Gaia Inc (GAIA) 2026 Q1 法說會逐字稿

Good afternoon. Welcome to Gaia's first quarter 2026 earnings conference call. (Operator Instructions) Joining us today from Gaia are Jirka Rysavy, Chairman; Kiersten Medvedich, CEO; and Ned Preston, CFO. After the speaker's presentation, there'll be a question-and-answer session.

下午好。歡迎參加 Gaia 2026 年第一季財報電話會議。(接線員指示) 今天與會的 Gaia 團隊成員包括董事長 Jirka Rysavy、執行長 Kiersten Medvedich，以及財務長 Ned Preston。在講者簡報結束後，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. These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them.

在開始之前，Gaia 管理團隊提醒各位，管理層的事先準備發言包含前瞻性陳述，且管理層也可能在回覆各位提問時作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表現的陳述。這些陳述不保證未來表現，因此不應對其過度依賴。

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 could differ materially. These statements are based on current expectations of the company's management 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.

雖然我們相信這些預期屬合理，Gaia 管理層不承擔在本次電話會議後因發生變化而修訂任何陳述的義務。實際事件或結果可能存在重大差異。這些陳述係基於公司管理層目前的預期，並涉及固有風險與不確定性，包括 Gaia 最近向美國證券交易委員會（SEC）提交之 Form 10-K 年度報告中「風險因素」章節所識別者。

All non-GAAP financial measures referenced in today's call are reconcilable in the company's earnings release, 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 4, 2026.

今日電話會議中提及的所有非 GAAP 財務衡量指標，均可在公司財報新聞稿／新聞稿中與最直接可比的 GAAP 指標進行調節（reconcile）。本次電話會議亦包含具時效性之資訊，僅在本次播出之時間與日期（2026 年 5 月 4 日）當下為準確。

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

最後提醒各位，本次電話會議將以網路直播方式進行，並將提供錄音回放，於 Gaia 投資人關係網站 ir.gaia.com 供各位收聽。

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

現在，我想把電話會議交給 Gaia 董事長 Jirka Rysavy。請開始。

Good afternoon, everyone. This first quarter marked the beginning of our deliberate refocus back to a direct member base and a pricing discipline. In March, the 15% price increase was implemented in about 80% of our regions for monthly members. For our annual members, the increase will be effective as a subscription renewal. During the first quarter, we delivered $1.5 million of operating and $1.1 million of free cash flow.

各位下午好。本第一季標誌著我們有意識地重新聚焦於直接會員基礎與定價紀律的開始。3 月，我們已在約 80% 的地區對月費會員實施 15% 的漲價。對於年費會員，漲價將在訂閱續約時生效。第一季期間，我們實現了 150 萬美元的營運現金流，以及 110 萬美元的自由現金流。

Now, Kiersten will tell you about her plan to improve both our retention and ARPU at least 20% between the fourth quarter of last year and fourth quarter of this year. Kiersten?

接下來，Kiersten 將向各位說明她的計畫：在去年第四季到今年第四季之間，將我們的留存率與 ARPU（每用戶平均收入）各提升至少 20%。Kiersten？

Thank you, Jirka. This quarter reflects an important step in Gaia's evolution as we continue to execute on a strategy centered on strengthening the quality, durability, and profitability of our membership base. After three quarters in the CEO role, I have a clear view of where Gaia's greatest opportunity lies, and I am confident the strongest path forward is to prioritize our direct relationship with members, where we can deliver the full Gaia's experience, deepen engagement, and capture the greatest lifetime value from our content, technology, and brand.

謝謝你，Jirka。本季反映了 Gaia 演進過程中的重要一步，我們持續執行以強化會員基礎的品質、持久性與獲利能力為核心的策略。在擔任執行長三個季度後，我已清楚看見 Gaia 最大的機會所在；我也有信心，最強的前進路徑是優先強化我們與會員之間的直接關係，如此我們才能提供完整的 Gaia 體驗、深化互動，並從我們的內容、技術與品牌中取得最大的終身價值。

Over the past several years, there was a meaningful focus on driving subscriber growth from third-party platforms, supported by increased marketing spend and lower CPAs in those channels. While that supported top-line growth, those members generated lower ARPU experience higher churn and do not have access to the core features that we believe will define Gaia's future.

