Edible Garden AG Inc (EDBL) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Edible Garden, Inc., 2026 first-quarter business update conference call. (Operator Instructions) Please note this conference is being recorded.

早安，歡迎參加 Edible Garden, Inc. 2026 年第一季業務更新電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the call over to your host, Ted Ayvas, Investor Relations at Crescendo Communications. Ted, the floor is yours.

現在我將把電話交給本次會議主持人——Crescendo Communications 投資人關係部的 Ted Ayvas。Ted，交給你了。

Thanks, Jenny. Good morning, and thank you for joining Edible Garden's 2026 first-quarter 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.

謝謝你，Jenny。各位早安，感謝各位參加 Edible Garden 2026 年第一季財報電話會議暨業務更新。今天與會的有 Edible Garden 執行長 Jim Kras，以及 Edible Garden 代理財務長 Kostas Dafoulas。

Earlier today, the company announced its operating results for the three months ended March 31, 2026. The press release is posted on the company's website, www.ediblegarden.ag.com. 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.

公司已於今日稍早公布截至 2026 年 3 月 31 日止三個月的營運結果。新聞稿已發布於公司網站 www.ediblegarden.ag.com。此外，公司亦已向美國證券交易委員會（SEC）提交 Form 10-Q 季度報告，可於公司網站及 SEC 網站 www.sec.gov 查閱。若您在會後有任何問題或希望取得公司更多資訊，請致電 Crescendo Communications：212-671-1020。

Before Mr. Kras reviews the company's operating results for the quarter ended March 31, 2026, I'll provide a business update. We would like to remind everyone that this conference call may contain forward-looking statements. All statements other than statements of historical facts contained in the 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 in other words in terms of similar expressions are intended to identify forward-looking statements.

在 Kras 先生回顧公司截至 2026 年 3 月 31 日止季度的營運結果之前，我先提供業務更新。提醒各位，本次電話會議可能包含前瞻性陳述。除歷史事實陳述外，本次電話會議中所有陳述——包括關於我們未來營運成果與財務狀況、策略與計畫，以及對未來營運的預期——均屬前瞻性陳述。「目標（aim）」、「預期（anticipate）」、「相信（believe）」、「可能（could）」、「預計（expect）」、「或許（may）」、「計畫（plan）」、「預測（project）」、「策略（strategy）」、「將（will）」及上述詞彙的否定形式，或其他類似表述，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. 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, 2025.

這些前瞻性陳述主要基於公司目前對未來事件與趨勢的預期與推估；公司相信這些事件與趨勢可能影響其財務狀況、營運結果、策略、短期與長期業務營運與目標，以及財務需求。這些前瞻性陳述受多項風險、不確定性與假設影響，相關內容已於公司向 SEC 提交的文件中說明，包括截至 2025 年 12 月 31 日止年度的 Form 10-K 年度報告。

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

由於上述風險、不確定性與假設，本次電話會議所討論的前瞻性事件與情況可能不會發生，實際結果亦可能與前瞻性陳述中所預期或暗示者存在重大且不利的差異。您不應將前瞻性陳述視為對未來事件的預測。儘管公司認為前瞻性陳述所反映的預期屬合理，但公司無法保證未來結果、活動水準、表現或成就。

In addition, neither the company nor any 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. You should evaluate all forward-looking statements made by the company in the context of these risks and uncertainties.

此外，公司或任何人士均不對任何此等前瞻性陳述之準確性與完整性承擔責任。除法律要求外，公司不承擔更新任何此等前瞻性陳述之義務。所有可歸因於公司的前瞻性陳述，均在整體上明確受本等警示性陳述以及本次電話會議中其他陳述之限制。您應在上述風險與不確定性的背景下評估公司所作的所有前瞻性陳述。

With that, I would now like to turn the call over to Jim Kras, Chief Executive Officer of Edible Garden. Jim?

接下來，我想把電話交給 Edible Garden 執行長 Jim Kras。Jim？

Thanks, Ted, and good morning, everyone. The first quarter of 2026 reflected continued progress across the business as we began seeing stronger traction from many of our -- many of the investments and strategic initiatives we put in place over the past year. Revenue increased approximately 22.9% year over year to approximately $3.3 million, supported by continued retail expansion and growth across multiple categories.

謝謝你，Ted，各位早安。2026 年第一季，我們在業務各面向持續取得進展；隨著我們開始看到過去一年所投入的多項投資與策略性舉措帶來更強的成效與動能。在持續的零售通路擴張以及多個品類成長的支持下，營收年增約 22.9%，至約 330 萬美元。

One of the strongest contributors during the quarter was our cut herbs business, where sales increased approximately 46% year over year, driven by continued growth within existing accounts as well as new account contributions from Kroger and Weis Markets. That momentum also extended beyond our core produce categories.

本季最強勁的貢獻來源之一是我們的切割香草（cut herbs）業務，銷售額年增約 46%，主要由既有客戶內的持續成長，以及 Kroger 與 Weis Markets 新客戶的貢獻所帶動。這股動能也延伸至我們核心生鮮品類之外。

Vitamin and supplement sales increased approximately 27% year over year while condiment sales increased approximately 51%. We also continued seeing strong growth internationally with sales increasing approximately 50% year over year reflecting continued expansion of our distribution footprint and our growing demand for clean label, better-for-you products across multiple markets and categories.

維生素與補充品銷售額年增約 27%，而調味品（condiment）銷售額年增約 51%。我們在國際市場亦持續呈現強勁成長，銷售額年增約 50%，反映我們配送版圖的持續擴張，以及多個市場與品類對潔淨標示（clean label）、更健康產品（better-for-you products）的需求日益增加。

As a result, we continued expanding distribution with both existing and new retail partners during the quarter, including Target, Safeway, the Fresh Market, Hannaford, Busch's Fresh Food Market, and Woodman's Markets. At the same time, we're broadening distribution across our branded consumer product portfolio, including Pickle Party, Pulp, Kick, Sports Nutrition, Vitamin Whey, and JEALOUSY GLP-1 support products. We believe this momentum reflects the broader platform we have been building over the past years, leveraging the controlled environment foundation, vertically integrated infrastructure, retail relationships operational capabilities and product development expertise established through our core business. We continue expanding into adjacent higher margin and shelf-stable categories.

因此，本季我們持續與既有及新零售合作夥伴擴大通路覆蓋，包括 Target、Safeway、The Fresh Market、Hannaford、Busch's Fresh Food Market，以及 Woodman's Markets。同時，我們也在擴大自有品牌消費性產品組合的通路分銷，包括 Pickle Party、Pulp、Kick、Sports Nutrition、Vitamin Whey，以及 JEALOUSY GLP-1 support 產品。我們認為，這股動能反映了我們過去數年所打造的更廣泛平台：運用受控環境（controlled environment）基礎、垂直整合的基礎設施、零售關係、營運能力，以及透過核心業務建立的產品開發專業。我們也持續擴張至相鄰的高毛利與常溫保存（shelf-stable）品類。

As we continue evolving beyond our traditional greenhouse and fresher business, one of the areas we are most focused on is the ready-to-drink, or the RTD category. We believe RTDs represent a compelling long-term opportunity with the global market projected to grow from approximately $842.5 billion in 2025 to roughly $1.26 trillion in 2033, according to Phoenix Research.

