Laird Superfood Inc (LSF) 2026 Q1 法說會逐字稿

Hello everyone. Thank you for joining us and welcome to Laird Superfood Inc. first quarter 2026 financial results. (Operator Instructions) I will now hand the conference over to Trevor Rousseau, Head of Investor Relations. Trevor, please go ahead.

各位好。感謝各位加入我們，歡迎參加 Laird Superfood Inc. 2026 年第一季財務業績說明會。（接線員指示）現在我將把電話會議交給投資人關係主管 Trevor Rousseau。Trevor，請開始。

Thank you and good afternoon. Welcome to Laird Superfood's first quarter 2026 earnings conference call and webcast.

謝謝，大家午安。歡迎收聽 Laird Superfood 2026 年第一季財報電話會議與網路直播。

On today's call are Jason B. Laird Superfood's President and Chief Executive Officer, and Ani Hamill, our Chief Financial Officer.

今天與會者包括 Laird Superfood 總裁兼執行長 Jason B. Laird，以及我們的財務長 Ani Hamill。

By now, everyone should have access to our earnings release, which was filed today after market close.

目前各位應已可取得我們的財報新聞稿，該新聞稿已於今日收盤後提交。

It's available on the Investor Relations section of our website at LairdSuperfood.com.

可至 LairdSuperfood.com 網站的投資人關係（Investor Relations）專區查閱。

Before we begin, please note that during this call. Management may make forward-looking statements within the context of federal securities laws.

在開始之前，請注意本次電話會議中，管理層可能會在聯邦證券法規範下發表前瞻性陳述。

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.

這些陳述係基於管理層目前的預期，並涉及風險與不確定性，可能導致實際結果與所述內容存在重大差異。

Please refer to today's press release and other filings with the SEC for a detailed discussion of these risks and uncertainties.

有關這些風險與不確定性的詳細討論，請參閱今日新聞稿及我們向美國證券交易委員會（SEC）提交的其他文件。

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

接下來，我把電話交給 Jason。

Good afternoon, everyone, and thank you for joining us on today's call to discuss Laird Superfoods' first quarter 2026 financial results.

各位午安，感謝各位參加今天的電話會議，一同討論 Laird Superfoods 2026 年第一季財務業績。

I'm Jason Veith, President and Chief Executive Officer.

我是 Jason Veith，總裁兼執行長。

With me today is Anya Hamill, our Chief Financial Officer.

今天與我一同出席的是我們的財務長 Anya Hamill。

We issued our earnings press release and filed our Form 10-Q aftermarket close today, and both are available on our investor relations website.

我們已於今日收盤後發布財報新聞稿並提交 Form 10-Q，兩者皆可在我們的投資人關係網站上取得。

The first quarter of 2026 marked a transformative milestone for Laird's Superfood.

2026 年第一季對 Laird's Superfood 而言是一個具轉型意義的里程碑。

On March 12, we completed the acquisition of Novitas Organics, one of the most trusted and established names in the premium organic superfood category.

3 月 12 日，我們完成對 Novitas Organics 的收購；Novitas 是高端有機超級食物品類中最受信賴且最具歷史的品牌之一。

Founded in 2003, Novitas brings high-quality organic superfoods with strong presence across natural and conventional grocery, club, and e-commerce channels.

Novitas 成立於 2003 年，提供高品質有機超級食物，並在天然與傳統雜貨、量販俱樂部（club）以及電商通路具有強大布局。

We acquired Novitas to expand our product portfolio, broaden our distribution reach, and accelerate our strategy of building a scaled positive nutrition platform.

我們收購 Novitas，旨在擴充產品組合、拓展通路覆蓋，並加速我們打造具規模的「正向營養」平台之策略。

Just weeks after quarter end, on April 21, we closed the acquisition of TerraSol Superfoods.

在季度結束後僅數週，也就是 4 月 21 日，我們完成對 TerraSol Superfoods 的收購。

TerraSol is a vertically integrated branded superfoods platform offering nuts, seeds, dried fruits, powders. Baking ingredients, and functional beverage mix-ins.

TerraSol 是一個垂直整合的品牌超級食物平台，提供堅果、種子、果乾、粉末、烘焙原料，以及機能飲品添加配料（mix-ins）。

It sources globally, processes and packages in-house, and distributes through e-commerce, food service, and retail channels.

其進行全球採購、內部加工與包裝，並透過電商、餐飲服務（food service）與零售通路進行分銷。

This acquisition further expands our product assortment, strengthens our supply chain capabilities, and broadens our footprint across multiple channels.

此項收購進一步擴大我們的產品品項、強化供應鏈能力，並拓展我們在多元通路的布局。

Both transactions were funded through our partnership with Nexus Capital Management.

兩筆交易皆透過我們與 Nexus Capital Management 的合作夥伴關係進行資金籌措。

The initial $50 million Series A preferred stock issuance in March funded the Novitas acquisition, and the subsequent $60 million issuance in April funded the Terrasol acquisition.

3 月首次發行 5,000 萬美元 A 系列優先股，用於資助 Novitas 收購案；4 月後續發行 6,000 萬美元，用於資助 Terrasol 收購案。

These investments not only provided the capital to execute, but also brought strategic expertise as we build a larger, more diversified superfood company.

這些投資不僅提供我們執行所需資本，也在我們打造更大、更多元的超級食物公司之際，帶來策略專業與資源。

Following these transactions. Nexus now holds approximately 73.8% of our common stock on a fully diluted, as-converted basis, and we are operating as a controlled company under NYSE American rules.

在完成這些交易後，Nexus 目前以完全稀釋、按轉換後（as-converted）基礎計算，持有約 73.8% 的普通股；依 NYSE American 規則，我們以受控公司（controlled company）身分營運。

Strategically, these moves are about creating a comprehensive superfood platform that can compete more effectively in a rapidly evolving category.

在策略層面，這些舉措旨在打造一個全面的超級食物平台，使我們能在快速演變的品類中更有效競爭。

Consumers continue to shift toward clean, minimally processed, functional foods with recognizable ingredients.

消費者持續轉向乾淨、低度加工、具機能性且成分可辨識的食品。

By combining Laird's functional coffee solutions and performance focus, Navitas's premium organic superfood leadership, and TerraSol's vertically integrated ingredient expertise, we are building a differentiated portfolio that spans daily use products, functional beverages, and broad superfood ingredients.

透過結合 Laird 的機能咖啡解決方案與運動表現導向、Navitas 在高端有機超級食物的領導地位，以及 TerraSol 的垂直整合原料專業，我們正在打造差異化產品組合，涵蓋日常使用產品、機能飲品，以及廣泛的超級食物原料。

As we have stated previously, these two acquisitions represent just the beginning of our roll-up strategy in the superfoods and positive nutrition space. And we expect to make additional acquisitions in the years to come as we continue to scale the platform.

如同我們先前所述，這兩項收購只是我們在超級食物與正向營養領域推動整併（roll-up）策略的開端。我們預期未來數年將持續進行更多收購，以擴大平台規模。

Through these transactions, we have created a much stronger enterprise that is positioned to generate positive EBITDA and cash flow in the future.

透過這些交易，我們打造出更強健的企業體，並具備在未來創造正向 EBITDA 與現金流的定位。

Given these improvements, we expect to use our balance sheet to attain some combination of debt and equity financing to support those future acquisitions.

鑑於這些改善，我們預期將運用資產負債表，取得某種組合的債務與股權融資，以支持未來的收購。

We are already executing our integration playbook across the three businesses.

我們已在三個事業體之間執行整合作戰手冊（integration playbook）。

For Novitas, which was with us for the final 19 days of the quarter, we are laser-focused on aligning supply chain, finance and commercial operations, while also preserving the brand's authentic identity and strong consumer relationships.

