Mama's Creations Inc (MAMA) 2026 Q3 法說會逐字稿

Thank you for joining us. The conference will begin shortly.

感謝您的參與。會議即將開始。

(Operator Instructions) Please note this conference is being recorded as of today, December 8, 2025.

（操作員說明）請注意，本次會議從2025年12月8日開始錄製。

I will now turn the conference over to Luke Zimmerman with MZ Group, the company's Investor Relations firm. Thank you. You may begin.

現在我將把會議交給公司投資人關係公司 MZ Group 的 Luke Zimmerman。謝謝。你可以開始了。

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Mama's Creations's third-quarter fiscal 2026 earnings conference call.

女士們、先生們，午安。感謝您的耐心等待。歡迎參加 Mama's Creations 2026 財年第三季財報電話會議。

(Operator Instructions) Following the presentation, the conference will be open for questions.

（操作說明）演示結束後，會議將開放提問環節。

This conference is being recorded today, Monday, December 8, 2025. The earnings press release accompanying this conference call was issued after the market closed today.

本次會議於2025年12月8日星期一進行錄製。本次電話會議附帶的獲利新聞稿已於今日股市收盤後發布。

On our call today is Mama's Creations's Chairman and CEO, Adam Michaels; and CFO, Anthony Gruber.

今天參加我們電話會議的有 Mama's Creations 的董事長兼執行長 Adam Michaels 和財務長 Anthony Gruber。

Before we get started, I'll read a disclaimer about forward-looking statements.

在開始之前，我先宣讀一份關於前瞻性陳述的免責聲明。

The conference call may contain, in addition to historical information, forward-looking statements within the meaning of federal securities laws regarding Mama's Creations.

除了歷史資訊外，本次電話會議可能包含有關 Mama's Creations 的聯邦證券法意義上的前瞻性陳述。

Forward-looking statements include, but are not limited to, statements that express the company's intentions, beliefs, expectations, strategies, predictions, or any other statements relating to its future earnings activity, events, or conditions.

前瞻性陳述包括但不限於表達公司意圖、信念、預期、策略、預測或與公司未來獲利活動、事件或狀況相關的任何其他陳述。

These statements are based in current expectations, estimates, and projections about the company's business, based, in part, on assumptions made by management. These statements are not guarantees of future performance that involve risks, uncertainties, and assumptions that are difficult to predict.

這些聲明是基於對公司業務的當前預期、估計和預測，部分基於管理層所做的假設。這些聲明並非對未來績效的保證，其中涉及難以預測的風險、不確定性和假設。

Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous to factors discussed from time to time in the company's 10-K and other documents, which the company files with the US Securities and Exchange Commission.

因此，由於公司不時在 10-K 表格和其他文件中討論的諸多因素，實際結果可能與前瞻性聲明中表達或預測的內容有重大差異，這些文件是公司向美國證券交易委員會提交的。

In addition, such statements could be affected by risks and uncertainties related to factors beyond the company's control. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the loss of key management personnel, availability of capital, and any major litigation regarding the company.

此外，此類聲明可能受到公司無法控制的風險和不確定性因素的影響。可能導致實際結果與前瞻性陳述中的結果有重大差異的因素包括但不限於：關鍵管理人員的流失、資金的可用性以及與公司有關的任何重大訴訟。

In addition, throughout today's call, the company may refer to adjusted EBITDA, a non-GAAP financial measure, which it believes provides helpful information to investors about the performance of the business on an ongoing basis.

此外，在今天的電話會議中，公司可能會提及調整後的 EBITDA，這是一個非 GAAP 財務指標，公司認為該指標可以持續地為投資者提供有關公司業務表現的有用資訊。

Reconciliation of adjusted EBITDA to its most directly comparable GAAP financial measure is included in today's earnings press release. It is available on the Mama's Creations's website, under the Investors tab.

今天的獲利新聞稿中包含了調整後 EBITDA 與其最直接可比較的 GAAP 財務指標的調整表。可以在 Mama's Creations 網站的「投資者」標籤下找到。

Finally, this conference call contains time-sensitive information that reflects management's best analysis only as of the date and time of this conference call. The company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information, or circumstances that arise (inaudible) the date of this conference call.

最後，本次電話會議包含有時效性的信息，僅反映管理層截至本次電話會議日期和時間的最佳分析。本公司不承擔任何義務公開更新或修訂任何前瞻性聲明，以反映在本次電話會議日期之後發生的未來事件、資訊或情況（聽不清楚）。

At this time, I'd like to turn the call over to the Chairman and CEO, Adam Michaels. Adam, the floor is yours.

此時，我想把電話交給董事長兼執行長亞當‧麥可斯。亞當，現在輪到你發言了。

Thank you, Luke. Thank you to everyone for joining us today. I'd like to welcome you to our third-quarter fiscal '26 financial results conference call.

謝謝你，盧克。感謝各位今天蒞臨。歡迎各位參加我們2026財年第三季財務業績電話會議。

This was a transformational quarter for Mama's, one where the business continues to scale; our retail momentum accelerated; and we took a major step forward in our long-term strategy, with the addition of the Bayshore facility through the recent acquisition of Crown 1.Our performance this quarter reflects both the strength of demand for high-quality deli-prepared foods and the work our teams have done to build a modern, scalable, highly efficient platform.

對於 Mama's 來說，這是一個具有變革意義的季度，業務持續擴張；零售勢頭加速；並且透過最近收購 Crown 1，我們獲得了 Bayshore 工廠，這標誌著我們在長期戰略方面邁出了重要一步。本季的業績既反映了市場對高品質熟食的強勁需求，也反映了我們團隊為建立現代化、可擴展、高效的平台所付出的努力。

Revenue growth, again, outpaced the category, accelerating our market share gains, supported by balanced geographic expansion, disciplined trade and marketing promotion investments, and new wins across multiple channels.

營收成長再次超過同類產品，加速了市場份額的成長，這得益於均衡的地理擴張、嚴謹的貿易和行銷推廣投資，以及在多個管道中取得的新勝利。

Even in a macro environment where consumers remain selective, our value proposition continues to resonate: grandma-quality food at the right price, ready when they are.

即使在消費者依然挑剔的宏觀環境下，我們的價值主張仍然引起共鳴：以合適的價格提供奶奶品質的食物，隨時滿足他們的需求。

I would like to start with our recent acquired facility in Bayshore, New York, because while many think the acquisition announcement is the finish line, for us, just like in a triathlon, it's just the first leg and we are already thinking ahead to the next phase of integration. I could tell you, we're off to a tremendous start, passing and picking off competitors left and right.

我想先談談我們最近在紐約州貝肖爾收購的工廠，因為雖然很多人認為收購公告就是終點，但對我們來說，就像鐵人三項一樣，這只是第一棒，我們已經在考慮下一階段的整合了。我可以告訴你，我們開局非常出色，一路過關斬將，輕鬆擊敗對手。

To start, this Bayshore team is exceptional. Andy has unleashed an incredibly strong management team. This team is eager to win. The tools, resources, and colleagues shared amongst East Rutherford and Farmingdale are creating a powerhouse team.

首先，Bayshore 團隊非常出色。安迪組建了一支實力極為強大的管理團隊。這支隊伍渴望勝利。東盧瑟福和法明代爾共享的工具、資源和同事正在打造一支強大的團隊。

Culture must never be underestimated. Now that Bayshore is back home with its food manufacturing colleagues and their work is core to the Mama's organization, Bayshore is reborn.

文化的重要性絕不可小覷。現在，Bayshore 回到了食品製造領域的同行們身邊，他們的工作是 Mama's 組織的核心，Bayshore 也因此重生了。

Our newly acquired facility in Bayshore brings a recently upgraded USDA facility, automated and artisan production capabilities, and a reputation for grandma-quality items that fit squarely within our brand promise.

我們在 Bayshore 新收購的工廠擁有近期升級的 USDA 認證設施、自動化和手工生產能力，以及祖母品質產品的聲譽，這完全符合我們的品牌承諾。

It also opens the door to a customer set that historically has been difficult to access. The proximity of their facility to our Farmingdale facility gives us a structural advantage -- similar grills, joint training, and shared playbooks -- which allow us to move quickly on procurement, labor alignment, and SKU rationalization.

這也為以往難以接觸的客戶群打開了一扇門。他們的工廠與我們 Farmingdale 工廠距離很近，這給我們帶來了結構上的優勢——類似的烤架、聯合培訓和共享的操作手冊——這使我們能夠在採購、勞動力協調和 SKU 合理化方面快速行動。

In three short months, I am proud to report that 100% of Bayshore's procurement is firmly centralized. This means we're leveraging our volume across all three facilities, driving specification alignment and inventory management.

短短三個月內，我自豪地宣布，Bayshore 的採購已 100% 實現集中化管理。這意味著我們正在利用我們三個工廠的產能，推動規格統一和庫存管理。

For example, leveraging Mama's scale, we were able to reduce Bayshore beef costs double digits in the first month alone. If that is not exciting enough, we've already realized our [1 Plant, 3 Locations] strategy, transitioning some East Rutherford and some Farmingdale production to Bayshore, unlocking capacity, reducing overtime, and increasing absorption across our network.

