Gaia Inc (GAIA) 2025 Q1 法說會逐字稿

Good afternoon. Welcome to Gaia's first-quarter 2025 earnings conference call. (Operator Instructions)

午安.歡迎參加 Gaia 2025 年第一季財報電話會議。（操作員指示）

Joining us today from Gaia are Jirka Rysavy, Executive Chairman; James Colquhoun, CEO; and Ned Preston, CFO. After the speakers' presentation, there will be a question-and-answer session.

今天，Gaia 的執行董事長 Jirka Rysavy、執行長 James Colquhoun 和財務長 Ned Preston 也與我們一同出席了我們的活動。演講者演講結束後，將有問答環節。

Before we begin, Gaia's management team would like to remind everyone that management's prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions, including, not limited to statements of expectations, future events, or future financial performance.

在我們開始之前，蓋亞的管理團隊想提醒大家，管理層準備好的評論包含前瞻性陳述，管理層可能會針對您的問題做出額外的前瞻性陳述，包括但不限於預期、未來事件或未來財務業績的陳述。

These statements do not guarantee future performance and therefore, undue reliance should not be placed upon them. Although we believe these expectations are reasonable, Gaia's management undertakes no obligation to revise any statements to reflect changes that occur after this call. Actual events or results can differ materially. These statements are based on current expectations of the company's management and involve inherent risks and uncertainties, including those identified in the Risk Factors section of Gaia's latest annual report on Form 10-K filed with the SEC.

這些聲明並不保證未來的表現，因此不應過度依賴它們。儘管我們認為這些預期是合理的，但蓋亞管理層不承擔修改任何聲明以反映本次電話會議後發生的變化的義務。實際事件或結果可能有重大差異。這些聲明是基於公司管理層目前的預期，涉及固有風險和不確定性，包括 Gaia 向美國證券交易委員會提交的 10-K 表最新年度報告中「風險因素」部分中確定的風險和不確定性。

All non-GAAP financial measures referenced in today's call are reconciled on the company's earnings press release to the most directly comparable GAAP measure. This call also contains time-sensitive information that is accurate only as of the time and date of this broadcast, May 12, 2025.

今天電話會議上引用的所有非 GAAP 財務指標均在公司收益新聞稿中與最直接可比較的 GAAP 指標進行了協調。此次通話還包含時間敏感訊息，該訊息僅截至本次廣播的時間和日期 2025 年 5 月 12 日準確。

Finally, I would like to remind everyone that this conference call is being a webcast, and a recording will be made available for replay on Gaia's Investor Relations website at ir.gaia.com.

最後，我想提醒大家，本次電話會議正在網路直播，錄音將在 Gaia 的投資者關係網站 ir.gaia.com 上提供重播。

I will now turn the call over to Gaia's Executive Chairman, Jirka Rysavy. Thank you, go ahead.

現在我將電話轉給蓋亞執行主席 Jirka Rysavy。謝謝，請繼續。

Good afternoon, everyone. During the first quarter, we continued to deliver on positive free cash flow and double-digit growth. The revenue increased 12% and gross profit 15%. Gross margin improved to 87.8%, up from 85.4% in the year ago quarter.

大家下午好。第一季度，我們持續實現正自由現金流和兩位數成長。營收成長12%，毛利成長15%。毛利率從去年同期的85.4%上升至87.8%。

For the remainder of the year, we expect gross margin to be in the range of 86% to 87%. Earnings were in line with expectation. Our member count grew to 867,000. And we are now focusing on high lifetime value members. Our annualized gross profit per employee increased to over $800,000, up from $680,000 a year ago.

對於今年剩餘時間，我們預計毛利率將在 86% 至 87% 之間。獲利符合預期。我們的會員數量成長至 867,000 人。我們現在專注於高終身價值會員。我們每位員工的年毛利從一年前的 68 萬美元增加到 80 萬美元以上。

And with that, I will turn the call over to James.

