Edible Garden AG Inc (EDBL) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Edible Garden Incorporated 2025 third-quarter business update conference call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Ted Ayvas, Investor Relations Crescendo Communications. Ted, the floor is yours.

早上好，歡迎參加 Edible Garden Incorporated 2025 年第三季業務更新電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給主持人，Crescendo Communications 的投資人關係負責人 Ted Ayvas。泰德，現在輪到你發言了。

Thanks, Jenny. Good morning, and thank you for joining Edible Garden's third-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. Earlier this morning, the company announced its operating results for the three months ended September 30, 2025. The press release is posted on the company's website, www.ediblegardenag.com.

謝謝你，珍妮。早安，感謝各位參加 Edible Garden 2025 年第三季財報電話會議及業務更新。今天與我們進行電話會議的有 Edible Garden 的執行長 Jim Kras 和 Edible Garden 的臨時財務長 Kostas Dafoulas。今天早些時候，該公司公佈了截至 2025 年 9 月 30 日的三個月的營運業績。新聞稿已發佈在本公司網站 www.ediblegardenag.com 上。

In addition, the company has filed its quarterly report on Form 10-Q with the US Securities and Exchange Commission, which can also be accessed on the company's website as well as the SEC's website at www.sec.gov. If you have any questions after the call, would like any additional information about the company, please contact Crescendo Communications at (212) 671-1020.

此外，本公司已向美國證券交易委員會提交了季度報告（10-Q 表格），該報告也可在公司網站和美國證券交易委員會網站 www.sec.gov 上查閱。如果您在電話會議後有任何疑問，或想了解更多關於公司的信息，請致電 Crescendo Communications，電話號碼為 (212) 671-1020。

Before Mr. Kras reviews the company's operating results for the quarter ended September 30, 2025, and provides a business update, we would like to remind everyone that this conference call may contain forward-looking statements.

在 Kras 先生回顧公司截至 2025 年 9 月 30 日的季度營運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 position, strategy and plans and our expectations for future operations are forward-looking statements. The words aim, anticipate, believe, could, expect, may, plan, project, strategy, will and the negative of such terms and other words and terms of similar expressions are intended to identify forward-looking statements.

本次電話會議中除歷史事實陳述外的所有陳述，包括關於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。「目標」、「預期」、「相信」、「可能」、「期望」、「或許」、「計畫」、「專案」、「策略」、「將」等字眼及其否定形式以及其他類似表達方式，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. 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 10-K for the year ended December 31, 2024.

這些前瞻性聲明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。這些前瞻性聲明受到本公司向美國證券交易委員會提交的文件（包括本公司截至 2024 年 12 月 31 日的 10-K 表格年度報告）中所述的若干風險、不確定性和假設的影響。

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 statements.

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 achievements.

您不應將前瞻性陳述作為對未來事件的預測。儘管公司認為前瞻性聲明中反映的預期是合理的，但不能保證未來的績效、活動水準、表現或成就。

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. 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.

此外，本公司及任何其他人士均不對任何前瞻性陳述的準確性和完整性負責。除法律要求外，本公司不承擔更新任何前瞻性聲明的義務。本公司所有前瞻性陳述均受本警示性聲明以及本次電話會議中所作出的其他聲明的完整約束。

You should evaluate all forward-looking statements made by the company in the context of these risks and uncertainties. Having said that, I'd now like to turn the call over to Mr. Jim Kras, Chief Executive Officer of Edible Garden. Jim?

您應該結合這些風險和不確定性來評估公司所做的所有前瞻性聲明。說完這些，我現在想把電話交給 Edible Garden 的執行長 Jim Kras 先生。吉姆？

Thanks, Ted. Good morning, and thank you to everyone for joining us today. Third-quarter marked an important step forward for Edible Garden as we continued executing our strategic evolution towards a CEA-informed consumer packaged goods or CPG model.

謝謝你，泰德。早安，感謝各位今天蒞臨。第三季是 Edible Garden 向前邁出的重要一步，我們繼續執行向 CEA 指導下的消費品包裝 (CPG) 模式的策略轉型。

In Q3, traditionally our seasonally softest period, we delivered a 9% year-over-year revenue increase, underscoring our strategic growth driven by our product realignment, focus on nonperishable product expansion and the resilience of our higher-value branded portfolio. This growth was driven by key initiatives, the continued expansion of our retail footprint, strong performance from our shelf-stable portfolio and the early benefits of our operational realignment following the NaturalShrimp asset acquisition.

在通常來說業績最淡的第三季度，我們實現了同比增長 9% 的收入，這凸顯了我們透過產品調整、專注於非易腐產品擴張以及高價值品牌組合的韌性所實現的策略成長。這一成長得益於關鍵舉措、零售業務的持續擴張、貨架期穩定的產品組合的強勁表現，以及收購 NaturalShrimp 資產後營運調整的早期效益。

Together, these actions reinforce our progress in repositioning Edible Garden as a next-generation sustainable food company that combines innovation, brand strength, and operational efficiency. Building on our heritage in fresh herbs and produce, where sustainability, traceability and freshness define our brand, we've expanded into categories with stronger margins and greater scalability.

