allows us to drive innovation, build strong relationships, the right products, as I just mentioned about kick and having the right products at the right time and then the right support, that right support, ties back to not only the products and the people, but also investment in marketing and branding.

隨著我們越來越成功，我們將繼續這樣做，並繼續提升進入該行業的人才。它使我們能夠推動創新，建立牢固的關係，提供正確的產品，正如我剛才提到的那樣，在正確的時間提供正確的產品，然後提供正確的支持，正確的支持不僅與產品和人員相關，還與行銷和品牌投資相關。

So for us, this shift to just diversification of the portfolio on the heels of skew rationalization, I think has really positioned us to drive that gross margin top line, which I think is going to be exciting coming into the second half as we start to gain traction with these products and get them into stores and get them online and get people, trying them and we had a great trade show at Expo West with Pickle Party and we just came out of the show with a lot of excitement around that whole line which is just like I said, functional and exciting.

因此，對於我們來說，在傾斜合理化之後轉向投資組合多樣化，我認為確實使我們能夠推動毛利率的提升，我認為這在下半年會很令人興奮，因為我們開始獲得這些產品的關注，並將它們引入商店，進入線上，讓人們嘗試它們，我們在西部博覽會上與 Pickle Party 舉辦了一場很棒的貿易展，我們剛剛從展會中走出來，我剛剛對整個功能，就像整個產品一樣令人興奮。

So, right now, it's a great time to at Edible Garden because it's exciting and the company's really evolving and it's fun to watch the people who've been here with with us and with management with myself for the last decade, watch the company evolve and transform to, from a one greenhouse and a handful of accounts to spreading out through the country and internationally and bringing in diverse products that people like and are relatable and and the people who work are are responding so it's fantastic.

所以，現在對 Edible Garden 來說是一個偉大的時刻，因為這令人興奮，公司真的在不斷發展，看到過去十年來一直在這裡與我們一起共事的人、與管理層以及我本人一起見證公司的發展和轉變，從一個溫室和少數幾個賬戶擴展到全國和國際，並帶來人們喜歡和可信賴的多樣化產品，而工作人員也做出了回應，這真是太棒了。

Well, that's great and just look forward to following your progress.

嗯，這很好，期待關注你的進展。

Good luck.

祝你好運。

All right, thanks, Nick.

好的，謝謝，尼克。

Thank you very much. Well, we appear to have reached the end of our question and answer session. I will now turn the call back over to the management team for any closing comments.

非常感謝。好吧，我們的問答環節似乎已經結束了。現在我將把電話轉回給管理團隊，聽取他們的最後評論。

Sure.

當然。

Thank you for joining us today. Q1 2025 marked a strong start to the year with clear progress on our strategy to focus on a higher margin, non-perishable products, brands like Kick, Pickle Party, Squeezables, bulk, and Vitamin Way are gaining traction.

感謝您今天加入我們。2025 年第一季標誌著我們今年的開局強勁，我們的策略取得了明顯進展，專注於利潤率更高、不易腐爛的產品，Kick、Pickle Party、Squeezables、bulk 和 Vitamin Way 等品牌正在獲得關注。

And we're seeing early financial returns to improved margins and reduced losses. The recent acquisition of natural shrimp facility adds valuable R&D and operational capabilities while supporting our commitment to sustainability and vertical integration.

我們看到了早期的財務回報，利潤率提高，損失減少。最近收購的天然蝦設施增加了寶貴的研發和營運能力，同時支持了我們對永續性和垂直整合的承諾。

Combined with expanded retail relationships and growing e-commerce commerce reach, we believe we've built a strong foundation for continued growth. We're confident in our path forward and excited about what's ahead.

結合擴大的零售關係和不斷增長的電子商務覆蓋範圍，我們相信我們已經為持續成長奠定了堅實的基礎。我們對前進的道路充滿信心，並對未來充滿興奮。

Thank you for your continued support.

感謝您一直以來的支持。

Thank you very much. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. We thank you for thank.

非常感謝。今天的電話會議到此結束。您現在可以斷開電話線並享受美好的一天。我們感謝您的感謝。

You.

你。

Thank you everybody.

謝謝大家。

Thanks.

謝謝。