隨著我們持續從傳統溫室與生鮮業務向外演進，我們最聚焦的領域之一是即飲（ready-to-drink，RTD）品類。我們認為 RTD 具備具吸引力的長期機會；根據 Phoenix Research，全球市場規模預計將由 2025 年約 8,425 億美元成長至 2033 年約 1.26 兆美元。

More importantly, through ongoing discussions with both existing and prospective retail partners, we continue seeing increasing demand for scalable domestic production solutions that can deliver clean-label, shelf-stable functional nutrition products with consistency, transparency, and operational reliability. We believe this reflects a meaningful unmet need as retailers and brands continue searching for reliable US-based partners across functional beverage and wellness-focused nutrition categories.

更重要的是，透過與既有及潛在零售合作夥伴的持續討論，我們持續看到市場對可擴充的美國本土生產解決方案需求增加；該解決方案能以一致性、透明度與營運可靠性，提供潔淨標示、可常溫保存的機能營養產品。我們認為，這反映出一項重要且尚未被滿足的需求：零售商與品牌持續在機能飲品與健康導向營養品類中，尋找可靠的美國在地合作夥伴。

To support that opportunity, we continue advancing our Iowa Midwest RTD initiative during the quarter, which is including ongoing work related to the integration of Tetra Pak processing and packaging solutions. Tetra Pak is a globally recognized leader in food processing and aseptic packaging solutions, and we believe this relationship significantly strengthens the operational foundation of our RTD platform.

為支持該機會，我們在本季持續推進愛荷華州中西部 RTD 計畫，其中包括與 Tetra Pak 加工與包裝解決方案整合相關的持續工作。Tetra Pak 是全球公認的食品加工與無菌包裝解決方案領導者，我們相信此合作關係將顯著強化我們 RTD 平台的營運基礎。

Our retail footprint now exceeds 6,000 locations across the United States, Caribbean, and South America. During Q1, we added new retail partners, including Target, Safeway, Busch's Fresh Food Market, and The Fresh Market. This expanding distribution network is not only driving current revenue growth but also represents the foundation for our future RTD product placement. These are relationships that are already in place that we will nurture and look to leverage.

我們的零售據點目前已超過 6,000 個，遍及美國、加勒比海與南美洲。在第一季，我們新增了零售合作夥伴，包括 Target、Safeway、Busch's Fresh Food Market，以及 The Fresh Market。這個持續擴張的通路網絡不僅推動當前營收成長，也代表我們未來 RTD 產品上架布局的基礎。這些既有關係已經到位，我們將持續經營並尋求加以運用。

More broadly, our foundation in controlled environment agriculture has allowed us to build deep expertise and traceability, sustainability, operational discipline, supply chain management and retail execution. We believe those capabilities naturally support a broader farm-to-formula strategy and Zero-Waste Inspired initiative while supporting our continued expansion into shelf-stable and functional nutrition categories.

更廣泛而言，我們在受控環境農業（controlled environment agriculture）的基礎，使我們得以建立深厚的專業與可追溯性、永續性、營運紀律、供應鏈管理以及零售端執行能力。我們相信，這些能力可自然支援更廣泛的「從農場到配方（farm-to-formula）」策略與「零廢棄啟發（Zero-Waste Inspired）」倡議，同時支持我們持續擴張至常溫保存與機能營養品類。

While we're in the early stages of this evolution, we believe the foundation is firmly in place through expanding retail network, growing branded product portfolio, and continued advancement of our RTD manufacturing initiative.

雖然我們仍處於此一演進的早期階段，但我們相信，透過持續擴張的零售網絡、成長中的自有品牌產品組合，以及 RTD 製造計畫的持續推進，基礎已穩固到位。

At the same time, we remain focused on improving operational execution, scaling higher-margin categories, strengthening margins over time, and positioning the company for long-term scalable growth and value creation.

同時，我們仍專注於提升營運執行、擴大高毛利品類、隨時間強化毛利率，並使公司具備長期可擴充的成長與價值創造定位。

With that, I'll turn the call over to Kostas Dafoulas to review the financials. Kostas?

那麼，我將把電話交給 Kostas Dafoulas 來回顧財務表現。Kostas？

Thanks, Jim, and good morning, everyone. Revenue for the three months ended March 31, 2026, increased approximately 22.9% year over year to approximately $3.3 million compared to approximately $2.7 million in the prior year period. The increase was primarily driven by continued growth across the company's cut herb portfolio, which increased approximately 45.9% year over year. That growth was supported by expansion within existing customer accounts along with new account contributions from Kroger and Weis markets. We also saw broad-based growth across hydroponic basil, wheat grass, vitamins and supplements, and condiments.

謝謝你，Jim，各位早安。截至 2026 年 3 月 31 日止三個月的營收，年增約 22.9% 至約 330 萬美元，較去年同期約 270 萬美元增加。此增長主要由公司切割香草（cut herb）產品組合的持續成長所帶動，該品類年增約 45.9%。該成長來自既有客戶帳戶的擴張，以及 Kroger 與 Weis Markets 新增帳戶的貢獻。我們也看到水耕羅勒、小麥草、維生素與補充品，以及調味品等品類呈現廣泛成長。

International sales increased approximately 50% year over year and condiment sales grew 51%, reflecting expanding demand for our branded product portfolio across the retail footprint that now exceeds 6,000 locations.

國際銷售年增約 50%，調味品銷售成長 51%，反映我們自有品牌產品組合在零售通路（目前已超過 6,000 個據點）中的需求持續擴大。

Operating expenses were $10 million for the three months ended March 31, 2026, compared to $5.6 million for the three months ended March 31, 2025. The increase of $4.4 million was primarily driven by two factors.

截至 2026 年 3 月 31 日止三個月的營業費用為 1,000 萬美元，較截至 2025 年 3 月 31 日止三個月的 560 萬美元增加。增加的 440 萬美元主要由兩項因素驅動。

First, cost of goods sold increased as we scaled cut herb distribution through third-party sourcing. The dynamic we view as transitional as we work to renegotiate supplier terms.

第一，隨著我們透過第三方採購擴大切割香草的配送規模，銷貨成本上升。我們認為這種情況屬於過渡性，因為我們正著手重新談判供應商條款。

Second, depreciation and amortization increased approximately $2.5 million primarily reflecting accelerated depreciation of certain fixed assets in connection with the company's pivot to RTD, clean nutrition manufacturing at our Prairie Hills facility.