在過去幾年，我們相當著重於透過第三方平台推動訂戶成長，並以增加行銷支出及在這些渠道較低的 CPA（每次獲客成本）作為支撐。雖然這支持了營收成長，但這些會員帶來的 ARPU 較低、流失率較高，且無法使用我們認為將定義 Gaia 未來的核心功能。

In addition, because those relationships sit with the platforms rather than with Gaia, we do not know who those subscribers are and have no ability to engage them directly. That is why we are prioritizing growth in direct membership, where we can deliver the full Gaia experience and drive stronger long-term economics.

此外，由於這些關係是由平台而非 Gaia 所掌握，我們並不知道這些訂戶是誰，也無法直接與他們互動。因此，我們將優先推動直接會員的成長，藉此提供完整的 Gaia 體驗，並帶動更強勁的長期經濟效益。

As a reflection of that focus, for the fourth quarter of 2026, compared with the fourth quarter of 2025, Gaia is targeting an approximate 20% reduction in churn and a 20% to 25% increase in ARPU. As a result, we are making deliberate changes to how we grow, specifically, one, reducing our reliance on lower-value third-party member acquisition; two, taking a very disciplined approach to discounting and promotions; and three, rebuilding our direct marketing capabilities with new leadership and partners, including our recently appointed CMO, Tracy Benson, who has decades of experience scaling iconic consumer brands and high-growth companies.

作為此一聚焦的體現，針對 2026 年第四季相較 2025 年第四季，Gaia 目標為流失率約降低 20%，以及 ARPU 提升 20% 至 25%。因此，我們正有意識地調整成長方式，具體包括：第一，降低對低價值第三方會員獲取的依賴；第二，對折扣與促銷採取高度紀律化的做法；第三，在新領導與合作夥伴的協助下重建我們的直效行銷能力，其中包括新近任命的行銷長（CMO）Tracy Benson，她擁有數十年擴展標誌性消費品牌與高成長公司的經驗。

We also recently onboarded new agency partners across paid media and brand. These actions are intentional, and they come with a trade-off. We expect near-term pressure on revenue growth as we make this transition while still expecting growth versus last year. We are doing this because we believe these changes will materially improve the long-term economics of the business.

我們也最近在付費媒體與品牌領域引進了新的代理商合作夥伴。這些行動是有意為之，也伴隨取捨。在我們進行此轉型的同時，我們預期短期內營收成長將承受壓力，但仍預期相較去年會有成長。我們之所以這麼做，是因為我們相信這些改變將實質改善公司長期的經濟效益。

Today, our average member lifetime value exceeds $500 before reflecting the impact of our recent price increase. This is 6 times our current CPA of $85. We believe this is the metric that matters. Growing a high-value direct member base requires a more deliberate approach, one built on brand strength, marketing efficiency, retention, and member experience. And we are giving the organization the time and focus needed to execute that transition.

目前，我們的平均會員終身價值在尚未反映近期漲價影響之前就已超過 500 美元。這是我們目前 85 美元 CPA 的 6 倍。我們認為這才是最重要的衡量指標。要擴大高價值的直接會員基礎，需要更審慎的做法，建立在品牌力、行銷效率、留存與會員體驗之上。我們也正給予組織所需的時間與專注，以完成這項轉型。

Now, what gives us confidence is the strength of our existing direct member base. I've mentioned this before, approximately 70% of our direct members have been with Gaia for more than one year, and about 40% have been with us for more than three years. This level of loyalty reinforces our belief that the direct model supports a more enduring and a more valuable business over time.

讓我們有信心的，是我們既有直接會員基礎的強勁表現。我之前提過，約 70% 的直接會員已與 Gaia 同行超過一年，約 40% 已超過三年。這樣的忠誠度進一步強化了我們的信念：直接模式能在時間推移下支撐更持久、也更有價值的業務。

This is also reflected in the broader recognition of our platform. Gaia was recently ranked the number two mindfulness and wellness app by Newsweek, which we believe speaks to the strength of our content, brand, and member experience.

