Gaia Inc (GAIA) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to Gaia's second-quarter 2025 earnings conference Call. (Operator Instructions) Joining us today from Gaia are Jirka Rysavy, Executive Chairman; Kiersten Medvedich, CEO; and Ned Preston, CFO. After the speaker's presentation, there will be a question-and-answer session. 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.

午安.歡迎參加 Gaia 2025 年第二季財報電話會議。（操作員指示）今天，來自 Gaia 的嘉賓有執行主席 Jirka Rysavy、首席執行官 Kiersten Medvedich 和首席財務官 Ned Preston。演講者演講結束後，將有問答環節。在我們開始之前，蓋亞的管理團隊想提醒大家，管理階層準備好的評論包含前瞻性陳述，管理階層可能會針對您的問題做出額外的前瞻性陳述。

included, but not limited to, statements of expectations, future events or future financial performance. 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 management undertakes no obligation to revise any statements to reflect changes that occur after this call. Actual events or results could 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 its latest annual report on Form 10-K filed with the SEC.

包括但不限於預期、未來事件或未來財務表現的陳述。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 in 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, August 11, 2025. Finally, I would like to remind everyone that this conference call is being webcast and a recording will be made available for replay on Gaia's Investor Relations website at ir.gaia.com.

今天電話會議中引用的所有非 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 8 月 11 日準確。最後，我想提醒大家，本次電話會議正在進行網路直播，錄音將在 Gaia 的投資者關係網站 ir.gaia.com 上提供重播。

At this time, I would like to turn the call over to Gaia's Chairman, Jirka Rysavy. Please go ahead.

現在，我想將電話轉給蓋亞主席 Jirka Rysavy。請繼續。

Good afternoon, everyone. So revenue for the quarter increased 12% and gross profit 16%. Gross margin improved to 120 basis points to 86.7% from 84.5% at the year-ago quarter. Our member count grew to 878,000, and we are focusing now on high lifetime value members. Our annualized gross profit per employee increased to $814,000 from $695,000 in the year-ago quarter.

大家下午好。因此本季營收成長12%，毛利成長16%。毛利率從去年同期的 84.5% 提高至 120 個基點，達到 86.7%。我們的會員人數成長至 878,000 名，現在我們專注於高終身價值會員。我們的每位員工年度毛利從去年同期的 695,000 美元增至 814,000 美元。

Our subsidiary, Igniton, raised $6 million recently at $106 million post-money valuation, valuing Gaia 2/3 ownership interest in Igniton at $70 million, 2.5 times increase from previous $28 million. Some Igniton products, you can now -- is also now available at Gaia marketplace. And if you want more information, you can get it at igniton.com.

我們的子公司 Igniton 最近以 1.06 億美元的投資後估值籌集了 600 萬美元，Gaia 在 Igniton 的 2/3 所有權權益估值為 7,000 萬美元，比之前的 2,800 萬美元增長了 2.5 倍。現在您可以在 Gaia 市場上購買一些 Igniton 產品。如果您想了解更多信息，可以訪問 igniton.com。

And I would call -- I will turn the call over to our CEO, Kiersten.

我會打電話——我會把電話轉給我們的執行長 Kiersten。

Good afternoon, everyone. As we begin today's call, I want to honor this moment of transition. This is my first time speaking to you as CEO of Gaia, and let me begin by affirming our strategy is not changing. I am fully aligned with the path we've been walking, a strategy rooted in mission, discipline, and the long view. We are building on a foundation of purpose and deep intention, and we remain committed to moving forward with consistency and focus.

大家下午好。在我們開始今天的電話會議時，我想紀念這個過渡時刻。這是我第一次以 Gaia 執行長的身份與大家交談，首先我要確認我們的策略不會改變。我完全贊同我們所走的道路，即以使命、紀律和長遠眼光為基礎的策略。我們以目標和深切意圖為基礎，繼續致力於保持一致性和專注性地向前邁進。

Our core streaming business remains the heart of Gaia. It is strong, resilient, and continues to grow over time. we are focused on scaling it sustainably by improving retention and deepening member engagement. With 90% of our content exclusive to Gaia, we offer something no other platform can, an intentional, curated experience that goes beyond content and into personal transformation and connection. And we're seeing the results, so let's talk about that.