例如，利用 Mama 的規模優勢，我們僅在第一個月就將 Bayshore 牛肉的成本降低了兩位數。如果這還不夠令人興奮的話，我們已經實現了我們的[1個工廠，3個地點]戰略，將東盧瑟福和法明代爾的部分生產轉移到貝肖爾，釋放了產能，減少了加班，並提高了我們整個網絡的吸收率。

Thanks to Skip and his team, in three short months, you can no longer see where one plant begins and the other ends. We are one plant, delivering on our shared one-stop shop strategy.

多虧了 Skip 和他的團隊，短短三個月，你就再也看不出哪株植物的邊界在哪裡了。我們是一家工廠，共同實踐一站式服務策略。

The team is already working through even more synergy-capture opportunities. We expect to lift Bayshore's gross margin towards our historical corporate range over the next year. But stepping back, they immediately strengthened our category position in scale that accelerates our path towards long-term $1 billion revenue ambition.

團隊已經在著手尋找更多發揮綜效的機會。我們預計在未來一年內，Bayshore的毛利率將提升至我們歷史企業水準範圍。但退一步講，它們立即增強了我們在規模上的品類地位，加速了我們實現長期 10 億美元營收目標的進程。

I'm appreciative of the Bayshore team's commitment to our vision and thankful for our new teammates.

我非常感謝 Bayshore 團隊對我們願景的投入，也感謝我們的新隊友。

Turning to consumer trends, the grocery deli is becoming one of the most important battlegrounds in modern food service. Consumers aren't choosing between brands inside the restaurant channel. They're choosing between the restaurant channel and the grocery prepared food set.

從消費趨勢來看，超市熟食區正成為現代食品服務業最重要的戰場之一。消費者並非在餐飲通路內的不同品牌之間進行選擇。他們正在餐廳頻道和超市熟食頻道之間做出選擇。

Even major restaurant operators like Chipotle noted on their most recent earnings calls that they're not losing guests to other chains. They're losing trips to grocery and food at-home occasions. That dynamic directly benefits us.

就連像 Chipotle 這樣的大型餐飲業者也在最近的財報電話會議上指出，他們的顧客並沒有流失到其他連鎖餐廳。他們減少了去超市購物和在家做飯的次數。這種動態直接有利於我們。

Industry data shows that the share of shoppers replacing a restaurant meal with deli-prepared foods has more than doubled since 2017. Consumers want speed, value, freshness, and the ability to shop for the rest of the household at the same time.

產業數據顯示，自 2017 年以來，以熟食店購買的食品取代餐廳用餐的消費者比例增加了一倍以上。消費者希望購物速度快、價格實惠、商品新鮮，並且能夠同時為家中的其他人購買所需物品。

Fully cooked meats grew 4.8% over the past year. Chicken remains the top performer in the category. The overall retail food service segment has grown to over $52 billion. These are the exact spaces where Mama's competes and wins.

過去一年，全熟肉類銷量成長了4.8%。雞肉仍是該品類中表現最佳的食材。整個零售食品服務產業的規模已成長至超過 520 億美元。這些正是Mama's餐廳競爭並取得成功的領域。

Operationally, we continue to execute against our four C strategy and strategic pillars: cost, controls, culture, and catapult.

在營運方面，我們繼續執行我們的 4C 策略和策略支柱：成本、控制、文化和彈射。

On cost, our logistics and procurement teams, again, delivered measurable improvements, with freight down another 30 basis points versus prior year, driven by denser freight, better material planning, lowering our transportation expenses.

在成本方面，我們的物流和採購團隊再次取得了可衡量的改進，貨運成本比前一年又下降了 30 個基點，這得益於更密集的貨運、更好的物料計劃以及運輸費用的降低。

Impressive work by Anthony and his team has taken advantage of lower chicken commodity prices in the quarter, capturing below-market [spot buys] and marrying it with [raised, increased] trimming execution.

安東尼和他的團隊出色地利用了本季度雞肉商品價格走低的機會，以低於市場價的價格（現貨購買）進行收購，並將其與（提高的）修整執行力相結合。

While we know this would not last forever, these opportunities highlight our agility and how quickly we can react when the market shifts.

雖然我們知道這種情況不會永遠持續下去，但這些機會凸顯了我們的靈活性以及我們在市場變化時能夠迅速做出反應的能力。

As we plan for fiscal '27, Bayshore's chicken needs will nearly double our overall chicken volume demand, which positions us to negotiate stronger supplier partnerships and unlock better unit economics.

在規劃 2027 財年時，Bayshore 的雞肉需求將使我們整體雞肉需求量幾乎翻一番，這使我們能夠與供應商建立更牢固的合作關係，並獲得更好的單位經濟效益。

I'm excited to share with you today that we're in final negotiations with our commodity suppliers to lock in agreements for calendar '26. This will add much appreciated stability to our supply chain, allowing Skip to better manage its costs and will allow Chris to more effectively manage his pricing strategies.

今天我很高興地告訴大家，我們正在與大宗商品供應商進行最後的談判，以鎖定 2026 年的協議。這將為我們的供應鏈帶來極大的穩定性，使 Skip 能夠更好地控製成本，並使 Chris 能夠更有效地管理其定價策略。

Under controls, the work Alberto is doing to build new capabilities around demand and supply planning are creating massive dividends. The visibility is improving our customer service levels; production efficiency; and, most importantly, informing our fiscal '27 planning.

在良好的管控下，阿爾貝託在需求和供應計畫所做的新能力建設工作正在產生巨大的效益。提高可見度有助於提升我們的客戶服務水準、生產效率，最重要的是，有助於我們制定 2027 財年的計畫。

For example, because of this demand visibility, we've been able to increase our chicken throughput by nearly 40% versus prior year; while reducing, over time, by over 400 basis points.

例如，由於這種需求可見性，我們能夠將雞肉產量比前一年提高近 40%；同時，隨著時間的推移，產量下降超過 400 個基點。

What gets measured, gets improved is not just a mantra in our organization. It's how each of our 600 associates work every single day, regardless of which of our three facilities we are in.

在我們公司，衡量什麼，改進什麼，不只是一句口號。無論我們身處三個辦公地點中的哪一個，我們 600 名員工每天都是這樣工作的。

I also must thank John and his IT team for making the Bayshore transition seamless. We didn't miss a beat. The work he will be doing over the next six months, in partnership with Andy and his team, will allow us to move to one ERP system, adding even more real-time insights and analysis into our business.

我還要感謝約翰和他的IT團隊，他們讓Bayshore的過渡工作變得無比順利。我們絲毫沒有耽擱。在接下來的六個月裡，他將與安迪和他的團隊合作，開展工作，使我們能夠過渡到一個 ERP 系統，為我們的業務增加更多即時洞察和分析。

On culture, I honestly am not sure what to highlight because everything we do starts with culture. Abby her team were there at 5:00 AM on Tuesday morning after Labor Day to welcome our new Bayshore colleagues. Not even sure she left that building for that first week, ensuring our new colleagues had their forms filled out; payroll transitioned; benefits updated; and, most importantly, had their new Mama's swag. A week later, magically, everyone was a new Mama's employee. We had only lost one employee, at his choosing.

關於文化，我真的不知道該重點強調什麼，因為我們所做的一切都始於文化。勞動節後的星期二早上 5 點，艾比和她的團隊就到了，歡迎我們新的 Bayshore 同事。甚至不確定她第一週是否離開過那棟大樓，她確保新同事們的表格都已填寫完畢；工資已交接；福利已更新；最重要的是，他們都拿到了新媽媽的紀念品。一週後，神奇的是，所有人都成了媽媽餐廳的新員工。我們只失去了一名員工，而且是他自己選擇離開的。

In all of my years doing M&A, I think this was the smoothest transition yet. Thank you, Abby, Claudia, and [Candy]; and to the Farmingdale employees who rolled up their sleeves before their day job to ensure our Bayshore employees felt welcome.

在我從事併購的多年經驗中，我認為這是最順利的一次過渡。感謝 Abby、Claudia 和 [Candy]；也要感謝 Farmingdale 的員工們，他們在上班前捲起袖子，確保 Bayshore 的員工感受到賓至如歸。

Another culture moment to highlight is the successful transition of our company from a make-to-order to a make-to-stock organization. This means, with Skip's guidance, we have now created inventory stock of our highest-velocity items, resulting in higher-service levels for our customers and lower overtime for our operations because we're anticipating our customers' needs. This would not be possible without the cross-functional alignment across sales, manufacturing, logistics, and finance.

另一個值得一提的文化時刻是我們公司成功地從訂單生產模式轉型為庫存生產模式。這意味著，在 Skip 的指導下，我們現在已經建立了最暢銷商品的庫存，從而提高了客戶的服務水平，並減少了營運中的加班時間，因為我們能夠預測客戶的需求。如果沒有銷售、製造、物流和財務等部門的跨職能協調，這是不可能實現的。

This is just one more example of how this organization has evolved from a subscale Northeast meatball company three years ago into a national one-stop shop deli solution, with the foundation to support anything our customers need.

這只是另一個例子，說明這家公司是如何從三年前一家規模較小的東北肉丸公司發展成為一家全國性的一站式熟食店解決方案，並擁有支持客戶任何需求的強大基礎。

Oh. Did I mention our first-ever [battle of the bridges], where our New York employees took on our New Jersey employees at soccer, sorry, football. Let's just say that I personally won, as everyone made it into the factory, Monday morning, safe and sound. I'll take the win. In the new year, while I will not be able to speak to the look of their play, I can guarantee you that they will be decked out in new Mama's Kit.