這也反映在外界對我們平台更廣泛的肯定上。Gaia 最近被《Newsweek》評為正念與健康類應用程式第二名，我們認為這顯示了我們內容、品牌與會員體驗的實力。

At the same time, we continue to invest in the core elements that define the Gaia experience: content, AI, personalization, and community. We continue to strengthen our content slate with programming that is closely aligned with the Gaia brand and the interests of our audience.

同時，我們持續投資於定義 Gaia 體驗的核心要素：內容、AI、個人化與社群。我們持續以與 Gaia 品牌及受眾興趣高度契合的節目內容，強化我們的內容陣容。

Recent releases included the Monroe Institute Experience, the fourth season of Missing Links with Greg Braden, and we recently launched a new monthly live format that enables members to engage directly with their favorite Gaia hosts in real time. Additionally, Q1 has shown meaningful product improvements across our core engagement-driving initiatives. These improvements are rolled out slowly and deliberately to make sure these changes are supportive to our goals.

近期上線內容包括《Monroe Institute Experience》、Greg Braden 主持的《Missing Links》第四季；我們也新推出每月一次的全新直播形式，讓會員能即時與他們最喜愛的 Gaia 主持人直接互動。此外，第一季在我們核心、用以驅動互動的各項計畫上，也展現了顯著的產品改進。這些改進以緩慢且審慎的方式逐步推出，以確保變更能支持我們的目標。

On the AI side, we have improved our model meaningfully, reducing our costs, and improving the quality of responses. We are also launching AI-powered tarot and astrology features, giving members more reasons to engage with Gaia on a daily basis. All these improvements help reinforce our direct member experience.

在 AI 方面，我們已大幅改善模型，降低成本並提升回應品質。我們也將推出 AI 驅動的塔羅牌與占星功能，讓會員有更多理由每天與 Gaia 互動。所有這些改進都有助於強化我們的直接會員體驗。

Turning to Igniton, we're excited that Jirka will be interviewed by Dave Asprey at the Biohacking Conference on May 28. We believe this is an important opportunity for Jirka to discuss the Igniton technology and broaden awareness of the brand.

談到 Igniton，我們很高興 Jirka 將於 5 月 28 日在 Biohacking Conference 上接受 Dave Asprey 的專訪。我們相信，這是 Jirka 討論 Igniton 技術並提升品牌知名度的重要機會。

Now, to support our top-of-funnel Gaia marketing efforts, we have partnered with Amagi with the launch of fast channels, allowing us to introduce Gaia to new audiences through curated content experiences. We view this as a brand-building and discovery channel that ultimately drives users back to our direct platform for access to a bigger offering.

此外，為了支持我們漏斗頂端的 Gaia 行銷工作，我們與 Amagi 合作推出 FAST 頻道，讓我們能透過精選內容體驗把 Gaia 介紹給新的受眾。我們將其視為一個品牌建立與探索的渠道，最終可將使用者導回我們的直營平台，以取得更豐富的內容供給。

Now, as we said last quarter, our goal remains to reach break-even in the fourth quarter of this year and profitable for the year 2027. We believe that the actions we are taking today are strengthening the foundation of the business in support of that objective.

再者，如同我們上季所說，我們的目標仍是在今年第四季達到損益兩平，並在 2027 年實現全年獲利。我們相信，我們今天採取的行動正在強化業務基礎，以支持該目標。

Now, stepping back, we see Gaia as the intersection of several long-term shifts. More people are seeking content that supports growth, meaning, and transformation, and at the same time, they expect more personalized, interactive, and connected community experiences.

從更宏觀的角度來看，我們認為 Gaia 位於數個長期趨勢的交會點。越來越多人在尋找能支持成長、意義與轉化的內容，同時他們也期待更個人化、互動性更強、且更具連結性的社群體驗。

We believe Gaia is uniquely positioned at that intersection. Gaia has always been for people who see the world differently, people asking deeper questions and seeking greater meaning. Our role is to help them find their why and support them on their journey.