就 Novitas 而言，其在本季最後 19 天納入我們體系；我們高度聚焦於供應鏈、財務與商業營運的對齊，同時保留品牌真實性與其強大的消費者關係。

The early contribution from Novitas in both e-commerce and wholesale channels validates the strategic fit.

Novitas 在電商與批發通路的早期貢獻，驗證了策略契合度。

We have already integrated the Novitas organization into Laird Superfood. And I'm pleased to report that we are attaining the expected synergies across the combined organization.

我們已將 Novitas 組織整合進 Laird Superfood。我也很高興報告，我們正如預期在合併後的組織中實現協同效益。

Our team is now focused on delivering the COGS, distribution, and brokerage savings that we had planned for the second-half of this year and beyond.

我們的團隊目前聚焦於落實我們原先規劃在今年下半年及之後實現的銷貨成本（COGS）、配送與經紀（brokerage）節省。

And with TerraSol now part of the family, we are applying the same disciplined approach, leveraging shared capabilities in sourcing, co-manufacturing optimization, and omnichannel distribution to drive efficiencies and accelerate growth.

而隨著 TerraSol 現已成為我們的一員，我們也採取同樣嚴謹的方法，運用在採購、委外製造（co-manufacturing）最佳化與全通路分銷方面的共享能力，以提升效率並加速成長。

The addition of TerraSol is particularly meaningful.

TerraSol 的加入尤其具有重要意義。

Its vertical integration provides greater control over quality and cost, while its broad product line in nuts, seeds, and powders complements our existing offerings and opens new doors in foodservice and ingredient channels.

其垂直整合帶來對品質與成本更高的掌控度；同時其在堅果、種子與粉末的廣泛產品線，補強我們既有供給，並在餐飲服務與原料通路開啟新機會。

At the same time, TerraSol delivers Delair's Superfood, an enhanced online marketplace capability, which we believe will greatly benefit our entire business in the future.

同時，TerraSol 也為 Delair's Superfood 帶來強化的線上市集能力，我們相信這將在未來大幅裨益我們整體業務。

Together, these two acquisitions significantly increase our overall scale, which we believe will improve our ability to invest in innovation, expand our consumer awareness and distribution footprint, and deliver better economics over time.

綜合而言，這兩項收購顯著提升我們的整體規模；我們相信這將改善我們在創新投資、提升消費者認知與通路覆蓋，以及隨時間推進而帶來更佳經濟效益的能力。

Looking forward, we are confident that this platform positions us to capture a larger share of the growing positive nutrition market.

展望未來，我們有信心此平台能使我們在成長中的正向營養市場中取得更大的市占。

We will continue to focus on driving repeat usage. Expanding our customer base across both e-commerce and wholesale, optimizing our supply chain, and delivering innovative new products that align with consumer demand for functional clean label solutions.

我們將持續聚焦於提升重複使用率、在電商與批發兩大通路擴大客戶基礎、最佳化供應鏈，並推出符合消費者對機能性與乾淨標示（clean label）解決方案需求的創新產品。

With regards to Q1, I am pleased to report that all of our brands achieved growth well in excess of the industry.

就第一季而言，我很高興報告，我們所有品牌的成長皆遠高於產業水準。

Anya will share more details in a moment. But I can proudly report that our Q1 company growth was 20% versus last year, driven by the wholesale channel and our Amazon platform, and including more than two weeks of Novitas Organics post-acquisition.

Anya 稍後會分享更多細節。但我可以自豪地報告，我們公司第一季較去年成長 20%，主要由批發通路與我們的 Amazon 平台帶動，並包含收購後 Novitas Organics 兩週多的業績貢獻。

Even as we integrate two businesses, our supply chain continues to perform remarkably well.

即使我們同時整合兩個事業體，我們的供應鏈仍持續表現得非常出色。

And while we hit some margin pressure in Q1 related to inventory that was costed at higher commodity prices and with tariffs.

雖然第一季我們的毛利承受一些壓力，原因與以較高大宗商品價格計價的庫存以及關稅有關。

We expect that to mitigate as we move forward through the balance of the year, since the commodity prices have already come down and tariffs are now removed from our products.

但我們預期隨著今年剩餘期間推進，該影響將逐步緩解，因為大宗商品價格已經回落，且我們產品目前已移除關稅。

And I would be remiss if I did not mention that we are also leveraging AI in a very aggressive fashion and across our entire business.

此外，如果我不提及我們也正以非常積極的方式、在整個業務中全面運用 AI，那就有所疏漏。

We now have AI supporting our team in forecasting, planning, and execution activities across all of our functions, including supply chain, finance, and marketing.

我們目前已讓 AI 支援團隊在各職能的預測、規劃與執行活動，包括供應鏈、財務與行銷。

We are already reaping the benefits of this technology in the organization as we transition the Navitas business to the Laird team with very little incremental headcount.

在我們以極少的額外人力將 Navitas 業務移轉至 Laird 團隊的過程中，我們已開始收穫這項技術為組織帶來的效益。

I also want to share that we are making important shifts in our commercial engine.

我也想分享，我們正在對商業引擎進行重要調整。

I am pleased to announce that Andy Judd has returned to the company to lead our marketing efforts.

我很高興宣布 Andy Judd 已回到公司，領導我們的行銷工作。

Andy was most recently at Poppy, where he led the marketing activities as the brand rapidly scaled to more than $500 million in revenue. And to an eventual sale to Pepsi.

Andy 最近任職於 Poppy，並在品牌快速擴張至超過 5 億美元營收、最終出售給 Pepsi 的過程中，負責領導行銷活動。

Under Andy's leadership, we will be pivoting more work in-house to drive greater efficiency, creativity, and speed to market.

在 Andy 的領導下，我們將把更多工作轉為內部執行，以提升效率、創意與上市速度。

This transition will involve some near-term ramp-up investment, but we are confident that it will deliver both better ROI and stronger brand storytelling and consumer activation across our portfolio.

這項轉型在短期內將涉及一些爬坡式投資，但我們有信心它將帶來更佳的投資報酬率（ROI），並在我們的產品組合中強化品牌敘事與消費者觸達（activation）。

On the sales side, we are bringing in new leadership to accelerate our wholesale momentum.

在銷售端，我們正引進新的領導團隊，以加速我們在批發通路的成長動能。

Particularly in conventional grocery and club, where we see substantial runway.

尤其是在傳統雜貨與量販俱樂部通路，我們看到相當大的成長空間。

We'll be able to share more on that appointment during our next call.

我們將能在下一次電話會議中分享更多關於該任命的資訊。

While the near term will involve integration costs and complexity, we are energized by the strategic position that we have built and the long-term value creation opportunity ahead for our customers, our team, and our shareholders.

雖然短期內將涉及整合成本與複雜性，但我們對已建立的策略性定位，以及未來為客戶、團隊與股東創造長期價值的機會感到振奮。

I'll now turn the call over to Anya to provide greater detail on the first quarter financial results.

接下來我把電話會議交給 Anya，請她更詳細說明第一季的財務結果。

Anya.

Anya。

Thank you, Jason, and good afternoon, everyone. I will now provide additional detail on our first quarter 2026 financial results. As Jason highlighted, Q1 was a foundational quarter for our platform.

謝謝你，Jason，各位下午好。接下來我將提供我們 2026 年第一季財務結果的更多細節。如 Jason 所強調，第一季是我們平台的奠基季度。

Now, I will walk you through what drove our Q1 results and then spend some time on how we're thinking about the full-year picture for the combined three-brand business.