說完這些，我將把電話轉給詹姆斯。

Thank you, Jirka, and good afternoon, everyone. Q1 was a solid start to the year. We saw continued momentum from 2024 carry forward with double-digit revenue growth and significant margin expansion. We're also seeing very strong progress in the strategic pillars we outlined during our capital raise in February. Following the $8 million offering, we've accelerated development of our generative AI product and the Gaia Community platform.

謝謝你，吉爾卡，大家下午好。今年第一季開局良好。我們看到 2024 年的持續成長動能將持續下去，營收將達到兩位數成長，利潤率也將大幅擴大。我們也看到，我們在二月融資期間概述的策略支柱取得了非常強勁的進展。在獲得 800 萬美元融資後，我們加快了生成式人工智慧產品和蓋亞社群平台的開發。

On the AI side, we are on track to launch Gaia's conscious AI companion on or before our next scheduled price increase in early 2026. Early internal testing has been exceptional and a recent research from Harvard shows that discovering one's purpose is now the third most common use case for generative AI, and it's exactly the niche that Gaia is built to serve, and we believe the product market fit here could be profound.

在人工智慧方面，我們預計在 2026 年初下一次預定的價格上漲時或之前推出 Gaia 有意識的人工智慧伴侶。早期的內部測試非常出色，哈佛大學最近的一項研究表明，發現自己的目標現在是生成式人工智慧的第三大常見用例，而這正是 Gaia 所服務的利基市場，我們相信這裡的產品市場契合度可能非常深遠。

As we look to the future, Gaia is fully embracing an AI-first strategy, joining a growing number of companies like Duolingo, Google, Meta and Canva that are rearchitecting their businesses around generative AI. These companies are demonstrating how AI can streamline operations, reduce costs and significantly boost productivity across functions.

展望未來，Gaia 正全面擁抱 AI 優先策略，加入 Duolingo、Google、Meta 和 Canva 等越來越多圍繞生成式 AI 重塑業務的公司之列。這些公司正在展示人工智慧如何簡化營運、降低成本並顯著提高各個職能部門的生產力。

And for Gaia, this shift is not just about enhancing the user experience that this remains a key priority, it's also about building a leaner, more agile organization that can scale intelligently. By integrating AI into our content management, localization and member engagement workflows, we expect to increase speed to market, reduce manual overhead and optimize how our teams operate.

對 Gaia 來說，這種轉變不僅是為了增強使用者體驗（這仍然是一個關鍵優先事項），也是為了建立一個更精簡、更敏捷、能夠智慧擴展的組織。透過將人工智慧融入我們的內容管理、在地化和會員參與工作流程，我們希望提高上市速度、減少人工開銷並優化團隊的運作方式。

These efficiencies will allow us to reallocate resources to our areas of highest impact such as community building, experiential offerings and our conscious content development, whilst also delivering greater value to shareholders and members alike.

這些效率將使我們能夠將資源重新分配到影響最大的領域，例如社群建立、體驗式產品和有意識的內容開發，同時也為股東和會員帶來更大的價值。

In the coming quarters, you'll see us focus on optimizing marketing using AI, personalized content discovery with recommendations and enhanced member support using intelligent systems. These investments are designed not only to support long-term ARPU growth, but also to expand gross profit per employee, making Gaia a more resilient, scalable business as we continue our mission to serve the global conscious community.

在接下來的幾個季度中，您將看到我們專注於使用人工智慧優化行銷、透過推薦實現個人化內容發現以及使用智慧系統增強會員支援。這些投資不僅旨在支持長期 ARPU 成長，也旨在擴大每位員工的毛利，使 Gaia 成為更具彈性、更具可擴展性的企業，我們將繼續履行服務全球意識社群的使命。

On the community front, we've made meaningful progress in building our infrastructure and preparing for international meetups and chapter-based engagement. Community is the final differentiator for Gaia and will set us apart from every other streaming service in the market and build the network effect around our content ecosystem.