我們的核心串流媒體業務仍然是 Gaia 的核心。它強大、有彈性，並且隨著時間的推移而不斷增長。我們專注於透過提高保留率和深化會員參與度來實現永續的擴展。我們的 90% 內容都是 Gaia 獨家提供的，因此我們提供了其他平台無法提供的內容，即一種有意為之、精心策劃的體驗，這種體驗超越了內容本身，延伸到了個人的轉變和聯繫。我們已經看到了結果，所以讓我們來討論一下。

In Q2, we carried our momentum from Q1 into a strong quarter, delivering double-digit revenue growth and exceeding our expectations by $300,000. The key drivers of that performance were growth in both member count and ARPU as well as the launch of our Igniton brand, which saw an enthusiastic response following its debut at the Biohacking conference in May. This success reinforces something we've long believed that those seeking to optimize their fiscal performance are often on the same path as those seeking to expand their consciousness. We also more than doubled our free cash flow quarter-over-quarter, reaching $1.6 million in Q2, up from $700,000 in the prior quarter.

在第二季度，我們延續了第一季的勢頭，取得了強勁的營收成長，營收實現了兩位數成長，超出了我們的預期 30 萬美元。這項業績的主要驅動力是會員數量和 ARPU 的成長，以及我們 Igniton 品牌的推出，該品牌在 5 月的生物駭客會議上首次亮相後獲得了熱烈的反響。這項成功強化了我們長期以來的信念：那些尋求優化財務表現的人往往與那些尋求擴展意識的人走的是同一條道路。我們的自由現金流也比上一季增加了一倍多，從上一季的 70 萬美元成長至第二季的 160 萬美元。

Annualized gross profit per employee increased to $814,000, up from $695,000 in the prior-year quarter. This is a clear reflection of the efficiency and scalability of our model. But even more so, it is a testament to the focus and dedication of our amazing team. Our people are the heart and soul of this company and their ability to deliver excellence while staying aligned with our mission is what makes results like this possible.

每位員工的年化毛利從去年同期的 695,000 美元增至 814,000 美元。這清楚地反映了我們模型的效率和可擴展性。但更重要的是，它證明了我們優秀團隊的專注和奉獻。我們的員工是公司的核心和靈魂，正是他們在堅持我們使命的同時提供卓越服務的能力才使得這樣的成果成為可能。

And as we look ahead, we see a profound culture shift emerging. More and more people are turning inward, seeking purpose, connection, and growth. On many of the AI platforms, questions about consciousness, meaning, and awakening now ranked among the most frequently asked topics. That is a global signal, and it's one Gaia is uniquely prepared to meet.

展望未來，我們看到一場深刻的文化轉變正在興起。越來越多的人開始專注於內心，尋求目標、連結和成長。在許多人工智慧平台上，關於意識、意義、覺醒的問題已經成為最常被問到的話題之一。這是一個全球性的信號，蓋亞以獨特的方式做好了迎接它的準備。

So right now, we're currently planning the next phase of our platform, a foundation for a global conscious community. We are listening to what people want, and they want deeper connections and shared experiences, whether it be face-to-face or across the globe, the desire is the same. People want to connect. And we're creating a beautiful space for that.

因此現在，我們正在規劃平台的下一階段，即全球意識社群的基礎。我們正在傾聽人們的需求，他們希望建立更深的聯繫和共享體驗，無論是面對面還是全球範圍的，他們的願望都是一樣的。人們想要聯繫。我們正在為此創造一個美麗的空間。

Our plan is to build a community around the very topics our content explores, offering members a place not just a watch, but to engage and grow together. We're designing it with the same care and intentionality that defines our content, and we believe it will become a meaningful advantage in how we serve our global member base. Our plan is to launch within the next year.