我們相信 Gaia 在這個交會點上具備獨特定位。Gaia 一直以來都是為那些以不同方式看待世界的人而存在——那些提出更深層問題並追尋更大意義的人。我們的角色是協助他們找到自己的「為什麼」，並在旅程中支持他們。

When we look ahead, we see a clear opportunity to build a stronger company, one defined not just by growth, but by quality, engagement and durability. The choices we are making today reflect that focus, and we believe they will drive more meaningful long-term value for both our members and our shareholders.

展望未來，我們看到一個明確的機會去打造一家更強健的公司，其定義不僅是成長，更包括品質、參與度與持久性。我們今天所做的選擇反映了這個聚焦方向，我們相信這將為會員與股東帶來更具意義的長期價值。

Now over to Ned for the financial details.

接下來請 Ned 說明財務細節。

Thank you, Kiersten. Revenues for the first quarter of 2026 increased to $24.3 million from $23.8 million in the first quarter of 2025, primarily driven by increased ARPU, partially offset by the reduction of discounted pricing. Gross profit in the first quarter was $20.9 million, unchanged from last year, gross margin was 86%.

謝謝你，Kiersten。2026 年第一季營收由 2025 年第一季的 2,380 萬美元增加至 2,430 萬美元，主要由 ARPU 提升所帶動，但部分被折扣定價減少所抵銷。第一季毛利為 2,090 萬美元，與去年持平，毛利率為 86%。

Due to the initiatives Kiersten discussed, net loss was $1.3 million or negative $0.05 per share, compared to a net loss of $1 million or negative $0.04 per share in the year-ago quarter. Our annualized gross profit per employee increased to $816,000, up from $806,000 in the year-ago quarter, driving further improvements in our free cash flow.

由於 Kiersten 所提到的各項措施，淨損為 130 萬美元或每股虧損 0.05 美元，相較去年同期淨損 100 萬美元或每股虧損 0.04 美元。我們每位員工的年化毛利提升至 81.6 萬美元，高於去年同期的 80.6 萬美元，進一步推動自由現金流改善。

Operating cash flow was $1.5 million, with free cash flow of $1.1 million, reflecting ongoing operational discipline and representing the ninth consecutive quarter of positive free cash flow. Our cash balance was $13.1 million as of March 31, 2026, aligned to the $13.1 million at the end of Q1 of 2025, with a fully available $10 million line of credit.

營運現金流為 150 萬美元，自由現金流為 110 萬美元，反映持續的營運紀律，並且是連續第九季自由現金流為正。截至 2026 年 3 月 31 日，我們的現金餘額為 1,310 萬美元，與 2025 年第一季末的 1,310 萬美元一致，並有一筆 1,000 萬美元的循環信用額度可全額動用。

As we navigate this transition, our focus remains on maintaining a strong financial foundation while investing in long-term value creation. We continue to operate with high margins, positive free cash flow, and a solid balance sheet, with no debt outside our small campus mortgage.

在我們推進這項轉型之際，我們仍專注於維持穩健的財務基礎，同時投資於長期價值創造。我們持續以高毛利、正向自由現金流與穩健的資產負債表營運，除了一筆小型園區房貸外並無其他負債。

While we anticipate near-term pressure on growth as we reposition the business, we believe our disciplined approach to cost management and capital allocation will drive improvement to our unit economics and profitability over time. This approach is illustrated in the pro forma revenue benchmark scenario included in our investor presentation available on our website. This analysis outlines our business model at $100 million, $150 million, and $200 million in revenue.

雖然在我們重新定位業務的過程中，預期短期成長將承受壓力，但我們相信，對成本管理與資本配置的紀律作法，將隨時間推動單位經濟效益與獲利能力改善。此作法可從我們網站上投資人簡報所包含的備考（pro forma）營收基準情境中看出。該分析概述了我們在 1 億、1.5 億與 2 億美元營收規模下的商業模式。

We were pleased to nearly reach the first milestone in 2025, finishing the year at $99 million in revenue and $15.8 million in adjusted EBITDA. We are now targeting our next milestone of $150 million in revenue and $39.3 million in adjusted EBITDA by 2029.