在社區方面，我們在建立基礎設施和準備國際聚會和基於章節的參與方面取得了有意義的進展。社群是 Gaia 的最終差異化因素，它將使我們有別於市場上所有其他串流媒體服務，並圍繞我們的內容生態系統建立網路效應。

During Q1, Gaia marketplace revenue was lower compared to our expectations, which led to us missing revenue by approximately 1%. However, this did not affect our earnings or free cash flow. This was primarily due to a US. Level 3 travel advisory for Egypt issued in October 2024, and Intrepid Travel have reported a 30% decline in bookings and tourist travel overall is hovering around just 45% of pre-conflict levels. Because we were heavily weighted on Egypt trips in the first half of the year, this impacted our performance in that business line.

第一季度，Gaia 市場收入低於我們的預期，導致我們的收入損失約 1%。然而，這並沒有影響我們的收益或自由現金流。這主要是由於美國。2024 年 10 月發布了針對埃及的 3 級旅行警告，Intrepid Travel 報告稱預訂量下降了 30%，整體旅遊出行量徘徊在衝突前水平的 45% 左右。由於我們上半年埃及遊的投入較大，這影響了我們該業務線的表現。

We've since pivoted. In Q2, we launched a Peru-based tour that has already sold out. We have additional inventory coming online later this year. And while Q2 may remain softer than we had originally anticipated, on the marketplace side, we expect to perform in line with expectation for marketplace revenue in the back half of the year.

從那時起我們就改變了策略。第二季度，我們推出了秘魯之旅，門票已全部售罄。今年晚些時候我們將有更多庫存上線。儘管第二季的表現可能比我們最初預期的要弱，但在市場方面，我們預計下半年市場收入的表現將與預期一致。

Despite this, the core business continues to grow meaningfully as we scale towards our next milestones with strong member retention and expanding Gaia+ base and continued top line growth, we are well positioned for the year ahead. During our recent Board discussions, we explored a number of high-impact growth accelerators across both Gaia and Ignition. These include deeper content and technology licensing opportunities and expanded strategic partnerships.

儘管如此，隨著我們向下一個里程碑邁進，核心業務仍在繼續顯著增長，憑藉強大的會員保留率、不斷擴大的 Gaia+ 基礎和持續的收入增長，我們為未來一年做好了準備。在我們最近的董事會討論中，我們探討了 Gaia 和 Ignition 中的一些高影響力的成長加速器。其中包括更深入的內容和技術授權機會以及擴大的策略合作夥伴關係。

After careful reflection, I've decided to take on this mandate full time in the role of Chief Business Development Officer. In order to fully pursue these growth opportunities, I'll be transitioning the CEO role to our President, Kiersten Medvedich, effective at the end of Q2, and she will be on the next earnings call. Kiersten has been with Gaia for nine years, has an esteemed background in content with Sony Television and has been instrumental in scaling operations and delivering consistent performance across the business. I have complete confidence in her ability to lead Gaia through its next phase.

經過深思熟慮後，我決定全職擔任首席業務發展官，承擔這項任務。為了充分抓住這些成長機會，我將把執行長的職位轉交給我們的總裁 Kiersten Medvedich，該任命將於第二季末生效，她將出席下一次財報電話會議。Kiersten 在 Gaia 工作九年，在索尼電視公司擁有豐富的內容經驗，在擴大業務規模和實現業務的穩定表現方面發揮了重要作用。我完全相信她有能力帶領蓋亞度過下一個階段。

Additionally, given our audience is over 70% female, this leadership evolution is in alignment with our global growing community and mission. This change will allow me to dedicate my focus towards unlocking the next level of expansion across both businesses and add the most meaningful value to the mission and organization. I look forward to continuing to support the leadership team in my new capacity and to helping realize the full potential of Gaia and Ignition.

此外，鑑於我們的受眾中超過 70% 是女性，領導層的演變與我們全球不斷壯大的社群和使命一致。這次改變將使我能夠專注於推動兩個業務的下一個擴張階段，並為使命和組織增添最有意義的價值。我期待以新的身份繼續支持領導團隊，並幫助實現 Gaia 和 Ignition 的全部潛力。

Now, I'll pass over to Ned for the financials.