我們的計劃是圍繞我們的內容所探討的主題建立一個社區，為會員提供一個不僅僅是觀看的地方，而且是一個參與和共同成長的地方。我們在設計它時也同樣用心和用心，我們相信它將成為我們服務全球會員群體的一個有意義的優勢。我們的計劃是在明年推出。

While from the outside, this may look like the next evolution, but it's really returned to Gaia's deeper purpose, our purpose not just to inform but to connect. So in parallel, we're making progress on Gaia's conscious AI companion. We believe this will become a beautiful bridge between our exclusive content and the personal journeys of our members. Our AI companion will be sourced primarily from Gaia's original content. This allows us to offer something rare, guidance that is deeply aligned with our brand and rooted in the wisdom our members have come to love and trust.

雖然從外部來看，這可能看起來像是下一次進化，但它實際上回歸了蓋亞更深層的目的，我們的目的不僅僅是告知，而且是連結。同時，我們在蓋亞有意識的人工智慧伴侶的研究上也取得了進展。我們相信這將成為我們獨家內容和會員個人旅程之間的一座美麗橋樑。我們的人工智慧伴侶將主要來自蓋亞的原創內容。這使我們能夠提供一些罕見的東西，即與我們的品牌緊密結合併植根於我們的會員所喜愛和信任的智慧的指導。

Lastly, and most importantly, our focus remains centered on long-term sustainable growth, driven by our core SFI business and our global member community. Gaia is built for scale with a high-margin model, exclusive content, and a brand that continues to earn trust and engagement. We are staying true to our North Star while remaining agile enough to capture revenue opportunities along the way. So it is so exciting. The world is actually catching up with us.

最後，最重要的是，我們的重點仍然集中在長期永續成長上，由我們的核心 SFI 業務和全球會員社群推動。Gaia 擁有高利潤模式、獨家內容以及持續贏得信任和參與的品牌，旨在實現規模化。我們始終忠於我們的北極星，同時保持足夠的靈活性以抓住前進道路上的創收機會。所以這非常令人興奮。世界實際上正在追趕我們。

Last year, the word manifest was named Word of the Year by the Cambridge Dictionary and that is more than a headline. It is a cultural signal, and Gaia is ready to meet that moment because we've been preparing for it from the very, very beginning. Thank you all for being here and being part of this vision.

去年，「manifest」一詞被《劍橋字典》評為年度詞彙，這不僅僅是一個標題。這是一種文化訊號，蓋亞已經準備好迎接這一刻，因為我們從一開始就為此做好了準備。感謝大家來到這裡並成為這個願景的一部分。

Now over to Ned for financial details.

現在請 Ned 介紹財務細節。

Thanks, Kiersten. For the second quarter of 2025, Gaia delivered revenue of $24.6 million, up $2.7 million or 12% year over year, driven by growth in both member count and ARPU as well as the launch of Igniton. Total members increased in Q2 to $878,000. Gross profit increased 16% to $21.3 million from $18.5 million in Q2 of 2024 with gross margin expanding to 86.7%, up from 84.5%. Net loss was negative $1.8 million or $0.07 per share versus negative $2.2 million or negative $0.09 per share in Q2 of 2024.

謝謝，Kiersten。2025 年第二季度，Gaia 的營收為 2,460 萬美元，年增 270 萬美元，增幅為 12%，得益於會員數和 ARPU 的成長以及 Igniton 的推出。第二季會員總數增加至 878,000 美元。毛利從 2024 年第二季的 1,850 萬美元成長 16% 至 2,130 萬美元，毛利率從 84.5% 擴大至 86.7%。淨虧損為負 180 萬美元，即每股 0.07 美元，而 2024 年第二季淨虧損為負 220 萬美元，即每股 0.09 美元。

Operating cash flow was $2.3 million with free cash flow of $1.6 million, reflecting ongoing operational discipline. Our cash balance at the end of June 30, 2025, was $13.9 million with a fully available $10 million line of credit. In July, Gaia also renewed its credit line for an additional three years with improved terms, including a lower interest rate and a wider range of permitted use. 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. As mentioned earlier and is further outlined in Gaia's 10-Q, our subsidiary, Igniton, raised $6 million of private common equity financing in the month of July, which included $2 million from Gaia.