這些舉措共同鞏固了我們在將 Edible Garden 重新定位為一家集創新、品牌實力和營運效率於一體的新一代永續食品公司方面取得的進展。秉承我們在新鮮香草和農產品領域的傳統（可持續性、可追溯性和新鮮度定義了我們的品牌），我們擴展到利潤更高、規模更大的品類。

Our CPG products, including clean-label and functional offerings, extend the Edible Garden brand beyond fresh produce into shelf-stable products that meet consumer demand for better-for-you plant-based nutrition. During the quarter, we continued to expand our retail footprint, launching our USDA Organic fresh herb line at Kroger and introducing Edible Garden branded herbs at The Fresh Market. We also strengthened our Midwest presence through partnerships with Pete's Fresh Market and Angelo Caputo’s Fresh Markets.

我們的 CPG 產品，包括清潔標章和功能性產品，將 Edible Garden 品牌從新鮮農產品擴展到保質期長的產品，以滿足消費者對更健康的植物性營養的需求。本季度，我們繼續擴大零售業務版圖，在 Kroger 推出了 USDA 有機新鮮香草系列，並在 The Fresh Market 推出了 Edible Garden 品牌的香草。我們也透過與 Pete's Fresh Market 和 Angelo Caputo's Fresh Markets 的合作，加強了我們在中西部的影響力。

Internationally, we expanded our reach through key partners, including PriceSmart and Amazon. Collectively, these relationships underscore the growing appeal of the Edible Garden brand and the momentum of our expanding global platform. Demand for better-for-you CPG products continues to accelerate, creating a powerful tailwind for our business. Globally, the functional food and beverage market is projected to expand from approximately $400 billion to $610 billion by 2030, according to Virtue Market Research.

在國際上，我們透過與 PriceSmart 和亞馬遜等重要合作夥伴的合作，擴大了業務範圍。總而言之，這些關係凸顯了 Edible Garden 品牌日益增長的吸引力以及我們不斷擴大的全球平台的勢頭。對更健康的消費品的需求持續加速成長，為我們的業務帶來了強勁的順風。根據 Virtue Market Research 預測，到 2030 年，全球功能性食品和飲料市場規模預計將從約 4,000 億美元成長到 6,100 億美元。

In the US, sales of natural organic and functional products are expected to reach $386 billion by 2028, according to the Nutrition Business Journal. These trends reinforce the strength of our strategy and highlight the significant opportunity ahead for Edible Garden as we align our product portfolio with these macro trends. Our CPG portfolio continues to be an important driver of growth, anchored by brands such as Kick, Sports Nutrition, Pickle Party, Pulp and Vitamin Whey.

根據《營養商業雜誌》報道，到 2028 年，美國天然有機和功能性產品的銷售額預計將達到 3,860 億美元。這些趨勢強化了我們策略的優勢，並凸顯了隨著我們調整產品組合以適應這些宏觀趨勢，Edible Garden 將迎來巨大的發展機會。我們的消費品組合仍然是重要的成長驅動力，其核心品牌包括 Kick、運動營養、泡菜派對、果漿和維生素乳清。

These brands represent a key pillar of our transformation into a diversified innovation-driven CPG company and highlight the versatility of Edible Garden's platform. Kick, Sports Nutrition continues to build momentum with a clean, better-for-you performance line designed for athletes and active consumers seeking natural energy and recovery solutions. The brand is gaining meaningful traction across both online and retail channels, supported by rising consumer interest in plant-forward performance nutrition.

這些品牌是我們轉型成為多元化創新驅動消費品公司的關鍵支柱，也突顯了 Edible Garden 平台的多功能性。Kick 運動營養品持續保持強勁勢頭，推出一系列清潔、更健康的運動營養產品，專為尋求天然能量和恢復解決方案的運動員和活躍消費者而設計。該品牌在網路和零售通路都獲得了顯著的關注度，這得益於消費者對以植物為主的運動營養品的興趣日益濃厚。

Earlier this year, Kick entered a major Midwest big-box retailer, expanding its brick-and-mortar presence while growing online footprint to broaden awareness and engagement. By leveraging our expertise in clean functional ingredients, Kick delivers products that combine taste, convenience and nutritional value, attributes that resonate strongly with the fast-growing health and wellness segment.

