Gaia Inc (GAIA) 2025 Q3 法說會逐字稿

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

午安.歡迎參加 Gaia 2025 年第三季財報電話會議。（操作說明）

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

今天與我們一同出席 Gaia 節目的嘉賓有：執行董事長 Jirka Rysavy；執行長 Kiersten Medvedich；以及財務長 Ned Preston。演講結束後，將進行問答環節。

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, but not limited to, statements of expectations, future events or future financial performance.

在會議開始之前，Gaia 的管理團隊想提醒大家，管理層準備的發言稿包含前瞻性陳述，管理層可能會在回答大家的問題時做出額外的前瞻性陳述，包括但不限於對預期、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 management undertakes no obligation to revise any statements to reflect changes that occur after this call. Actual events or results could differ materially.

這些聲明並不保證未來的業績，因此不應過度依賴這些聲明。儘管我們認為這些預期是合理的，但 Gaia 管理層不承擔任何義務修改任何聲明以反映本次電話會議之後發生的變化。實際事件或結果可能與此有重大差異。

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.

這些聲明是基於公司管理層目前的預期，並涉及固有的風險和不確定性，包括 Gaia 向美國證券交易委員會提交的最新 10-K 表格年度報告「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, November 3, 2025.

今天電話會議中提到的所有非GAAP財務指標均已在公司獲利新聞稿中與最直接可比較的GAAP指標進行了核對。本次通話也包含有時效性的訊息，且僅在本次廣播當天（2025 年 11 月 3 日）準確無誤。

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.

最後，我想提醒大家，本次電話會議將進行網路直播，錄音將在 Gaia 的投資者關係網站 ir.gaia.com 上提供回放。

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

此時，我想把電話交給 Gaia 的董事長 Jirka Rysavy。請繼續。

Good afternoon, everyone. During the third-quarter, we grew our revenue 14%, and our gross margin improved an additional 30 basis points to 86.4% from 86.1% a year-ago quarter. Member count at the same period grew to 883,000. A year ago, we raised our subscription prices for most of our members by $2. While the losses from the price increase resulted in lower member growth, our revenue grew to $100 million run rate or $25 million during the quarter, up from $22 million in the last year quarter.

大家下午好。第三季度，我們的營收成長了 14%，毛利率較上年同期提高了 30 個基點，從 86.1% 提高到 86.4%。同期會員人數成長至 883,000 人。一年前，我們將大部分會員的訂閱價格提高了 2 美元。雖然價格上漲造成的損失導致會員成長放緩，但我們的營收成長至 1 億美元，本季 2,500 萬美元，高於去年同期的 2,200 萬美元。

Our annualized gross profit per employee increased to $814,000, up from $703,000 in the year-ago quarter, which is also obviously driving further improvement in our free cash flow. The value of our subsidiary, Igniton, using pricing from its recent fundraising, it's about $106 million. But valuing Gaia's two-thirds ownership interest in Igniton, it's about $70 million.

我們每位員工的年化毛利潤增加至 814,000 美元，高於去年同期的 703,000 美元，這顯然也進一步推動了我們自由現金流的改善。根據我們子公司 Igniton 最近的融資定價，價值約為 1.06 億美元。但根據 Gaia 在 Igniton 的三分之二所有權權益估值，其價值約為 7,000 萬美元。

Igniton products are now available on Gaia Marketplace. You can get more information on igniton.com. The Gaia cash position improved significantly to $14.2 million from $4.4 million a year ago.

Igniton產品現已在Gaia Marketplace上架。您可以在igniton.com網站上獲取更多資訊。 Gaia的現金儲備從一年前的440萬美元大幅增加至1,420萬美元。

Now Kiersten will speak more about business. Kiersten.

接下來，基爾斯滕將更多地談論商業方面的內容。基爾斯滕。

Thank you, Jirka. So last week marked an important step in Gaia's evolution as we continue moving from a traditional SVOD model to an AI forward company, one that brings together conscious media, community and technology. We launched our new AI Guide in beta to our direct members, and the early results have been very encouraging.