經營現金流為 230 萬美元，自由現金流為 160 萬美元，體現持續的經營紀律。截至 2025 年 6 月 30 月底，我們的現金餘額為 1,390 萬美元，並擁有 1,000 萬美元的可用信用額度。今年 7 月，Gaia 還將其信貸額度延長了三年，並提供了更好的條款，包括更低的利率和更廣泛的允許使用範圍。我們將繼續謹慎管理成本並維持健康的利潤率，同時投資於能夠為股東創造長期價值的策略領域。如前所述，並在 Gaia 的 10-Q 中進一步概述，我們的子公司 Igniton 在 7 月籌集了 600 萬美元的私募普通股融資，其中包括來自 Gaia 的 200 萬美元。

Igniton's implied post-money valuation is now $106 million, up from an implied post-money valuation of $40 million from last year's raise. The proceeds from the financing will be used by Igniton for product launch, general operating expenses, and certain capital expenditures to support future growth. Gaia now owns approximately 2/3 of Igniton equity. More information about Igniton can be found at wwww.igniton.com, and Gaia members can purchase Igniton products at a discount through Gaia's marketplace.

Igniton 的隱含投資後估值目前為 1.06 億美元，高於去年融資時的 4,000 萬美元。Igniton 將使用此融資所得用於產品發布、一般營運費用以及某些資本支出，以支持未來的成長。Gaia 目前擁有 Igniton 約 2/3 的股權。有關 Igniton 的更多資訊可以在 wwww.igniton.com 上找到，Gaia 會員可以透過 Gaia 的市場以折扣價購買 Igniton 產品。

I will now turn the call back over to Jirka.

現在我將把電話轉回給吉爾卡。

Yeah, just for the summary, we expect obviously continuing growth of our revenue and ARPU as well, increasing gross profit per employee as we have pretty good results for this last year and also obviously continued generation of positive free cash flow, and this concludes our remarks.

是的，總結一下，我們預計我們的收入和 ARPU 顯然會繼續增長，每位員工的毛利也會增加，因為去年我們的業績相當不錯，而且顯然還會繼續產生正的自由現金流，這就是我們的評論的結尾。

So I'd like to open it to questions. So please, operator.

因此我想開放提問。那麼，接線員，請。

(Operator Instructions) Mark Argento, Lake Street.

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

Yeah, I just wanted -- maybe if you could just provide a little bit of your background and kind of your main focus here over the next three to six months in terms of kind of key priorities.

是的，我只是想要——也許您能提供一些您的背景以及未來三到六個月的主要關注點，即關鍵優先事項。

Sure. So my background is in content. I was at Sony for 15 years, and I came on to Gaia to run the content team about nine years ago and somehow worked my way up to where I am today as CEO. And my focus going forward for the next six months is in three areas. One is early tenure engagement which consists of specifically three to six -- zero to three months, which will consist of product improvements, better marketing targeting, which means basically fishing in new ponds and then also increase content publishing.

當然。所以我的背景是內容。我在索尼工作了 15 年，大約 9 年前我加入 Gaia 並負責內容團隊，並透過自己的努力一路晉升到今天的執行長職位。未來六個月我的工作重點是三個面向。一是早期參與，具體為三到六個月——零到三個月，包括產品改進、更好的營銷定位，這基本上意味著在新的池塘里釣魚，然後增加內容發布。

And then the other two areas, as I talked about were investments in our AI and investment in our community.

然後，正如我所說的，另外兩個領域是對我們的人工智慧的投資和對我們社區的投資。

Got it. In terms of AI, are you thinking about using AI more as a tool for a better user experience? Or would you guys get into the -- having an AI user interface that the community or other customers can engage with.

知道了。在人工智慧方面，您是否考慮將人工智慧更多地用作一種工具來提供更好的使用者體驗？或者你們會進入——擁有一個社群或其他客戶可以參與的人工智慧使用者介面。

We're looking at both. One, from using AI to get better member learnings and to become smarter and delivering our members a better experience from a content perspective. And then the other is an AI companion right now that we're in the process of tweaking. And we feel that, that's definitely going to deliver meaningful value to our members.