第二，折舊與攤銷增加約 250 萬美元，主要反映公司在 Prairie Hills 廠區轉向 RTD（即飲）、潔淨營養製造之際，對部分固定資產採取加速折舊。

The company recorded an income tax benefit of approximately $3.4 million for the three months ended March 31, primarily related to a valuation allowance release in connection with the sale of certain tax benefits under the New Jersey Economic Development Authority's Technology Business Tax Certificate Transfer Program. This benefit is a discrete nonrecurring item.

公司於截至 3 月 31 日止三個月認列約 340 萬美元的所得稅利益，主要與新澤西州經濟發展局（New Jersey Economic Development Authority）之「科技企業稅務證書轉讓計畫」（Technology Business Tax Certificate Transfer Program）下出售部分稅務利益所致的估值備抵（valuation allowance）回轉相關。此利益屬一次性、非經常性項目。

Net loss for the quarter was approximately $3.7 million compared to approximately $3.3 million in the prior-year period.

本季淨損約 370 萬美元，較去年同期約 330 萬美元增加。

Turning to the balance sheet and cash flow. Cash increased to approximately $2 million at the end at March 31 from $1.1 million at year-end for a sequential increase in five quarters. That improvement was driven by positive operating cash flow of approximately $251,000 which reflected favorable working capital, including collections on receivables and inventory reductions as well as net financing inflows. We continue to manage our working capital deficit and are focused on improving the company's capital position as we execute on our growth strategy.

接著談資產負債表與現金流。截至 3 月 31 日期末，現金增加至約 200 萬美元，較年末的 110 萬美元上升，為連續五個季度的序列性增加。此改善主要來自約 25.1 萬美元的正向營運現金流，反映有利的營運資金變動，包括應收帳款回收、存貨降低，以及融資淨流入。我們持續管理營運資金赤字，並專注於在執行成長策略的同時改善公司的資本狀況。

Looking ahead, our priorities for 2026 are clear. Continue scaling revenue through our expanding retail network, improve our cost structure by transitioning cut herb sourcing and scaling higher-margin branded categories, advance the RTD manufacturing platform with Tetra Pak, and maintain disciplined capital management. We're encouraged by the top-line momentum and the cash flow improvement this quarter, and we are focused on translating that momentum into margin improvement over the balance of the year.

展望未來，我們 2026 年的優先事項很明確。透過持續擴張的零售網絡擴大營收規模；藉由轉換切割香草的採購來源並擴大高毛利自有品牌品類來改善成本結構；與 Tetra Pak 推進 RTD 製造平台；並維持嚴謹的資本管理。我們對本季營收動能與現金流改善感到鼓舞，並專注於在今年剩餘期間將此動能轉化為毛利率改善。

With that, operator, please open the line for questions.

那麼，接線員，請開放提問。

(Operator Instructions) Nick Sherwood, Maxim Group.

(接線員指示) Nick Sherwood，Maxim Group。

Hi, Jim. Good morning. Thank you for taking my questions. My first question is, across the 6,000 retail locations your products are found in, how many of those stores are carrying the cut herb products? How many of them are carrying vitamin supplements? How should we conceptualize what's being held across the stores?

嗨，Jim。早安。謝謝你回答我的問題。我的第一個問題是，在你們產品進駐的 6,000 個零售據點中，有多少家門市販售切割香草產品？有多少家門市販售維生素補充品？我們應該如何理解各門市的鋪貨組合？

So hey, good morning, Nick. It's a combination and a mix, obviously. We're seeing growth come out of cut herbs as that's the preferred form that consumers like based on convenience, and that continues to accelerate. We have Target which is going to be coming online in the next week or so. That will be significant for us as a business -- as a blend with the largest percentage being cut herbs with some potted herbs as well.

嗨，早安，Nick。顯然這是多種組合與搭配。我們看到切割香草帶來的成長，因為就便利性而言，這是消費者偏好的形式，而且這股趨勢仍在加速。Target 將在接下來一週左右上架。這對我們的業務將非常重要——其組合中最大比重會是切割香草，同時也會有一些盆栽香草。

As we start to evolve as a business and get into higher, more shelf-stable opportunities and products, you'll see that mix start to even out where I think you're going to see, especially with the ready-to-drinks down the road, that becoming a larger part of our business and at a much higher velocity as well as margin, the RTD business.

隨著我們的業務開始演進，並切入更高價值、保存期更長的機會與產品，你會看到這個組合逐漸趨於平均；我認為特別是未來的即飲（ready-to-drink）產品，將成為我們業務中更大的一部分，而且在銷售速度與毛利率上都會更高，也就是 RTD 業務。

But near term, let's say, the next 6 to 12 months as we bring on the RTDs, it's going to be, I think, driven primarily by the vitamin supplements, which currently right now, I would say, is 20% of our business with cut herbs being probably 40% to 50% and then the rest is kind of everything else, potted, wheat grass, hydroponic basil, which is also a big player for us at a nice margin.

但就短期而言，譬如未來 6 到 12 個月，當我們導入 RTD 產品時，我認為成長主要會由維生素補充品帶動；目前我會說它約占我們業務的 20%，切割香草大概占 40% 到 50%，其餘則是其他品項：盆栽、小麥草、水耕羅勒——這對我們也是重要品類，且毛利不錯。

So I think a lot of top-line growth coming out of cut herbs, even I think even more coming out of vitamins and supplements, knowing that the ring for a lot of these products is much higher than the clamshell cut herbs. And then the rest of it is going to be some of the other products that are in the mix that have, I think, better margins that will offset some of the top-line growth that's coming out of the cut herbs with once again the vitamins and supplements, I think, becoming a bigger and bigger part of our business.

所以我認為相當多的營收成長來自切割香草，而我認為維生素與補充品帶來的成長甚至更多，因為許多這些產品的單筆銷售金額（ring）遠高於蛤殼盒包裝的切割香草。其餘部分則會來自組合中的其他產品；我認為它們的毛利更好，能抵銷部分由切割香草帶動的營收成長；而維生素與補充品我認為會在我們業務中占比愈來愈大。

Understood. I appreciate the detail on that answer. And then kind of looking at this new ready-to-drink platform, have you been able to provide some of your retail partners with prototypes? Can you kind of talk about the reception from your retail partners? How should we think about the reception?

了解。謝謝你在回答中提供的細節。接著看這個新的即飲平台，你們是否已經能向部分零售夥伴提供樣品原型？你能談談零售夥伴的反應嗎？我們應該如何看待這個反應？

The reception has been overwhelming. It looks great about being in the food business is people have to eat, right? And ready-to-drink is in the segment, which is just incredibly compelling with the growth in protein consumption, you can't turn the television on and not see it come up, whether in advertisements or people speaking about just the growing need, whether you're looking to be an active individual and put on muscle mass or to recover which is with a healthier lifestyle or if you're older and you're looking to keep your weight on or if you may unfortunately be sick, the protein needs just continue to grow across the full spectrum of consumers.