謝謝你，吉爾卡。因此，上週標誌著 Gaia 發展歷程中的重要一步，我們繼續從傳統的 SVOD 模式向人工智慧驅動型公司轉型，將有意識的媒體、社群和技術結合起來。我們針對直接會員推出了新版 AI 指南的測試版，初步結果非常令人鼓舞。

Session depth and repeat usage are both trending upward, confirming what we believed from the start that Gaia's curated content library paired with our customized AI creates a truly distinctive and engaging experience. Now as we move towards full rollout, this experience will expand to include personalized guidance, contextual recommendations and integrated chats across both app and web.

會話深度和重複使用率均呈上升趨勢，這證實了我們從一開始就相信的，即 Gaia 精心策劃的內容庫與我們定制的 AI 相結合，創造了真正獨特且引人入勝的體驗。隨著我們逐步全面推廣，這項體驗將擴展到包括個人化指導、情境化推薦以及應用程式和網頁上的整合聊天。

Beyond helping members discover content that fits their evolving interests are AIX as a research companion, helping members find what's relevant to them faster while keeping the experience fresh and evolving. This direction reflects our commitment to grow in step with our members and the world around us, integrating intelligent technology in service of human potential and positioning Gaia at the leading edge of how people connect, how they learn and transform in an increasingly digital world.

除了幫助會員發現符合他們不斷變化的興趣的內容外，AIX 還是一個研究夥伴，幫助會員更快找到與他們相關的內容，同時保持體驗的新鮮感和不斷發展。這個方向體現了我們致力於與會員和周圍世界同步發展的承諾，將智慧技術融入人類潛能的開發，並將 Gaia 定位在人們如何連結、學習和在日益數位化的世界中轉型方面的前沿。

AI will also play a central role in how we express our brand. It will become an integral part of our marketing, helping people discover Gaia, understand our mission and meet them where they are on their spiritual path.

人工智慧也將在我們品牌表達方式中發揮核心作用。它將成為我們行銷的重要組成部分，幫助人們發現蓋亞，了解我們的使命，並在他們的精神道路上與他們相遇。

In addition to AI, we're actively developing Gaia's community platform. While we're not ready to share specifics yet, we plan to launch next year. Our vision is for members to explore, learn, transform and then naturally find their community of like-minded individuals to learn and share together.

除了人工智慧之外，我們也正在積極開發 Gaia 的社群平台。雖然我們目前還不便透露具體細節，但我們計劃明年推出。我們的願景是讓會員探索、學習、轉變，然後自然而然地找到志同道合的社群，共同學習和分享。

We expect 2026 to be a key transition year for us, focused on advancing the technology and infrastructure that will deliver outstanding value to our direct gaia.com members. This work will position GAIA for the next stage of growth as we fully integrate content, community and AI into a seamless, cohesive experience.

我們預計 2026 年將是我們的關鍵轉型之年，重點是推進技術和基礎設施建設，從而為我們的 gaia.com 直接會員帶來卓越的價值。這項工作將使 GAIA 進入下一個發展階段，我們將內容、社群和人工智慧完全整合到一個無縫、連貫的體驗中。

As part of this evolution, we're also reframing how we define success. Traditional viewership metrics no longer capture the actual depth of connections we're building. With the intersection of AI, content and community, engagement actually becomes a true measure of value. This shift better reflects our mission, our technology and the growing residents within our direct member base.

作為這一演變的一部分，我們也在重新定義成功。傳統的收視率指標已經無法反映我們正在建立的連結的深度。人工智慧、內容和社群的融合，真正使用戶參與度成為衡量價值的真正標準。這一轉變更能體現了我們的使命、我們的技術以及我們直接會員群體中不斷增長的居民群體。

That being said, our third-party members don't have access to these new AI or community features as they're not supported on external platforms. And with churn nearly double on the larger platforms and revenue per subscriber roughly half compared to our direct members, we believe our focus is better spent on deepening those direct member relationships.

也就是說，我們的第三方成員無法使用這些新的人工智慧或社群功能，因為外部平台不支援這些功能。大型平台的用戶流失率幾乎是我們的兩倍，而每個訂閱用戶的收入大約只有我們直接會員的一半，因此我們認為，我們應該把精力集中在加深與直接會員的關係上。

So going forward, we'll prioritize revenue and members with higher ARPU. Today, about two-thirds of our direct members have been with Gaia for more than a year, and that number continues to grow. This ongoing loyalty strengthens our foundation and positions Gaia for a greater long-term profitability.

