Laird Superfood Inc (LSF) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending the Laird Superfood, Inc. Third quarter 2025 Financial Results Call. My name is Matt, and I'll be a moderator for today's call. (Operator Instructions) I'd now like to pass the conference over to our host, Trevor Rousseau, Head of Investor Relations with Laird Superfood.

午安.感謝您參加 Laird Superfood, Inc. 2025 年第三季財務業績電話會議。我叫馬特，我將擔任今天電話會議的主持人。（操作員指示）現在，我想把會議交給我們的主持人，萊爾德超級食品公司投資者關係主管特雷弗·盧梭。

Trevor, please go ahead.

特雷弗，請繼續。

Thank you, and good afternoon. Welcome to Laird Superfood's Third Quarter 2025 Earnings Conference Call and Webcast. On today's call are Jason Vieth, Laird Superfood's President and Chief Executive Officer; and Anya Hamill, our Chief Financial Officer. By now, everyone should have access to the company's earnings release, which is filed today after market close. It is available on the Investor Relations section of Laird Superfood's website at www.lairdsuperfood.com.

謝謝，下午好。歡迎參加萊爾德超級食品公司2025年第三季財報電話會議和網路直播。今天參加電話會議的有萊爾德超級食品公司總裁兼執行長傑森·維斯，以及財務長安雅·哈米爾。現在，所有人都應該能夠看到該公司今天收盤後發布的獲利報告。可在萊爾德超級食品公司網站 www.lairdsuperfood.com 的投資者關係部分查閱。

Before we begin, please note that during this call, management may make forward-looking statements within the context of federal securities laws. These statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those described. Please refer to today's press release and other filings with the SEC for a detailed discussion of these risks and uncertainties.

在開始之前，請注意，在本次電話會議中，管理層可能會在聯邦證券法的框架內發表前瞻性聲明。這些聲明是基於管理層目前的預期，並涉及風險和不確定性，可能導致實際結果與所述結果有重大差異。有關這些風險和不確定性的詳細討論，請參閱今天的新聞稿和向美國證券交易委員會提交的其他文件。

And with that, I'll turn the call over to Jason.

接下來，我將把電話交給傑森。

Thank you, Trevor, and good afternoon, everyone. Thank you for joining us today for our third quarter 2025 earnings call. I'm pleased to report another quarter of solid top line growth as we continue to execute on our strategy to build Laird Superfood into a leading player in the premium plant-based functional food space.

謝謝你，特雷弗，大家下午好。感謝您今天參加我們2025年第三季財報電話會議。我很高興地宣布，隨著我們繼續執行將 Laird Superfood 打造成高端植物性功能性食品領域領先企業的策略，公司營收又實現了穩健成長。

Net sales for the third quarter increased 10% year-over-year to $12.9 million, driven primarily by strong performance in our wholesale channel. For the first nine months of 2025, net sales were up 15% to $36.5 million. Our wholesale channel continues to be a standout with net sales up 39% in the quarter and 40% year-to-date.

第三季淨銷售額年增 10% 至 1,290 萬美元，主要得益於批發通路的強勁表現。2025 年頭九個月，淨銷售額成長 15%，達到 3,650 萬美元。我們的批發管道繼續表現出色，本季淨銷售額成長了 39%，今年迄今成長了 40%。

This growth reflects our focused efforts on expanding distribution, particularly in grocery and club stores, where we've seen robust velocity gains and increased shelf space. We're seeing strong consumer demand for our core products like coffee creamers, hydration enhancers and functional beverages, as shoppers increasingly seek out clean, functional ingredients that align with healthier lifestyles.

這一成長反映了我們致力於擴大分銷管道的努力，尤其是在雜貨店和會員店，我們在這些地方實現了強勁的銷售成長和貨架空間的增加。我們看到消費者對我們的核心產品（如咖啡伴侶、補水劑和功能性飲料）的需求強勁，因為消費者越來越傾向於選擇符合更健康生活方式的清潔、功能性成分。

The wholesale channel contributed 53% of net sales during Q3 and through the first three quarters of 2025, represented 49% of our total net sales. This is well aligned to our strategic intent of transitioning Laird Superfood to being a wholesale-led company.

第三季批發通路貢獻了 53% 的淨銷售額，到 2025 年前三個季度，批發通路將占我們總淨銷售額的 49%。這與我們將萊爾德超級食品公司轉型為批發主導型公司的策略意圖非常契合。

In our e-commerce channel, which represented 47% of net sales in the quarter, we experienced an 11% decline year-over-year, primarily due to softness in our direct-to-consumer platform from lower new customer acquisition. However, this was partially offset by continued growth on Amazon.com. Year-to-date, e-commerce was relatively flat, and we remain optimistic about this channel's potential as we refine our digital marketing strategy and leverage our loyal repeat customer base, which accounted for about 88% of DTC sales in the quarter.

本季度，我們的電子商務管道佔淨銷售額的 47%，年減了 11%，主要原因是由於新客戶獲取量下降，導致我們的直接面向消費者平台疲軟。然而，亞馬遜網站的持續成長部分抵消了這一影響。今年迄今為止，電子商務表現相對平穩，我們仍然對該管道的潛力持樂觀態度，因為我們將不斷完善數位行銷策略，並充分利用我們忠實的重複購買客戶群，該客戶群在本季度貢獻了約 88% 的 DTC 銷售額。

Gross profit for the quarter was $4.7 million, down 7% from the prior year, with gross margin contracting to 36.5% from 43% last year. This was fully expected and largely due to commodity cost inflation and channel mix shifts towards wholesale, but also due to the nonrecurrence of a onetime supplier settlement benefit that we recorded in Q3 of last year, which impacted margins by about 3 points.

本季毛利為 470 萬美元，比去年同期下降 7%，毛利率從去年的 43% 萎縮至 36.5%。這完全在意料之中，主要是由於大宗商品成本上漲和通路組合向批發方向轉變，但也因為我們去年第三季度獲得的一次性供應商結算收益不再重現，這導致利潤率下降了約 3 個百分點。

Year-to-date, gross profit increased 9% to $14.4 million, as we have managed to offset a good portion of the commodity and tariff impacts that have swept the national headlines. Anya will provide more details on our financials in a moment, but overall, these results demonstrate the progress that we're making in scaling our business while navigating a dynamic market environment.

今年迄今為止，毛利增加了 9%，達到 1,440 萬美元，因為我們成功抵銷了席捲全國新聞頭條的商品和關稅影響的大部分。Anya 稍後會提供更多關於我們財務狀況的細節，但總的來說，這些結果表明，我們在應對瞬息萬變的市場環境的同時，在擴大業務規模方面取得了進展。

Turning to business highlights. We're excited about the momentum in our wholesale expansion. We've continued to add distribution points at major retailers and our velocities in core categories like shelf-stable creamers continue to outperform our expectations. This validates our focus on premium functional ingredients that resonate with consumers, shifting away from sugar laden and artificial options.