現在，我將帶各位了解推動我們第一季結果的因素，並花一些時間說明我們如何看待合併後三品牌業務的全年展望。

Net sales for the first quarter of 2026 were $13.9 million, up 20% compared to $11.7 million in the first quarter of 2025. Novitas Organics contributed $1.6 million of net sales in the quarter, representing its first partial-period contribution following the March 12 close.

2026 年第一季淨銷售額為 1,390 萬美元，較 2025 年第一季的 1,170 萬美元成長 20%。Novitas Organics 在本季貢獻 160 萬美元淨銷售額，這是其於 3 月 12 日完成交割後的首個部分期間貢獻。

Wholesale was again the primary growth engine, growing 37% year-over-year to $7.5 million and representing 54% of total net sales.

批發再次成為主要成長引擎，年增 37% 至 750 萬美元，占總淨銷售額的 54%。

This was driven by the addition of Novita's wholesale revenues, as well as continued distribution expansion, product assortment wins in grocery and club, and strong velocities at shelf.

這主要受惠於 Novita 批發營收的加入，以及持續的通路擴張、在雜貨與量販俱樂部通路取得的品項組合上架成果，以及貨架端強勁的銷售速度。

Our e-commerce channel grew 4% to $6.5 million, or 46% of total net sales, driven by the addition of Novita's e-commerce revenues and continued strength on amazon.com, partially offset by softness in layered direct-to-consumer channels.

我們的電商通路成長 4% 至 650 萬美元，占總淨銷售額的 46%；成長動能來自 Novita 電商營收的加入以及 amazon.com 的持續強勁表現，但部分被分層式 DTC（直面消費者）通路的疲弱所抵銷。

Gross margin in the first quarter was 33.3%, compared to 41.9% in the prior-year period. A contraction of 8.6-percentage-points. I want to give you a clear breakdown of what drove this.

第一季毛利率為 33.3%，相較去年同期的 41.9% 下滑 8.6 個百分點。我想清楚拆解造成此變化的原因。

Approximately 3.2-percentage-points of the contraction was driven by a timing-related inventory cost and benefit in the first quarter of 2025 that did not recur in '26. This was a priority item, not a reflection of current period performance.

約有 3.2 個百分點的下滑，來自 2025 年第一季與時點相關的庫存成本與利益因素，而該因素在 2026 年未再發生。這是我們關注的重點項目，但並不反映本期營運表現。

The remaining approximately 5.4-percentage-points reflects a combination of unfavorable channel and product mix, inflationary commodity costs, particularly in coffee, and the impact of import tariffs on certain input costs. These are real pressures that we are actively managing.

其餘約 5.4 個百分點，反映了不利的通路與產品組合、原物料通膨成本（尤其是咖啡），以及進口關稅對部分投入成本的影響。這些都是我們正在積極管理的實質壓力。

The total operating expenses were $7.7 million in Q1 of 2026, compared to $5.1 million in the prior year period. An increase of 50%, which I will explain, was largely driven by one-time acquisition costs.

2026 年第一季營業費用總額為 770 萬美元，較去年同期的 510 萬美元增加 50%。我將說明，這主要是由一次性收購成本所驅動。

General and administrative expenses increased by 73% to $3.9 million. The increase was driven primarily by $1.3 million of Navitas acquisition and integration-related professional fees. Which are one-time in nature, as well as planned increases in personnel costs as we build the team to support a scaled multi-brand platform.

一般及行政費用增加 73% 至 390 萬美元，主要因 Navitas 收購與整合相關的專業服務費用 130 萬美元所致，該費用屬一次性；此外，為建立團隊以支援可擴張的多品牌平台，我們也按計畫增加了人事成本。

Sales and marketing expenses increased 33% to $3.8 million, driven by higher media spend, agency fees, and increased selling costs on higher sales volume.

銷售與行銷費用增加 33% 至 380 萬美元，主要由更高的媒體投放、代理商費用，以及在更高銷售量下增加的銷售成本所帶動。

GAAP net income for first quarter of 2026 was $1.8 million or $0.12 per basic share compared to a net loss of $0.2 million in the prior year period.

2026 年第一季 GAAP 淨利為 180 萬美元，或每股基本盈餘 0.12 美元；相較去年同期淨損 20 萬美元。

I want to be transparent about what drove this. The GAAP net income figure includes $4.7 million discrete non-recurring income tax benefit resulting from the release of a deferred tax valuation allowance acquired in the connection with Novitas transaction.

我想透明說明其原因。該 GAAP 淨利數字包含 470 萬美元的一次性、非經常性所得稅利益，源自於 Novitas 交易中取得之遞延所得稅評價備抵的轉回。

This reflects the recognition of deferred tax liabilities assumed in acquisition, a one-time accounting benefit, not a reflection of operating performance.

這反映了收購中承接之遞延所得稅負債的認列，屬一次性的會計利益，並不代表營運表現。

Stripping out that non-recurring item and looking at adjusted EBITDA, which we believe is a better representation of our underlying business performance, Q1 2026 adjusted EBITDA was $1.1 million loss compared to positive $0.4 million. In the prior-year period. The year-over-year decline reflects the gross margin pressures that I described earlier, such as commodity cost, tariffs, and unfavorable product and channel mix, as well as higher marketing and selling investments to support our growth strategy.

扣除該非經常性項目後，並觀察我們認為更能代表基礎業務表現的調整後 EBITDA，2026 年第一季調整後 EBITDA 為虧損 110 萬美元，去年同期為正 40 萬美元。年對年下滑反映了我先前提到的毛利壓力，例如原物料成本、關稅以及不利的產品與通路組合，並加上為支持成長策略而提高的行銷與銷售投資。

As we integrate Novitas and Terasol and begin to realize procurement and operational synergies, we expect our adjusted EBITDA to improve meaningfully through the balance of the year.

隨著我們整合 Novitas 與 Terasol，並開始實現採購與營運綜效，我們預期調整後 EBITDA 將在今年剩餘期間顯著改善。

Turning to the balance sheet. As of March 31, 2026, we had $10.5 million of cash equivalents and restricted cash and no outstanding debt. Net working capital was $25.7 million, up from $11.1 million at the year-end 2025, reflecting the inclusion of Navitas working capital acquired in a transaction. Inventory increased to $17.3 million from $7.8 million at year-end 2025, reflecting the addition of Novitus inventory.

接著看資產負債表。截至 2026 年 3 月 31 日，我們持有 1,050 萬美元的約當現金與受限制現金，且無任何未償債務。淨營運資金為 2,570 萬美元，較 2025 年底的 1,110 萬美元增加，反映交易中納入所取得的 Navitas 營運資金。存貨由 2025 年底的 780 萬美元增加至 1,730 萬美元，反映 Novitus 存貨的加入。

Cash used in operating activities was $3.8 million in Q1 of 2026, compared to $1.3 million in the prior-year period. The increase was driven primarily by payment of Navitas acquisition-related cost and changes in net working capital related to timing of receivables collections and payables.

2026 年第一季營運活動使用現金為 380 萬美元，較去年同期的 130 萬美元增加。增加主要來自支付 Navitas 收購相關成本，以及因應收帳款回收與應付帳款時點所致的淨營運資金變動。

I also want to give you an important post-quarter data point on liquidity. On April 21, we completed TerraSol acquisition for $48 million, funded by the $60 million subsequent issuance of Series A preferred stock. To our Nexus Capital Management partners. After funding the acquisition, the remaining proceeds are available to support the payment of certain liabilities related to the acquisition, as well as combined enterprise working capital needs.