反應非常熱烈。食品業很棒的一點是，人總是要吃東西，對吧？而即飲產品所在的細分市場極具吸引力；隨著蛋白質攝取的成長，你打開電視幾乎不可能不看到相關內容，不論是廣告或人們在談論日益增加的需求——不管你是想保持活躍、增加肌肉量，或是為了更健康的生活方式而恢復體能；或是你年紀較大、希望維持體重；又或是不幸生病，蛋白質需求在各類消費者族群中都持續成長。

So for us, the retailers, many of which that we are -- we've already gotten significant commitments with the factory that's going up. I think we're going to be at a point where it's going to become more and more of a negotiation to figure out who we're going to start to bring in post-launch. We are working with a co-manufacturer to start driving the business and servicing the overwhelming demand. And I think we're probably going to be close to capacity with them probably in the next few weeks. So it's really been incredibly exciting. We are focused on the core business. The greenhouse has got us here.

因此對我們而言，零售商——其中許多我們已就正在興建的工廠取得相當可觀的承諾——我認為我們將進入一個階段：在上市後要先導入哪些合作夥伴，會愈來愈像是一場協商。我想我們會到一個點，必須透過談判來決定上市後要先引進哪些客戶。我們正與代工廠合作，以開始推動業務並滿足這股龐大需求。我認為接下來幾週內，我們與他們的產能可能就會接近滿載。所以這真的非常令人振奮。我們仍專注於核心業務。溫室業務把我們帶到今天。

But the RTD business, it's just a monster with the product lines that we have in there, both a performance high-protein drink and then we'll have an adult nutrition drink that's in there that will be launching in once again in a tail end of 2027, early 2028 in our own factory, and we'll be launching prior or servicing business prior out of a co-manufacturer.

但 RTD 業務——以我們目前規劃的產品線來看——規模非常驚人，包含一款高蛋白運動表現飲品；此外還會有一款成人營養飲品，預計將在 2027 年底到 2028 年初於我們自有工廠上市；在此之前，我們會先透過代工廠提前上市或先行供貨以服務業務需求。

So once again, just overwhelming demand, and we're going to be seeing this paradigm shift for us as a business directed more and more towards that. And once again, I think we're so uniquely qualified because there's really no one out there that is coming out of the greenhouse business that's doing the innovative things that we're doing. And isn't as qualified as we are to really stand for something, whether it's clean label, which is what's driving the thrust of this, or just having an eye on sustainability and working with someone like Tetra Pak has been a phenomenal resource for us as we build out this platform.

所以再一次，需求非常強勁，而我們將會看到這種典範轉移，讓我們的業務越來越朝那個方向發展。而且再說一次，我認為我們具備非常獨特的優勢，因為市場上真的沒有其他從溫室業務出身、還能做出我們正在做的這些創新事情的公司。也沒有人像我們一樣有資格真正代表某種理念——不論是推動這股趨勢的「潔淨標示（clean label）」；或是著眼於永續性；以及與像利樂包（Tetra Pak）這樣的夥伴合作，在我們打造這個平台的過程中，對我們而言一直是極為卓越的資源。

So I mean, we're -- like I said, we're -- we've got probably more orders than we can handle. And we're already -- we'll be running our prototype to get more specific in mid-July with product beginning to manufacture at a co-man in September, while we build out the factory in Iowa. And so we're already in the final stages of finalizing the product.

所以我的意思是，我們——就像我說的——我們手上的訂單可能多到超出我們能處理的量。而且我們已經——我們會在 7 月中旬運行原型機，以取得更具體的細節；同時在我們於愛荷華州建置工廠期間，產品將於 9 月開始在代工廠（co-man）進行製造。所以我們已經進入產品定案的最後階段。

We teamed up with McCormick in order to develop the products. Like I said, one is a Sports Nutrition, dairy-based premix that then gets turned into an RTD in a Tetra Pak and then the other one is an adult product, not unlike Boost, Ensure and those types. And so it's just fantastic. A joke, I said to people, I've always wanted to be in the hot cakes business and now we've got -- we're in the hot cakes business because everything is selling like hot cakes. So it's been pretty cool and all honestly, exciting, I think, for the team, the company, investors, I mean, just fantastic.

我們與 McCormick 合作來開發這些產品。如我所說，其中一款是運動營養（Sports Nutrition）用的乳基預混料，之後會在利樂包（Tetra Pak）中製成即飲（RTD）產品；另一款則是成人產品，類似 Boost、Ensure 這類產品。所以這真的很棒。我開玩笑跟大家說，我一直想做「熱煎餅（hot cakes）」生意，現在我們——我們真的在做「熱煎餅」生意了，因為所有東西都賣得像熱煎餅一樣快。所以這相當酷，也老實說很令人興奮，我想對團隊、公司、投資人而言都是——真的非常棒。

Yeah. It sounds like there's a lot of momentum there and something we look forward to.

是的。聽起來那裡有很強的動能，也是我們很期待看到的。

And then my last question is how do you keep -- or how do you make customers sort of loyal to your brand across product categories so that someone is recognizing that you're the people behind the cut herbs that they buy and the vitamin supplements that they may buy or maybe the condiments that they buy in ensuring that they're buying across your product categories as opposed to just kind of buying one of them?

那我最後一個問題是：你們如何維持——或者說如何讓客戶在不同產品類別之間對你們品牌保持忠誠？也就是讓消費者能認出你們就是他們買的切碎香草背後的公司、他們可能會買的維他命補充品背後的公司，或是他們買的調味品背後的公司，並確保他們會跨你們的產品類別購買，而不是只買其中一類？

Sure. Look, it comes down to an exercise in marketing and distribution, right? So -- and customer service, both for our retailers and our end user. It comes down to quality and consistency. I mean the art of this is communicating and hopefully training consumers, for lack of a better word, to know that when they want the best and that they only deserve the best, they buy Edible Garden.

當然。你看，這歸根結底是一個行銷與通路的課題，對吧？還有客戶服務——不論是對我們的零售商客戶，或是終端消費者。最終還是回到品質與一致性。我認為這其中的藝術在於溝通，並且——姑且這麼說——希望能「教育」消費者：當他們想要最好的、而且他們只值得最好的時候，他們就買 Edible Garden。

And so putting forth the marketing initiatives that communicate that is something that I think we do a fairly good job of, whether it's through advertising and marketing and in-store promotions and reinforcement or social media.