我們正在研究兩者。第一，利用人工智慧讓會員更好地學習，變得更加智能，從內容角度為我們的會員提供更好的體驗。另一個是人工智慧伴侶，我們正在對其進行調整。我們認為，這肯定會為我們的會員帶來有意義的價值。

Got it. So you -- I think in the press release, you guys talked about potentially taking pricing in Q1. What -- do you plan when you take price, are you guys going to expand additional content? Or what's the value prop going to be there for the consumer?

知道了。所以 - 我認為在新聞稿中，你們談到了可能在第一季進行定價。什麼——你們在定價時有什麼計劃，你們會擴展額外的內容嗎？或者說，它對消費者來說有什麼價值主張？

Mark, this is Ned. And I'll take that one. Yes. So as we've discussed in the past, we are still looking to raise prices in March of 2026. At that time, we do foresee that our AI solution will be progressing and so we'll be adding value to retention and other marketing activities.

馬克，這是內德。我會選擇這個。是的。因此，正如我們過去討論過的，我們仍希望在 2026 年 3 月提高價格。那時，我們確實預見到我們的人工智慧解決方案將會取得進步，因此我們將為保留和其他行銷活動增加價值。

But the customer experience by then will also start seeing some of those benefits as well as some new content. So the premise around the price increase in March of '26 will have added value for our customers, and then they will continue to see added value throughout the rest of 2026 as things like our community and other elements come to bear.

但到那時，客戶體驗也將開始看到其中的一些好處以及一些新內容。因此，2026 年 3 月價格上漲的前提將為我們的客戶帶來附加價值，然後隨著我們的社區和其他元素的發揮作用，他們將在 2026 年剩餘時間內繼續看到附加價值。

That's helpful. And then last question for me on Igniton, obviously raised some additional capital there. Can you provide us any updates in terms of how you're thinking about the go-to-market or any new updates on that side of the house?

這很有幫助。最後一個問題是關於 Igniton 的，顯然它在那裡籌集了一些額外的資金。您能否向我們提供一些關於您如何考慮進入市場或有關這方面的新進展？

Yeah, we introduced a product in last few day of May in Austin, there was a Biohacking conference it's one of the largest one in this field. The response was absolutely stunning. There was a line on our booth basically through all conference about 50, 200 yards. So they never saw anything like that. We sold all the products we brought by far, taking a lot of back orders, which we now filled.

是的，我們在五月下旬在奧斯汀推出了一款產品，那裡有一個生物駭客會議，這是該領域最大的會議之一。反響絕對令人震驚。我們的展位前排起了長隊，基本上貫穿了整個會議，長約 50 到 200 碼。所以他們從來沒有見過這樣的事情。到目前為止，我們已經銷售了所有產品，並接到了很多積壓訂單，現在我們已經完成了這些訂單。

And -- so because of that, we kind of decided to actually raise some money. So we took -- we just did that at least the first part of it. And we just introduced it recently, we put it also in Gaia marketplace, so you can get someone on the Gaia marketplace starting now. And we plan to use some of this money raised for bigger launch because of the response, and we expect that to be after Labor Day.

因此，我們決定籌集一些資金。所以我們採取了——我們至少完成了第一部分。我們最近剛推出了它，我們也將它放在了 Gaia 市場中，所以您現在就可以在 Gaia 市場上找到它。由於反應熱烈，我們計劃將籌集到的部分資金用於更大規模的推廣，預計推廣將在勞動節之後進行。

And do you anticipate doing any kind of partnership deals, either the technology or where you guys -- will be all branded under your own brand?

您是否預計會進行任何形式的合作，無論是技術還是所有產品都將以您自己的品牌進行銷售？

Yes. We would not this year, but I would kind of say we might -- we probably would -- we have a lot of order requests existing from existing brands, can we enhance the product because Igniton technology can increase efficiency pretty much all other molecules would have any trace of water. So all organic molecules. So we would focus on hydrogen and so we probably would might license improve some product with some upfront license fee and then the regular margin on selling the product, but we would obviously always have a license fee first. So -- but we don't expect to do any of that this year.

是的。我們今年不會，但我想說我們可能會——我們可能會——我們有很多來自現有品牌的訂單請求，我們能否改進產品，因為 Igniton 技術可以提高效率，幾乎所有其他分子都會有水的痕跡。所以所有有機分子都是如此。因此，我們將專注於氫氣，因此我們可能會通過一些前期許可費來許可改進某些產品，然後再銷售產品的常規利潤，但我們顯然總是會先收取許可費。所以——但我們預計今年不會做任何這些事情。

George Kelly, ROTH Capital Partners.