哦，我有沒有提到我們第一次[橋樑之戰]？當時我們紐約的員工和新澤西的員工進行了一場足球比賽，喔不，是橄欖球比賽。這麼說吧，我個人算是贏了，因為週一早上，每個人都平安無事地到達了工廠。我接受勝利。在新的一年裡，雖然我無法評價他們的比賽風格，但我可以向你保證，他們將會穿上全新的媽媽裝備。

On catapult, which reflects our purposeful and profitable growth, our teams delivered another quarter of market share-gaining momentum. In Q3, we exceeded our goal of adding not one but two Tier 1 national retailers.

在「彈射」階段，我們的團隊實現了又一個季度的市場份額成長勢頭，這反映了我們目標明確且盈利豐厚的成長。第三季度，我們超額完成了目標，不僅新增了一家，而是新增了兩家一級全國零售商。

The first is Target, where we have confirmed two branded-sleeve items to begin shipping in February, with the stage rollout to 1,995 stores and additional items in the final set-up stages for later distribution.

首先是 Target，我們已確認兩款品牌袖標商品將於 2 月開始出貨，分階段推廣至 1995 家門市，其他商品也已進入最後設定階段，以便稍後經銷。

In Food Lion, another major national retailer, we are entering 1,100 stores this month, with two new branded chicken items; as well as rolling out three branded sleeves, starting at 400 stores.

在另一家大型全國零售商 Food Lion，我們本月將推出兩款新的品牌雞肉產品，進入 1100 家門市；同時還將推出三款品牌包裝，首先在 400 家門市推出。

This is a huge testament to Chris and his team, after years of tastings, packaging optimization, and hand-cramping paperwork. Congrats to Peter for getting us over the finish line.

這是對克里斯和他的團隊多年品嚐、包裝優化和繁瑣文書工作的巨大肯定。恭喜彼得帶領我們順利完成比賽。

These wins reflect both the credibility of our brand and the demand from retailers for turnkey, deli-prepared solutions that drive traffic to their stores and save on labor.

這些勝利既體現了我們品牌的信譽，也反映了零售商對交鑰匙式熟食預製解決方案的需求，這些方案能夠為他們的商店帶來客流量並節省人力成本。

The club channel was another bright spot, thanks to Scott, after a successful five-region rotation of our branded cheese-stuffed chicken meatballs in Q3, our first national Costco MVM, with branded beef meatballs hit in Q4 and is already creating a noticeable lift in trial-and-brand awareness.

俱樂部通路是另一個亮點，這要歸功於 Scott，在第三季度，我們的品牌起司餡雞肉丸在五個地區成功輪換銷售，這是我們首次在 Costco 全國範圍內推出 MVM 產品，而品牌牛肉丸在第四季度上市，已經顯著提高了試用率和品牌知名度。

Thanks to Eric and his East Rutherford team, our production is ahead of schedule, creating confidence that we can deliver whatever Costco needs, whenever and wherever they need it.

感謝艾瑞克和他的東盧瑟福團隊，我們的生產進度提前完成，這讓我們有信心隨時隨地滿足 Costco 的任何需求。

Costco continues to be one of our strongest strategic partners. The MVM confirms their confidence in our ability to execute at a national scale. We look forward to reporting Q4 results, which will reflect the revenue from this MVM.

Costco 仍然是我們最強大的策略合作夥伴之一。MVM 確認了他們對我們全國執行能力的信心。我們期待公佈第四季度業績，其中將反映出該MVM的營收。

Marketing continues to play a meaningful role in amplifying this momentum. From digital programs in club to influencer-driven activation in [Sam's] and strategic partnerships with Amazon Fresh and Instacart, we're building a modern consumer-facing brand that meets shoppers where they are, where they already are -- online, on mobile, and inside the store.

行銷在增強這種發展勢頭方面繼續發揮著重要作用。從俱樂部中的數位專案到山姆會員店中由網紅主導的活動，再到與亞馬遜生鮮和Instacart的策略合作，我們正在打造一個面向消費者的現代化品牌，在消費者所在的地方——線上、行動裝置和店內——與他們互動。

With the successful rollout of our new technology-enabled meals for (inaudible) and paninis at Publix, Lauren and her team took the opportunity to leverage social, digital, and in-person marketing execution to amplify the launch.

隨著我們在 Publix 成功推出新的高科技餐點（聽不清楚）和帕尼尼，Lauren 和她的團隊抓住機會，利用社交、數位和麵對面的行銷執行來擴大發布範圍。

But Publix was just one example. Retail and social support delivered over 24 million impressions in Q3 and a double-digit return on advertising spend. Our digital media is not only attracting new consumers but also creating FOMO with our retail buyers and prospective buyers in the industry.

但 Publix 只是其中一個例子。第三季度，零售和社交支援帶來了超過 2,400 萬次的曝光量，廣告支​​出回報率達到兩位數。我們的數位媒體不僅吸引了新的消費者，而且還讓我們的零售買家和業內潛在買家產生了「害怕錯過」的心理。

As our teenage boys would say, sorry, not sorry.

正如我們十幾歲的男孩會說的那樣，對不起，但我並不後悔。

Finally, while our focus remains on executing Bayshore integration and supporting organic growth, we continue to evaluate additional opportunities that fit our disciplined acquisition framework: fair price, strategic alignment, operational synergy, and high confidence in integration.

最後，儘管我們仍專注於執行 Bayshore 的整合並支持內生成長，但我們仍將繼續評估符合我們嚴謹收購框架的其他機會：合理的價格、策略一致性、營運協同效應以及對整合的高度信心。

With our strengthened balance sheet, the right systems in place, and a deeper team, we have the ability to act when the right opportunities emerge.

憑藉我們更穩健的資產負債表、完善的系統和更強大的團隊，我們有能力在合適的機會出現時採取行動。

In summary, Q3 showed the strength of our operating model, the resiliency of our consumer demand for deli-prepared foods, and the early impact of the Bayshore acquisition. Our retail wins, club momentum, and expanding capabilities give us a clear runway for profitable growth, heading into the next fiscal year and beyond.

總而言之，第三季展現了我們營運模式的實力、消費者對熟食預製食品需求的韌性，以及對 Bayshore 收購的早期影響。我們在零售領域的成功、俱樂部業務的蓬勃發展以及不斷擴大的能力，為我們在下一個財政年度及以後的盈利增長提供了清晰的路徑。

I am incredibly proud and appreciative of our team; and look forward to updating you on our progress in the quarters ahead.

我為我們的團隊感到無比自豪和感激；期待在接下來的幾個季度向大家報告我們的進展。

I'd now like to turn the call over to Anthony Gruber, our Chief Financial Officer, to walk through some key financial details from the third-quarter fiscal '26. Anthony?

現在我想把電話交給我們的財務長安東尼·格魯伯，讓他來介紹一下 2026 財年第三季的一些關鍵財務細節。安東尼？

Thank you, Adam.

謝謝你，亞當。

Moving to the financial results, revenue for the third quarter of fiscal 2026 increased 50% to $47.3 million as compared to $31.5 million in the same year-ago quarter. The increase was largely attributable to the acquisition of Crown 1, as well as robust double-digit growth in the legacy business on a pre-acquisition basis. Year to date, our organic growth remains at 20%.

再來看財務業績，2026 財年第三季的營收成長了 50%，達到 4,730 萬美元，而去年同期為 3,150 萬美元。這項成長主要歸功於對 Crown 1 的收購，以及收購前原有業務的強勁兩位數成長。今年迄今為止，我們的有機成長率保持在 20%。

Gross profit increased 56.6% to $11.1 million or 23.6% of total revenues in the third quarter of fiscal 2026 as compared to $7.1 million or 22.6% of total revenues in the same year-ago quarter. The increases in gross margin rate were primarily attributable to operational efficiency, improvements across the organization, in addition to tremendous success in managing our raw chicken prices, partially offset by beef commodity headwinds and the addition of lower-margin Crown 1 sales, which the company expects to bring in line with the corporate average in the mid-20% range over the next year.

2026 財年第三季毛利成長 56.6%，達到 1,110 萬美元，佔總營收的 23.6%，而去年同期毛利為 710 萬美元，佔總營收的 22.6%。毛利率的成長主要歸功於營運效率的提高、整個組織的改進，以及在控制生雞肉價格方面取得的巨大成功，但部分被牛肉商品價格的不利因素和低利潤率的 Crown 1 銷售所抵消，公司預計在未來一年內，Crown 1 的毛利率將與公司平均水平持平，達到 20% 左右。

As a reminder, all of this is inclusive of rightsizing our trade promotion investments, when our margins are achieved and the funds are available.

再次提醒，所有這些都包括在達到利潤目標且資金到位後，調整我們的貿易促進投資規模。

Year to date, our trade rate sits over 3%. This is nearly $2.5 million ahead of prior year and even more effective returns. From a marketing perspective, year to date, our spend is at 2%, nearly $1 million ahead of prior year. Combined, this is nearly a $6.5 million year-to-date investment in our future. We are already seeing the fruits of our labor.