接下來是業務亮點。我們對批發業務擴張的勢頭感到興奮。我們持續在主要零售商處增加分銷點，核心品類（如常溫奶精）的銷售速度持續超出預期。這證明了我們專注於能夠引起消費者共鳴的優質功能性成分，摒棄含糖量高和人工添加劑的做法是正確的。

On the innovation front, we're continuing to invest in product development to diversify our portfolio and drive repeat usage. We are excited to be launching our new protein coffee in the next month, and we have already begun shipping our new liquid creamer products.

在創新方面，我們將繼續投資產品開發，以實現產品組合多元化並推動重複使用。我們很高興能在下個月推出新款蛋白咖啡，並且我們已經開始出貨新款液體奶精產品。

On liquid creamers, this marks an enormous improvement to our existing formulation. We've now replaced the coconut oil with organic coconut cream, increased the level of adaptogenic mushrooms and replaced cane sugar with lower glycemic index coconut sugar. The resulting taste and texture are far superior to our previous products, and I would dare say the best tasting and healthiest products on the market. We are relaunching these creamers as organic formulations and packaging them in a post-consumer recycled plastic bottle that will be really attractive on the retailer shelves.

對於液體奶精而言，這標誌著我們現有配方有了巨大的改進。我們現在用有機椰子奶油取代了椰子油，增加了適應原蘑菇的含量，並用低升糖指數的椰子糖取代了蔗糖。最終的口感和質地都遠勝於我們之前的產品，我敢說，這是市面上最好吃、最健康的產品。我們將重新推出這些奶精，採用有機配方，並使用消費後回收塑膠瓶進行包裝，這樣在零售商的貨架上會非常吸引人。

Now back to protein coffee. We have high expectations for this launch. This marks Laird Superfood's first foray into dairy products, a market which is somewhere around 10x as large as the plant-based market that we have been participating in to date. And the product that we are launching is dynamite. It's a high-quality freeze-dried coffee, blended with 10 grams of dairy protein per serving, perfect for anyone looking to add protein to their diet.

現在回到蛋白咖啡的話題。我們對此次發布寄予厚望。這標誌著萊爾德超級食品公司首次進軍乳製品市場，該市場規模大約是我們迄今為止所參與的植物性市場的 10 倍。我們即將推出的這款產品簡直太棒了。這是一款高品質的冷凍乾燥咖啡，每份含有 10 克乳蛋白，非常適合想要在飲食中增加蛋白質的任何人。

And with low calories and no sugar, it's also a perfect fit with today's health and wellness trends and great support for anyone taking GLP-1s. As part of our strategy to streamline operations and focus resources on our highest growth opportunities and Laird Superfood brand, we've made the decision to discontinue the Picky Bars brand in the second quarter of 2026.

而且它低卡路里、無糖，非常符合當今的健康養生趨勢，並且對服用 GLP-1 類藥物的人來說也是一個很好的支持。作為我們精簡營運、將資源集中在最具成長潛力的機會和 Laird Superfood 品牌策略的一部分，我們決定在 2026 年第二季停止生產 Picky Bars 品牌。

This will allow us to redirect investments toward the core Laird Superfood brand, which we believe has the strongest potential for scale. In connection with this, we recorded a $661,000 impairment charge in the quarter related to Picky Bars intangible assets.

這將使我們能夠將投資重新導向核心的 Laird Superfood 品牌，我們認為該品牌具有最強的規模潛力。為此，我們在本季度提列了與 Picky Bars 無形資產相關的 661,000 美元減損費用。

From an operational standpoint, we were able to reduce our inventory by more than $1 million in the third quarter. You'll recall that we had strategically built our inventory through the first half of 2025 in order to meet rising demand without the out of stocks that we experienced last year and to mitigate the impact of tariffs on imported raw materials, particularly from Southeast Asia.

從營運角度來看，我們在第三季成功減少了超過 100 萬美元的庫存。您應該還記得，為了滿足不斷增長的需求，避免像去年那樣出現缺貨情況，並減輕進口原材料（特別是來自東南亞的原材料）關稅的影響，我們已戰略性地建立了 2025 年上半年的庫存。

As we continue to sell through this inventory in the coming quarters, we expect cash flows to improve as a result. And speaking of tariffs, I am also pleased to be able to report that we recently were informed that our coconut milk products will not be subject to additional tariffs, reducing the impact on our go-forward costs and improving our 2026 financials by more than $1 million.

隨著我們在接下來的幾個季度繼續銷售這些庫存，我們預計現金流將因此得到改善。說到關稅，我也很高興地報告說，我們最近獲悉，我們的椰奶產品將不會受到額外關稅的影響，這將減少對我們未來成本的影響，並使我們 2026 年的財務狀況改善超過 100 萬美元。

For the balance of 2025, we're focused on optimizing our supply chain, managing costs and driving efficiencies to expand margins over time. We'll also continue to monitor the macroeconomic factors like commodity inflation and potential trade policies, but we're well positioned to navigate them as we close out this year and head into 2026. Q3 was another step forward in our journey to build a scalable, profitable business. We're executing on our plan, and I'm excited about the opportunities ahead.

在 2025 年剩餘的時間裡，我們將專注於優化供應鏈、控製成本和提高效率，以隨著時間的推移擴大利潤率。我們將繼續關注大宗商品通膨和潛在貿易政策等宏觀經濟因素，但我們已做好充分準備，以應對今年剩餘時間和2026年的各種挑戰。第三季是我們建構可擴展、獲利業務道路上的又一個里程碑。我們正在按計劃行事，我對未來的機會感到興奮。

With that, I'll turn it over to Anya for a more detailed review of our financials.

接下來，我將把工作交給安雅，讓她對我們的財務狀況進行更詳細的審查。

Thank you, Jason, and good afternoon, everyone. I will now provide you with some additional details on the third quarter of 2025 financial results and our outlook for the full year performance. I am pleased to report another robust quarter for Laird Superfood highlighted by double-digit top line growth, healthy gross margins, positive adjusted EBITDA and $1.1 million of positive operating cash flow.

謝謝你，傑森，大家下午好。接下來，我將向大家提供2025年第三季財務業績的更多細節以及我們對全年業績的展望。我很高興地報告，萊爾德超級食品公司又迎來了一個強勁的季度，營收實現了兩位數增長，毛利率健康，調整後的 EBITDA 為正，經營現金流為 110 萬美元。

Net sales grew 10% to $12.9 million compared to $11.9 million in the prior year period and $12.0 million last quarter. And excluding Picky Bars products, net sales increased 14% in the third quarter. Although net sales growth came in softer than anticipated, primarily due to the timing of large wholesale customer orders, our underlying fundamentals remain strong and unchanged.