因此，接下來我們將優先考慮收入和ARPU值較高的會員。如今，我們約有三分之二的直接會員加入 Gaia 超過一年，而且這個數字還在持續成長。這種持續的忠誠鞏固了我們的基礎，並使 Gaia 能夠獲得更大的長期獲利能力。

Now over to Ned to talk about the financials.

現在請內德談談財務狀況。

Thank you, Kiersten. For the third-quarter of 2025, Gaia delivered revenue of $25.0 million, up from $3.0 million, or 14% year-over-year, driven by growth in both ARPU and member count. Total numbers increased in Q3 to 83,000.

謝謝你，基爾斯汀。2025 年第三季度，Gaia 的營收為 2,500 萬美元，高於上年的 300 萬美元，年增 14%，這主要得益於 ARPU 和會員數的成長。第三季總人數增加至 83,000 人。

Gross profit increased 14% to $21.6 million from $19.0 million in Q3 of 2024, with gross margins expanding to 86.4%, up from 86.1%. Net loss was negative $1.2 million or negative $0.05 per share, versus negative $1.2 million or negative $0.05 per share in Q3 of 2024.

2024 年第三季毛利成長 14% 至 2,160 萬美元，而上一季為 1,900 萬美元；毛利率從 86.1% 提高至 86.4%。淨虧損為負 120 萬美元，即每股虧損 0.05 美元，而 2024 年第三季淨虧損為負 120 萬美元，即每股虧損 0.05 美元。

Operating cash flow was $0.3 million, with free cash flow of million, representing the seventh consecutive quarter of positive free cash flow and further reflecting ongoing operational discipline. For the first nine months of 2025, free cash flow was $3.2 million, up from $1.8 million during the same period of last year.

經營現金流為 0.3 百萬美元，自由現金流為 0.00 百萬美元，這是連續第七個季度實現正自由現金流，進一步反映了持續的營運紀律。2025 年前九個月，自由現金流為 320 萬美元，高於去年同期的 180 萬美元。

Our cash balance increased to $14.2 million as of September 30, 2025, up from $4.4 million a year ago, 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.

截至 2025 年 9 月 30 日，我們的現金餘額增加到 1,420 萬美元，而一年前為 440 萬美元，並擁有 1,000 萬美元的可用信貸額度。7 月，Gaia 也將其信貸額度續簽了三年，並改善了條款，包括降低利率和擴大允許用途範圍。

The company's financial position continues to strengthen with double-digit revenue growth, improving margins and a growing cash balance through accelerating cash flow generation. And we have all of this with zero debt outside of the mortgage on our campus, which we are in the process of renewing by the end of this year.

公司財務狀況持續增強，營收達到兩位數成長，利潤率不斷提高，現金流產生速度加快，現金餘額不斷成長。而且，除了校園的抵押貸款之外，我們沒有其他債務。我們正在辦理校園抵押貸款的續約手續，預計今年底完成。

In summary, we continue to manage costs carefully and maintain healthy margins while investing in the strategic areas that will create long-term value for shareholders. I will now turn the call back over to Jirka.

總而言之，我們將繼續謹慎控製成本，保持健康的利潤率，同時投資能夠為股東創造長期價值的策略領域。現在我將把通話轉回給吉爾卡。

So for the summary, so we expect our annual growth rate for this year to be in the low double digits and similar probably revenue growth for the next year, thus continually increasing our ARPU and obviously generating positive cash flow. So this concludes our remarks. So I would like to open the call for the questions. Operator, Sachi?

綜上所述，我們預計今年的年增長率將達到兩位數的低水平，明年的收入成長也可能與之類似，從而不斷提高我們的每位用戶平均收入 (ARPU)，並顯然產生正現金流。我們的發言到此結束。所以，我想開始接受提問。接線員，是Sachi嗎？

(Operator Instructions)

（操作說明）

Ryan Meyers, Lake Street Capital.

Ryan Meyers，Lake Street Capital。

First one for me, you called out some losses from the customers on price increases. So just curious what the churn number was during the quarter and kind of how that compares to what churn is historically.