今年迄今為止，我們的貿易率超過 3%。這比前一年增加了近250萬美元，而且收益更加顯著。從行銷的角度來看，今年迄今為止，我們的支出為 2%，比前一年增加了近 100 萬美元。總計而言，今年迄今為止，我們對未來的投資已接近 650 萬美元。我們已經開始看到勞動成果了。

We remain vigilant in managing the magnitude and ROI of our trade and marketing spend and see it as a critical tool to achieve our ambitions.

我們始終密切關注貿易和行銷支出的規模和投資回報率，並將其視為實現我們目標的關鍵工具。

Operating expenses totaled $10.3 million in the third quarter of fiscal 2026 as compared to $6.6 million in the same year-ago quarter. As a percentage of revenue, operating expenses increased in the third quarter of fiscal 2026 to 21.8% from 20.8%.

2026 財年第三季營運支出總額為 1,030 萬美元，而去年同期為 660 萬美元。2026 財年第三季度，營運費用佔營收的百分比從 20.8% 增至 21.8%。

Operating expenses in the third quarter were impacted by the recent acquisition of Crown 1 Enterprises, as well as $1 million in non-recurring transaction expenses tied to the aforementioned acquisition. Excluding the aforementioned transaction-related expenses, our OpEx as a percent of revenues would remain below 20%.

第三季的營運費用受到近期收購 Crown 1 Enterprises 的影響，此外還有與上述收購相關的 100 萬美元非經常性交易費用。除去上述交易相關費用，我們的營運支出佔收入的百分比將低於 20%。

Net income for the third quarter of fiscal 2026 increased 31.7% to $0.5 million or $0.01 per diluted share as compared to net income of $0.4 million or $0.01 per diluted share in the same year-ago quarter. Third-quarter net income totaled 1.1% of revenue as compared to 1.3% in the same year ago.

2026 財年第三季淨利成長 31.7%，達到 50 萬美元，即每股攤薄收益 0.01 美元，而去年同期淨利為 40 萬美元，即每股攤薄收益 0.01 美元。第三季淨利佔營收的1.1%，去年同期為1.3%。

As a reminder, the third quarter of fiscal 2026 net income included the impact of $1 million of costs associated with the acquisition of Crown 1 Enterprises.

提醒一下，2026 財年第三季淨收入包含了與收購 Crown 1 Enterprises 相關的 100 萬美元成本的影響。

Adjusted EBITDA, a non-GAAP measure, increased 118% to $3.8 million for the third quarter of fiscal 2026 as compared to $1.7 million in the same year-ago quarter.

經調整的 EBITDA（非 GAAP 指標）在 2026 財年第三季成長了 118%，達到 380 萬美元，而去年同期為 170 萬美元。

Cash and cash equivalents, as of October 31, 2025, grew to $18.1 million as compared to $7.2 million as of January 31, 2025, primarily driven by improved profitability, ongoing working capital optimization, and the private placement completed concurrent with the acquisition of Crown 1.

截至 2025 年 10 月 31 日，現金及現金等價物增至 1,810 萬美元，而截至 2025 年 1 月 31 日為 720 萬美元，主要得益於盈利能力的提高、持續的營運資本優化以及與收購 Crown 1 同時完成的私募配售。

As of October 31, 2025, total debt stood at $6.4 million as compared to $5.1 million as of January 31, 2025.

截至 2025 年 10 月 31 日，總債務為 640 萬美元，而截至 2025 年 1 月 31 日，總債務為 510 萬美元。

As we clearly demonstrated, this robust balance sheet proactively prepares us pursue whatever organic or inorganic growth opportunities may come our way.

正如我們所清楚證明的那樣，這種穩健的資產負債表使我們能夠積極主動地抓住任何可能出現的有機或無機成長機會。

This completes my prepared comments. Now, before we begin our question-and-answer session, I'd like to turn the call back to Adam for some closing remarks. Adam?

我的發言稿到此結束。現在，在我們開始問答環節之前，我想把電話交還給亞當，請他做一些總結發言。亞當？

Thank you, Anthony.

謝謝你，安東尼。

As we look across the business, exiting Q3, the platform is operating with more precision, higher throughput, and a stronger growth engine than at any point since I joined Mama's.

縱觀整個業務，截至第三季末，該平台的運作精度更高、吞吐量更大、成長引擎也比我加入 Mama's 以來的任何時候都要強勁。

Bayshore is already adding meaningful production depth and giving us access to premium customers with premiums we historically couldn't reach.

Bayshore 已經顯著增加了生產深度，並讓我們能夠接觸到以前無法觸及的高端客戶，從而獲得更高的溢價。

Our focus from here is straightforward: elevate Bayshore's margin profile, integrate their workflows into our system quickly and cleanly, and unlock the synergy opportunities that come with having three facilities operating as one coordinated network.

從現在開始，我們的重點很明確：提高 Bayshore 的利潤率，快速、順利地將他們的工作流程整合到我們的系統中，並釋放三個設施作為一個協調網路運營所帶來的協同效應機會。

This is the same disciplined approach we used when we shaped Mama's in late 2022. The proximity of the Bayshore facility makes execution even more efficient.

這是我們在 2022 年底打造 Mama's 時所採用的同樣嚴謹的方法。貝肖爾工廠的地理位置優勢使得生產效率更高。

Our teams know exactly what to do and in what order: align processes, stabilize labor, optimize procurement, and accelerate cross-selling.

我們的團隊非常清楚該做什麼、按什麼順序做：調整流程、穩定勞動力、優化採購、加速交叉銷售。

The opportunity set is significant. We're moving with urgency.

機會很多。我們正在緊急行動。

While our leadership ensures we take every opportunity to celebrate both the large and small wins with our team internally, it is always great to be recognized externally.

雖然我們的領導層確保我們抓住一切機會與團隊內部慶祝大大小小的勝利，但獲得外部認可總是令人欣慰的。

In Q3, Forbes recognized us as one of the most successful small-cap companies in 2026. Time recognized us as one of America's growth leaders in 2026. Locally, we are a finalist in NJBIZ 2025 Business of the Year.

第三季度，《富比士》雜誌將我們評為 2026 年最成功的小市值公司之一。《時代》雜誌將我們評為2026年美國成長型企業的領導者之一。在本地，我們入圍了 NJBIZ 2025 年度企業獎的決賽名單。

I am so happy others are recognizing the hard work our 600 associates do every day to deliver for our customers and delight our consumers.

我很高興其他人也認可了我們 600 名員工每天為客戶服務、為消費者帶來愉悅體驗所付出的辛勤努力。

Confidence across that organization is high. The consumer shift towards deli-prepared foods is accelerating. Our customer pipeline is expanding with Tier 1 retailers. Our operational backbone is built to support materially more volume.

該組織內部信心很高。消費者轉向熟食店預製食品的趨勢正在加速。我們的客戶管道正在隨著一級零售商的加入而不斷擴大。我們的營運基礎架構旨在支援大幅成長的業務量。

We are entering the next phase of our growth with momentum, commitment, and a clear line of sight into the value we could create.

我們正以強勁的勢頭、堅定的決心和對未來價值的清晰認識，進入下一個發展階段。

With that, Luke, let's open the line for questions.

盧克，那麼我們現在開始接受提問。

(Operator Instructions)

（操作說明）

Brian Holland, D.A. Davidson.

布萊恩·霍蘭德，D.A.戴維森。

Congratulations on the strong quarter.

恭喜公司本季業績出色。

I wanted to hit on -- maybe first off, obviously, you highlighted the incremental wins at Target, Food Lion. That's fantastic. Anything you can share on the [AI] (inaudible) [front] progress that you've made this quarter?

我想重點談談——首先，很顯然，你重點介紹了 Target 和 Food Lion 取得的漸進式勝利。太棒了。您能否分享本季在人工智慧（AI）方面取得的進展？ （聽不清楚）

Yeah. Thanks, Brian. Really, the credit goes to the team.

是的。謝謝你，布萊恩。實際上，功勞應該歸於團隊。

Yeah. Chris is doing an incredible job. I think I've shared with you before Chris' goals for the year and his team is [AIC]-driven. You're seeing more and more items (technical difficulty) at each customer.

是的。克里斯做得非常出色。我想我之前已經和你們分享過克里斯今年的目標，他的團隊是由[AIC]驅動的。每個客戶都會遇到越來越多的問題（技術難題）。

For instance, Publix, we've traditionally had some meal products. We just got two new paninis. (inaudible) new items we've had traditionally at BJ's, we've had proteins. We've now just got new non-protein. We got these really great sweet potatoes and a tortellini salad. Two new wins at Fresh Market with, actually, these cool honey thyme carats and the sweet potatoes.

例如，Publix超市一直以來都銷售一些餐點產品。我們剛進了兩款新的帕尼尼。 （聽不清楚）我們BJ's一直以來都有的新產品是蛋白質。我們現在又獲得了一種新的非蛋白質物質。我們買到了非常棒的地瓜和一份義式餃子沙拉。Fresh Market 推出了兩款新品，分別是清爽的蜂蜜百里香克拉蛋糕和地瓜。

Yes, it's absolutely the first thing. Actually, Chris and I, every time we have our one-on-one every week, it starts with our, first, goal, which is driving AIC; our second goal, which is driving velocities. We talk about what trade programs he's doing; in partnership with Lauren, with marketing programs they're doing.