今年早些時候，Kick 進入了中西部一家大型連鎖零售商，擴大了其實體店的規模，同時擴大了線上業務，以提升品牌知名度和用戶參與度。憑藉我們在清潔功能性成分方面的專業知識，Kick 提供的產品兼具口味、便利性和營養價值，這些特性與快速增長的健康和保健領域產生了強烈的共鳴。

Vitamin Whey, our protein and supplement line complements Kick by addressing the broader market for functional nutrition. Pickle Party highlights the engaging flavor forward side of our CPG strategy, offering a line of fresh, fermented pickles and sour crafted with clean-label, non-GMO ingredients and natural fermentation.

維生素乳清蛋白是我們的蛋白質和補充劑系列產品，它透過滿足更廣泛的功能性營養市場需求，與 Kick 產品形成互補。Pickle Party 突出了我們 CPG 策略中引人入勝的口味方面，提供了一系列採用清潔標籤、非基因改造成分和自然發酵工藝製成的新鮮發酵泡菜和酸菜。

The brand combines bold, craveable flavors with a focus on gut health and sustainability, striking a balance between indulgence and wellness. Its distinctive identity as both fun and functional continues to resonate with younger consumers and health-conscious shoppers seeking better-for-you alternatives in the condiment aisle.

該品牌將大膽、令人垂涎的口味與對腸道健康和可持續性的關注相結合，在享受和健康之間取得了平衡。它兼具趣味性和實用性的獨特形象，持續引起年輕消費者和注重健康的購物者的共鳴，他們在調味品貨架上尋找更健康的替代品。

Finally, Pulp, our line of organic refrigerated fermented hot sauces continues to expand through new retail placements and regional growth. The brand has gained meaningful traction through rollouts at Target, Meijer and most recently at ShopRite, further broadening its reach and consumer visibility. Pulp brings culinary innovation to the forefront of the Edible Garden portfolio, offering bold, clean-label condiments that reflect our commitment to flavor, sustainability and the better-for-you principles driving today's consumer demand.

最後，我們的有機冷藏發酵辣醬系列 Pulp 透過新的零售通路和區域成長持續擴大規模。該品牌透過在 Target、Meijer 以及最近在 ShopRite 的推廣，獲得了顯著的市場認可，進一步擴大了其覆蓋範圍和消費者知名度。Pulp 將烹飪創新帶到 Edible Garden 產品組合的前沿，提供大膽、成分清晰的調味品，體現了我們對風味、永續性和更健康原則的承諾，這些原則推動了當今消費者的需求。

Collectively, these brands showcase how we're leveraging our expertise in sustainability, flavor and functional nutrition to build a high-margin, scalable portfolio that extends the Edible Garden brand far beyond fresh produce and positions us to capture meaningful share in the growing clean labeled CPG market.

這些品牌共同展示了我們如何利用我們在永續性、風味和功能性營養方面的專業知識，打造高利潤、可擴展的產品組合，將 Edible Garden 品牌遠遠擴展到新鮮農產品之外，並使我們能夠在不斷增長的清潔標籤消費品市場中佔據有意義的份額。

Turning to our produce business. We remain a trusted provider of sustainable, sustainably grown herbs and leafy grains. Our new organic program with Kroger is gaining traction while our presence at the fresh market and established retail partners, including Pete’s Market and Angelo Caputo’s Fresh Markets continues to broaden retail penetration and increase brand visibility across key markets. Operationally, we've strengthened our platform for growth through enhanced efficiency and scalability. Innovation and sustainability remains central to our strategy, guided by our zero waste inspired approach.

接下來談談我們的農產品業務。我們始終是可持續種植的草藥和葉類穀物的可靠供應商。我們與 Kroger 合作推出的全新有機食品計劃正在取得進展，同時我們在生鮮市場和現有零售合作夥伴（包括 Pete's Market 和 Angelo Caputo's Fresh Markets）的業務不斷拓展，零售滲透率不斷提高，品牌在關鍵市場的知名度不斷提升。在營運方面，我們透過提高效率和可擴展性，加強了我們的成長平台。創新和永續發展仍然是我們策略的核心，我們以零浪費理念為指導。

We're pursuing new categories, including nutraceuticals, sustainable proteins and functional foods that align with our commitment to health, flavor, and environmental responsibility. As we move into the fourth-quarter and beyond, we believe that Edible Garden is positioned for continued growth. Our focus remains on disciplined execution, expanding retail partnerships and advancing product innovation to build long-term shareholder value. I'm extremely proud of our team. Their dedication and commitment to quality, sustainability and innovation have been instrumental in driving our progress and momentum heading into year-end.

我們正在開拓新的產品類別，包括營養保健品、永續蛋白質和功能性食品，這些都符合我們對健康、口味和環境責任的承諾。展望第四季及以後，我們相信 Edible Garden 已做好持續成長的準備。我們將繼續專注於嚴謹的執行、拓展零售合作夥伴關係以及推動產品創新，以創造長期的股東價值。我為我們的團隊感到無比自豪。他們對品質、永續性和創新的奉獻和承諾，對我們邁向年底的進步和發展勢頭起到了至關重要的作用。

With that, I'll turn the call over to Kostas Dafoulas, our Interim CFO, who will review the financial results for the quarter ended September 30, 2025. Kostas?