因此，推動能傳達這個訊息的行銷計畫，我認為我們做得相當不錯，不論是透過廣告與行銷、店內促銷與強化曝光，或是社群媒體。

But once again, I think if you're -- if you've got the quality and the consistency and the availability and you're shipping at 98% like we have, I mean, it drives not only, I think, loyalty because people know when they go in your product is going to be in there and look for Edible Garden because you know what you're going to get. You're going to get safe, high-quality, best quality produce that's super fresh.

但再說一次，我認為如果你——如果你具備品質、一致性、供應可得性，而且像我們一樣能做到 98% 的出貨達成率，我的意思是，這不僅會帶動——我想——忠誠度，因為人們知道他們走進店裡時，你的產品會在那裡；他們會找 Edible Garden，因為你知道你會得到什麼。你會得到安全、高品質、最優質、而且非常新鮮的農產品。

I think you just continue to give a consumer that experience and it tastes great and it makes sure everything that you cook taste that much better. And we believe if we deliver on that and we do our job, I think people will continue to be loyal and want our product, and we see that through the fact that we have a very stable revenue line, albeit a small comparison to maybe other companies out there now with the RTDs and our reputation with not only the consumers, but the retailers, once again, talk about this notion of Farm-to-Formula and what that means, it's harnessing the greenhouses and all the great R&D stuff that we do.

我認為你只要持續給消費者那樣的體驗：味道很棒，並且讓你烹調的每一道菜都更好吃。我們相信，只要我們做到這些、把工作做好，我認為人們就會持續保持忠誠並想要我們的產品；而我們也從以下事實看見這點：我們的營收線非常穩定，雖然相較於現在可能有 RTD 的其他公司而言規模較小；再加上我們在消費者與零售商之間的聲譽——再一次，談到「從農場到配方（Farm-to-Formula）」這個概念及其意義，就是把溫室能力與我們所做的所有優秀研發（R&D）工作整合運用。

And we don't talk enough about it at the company, the universities we're involved in the partnerships with the EPA, the USDA to things that just help drive quality, consistency, and elevate us beyond anybody else in the category. There's not too many people left because I don't think people made the investment. And I think the shareholders was backing us to allow us to get to where we are to do the great things that we're doing. And I think all of that goes into building brand loyalty because people know that, hey, this is -- if I want the best in herbs, I want the best in condiments, I want great tasting, better-for-you products and somebody who's got an eye on the environment as well, usually buy Edible Garden. And I think we've seen that.

而且我們公司其實談得還不夠多：我們參與的各大學合作、與 EPA、USDA 的夥伴關係，以及各種能推動品質與一致性、並讓我們在品類中超越任何人的事情。剩下的競爭者其實不多，因為我不認為其他人做了同樣的投資。我認為股東一直支持我們，讓我們能走到今天、做出我們正在做的這些很棒的事情。我認為這一切都會累積成品牌忠誠度，因為人們知道：嘿，如果我想要最好的香草、最好的調味品、想要好吃又更健康的產品，並且希望品牌也關注環境，那通常就會買 Edible Garden。而我認為我們已經看到了這點。

Once again, I think what really reflects is our consistent relationships and the opportunities that it drives for something like the RTDs where major retailers came to us and say, can you do this? We've got a problem. We've got -- I mean, the shortfall in the marketplace on this item is tremendous and to be able to do it better, cleaner and do it where, like I said, where people are calling us and saying, hey, we've heard about what you guys are doing. Can you do it for us? It's just -- I mean, you work a lifetime to get to this position and the company has put in 10 years and thought hard to be where we are, and now it's starting to pay off.

再說一次，我認為真正反映出來的是我們穩定一致的合作關係，以及它所帶來的機會——例如 RTD——因為大型零售商會來找我們說：你們能做這個嗎？我們遇到問題了。我們——我的意思是，市場上這個品項的供給缺口非常巨大；而能把它做得更好、更乾淨（cleaner），並且做到像我說的那樣——人們打電話給我們說：嘿，我們聽說你們在做的事情了。你們能替我們做嗎？這真的——我的意思是，你花一輩子努力才走到這個位置；公司投入了 10 年、深思熟慮才走到今天，而現在開始看到回報了。

So it's an exciting time, and I couldn't be any more bullish on the business, and we're just in a great spot. And I got to think, frankly, the retailers for their support -- and because they're excited, they've got a problem, we've got a solution, and they've worked with us to craft a solution that works for all parties. And like I said, it's a huge opportunity that's only accelerating and growing.

所以這是一個令人振奮的時刻，我對這門生意的看法再樂觀不過了，而我們正處在非常好的位置。而且坦白說，我也必須感謝零售商的支持——因為他們很興奮，他們有問題，我們有解方，而他們也與我們一起打造出對所有相關方都有效的解決方案。而且如我所說，這是一個巨大的機會，而且只會持續加速並成長。

Yeah. Thank you for answering all my questions, and it looks like there's a lot of momentum there. I'll return to the queue.

是的。謝謝你回答我所有的問題，看起來那裡確實有很強的動能。我回到等候隊列。

All right. Thanks, Nick. Take care.

好的。謝謝你，Nick。保重。

(Operator Instructions) [Ellen Litvak], Forest Capital.

（接線員指示）[Ellen Litvak]，Forest Capital。

Hey, good morning, guys. Thank you so much for taking my questions. You discussed the growing RTD opportunity and increasing retailer interest in domestic clean label functional nutrition products. As you look ahead, how are you balancing investment between the company's core produce business and really like the larger RTD opportunity? And what do you think positions Edible Garden to compete effectively in that market?

嗨，各位早安。非常感謝你們回答我的問題。你們談到 RTD 機會正在成長，以及零售商對國內潔淨標示（clean label）機能性營養產品的興趣提升。展望未來，你們如何在公司核心的生鮮農產品業務與更大的 RTD 機會之間平衡投資？另外，你們認為是什麼讓 Edible Garden 能在該市場有效競爭？

Well, welcome. Nice to meet you, and thanks for joining the call. We're looking to make -- look, where the future is going to be the shelf-stable, better-for-you products. And we are going to be kind of allocating our resources along where we see the growth is. The core business, I think, look, I know that we've made a significant investment in the operations, adding greenhouses, tying them to contracts, that's the thing -- that's the other thing that's very unique about the relationships we have.

嗯，歡迎你。很高興認識你，也謝謝你加入這通電話會議。我們希望——你看，未來會走向常溫保存（shelf-stable）、更健康（better-for-you）的產品。而我們會依照我們看到的成長所在，來分配我們的資源。至於核心業務，我認為——你看，我知道我們已在營運上做了重大投資，新增溫室、並把它們與合約綁定；這也是——這也是我們關係中非常獨特的另一點。

The distribution platform of 6,000 stores holds steady and is growing every day that we're out there selling and working with our retail partners.