我們很高興在 2025 年幾乎達成第一個里程碑，全年營收達 9,900 萬美元，調整後 EBITDA 為 1,580 萬美元。我們目前的下一個目標是於 2029 年達成 1.5 億美元營收與 3,930 萬美元調整後 EBITDA 的里程碑。

That completes my summary. I'd now like to turn the call back over to Jirka for his closing comments.

以上是我的摘要。接下來我想把電話交回給 Jirka，請他做結語。

So this concludes our remarks, so I'd like to open the call for questions. Operator?

我們的說明到此結束，接下來我想開放提問。接線員？

(Operator Instructions)

（接線員指示）

Ryan Myers, Lake Street Capital Markets.

Ryan Myers，Lake Street Capital Markets。

Oh, sorry about that. I was on mute, but thank you guys for taking my question. First one for me, if we think about this pivot here to the direct channel, why do you feel like now is the right time to make this switch and the emphasis here on direct?

喔，不好意思。我剛剛在靜音，但謝謝各位回答我的問題。第一個問題：如果我們談到這次轉向直營渠道，你們為什麼覺得現在是做出這個切換、並強調直營的合適時機？

So, the timing reflects what we've learned, what I've learned over the past three quarters. Like when I stepped into the CEO role, the company already had a growth strategy in motion with a focus on the third-party channels and discounted memberships. So my role was to assess whether that strategy was still working, especially for the long-term.

時機點反映了我們、也反映了我在過去三個季度所學到的事情。當我接任 CEO 時，公司已經在推動一套成長策略，重點放在第三方渠道與折扣會員方案。因此，我的角色是評估這套策略是否仍然有效，尤其是就長期而言。

As marketing commitments to those channels increased, the data showed that they were generating customers with higher churn and lower margins, and that didn't support the full Gaia experience. But at the same time, we are making important investments into AI product and community that are designed to deepen engagement and create more value for our direct members.

隨著對這些渠道的行銷承諾增加，數據顯示它們帶來的客戶流失率更高、毛利更低，而且無法支撐完整的 Gaia 體驗。但同時，我們正在對 AI 產品與社群進行重要投資，旨在加深參與度，並為直營會員創造更多價值。

And so third-party, like I said, third-party members just do not have access to those features off our platform. So this is a disciplined decision as newly into this role based on data, customer behavior, and our long-term mission. And so, I believe right now is the right time to focus our resources on higher quality growth, stronger retention, and better margins.

因此，如我所說，第三方會員在我們平台之外無法使用這些功能。所以，基於數據、客戶行為以及我們的長期使命，這是我在新任職後所做出的審慎決策。因此，我相信現在正是把資源聚焦在更高品質的成長、更強的留存，以及更佳毛利的合適時機。

Okay, makes sense. And then if we think back to last quarter, I know you guys did communicate low double-digit growth for FY26. So based on everything that you had talked about, it sounds like we shouldn't be expecting low double-digit growth for this year. Any commentary that you can give us on what -- we could expect growth to be? It sounds like you guys did expect to grow year-on-year, but any color there would be helpful.

好的，合理。再來，如果回顧上一季，我知道你們曾溝通 FY26 會有低雙位數成長。但根據你們剛才談到的內容，聽起來我們今年不應該期待低雙位數成長。你們能否就我們可以期待的成長幅度提供一些評論？聽起來你們仍預期年增，但若能補充一些細節會很有幫助。

Yeah. Hey, Ryan, it's Ned. Yes. So really our overarching theme, as we've been talking, is our continued positive free cash flow to achieve that 20% to 25% ARPU by Q4 of this year. And then that will lead to our breakeven P&L for the fourth quarter and full-year 2027 profitability for next year.

是的。嗨，Ryan，我是 Ned。是的。所以我們一直在談的整體主軸，確實是持續維持正向自由現金流，並在今年第四季前達成 ARPU 提升 20% 到 25%。接著，這將帶動我們在第四季損益表達到損益兩平，並在 2027 年達成全年獲利，也就是明年。

We will see a short to mid-term lower or kind of consistent revenue field for the next quarter or two with in the second half of the year things up ticking to achieve that Q4 breakeven P&L.