我也想提供一項季後關於流動性的關鍵數據。4 月 21 日，我們以 4,800 萬美元完成 TerraSol 收購，資金來源為後續發行 6,000 萬美元 A 系列優先股，提供給我們的 Nexus Capital Management 合作夥伴。完成收購後，剩餘募集款項可用於支付與收購相關的部分負債，以及支援合併後企業的營運資金需求。

As of April 30th, 2026, the combined company had approximately $24 million of cash and restricted cash.

截至 2026 年 4 月 30 日，合併後公司約有 2,400 萬美元的現金與受限制現金。

We believe this provides a solid liquidity position as we execute our integration plans.

我們相信，這在執行整合計畫的同時，提供了穩健的流動性部位。

Now, turning to 2026 outlook, and let me walk you through our 2026 guidance for the combined platform.

接下來談 2026 年展望，我將帶各位了解合併平台的 2026 年財測指引。

For fiscal year 2026, the company expects consolidated net sales in the range of $138 million to $148 million, reflecting full year of layered Superfood and the post-acquisition contributions of Navitas and Tersol.

就 2026 會計年度而言，公司預期合併淨銷售額介於 1.38 億至 1.48 億美元，反映 Layered Superfood 的全年貢獻，以及收購後 Navitas 與 Tersol 的貢獻。

Adjusted EBITDA is expected to be in the range of $8 million to $12 million for fiscal 2026, reflecting full-year layered superfood and the post-acquisition contributions of Novitas and TerraSol businesses, driven by top-line growth and early synergy realization.

2026 會計年度調整後 EBITDA 預期介於 800 萬至 1,200 萬美元，反映 Layered Superfood 的全年貢獻，以及收購後 Novitas 與 TerraSol 業務的貢獻；主要由營收成長與初步綜效實現所驅動。

Adjusted EBITDA excludes transaction and integration costs, which are one-time in nature.

調整後 EBITDA 不包含交易與整合成本，因其屬一次性。

I want to reiterate one more time that this guidance does not include the periods of 2026 that we did not own each of the Navitas and Terracell businesses.

我想再次重申，這份指引不包含 2026 年中我們尚未持有 Navitas 與 Terracell 各業務的期間。

We will provide updated guidance as integration milestones are achieved and our visibility improves.

隨著整合里程碑達成、能見度提升，我們將提供更新的指引。

We also want to help dimensionalize how the entire business is growing in 2026, but that is difficult given that Terasol has not yet been audited on the GAAP principles. So, for illustrative purposes only, on a pro forma full-year basis, as if Novisas and Terasol were acquired on January 1, 2026. Aggregating all three businesses and comparing 2026 to 2025 using the same accounting methodology as each company utilized in 2025, we would expect full-year 2026 net sales to grow in the range of 8% to 12%.

我們也希望協助各位量化 2026 年整體業務的成長情況，但由於 Terasol 尚未依 GAAP 原則完成審計，因此較為困難。因此僅供說明之用：在備考（pro forma）全年基礎下，假設 Novisas 與 Terasol 於 2026 年 1 月 1 日即完成收購，將三項業務加總，並以各公司在 2025 年所採用的相同會計方法比較 2026 與 2025，我們預期 2026 全年淨銷售額成長約在 8% 至 12% 的區間。

In closing, first quarter was a transitional quarter by design. We absorbed the cost of building the platform, acquisition fees. Working capital investment, and integration spending, while continuing to deliver healthy top-line growth.

最後，第一季是我們刻意設計的過渡季度。我們吸收了平台建置成本、收購費用、營運資金投資與整合支出，同時仍持續交出健康的營收成長。

Our focus for the balance of the year is clear: integrate effectively, capture synergies across procurement and operations, continue to grow the top-line across all three brands, and convert that growth into meaningful adjusted EBITDA improvement.

我們今年剩餘時間的重點很明確：有效完成整合、在採購與營運端擷取綜效、持續推動三個品牌的營收成長，並將該成長轉化為有意義的調整後 EBITDA 改善。

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

接下來我把電話交回給 Jason。

Thank you, Anya. 2026 will go down as another pivotal year of transformation for Laird Superfood.

謝謝你，Anya。2026 年將被視為 Laird Superfood 另一個關鍵的轉型之年。

With the successful acquisitions of Novitas Organics and TerraSol Superfoods now complete, we have significantly expanded our scale, diversified our portfolio, and strengthened our position in the fast-growing positive nutrition category.

隨著對 Novitas Organics 與 TerraSol Superfoods 的成功收購現已完成，我們大幅擴大了規模、分散了產品組合，並強化了我們在快速成長的正向營養（positive nutrition）品類中的地位。

We've brought together three strong, complementary brands with leading positions across functional beverage, premium organic superfoods. Made with close-to-the-earth, minimally processed ingredients, creating a powerful platform that is far greater than the sum of its parts.

我們匯聚了三個強大且互補的品牌，分別在機能性飲品與高端有機超級食物等領域具領先地位。採用貼近自然、最低限度加工的原料製成，打造出一個強大的平台，其價值遠大於各部分之和。

While the near term includes integration costs and some associated margin pressure, the long-term opportunity is clear and compelling.

雖然短期內包含整合成本並伴隨一定的毛利率壓力，但長期機會清晰且具吸引力。

We are building a scaled, diversified superfood company with improved economics, stronger innovation capabilities, and multiple levers for sustainable growth.

我們正在打造一家具規模且多元化的超級食物公司，擁有更佳的經濟效益、更強的創新能力，以及多個可驅動永續成長的槓桿。

We remain confident in our ability to deliver positive EBITDA and cash flow as we execute our roll-up strategy and continue to pursue additional strategic acquisitions.

在我們執行整併（roll-up）策略並持續尋求更多策略性收購之際，我們仍有信心能夠實現正向 EBITDA 與現金流。

I want to thank our entire team for their tremendous work and dedication during this transformative period, our new partners at Nexus Capital for their strategic support, and all of you for your continued interest in Laird Superfood.

我要感謝我們整個團隊在這段轉型期間的卓越努力與投入，感謝我們在 Nexus Capital 的新合作夥伴所提供的策略性支持，也感謝各位持續關注 Laird Superfood。

We look forward to updating you on our progress throughout the remainder of 2026. Thank you again for joining us today. This concludes our call. Operator, we are now open for questions.

我們期待在 2026 年剩餘期間持續向各位更新我們的進展。再次感謝各位今天加入。本次電話會議到此結束。接線員，我們現在開放提問。

(Operator Instructions) Eric Des Lauriers with Craig Hallam Capital Group. Your line is open. Please go ahead.

（接線員指示）Craig Hallam Capital Group 的 Eric Des Lauriers。您的線路已開通，請開始。

Great, thank you for taking my questions and congrats on another acquisition here and the strong integration so far.

很好，謝謝讓我提問，也恭喜你們再次完成一項收購，且目前整合進展強勁。

My first question here is just on Terrasol, just wondering if you could please expand on the vertical integration capabilities specifically, you mentioned greater controls on quality and cost and then opening up. New channels and foodservice and ingredients. Just wondering if you could expand on that a bit for us. Thanks.

我的第一個問題是關於 Terrasol。我想請你們更詳細說明垂直整合能力，特別是你們提到能更好地控管品質與成本，並且開拓新的通路、餐飲服務（foodservice）以及原料業務。能否再多談一些？謝謝。

Hey, Eric.

嗨，Eric。

Great question.

問得很好。

Thank you. It's nice to hear from you.

謝謝。很高興聽到你的聲音。

Yeah what? We're really excited about this Terrasol acquisition. This is really a full circle moment for us at Laird's Superfood because.

是的，我們對這次 Terrasol 的收購非常興奮。對 Laird Superfood 來說，這真的是一個「繞了一圈回到起點」的時刻，因為……

When I first came here four years ago, we were self-manufactured. We had a facility up in Oregon and we were distributing out of it. And we were just very subscale and not ready to be undertaking those activities.