淨銷售額成長 10%，達到 1,290 萬美元，而去年同期為 1,190 萬美元，上季為 1,200 萬美元。如果排除 Picky Bars 產品，第三季淨銷售額成長了 14%。儘管淨銷售額成長低於預期，主要是由於大宗批發客戶訂單的時間安排，但我們的基本面依然強勁且保持不變。

Our wholesale channel continued to deliver exceptional momentum, increasing 39% year-over-year and representing 53% of total net sales, driven by ongoing distribution gains in both grocery and club. E-commerce sales declined 1% year-over-year, reflecting softness in DTC though this was primarily offset by continued growth on Amazon. Overall, the e-commerce channel contributed 47% of total net sales. Gross margin in the third quarter delivered robust 36.5 points compared to 43.0 points in the corresponding prior year period. It is worth noting that prior year Q3 margins have benefited from onetime favorable supplier settlement that accounted for approximately 3 points of gross margin.

我們的批發通路持續保持強勁成長勢頭，較去年同期成長 39%，佔總淨銷售額的 53%，這主要得益於雜貨店和會員店分銷管道的持續成長。電子商務銷售額年減 1%，反映出 DTC 業務疲軟，但亞馬遜的持續成長基本上抵消了這一影響。總體而言，電子商務通路貢獻了總淨銷售額的 47%。第三季毛利率表現強勁，達到 36.5 個百分點，去年同期為 43.0 個百分點。值得注意的是，去年同期第三季的利潤率得益於一次性的有利供應商結算，這大約佔毛利率的 3 個百分點。

Excluding that onetime benefit, Q3 gross margins were about 3.5 points lower than corresponding prior year period and 3.4 points lower than the second quarter of 2025. These results are in line with our expectations given commodity inflation in our key raw materials, such as coffee and coconut milk powder and increased tariff costs. We are confident in our ability to hold gross margins in upper 30s for full year 2025 and beyond, which is at the level of best-in-class CPGs, despite inflationary pressures and even without using pricing as a lever.

剔除此一次性收益後，第三季毛利率比去年同期低約 3.5 個百分點，比 2025 年第二季低約 3.4 個百分點。鑑於咖啡、椰奶粉等主要原料的商品價格上漲以及關稅成本增加，這些結果符合我們的預期。我們有信心在 2025 年全年及以後保持 30% 以上的毛利率，達到一流消費品公司的水平，即使面臨通膨壓力，即使不使用定價手段也能實現這一目標。

Our supply chain team continues to drive efficiencies by directly partnering with key raw material suppliers, and co-packing partners to find cost savings to offset rising commodity costs. Operating expenses increased $0.4 million in the third quarter compared to the same quarter last year, driven by increased marketing investment and advertising costs as well as increased selling costs due to higher sales volume.

我們的供應鏈團隊透過與主要原料供應商和聯合包裝合作夥伴直接合作，不斷提高效率，以節省成本，抵消不斷上漲的商品成本。第三季營運支出比去年同期增加了 40 萬美元，主要原因是行銷投資和廣告成本增加，以及由於銷售增加而導致的銷售成本增加。

General and administrative expenses were relatively flat during Q3 of 2025 with Picky impairment charges, largely offset by decreased personnel costs and professional fees. Net loss for the third quarter was $1.0 million compared to $0.2 million loss in the prior year period. The increase in net loss was primarily due to $0.7 million impairment charge of long-lived intangible assets related to the Picky Bars brand as well as higher marketing and selling costs on higher top line sales. This was offset in part by decreased personnel costs.

2025 年第三季一般及行政費用相對平穩，其中 Picky 減損費用被人員成本和專業費用的減少基本抵銷。第三季淨虧損為 100 萬美元，而去年同期虧損為 20 萬美元。淨虧損增加主要是由於與 Picky Bars 品牌相關的長期無形資產減損支出 70 萬美元，以及更高的銷售額帶來的更高的行銷和銷售成本。人員成本的降低部分抵銷了這一影響。

Adjusted EBITDA was positive $0.2 million compared to $0.1 million in the same quarter prior year. The improvement in adjusted EBITDA was driven by top line growth and discipline around cost control as we are well on the way to breakeven and profitability.

調整後 EBITDA 為 20 萬美元，去年同期為 10 萬美元。調整後 EBITDA 的改善得益於營收成長和成本控制的嚴格執行，我們正朝著損益平衡和獲利的目標穩步邁進。

Now turning to our balance sheet. We ended the quarter with $5.3 million in cash and no debt. As we discussed last quarter, we made targeted forward purchases of certain raw materials earlier this year to mitigate tariff-related cost increases. During the third quarter, we began drawing down this inventory, reducing our position from approximately $11 million to $10 million, while increasing our cash balance by $1.1 million quarter-over-quarter. We expect to continually building our cash position in the fourth quarter and into early 2026, as inventory continues to convert to cash.

現在來看我們的資產負債表。本季末，我們擁有530萬美元現金，且無任何債務。正如我們上個季度所討論的，為了緩解關稅相關的成本上漲，我們今年早些時候有針對性地提前採購了一些原材料。第三季度，我們開始減少庫存，將庫存從約 1,100 萬美元減少到 1,000 萬美元，同時現金餘額環比增加了 110 萬美元。我們預計在第四季及2026年初，隨著庫存不斷轉化為現金，我們的現金儲備將持續成長。

We exited the third quarter with solid momentum in our core categories, a strong innovation pipeline and continued confidence in our team and our brands. While macroeconomic uncertainty, particularly with e-commerce channel and the timing of large customer orders are impacting our near-term top line, our underlying fundamentals remain strong.

第三季結束時，我們的核心業務類別發展勢頭強勁，創新產品線充足，並且對我們的團隊和品牌充滿信心。儘管宏觀經濟的不確定性，特別是電子商務通路和大客戶訂單時間的不確定性，正在影響我們近期的營收，但我們的基本面依然強勁。

Reflecting year-to-date trends and these time and effects, we are updating our full year 2025 net sales growth expectation to approximately 15% growth. We continue to expect gross margin to hold in the upper 30s range and to achieve breakeven adjusted EBITDA for the full year. We also remain confident in our ability to deliver a strengthened cash position, supported by our disciplined execution and positive operating cash flow in the third quarter.

考慮到年初至今的趨勢以及這些時間和影響，我們將 2025 年全年淨銷售額成長預期更新為約 15% 的成長。我們仍預期毛利率將維持在 30% 以上，並達到全年調整後 EBITDA 收支平衡。我們也對自身能力充滿信心，相信在第三季憑藉著嚴謹的執行力和積極的經營現金流，能夠實現更強勁的現金狀況。

And now I will turn the discussion back to the operator and open it up for questions.

現在我將把討論交還給操作員，並開放提問環節。

(Operator Instructions)

（操作說明）

Eric Des Lauriers, Craig-Hallum.

埃里克·德·勞里耶斯，克雷格-哈勒姆。

Great. First one for me, I just wanted to zero in a little bit more on the guidance. So certainly understand the volatility and size and timing of some key customer orders in the wholesale channel. I guess I was just a little confused if this negatively impacted Q3 results or Q4 or maybe both? If you could just give bit more color on perhaps where this timing shifted to, would be helpful?