是的，這絕對是第一要務。事實上，我和克里斯每週每次單獨會面時，都會從我們的第一個目標開始，那就是提高AIC；我們的第二個目標是提高速度。我們討論了他正在進行的貿易項目；與勞倫合作開展的營銷項目。

Velocity is number 1. Actually, a distant third is ACV.

速度是第一要素。實際上，排名第三的是蘋果醋，差距很大。

I've shared with everyone before -- that's because I'm efficient or maybe I'm just cheap. It is just way -- the ROI is way higher on getting another item into a store that's already getting a truck delivered or investing in velocities where the product is already there.

我之前跟每個人都分享過——那是因為我做事效率高，或者可能只是因為我摳門。這只是方法——對於已經有貨車送貨的商店來說，再進一件商品的投資回報率要高得多，或者投資於產品已經存在的管道，投資回報率要高得多。

ACV is harder in the sense -- sorry, it's not harder but it takes longer. At times, if we don't have any relationship with that customer -- you brought up just the great work that Chris and his team did with Target. Look, it took a while. That took, probably, a year.

蘋果醋更難處理——抱歉，其實不是更難，而是需要更長時間。有時，如果我們與該客戶沒有任何關係——你剛才提到了克里斯和他的團隊與 Target 合作所做的出色工作。你看，這花了不少時間。那大概花了一年時間。

Food Lion a little shorter. But we get a new item into Publix, we could do it in a week. A new item into a new customer that we haven't had in the past, it could take a year.

Food Lion 稍微矮一點。但是，如果我們要在 Publix 上架一款新產品，我們可以在一周內完成。對於我們以前從未接觸過的新客戶來說，推出新產品可能需要一年。

AIC is number 1 when we talk about things. Hopefully, that adds some color.

談到這方面，AIC 絕對是第一名。希望這能增添一些色彩。

I appreciate that color. Maybe just tipping into Costco, this MVM goes into full swing, I believe, later this month. Obviously, important period in front of that, from a sell-through standpoint. I think you made some reference to maybe some things that you're actively doing to drive awareness and visibility.

我喜歡這個顏色。或許就在 Costco 開始營業之後，我相信，這個 MVM 活動將在本月稍後全面展開。顯然，從銷售角度來看，在此之前還有一段重要的時期。我認為你提到了一些你正在積極採取的措施來提高知名度和曝光度。

Just curious what you're seeing from a -- understandably, qualitatively, you don't want to isolate the customer. I appreciate that. But just just even qualitatively, any read on sell-through in front of MVM and maybe, specifically, what initiatives you can or are executing to build that awareness and visibility in front of the MVM, which is obviously a huge amplifier?

我只是好奇你從客戶那裡看到了什麼——可以理解，定性分析，你不想孤立地看待客戶。我很感激。但即使僅從定性角度來看，能否了解一下在 MVM 面前的銷售情況，以及具體來說，您可以或正在執行哪些舉措來提高在 MVM 面前的認知度和可見度，這顯然是一個巨大的放大器？

On Costco, a couple of things:

關於 Costco，有兩點需要說明：

One, it's actually already shipping. It's been shipping for a few weeks now. You're correct that you will get the MVM, the booklet, I think in a couple of weeks, something my wife and I -- that's our weekend activity, when we get that MVM, the book. That's going to happen at the end of the month. That's when the discount is going to be.

第一，它實際上已經開始發貨了。已經發貨幾週了。你說得對，你會在幾週內收到 MVM 手冊，我和我妻子——這就是我們週末的活動，當我們收到 MVM 手冊的時候。那件事將在月底發生。折扣活動將在那時開始。

But we are in the " MVM right now" in the sense of the product is selling nicely already. That's the first part.

但就目前而言，我們正處於“MVM（最小可行產品）階段”，因為該產品已經銷售良好。這是第一部分。

The second part is -- it's the great work that Lauren is doing. I've shared in the past, we amplify on Instacart. Costco is all over Instacart. It gets great awareness. We do programming on Instacart. We see great results.

第二部分是－勞倫所做的出色工作。我之前分享過，我們在 Instacart 上擴大了影響力。Costco 已全面入駐 Instacart。它獲得了很高的關注度。我們在 Instacart 上進行編程。我們取得了顯著成效。

Actually, I shared some last quarter, a lot of the customers that we're getting on Instacart are actually new to the brand. Instacart gives us that type of data. Things we're doing there.

事實上，我上個季度分享過一些數據，我們在 Instacart 上獲得的許多客戶其實都是我們品牌的新客戶。Instacart 為我們提供這類數據。我們在那裡做的事情。

On other sites, we're doing a great job and great partnership with Walmart. We invest behind on their search and on their website. Walmart does a great job getting more and more -- you guys listen to the calls, I'm sure -- getting more stuff through their digital.Well, guess what, they're actually helping us by amplifying that.

在其他站點，我們做得很好，與沃爾瑪的合作也很成功。我們在他們的搜尋和網站方面投入了大量資源。沃爾瑪在透過數位化管道獲取更多商品方面做得非常出色——我相信你們肯定聽過這些回饋——而且，你們猜怎麼著，他們實際上正在透過放大這種趨勢來幫助我們。

Same thing we're doing on Publix. There's a programming that Lauren does that actually is pretty cool. It's like proximity, as you're driving down with a [job road] or wherever. My parents will be proud, I remember that.

我們在 Publix 超市也採取了同樣的做法。勞倫做的一個程式設計專案真的很酷。這就好比是距離，就像你開車沿著[工作路線]或任何地方行駛一樣。我記得，我的父母會為我感到驕傲。

But there seems to be a Publix on every street in Florida. As you're driving through, you'll actually get a text on, hey, why don't you stop in?

但佛羅裡達州的每條街上似乎都有一家 Publix 超市。當你開車經過時，你會收到一條短信，問你：“嘿，為什麼不停下來看看呢？”

What we talk about a lot -- and the team makes fun of me -- I don't leave anything to chance, right? When we get a new item in, what levers can we pull to accelerate that [hang-tags]; things at the point of sale.

我們經常談論的一件事——我的隊友都取笑我——就是我不會把任何事情交給運氣，對吧？當我們有新商品到貨時，我們可以採取哪些措施來加快銷售環節（例如吊牌）？銷售點的相關事宜。

So yeah, we're doing all things like that when new items come in. We absolutely do not just hope it does well. We definitely chum the orders.

是的，當有新貨到的時候，我們都會做類似的事情。我們絕不只是希望它能成功。我們一定會為訂單加料。

That's great. I want to be -- I could go in a bunch of different directions. But I'll just nail it on the one more question. Just a sense, you mentioned locking in chicken for calendar '26 -- are getting close to that. Any sense, even directionally, where you're locking in at what levels, relative to '25?

那太棒了。我想成為——我可以朝著很多不同的方向發展。但我可以就最後一個問題給出確切答案。感覺上，你提到要為 2026 年的日曆鎖定雞肉——我們離目標越來越近了。相對於 2025 年，你對鎖定在哪些價位有任何概念，哪怕只是方向性的？

I understand the sole purpose of this is not to get necessarily the lowest price but it's more so about drive visibility. But so -- just interesting with the direction that chicken is moving. You've got pricing in. Obviously, that was a headwind for you over the last 12 months.

我知道這樣做的唯一目的不一定是為了獲得最低價格，而是為了提高駕駛可見度。不過，雞肉的發展方向確實很有趣。你已經把價格算進去了。顯然，在過去的12個月裡，這對你來說是一個不利因素。

So just a sense of what kind of benefit that can provide to you, looking out to '26?

那麼，展望2026年，這能為你帶來什麼樣的好處呢？

Yeah. There's probably three things that I'd love to talk about. I'm glad you bring it up.

是的。我大概有三件事很想談。很高興你提到了這件事。

The first one is the power -- again, there's just so many benefits from the most recent acquisition with Crown. But 1 of the 100 is that it literally doubled our chicken needs. That brought us to another level, with who we're reaching out to and who's interested in selling us chicken.

首先是實力－再次強調，最近收購 Crown 帶來了許多好處。但其中100個問題之一是，它使我們對雞肉的需求量翻了一番。這讓我們進入了另一個階段，即我們正在聯繫哪些人，以及哪些人有興趣向我們出售雞肉。

Remember, when we first started, it was [$1 million], right? It's nothing like a little bit of chicken. Now, we're literally talking about tens of millions of pounds of chicken every year. Anthony (inaudible) is doing an incredible job.

還記得我們剛起步的時候，資金是 100 萬美元嗎？這跟吃一點雞肉完全不一樣。現在，我們說的可是每年數千萬磅的雞肉。安東尼（聽不清楚）做得非常出色。

The first thing is we're getting better looks. People want to work with us. We're getting better pricing from our scale.

首先，我們的畫面效果更好了。人們都想和我們一起工作。規模化生產讓我們獲得了更優惠的價格。

Second thing is chicken is better now. It's not going to last forever. We're all aware of that. But it's good timing. We're seeing some positive pricing, relative to what we had to deal with this year.

第二點是，現在的雞肉比較好吃。這種情況不會永遠持續下去。我們都清楚這一點。但時機正好。與今年我們遇到的情況相比，我們看到了一些積極的定價策略。

As a reminder -- and you've been following all of this -- this is the second worst year for chicken prices, after the year after COVID. The average price for the year is going to be the second highest it's ever been on record. So it's great to see that the numbers are getting better.