我們由 6,000 家門市構成的配送平台維持穩定，且在我們持續在外銷售並與零售合作夥伴合作的每一天都在成長。

But I think you're going to see a shift towards the investment in the RTD and nutrition platform because that's the future, and it's the larger opportunity with the shelf stability, just the overwhelming demand. I think only if you're lucky once in your career, I've been fortunate to have it a few times harking back to my days in nutritional supplements with [NutriBonnie], where you catch a craze. And right now, we've got a protein craze. People want convenience. They want liquids.

但我認為你會看到投資重心轉向 RTD 與營養平台，因為那是未來，也是更大的機會，具備常溫貨架穩定性，以及壓倒性的需求。我想在職涯中只有在很幸運的情況下才會遇到一次；我很幸運遇到過幾次，回想我在營養補充品、與 [NutriBonnie] 相關的那些日子，你會碰上一波熱潮。而現在，我們正遇到蛋白質熱潮。人們想要便利。他們想要液態產品。

They don't necessarily want to mix powders. They want to have their nutrition, and they want to have it on the go. They want to have it when they need it. And what's great is everybody from kids all the way to seniors have these nutritional needs and these protein needs. And we're just starting there.

他們不一定想要自己混粉。他們想要補充營養，而且想要隨時隨地。他們想在需要的時候就能喝到。更棒的是，從孩子到銀髮族，每個人都有這些營養需求與蛋白質需求。而我們才剛剛起步。

I mean, there's so many other segments, hydration and whatnot that we could play in. And so we're going to be investing a good chunk of our resources, our money in that platform, really backed by the greenhouses and the wherewithal and the reputation that we have for being a supplier that supplies very difficult, highly perishable products at 98% ship rate, which is just unheard of. And so I mean, all of that has driven the retailers. This RTD opportunity came from the world's largest retailer said, hey, can you help us out? I mean, and it wasn't necessarily something that was on our radar.

我的意思是，還有很多其他細分領域，例如補水等等，我們都可以切入。因此我們會把相當大一部分資源與資金投入到那個平台，並以我們的溫室、能力與聲譽作為後盾——我們作為供應商，能以 98% 的出貨率供應非常困難、極度易腐的產品，這幾乎是聞所未聞的。所以，我的意思是，這一切都推動了零售商。這個 RTD 機會其實是來自全球最大的零售商，他們說：嘿，你能幫我們嗎？我的意思是，這不一定原本就在我們的雷達上。

But then when we started working with them and with their resources, we were able to partner with a Tetra Pak, partner with McCormick. And when you think about Edible Garden and our size and the partners that we're working with, it's a real credit to everybody at Edible Garden who sat there and made sure the truck left on time in full because that means everything to the retailers. They want availability. If you don't have a product on the shelf, you're missing a sale. And I think that's just boiling it down in simple terms, that's kind of what I think has made us effective.

但當我們開始與他們合作、並運用他們的資源後，我們得以與 Tetra Pak 合作、與 McCormick 合作。當你想到 Edible Garden 的規模，以及我們正在合作的夥伴，這對 Edible Garden 的每一位同仁都是很大的肯定——他們確保卡車準時、滿載出發，因為這對零售商而言意味著一切。他們要的是供貨可得性。如果貨架上沒有產品，你就少了一筆銷售。我想用最簡單的話來說，這大概就是讓我們有效率的原因。

And like I said, we're going to be putting more and more resources towards that. And I think I answered your second question, which is what positions us for this opportunity, and that was really just our commitment. I tell people at Edible Garden, we're a customer service company first that happens to make things or grow things. And I think just getting in there and understanding the importance of the retailers and addressing their needs is something that I think we've just done really well as a team, and it's paying off -- paying off. And it's frustrating because it's been years of investment in managing costs and managing suppliers.

而且如我所說，我們會把越來越多資源投入那裡。我想我也回答了你的第二個問題，也就是什麼讓我們具備把握這個機會的條件——那就是我們的承諾。我跟 Edible Garden 的同仁說，我們首先是一家客戶服務公司，只是剛好我們也製造或種植產品。我認為，深入了解零售商的重要性並回應他們的需求，是我們團隊做得非常好的事情，而這正在帶來回報——帶來回報。而令人挫折的是，這是多年來在成本管理與供應商管理上的投資。

And those challenges aren't going to stop, but now we have such a huge opportunity. And when you're -- when everybody has got something in it to gain, people come to the table with the resources because we're all going to win.

這些挑戰不會停止，但現在我們有一個巨大的機會。而當——當每個人都能從中獲益時，大家就會帶著資源坐到桌前，因為我們都會贏。

So I hope I answered your question. Was that enough?

所以我希望我回答了你的問題。這樣夠嗎？

Yeah. No, you definitely did. And obviously, it looks like you run a very tight ship. I mean, I have another question. So like as you continue to evolve toward higher margin and shelf-stable categories, like what specific initiatives are you underway with, with the core produce business to improve the operational efficiencies and strengthen the margins over time?

是的。不，你確實回答到了。而且很明顯，看起來你把公司管理得非常嚴謹。我的意思是，我還有另一個問題。所以，當你們持續朝向更高毛利、且可常溫保存的品類演進時，在核心生鮮蔬果業務方面，你們正在推動哪些具體措施，以提升營運效率並隨時間強化毛利？

Well, right now, a lot of it is not only a redeployment of existing resources that we have of people that, let's say, like whether it's in our regulatory department or our food safety, things like that can be deployed across the whole platform, including the RTD. So it's not like you're hiring another person.

嗯，目前很多作法不只是重新部署我們既有的人力資源——例如法規部門或食品安全等人員——這些都可以在整個平台上運用，包括 RTD。所以並不是說你要再多聘一個人。

We'll be looking to probably shift the business around, blend the business with our suppliers, negotiate harder with our suppliers based on the growing demand, which I think puts us in a more advantageous position than we've been in the past to get some price considerations on what we're bringing in-house. I also think you're going to see a lot of, I think I know we're going to be looking to focus on the accounts where we make money.

我們可能會考慮調整業務配置，與供應商做更深的業務整合，並基於需求成長而更強勢地與供應商談判；我認為這讓我們比過去更具優勢，能在我們內製導入的項目上爭取一些價格條件。我也認為你會看到很多——我想我知道我們會更聚焦在那些能賺錢的客戶帳戶上。

And I think we'll start to remove some of the businesses that are maybe too far from the greenhouse with the rising diesel costs and if we're delivering it that way. We've already begun and have impacted in this quarter quite a bit of labor reduction just based on the investments that we made in Q1 or the investments we made in Q4 to bring in more automation and more lines especially in preparation of what we anticipate to be a growing business.