偉大的。這是我的第一個問題，我只是想更深入地了解指導意見。因此，一定要了解批發管道中一些重要客戶訂單的波動性、規模和時間。我有點困惑，這究竟會對第三季業績產生負面影響，還是會對第四季業績產生負面影響，或者兩者都有影響？如果您能再詳細說明時間軸是如何調整的，那就太好了？

Yes. Eric, good to hear from you again, and thanks for that question. Yes, I mean the reality is this -- you hit it on the head, this is a timing issue related to reorders and new orders of -- pretty substantial orders, by the way, for new regions in club space, that's primarily what drove this. Similar, because we only have a couple of customers that we ship to that distribute them to the rest of the retail space, that being, of course, UNFI and KeHE, we did experience a little bit of a timing issue there, too. What we're seeing is we have really healthy sell-through, and we just had a timing issue that kind of caught us a little bit off.

是的。艾瑞克，很高興再次收到你的來信，謝謝你的提問。是的，我的意思是，現實情況是這樣的——你一針見血地指出了這一點，這是一個與重新訂購和新訂購相關的時機問題——順便說一句，這些訂單相當可觀，是針對俱樂部領域的新區域，這才是主要原因。類似地，因為我們只有幾個客戶（當然包括 UNFI 和 KeHE）負責將產品分銷到其他零售通路，所以我們也遇到了一些時間上的問題。我們看到的是銷售狀況非常好，只是時機把握得有點問題，讓我們有點措手不及。

I think we're being a little bit -- as we go into Q4, we're also being a little bit cautious looking at timing there, too. And everything is just -- it's turning well, and the results look great. It's just moving a little bit slower than we expected with regards to when replenishment schedules come and the inventories that are being carried. And I think there's some rebalancing of inventories that took place also especially with the retail distributors. So we're taking a cautious eye towards that. It's -- for us, it's impacting Q3, Q4, but we don't believe that there's long-term impact from -- in any of those to the long-term health of the business.

我認為我們有點——進入第四季後，我們在時間安排上也稍微謹慎了一些。一切都進展順利，結果看起來很棒。就補貨計畫的安排和庫存情況而言，進展比我們預期的要慢一些。我認為庫存也進行了一些重新平衡，尤其是在零售分銷商方面。所以我們對此持謹慎態度。對我們來說，這會影響到第三季和第四季度，但我們認為這些都不會對公司的長期健康發展產生長期影響。

We think that the business is still exactly as it was. In fact, we continue to gain momentum, especially in that club space. So we think we're exactly where we thought we'd be, just off by -- broadly exactly where we thought we'd be, just off with a little bit of timing.

我們認為公司業務仍然和以前一模一樣。事實上，我們正​​持續獲得發展勢頭，尤其是在俱樂部領域。所以我們認為我們現在的位置和我們預想的差不多，只是時間上稍微有點偏差——大致上和我們預想的位置差不多，只是時間上有點偏差。

Yes. Yes. No, that certainly makes sense to me. And yes, I mean, at this size and the size of the orders, certainly, this dynamic isn't unique to you guys. I just wanted to sort of zero in on Q3 versus Q4, but I got what I need to know.

是的。是的。不，這對我來說當然很有道理。是的，我的意思是，以你們這樣的規模和訂單量來看，這種現象絕對不是你們獨有的。我原本只想重點比較一下第三季度和第四季度，但我已經得到了我需要的資訊。

Next question, I suppose is somewhat related. Last quarter, the 750-milliliter product, Refresh, had some nice impact on shelf space and velocities. I just wanted to sort of check in and see how those sales are trending? And any sort of early indications on how you might think of this protein beverage as well? Obviously, not out on shelves yet, but just curious how you're looking at that as well?

下一個問題，我想應該跟這個問題有點關係。上個季度，750毫升裝產品Refresh在貨架空間和銷售速度方面取得了不錯的成績。我只是想了解一下銷售趨勢如何？對於這款蛋白質飲料，您目前有什麼初步的想法嗎？顯然，這款產品還沒上市，但我只是好奇你對它的看法？

Yes. Yes. Great question. I'll take that one again and probably try and hand everything to Anya from here, she can work out her vocal cords. So on the first piece with regards to the 750 ml, the upsizing worked about as we expected. When I go look at the data now, what I can see are a decline in units and a commensurate increase in dollar sales relative to the resizing that took place.

是的。是的。問得好。我再接再厲，然後可能把接下來的事情都交給安雅，讓她好好鍛鍊喉嚨。所以，就第一件產品而言，750 毫升的升級效果基本上符合我們的預期。現在我查看數據，可以看到銷量下降，但銷售額卻相應增加，這與產品尺寸調整有關。

Recall, we went from 500 ml to 750 ml, so up 25%. And we saw units shrink down just about that much on a velocity basis and sales basically hold from a velocity perspective. So it's kind of -- I'd give that one -- maybe I'd grade data, a checkmark at this point, don't really get to an A to F scale because we're going to go right back into it again.

回想一下，我們的容量從 500 毫升增加到 750 毫升，增加了 25%。我們看到銷售量以週轉率計算下降了差不多這麼多，而銷售額從週轉率的角度來看基本上保持不變。所以這有點像——我會給它打分數——也許我會給數據打個勾，目前不會用 A 到 F 的等級來衡量，因為我們還要再重新來過。

We -- that was a nine month exercise essentially. And as we mentioned, we're leading that co-packer completely and moving to just an incredible formulation in a better package that's 100% organic that we think is really poised to make wave. So we did what we had to on that one. We had to play some catch up, as you guys know, because we had lost some distribution of small accounts right out of the gates and put a lot of pressure on our broker to make that up.

我們——那基本上是一次為期九個月的演習。正如我們之前提到的，我們正在完全主導這家代工生產商，並轉向採用更優質包裝的卓越配方，該產品100%有機，我們認為它必將掀起波瀾。所以在那件事上，我們做了我們不得不做的事。正如你們所知，我們不得不奮起直追，因為我們一開始就失去了一些小帳戶的分銷，這給我們的經紀商帶來了很大的壓力，要求他們彌補這一損失。

We're just getting to where they've made it up and then we're going through the transition again. But we've got all the battle scars on our backs, and we're going to make sure, as we go forward, that those lessons get applied so that we don't relive Groundhog Day on that one. We feel like we know exactly what we need to do. Our broker is very clear. The communication is there. We're into that transition now. In fact, you can find us on a couple of selves already with the new post-consumer recycled plastic bottles, 100% organic formula, great tasting, super healthy creamer at Whole Foods and a few other retailers already.