我四年前剛來的時候，我們是自有製造。我們在奧勒岡州有一座工廠，並從那裡出貨配送。但我們規模太小，尚未準備好承擔這些作業。

So we ultimately had to shut that down, move to a co-pack 3PL outsourced manufacturing distribution system.

因此我們最終不得不關閉該據點，轉而採用代工（co-pack）與 3PL 的外包製造與配送體系。

And frankly, that's what saved the company at the time. We were able to flip gross margins from 15.

坦白說，那在當時拯救了公司。我們得以把毛利率從 15%……

To over 40 and to really take control of our business. And so it was a move that we undertook just around three years ago now and to come full circle and to this position, as I mentioned, where we are with Terrasol, we're really excited because what it really is indicating from our perspective is that we now have the manufacturing scale and size of business that Florence is having our own facility.

提升到 40% 以上，並真正掌控我們的業務。因此那是一項大約三年前所做的轉變。而如今繞了一圈回到我剛提到的、我們與 Terrasol 所處的位置，我們非常興奮，因為從我們的角度來看，這代表我們現在已具備製造規模與業務體量，足以擁有自己的工廠。

The operators that were running Terasol, the owner, Dennis Botts, and his team were doing a fantastic job at the size that they already were.

經營 Terrasol 的團隊、所有者 Dennis Botts 以及他的團隊，在他們原本的規模下做得非常出色。

They were operating pretty much, I think, actually everything being produced inside of Terasol, in fact, producing for other brands at different times as well in order to achieve scale and cost benefits. And so now with the addition of Novitas and Laird and the opportunity to bring those brands into Terasol. To capture that vertical integration capability that they've built, I think is really exciting for us. At this point, the Terrasol facility is running really well, but it's not fully utilized. It's currently running really just one shift throughout the week. There's opportunity over time to add additional shifts, but also to add additional lines to the shift that's there. So in Terrasol, we have a group of very efficient and proficient operators.

他們幾乎是——我想其實——所有產品都在 Terrasol 內部生產；事實上，他們也曾在不同時期替其他品牌代工，以取得規模與成本效益。因此，隨著 Novitas 與 Laird 的加入，以及把這些品牌導入 Terrasol 的機會，去擷取他們所建立的垂直整合能力，我認為對我們來說非常令人振奮。目前 Terrasol 的工廠運作得很好，但尚未完全滿載。現在基本上每週只跑一個班次。隨著時間推進，有機會增加更多班次，也能在現有班次中增加更多產線。在 Terrasol，我們有一群非常高效率且熟練的操作人員。

That really know how to run these particular products, which are very similar, as to the Novitas and the Laird products. So we're not going to jump into that too quickly. We have a lot on our plate right now, just integrating the Novitas business.

他們非常了解如何生產這些特定產品，而這些產品與 Novitas 及 Laird 的產品非常相似。因此我們不會太快就把事情推進。我們目前手上事情很多，主要是整合 Novitas 的業務。

Our integration strategy is essentially to integrate Novitas while we let Terrasol operate on its own, in its own facility.

我們的整合策略基本上是：先整合 Novitas，同時讓 Terrasol 在其自有工廠中維持獨立運作。

And as we bring Novitas in, get that tucked in fully over the next couple of months, we'll put in place that plan to start looking at Novitas.

當我們把 Novitas 導入並在接下來幾個月內完全就位後，我們會制定計畫，開始評估 Novitas……

And layered into Terrasol as well. So we'll take it in steps. We're going to do it very thoughtfully. We've seen others that have made messes of acquisitions. I've done a lot of acquisitions over the years, Whitewave, Sovos, et cetera. I've seen the good and the bad.

並把它也逐步導入 Terrasol。因此我們會分階段進行，會非常審慎。我們看過其他公司把收購整合搞得一團亂。我多年來做過很多收購，像 Whitewave、Sovos 等等；我看過成功的，也看過失敗的。

We're going to be very careful and thoughtful, and we have a really great team down there that I think we'll be able to handle once we make that transition.

我們會非常小心且周全；而且我們在那邊有一支很棒的團隊，我相信一旦進入轉換階段，他們能夠勝任。

Oh, sorry, and then just to flesh that out a little bit more, so they are producing.

喔，抱歉，再把這點補充得更完整一些：他們正在生產……

Out of that facility, as I mentioned, they're also distributing out of that. And in the distribution, they're distributing to Amazon, to other online marketplaces, to food service operators, and to a small retail business as well. And so we, in Terrasol, we have operators that really understand how to run omnichannel manufacturing and distribution. And so we're really excited and optimistic about what that'll look like as we combine the businesses, not only from a cost perspective, but enabling new capabilities as well.

如我所提，他們也從該工廠進行配送。在配送方面，他們出貨到 Amazon、其他線上市集平台、餐飲服務業者，以及一小部分零售業務。因此在 Terrasol，我們擁有真正了解如何進行全通路（omnichannel）製造與配送的營運團隊。當我們把業務合併後，無論從成本角度，或是帶來新的能力，我們都非常興奮且樂觀。

Regarding the channels, yes, about the channels, so I'll hit that. Terasol is a really interesting business and very complimentary to the other two brands that we already had in the portfolio.

至於通路，是的，關於通路我來回應。Terrasol 是一個非常有意思的業務，且與我們產品組合中原有的另外兩個品牌高度互補。

Terasol has a much larger food service component than either of the other two businesses.

Terrasol 的餐飲服務（foodservice）占比遠高於另外兩個業務。

So with that, we pick up over 3,000 distribution points that are being drop shipped out of the facility and right now are servicing Terrasol to those product sites or to those consumer sites. As we go forward, we obviously have two more brands with very complimentary and interesting products for that same channel. So we're really excited about what that can look like. Those are those are. Facilities we don't currently get to, retail facilities that we don't currently service in the other two brands. So it's completely additive to our existing footprint.

因此，我們新增了超過 3,000 個配送據點，這些據點目前由工廠直接代出貨（drop ship），並為 Terrasol 服務到各產品端或消費者端。展望未來，我們顯然還有另外兩個品牌，其產品對同一通路也非常互補且具吸引力。因此我們非常期待這會呈現什麼樣的樣貌。那些是——那些是——我們目前在另外兩個品牌尚未觸及的通路據點、零售據點。因此這對我們既有版圖是完全的增量。

We also, with the Terrasol acquisition, we also get a very proficient Amazon and marketplace operator that I think will help us to bring our other two businesses, other two brands to an even greater height in those channels as well. So we would tell you that it fits really well with the other two businesses, there is some crossover. In products, not as much as you would expect, but very similar products that are made the same way with the same type of equipment in the same type of facility that get distributed on the same trucks, but to different locations and with an additive online capability that we're really going to harness as well.

此外，透過收購 Terrasol，我們也獲得一個非常熟練的 Amazon 與市集平台營運團隊，我認為這將幫助我們把另外兩個業務、另外兩個品牌在這些通路推向更高的水準。因此我們會說它與另外兩個業務非常契合，產品上確實有一些交集，但沒有你想像的那麼多；不過它們是非常相似的產品，用相同方式製造、使用相同類型的設備、在相同類型的工廠生產，並由同樣的卡車配送，但送往不同地點；同時也具備我們將加以運用的增量線上能力。

Awesome. That's great color and really great to hear. Looking forward to what you guys can do with that over the coming quarters here.

太棒了。這些補充很有幫助，也很高興聽到。期待未來幾個季度你們能把這些發揮出來。

And then just overall on M&A, so you mentioned you guys are still active, not stopping here. Of course, you're going to have some integration time. Just wondering if you could kind of give us a high-level sort of outlook here. How should we think about overall pacing of acquisitions?