首先，你指出了價格上漲給客戶帶來的一些損失。所以我只是好奇本季的客戶流失率是多少，以及它與歷史客戶流失率相比如何。

Well, for the price increases, you can roughly figure out you lose about half of the price increase as additional churn from the -- because you increase prices. So there's definitely some people, they kind of respond to it, but it's -- you get the delta about half of it. And we kind of view it positively. That's where we kind of expected. And we, based on the experience, we'll probably do another price increase next year.

嗯，對於價格上漲，你可以粗略地計算一下，由於價格上漲，你會損失大約一半的價格上漲帶來的額外客戶流失。所以肯定有些人會對此有所反應，但是——你只能得到大約一半的增量。我們對此持正面態度。這跟我們預想的差不多。根據以往經驗，我們明年可能還會再提價。

The churn, we don't really use specific number because we try to do it, and everybody does it different. Like for let's say Netflix, if the customer comes back in 10 months, it's the same customer. For us, it's a different customer. And pretty much 80% of losses happen for six months. So it's -- the numbers on its own doesn't really make sense.

對於客戶流失率，我們並沒有使用具體的數字，因為我們嘗試進行統計，而每個人統計的方式都不同。例如以 Netflix 為例，如果客戶在 10 個月後再次光顧，那他還是同一個客戶。對我們來說，這是不同的客戶群。大約 80% 的損失都發生在六個月內。所以，單看這些數字本身並沒有什麼意義。

Okay. Fair enough. And then with the AI offering that you guys talked a little bit about, how do you think that changes the core subscription model? Any additional details on that, I think, would be helpful.

好的。很公平。然後，你們剛才稍微談到了人工智慧產品，你們認為這將如何改變核心訂閱模式？我認為，如果能提供更多細節就更好了。

Well, I think keep in mind, it's still in beta, but it is considered a conversational experience that will connect our members with the right content, and the interaction will now be measured as an engagement. So our feeling is ARPU will increase and so will -- and churn will decrease.

嗯，我想提醒大家，它目前仍處於測試階段，但它被視為一種對話體驗，可以將我們的會員與合適的內容聯繫起來，而這種互動現在將被衡量為參與度。因此我們認為 ARPU 將會上升，流失率將會下降。

Okay. Got it. And then lastly, did you guys see any significant growth in the Igniton offering on the actual Gaia Marketplace?

好的。知道了。最後，你們在 Gaia Marketplace 上是否看到 Igniton 產品有任何顯著成長？

Well, we didn't really launch Igniton on Gaia Marketplace till after Labor Day. So we started, I think, selling it like -- so we have only like three weeks in the quarter. And so it went pretty well. Obviously, there is no cost to that. We probably sold about $300,000, but it also was a new item.

其實，我們直到勞動節之後才在 Gaia Marketplace 上正式發布 Igniton。所以，我覺得我們開始賣的時候就像是——所以我們這個季度只有三週的時間了。事情進展得相當順利。顯然，這樣做是不需要任何代價的。我們大概賣了30萬美元，但那也是一件新品。

So it's still for Igniton, it's to kind of stabilize all the lines, we find different outside fulfillment houses and stuff. And they will probably continue until end of the quarter -- fourth-quarter. So I don't expect really push revenue in Igniton for this year until next year.

所以這仍然是為了 Igniton，是為了穩定所有生產線，我們尋找不同的外部物流公司等等。而且這種情況可能會持續到本季末——第四季。因此，我預計 Igniton 今年的營收不會很快成長，直到明年才會真正實現。

George Kelly, ROTH Capital Partners.

喬治凱利，ROTH Capital Partners。

First, just a couple of follow-ups from the prior questions. It sounded like you're a little uncertain about taking pricing -- core subscription pricing early next year. Did I hear that right? Is that still in the plan? And if so, how much do you plan to take?

首先，我想就前面的問題提出幾個後續問題。聽起來你對定價——明年年初的核心訂閱定價——還有些猶豫。我沒聽錯吧？這個計畫還在嗎？如果是這樣，你打算帶多少？

Our plan is to go like probably somewhere in mid-April time for another $2.

我們的計畫大概是在四月中旬的時候再去一次，再花2美元。

Okay. Understood. And then there was also a discussion on the call about with your AI features really prioritizing the direct channel. How should we think about that as far as partner marketing spend and you just allocating sort of marketing resources behind partners, like is there going to be some churn or some slower growth by channel next year as you sort of really emphasize the direct? And how is that going to -- I mean, how are you thinking about subscriber growth next year with those kind of changes?