我們現在正處於他們彌補過錯的階段，然後我們又要經歷一次過渡期。但我們背上都留下了戰鬥的傷疤，我們將確保在未來的道路上吸取這些教訓，以免重蹈覆轍。我們感覺自己完全知道自己需要做什麼。我們的經紀人說得很清楚。溝通管道暢通無阻。我們現在正處於轉型期。事實上，您已經在 Whole Foods 和其他一些零售商的貨架上找到了我們採用全新消費後回收塑膠瓶、100% 有機配方、美味可口、超級健康的奶精。

And we think -- we don't have any returns on that yet. It just hit the shelf in the last week, but we think that's going to be dynamite. So we're where we expected to be. When I look at -- if I look at the scanner data, we're right on it, in fact. And so kudos to the team for its forecasting.

我們認為──目前還沒有任何回報。它上週才剛上架，但我們認為它將會大受歡迎。所以，我們到了預期的位置。當我查看掃描器數據時，實際上我們完全正確。因此，要讚揚一下團隊的預測能力。

It just took us longer to get here than we thought it would take. So we finally got caught up, and we'll hold that from here.

我們到達這裡所花的時間比預想的要長。我們終於趕上了進度，接下來就先這樣吧。

Great. I appreciate that color. Next one just a bit of like a high-level question. So coffee prices obviously at record highs right now. On the one hand, I could see that having a negative impact to volumes of coffee-adjacent products like creamers; on the other hand, it may have a tailwind to coffee alternatives like your mushroom-based coffee and a functional copy.

偉大的。我喜歡這個顏色。下一個問題比較高層次。所以，咖啡價格現在顯然處於歷史高點。一方面，我預見到這會對咖啡相關產品（如奶精）的銷售產生負面影響；另一方面，它可能會對蘑菇咖啡和功能性仿製品等咖啡替代品產生推動作用。

So just curious what you're seeing from a sort of macro impacts on your different product types here? And just kind of how to think about the impact of elevated coffee prices on your business?

所以，我很好奇您觀察到的宏觀層面上，不同產品類型受到了哪些影響？那麼，如何看待咖啡價格上漲對企業的影響呢？

Yes. It's -- this is on our mind pretty constantly, probably everybody in the category. We have done a nice job of acquiring our coffee throughout 2025 to put us in a position to be able to hold the line on price so far. And so we've not -- we've taken in total, I think, $1 at retail in the last few years.

是的。這個問題——我們幾乎一直都在思考這個問題，也許這個類別裡的每個人都在思考這個問題。我們在 2025 年全年都很好地採購了咖啡，這使我們能夠保持價格穩定。因此，在過去的幾年裡，我們總共沒有——我想，我們在零售方面總共只獲得了 1 美元。

And so we're in a position where if coffee continues to climb like this, and we have to make purchases into that headwind, we may need to touch price. But by holding -- and we were a little bit premium price coming in. But by holding price through that time, I think we've been able to capture a lot of volume, and we've been able to gain nice distribution points as well by partnering with retailers to be a strong premium yet not ridiculously priced play for them.

因此，如果咖啡價格繼續這樣上漲，而我們又不得不逆勢進貨，那麼我們可能不得不調整價格。但透過持有——而且我們當時的進價略高於市場價。但透過這段時間保持價格穩定，我認為我們已經獲得了大量的銷量，並且透過與零售商合作，我們也獲得了良好的分銷管道，從而為他們提供了一種具有強大溢價但價格又不會過高的產品。

And so it's been good for us. I think on the creamer side, we've certainly seen creamer slowdown. We know volumetrically, there's got to be a slowdown that's obvious, but there's still so much share for us on the coffee -- in the coffee category for us to be able to take and we think we have just an incredible proposition with a high altitude peruvian organic coffee with functional mushrooms at the price point that we're at. And so far, what we're seeing is we're being rewarded for that.

所以這對我們來說是好事。我認為就奶精市場而言，我們確實看到了奶精需求放緩的趨勢。我們知道，從銷售來看，成長肯定會放緩，這是顯而易見的，但我們在咖啡領域仍然有很大的市場份額——在這個咖啡類別中，我們仍然有機會佔據一席之地。我們認為，以我們目前的定價，我們提供的高海拔秘魯有機咖啡，並添加了功能性蘑菇，這是一個非常不錯的選擇。到目前為止，我們看到的是，我們因此獲得了回報。

That's great. Congrats on the continued strong wholesale growth, and I appreciate you taking my questions.

那太棒了。恭喜你們批發業務持續強勁成長，謝謝你們回答我的問題。

Thanks, Eric.

謝謝你，埃里克。

Nicholas Sherwood, Maxim Group.

Nicholas Sherwood，Maxim集團。

Can you talk about some -- what you've seen in limited time offer products? I've seen the pumping spice creamer on the shelves, I was kind of just want to see what you've been seeing from retailers and consumers when it comes to those products?

您能談談您在限時特惠產品中看到的一些例子嗎？我在貨架上看到了那種泵式香料奶精，我只是想了解一下你從零售商和消費者那裡了解到的關於這類產品的情況？

Yes, what we've seen is that there's -- it's been a pretty good pumped in year, it looks like across the category. We got a late start with one of our key retailers, just kind of a weird operational SNAFU, but we've done really well. We're catching up on that as well. So for us, it will end up being a pretty typical year.

是的，我們看到的是——今年似乎是整個行業都經歷了相當不錯的上漲年。我們與一家主要零售商的合作啟動較晚，出現了一些奇怪的營運失誤，但我們最終做得非常好。我們也在努力追趕進度。所以對我們來說，這將是相當普通的一年。

It's not a big part of our business. In fact, I think in the future, it's an opportunity for us, and we are selling aggressively as we move from this year in that space. But we sold out early in almost all retailers. I think we call it a really successful year.

這並非我們業務的主要部分。事實上，我認為未來這對我們來說是一個機會，而且從今年開始，我們將積極拓展這個領域的市場。但幾乎​​所有零售商的商品都提前售罄了。我認為我們可以稱今年為非常成功的一年。

Okay. Perfect. And then switching gears, looking at e-commerce. How -- what is the strategy for the Amazon sales to start replacing some of those lost DTC sales? And is that something that we can kind of expect to see more in 2026?

好的。完美的。然後轉換話題，看看電子商務。亞馬遜的銷售策略是什麼？如何彌補部分流失的直接面向消費者（DTC）銷售額？這種情況在 2026 年會更普遍嗎？

Can you kind of just walk me through what kind of strategy you're seeing there right now?

您能簡單介紹一下目前看到的策略嗎？

Yes. Yes, great question. So the two key strategies that we have from a sales perspective are: one, to take our products to retail. When I got here a couple of years ago, we were a very small portion of retail business, and we're now about running around 50-50. And we expect over the next couple of years that to grow and approach 2/3, 1/3 retail to online business or wholesale to online and then only grow from there.