凱利凱利（George Kelly），羅仕證券資本合夥公司（ROTH Capital Partners）。

First, just a follow-up on one of the prior questions. How much pricing do you expect to take in March?

首先，我只是想對之前​​的一個問題進行一下跟進。您預計三月的定價是多少？

Yeah. So similar to what we did last time, George, it was $2 on monthly, and we'll take a look at the annual increase as well. So it will be in that mid- to high teens area.

是的。喬治，與我們上次做的類似，每月 2 美元，我們也會看看年度成長。因此它將處於十幾歲到十幾歲的範圍內。

Okay, sounds good. And then --

好的，聽起來不錯。進而--

Not necessarily it will be in all countries because some countries are opting out. So it depends that we would -- that doesn't mean we would raise pricing on all our customers, but it would be probably in 80%-plus.

但並非所有國家都會實施這項政策，因為有些國家選擇退出。所以這取決於我們是否會——這並不意味著我們會提高所有客戶的價格，但可能會提高 80% 以上。

Okay. And then a couple more questions on Igniton. Can you help us at all understand the sort of revenue opportunity maybe that you've seen coming out of the Biohacking conference and just your expectations for the back half of the year? I don't -- not to get too specific on guidance or anything, but how much could this help lift the overall business just as you look out in the next few quarters?

好的。然後再問幾個關於 Igniton 的問題。您能否幫助我們了解您在生物駭客大會上看到的獲利機會以及您對今年下半年的預期？我不想給出太具體的指導或其他什麼，但正如您所預見的，在接下來的幾個季度裡，這能對整體業務的提升有多大幫助？

Well, we don't really -- we kind of focused on the launch, which will be like after Labor Day. So it would be probably better to ask questions because we only so far did the Biohacking conference where you've been there, so how the success will we have. So it's -- the bottle -- $200 per bottle. And we had all the feedback was positive. There was no issues on that.

嗯，我們實際上並沒有——我們有點專注於發布會，發布會將在勞動節之後舉行。所以最好還是問一些問題，因為到目前為止我們只舉辦了您參加的生物黑客會議，所以我們會取得怎樣的成功。所以每瓶售價 200 美元。我們收到的所有回饋都是正面的。這方面沒有任何問題。

So we're establishing distributorship, obviously, we have distributors in some countries, but we have to get it approved some of the countries. But I think it's kind of hard to say because we don't really have an experience. So we focused right now on from what we shipped so far because we're getting order now was kind of to finalize the packaging, not the bottles, but the boxes, how we charge the distributors and all that stuff. And I can -- probably on the third-quarter call, I can answer that question. But -- we basically -- we get something budgeted in the third quarter because we thought we're going to launch it in July.

因此，我們正在建立經銷權，顯然，我們在一些國家有經銷權，但我們必須獲得一些國家的批准。但我認為這很難說，因為我們確實沒有經​​驗。因此，我們現在關注的是迄今為止的發貨情況，因為我們現在收到的訂單是最終確定包裝，不是瓶子，而是盒子，我們如何向分銷商收費等等。我可以——可能在第三季的電話會議上，我可以回答這個問題。但是 - 我們基本上 - 我們在第三季度獲得了一些預算，因為我們認為我們將在七月推出它。

But then when we did the introduction, and we get a meaningful sales, so they will give us probably 250,000 more than we expected in second quarter. But then in the third quarter, we didn't launch it in July. So we basically postponed our second-quarter revenue until like March, so we'll probably offset what we kind of generated in the second, we will not generate in third. And otherwise, it's -- the fourth quarter, there might be some upside, but we don't really know yet until we launch it. But since it was so successful, our launch probably will be bigger than we originally planned, but not probably right in Labor Day, we start slow, and we probably will push it before Christmas.