接下來，我將把電話交給我們的臨時財務長 Kostas Dafoulas，他將回顧截至 2025 年 9 月 30 日的季度財務表現。科斯塔斯？

Thanks, Jim, and good morning, everyone. Revenue for the quarter increased 9% to $2.8 million compared to $2.6 million in the third-quarter of 2024. With our strategic exit from the floral and lettuce categories now complete, this quarter reflects the strength and resilience of our repositioned portfolio. The growth of $0.2 million or 9% was primarily driven by strong performance across our shelf-stable product portfolio, including Kick's, Sports Nutrition, Vitamin Whey, Pulp and Pickle Party. Specifically, this portfolio grew 54% year-over-year in Q3.

謝謝你，吉姆，大家早安。本季營收成長 9%，達到 280 萬美元，而 2024 年第三季為 260 萬美元。隨著我們策略性地退出鮮花和生菜品類，本季業績反映了我們重新定位後的產品組合的實力和韌性。0.2 百萬美元或 9% 的成長主要得益於我們貨架期穩定的產品組合的強勁表現，包括 Kick's、運動營養、維生素乳清、果漿和泡菜派對。具體而言，該投資組合在第三季同比增長了 54%。

In our core herb portfolio, we saw strength in hydro basil, up 21% year-over-year and wheat grass up 59% year-over-year. Gross profit totaled approximately $0.3 million compared to $0.7 million in the prior year quarter, reflecting higher labor, freight, and raw material costs as well as inflationary pressures within the nutraceutical supply chain.

在我們的核心草本產品組合中，水耕羅勒表現強勁，較去年同期成長 21%，小麥草較去年同期成長 59%。毛利總額約為 30 萬美元，而去年同期為 70 萬美元，反映出勞動力、運費和原材料成本上漲，以及營養保健品供應鏈中的通膨壓力。

Selling, general and administrative expenses were $3.8 million compared to $2.2 million in the same period last year, primarily due to expenses related to the assets purchased from NaturalShrimp and the associated depreciation, legal, audit and accounting expenses. Net loss was $4 million compared to a net loss of $2.1 million in the third-quarter of 2024. We ended the quarter with $0.8 million in cash and equivalents compared to $3.5 million at year-end 2024.

銷售、一般及行政費用為 380 萬美元，而去年同期為 220 萬美元，主要原因是與從 NaturalShrimp 購買的資產相關的費用以及相關的折舊、法律、審計和會計費用。淨虧損為 400 萬美元，而 2024 年第三季淨虧損為 210 萬美元。本季末，我們持有現金及等價物 80 萬美元，而到 2024 年底，這一數字將達到 350 萬美元。

Furthermore, the company refinanced its outstanding debt, securing a lower interest rate and more favorable terms. This refinancing is expected to reduce annual interest expense and reduce financing cash outflows, providing greater flexibility to support the company's strategic initiatives and growth objectives. We continue to manage working capital with discipline, optimizing inventory turnover through improved production planning and distribution efficiency.

此外，該公司還對其未償債務進行了再融資，獲得了更低的利率和更有利的條款。此次再融資預計將降低年度利息支出並減少融資現金流出，從而為支持公司的策略性舉措和成長目標提供更大的靈活性。我們持續嚴格管理營運資金，透過改善生產計劃和提高分銷效率來優化庫存週轉率。

At the same time, we are diversifying our sources of liquidity at a lower cost of capital to ensure that we have the flexibility to act decisively on strategic opportunities as they arise. With that, I'll open the call for any questions.

同時，我們正以較低的資本成本實現流動性來源多元化，以確保我們能夠靈活地抓住策略機遇，並在機會出現時果斷採取行動。接下來，我將開放提問環節。

(Operator Instructions)

（操作說明）

Anthony Vendetti, Maxim Group.

Anthony Vendetti，Maxim集團。

Just in terms of the NaturalShrimp facility that you acquired, can you talk about the build-out of that, how you intend to utilize that initially and then over the next 6 to 12 months? And then what specific product lines will be going in there? Any color on that would be helpful.

就您收購的 NaturalShrimp 設施而言，您能否談談它的建設情況，以及您打算如何首先利用它，並在接下來的 6 到 12 個月內如何利用它？那麼，具體會有哪些產品線進駐呢？如果能加上任何顏色就更好了。

Sure, Anthony. How are you? Thanks for being on the call. Well, first of all, it's an impressive facility. So I mean 6.2 acres, it's about an hour from Des Moines Airport. It's right there in the center of the country and gives us access to all types of different raw materials and whatnot to do all types of products, some of which we've already started. We are -- our near-term plan is actually the facility is going through a gap analysis right now with a third party. We will be doing some R&D for next-generation products, whether they're nutraceuticals or food is sort of in the works right now.