是的。是的，問得好。因此，從銷售角度來看，我們的兩個關鍵策略是：一是將我們的產品推向零售市場。幾年前我剛來這裡的時候，我們的零售業務只佔很小一部分，現在我們大概佔了 50% 左右。我們預計在未來幾年內，零售業務或批發業務將成長到三分之二到三分之一，然後才會繼續成長。

So our expectation is that we become more wholesale-driven over each year as we go forward or at least over the period of a couple of years. Within online, we expect that we become more Amazon than we do wholesale and -- I'm sorry, more Amazon than we do DTC. The problem with Amazon from an overall growth and pricing perspective is, you really have to watch to make sure that you're priced in line with the rest of retail.

因此，我們預計，隨著時間的推移，或至少在未來幾年內，我們將越來越注重批發業務。在網路業務方面，我們希望我們更像亞馬遜，而不是批發業務——抱歉，更像亞馬遜，而不是直接面向消費者業務。從整體成長和定價的角度來看，亞馬遜的問題在於，你必須密切關注，確保你的定價與其他零售商保持一致。

So we've done that. As a result, we've seen strong growth over the last couple of years. It slowed down most recently, and we hear that that's pretty much an industry issue right now that Amazon has slowed across the food space for most brands. We have some good strategies that we're tweaking right now to implement against that, reapportioning spend across various top and bottom funnel drivers at the site and then driving -- using our awareness to drive folks back to Laird when they get to the Amazon site as well.

我們已經做到了。因此，我們在過去幾年裡實現了強勁成長。最近成長放緩，我們聽說這幾乎是目前整個產業普遍存在的問題，亞馬遜已經放緩了大多數食品品牌的銷售速度。我們有一些不錯的策略，目前正在進行調整以應對這種情況，重新分配網站上各種頂部和底部漏斗驅動因素的支出，然後利用我們的意識，在人們訪問亞馬遜網站時將他們引回 Laird。

So we feel good about the future of Amazon. For us, DTC is really intended to be a place where consumers can go to find a full breadth of product, they can sign up for the broadest offering of subscriptions and they can get education, especially as it relates to Laird and Gabby and what they eat and how they -- basically, how they run their lives from a health and wellness position across the, I think, physical, emotional, spiritual dietary spectrum. And that's what it's played out for -- over the year for us, rather. So if you think about the next, I would call, a couple of years, we would expect DTC to be fairly flat. We had a great year last year.

所以我們對亞馬遜的未來感到樂觀。對我們來說，DTC 的真正目的是讓消費者能夠找到各種各樣的產品，註冊最廣泛的訂閱服務，並獲得相關教育，特別是關於萊爾德和加比的飲食習慣以及他們如何——基本上，從健康和福祉的角度來經營他們的生活，涵蓋身體、情感、精神和飲食的各個方面。而這正是過去一年來我們所經歷的。所以，展望未來幾年，我們預期 DTC 將保持相對穩定。我們去年過得非常成功。

This year is a little bit more challenged over the course of the two years. I think it's close to flat. And as we go forward, that's really our intent. The growth driver of online should be Amazon and then the wholesale business for the entire company. So for us, DTC plays a more marginal role as time goes on.

今年比往年更具挑戰性，需要兩年的時間才能完成。我覺得它接近平坦。而這正是我們未來的目標。亞馬遜應該是整個公司線上業務成長的主要驅動力，其次是批發業務。因此，隨著時間的推移，DTC（直接面向消費者）模式對我們來說扮演的角色越來越邊緣化。

Understood. And then my last question is talking about this new protein coffee. It looks like a really big opportunity for the company. Can you sort of walk me through what you're thinking for the strategy on activating that new product? Are there specific regions, specific types of consumers that you're looking to reach or specific retailers that you're partnering in the early stages of this product activation?

明白了。我的最後一個問題是關於這種新型的蛋白質咖啡。這對公司來說似乎是一個非常大的機會。能否大致介紹一下您關於新產品推廣策略的想法？在產品推廣的早期階段，您是否有特定的地區、特定的消費者類型或特定的零售商合作夥伴？

And are there any early learnings that you've already had kind of in the early stages of bringing this to market?

在產品上市的早期階段，您是否已經獲得了一些初步的經驗教訓？

Yes. Great question, and I apologize at the same time to Eric, I forgot to answer that when he'd asked that earlier as well. Yes, we're really excited about this product. This is our first foray into dairy. I think you guys have heard us in the past talk about Laird and Gabby's diet being omnivorous in nature.

是的。問得好，同時我也要向艾瑞克道歉，之前他問過這個問題，我忘了回答。是的，我們對這款產品感到非常興奮。這是我們首次涉足乳製品產業。我想你們以前都聽我們說過，萊爾德和加比的飲食是雜食性的。

This is an area that we've always intended to go as a company. It also happens to be the 90% to the 10% that is plant-based, so it just opens up an incredible market for us. This protein coffee product, this has been a really big trend on TikTok for a long time, putting the protein powder into the coffee, and we're excited to bring it to market. We've basically taken the highest quality freeze-dried coffee -- cold-brewed freeze-dried coffee that I've ever tasted. It is so smooth and fantastic, put it together with a pretty unique blend of dairy proteins, I won't go into details for competitive reasons, but it's pretty unique and the ability to get it to blend and froth as a cold beverage is really unique and it tastes great.

這是公司一直以來都想涉足的領域。恰好這90%到10%的產品是植物基的，所以這為我們開闢了一個巨大的市場。這款蛋白咖啡產品，也就是把蛋白粉加入咖啡中，在TikTok上已經流行了很長一段時間，我們很高興能把它推向市場。我們基本上採用了最高品質的凍乾咖啡——我嚐過的冷萃凍乾咖啡。它口感非常順滑，味道也很棒，再加上一種非常獨特的乳蛋白混合物，出於競爭原因我不會透露細節，但它的確非常獨特，而且能夠將其混合併打出泡沫，製成冷飲，這真的很獨特，而且味道也很棒。

It's a product that is great for anyone seeking protein, but it's really on trend right now with what's going on with GLP-1. And as folks are having to find high protein products to supplement their loss of protein and overall calories. So we feel like we're right on trend with this product. We've got a really -- we have a partner for a very early big launch, so we'll be putting shippers on their floor and the retail space will come back and talk about that next quarter.

對於任何需要補充蛋白質的人來說，這都是一款很棒的產品，但隨著 GLP-1 的流行，它現在更是非常符合潮流。人們不得不尋找高蛋白產品來補充蛋白質和總熱量的流失。所以我覺得這款產品非常符合潮流。我們已經找到了合作夥伴，可以很早就進行大規模的推廣，所以我們會在他們的倉庫裡放置運輸工具，零售部門會在下個季度回來討論這件事。

So coming out of the gates really strong there and then seeing some good pickup for permanent placement as well. This will be a product that we launch online simultaneously to putting it into the stores, so you'll see it in DTC, on Amazon and out at retail. We're going to support it with some third-party social influencer groups that help to really get the brand out and run a 360-degree campaign on this, where we'll bring in retail activations with that influencer work that I just mentioned, some organic marketing that Laird and Gabby will execute, we'll put onto our website, and then we have strong TikTok execution behind it as well.