我們預期在接下來一到兩季，營收會在短到中期呈現較低或大致持平的走勢；而在下半年會有所回升，以達成第四季損益表損益兩平。

Got it. Thank you for taking my questions.

了解。感謝讓我提問。

Jim Sidoti, Sidoti & Company.

Jim Sidoti，Sidoti & Company。

Hi, good afternoon, and thanks for taking the questions. Can you talk a little bit about gross margin, why it was down a little in the quarter and where you expect it to be as you go through this transition?

嗨，午安，感謝接受提問。能否談談毛利率，為什麼本季略有下滑，以及在你們進行這項轉型的過程中，預期毛利率會落在什麼水準？

Yeah, hey, Jim. Yeah, so for Q1, 86%. On paper, that does look as though it's down as a percentage year-on-year. We did have a one-time true up around royalties in Q1 of last year. So when you normalize that, it was flat at exactly 86% gross margins.

是的，嗨，Jim。是的，所以第一季是 86%。從表面上看，確實像是年對年以百分比計有所下降。我們在去年第一季針對權利金有一次性調整（true-up）。因此把那個因素正常化之後，毛利率其實持平，正好是 86%。

With that being said, however, good question, because we will see a small revenue mix shift from our non-SVOD business, kind of leading to a slight decline in our gross margin percentage as we proceed through the year, just kind of making sense that some of those businesses are growing at a slightly higher growth rate.

不過話說回來，這是個好問題，因為我們會看到營收組合從非 SVOD 業務出現一些轉移，隨著今年推進，將導致毛利率百分比略為下滑；這也合理，因為其中一些業務的成長率稍微更高。

So I can go over that more detail with all of you when we run through your models. But we're talking about a 2 point to 3 point by the end of the year on gross margins, but we'll still be running, as we go into 2027, back up around 86%.

所以等我們和各位一起跑模型時，我可以更詳細說明。但我們談的是到今年年底毛利率大約下降 2 到 3 個百分點；不過當我們進入 2027 年時，毛利率會回到約 86% 左右。

Okay. And can you break out was there a contribution from Igniton and some of your marketplace initiatives in the quarter?

好的。另外，本季 Igniton 以及你們一些市集（marketplace）計畫是否有貢獻？

There were. They were non-material. They were on track to what we were expecting. Really, that 86% for Q1 was on plan to what we're expecting from them. The mix shift really isn't going into effect there as much as it will in Q2 through Q4.

有的。但金額不具重大性。進度符合我們的預期。其實第一季的 86% 毛利率就我們對它們的預期而言是符合計畫的。營收組合的轉移在第一季影響不大，會在第二季到第四季更明顯。

Okay. And I know you revised your top-line guidance, but did I hear you still expect to be profitable by the fourth quarter?

好的。我知道你們調整了營收指引，但我是否聽到你們仍預期在第四季實現獲利？

That's correct, yes.

沒錯，是的。

Okay, all right. Thank you.

好的，了解。謝謝。

George Kelly, North Capital Partners. (Operator Instructions)

George Kelly，North Capital Partners。（接線員指示）

Hey, everyone. Thanks for taking my questions. First one is just on Igniton. I think you said that your complaints to present at the May Biohacking Conference. So I was curious, like, what the kind of product roadmap is with Igniton and marketing plan for the year and just any kind of data around your expectations for how the year should roll out for Igniton?

各位好，感謝接受我的提問。第一個問題是關於 Igniton。我想你們提到會在 5 月的 Biohacking Conference 發表你們的……（內容）。所以我想了解 Igniton 的產品路線圖以及今年的行銷計畫，還有任何你們對 Igniton 今年推進情況的預期數據。

At Biohacking, we're going to introduce a new product, what's called REM sleep, what increases dramatically for your own sleep. And we probably also introduce a new peptide, would get rid of the wrinkles. But, on a peptide, we're not totally sure we do it right on the conference or after.