當然可以，安東尼。你好嗎？感謝您參加通話。首先，這真是一個令人印象深刻的設施。我的意思是，這塊地佔地 6.2 英畝，距離得梅因機場約一個小時車程。它位於該國中心地帶，使我們能夠獲得各種不同的原材料等等，從而生產各種類型的產品，其中一些我們已經開始生產了。我們正在進行中——我們近期的計劃實際上是，目前我們正在與第三方合作，對該設施進行差距分析。我們將對下一代產品進行一些研發，無論是營養保健品或食品，目前都在籌備中。

We have some major opportunities with our retailers. One of the great things about Edible Garden and there are many, is that we have significant relationships with major retailers and being on trend with the type of products that we're offering, clean labeled, fermented, all those products that we are currently pushing out are only growing in demand as people are focusing on having less processed product.

我們與零售商之間存在一些重大合作機會。Edible Garden 的優勢之一（當然還有很多其他優勢）是，我們與主要零售商建立了重要的合作關係，我們提供的產品類型緊跟潮流，例如清潔標籤、發酵產品等等，我們目前正在推出的所有產品都越來越受歡迎，因為人們越來越注重減少加工產品。

And Walmart, for example, just came out and said I think it was in the last month that they're mandating their suppliers of their private label to remove all artificial colors and dyes and sweeteners from their products, something Edible Garden has been doing for the last year and then some -- the fact that we are growers and we grow the actual raw ingredients, plants that go into many of these products, and to harvest some of the therapeutics without additives and without artificial dyes or colors or things that just aren't really needed. That trend, we're at the forefront, and we're doing in line with sustainability.

例如，沃爾瑪就在上個月宣布，他們強制要求自有品牌供應商從產品中去除所有人工色素、染料和甜味劑。而Edible Garden在過去一年多的時間裡一直在這樣做——事實上，我們是種植者，我們種植真正的原材料，種植許多產品中使用的植物，並且收穫一些不含添加劑、不含人工色素或不必要成分的治療性植物。在這一趨勢中，我們處於領先地位，並且我們正在按照可持續發展的原則行事。

So to answer your question, we're getting asked by major companies to come in and work on their private label products, many of which I think will go into Heartland, which I think will be an incredible nutritional hub and sustainability hub in that part of the country. And we couldn't be more excited, timing and happen stance sometimes work to an advantage. And I think we're just at that intersection of having the ability, the right products at the right time.

所以，回答你的問題，很多大公司都邀請我們來為他們開發自有品牌產品，我認為其中許多產品都會進入 Heartland，我認為 Heartland 將成為該地區一個了不起的營養中心和永續發展中心。我們無比興奮，時機和偶然因素有時會帶來優勢。我認為我們正處於這樣一個關鍵的交會點：擁有合適的能力，在適當的時間推出合適的產品。

Now we're going to have the right vertical integration to deliver on it. And I couldn't be more excited. It's all come together quite well. And I think a lot of it is really the team as well. I want to give the people that work with us quite a bit of credit because it's been -- it's been a big effort here to not only tool up with the facilities that we currently have, but to get focused, get efficient, let some of the business that we knew that was a drag on the business kind of go and kind of bite the bullet the previous quarters a little bit.

現在我們將擁有合適的垂直整合來實現這一目標。我簡直興奮極了。一切都進展得很順利。我認為這很大程度上也歸功於團隊。我要對和我們一起工作的人們給予很大的肯定，因為這不僅需要我們利用現有的設施進行設備升級，還需要集中精力，提高效率，放棄一些我們知道會拖累業務的業務，並在前幾個季度咬牙堅持。

But we're back on track. And Q4 is always a strong season for us, and we're excited about that. It looks great. We're in the heat of the battle right now with Thanksgiving, which is our Super Bowl. Once again, Kroger, Fresh Market, ShopRite, they're all coming to us not only for our branded product, but some of these other innovative things that we're doing.

但我們已經重回正軌。第四季一直是我們表現強勁的賽季，我們對此感到非常興奮。看起來很棒。我們現在正處於感恩節的白熱化階段，感恩節對我們來說就像是超級盃。克羅格、Fresh Market、ShopRite 等超市再次前來與我們合作，不僅是為了我們的品牌產品，也是為了我們正在進行的一些其他創新舉措。

And I think Edible Garden Prairie Hills, which is what we named Iowa, will, I think, be at the forefront of driving that innovation and volume for us, frankly.

坦白說，我認為「可食用花園草原山丘」（我們給愛荷華州起的名字）將引領我們實現創新和規模化發展。

Okay. So just to follow-up. It sounds like the big grocery stores, in particular, are where the largest opportunity is. Would you say that's also the largest opportunity moving into '26? It's the ShopRite's, the Kroger's, The Fresh Market, these bigger grocery chains where you see the most opportunity in 2026?