但是當我們進行介紹時，我們獲得了有意義的銷售，因此他們可能會在第二季度給我們比我們預期的多 250,000 份。但在第三季度，我們並沒有在 7 月推出它。因此，我們基本上將第二季的收入推遲到三月份，因此我們可能會抵消第二季產生的收入，而不會抵消第三季產生的收入。否則，第四季可能會有一些好處，但在推出之前我們還不知道。但由於它非常成功，我們的發布規模可能比我們最初計劃的要大，但可能不會在勞動節那天，我們會慢慢開始，可能會在聖誕節前推出。

Okay. Understood. That's helpful. And then just on the launch, you mentioned the Labor Day sort of official launch. Can you detail --

好的。明白了。這很有幫助。然後就在記者會上，您提到了勞動節之類的正式發表會。能詳細說明一下嗎--

It won't be Labor Day. It will be probably somewhere in like second week of September.

這不會是勞動節。大概是九月的第二週左右。

Okay. Can you detail what that launch is going to look like though? What's the marketing plan?

好的。能詳細說明一下這次發表會的具體內容嗎？行銷計劃是什麼？

We don't really know yet because the success that we have and now the original and extra funding, we're looking some stuff what we didn't look before. So we would not have the finalized still probably next three weeks.

我們還不太清楚，因為我們所取得的成功以及現在的原始和額外資金，我們正在尋找一些我們以前沒有註意到的東西。因此我們可能還需要三週的時間才能最終確定。

Yeah. Hey, George, this is Ned. And just real quick, as you probably picked up on some of our commentary, I would consider a very soft launch back at the end of May Biohacking conference. And then as of the end of last week, the site has changed. It's been updated. Any customer can go in and buy off of our igniton.com website.

是的。嘿，喬治，我是內德。就像您可能已經注意到我們的一些評論一樣，我會考慮在 5 月底的生物黑客會議上進行非常溫和的啟動。截至上週末，該網站已經發生了變化。已更新。任何客戶都可以進入我們的 igniton.com 網站購買。

And then Gaia members are now able to also purchase off of our Gaia marketplace at certainly a discounted rate. So the larger launch that you're talking about will be in the September timeframe, but I did want to point out that we have officially launched out and are seeing an uptick.

現在，蓋亞會員也可以以折扣價從我們的蓋亞市場購買商品。因此，您所說的更大規模的發布會將在 9 月進行，但我想指出的是，我們已經正式發布並看到了上升趨勢。

Okay. And then last one for me, just a modeling question. G&A in the quarter stepped up a little bit. Was there anything kind of one-time maybe it was the Biohacking conference. Is there anything else? And can you quantify if there was?

好的。對我來說最後一個問題，只是一個建模問題。本季的一般及行政開支 (G&A) 略有增加。有什麼一次性的事嗎？也許是生物黑客會議。還有什麼嗎？如果有的話，你能量化嗎？

Yeah, it definitely wasn't people-related. G&A was up for things one-time items, like the Biohacking conference and a couple of other things that will come back into shape in future quarters. It wasn't fixed. It was a one-time event.

是的，這絕對與人無關。G&A 用於一次性項目，例如生物駭客會議和其他一些將在未來幾季重新成形的項目。還沒修好。這是一次性事件。

(Operator Instructions) James Sidoti, Sidoti & Company.

（操作員指示）James Sidoti，Sidoti & Company。

Can you give us a sense on how you're going to spend the $6 million you raised to Igniton? Is that to build capacity and build up sales and marketing? Where is that money going to go?

您能否告訴我們您將如何使用為 Igniton 籌集的 600 萬美元？這是為了增強產能、促進銷售和行銷嗎？這些錢將用到哪裡？

We don't really -- in the capacity, we already spent the money before we kind of getting one more unit to boost the production. However, we don't need it from any other production. However, the success was so surprising that we'd rather be kind of ready, but I think we would not really see that until we push it somewhere around Christmas. So it's -- now the capacity by far exceeds what we can sell.

我們實際上並沒有——在產能方面，在我們再增加一個單位來提高產量之前，我們已經花了錢。然而，我們不需要任何其他產品。然而，成功是如此令人驚訝，我們寧願做好準備，但我認為我們要等到聖誕節左右才能真正看到這一點。所以現在產能遠遠超過了我們可以銷售的量。

Okay. All right. And then in terms of the base business, you grew revenue by 10% in the March quarter, about $12 million in the June quarter. I think in the past, you said you expected or revenue about 12% for the year. We still feel like you're on track to hit that?