現在，我將把財務問題交給 Ned。

Thank you, James. For Q1 2025, Gaia delivered revenue of $23.8 million, up $2.5 million or 12% year over year. Gross profit increased 15% to $20.9 million, up from $18.2 million in Q1 of 2024. And our gross margin expanded to 87.8%, up from 85.4%. EPS improved $0.01 from Q1 last year to a net loss of negative $0.04 per share.

謝謝你，詹姆斯。2025 年第一季度，Gaia 的營收為 2,380 萬美元，年增 250 萬美元，增幅為 12%。毛利從 2024 年第一季的 1,820 萬美元成長 15% 至 2,090 萬美元。我們的毛利率從85.4%上升至87.8%。每股盈餘較去年第一季改善 0.01 美元，每股淨虧損為負 0.04 美元。

Operating cash flow for the quarter was $1.3 million and free cash flow was $0.7 million. Our cash balance at quarter end was $13.1 million and our $10 million credit line remains fully available.

本季經營現金流為 130 萬美元，自由現金流為 70 萬美元。我們季度末的現金餘額為 1,310 萬美元，並且我們的 1,000 萬美元信用額度仍然可用。

In February, we also closed an underwritten offering of $8 million of common stock, raising approximately $7 million in net proceeds, which are now being allocated to AI development and Gaia Community initiatives. We continue to manage costs carefully and maintain healthy margins, while investing in the strategic areas that will create long-term value for our shareholders.

今年 2 月，我們還完成了 800 萬美元普通股的承銷發行，籌集了約 700 萬美元的淨收益，這些收益目前被分配給人工智慧開發和蓋亞社區計畫。我們繼續謹慎管理成本並維持健康的利潤率，同時投資於為股東創造長期價值的策略領域。

With that, we'll open the call for questions.

接下來，我們將開始提問。

(Operator Instructions) Mark Argento, Lake Street.

（操作員指示）馬克‧阿根托 (Mark Argento)，湖街 (Lake Street)。

James Sidoti, Sidoti & Company.

詹姆斯·西多蒂（James Sidoti），西多蒂公司。

Yes, hello. This is Alex on for James.

是的，你好。這是亞歷克斯 (Alex) 代替詹姆斯 (James)。

Great. Thanks, Alex.

偉大的。謝謝，亞歷克斯。

Yeah, of course. First question, maybe we could just get a quick update on Ignition. So is the launch of that kind of still tracking as expected?

是的，當然。第一個問題，也許我們可以快速了解 Ignition 的最新情況。那麼，此類追蹤的推出是否符合預期？

We're going to introduce the brand in Biohacking Conference in end of this month, and it would start to be available, but we would launch it on -- to the market on -- after the July 4.

我們將在本月底的生物駭客大會上推出品牌，它將開始上市，但我們將在 7 月 4 日之後將其推向市場。

Okay. Great. And then maybe just on the CEO transition. Did I hear right a transition at the end of Q2?

好的。偉大的。然後也許只是關於執行長的過渡。我是否聽對了 Q2 末期的過渡？

Yeah, that's correct. So end of Q2, Kiersten Medvedich will step into the CEO role. And as I mentioned, I'll be focusing on some of these high-level licensing opportunities, which I think have enormous potential to expand Gaia's not only revenue, but also perception in the market.

是的，沒錯。因此，第二季末，Kiersten Medvedich 將擔任執行長。正如我所提到的，我將重點放在一些高級授權機會，我認為這些機會具有巨大的潛力，不僅可以擴大 Gaia 的收入，還可以擴大其市場認知度。

Okay. And so Jirka kind of still staying in a Chairman role and any other changes kind of anticipated to the management and the Board there?

好的。那麼 Jirka 是否仍將擔任董事長一職？管理階層和董事會是否仍預計會發生其他變化？

No. No, Board staying same as pretty much as is. Same is the management team. So it was just a change we talked about for a while. It's something like have -- expand the kind of coverage what we do. Thanks, Alex.

不。不，董事會基本上保持原樣。管理團隊也是如此。所以這只是我們暫時談論的一個改變。這有點像是——擴大我們所做的覆蓋範圍。謝謝，亞歷克斯。

Mark Argento, Lake Street.