所以，他們開局表現非常強勁，而且在永久安置方面也取得了不錯的成績。我們將採取線上線下同步發售的方式推出這款產品，所以您會在 DTC、亞馬遜和零售店看到它。我們將藉助一些第三方社群媒體影響者團體來支持這項活動，真正地推廣品牌，並進行全方位的宣傳活動。我們將結合我剛才提到的影響者工作，進行零售推廣活動，Laird 和 Gabby 將執行一些自然行銷活動，我們會把這些活動放到我們的網站上，此外，我們還在 TikTok 上進行了強有力的執行。

So you'll really see bring probably our strongest launch effort in my tenure here at Laird to this product. And hopefully, we'll see consumers respond in kind. So we'll make a big deal out of the fact that we're getting into dairy. Yes, we think that, that will be really well received. It's very clean product, as it always is for us.

所以，你們將會看到，在我任職萊爾德期間，我們可能會為這款產品帶來最強而有力的發布舉措。希望消費者也能做出相對應的回應。所以，我們會大張旗鼓地宣傳我們進軍乳製品業這件事。是的，我們認為這會非常受歡迎。這款產品非常乾淨，一如既往地符合我們的標準。

And I think it's a real market-changer with regards to delivering a great taste with that nutritional profile in this category.

我認為，就這個品類而言，它在提供美味口感的同時兼顧營養成分，是一款真正具有市場變革意義的產品。

George Kelly, ROTH Capital Partners.

喬治凱利，ROTH Capital Partners。

A few questions for you. First, just to follow up on that prior question related to the protein coffee that you're launching. Do you anticipate launching additional dairy products as soon as next year and what might those look like?

我有幾個問題想問你。首先，我想就您之前提出的關於您即將推出的蛋白質咖啡的問題做個後續說明。您預計明年會推出更多乳製品嗎？如果會，這些產品會是什麼樣的呢？

Yes. Great question, George. Thanks for that. We do. We're working on a platform right now to make this much broader than just a singular product that we bring out. We think that there's opportunity across a number of products that we're probably not ready to go into at this point, George, but you can imagine that there are really two vectors to that.

是的。喬治，問得好。謝謝。是的。我們目前正在開發一個平台，使其範圍遠不止於我們推出的單一產品。喬治，我們認為很多產品都存在機會，但我們目前可能還沒準備好進入這些領域，不過你可以想像，這其實有兩個方向。

One is in the dry category space where we see additional opportunity to expand this line and potentially take it into very close but adjacent lines that we're in today. So you can probably surmise a pretty good guess against that. And we also see the opportunity to take this into liquid products. And so we've been working to develop both of these. We think that protein is very important.

一是乾型飲料領域，我們看到了進一步拓展該產品線的機會，並有可能將其擴展到我們目前所處的非常接近但相鄰的產品線。所以你大概可以做出一個相當準確的猜測。我們也看到了將其應用於液態產品的機會。因此，我們一直在努力開發這兩項技術。我們認為蛋白質非常重要。

We believe that we can bring a cleaner protein, not only the protein source, but the ingredients that surround it than what you see at market today and that we have the brand to do that. So you will absolutely see additional dairy products. And yes, we would expect them to come to market over the course of the next 15 months.

我們相信，我們能夠提供比目前市場上更乾淨的蛋白質，不僅是蛋白質來源，還有圍繞它的成分，而且我們擁有實現這一目標的品牌實力。所以你肯定會看到更多乳製品。是的，我們預計它們將在未來 15 個月內上市。

Okay. Okay. That's helpful. And then the conversation in response to one of the questions just about the sort of how you're going about the instant the protein coffee launch. I was hoping you could do some kind of similar with the new liquid product.

好的。好的。那很有幫助。然後，針對其中一個問題，我們展開了對話，這個問題是關於你如何著手推出蛋白質咖啡的。我希望你們也能對這款新的液體產品做類似的研究。

And I guess what I'm trying to understand, it's just so hard for me to try to quantify what the ramp could look like and the implications on the model and consolidated growth for the next few years, et cetera.

我想弄清楚的是，我很難量化成長勢頭會是什麼樣子，以及這對未來幾年的商業模式和整體成長等有何影響。

It's just such a big category and such an important category and you've had kind of varying success there historically. So I guess if you could help at all just with what the distribution plan is? Have you lost any distribution points versus the prior formulation? And do you anticipate a lot of promotion behind it? Or just any kind of context you can give about that launch?

這是一個非常大、非常重要的類別，而且從歷史上看，你在這個類別中取得的成功也時好時壞。所以我想請教一下，能否幫忙提供一下分銷計劃的具體內容？與先前的公式相比，您是否遺失了任何分佈點？你預計會有很多宣傳推廣活動嗎？或者您能提供一些關於那次發布會的背景資訊嗎？

Yes. Yes. Thanks, George. That's another very good question that I wanted to speak to a bit more. So yes, what I would tell you is this: We lost some distribution early on in that transition, as I mentioned. We've largely recovered that. I think we're just about right back to where we expected to be and regained what we had lost.

是的。是的。謝謝你，喬治。這是另一個我想再多談談的好問題。所以，是的，我想告訴你們的是：正如我之前提到的，我們在轉型初期失去了一些市場份額。我們已經基本恢復了這一點。我認為我們已經基本上回到了預期的位置，並且重新獲得了我們失去的東西。

I don't think we've got the right product or proposition in the past. At the 500 ml, we were a little bit too small. We went to 750 ml, I think there was a self-inflicted wound there, if I'm honest, in that we went to 750 ml, and we really didn't capture the consumers, didn't really highlight plus 50% more now at a better price.

我認為我們過去沒有推出合適的產品或方案。500毫升的容量對我們來說有點太小了。我們把容量增加到 750 毫升，說實話，我覺得這是自作自受，因為我們增加到 750 毫升後，並沒有真正抓住消費者的眼球，也沒有真正突出現在以更優惠的價格增加了 50% 的優勢。

And so there was a value question. I think people just got confused as we made that transition in general. And so what you'll see now is a very different product that's appearing. I mentioned that plastic bottle that is already recycled and lived one life, which is very important to our consumers. We're highlighting that story.

所以這裡牽涉到價值判斷的問題。我認為大家只是在進行這種轉變的過程中感到困惑而已。所以，現在你們將會看到一個截然不同的產品。我提到那種已經回收、只使用過一次的塑膠瓶，這對我們的消費者來說非常重要。我們正在重點報導這個故事。

It's 100% organic. That's very important to our consumers, especially in the Natural channel, we're highlighting that story.

它是100%純天然有機產品。這對我們的消費者來說非常重要，尤其是在天然產品管道，我們正在重點宣傳這一點。

There's no more cane sugar in there, it's now all coconut sugar. There's no more coconut oil, it's now all coconut cream and the product tastes unbelievable. And so -- and we've added more mushrooms as well. So it's a more efficacious dose of the adaptogens. So there's a lot there to tell and it takes to -- exactly to your point, it's going to take a bigger marketing activation to do that.