接著是整體的併購（M&A）。你們提到仍然很積極，不會就此停下來。當然你們也需要一些整合時間。我想請你們從高層次談談展望：我們應該如何看待整體收購節奏？

Is it sort of one or two a year or just any sort of framing on either timing or size of acquisitions would be helpful?

大概是一年一到兩件，還是說在收購的時間點或規模上有任何框架可供參考？任何關於時點或收購規模的說明都會很有幫助。

Yeah, Eric, I'll just say this is not a strategy that is set in fully set concrete at this point.

是的，Eric，我只能說目前這還不是一個已經完全定案、寫死在石頭上的策略。

We're still working through that and really assessing not only what our appetite is, but what our aptitude is for being able to integrate and continue to move, obviously keeping an eye on the existing businesses. So we'll learn more as we work our way through Novitas and then Terrasol.

我們仍在推進並仔細評估，不只是我們的意願（appetite），也包括我們在整合並持續推進方面的能力（aptitude），當然同時也會持續關注既有業務。所以，隨著我們把 Novitas、接著 Terrasol 的整合走完，我們會學到更多。

But I think you're pretty safe if you say one to two per year.

但我認為，如果你說一年一到兩件，基本上是相當安全的。

But again, like I mentioned last time around when we completed Navitas and I was asked, would you do another one this year? We would. So if the right property became available over the course of the 2026 calendar year or anytime in the next year, would we make a third?

不過再說一次，就像我上次在我們完成 Navitas（原文亦出現 Novitas/ Navitas 兩種拼法）後被問到：今年還會再做一件嗎？我們會。如果在 2026 日曆年度期間，或明年任何時間，有合適的標的出現，我們會不會做第三件？

I think we would absolutely look at it. Obviously, we would need to be able to buy it right, buy it at the right price and believe that there's a nice synergy.

我想我們絕對會去看。當然，我們必須能以正確的方式買進、以合適的價格買進，並且相信其中存在良好的協同效應。

Play or accretive play to the business that we have today. But I would say we have a nice muscle in this space that we're developing and approving out here with Navitas right now. And we have really great partners over at Nexus that help support that acquisitive. Strategy that we have. So this is going to be a roll up. We're going to continue to add additional brands, but we're going to be very thoughtful in the brands that we add. They're going to fit into this health and wellness space as close to the earth as we possibly can get, minimally processed, real food type of brands. And those don't, when they come available, we want to make sure that we're ready to take a hard look at those.

不論是對我們現有業務的成長推動（play）或增厚（accretive）推動。但我會說，我們正在這個領域建立一個很好的「肌肉」，而且現在正透過 Navitas 把它鍛鍊、打磨出來。我們在 Nexus 也有非常好的合作夥伴，協助支持我們的併購策略。所以這會是一個整併式（roll-up）的策略。我們會持續增加更多品牌，但會非常審慎地挑選要加入的品牌：它們要能融入健康與養生（health and wellness）領域，盡可能貼近自然、低度加工、真食物（real food）類型的品牌。當這些標的出現時，我們希望確保自己已準備好去做深入評估。

I think one to two is a pretty safe assumption, but in this particular case where we've already done two, maybe you could kick off, start that year anew right now and say one to two in the next year might be a goal for us.

我認為一年一到兩件是相當安全的假設；但在這個特定情況下，我們已經做了兩件，也許你可以把今年當作重新起跑，然後說未來一年我們的目標可能是一到兩件。

That's very helpful. Well, excited to see what's to come with you guys and congrats again.

這非常有幫助。也很期待看到你們接下來的發展，再次恭喜。

Thanks, Eric.

謝謝你，Eric。

Your next question comes from the line of Nicholas Sherwood with Maxim Group. Your line is open. Please go ahead.

下一個問題來自 Maxim Group 的 Nicholas Sherwood。您的線路已開通，請發言。

Thank you for taking my questions. I'm kind of thinking about how are you going to be managing and facilitating the best practices across the three organizations and how you're sharing the e-commerce and logistics specialties from Terasol versus maybe some of the more the wholesale specialties at Navidas and just making sure that lines of communication are clear.

謝謝讓我提問。我在想，你們將如何在這三個組織之間管理並推動最佳實務（best practices），以及如何分享 Terasol 的電商與物流專長，相對於 Navidas（原文拼法）較偏批發的專長，並確保溝通管道清楚順暢。

Yeah, it's a great question. The reality is. We're still very, in terms of the organizational size, we're still a very small and nimble organization.

是的，這是個很好的問題。現實是——就組織規模而言——我們仍然是一個非常小而且靈活的組織。

We're leveraging AI very heavily. You heard me say that in the pre-record. We're leveraging AI very heavily, and it's really amazing how we're able to add on, really double our business with very few required additional resources. And I think that's going to continue to be the case as we go forward. Terrasol is different for us because it is its own manufacturing facility and we need to have an organization down there that's leading that facility. So you don't have the same capability with that as you have with, the same opportunity, I should say, as you have with Novitas in terms of being able to really consolidate. But as we go forward and we make additional acquisitions and we fit. More manufacturing into Terrasol and we fit more brands into the overall holdco, sorry, I think that you'll see that we can continue to stay very nimble, very small. As a result, we don't have a lot of communication barriers between the companies. So what we've done thus far is we've integrated the Novitas folks that ultimately we're going to stay with the business.

我們非常大量地運用 AI。你在預錄內容裡也聽到我提到這點。我們非常大量地運用 AI，而令人驚訝的是，我們能在幾乎不需要增加太多額外資源的情況下，把業務規模擴大、甚至翻倍。我認為未來也會持續如此。Terasol 對我們而言不同，因為它有自己的製造工廠，我們需要在那邊有一個組織來領導該工廠。因此，你不會像對 Novitas 那樣有同等的能力——更準確地說，同等的機會——去做高度整併。但隨著我們往前走、進行更多收購，把更多製造導入 Terasol，並把更多品牌納入整體控股公司（holdco，抱歉）之下，我想你會看到我們仍能維持非常靈活、規模很小。也因此，公司之間不太會有溝通障礙。到目前為止，我們所做的是把 Novitas 的團隊——最終會留在業務裡的那些人——整合進來。

They're working side by side with our team.

他們正與我們的團隊並肩合作。

We don't have all the same geographical benefit. We do have teams split between California, really California, Oregon, and Colorado at this point. There are a few others, but we certainly are able to leverage the online tools that became available during the COVID time really effectively. And so I would say that the teams are really well integrated already. They understand the swim lanes, responsibilities have been set very clearly.

我們沒有完全相同的地理優勢。我們目前的團隊分布在加州——主要是加州——以及俄勒岡州和科羅拉多州。還有少數其他地點，但我們確實能非常有效地運用 COVID 期間普及的線上工具。因此我會說，團隊其實已經整合得很好。他們了解各自的泳道（swim lanes），責任分工也設定得非常清楚。

As I mentioned, we brought on a new wholesale leader that will be joining in the next couple of weeks, and more than wholesale, sales leader, that'll be joining in the next couple of weeks that we'll be able to talk about. And we brought on Andy Judd to run marketing. And each one of those two leaders is obviously going to be setting up the right processes and controls across the entire system to make sure that from a commercial perspective, we're coming to market with all three brands.

如我提到的，我們新聘了一位批發領導者，將在接下來幾週加入；更準確地說，是一位銷售領導者，將在接下來幾週加入，我們之後也能再談。我們也聘請了 Andy Judd 來負責行銷。而這兩位領導者都將在整個系統內建立適當的流程與控管，確保從商業面（commercial perspective）來看，我們能以三個品牌一起推向市場。

Jared Larkin, who leads our supply chain, doing the same thing across the entire supply chain. So what was an outsourced supply chain now has a very large plant that's producing, by far our largest producer is producing over 50% of all of the unit volume.