好的。明白了。然後，電話會議上還討論了人工智慧功能是否真正優先考慮直接管道。我們應該如何看待合作夥伴行銷支出以及您將行銷資源分配給合作夥伴的問題？明年，隨著您更重視直接行銷，各通路的成長速度是否會放緩或出現一些流失？那麼，在做出這些改變之後，您認為明年的用戶成長會受到怎樣的影響？

Well, if we're going to raise prices, typically the most of the hit you take the months you introduce it, because all the monthly which is like half of the business, monthly subscription compare, annual, will kind of decide if they will continue or not. So that's typically -- I said about if we don't raise the prices, the revenue growth and member growth as a percentage about same. If we do price increase, the member growth, it's maybe half of the revenue growth. So you won't -- I assume that's what we saw this year; that's what we're going to see next year.

嗯，如果我們要提價，通常來說，漲價帶來的衝擊最大的就是漲價後的頭幾個月，因為所有月度訂閱用戶（他們佔業務的一半左右）都會比較月度訂閱和年度訂閱，這在某種程度上決定了他們是否會繼續訂閱。所以通常情況下——我說過，如果我們不提高價格，收入成長和會員成長的百分比大致相同。如果我們提價，會員成長可能只有收入成長的一半。所以你不會——我猜這就是我們今年看到的；這也是我們明年將會看到的。

And also, we continue to see challenges with advertising efficiencies and targeting on our third-party platforms, which we can't fully control. So our focus will remain on sustainable, profitable member growth and not short-term volume.

此外，我們在第三方平台上的廣告效率和定向方面仍然面臨挑戰，而這些是我們無法完全控制的。因此，我們將繼續專注於可持續、有利可圖的會員成長，而不是短期數量。

Yes. As Kiersten said, because if you have -- go to third party, the churn is more than double of ours and their revenue would be booked as half of ours. So it's really what we need one person -- for the same revenue, just one person on our direct rather than four on outside parties. So it's just -- that's what she meant by the higher value members.

是的。正如 Kiersten 所說，因為如果你要使用第三方服務，客戶流失率會是我們的兩倍多，而且他們的收入會被計入我們的一半。所以，我們真正需要的其實是一個人——在同樣的收入下，只需要我們直接招募一個人，而不是四個外部人員。所以，這就是她所說的高價值會員的意思。

Okay. Understood. And then still on the core business. As you improve the sort of curation tools and you're discovering, I know it's still early days, but you're discovering sort of what people are most interested and wanting and learning about, do you expect to raise your content spend? Or do you think it's in a good place where it sits now?

好的。明白了。然後繼續討論核心業務。隨著內容策劃工具的不斷改進，以及你逐漸發現人們最感興趣、最想了解和最需要學習的內容，你預計會增加內容支出嗎？我知道現在還處於早期階段。還是你認為它現在的位置很好？

No, we are raising our content spend about 23% from the prior year, so we will continue to make more content.

不，我們的內容支出比前一年增加了約 23%，所以我們將繼續製作更多內容。

So next year, I'm just thinking of round numbers, I mean, next year, like what's a good kind of ballpark? Maybe you're not ready to give that. But how should we think about content spend next year?

所以明年，我只是在考慮一個大概的數字，我的意思是，明年，一個比較合理的估計是多少？或許你還沒準備好付出。但我們該如何看待明年的內容支出呢？

We're not ready to give that, but I could say it's 23% more.

我們還不能給出確切數字，但我可以說比之前多了 23%。

No. I mean in a rough figure, because we're going to right now look at engagement, which includes community and AI. But if you would strip that and just look at pure content investment, probably about $15 million.

不。我的意思是粗略估計一下，因為我們現在要看的是參與度，其中包括社群和人工智慧。但如果剔除這些因素，只看純粹的內容投資，可能約 1,500 萬美元。

Okay. And then just a last one for me, just back to Igniton. I thought that the official big launch was in September. It sounds like maybe you're pushing it out a little bit. Like what have you seen? Did you put much marketing bump behind it in September? Is there any more detail you can give there? And that's all I had.