裡面已經沒有蔗糖了，現在都是椰子糖。現在不再使用椰子油，全部都是椰子奶油，產品的味道好極了。所以——我們還加了更多的蘑菇。所以這是更有效的適應原劑量。所以有很多東西要講，而且正如你所說，這需要更大規模的行銷活動才能做到。

So that is absolutely underway.

這件事已經全面展開了。

We haven't started to execute, we're letting some of the distribution rollout before we do, but you'll start to see that come out very soon with activations, specifically linked to where we picked up the distribution already. That -- all those transitions take place over the course -- most of them over the course of the next two months, so into January. Just a couple of small laggards after that. But retailers are really excited. They wanted to get on board, a couple of them cut in ahead of their planned changeovers.

我們還沒有開始執行，我們先讓一些分發管道推出，然後再開始執行，但您很快就會看到激活活動，特別是與我們已經獲得分發管道的地方相關的活動。所有這些轉變都將在接下來的兩個月內發生，也就是到一月。之後只有幾輛小車落後了。但零售商們真的非常興奮。他們想上船，其中幾個人搶在了原定的換班時間之前插隊。

And so we -- I think we are really in a fortunate position to be able to turn on marketing in a big way here as we close out this year to start January. So you'll start to see that very similar to what I described. With the protein coffee, you'll really start to see that come to life here over the course of the next few weeks. And relative to the size, you're exactly right.

因此，我認為我們非常幸運，能夠在年底到一月初這段時間大力開展行銷。所以你會發現情況和我描述的非常相似。喝了蛋白質咖啡之後，在接下來的幾周里，你就會真正看到它的效果了。就尺寸而言，你的說法完全正確。

I was having this discussion earlier today with an investor and the reality -- or actually, it was with our Board. The reality is this is a category that's over $6 billion. It's largely comprised of products that contain four ingredients. The only healthy one of which is water. We're mostly transporting water and the rest is sugar, bad-for-you oil, hydrogenated oils and chemicals.

今天早些時候，我和一位投資者以及我們的董事會討論了這個問題。事實上，這是一個超過 60 億美元的類別。它主要由含有四種成分的產品組成。其中唯一有益健康的只有水。我們運送的主要是水，其餘的都是糖、對人體有害的油、氫化油和化學物質。

And there's this incredible opportunity to reinvent, and we just haven't had the right proposition, and I think we do now. So we'll activate early, get the early reads, figure out where we are. And then I hope that we're able to really press this one in a big way based on the feedback that we get in the marketplace.

我們現在擁有一個絕佳的重塑自我的機會，只是之前一直沒有提出合適的方案，而我認為我們現在有了。所以我們會儘早啟動，儘早獲取信息，弄清楚我們目前所處的位置。然後，我希望我們能夠根據市場回饋，大力推進這個專案。

Okay. That's helpful. And then two last questions for me. Tariffs, what's the impact this year and the expectation for next year?

好的。那很有幫助。最後還有兩個問題。關稅方面，今年的影響是什麼？明年的預期又是什麼？

And then the second question is on Club. I was curious if you have any significant promotions planned in the next quarter or two? And that's all I had.

第二個問題是關於俱樂部的。我想問一下，你們未來一兩個季度是否有任何大型促銷活動計劃？這就是我全部的家當。

George, this is Anya. So I'll take the questions on tariffs and club, and then Jason, feel free to add anything. So the tariff situation is very dynamic, and we are assessing those kind of as it unfolds. I think Jason mentioned earlier or maybe on the prerecord that we have some favorable developments as far as some of our key raw materials now being excluded from the tariffs such as coconut milk powder, so that was good news. We -- but it's still very much kind of unfolding and emerging.

喬治，這是安雅。那我來回答關於關稅和俱樂部的問題，然後傑森，你也隨意補充一些內容。因此，關稅情勢瞬息萬變，我們會根據事態發展進行評估。我想傑森之前可能在預錄的節目中提到過，我們的一些關鍵原料，例如椰奶粉，現在已經免關稅，這算是個好消息。但我們——但這仍然處於發展和演變的過程中。

We started seeing the tariffs impact in Q3 and so you see that reflected in our gross margins. Anticipate kind of similar dynamic to continue into Q4. And then we are developing our plans for next year and evaluating what the action items that we need to take and pricing could be on the table if we need to, but our intent and goal is to continue holding the margins in the upper 30s, so even with the additional tariffs and the commodity costs.

我們從第三季開始感受到關稅的影響，因此，這也反映在我們的毛利率中。預計類似的動態將持續到第四季。然後，我們正在製定明年的計劃，評估我們需要採取的行動項目，如果需要的話，價格也可以提上日程，但我們的意圖和目標是繼續將利潤率保持在 30% 以上，即使加上額外的關稅和商品成本。

So that's on tariffs. And then with regards to club, we had a great success in club this year, and we have a strategy, a rollout strategy with -- to support the new regions, distribution and new products, and we intend to continue executing on the strategy in Q4 and into next year.

以上是關於關稅方面的內容。至於俱樂部方面，我們今年在俱樂部業務上取得了巨大成功，我們制定了一項策略，一項推廣策略，以支援新地區、分銷和新產品，我們打算在第四季度和明年繼續執行該策略。

There are no additional questions waiting at this time. So I'll pass the call back to the management team for any closing remarks.

目前沒有其他問題待問。那麼，我將把電話轉回給管理團隊，讓他們做最後的總結演講。

Yes. So look, it's -- I think we all know the headwinds that are in the consumer and overall in the consumer economy right now and the challenges that others are facing throughout this year and kind of only magnifying more recently.

是的。所以你看，我想我們都知道目前消費者和整個消費經濟面臨的逆風，以及其他人在今年面臨的挑戰，而這些挑戰最近還在加劇。

We're really excited to still be growing this business in the double digits, and we believe we're in a position to continue to do that next year and for future years to come for quite some time. We have a lot of white space. We have an incredible portfolio of products, and as we -- and an incredible team. And as we look to the balance of this year and into next year, we're still incredibly optimistic that despite any headwinds that have emerged and will continue to emerge that we're going to fight our way through and stay at the top of it.

我們很高興這項業務仍然保持兩位數的成長，我們相信，明年以及未來相當長的一段時間內，我們有能力繼續保持這種成長勢頭。我們有很多留白。我們擁有令人驚嘆的產品組合，而且我們還有一支傑出的團隊。展望今年剩餘時間和明年，我們仍然非常樂觀地認為，儘管已經出現並將繼續出現各種不利因素，但我們仍將奮力拼搏，保持領先地位。

So thanks again to everybody for being a part of the journey and listening to the story again today, and we look forward to seeing you in a quarter.

再次感謝大家參與這段旅程，今天再次聆聽這個故事，我們期待在下個季度與大家見面。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路了。