負責供應鏈的 Jared Larkin 也在整個供應鏈端做同樣的事情。所以，原本外包的供應鏈，現在有了一座非常大的工廠在生產——而且我們迄今最大的生產者，生產的單位量（unit volume）占比超過 50%。

So he needs to stay very close with that team and make sure that they're fully integrated. But it's really not a challenge. I think we were built to be able to do that by virtue of having a couple of locations already.

因此他需要與那個團隊保持非常緊密的合作，並確保他們完全整合。但這其實不是挑戰。我認為，憑藉我們原本就已經有幾個據點的基礎，我們的架構本來就是為了能做到這件事而建立的。

We're not siloed. We're a very flat organization. And so I think we're going to see that that's not a problem at all.

我們不是各自為政（siloed）。我們是一個非常扁平的組織。所以我認為這完全不會是問題。

Okay, perfect. I appreciate that detail. And then thinking about the food service opportunity, what sort of food service locations should we be thinking about? Talking about fast casual restaurants, hospital cafeterias, university dining halls, airlines, how should we sort of frame that new part of the business?

好的，太好了。我很感謝這些細節。接著談到餐飲服務（food service）的機會，我們應該把哪些類型的餐飲服務場域納入考量？例如快速休閒餐廳（fast casual）、醫院餐廳、大学餐廳、航空公司等，我們應該如何界定這個新的業務部分？

Yeah, I love that question. That is very early development for us by virtue of these three brands. We think we have an opportunity in all of those channels.

是的，我很喜歡這個問題。就這三個品牌而言，這對我們還是非常早期的開發階段。我們認為在你提到的所有通路都有機會。

However, we will be prioritizing those and obviously with somewhat limited resource to relatively limited resource, making sure that we prioritize and attack them appropriately. To start, Terrasol has a tremendous business that they've already built out in, think of it as kind of that health and wellness oriented space.

不過，我們會設定優先順序；而且在資源相對有限——或說有些有限——的情況下，確保我們能適當地優先排序並有效切入。首先，Terasol 已經在某個領域建立了非常可觀的業務，你可以把它想成偏健康與養生導向的市場。

Juice shops in particular. We'll be looking at all of the coffee shops with the Laird lineup, but also all of the great products that Terrasol and Navitas bring to the same operators. We think that that portion where health and wellness really lives in a strong way is a great opportunity. But you hit it on the head. I mean, hospitals, if you've spent any time in a hospital, it's one of the biggest kind of quagmires. I think we try and send people that are sick to the hospital to get healthy.

尤其是果汁店（juice shops）。我們也會用 Laird 的產品線去看所有咖啡店，同時也會把 Terrasol 與 Navitas 的優質產品帶給同一批營運商。我們認為，在健康與養生真正強勢存在的那一塊，是很好的機會。但你說得很對——我是說，醫院也是。如果你在醫院待過一段時間，那真的是最大的泥淖之一。我想我們把生病的人送去醫院是為了變健康。

And they don't eat well, and neither does anyone that goes in to see them. And I think that that is a really great opportunity for us, again, with those lesser-processed, close-to-the-earth foods that we think we can get after over the next couple of years. And CNU is really important as well. You really have an opportunity to get to the younger generation that's proving they care a lot more about health and wellness than anyone my age did at that age. And so we'll be prioritizing all of those.

但他們吃得不好，去探病的人也吃得不好。我認為這對我們是很好的機會——同樣是那些低度加工、貼近自然的食物——我們認為未來幾年可以在這方面大力推進。CNU（原文如此）也非常重要，你確實有機會接觸到更年輕的一代；他們在那個年紀時，對健康與養生的重視程度，明顯比我那個年紀的人在同年齡時更高。所以我們會把這些都列為優先。

Already have a capability that I mentioned with Terrasol to be able to dropship directly to location that we think creates a real competitive advantage for that entire channel.

另外，如我提到的，Terasol 已經具備能力可以直接把貨以代發（dropship）的方式送到各個據點，我們認為這會為整個通路帶來真正的競爭優勢。

Thank you for taking my questions. I will return to the queue.

謝謝讓我提問。我會回到等候隊列。

Your next question comes from the line of George Kelly with Roth Capital Partners. Your line is open. Please go ahead.

您的下一個問題來自 Roth Capital Partners 的 George Kelly。您的線路已開通，請開始提問。

Hey, everyone. Thanks for taking my questions.

嗨，各位。謝謝讓我提問。

A few for you. First, maybe a follow-up to one of the prior questions about your M&A pipeline.

我有幾個問題。首先，可能延續先前關於你們併購（M&A）案源管線的問題。

Curious where you think there's still opportunity or maybe it's within your product portfolio or capabilities, like where else might it make sense to look for future M&A?

想請教你們認為還有哪些機會？可能是在你們的產品組合或能力面向上——例如，未來併購還有哪些方向值得去看？

Great. Hey, George.

很好。嗨，George。

Always a pleasure to take your questions. So, this is a good one. And we are looking, we have a view towards additional brands that fit really nicely into this portfolio that we're building in the superfood space. But exactly as you said, also looking at various capabilities that we can leverage to take our existing brands to new locations. And that's, TerraSol really checked both of those.

一如既往，很高興回答你的問題。這個問題問得很好。我們確實在尋找更多能非常契合我們正在超級食物（superfood）領域打造之產品組合的品牌。不過正如你所說，我們也在看各種可運用的能力，來把我們現有品牌帶到新的市場與通路。而 TerraSol 兩者都完全符合。

For us, to be H1st, the capability, really, we were interested because of the products, and then we realized really this incredible set of capabilities that I've been talking about today was there as well. So when you get the two for one, you get even more excited, but I think you're exactly right. We'll be looking at both of those areas as we go forward. Our focus is domestic, looking at the US, maybe North America in general, but the US has really our geographic.

對我們而言，坦白說，一開始我們是因為產品而感興趣，之後才發現我今天一直在談的那一整套令人驚豔的能力也同時存在。所以當你能「買一送一」時，就更令人興奮了。但我認為你說得完全正確：未來我們會同時在這兩個面向持續尋找。我們的重點在國內市場，聚焦美國，或更廣義的北美，但美國確實是我們的地理——

Kind of hub or main location.

——樞紐或主要據點。

And I think within that, the product space, the brands that are bringing new products, especially in those two areas that we've already highlighted in the queue, that being coffee solutions and functional foods, there are a tremendous amount of brands. That are in that space that are, let's say, $40 million to $80 million, give or take 10% or 20% to that, which is kind of the sweet spot of where we want to be looking.

我認為在這之中，就產品面而言，那些能帶來新產品的品牌，特別是在我們先前已在問答中強調的兩個領域，也就是咖啡解決方案（coffee solutions）與機能性食品（functional foods），市場上有非常多品牌。這些品牌的規模大概在 4,000 萬到 8,000 萬美元之間，上下浮動 10% 或 20% 都算，這正是我們想要關注的甜蜜點。

I wouldn't say we wouldn't look at something larger that can anchor the portfolio, but we really believe if we can take a handful of $50 million, $60 million, $70 million brands and take them up to $100 million and then $150 million and beyond, build a portfolio of those in the healthy food space, we'll have a really unique. Portfolio of products here and so so that's kind of the strategy on the product side capability wise you know I just mentioned this food service space and our our interest in getting there if we found a a particular product that was able to take us to a into a channel for instance food service but into a channel where it could bring real leverage.