而且我想我們會開始移除一些可能離溫室太遠的業務，因為柴油成本上升，如果我們用那種方式配送的話。我們已經開始做了，而且本季因為我們在第一季的投資、或第四季為了導入更多自動化與更多產線（特別是為了因應我們預期會成長的業務）所做的投資，已經帶來相當程度的人力縮減。

When you think about it, the overall business is up 22% with growth coming out of that core produce business. I don't see that stopping. And I think we've got a bunch of opportunities lined up. It's just going to be -- it's going to be a margin play for us, reduction of some costs and operations, negotiating better with our suppliers and focusing on where we know that we can drive margin and profit and because we've got a lot of the market share now. So that's kind of happened and that investment has paid off.

你想想看，整體業務成長了 22%，而成長動能來自那個核心生鮮蔬果業務。我不認為這會停止。而且我認為我們已經排好一系列機會。只是對我們而言，這會是一場毛利戰——降低部分成本與營運費用、與供應商談到更好的條件，並聚焦在我們知道能帶動毛利與獲利的地方，因為我們現在已經擁有相當多的市占。所以這些事情已經發生，而那些投資也已經得到回報。

So I think it's really a refinement and focus on what is traditionally a low-margin business especially cutters and so that drags us down a little bit. But once we start to shift to these higher-margin products and we pick up velocity, that will start to shift. And I think we're already starting to see that while we reduce costs because we've been -- I appreciate you saying I run a tight ship, but there's more to do, and we'll just -- we got to continue to refine our costs so that we can focus our energies where we need to, where we can drive margin as well as drive top line.

所以我認為這其實是對傳統上低毛利的業務（尤其是切割加工類）做更精細的調整與聚焦，因為那會稍微拖累我們。但一旦我們開始轉向這些更高毛利的產品、並提升銷售速度，那個結構就會開始改變。而且我認為我們已經開始看到這點，同時我們也在降成本——我很感謝你說我管理得很嚴謹，但還有更多可以做；我們必須持續精進成本，才能把精力放在需要的地方，也就是能推動毛利、同時推動營收成長的地方。

No, that definitely makes sense. It looks like you guys are on your way. You also mentioned that international sales increased approximately 50% year over year. Can you discuss what's driving that growth and how important international markets could become within the broader business over time?

不，那確實很合理。看起來你們正在走在正確的路上。你也提到國際銷售年增約 50%。你能談談是什麼在推動這個成長，以及隨著時間推進，國際市場在整體業務中可能會變得多重要嗎？

Yeah. A lot of it is driven -- or the majority, honestly, is driven by PriceSmart. They are the major player in big box. So think Costco, except in the Caribbean and in South America. And they are continuing to grow.

可以。其中很大一部分——老實說，多數——是由 PriceSmart 帶動的。他們是大型量販（big box）的主要玩家。所以你可以把它想成 Costco，但在加勒比海與南美洲。而且他們持續在成長。

I know that they're opening stores in Chile. They're already in Colombia and some of the other countries in South America as well as throughout the Caribbean. They're Nasdaq listed as well. They're performing extremely well. And we've been able to continue -- we've been in business with them for almost a decade.

我知道他們正在智利開店。他們已經在哥倫比亞以及南美其他一些國家，並且也遍布加勒比海地區。他們也在納斯達克上市。他們的表現非常出色。而我們也能持續——我們與他們合作將近十年了。

And so we've been able to benefit from their growth. It's been a phenomenal relationship. They continue to not only drive an existing product that's been there for a while, but also expand into our Kick Sports Nutrition line. I think you'll see even more growth out of that over the next year.

因此我們得以受惠於他們的成長。這是一段非常卓越的合作關係。他們不僅持續推動一款已經上市一段時間的既有產品，也擴展到我們的 Kick 運動營養產品線。我想你會在接下來一年看到那方面帶來更多成長。

Like I said, your earlier question about what does that product mix look like? You're going to see vitamin supplements, our sports nutrition lines, the clean label products even before we start benefiting from this tremendous upside that we see on the RTDs. You'll see our existing protein powders, plant protein powders, all clean labeled. Those will start to come online, I would say, towards the tail end of this year as well in significant numbers at a much -- and a really nice margin.

就像我說的，您先前問到那個產品組合看起來會是什麼樣子？您會看到維生素補充品、我們的運動營養產品線、潔淨標示（clean label）產品，甚至在我們開始受益於我們在即飲（RTD）產品上看到的巨大上行空間之前就會看到。您也會看到我們現有的蛋白粉、植物性蛋白粉，全部都是潔淨標示。我會說，這些也將在今年接近年底時開始以相當可觀的數量上線，而且毛利率會高很多——並且是非常漂亮的毛利率。

So once again, as that mix shifts, the lower-margin cut herb business doesn't become such -- and I don't like using the word drag. It's just -- it is a little bit of a drag on margin just because it's a lower-margin product line that right now, we're getting requests to whether it's Target or others to say, hey, can you take this business and you do such a great job for our competitors?

所以再說一次，隨著那個組合轉移，低毛利的切碎香草業務就不會成為那麼——我不太喜歡用「拖累」這個詞。只是——它在毛利率上確實有一點點拖累，原因只是它是一條低毛利的產品線，而目前我們收到一些需求，不管是 Target 或其他客戶，都在說：嘿，你們能不能接下這個業務？你們替我們的競爭對手做得非常好。

Can you do it for us. But you're going to start to see a lot of this higher-margin vitamins and supplement type of products, sports nutrition come online this year as well as the high velocity, better margin RTDs as well towards the tail end of the year.

你們能不能也替我們做。但你會開始看到很多這類高毛利的維生素與補充品型產品、運動營養產品在今年上線，同時在接近年底時也會看到高周轉、毛利更好的即飲（RTD）產品上線。

That's fantastic. I just got one more question. So you highlighted expansion with several major retail partners during the quarter, right? And as an investor, how should I think about the opportunity to continue increasing distribution within your existing retail relationships going forward?

太棒了。我還有最後一個問題。所以你們在本季強調了與幾家主要零售合作夥伴的擴張，對吧？那以投資人的角度，我應該如何看待未來在既有零售關係中持續提升鋪貨／通路分銷的機會？

Well, it's going to be -- I mean, we're in an advantageous position, right? When you think about the fact that we're in 6,000 stores, once again, super stable relationships really based on performance.

嗯，這會是——我的意思是，我們處在一個有利的位置，對吧？當你想到我們在 6,000 家門市，一再強調，這些非常穩定的關係確實是建立在績效表現之上。

I mean, we're servicing Walmart. We're servicing Target. We're servicing Meijer. We're servicing Wakefern and ShopRite. We're servicing the Hannaford and Ahold Delhaize family of banners, Safeway. It's -- these are the who's who of people who sell food to the majority of the country. We're going to continue to put -- look to go deep versus we do -- while we kind of go wide -- but really, it's about selling more products across our total portfolio to the existing customers that we have. We will add on new accounts as new accounts make sense.