馬克‧阿根托 (Mark Argento)，湖街。

I just wanted to build on a little bit on AI. James, you kind of mentioned AI being a game changer potentially for you guys. Can you talk a little bit more? Is it going to be an app that you guys are going to be launching? Or maybe talk a little bit more on how you see AI specifically kind of rolling out on the platform?

我只是想在人工智慧方面做一點小小的改進。詹姆斯，你提到人工智慧可能會改變你們的遊戲規則。你能再講一點嗎？你們會推出這款應用程式嗎？或者您可以再多談談您如何看待人工智慧在平台上的具體應用？

Sure. Thanks, Mark. With regards to AI and our product, we're seeing it as an expansion of our current product line. So our members will be able to interact with a generative AI within our current product, whether that's on the web or within the app.

當然。謝謝，馬克。關於人工智慧和我們的產品，我們將其視為我們目前產品線的擴展。因此，我們的會員將能夠與我們目前產品中的生成式人工智慧進行交互，無論是在網路上還是在應用程式內。

And so if you're a user and you're watching content in the future, imagine that you'll not only be able to then interact with the community online with the technology features we're building out, but additionally, with the AI, you'll be able to query some of the content deeper from the platform and have a conversational connection with this generative model that we'll be training on our data set and using that to give our members another interaction point with the brand and to help them stick on the platform longer and have a deeper interaction with our product.

因此，如果您是用戶，並且將來正在觀看內容，想像一下，您不僅可以利用我們正在構建的技術功能與在線社區互動，而且還可以藉助人工智能從平台更深入地查詢某些內容，並與我們將在數據集上訓練的生成模型進行對話連接，並利用該模型為我們的會員提供與品牌的另一個互動點，並幫助他們更長時間地留在平台上的我們的產品。

Great. And have you guys been using any -- striking any deals with any of the large hyperscalers to use any of your content at this point?

偉大的。目前，你們是否已經與任何大型超大規模企業達成協議來使用你們的任何內容？

Not at this stage, Mark. I mean it's something that we're talking about content licensing. We're talking about technology licensing for the Gaia and Ignition businesses. And as these discussions have evolved, it's something that I have a personal interest in exploring, and I think it could have a meaningful impact on the business. I think when we talk about content and technology licensing, there's a broad array of opportunities for us there.

目前還不行，馬克。我的意思是我們正在談論內容許可。我們正在討論 Gaia 和 Ignition 業務的技術授權。隨著這些討論的深入，我個人對此產生了探索的興趣，我認為它可能會對業務產生有意義的影響。我認為，當我們談論內容和技術授權時，我們會面臨廣泛的機會。

So I wouldn't target on one in particular. But this is something I'll be getting -- sinking my teeth into and looking to create a meaningful impact on the business, not only in terms of revenue, but also in terms of market cap and our attention in the marketplace.

所以我不會特別針對某一個。但這是我將會做的事情——全力以赴，尋求對業務產生有意義的影響，不僅在收入方面，而且在市值和我們在市場上的關注方面。

Got it. And just last one for me. The community, it sounds like, again, that's an area of continued focus. Where are you in terms of the platform today in terms of new either content or programs? Or -- and then where are you spending money?

知道了。對我來說這只是最後一個。聽起來，社區又是一個持續關注的領域。就新內容或新程式而言，您目前的平台處於什麼位置？或者──那您把錢花在哪裡了？

What are you doing from a development perspective in terms of getting community to where you want it to be?

從發展角度來看，為了讓社區達到您想要的樣子，您正在做什麼？

Yeah. So we've obviously been starting on the development side in terms of securing technology partners, building out the team here internally in order to be able to execute on this. We anticipate having an alpha to test in the latter part of this year or even sooner and aiming to launch it once we do a beta as soon as possible.

是的。因此，我們顯然已經開始在開發方面尋找技術合作夥伴，在內部組建團隊，以便能夠執行這一目標。我們預計將在今年下半年甚至更早進行 alpha 測試，並計劃在完成 beta 測試後儘快推出它。

As I've mentioned previously in my earnings transcript here at the top of the call that this is the key differentiator we have as a brand, and it's something that we're all hands on deck in terms of not only the technology build-out, but also how do we introduce this to the market and to our community.