再次提醒大家——而且你們一直都在關注這件事——今年是雞肉價格第二糟糕的一年，僅次於新冠疫情後的那一年。今年的平均房價將創歷史第二高。很高興看到這些數據正在好轉。

The third -- and I do want to actually save some of this until our Investor Day in February but what's really wonderful is the Crown business actually gave us a different way to think about our business. As much as we've been grandma-quality, which we always have, we're thinking about being even more premium.

第三點——我其實想把其中的一些內容留到二月份的投資者日再談，但真正令人驚訝的是，皇冠集團的業務實際上讓我們以不同的方式思考我們的業務。雖然我們一直以來都堅持奶奶級品質，但我們正在考慮做得更高端一些。

Chris's past experience helps us think about where we want to be when we grow up of sorts. I think that there's some exciting news that we're looking to share to become even more grandma-quality. But let's hold that to the Investor Day.

克里斯的過去經歷可以幫助我們思考長大後想成為什麼樣的人。我認為我們有一些令人興奮的消息要和大家分享，我們將變得更加像奶奶一樣貼心。但我們還是等到投資人日再討論這個問題吧。

Eric Des Lauriers, Craig-Hallum.

埃里克·德·勞里耶斯，克雷格-哈勒姆。

Congrats on yet another impressive quarter here.

恭喜你們又一個季度取得了令人矚目的成績。

One of the things I wanted to touch on was the planned SKU rationalization of some Crown products. Just wondering if you could shed some more color on, essentially, what inning you're in, in terms of identifying which SKUs to rationalize; and (inaudible) of actually working through those inventories.

我想談談皇冠公司計劃對部分產品的 SKU 進行合理化調整。我只是想知道您能否更詳細地說明一下，就確定要精簡哪些 SKU 而言，您目前處於哪個階段；以及（聽不清楚）實際處理這些庫存的情況。

(inaudible) to just provide a little bit more color on the SKUs that you are rationalizing, if you are, presumably. They all do not meet your margin requirements so wondering if there's any customer product type or geographic concentrations to be aware of?

（聽不清楚）只是想為你們正在解釋的 SKU 提供一些更詳細的說明，如果你們確實在解釋的話。它們都不符合您的利潤率要求，所以想知道是否有任何客戶產品類型或地理集中度需要注意？

Yeah. Thanks, Eric.

是的。謝謝你，埃里克。

I think we're doing -- we've started that. We've had meetings about that. That's work that Chris and Lauren are leading.

我認為我們正在做——我們已經開始了。我們已經就此開過會了。這項工作由克里斯和勞倫負責。

This wasn't the first thing we want to do, right? First, we want to understand -- we wanted Chris to have those meetings with those customers. He's actually already had face-to-face meetings, already, with two of our top 3 new customers.

這並非我們首先想做的事情，對吧？首先，我們想了解──我們希望克里斯與那些客戶進行那些會面。他實際上已經和我們前三大新客戶中的兩位進行了面對面的會談。

The first meeting wasn't about, hey, here are the things I'm taking away from you. We knew that the SKU rationalization was probably secondary to a couple of other things.

第一次會面並不是關於「嘿，這是我從你那裡學到的東西」。我們知道，SKU 合理化可能只是次要的，其他一些事情才是最重要的。

All the work that Skip's doing. We don't need to rationalize the SKUs, if Skip's able to turn everything around and COGS go down because we could optimize how we produce it.

Skip所做的一切工作。如果 Skip 能夠扭轉局面，降低銷售成本，因為我們可以優化生產方式，那麼我們就不需要對 SKU 進行合理化調整。

What I can tell you is the team's already had meetings. They've started to put that list together.

我可以告訴你的是，團隊已經開過會了。他們已經開始整理那份清單了。

Again, the intention -- I wish every product was wildly profitable, wildly high enough in volume to justify it, right? Everyone knows MOQ, minimum order quantities.

再說一遍，我的初衷是──我希望每款產品都能獲得巨額利潤，銷量也夠高，足以證明其合理性，對吧？大家都知道MOQ，也就是最小訂購量。

The bias is not to rationalize just so we could share with investors that we've cut SKUs. But the team is absolutely clear: It's all about gross margin, right? We have to be around a year from now, right? We need to have the right margin profile.

我們這樣做並非為了向投資人解釋我們削減了 SKU，而是為了合理化這個做法。但團隊的立場非常明確：一切都與毛利率有關，對吧？我們得等到一年後才回來，對吧？我們需要合適的利潤率結構。

Chris and Lauren are all over it. They understand everything, all the products. We're putting it together. The Bayshore team is doing an incredible job helping us accelerate some of it.

克里斯和勞倫都非常投入。他們對所有產品都瞭如指掌。我們正在籌備中。Bayshore 團隊在幫助我們加快某些專案進度方面做得非常出色。

We've started on it but it's -- we wanted -- it was very intentional that we weren't going to do anything until January because Chris wanted to understand all the products, all the customers; meet with all the customers; and then, we'll start that in January so on track.

我們已經開始著手做了，但是——我們有意——我們原本打算等到一月份才開始做任何事情，因為克里斯想了解所有的產品、所有的客戶；與所有的客戶見面；然後，我們將在一月份開始，所以一切都在按計劃進行。

All right. That's all very helpful. I appreciate all that color there. Makes sense to me.

好的。這都很有幫助。我喜歡那裡的色彩。我覺得有道理。

Just last one for me, it's a bit of a conceptual question: Just wondering how you're thinking about trade promotion, target levels, over the next year or so. Just wondering how the Crown integration may or may not impact near-term trade promotion levels.

最後一個問題，有點概念性：我想知道您如何看待未來一年左右的貿易促銷和目標水平。想知道皇冠集團的整合可能會對近期貿易促進水準產生怎樣的影響。

Yeah. A couple of things.

是的。有幾件事。

The first one is, as a reminder, most, if not all, of the Crown's products are private-label. They have a very -- either very low to negligible -- Anthony Gruber would tell me minimis -- trade rate. That would -- on a percentage basis, might lower the number, overall.

首先要提醒大家的是，皇冠的大部分產品（如果不是全部的話）都是自有品牌產品。他們的貿易率非常低——要么非常低，要么可以忽略不計——安東尼·格魯伯會告訴我，是最低限度的。從百分比來看，這可能會降低總體數字。

That's not to say -- that's initially. I still am very bullish. I always tell Chris. But Chris is the ultimate boss.

這並不是說——這只是最初的情況。我依然非常看好。我總是跟克里斯說。但克里斯才是最終的頭目。

I want to invest. A, we have it. Two, it's all about growing the velocity and getting us some new customers through trial.

我想投資。A，我們有了。第二，關鍵在於提高速度，並透過試用為我們帶來一些新客戶。

I would tell you that I still want to push it up, if I were to -- I was really happy - probably, Q1 -- I think, Q1, we were north of, like, 6%. Maybe that was a little high. Then, we went down to, like, 3% and 4% over the past couple of quarters.

我會告訴你，如果可以的話，我仍然想把它推高——我真的很高興——可能，第一季度——我想，第一季度，我們超過了 6%。或許這個數字有點高了。然後，在過去的幾個季度裡，我們的成長率下降到了 3% 到 4% 左右。

I'd love it a little bit higher. But I leave that completely to Chris on, is the ROI as high as it could be?

我希望它能再高一點。但投資報酬率是否達到最高，這完全由克里斯來判斷？

Remember -- sorry, I probably should take something back and say, it's not about how much trade spend, it's how do you get efficient and high ROI trade spend. That is the lens from which we use.

記住——抱歉，我可能應該收回一些話，關鍵不在於貿易支出多少，而在於如何獲得高效且高投資回報率的貿易支出。這就是我們使用的鏡頭。

But I will continue to push Chris; and Nick and his team to find high ROI trade spend.

但我會繼續敦促克里斯、尼克和他的團隊尋找高投資報酬率的交易支出。

And then, equally, I'd say the same thing with Lauren and her team on marketing spend. The [ROAS], like I said, double digits. It's incredible, some of the things that Lauren and Jessica are doing to get some great ROASes, return on advertising spend.

同樣地，我也想對 Lauren 和她的團隊在行銷支出方面提出同樣的建議。正如我所說，[ROAS]達到了兩位數。勞倫和傑西卡為了獲得極佳的廣告支出回報率 (ROAS) 所做的一些事情真是令人難以置信。

I'll continue to push the team. But it has to be high ROI.

我會繼續鞭策團隊。但必須有很高的投資報酬率。

George Kelly, ROTH Capital Partners.

喬治凱利，ROTH Capital Partners。

Congrats on a nice quarter.

恭喜你本季業績出色。

A few for you.

給你幾個。

First, it looks like stripping out Crown, organic growth was close to 20% in the quarter. I'm curious if you could give the breakdown between volume and pricing.

首先，剔除 Crown 的影響後，該季度有機成長率接近 20%。我想請您提供一下銷量和價格之間的細分數據。

Yeah. Super proud of that, as well. About 80%. Actually, it was -- about 80% of it was volume-driven.

是的。我也為此感到非常自豪。大約80%。實際上，大約 80% 的因素是銷售驅動的。

While - it's funny. I don't know which one I want to see more. I think it's the right level. But I was super proud of getting the right pricing. This is -- about 20%, price driven. That's important.