好的。所以，我再補充一下。聽起來，大型超市尤其蘊藏最大的商機。您認為這也是邁向 2026 年的最大機會嗎？你認為在2026年，像ShopRite、Kroger、The Fresh Market這樣的大型連鎖超市最有發展機會嗎？

I see -- yes. Look, I see our core business is that we're a business that has excelled in produce where many have failed, whether established companies that have been around for quite some time or upstarts that came in sort of drafting us and kind of spinning a similar story. I mean we're one of the last standing and we're accelerating the business. So yes, what's happening is not only is it our produce business, it's the existing branded business that we have in there, whether it's Kick, Sports Nutrition or Pickle Party, then there's private label. And we have a substantial private label business currently with key players like Meijer.

我明白了——是的。你看，我認為我們的核心業務是，我們是一家在農產品領域取得卓越成就的企業，而許多企業卻失敗了，無論是經營多年的老牌公司，還是試圖模仿我們、編造類似故事的新興公司。我的意思是，我們是為數不多仍在運營的公司之一，而且我們正在加速業務發展。所以，是的，現在的情況不僅涉及我們的農產品業務，還涉及我們現有的品牌業務，無論是 Kick、Sports Nutrition 還是 Pickle Party，以及自有品牌。目前我們與 Meijer 等主要客戶建立了相當規模的自有品牌業務。

And we're getting asked to do more of the next-generation products from the likes of the big box retailers coming to us and saying, all right, we love what you're doing, you're on trend. The current political environment is pushing for less processed foods, research is coming back and saying as such, what can you do for us under our label? We like what you're doing. We can do some in your label, but a lot of it is being driven by these big box retailers saying, hey, private label is such a powerhouse now. What can you do to sort of allow us to be in step with you with these innovations and have those offerings out on our shelves as quickly as possible? So 2026 is going to be a great year.

大型零售商等客戶紛紛找到我們，要求我們開發更多下一代產品，他們說：“好的，我們喜歡你們正在做的事情，你們很符合潮流。”當前的政治環境正在推動減少加工食品，研究也顯示了這一點，那麼，在我們的品牌下，你能為我們做些什麼呢？我們喜歡你正在做的事情。我們可以做一些貼牌產品，但很多時候，大型零售商都在推動自有品牌的發展，他們認為，嘿，自有品牌現在非常強大。您能做些什麼讓我們能夠與您同步推動這些創新，並儘快將這些產品上架銷售？所以2026年將會是美好的一年。

And yes, it's going to be driven by people -- retailers kind of coming to us and saying, hey, what can you do for us because we like what you're doing, and we want more of what you have. And so it's a great place to be, and it doesn't always happen. And I think timing is just on our side and a lot of it is just driven by who we are and what we've been doing for the last decade. It might end up looking like overnight success, but ultimately, it's been 10 years in the works to get to this place.

是的，這將由人們推動——零售商會來找我們說，嘿，你們能為我們做些什麼，因為我們喜歡你們正在做的事情，我們想要更多你們擁有的東西。所以這裡是個很棒的地方，但這種情況並非總是發生。我認為時機對我們有利，這很大程度上取決於我們是誰以及我們過去十年所做的一切。這看起來或許像是一夜成名，但實際上，走到今天這一步，是經過了十年的努力。

So on the margin side, Jim, so obviously, it -- sometimes private label is tougher to get a larger margin on. But if they're asking for the natural products, the ones with less additive that's like you said, that's right in your wheelhouse. Are you able to push back and say, look, yes, we can do that for you, but those are higher-priced products -- and then maybe talk about the margin related to that as well as your kickstart program, the Protein, how is that doing? And what do you see the outlook for that in '26?

所以，吉姆，從利潤率的角度來看，很明顯，有時候自有品牌很難獲得更高的利潤率。但如果他們要求的是天然產品，添加劑較少的產品，就像你說的，那正是你的強項。你能否反駁說，是的，我們可以為你做這件事，但這些是價格更高的產品——然後談談相關的利潤，以及你的啟動計劃“蛋白質”進展如何？你認為2026年這方面的前景如何？

So I think on the private label piece, yes, to a certain extent, I think you can -- I think some of it's also sort of like modulating the words that we use, right? So I think command is a strong word. I don't think you -- when you're Edible Garden, we're a smaller company that's nimble and can move quickly. And that I've always told my crew that we're a customer service company that mkes things. I think that's boded well for us because we are quick to respond.

所以我覺得在自有品牌方面，是的，在某種程度上，我認為你可以——我認為這其中也有點像是在調整我們使用的詞語，對吧？所以我覺得「命令」這個詞用得太重了。我不認為——當你是 Edible Garden 時，我們是一家規模較小、靈活敏捷、行動迅速的公司。我一直告訴我的團隊，我們是一家以客戶服務為導向的公司，同時也是一家生產產品的公司。我認為這對我們來說是個好兆頭，因為我們反應迅速。

I would tell you that I think that the margin -- there's opportunity to have a fair margin, but what you're getting is volume. You're going to get contracts, you're going to get consistent volume, you're going to have a relationship with major retailers that like we have currently with, like I said, some key retailers now that we're doing private label where you build on that. And so yes, there's the margin play, but there's the additional products, there's a deeper relationship, and it's long-term.