好的。好的。就基礎業務而言，3 月季度的營收成長了 10%，6 月的季度營收約為 1,200 萬美元。我想過去您曾說過，您預計今年的營收將成長約 12%。我們仍然覺得您正朝著這個目標前進嗎？

Yeah. Hey, Jim, it's Ned. Yes, that absolutely is our expectation is that 12% for the year. As we said earlier, it was a great performance across all of our core business in the quarter, so firing on all cylinders regarding our core SVOD business and then a little bit of upside from Igniton, but I can't emphasize enough the big reason for our accelerating growth is because of the increasing ARPU and adding another 10,000-plus net members.

是的。嘿，吉姆，我是內德。是的，這絕對是我們的預期，即今年的成長率為 12%。正如我們之前所說，本季度我們所有核心業務的表現都非常出色，我們的核心 SVOD 業務全線開火，Igniton 也有一些上升空間，但我必須強調的是，我們增長加速的主要原因是 ARPU 的增加和新增了 10,000 多名淨會員。

Okay. And then last one, can you talk a little bit about how marketplace is going? I know you kind of changed some of the travel destinations because it's some of the world events so far this year. Do you have that going or just other products or services that you started to launch to the marketplace in 2025?

好的。最後一個問題，您能談談市場發展嗎？我知道你改變了一些旅行目的地，因為這是今年迄今為止的一些世界大事。您有這樣的計劃嗎？還是您只是在 2025 年開始向市場推出其他產品或服務？

I would just want to kind of say that we see Marketplace as a part of community, and I will get Kiersten answer the question.

我只是想說，我們將市場視為社區的一部分，我會讓 Kiersten 回答這個問題。

That's exactly what I was going to say. Our marketplace continues to be a strong foundation for community building, which has always been its core purpose. I think James mentioned on the call earlier this year that we had a pivot away from Egypt, which led us to introduce trips to Peru instead. The spring crew trip quickly sold out, and our fall crew trip is already at capacity as well. So we're seeing a strong demand for where we've made adjustments.

這正是我想說的。我們的市場繼續成為社區建設的堅實基礎，這一直是其核心宗旨。我想詹姆斯在今年早些時候的電話會議上提到過，我們已經將重點從埃及轉移，因此我們轉而推出了秘魯之旅。春季團隊旅行的門票很快就銷售一空，而我們的秋季團隊旅行也已經滿了。因此，我們看到了對我們做出調整的強烈需求。

So -- and as far as new products, you will see new products slowly come on, but it's just to reiterate, it has always been the foundation of community.

所以——就新產品而言，你會看到新產品慢慢出現，但重申一下，它一直是社區的基礎。

The marketplace goal is not to change the revenue. Marketplace is becoming one of the aspects of community. So this is not something to chase revenue with.

市場目標不是改變收入。市場正在成為社區的一個面向。所以這不是為了追求收入。

So the goal is really to help build that subscriber base and retain subscribers?

所以目標真的是幫助建立用戶群並留住用戶嗎？

Well, yes, subscribers and other point of touch point with the our members. And they -- as we do build community, obviously, they can -- the community platforms around the topic of geographically can go together on these trips. That's one of the ideas.

嗯，是的，訂閱者以及與我們的會員的其他接觸點。而且他們 — — 正如我們建立社區一樣，顯然他們可以 — — 圍繞地理主題的社區平台可以一起進行這些旅行。這是其中一個想法。

And at this time, this concludes our question-and-answer session. I'd now like to turn the call back over to Mr. 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 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 report at third Q, which will be in early November. Thank you very much.

好吧，謝謝大家的加入，我們期待在 11 月初的第三季報告中與您交談。非常感謝。

Thank you for joining us today for Gaia's second-quarter 2025 earnings conference call. You may now disconnect, and have a great day.

感謝您今天參加 Gaia 2025 年第二季財報電話會議。現在您可以斷開連接，並享受美好的一天。