雖然——這很有趣。我不知道我更想看哪一個。我認為這個水平正好。但我對最終定價非常滿意。這其中約有 20% 是價格因素造成的。這很重要。

You see, right? It's not about getting a lot. It's about maintaining our gross margin.

你看，對吧？重點不在於獲得多少。關鍵在於維持我們的毛利率。

We have been speaking -- and I'm very thrilled to speak to you -- about lower chicken prices. But, equally, we all understand -- because everyone reads the paper every morning -- beef prices are through the roof, right? Up 50%. The worst heard in 73 years. That has been creating real headwinds for us.

我們一直在討論降低雞肉價格的問題——我很高興能和你們談談這個問題。但同樣地，我們也都知道——因為每個人每天早上都會​​讀報紙——牛肉價格已經高得離譜，對吧？上漲50%。這是73年來最嚴重的意外。這給我們造成了很大的阻礙。

Chris has done a great job; has great partnerships with our customers to share the data, right? We have both actuals. We actually have third-party forecasted data. It's collaborative. We share with our customers.

克里斯做得非常出色；他與我們的客戶建立了良好的合作關係，共享數據，對吧？我們兩個都有實物。我們實際上擁有第三方預測數據。它是協作式的。我們與客戶分享。

We don't want any more gross margin, right? We just need to maintain what we have. That means that we have to strategically -- and target (inaudible) raise prices, when commodities get too high.

我們不想再增加毛利率，對吧？我們只需要守住我們現在擁有的一切。這意味著我們必須有策略地——並且有針對性地（聽不清楚）提高商品價格，當大宗商品價格過高時。

I really like that, on that 20% range. But then, equally, (inaudible), another CPG company that's growing 80% in volume. It's just pretty awesome, the work we're doing.

我非常喜歡這個，20%這個範圍。但同時，（聽不清楚）另一家消費品公司銷量也成長了 80%。我們正在做的工作真是太棒了。

Again, going back to those 3 tenent that Chris is leading on: getting more items into every store, getting our velocities higher -- you guys read all the time what's happening in the deli-prepared set; and getting into new stores, like you saw with Target and Food Lion and others.

再說一遍，回到克里斯一直強調的這三個原則：讓更多商品進入每家商店，提高我們的銷售速度——你們經常會讀到熟食預製食品領域正在發生的事情；以及進入新的商店，就像你們看到的 Target、Food Lion 等商店一樣。

Okay. Okay. That's great. And then, next question for me.

好的。好的。那太棒了。那麼，下一個問題。

Adam, you mentioned in your prepared remarks that you're transitioning to a make-to-stock organization. I was wondering if you could give a little more context on the progress there.

亞當，你在事先準備好的演講稿中提到，你們正在轉型為庫存式生產組織。我想請您詳細介紹一下那方面的進展。

Just as background, like, how much growth were you leaving on the table because you weren't fully on shelf for -- availability wasn't always there? As you embark on that, do you feel like your inventory at retail is now in a good place? Or should we anticipate there being a few quarters of retail inventory fill, as you execute on that?

舉個例子，例如，因為你沒有完全做好上市準備，導致產品供應不穩定，你錯失了多少成長機會？當您著手進行這項工作時，您覺得目前的零售庫存狀況如何？或者我們應該預期，隨著你們的執行，零售庫存的補充將持續幾個季度？

Yeah. First, there's no -- I'm not sure, inventory fill. From a customer perspective, they're pulling normally. They're seeing no difference. The difference is the fact that we always have supply for them. Our service levels are perfect or near-perfect.

是的。首先，沒有——我不確定，庫存補充。從客戶的角度來看，他們的購買行為一切正常。他們沒看出任何差別。差別在於我們始終都有貨源。我們的服務水準完美或接近完美。

So very excited about this idea of make-to-stock. We have great partnerships, third-party logistics.

我對這種按需生產的想法感到非常興奮。我們擁有強大的合作夥伴關係和第三方物流。

For instance, I'll give you a for instance, nearly 100% of everything that's going out in Costco was pre-built. Eric and his team at East Rutherford did just an amazing job.

例如，我舉個例子，Costco 出售的幾乎所有商品都是預先組裝好的。艾瑞克和他在東盧瑟福的團隊做得非常出色。

What that means is any time Costco needs anything, it's there, no matter what. If they need extra, accidentally, it's there, no matter what.

這意味著無論何時 Costco 需要什麼，無論如何，都能滿足他們的需求。如果他們不小心需要額外的東西，無論如何，那裡都有。

I would tell you, when I first started three years ago, I don't think we left anything on the table per se because, quite honestly, we just didn't have the demand, right? If I have someone to blame for this, it's Chris and his amazing sales team for just doing so well that there's just constant demand and pull in new items.

說實話，三年前我剛開始做這件事的時候，我覺得我們並沒有錯過什麼，因為當時根本沒有市場需求，對吧？如果要怪就怪誰，那就是克里斯和他出色的銷售團隊，他們業績斐然，才使得市場需求持續旺盛，不斷推出新產品。

I think this is a logical evolution of our company, right? My days at Mondelez, PepsiCo, they didn't -- we didn't wait for someone to order some Oreos for us for us to then start to produce them, right? Everything was a make-to-stock.

我認為這是我們公司發展的必然趨勢，對嗎？我在億滋國際和百事可樂工作的時候，可不是這樣的——我們不會等著別人給我們訂購奧利奧餅乾，然後我們才開始生產，對吧？所有產品都是以庫存生產的。

So yeah, no, I think this is the logical next step. We're doing exceptionally well. It provides better results for our customers, like I told you, in service levels.

所以，是的，我認為這是合乎邏輯的下一步。我們做得非常好。正如我之前所說，它在服務水平方面為我們的客戶帶來了更好的結果。

But, honestly, it makes -- it's better for us because we're not rushing. We're not doing triple overtime eight days a week because we've fallen behind. Now, we're able to do it with lower overtime and better service levels.

但說實話，這對我們來說更好，因為我們不用急。我們並不是因為進度落後才一週八天都加班三倍的。現在，我們能夠以更少的加班時間和更高的服務水準做到這一點。

So yeah, I'm loving it. The goal is for all of our major items -- with multiple customers, right? The idea there is you don't get stuck with it.

是的，我很喜歡。我們的目標是讓所有主要產品都能服務多個客戶，對嗎？這樣做的目的是為了避免被它束縛。

Great work that Skip and his team are doing constantly, I see. You guys know, I look at everything, all day, Sunday. I get a report from Eric every -- actually, a couple of times a week. But I review it in detail every Sunday on every single item that we're building in stock, looking at the velocities; looking at the movements.

我看到Skip和他的團隊一直在做著很棒的工作。你們知道，我星期天一整天都在看所有東西。我每週都會收到 Eric 的報告——實際上，大概每週好幾次。但我每週日都會詳細審查我們正在生產的每一件庫存商品，查看其銷售速度和變化趨勢。

The team gets loved notes on Sunday on if something is a little slower than I would have expected.

週日，球隊收到了許多讚揚的留言，指出某些方面比我預期的要慢。

Okay. Okay. And then, last question for me is on gross margin. Just trying to think through the next few quarters. With respect to - can you give Crown's gross margin in 3Q?

好的。好的。最後，我的最後一個問題是關於毛利率的。我正在努力思考接下來幾季的計畫。關於這個問題——你能提供Crown公司第三季的毛利率嗎？

And then, you talked about it reaching that mid-20% range over the next year. Is that going to be a linear ramp? Or how should we smap that out?

然後，你提到它在未來一年內會達到 20% 左右的水平。那會是線性斜坡嗎？或者我們應該如何規劃這個問題？

And then, secondarily, the legacy business, curious if you can give any of your expectations, just on next quarter or two; and high-level for fiscal year '27.

其次，關於傳統業務，您能否就接下來一兩個季度以及 2027 財年的整體情況給出一些預期？

That's all I had.

這就是我全部的家當。

Remember, while, obviously, we have three plants -- I'm not telling you I'm not looking at those three plants -- there is so much -- and I'm proud of this -- everything melds together.

記住，雖然我們顯然只有三株植物——我不是說我沒有關注這三株植物——但還有很多東西——我為此感到自豪——一切都融合在一起。

I've given you an example that we're buying one -- when we're buying, from a procurement perspective, for oil, we make one order of oil and then, we distribute it across the three facilities; or, equally, there are items now that are made in multiple facilities.

我舉了一個例子，當我們採購石油時，從採購的角度來看，我們會下達一個石油訂單，然後將其分配到三個工廠；或者，同樣地，現在有些產品是在多個工廠生產的。

So it's hard -- not hard -- it's less relevant to look at individual -- the gross margin is this. I will tell you, obviously, we look at everything.

所以很難——也不難——關注單一數據不太相關——毛利率就是這樣。我當然會告訴你，我們會考慮所有方面。

Of course, we knew. From the acquisition, of course, we knew that the Bayshore legacy business had a lower margin. We're seeing everything pick up.

我們當然知道。當然，從收購之初我們就知道，Bayshore 原有業務的利潤率較低。我們看到各方面都在好轉。

When I look at whatever SKU [one. two, three, four] meatballs that are in multiple locations, I could see that that number is rising week to week.

當我查看在多個地點銷售的任何 SKU [一、二、三、四] 肉丸時，我發現這個數字每週都在上升。

Another Sunday activity is looking at our top 25 SKUs, the weekly margins. I'm seeing those move appropriately.