正如我之前在電話會議開頭的收益記錄中提到的那樣，這是我們作為一個品牌的關鍵差異化因素，我們不僅在技術建設方面全力以赴，而且還在如何將其引入市場和我們的社區方面全力以赴。

Yes, I expect the current plan is to launch it end of the first quarter next year, but it's plus/minus a few months.

是的，我預計目前的計劃是在明年第一季末推出，但時間上會有幾個月的誤差。

Great. And then last one, James, are you going to spend any time with investors still? Or how are you going to split your time now in your new role?

偉大的。最後一個問題，詹姆斯，你還會花時間與投資人在一起嗎？或者您在新角色中將如何分配時間？

So as a shareholder myself, as you've probably seen from the filings, Mark, I'm in the same boat as many of our investors, and I want to see that the company continues to evolve, not only in terms of execution on mission, but also in terms of scaling our market cap and our sort of visibility as a public company. So I'll be supporting Kiersten and Ned as much as possible and looking forward to staying in touch with all of our investors, and hopefully, seeing you at your conference as well later this year.

因此，馬克，作為一名股東，正如您可能從文件中看到的那樣，我和許多投資者的處境相同，我希望看到公司不斷發展，不僅在執行使命方面，而且在擴大我們的市值和作為上市公司的知名度方面。因此，我會盡可能地支持 Kiersten 和 Ned，並期待與我們所有的投資者保持聯繫，並希望在今年晚些時候也能在您的會議上見到您。

(Operator Instructions) George Kelly, ROTH Capital Partners.

（操作員指示）喬治凱利（George Kelly），羅仕資本合夥公司（ROTH Capital Partners）。

First, I was wondering if you could expand on something I think I heard in your prepared remarks, just commentary around 2Q maybe being a little bit softer than you had hoped. Did I hear that right? And is it marketplace? Or is there some other dynamic that has impacted your Q2 results?

首先，我想知道您是否可以詳細說明我在您準備好的發言中聽到的內容，即對第二季度的評論可能比您希望的要弱一些。我沒聽錯吧？它是市場嗎？或者是否有其他動態影響了您的第二季業績？

George, yes, that's correct. So when I was talking, as I mentioned in my prepared remarks, marketplace was a little softer in Q1, and that cost us about 1% approximate. We anticipate something similar in Q2 for marketplace and -- because of the way that we had extra inventory for Egypt at the first half of this year. But like I mentioned, we pivoted to adding more Peru inventory at the latter half of this year, and we're holding on our sort of internal numbers for marketplace for Q3 and Q4.

喬治，是的，沒錯。因此，正如我在準備好的發言中提到的那樣，當我講話時，市場在第一季略顯疲軟，這給我們造成了約 1% 的損失。我們預計第二季市場也會出現類似的情況——因為我們今年上半年為埃及準備了額外的庫存。但正如我所提到的，我們在今年下半年轉向增加更多秘魯庫存，並且我們保留了第三季和第四季市場內部數據。

This is a new business unit that we really only launched in August last year, as I know that you're aware. So predicting seasonality differences, and obviously, this was more of a regional conflict issue caused some variance there. But like I mentioned, it's a very small top line variance, and there will be no impact for Q1 in terms of EPS and free cash flow.

如我所知，這是我們去年 8 月才正式成立的新業務部門。因此，預測季節性差異，顯然，這更多的是一個區域衝突問題，導致了那裡的一些差異。但正如我所提到的，這是一個非常小的頂線差異，並且不會對第一季的每股盈餘和自由現金流產生影響。

Okay. So there's no kind of broadening. Your commentary around Q2 is really just about marketplace.

好的。因此不存在任何擴大。您對第二季的評論實際上只是關於市場。

That's correct. The core business continues to perform in line with expectations, and it's just marketplace variance for Q1 and Q2 of this year.

沒錯。核心業務繼續按照預期表現，這只是今年第一季和第二季的市場差異。

Okay. Understood. And then, James, another question on the transition. I guess I'm curious that this licensing opportunity, and then it sounds like maybe you're considering a different approach to the hyperscaler license opportunity. I guess where do you see the most opportunity around licensing?