在 Biohacking，我們會推出一個新產品，叫做 REM sleep，能大幅提升你自己的睡眠。我們也可能會推出一種新的胜肽，可以去除皺紋。但關於胜肽，我們還不完全確定是在會議上推出，還是會後推出。

We have few other non-supplement technologies because it's a technology company and we want to be careful. So it's not viewed on some people because today we have questions about this being a supplement company. We don't expect the supplement will produce majority of the revenue at all, but for this year, it would. So that's kind of the Biohacking. But we will introduce some of the non-supplement product as a vision without launching it in a event.

我們還有一些其他非補充品的技術，因為我們是一家科技公司，我們希望謹慎處理。所以不要讓某些人把我們視為補充品公司，因為目前大家對我們是否是補充品公司仍有疑問。我們不預期補充品會成為主要營收來源，但就今年而言，會是。這大概就是 Biohacking 的部分。但我們會以願景的方式介紹一些非補充品產品，而不會在活動中正式上市。

Okay. And what about the capital position at Igniton? Do they, like -- how does that look? Are they still, is there still plenty of cash there?

好的。那 Igniton 的資本狀況呢？他們——狀況如何？那邊現金還充裕嗎？

The company operates close to breakeven and has about $5 million cash and no debt.

公司營運接近損益兩平，約有 500 萬美元現金，且沒有負債。

Okay, And then second question for me is on community. Can you update us just on what's launched? I'm not sure if any of that's launched or the timing around the kind of key initiatives around community.

好的。那我第二個問題是關於社群（community）。能否更新一下目前已經上線了哪些功能？

Yeah, sure. I'll take that. So, community, it remains an important part of the long-term vision for Gaia because we believe it has the ability to deepen engagement and increase intention. And right now, we are on target to launch a beta version by the end of this year for community. Like, we are in testing for sharing a playlist and sharing your profiles right now.

好的，當然。我來回答。社群仍是 Gaia 長期願景的重要一環，因為我們相信它能加深互動並提升使用意願。目前我們按計畫在今年年底前推出社群的 beta 版本。例如，我們現在正在測試分享播放清單以及分享個人檔案。

Okay. And then maybe one last question just on the deprioritization of the third-party channel. But what percent of your revenue is still derived there? And if we look forward a year or two, where is that going to shift? Anything else in your subscription platform that you think, whether it's third-party or something else, that you're also kind of -- it's under assessment? Are there other areas that you might deprioritize as well?

好的。最後一個問題是關於你們降低第三方通路優先順序（deprioritization）。目前仍有多少比例的營收來自那裡？如果往前看一到兩年，這個比例會如何轉移？在你們的訂閱平台中，除了第三方或其他項目，是否也有正在評估、可能同樣會降低優先順序的領域？還有其他你們可能也會降低優先順序的部分嗎？

Well, the third-party, historically, we always had a limit should -- has to be revenue below 20%, and it was there until, let's say, 2-, 2.5 years ago. It was all obviously like high 10s. And then for last 2.5 years, it shifted a lot and get to kind of low 20s and close to not quite 25%, but there and needs to go back into below 20%. Did I answer your question?

嗯，第三方方面，歷史上我們一直有個上限——營收占比必須低於 20%，而在大約 2 到 2.5 年前之前都維持在那裡。顯然當時大概是 10% 後段。但在過去 2.5 年，它轉移了很多，到了 20% 出頭，接近但不到 25%，大概就在那附近；需要回到 20% 以下。我有回答到你的問題嗎？

Yeah, how quickly do you expect it to get back to that targeted range, Jirka?

有的。Jirka，你預期多快能回到那個目標區間？

Within 12 months.

在 12 個月內。

Within 12, okay. All right, thank you.

12 個月內，好的。好，謝謝。

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

謝謝。此時，我們的問答環節到此結束。我想把電話交回給 Rysavy 先生作結語。

Thank you, everyone for joining, and we look forward to speaking with you when we'll report our second quarter results in early August. Thank you.

感謝各位參與，我們期待在 8 月初公布第二季業績時再與各位交流。謝謝。

Thank you for joining us today for Gaia's first quarter 2026 earnings conference call. You may now disconnect.

感謝今天參加 Gaia 2026 年第一季財報電話會議。您現在可以掛線。