我認為利潤空間——有機會獲得合理的利潤空間，但你得到的是銷售。你會獲得合同，你會獲得穩定的銷量，你會與大型零售商建立關係，就像我們目前與一些關鍵零售商建立的關係一樣，就像我剛才說的，我們現在正在做自有品牌，你可以在此基礎上發展壯大。所以，是的，有利潤空間，但也有額外的產品，有更深層的關係，而且是長期的。

And most private label relationships, I mean, all private label relationships come with a contract and contract to business and commitments to take a certain base amount of product, you can call it an offtake agreement is key, and its key to the business. It gives us security that we can support the facilities.

而且大多數自有品牌合作關係，我的意思是，所有自有品牌合作關係都包含一份合同，這份合同涉及業務往來以及對一定基本產品數量的承諾，你可以稱之為承購協議，這是關鍵，也是業務的關鍵。這讓我們確信我們能夠為這些設施提供支援。

It also gives us visibility down the road for a long period of time that we know that we -- as long as we don't do anything that's catastrophic to the business or there's a black swan event, we are in business with a major retailer making something that has their label on it that's got upside. So yes, there is that pushback that will allow you to say, hey, you guys are getting this first. We're putting the focus of the company on this. But the other -- and the idea is you're going to get all this -- this is how you grow the business, frankly. So I mean, ideally, you have a blend, right?

它也讓我們對未來很長一段時間都有了更清晰的認識，我們知道，只要我們不做任何對業務造成災難性後果的事情，或者發生黑天鵝事件，我們就能與一家大型零售商合作，生產貼有他們標籤且具有發展潛力的產品。所以，沒錯，確實存在這種阻力，讓你有機會說：“嘿，你們先拿到這個。”我們將公司的所有精力都投入這項工作。但另一方面——而且這個想法是你會得到這一切——坦白說，這就是你發展業務的方式。所以我的意思是，理想情況下，你應該混合使用，對吧？

You have a blend of retailers, private label, and then you have obviously your branded products and then maybe you even make stuff for other brands that have -- that can command -- you can commend a higher model margin, and that kind of gives you a blended margin on the manufacturing. And that's where we're going with Iowa with some of the new products that I can't disclose, but that we're going to be putting in there that are going to be -- offer significant upside. And I think you had another question regarding Kick. I don't know if I answered that or not. I don't think.

你既有零售商，也有自有品牌，當然還有你自己的品牌產品，甚至可能還會為其他品牌生產產品，這些產品可以獲得更高的利潤率，這樣一來，你的生產成本就得到了綜合利潤。這就是我們在愛荷華州推出一些新產品的方向，這些新產品我不能透露，但我們將要推出的這些產品將帶來巨大的成長潛力。我想你還有關於Kick的問題。我不知道我有沒有回答過這個問題。我不這麼認為。

Yes. So let's say -- so maybe it's, okay, you know what, you want guaranteed product availability of certain products that are private label that maybe aren't as high margin. But we'll provide that to you. But alongside that, yes, you have to take our higher-margin protein product even if you're in somebody else's or you have to take some of our branded products as well.

是的。假設——好吧，你知道嗎，你想要確保某些自有品牌產品的供應，這些產品的利潤可能不是很高。但我們會提供給您。但同時，是的，即使你使用其他品牌的產品，你也必須使用我們利潤更高的蛋白質產品，或者你也必須使用我們的一些品牌產品。

There's some of that.

確實有一些這樣的情況。

(multiple speakers) leverage there. Okay.

（多位發言者）利用這一點。好的。

Yes, there's some of that. I mean, look, its business, right, and it's not an exact science. And it's in everybody's best interest to support, especially if you're a major retailer, I mean, pick one, whoever it is, it could be CVS, somebody who, let's say, we're doing a nutraceutical product, for example, for them, you know that it's usually a two or three-year sort of contract, sometimes longer. We're going to put for the longest ones possible.

是的，確實有一些這種情況。我的意思是，你看，這是生意，對吧，它不是一門精確的科學。支持他們符合每個人的最佳利益，尤其是如果你是一家大型零售商，我的意思是，隨便舉個例子，不管是誰，比如 CVS，或者其他什麼人，比如我們為他們做營養保健品，你知道，這通常是一份兩到三年的合同，有時更長。我們將盡可能延長比賽時間。

And yes, I mean, they realize it's in their best interest to support the company because it takes time to tool up. I think when you look at a facility like Iowa and the things that we're looking to do, that takes -- we've already started spending money on getting the place up and running last quarter, and we'll continue to get the place ready for prime time.