我不會說我們不會看更大的標的來作為產品組合的錨定，但我們真的相信，如果我們能把幾個 5,000 萬、6,000 萬、7,000 萬美元規模的品牌，推升到 1 億美元，接著到 1.5 億美元甚至更高，在健康食品領域建立這樣的品牌組合，我們將擁有非常獨特的產品組合。所以這是產品面的策略。至於能力面，我剛提到餐飲服務（food service）這個領域，以及我們想進入的興趣；如果我們找到某個產品能帶我們進入某個通路，例如餐飲服務，而且是在能為其他品牌帶來實質槓桿的通路，我認為那也會是我們需要認真評估的方向。

That we could utilize for the other brands. I think that would be something we'd really need to look at as well. But if you're going to do that, I mean, we don't want to buy a brokerage. So really what you want is you want a product that's been proven into that space. And so that's where you get yourself back to another terasol type of acquisition, which is really the sweet spot. We would love to do five more terasols, to be H1st with you.

但如果要這麼做，我們不想買的是經紀商（brokerage）。我們真正想要的是一個已在該領域被驗證過的產品。於是你就會回到另一個像 TerraSol 這樣的收購案型態，這才是真正的甜蜜點。坦白說，我們很希望再做五個 TerraSol。

Okay. That's hopeful. And then.

好的。這很令人期待。然後——

Other questions just around your guide, the full-year guide?

另外一些問題是關於你們的指引（guidance），全年指引？

I know the first half is just a little messy because you're doing these acquisitions and they're layering in. But if we look at the back half, what's baked into your guide, is it fair to say that you'll be doing like a low 30% gross margin and around a 10%.

我知道上半年因為你們在做這些收購、逐步併入，所以會比較混亂。但如果看下半年，你們的指引裡面包含了什麼？是否可以說下半年你們會做到大約 30% 出頭的毛利率，以及約 10% 的——

EBITDA margin in the back half of the year. So that's the first part. And then second part of the question is, if I'm ballpark with those ranges, are there a lot of synergies that are not sort of fully baked into those numbers or longer-term synergies, maybe they'll be more fully realized in 2027.

EBITDA 利潤率？這是第一部分。第二部分是，如果我對這些區間的估計大致合理，是否仍有不少協同效益（synergies）尚未完全反映在這些數字中，或是屬於較長期的協同效益，可能要到 2027 年才會更完整實現？

Is that a fair statement?

這樣的說法合理嗎？

So if you could cover those two questions, that would be great.

如果你們能回答這兩個問題就太好了。

Hi, George. This is Anja. Thanks for the question. So I'll kick it off, especially around margin and then Jason jump in.

嗨，George，我是 Anja。謝謝你的問題。我先從利潤率的部分開始，然後 Jason 再補充。

So, yes, in terms of the gross margin, we certainly have acceleration planned in for the balance of the year to be, in the range that probably low to mid 30s.

是的，就毛利率而言，我們確實規劃在今年剩餘期間加速改善，目標大概會落在 30% 出頭到 30% 中段的區間。

And there's really four drivers to that acceleration. One is the top-line build.

而這個加速主要有四個驅動因素。第一是我們預期因新增通路帶來的營收成長。

That we're anticipating from new distribution, reduced promotional spend as well as slotting charges that we incurred in Q1 for this new distribution.

同時也包括促銷支出降低，以及我們在第一季為了這些新通路所支付的上架費（slotting charges）。

Then, there's some commodity favorabilities as well. In Q1, we're still going through higher cost commodities that were purchased last year with tariffs.

第二，也有一些大宗商品成本的有利因素。第一季我們仍在消化去年因關稅而採購的較高成本原物料。

The channel mix and product mix becomes more favorable in the balance of the year as well as. Tariff-free funds that are anticipated. And then, of course, the fourth driver is addition of TerraSol that wasn't reported in our Q1 numbers since we didn't complete the acquisition until, Q2.

第三，通路組合與產品組合在今年剩餘期間也會變得更有利，並且預期會有免關稅的投入成本。當然，第四個驅動因素是 TerraSol 的併入——由於我們直到第二季才完成收購，因此第一季的數字尚未包含 TerraSol。

So, and then early synergy realization, to your point, is that we're early in the acquisition.

另外，針對你提到的早期協同效益實現，我們目前仍在收購整合的早期階段。

And we feel like we are on track with our synergies expectation.

我們認為協同效益的進度符合預期。

And it won't be a full year this year, it will be partial. But we feel good about it, like I mentioned, on track, and that will be reflected in the back half numbers as well.

今年不會是完整年度的貢獻，而是部分年度。但我們對進度感到良好，如我所說是按計畫進行，這也會反映在下半年的數字中。

Maybe just to follow-up, is a 10-ish percent EBITDA margin in the back half realistic?

我再追問一下：下半年約 10% 左右的 EBITDA 利潤率是否現實？

I think that's a little high, especially, with just putting those businesses together.

我覺得那有點高，尤其是在把這些業務整合在一起的過程中。

So I think that's maybe mid, would be mid-single-digits would be more appropriate.

所以我認為大概中個位數百分比（mid-single-digits）會更合適。

Yeah, I think high single-digits. So George, the way I think about it is that we expect to be a double-digit EBITDA business. But we need to get through the full synergy play. And so exactly as you asked, there are synergies that we won't get to in 2026. Moving the production into the Terracell facility is a great example, as I was talking about previously. We know that there are dollars that will be in play, quite a lot of dollars that will be in play when we do that, but that's stage for beyond 2026, or maybe to start later in 2026 and then to bleed into '27.

是的，我認為高個位數百分比（high single-digits）。George，我的看法是：我們預期最終會成為 EBITDA 兩位數百分比的公司，但我們需要把完整的協同效益發揮完。所以正如你問的，確實有一些協同效益在 2026 年無法完全實現。把生產移到 TerraSol 工廠就是一個很好的例子，正如我先前提到的。我們知道一旦這麼做，會有一些成本節省可以發揮，而且金額相當可觀，但那是 2026 年之後的階段，或可能在 2026 年稍晚開始，並延續到 2027 年。

So I think that it would be a little bit aggressive to expect that we're going to be all the way to 10% plus EBITDA in the back half of the year.

因此，我認為若期待我們在今年下半年就能達到 10% 以上的 EBITDA，會稍微激進一些。

We'd love to. It doesn't mean we won't be pushing for it, but I think it would be a little bit aggressive just because the timing of some of these synergies as we work our way through the integration just won't allow us to get all the way there.

我們當然很希望能做到。這不代表我們不會努力推進，但我認為就整合過程中部分協同效益的時程而言，確實會讓我們難以在下半年就完全達到那個水準。

Okay. Okay. All right. I appreciate it. That's all I had. Thanks.

好的。好的。明白了。謝謝，我就這些問題。

Great.

很好。

There are no further questions at this time. I will now turn the call back to Jason for closing remarks.

目前沒有其他問題。我現在把電話交回 Jason 作結語。

Great.

很好。

Thank you.

謝謝。

Thanks to all of you for joining us again today and for your continued interest in the company.

感謝各位今天再次參與，也感謝大家持續關注本公司。

We appreciate your time and all the thoughtful questions that came at us again today, and we look forward to updating you on our progress next quarter, where we'll have even more to share on the Nevitas and TerraSol acquisitions.

我們感謝各位撥冗，以及今天再次提出的許多深思熟慮的問題。我們期待在下個季度向各位更新我們的進展，屆時我們也會就 Nevitas 與 TerraSol 的收購案分享更多資訊。

This concludes our earnings call.

本次財報電話會議到此結束。

Have a great day.

祝各位有美好的一天。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

感謝您的參與。您現在可以掛線。