好的。最後，我再補充一句，回到 Igniton。我以為正式的大型發表會是在九月。聽起來你好像有點想把它往後推了一下。你看到了什麼？你們9月份加大了行銷推廣力度嗎？還能提供更多細節嗎？這就是我全部的家當。

We -- all we did to put it in Gaia Marketplace and send e-mail to Gaia members. We didn't do any marketing push, and we probably won't do anything until like Christmas time.

我們所做的一切都是為了將其上傳到 Gaia Marketplace 並向 Gaia 會員發送電子郵件。我們沒有做任何市場推廣活動，可能要到聖誕節前後才會開始。

Jim Sidoti, Sidoti & Co.

吉姆·西多蒂，西多蒂公司

Jirka, I think I heard you say the Igniton revenue was about $300,000. Was that for the month or for the quarter?

Jirka，我好像聽你說 Igniton 的收入大約是 30 萬美元。是按月還是按季度計算的？

No. That was just Igniton product on Gaia Marketplace. The revenue for the quarter was I think -- yes, probably $700,000.

不。那是 Gaia Marketplace 上的 Igniton 產品。我想，該季度的收入應該是——是的，大概是 70 萬美元。

So once this is fully launched, do you think this is over $3 million a year product?

那麼，一旦這款產品全面上市，你認為它的年銷售額會超過 300 萬美元嗎？

We expect to be pretty much close to it in this year.

我們預計今年就能基本實現這個目標。

Close to $3 million in 2025 ?

到2025年接近300萬美元？

Yes.

是的。

Jim, I can get into it in a little more detail. Actually, for this year, it's going to be on a run rate of around $3 million. But for this year because we launched it kind of two-thirds of the way through the year, we'll finish this year about half -- approximately half of that. Heading into 2026, I think that's when you would expect the higher number.

吉姆，我可以更詳細地解釋一下。實際上，今年的運行速度將達到約 300 萬美元。但今年，因為我們是在一年中大約三分之二的時間才啟動的，所以今年我們只能完成大約一半——大約一半。展望 2026 年，我認為屆時這個數字應該會更高。

And what will the impact on gross margin be?

那會對毛利率產生什麼影響？

It's right now 82%, so it's slightly below the 86% which Gaia does.

目前的數值是 82%，略低於 Gaia 的 86%。

Okay. But still a pretty healthy gross margin.

好的。但毛利率仍然相當可觀。

Yes.

是的。

Okay. Right. And in terms of the AI, can you just -- just kind of detail how do you monetize that? Is that going to be greater member retention or help support price increases. What is the ultimate goal of the AI investment?

好的。正確的。至於人工智慧方面，您能否詳細說明您是如何將其貨幣化的？這究竟是會提高會員留存率，還是有助於支撐價格上漲？人工智慧投資的最終目標是什麼？

Well, there's -- there are several of them, but I kind of believe it would have pretty good engagement on its own as we see some people really spend more time on search through the AI, we spend a little of time incorporated a lot of engine books and videos from our side, so it's quite different than other AIs could be. So it's really proprietary.

嗯，確實有好幾個，但我相信它本身就能獲得相當不錯的參與度，因為我們看到有些人確實會花更多時間通過人工智能進行搜索，我們也花了一些時間整合了很多引擎書籍和視頻，所以它與其他人工智能截然不同。所以這確實是專有技術。

And then it will really function also as a search for Gaia for all the videos. So if you ask any questions, we will recommend videos which we have on the topics. So that's really the kind of main function. And based by early indication, it was a good call because the engagements are already very good and increasing.

然後它還能真正起到搜尋蓋亞所有影片的作用。所以如果您有任何疑問，我們會推薦一些我們製作的關於這些主題的影片。所以這才是它真正的主要功能。根據目前的跡象來看，這是一個明智的決定，因為參與度已經非常好了，而且還在不斷提高。

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

問答環節到此結束。現在我把電話交還給雷薩維先生，請他作總結發言。

Well, thank you, everyone, for joining, and we look forward to speaking with you when we report our fourth- quarter results, which will be in early March next year. Thank you.

感謝各位的參與，我們期待在明年三月初公佈第四季業績時與大家交流。謝謝。

Thank you for joining us today for Gaia's third-quarter 2025 Earnings Conference Call. You may now disconnect.

感謝您今天參加 Gaia 2025 年第三季財報電話會議。您現在可以斷開連線了。