是的，我的意思是，他們意識到支援公司對他們來說是最好的選擇，因為添置設備需要時間。我認為，當你審視像愛荷華這樣的設施以及我們正在努力做的事情時，你會發現——我們已經在上個季度開始投入資金讓這個地方投入運營，我們將繼續讓這個地方做好迎接黃金時代的準備。

And these retailers, they understand it's in their best interest to put other products in maybe a branded product or a higher-margin private label that they know that will help, I guess, underwrite maybe the higher volume, lower-margin business that they want to compete in. So those are the type of strategic conversations that we're having at multiple major retailers, and you're already starting to see some of that come to fruition, and you will see more as we move forward into 2026. So yes, there is that type of relationship.

這些零售商明白，將其他產品以品牌產品或利潤更高的自有品牌形式推出，符合他們的最佳利益，因為他們知道這將有助於為他們想要競爭的銷量更高、利潤更低的業務提供資金。所以，我們正在與多家大型零售商進行這類策略對話，您已經開始看到其中一些對話取得成果，隨著我們邁入 2026 年，您將會看到更多成果。所以，是的，確實存在這種關係。

It's like anything else. It's -- you got to have something that they want, and you got to work hard with them. There's a whole certification process and their people come in and inspect everything and -- it's -- but we've gotten pretty good at it, and we got a great crew. So I couldn't be more excited. But yes -- so yes, that's definitely the way that it should go.

和其他事情一樣。你必須擁有他們想要的東西，並且要努力與他們合作。認證過程非常複雜，他們的人員會來檢查所有東西——但是我們已經做得相當不錯了，而且我們擁有一支很棒的團隊。我簡直興奮極了。是的——所以，這絕對是正確的做法。

Not everybody does that, but they should work with you, understanding it's in their best interest to help give you some fuel to build out the business. You can't just rely on us to bring in our own capital. I mean they got to -- some of that's got to be kind of cushioned with products that they know that are established that they give to us that allow us to offset. So -- sorry, that was a long-winded, but yes, yes. I guess -- yes, there is that opportunity.

雖然不是每個人都會這樣做，但他們應該與你合作，因為他們明白，幫助你發展業務符合他們自身的利益。你不能只指望我們自己投入資金。我的意思是，他們必須——其中一些必須用他們知道已經成熟的產品來緩衝，這些產品提供給我們，使我們能夠抵消損失。所以——抱歉，我說了這麼多，但是，是的，是的。我想——是的，確實存在這樣的機會。

Did I answer your quick question, Anthony? I don't know if I did or not.

安東尼，我回答了你的簡短問題嗎？我不知道我有沒有做過。

Yes. No, that (technical difficulty) Yes, that was good.

是的。不，那（技術難題）是的，那很好。

All right. Thank you, Anthony.

好的。謝謝你，安東尼。

(Operator Instructions)

（操作說明）

Okay. I'm not seeing any further questions in the queue. So I will now hand back over to the management team for any closing comments.

好的。我沒有看到隊列裡還有其他問題。現在我將把發言權交還給管理團隊，請他們做最後的總結發言。

Thanks again to everyone for joining us today. Third-quarter was another important step forward for Edible Garden. We're executing our strategy with focus, expanding our retail reach, growing our higher-margin CPG brands, and strengthening our operations to support scalable, profitable growth. Momentum continues across Kick's, Sports Nutrition, Pickle Party, Pulp and Vitamin Whey. These brands show that our approach is working and that consumers are responding to clean-label, better-for-you products.

再次感謝各位今天蒞臨。第三季是「可食用花園」向前邁出的另一個重要步伐。我們正有條不紊地執行策略，擴大零售覆蓋範圍，發展利潤率更高的消費品品牌，並加強運營，以支持可擴展的盈利增長。Kick's、運動營養、泡菜派對、Pulp 和 Vitamin Whey 等品牌持續保持成長勢頭。這些品牌顯示我們的方法行之有效，消費者對成分清潔、更健康的產品給予了正面的回應。

At the same time, our core produce business remains strong, grounded in freshness, sustainability, and quality. As we approach year-end, our priorities are clear, continue executing at a high level, advance our innovation pipeline and deliver lasting value for our shareholders. We're excited about where we're heading and look forward to sharing more of our progress in the months ahead. Thank you.

同時，我們的核心農產品業務依然強勁，以新鮮、永續和高品質為基礎。隨著年底臨近，我們的工作重點很明確：持續保持高水準的執行力，推動創新研發，為股東創造持久價值。我們對我們的發展方向感到興奮，並期待在接下來的幾個月與大家分享更多進展。謝謝。

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

非常感謝。今天的會議到此結束。現在您可以斷開電話線了，祝您度過美好的一天和週末。感謝您的參與。