好的。明白了。然後，詹姆斯，另一個關於過渡的問題。我想我對這個許可機會很好奇，然後聽起來也許您正在考慮採用不同的方法來獲得超大規模許可機會。我想您認為授權方面最大的機會在哪裡？

And will a lot of your time now be focused on Ignition as well?

現在您也會將大量時間集中在 Ignition 上？

Yes, George, how we look at it is that, in particular, after this previous Board meeting, there was a lot of discussions around licensing opportunities on the media side for Gaia and then on the technology side for Ignition. I think one thing we've been clear on with regards to Igniton is that although we have supplements as our first product line, this is first and foremost, a quantum technology company. And by having some focus on licensing that technology will help to expand the aperture of that business's potential. And so that's something that I'm very interested in being involved with.

是的，喬治，我們的看法是，特別是在上次董事會會議之後，圍繞 Gaia 媒體方面的許可機會以及 Ignition 技術方面的許可機會進行了大量討論。我認為關於 Igniton 我們已經清楚的一件事是，雖然我們的第一條產品線是補充劑，但它首先是一家量子技術公司。透過重點關注該技術的許可，將有助於擴大該業務的潛力。所以我非常有興趣參與這件事。

On the media side, in terms of Gaia, there are some opportunities like you mentioned, that have been discussed, and there's also alternate media licensing opportunities that we're exploring. These require a reasonably dedicated approach, and it's something that I have a deep interest in, and I think could have an enormous value to the organization.

在媒體方面，就蓋亞而言，有一些像您提到的那樣已經討論過的機會，而且我們還在探索替代媒體許可機會。這些都需要一種相當專注的方法，這是我非常感興趣的事情，我認為它可能對組織產生巨大的價值。

And given Kiersten's proximity to my role and capacity to be able to support the organization by taking that in a short-term basis at the end of Q2, it gives me the freedom to be able to focus fully on these opportunities and bring them to fruition.

鑑於 Kiersten 與我的職位距離很近，並且能夠在第二季末短期內為組織提供支持，這讓我可以自由地全神貫注於這些機會並將它們變為現實。

Okay. Okay. That's helpful. And then maybe just one more quick one. The business that you discontinued in the quarter, was that -- can you remind me just on the accounting treatment?

好的。好的。這很有幫助。然後也許再快速地做一個。您在本季停止的業務是—您能提醒我會計處理嗎？

Is that revenue excluded for the whole quarter? And then the second part of the question is, how much revenue did that business contribute to 4Q?

整個季度的收入都排除在外了嗎？那麼問題的第二部分是，該業務對第四季貢獻了多少收入？

Yes. George, it's Ned. So that represented $1.2 million of revenue last year, and that has been removed. You'll see on our 10-Q a line of discontinued business from here. And so I can help you get to the apples-to-apples, but it was $1.2 million from last year, and you'll see a line in our 10-Q that outlines that removal here in Q1.

是的。喬治，我是內德。所以這代表著去年 120 萬美元的收入，現在這筆收入已經被扣除了。您會在我們的 10-Q 上看到從這裡開始的一系列已停止的業務。因此，我可以幫助您進行同類比較，但與去年相比，這一數字是 120 萬美元，您會在我們的 10-Q 中看到一行，其中概述了第一季度的這一移除情況。

At this time, this concludes our question-and-answer session. I'd now like to turn the call back over to Mr. Jirka Rysavy for his closing remarks.

至此，我們的問答環節就結束了。現在我想將電話轉回給 Jirka Rysavy 先生，請他作最後發言。

Well, thank you, everyone, for joining, and we look forward to speaking with you when we will report our second Q in early August. Thank you.

好吧，謝謝大家的加入，我們期待在 8 月初報告第二個 Q 時與您交談。謝謝。

Thank you for joining us today for Gaia's first-quarter 2025 earnings conference call. You may now disconnect your lines.

感謝您今天參加 Gaia 2025 年第一季財報電話會議。現在您可以斷開線路了。