我的意思是，我們服務 Walmart。我們服務 Target。我們服務 Meijer。我們服務 Wakefern 和 ShopRite。我們服務 Hannaford 以及 Ahold Delhaize 旗下各品牌旗幟店（banners）、Safeway。這些——都是把食品賣給全國大多數人的「重量級」名單。我們會持續——更傾向於做深而不是只做廣——雖然我們某種程度上也在做廣——但核心其實是把我們整體產品組合中更多產品賣給我們既有的客戶。當新增客戶合理時，我們也會新增新帳戶。

Once again, this whole idea of kind of rationalizing out the relationship, the portfolio, the retailers and making sure that we're going deep and driving the business at a higher margin and while addressing the operational inefficiencies that the business has that we've continued to improve upon so that we're more efficient.

再說一次，這整個概念是把關係、產品組合、零售商做某種程度的合理化，並確保我們做深、以更高毛利推動業務，同時處理業務中存在的營運低效率；而這些我們也持續在改善，讓我們更有效率。

Our whole seed-to-store or cradle-to-grave or whatever you want to say it, process here is efficient and that we are benefiting from the margin that we need by servicing the retailers in a way that allows them to have the products that sell at an efficient rate for them as well as us and that we're getting the margin and getting the margin expansion that we need because we have the optimal mix.

我們整個從種子到門市（seed-to-store）或從起點到終點（cradle-to-grave）——不管你想怎麼稱呼——的流程是有效率的；而且我們正從毛利中受益，因為我們以一種方式服務零售商：讓他們拿到對他們以及對我們而言都能以有效速度銷售的產品；同時我們也能取得我們需要的毛利，並因為我們擁有最佳化的產品組合而達成所需的毛利擴張。

So I think a lot of it's going to be continuing to work with the relations -- retailers that we've been working with for the last decade that we've worked so hard to prove ourselves and that's paying off. And so it's selling more of what we currently have to be the existing platform of retailers and distribution that we have versus going after necessarily new accounts.

所以我認為很大一部分會是持續與我們合作了十年的——關係——零售商一起工作；我們一直非常努力地證明自己，而這正在帶來回報。因此，與其說一定要去追求新帳戶，不如說是把我們目前已有的產品賣更多給我們既有的零售平台與通路分銷體系。

We've got a lot of business that we can do better at, I guess, is the best way to do it, and we're going to focus on that by getting them to take in ideally the Pickles, which has been gaining momentum and with fermented hot sauces and like I said, the vitamin supplements is really probably going to be on segmented out and focused on separately, but they all kind of dovetail as better-for-you and overall push that we have as a company and that aligns obviously with the -- not only with what the consumers are looking for, but what the retailers are looking to do as there's been such a dramatic and overwhelming initiative by the retailers to remove artificial colors, artificial sweeteners from products.

我想最好的說法是，我們有很多業務可以做得更好，而我們會把重點放在這上面：理想情況下讓他們引進 Pickles（醃黃瓜／醃製品），這項產品正在累積動能；以及發酵辣醬；另外如我所說，維生素補充品很可能會被切分出來、分開聚焦，但它們都與我們公司整體「更健康（better-for-you）」的推進方向相互呼應；而這也顯然與——不僅與消費者在尋找的方向一致，也與零售商想做的方向一致，因為零售商有一個非常劇烈且壓倒性的倡議：把人工色素、人工甜味劑從產品中移除。

And so for us, timing was great. We were already doing it. Not only were we doing it with what we grew and USDA Organic, the first out there with USDA certified organic product with our hydro basil, which is incredibly innovative from the team. But we're just in a position where we've got the right product at the right time and the retailers are pushing this as they understand the importance of getting it to better-for-you products because they're getting that pressure from a consumer base that's demanding and an administration that's pushing it as well in Washington. So we're in a good spot.

所以對我們而言，時機非常好。我們本來就已經在做了。不只是我們在自家種植的產品上做、並取得 USDA 有機；我們的水耕羅勒（hydro basil）是第一個推出 USDA 認證有機產品的，這是團隊非常創新的成果。但我們現在所處的位置是：在對的時間有對的產品；零售商也在推動這件事，因為他們理解把產品導向更健康品類的重要性——他們承受來自要求更高的消費者基礎的壓力，同時華盛頓的政府也在推動。所以我們處在一個很好的位置。

Well, thank you so much for taking my questions. I really appreciate it, and congratulations on the quarter. I'll hop back on the queue if I have any other questions. Thanks again.

非常感謝你回答我的問題。我真的很感激，也恭喜你們本季的表現。如果我還有其他問題，我會再回到排隊序列裡。再次感謝。

All right, thank you.

好的，謝謝你。

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

非常感謝。看起來我們已經到了問答環節的尾聲。我現在把時間交還給管理團隊，請他們做任何結語。

Thank you, operator, and thanks again to everyone for joining us today and for your continued interest in Edible Garden. We believe the first quarter reflected meaningful progress across the business and continued validation of the broader strategy we have been executing against over the past several years. We're seeing encouraging momentum across our retail footprint, branded product portfolio and operational initiatives while continuing to build the foundation for future growth and opportunities in higher-margin shelf-stable nutrition categories.

謝謝接線員，也再次感謝各位今天加入我們，並持續關注 Edible Garden。我們認為第一季反映了公司各面向的實質進展，也持續驗證了我們過去幾年一直在執行的更廣泛策略。我們在零售版圖、自有品牌產品組合與營運倡議方面看到令人鼓舞的動能，同時也持續為未來成長奠定基礎，並把握在高毛利、常溫保存（shelf-stable）營養品類中的機會。

As we move through 2026 and beyond, our focus remains on disciplined execution. That includes continuing to expand distribution, improve operational efficiencies, strengthen margins over time, advance our RTD initiative, and further leverage the infrastructure and retail relationships we have already established across the business.

隨著我們邁入 2026 年及之後，我們的重點仍是紀律性的執行。這包括持續擴大通路分銷、提升營運效率、隨時間強化毛利率、推進我們的即飲（RTD）計畫，並進一步運用我們在整個業務中已建立的基礎設施與零售關係。

Well, while we are still in the early stages of this evolution, we believe Edible Garden is becoming increasingly well-positioned as a diversified clean-label nutrition company with expanding capabilities across fresh, functional, and shelf-stable categories and a stronger foundation for long-term growth.

雖然我們仍處於這次轉型的早期階段，但我們相信 Edible Garden 正逐步成為一家具備更佳定位的多元化潔淨標示營養公司：在生鮮、機能性與常溫保存等品類的能力持續擴張，並擁有更強的長期成長基礎。

We appreciate everyone's continued support and look forward to updating you on our progress in the quarters ahead.

我們感謝各位持續的支持，也期待在接下來的季度向各位更新我們的進展。

Thanks again, and have a great day.

再次感謝，祝各位有美好的一天。

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 your participation.

非常感謝。今天的電話會議到此結束。您現在可以掛斷電話線，祝您有美好的一天。感謝您的參與。