週日的另一項活動是查看我們銷售前 25 名的 SKU 以及每週的利潤率。我看到這些都在正常移動。

We will get to --like I committed to -- by the -- definitely, by the end of next year -- I think I said 12 to 18 months. We -- you would not know the difference between Bayshore's margins from Farmingdale's margins from East Rutherford's margins. We're on track to do it. I would argue ahead of where I expected.

我們一定會實現——就像我承諾的那樣——到——肯定，到明年年底——我想我說過12到18個月。我們──你們根本分不清貝肖爾的邊界、法明代爾的邊界和東盧瑟福的邊界有什麼不同。我們正按計劃推進。我覺得我的論點比預期的還要有力。

That's what's happening with Bayshore. Obviously, if you know that from the legacy business of Bayshore the base numbers are lower and you see where our margins are now, you could see that our legacy businesses as -- clearly, the math, even to -- my son's a data analytics now at Wash U -- give them props.

貝肖爾公司目前的情況就是這樣。顯然，如果你了解 Bayshore 的傳統業務，你會發現其基本數字較低，而我們現在的利潤率也較低，你就會明白我們的傳統業務——很明顯，從數學角度來看，即使——我兒子現在在華盛頓大學從事數據分析工作——也要稱讚他們。

Even he could tell you that, well, one number is lower and we're moving up, the legacy business must be quite a bit higher. We are definitely seeing our legacy business move up. That's a function of great production and efficiency that Skip's doing; commodities -- chicken commodities -- helping us with a little bit of headwinds from beef.

即使是他也能告訴你，好吧，一個數字下降了，而我們正在上升，那麼傳統業務肯定要高得多。我們確實看到傳統業務正在成長。這得歸功於 Skip 出色的生產效率；雞肉等大宗商品幫助我們抵禦了牛肉市場帶來的一些不利影響。

But we are seeing a much healthier business today than we were early this year.

但我們現在的業務狀況比今年年初好得多。

Ryan Meyers, Lake Street Capital.

Ryan Meyers，Lake Street Capital。

Congratulations on the strong quarter.

恭喜公司本季業績出色。

Just curious, obviously, better-than-expected gross margins, even with the Crown integration. As you guys have owned this business now for a couple of months, do you think this integration is going better than expected, as expected? Because it seems like, on the surface here, things are continuing to trend very, very favorably -- and positive with the acquisition.

只是好奇而已，顯然，即使整合了 Crown，毛利率也高於預期。你們接手這家公司已經好幾個月了，你們覺得這次整合進展是否比預期的還要好？因為從表面上看，事情似乎仍在朝著非常非常有利的方向發展——收購也帶來了正面的影響。

Yeah. No. Again, Ryan, that's a testament to the team, both the Bayshore team and their openness and eagerness.

是的。不。瑞恩，這再次證明了團隊的實力，包括貝肖爾團隊的開放態度和積極性。

Like, that's the word. They are truly eager. They are excited. So many of the folks from Bayshore have come to East Rutherford; how many tons of people to Farmingdale -- it's just truly -- from a cultural perspective, that is exceeding -- massively exceeding -- expectations. I'm so appreciative of it.

就是這個詞。他們真的很渴望成功。他們很興奮。許多來自貝肖爾的人來到了東盧瑟福；有多少人湧入法明代爾——從文化角度來看，這真的遠遠超出了預期。我非常感激。

Production-wise, we moved faster than I expected, thanks to Skip and team on cross-producing items in multiple locations; exceeded expectations on the procurement in how quickly Alberto was able to centralize everything. So I'm really happy with it.

在生產方面，我們的進度比我預期的要快，這要感謝 Skip 和他的團隊在多個地點進行交叉生產；在採購方面，Alberto 能夠如此迅速地集中所有物資，也超出了預期。所以我對此非常滿意。

Has everything been absolutely perfect? No. I'm not sure which ones yet but I'm sure there's something that hasn't been perfect.

一切都完美無缺嗎？不。我還不確定具體是哪些方面，但我肯定有些地方做得不夠完美。

I go there every single week. I really enjoy it a lot. Skip's there multiple times a week.

我每週都會去那裡。我真的很喜歡它。Skip每週都會去好幾次。

No. I'm just really -- the fact that it's so close to the Farmingdale facility just really unlocks a lot. Actually, more than I would have expected.

不。我真的覺得——它離法明代爾工廠這麼近，這真的帶來了很多便利。實際上，比我預想的還要多。

So yeah, overall, I would definitely tell you exceeding expectations.

所以總的來說，我肯定會說它超出了預期。

Yeah. That's great to hear. And then, congrats on the two new customer wins.

是的。聽到這個消息真是太好了。此外，恭喜你們成功拿下兩位新客戶。

Just curious, as you think about the 2,000 or so stores at Target; and then, roughly 1,100 of Food Lion, is there additional capacity that you think you guys need to bring online? Or do you feel like you, for the most part, will be able to unlock this capacity through the now three facilities that you guys have?

我很好奇，考慮到 Target 大約有 2000 家門市，而 Food Lion 大約有 1100 家門市，你們覺得是否還需要將額外的產能轉移到線上？或者您是否覺得，在很大程度上，您能夠透過目前擁有的三個設施來釋放這種潛力？

Well, that's why there was a little bit of clairvoyance there, right? The fact that we got 42,000 square feet of space, accidentally, of course, with the Bayshore acquisition, that's a huge unlock. They were probably roughly, like, I don't know, let's call it, 50%.

所以，這就是為什麼那裡會有點預知未來的能力，對吧？我們意外地透過收購 Bayshore 獲得了 42,000 平方英尺的空間，這當然是一個巨大的突破。他們大概有，嗯，我不知道，就說是 50% 吧。

There is -- in the earlier question from Eric on there'll be some SKU rationalization, right? We want to make sure -- it's not just about producing, right? My team knows that they don't get credit for revenue, they get credit for profitable revenue. So there'll be some SKU rationalization that will give us even more space.

之前 Eric 提出的問題中提到過，會進行一些 SKU 合理化，對嗎？我們想確保——這不僅僅是生產的問題，對吧？我的團隊知道，他們獲得的榮譽不是來自收入，而是來自獲利收入。因此，我們將進行一些 SKU 精簡，從而騰出更多空間。

And then, as I've shared with many of you, we just took over in our New Jersey facility. We're in a building that had two wall in the middle. We actually took over that other space so very excited.

然後，正如我和你們許多人分享的那樣，我們剛剛接管了我們在新澤西州的工廠。我們現在身處一棟中間有兩面牆的建築裡。我們實際上接管了另一個空間，所以非常興奮。

Skip actually we brought in some new folks, [Shane] and [Carlos], to help us expand. That's actually already happening and will start early next year. That will unlock additional capacity. That almost doubles our New Jersey facility.

Skip 其實我們引進了一些新人，[Shane] 和 [Carlos]，來幫助我們擴張。這件事實際上已經開始了，將於明年初啟動。這將釋放額外的產能。這幾乎使我們在新澤西州的工廠規模翻了一番。

Between the expanded New Jersey facility and building out the Bayshore facility, I feel good that we can double our business, just with that.

有了擴建後的新澤西州工廠和正在建造中的貝肖爾工廠，我覺得我們光憑這兩件事就能讓我們的業務翻倍。

Most importantly, it's -- I don't stop. Maybe I took a day or 2 off. But already back in the market, looking at what the next acquisition could be, which gives us more space.

最重要的是──我不會停下來。或許我休息了一、兩天。但我們已重返市場，著眼於下一個收購目標，這給了我們更大的空間。

Anthony Vendetti, Maxim Group.

Anthony Vendetti，Maxim集團。

I was wondering if you could give us a count now, with the Target rollout, Good lion rollout, how many stores are you in at this point today?

我想問一下，隨著 Target 和 Good Lion 的推廣，目前你們的產品已經進駐了多少家店？

And then, from the Crown acquisition, what capacity is that at, right now? Has that enabled you to roll out - like, how much of that is coming from -- the Target (inaudible) Food Lion, how much is that coming from your existing facilities versus the new Crown facility?

那麼，從皇冠集團的收購來看，目前的產能是多少呢？這是否使你們能夠推出——例如，其中有多少來自——Target（聽不清楚）Food Lion，有多少來自你們現有的設施，又有多少來自新的Crown設施？

And then, as the last question, Costco, what's the opportunity to continue to build out that relationship.?

最後一個問題，Costco，你們要如何繼續深化與貴方的關係？

The first question, I can get back to you on the exact number, if we're at [12] now. Once we get to full rollout at Target and Food Lion, that's another [3]. I don't know, let's call it, [15,000]. But I'm happy to get back to you on the actual number. Again, it's going to take some time to do the full rollout, just as well as we did with Walmart.

第一個問題，如果我們現在是 [12]，我可以稍後告訴你確切的數字。一旦我們在Target和Food Lion全面鋪開，那就是另一回事了。[3].我不知道，就這麼叫吧，[15,000]。但我很高興稍後能告訴您確切的數字。同樣，全面推廣還需要一些時間，就像我們之前與沃爾瑪合作時一樣。

I am very patient when it comes to executing with excellence. So I'm not in any rush to get to every single store on the first day. That's to your first question.

我在追求卓越的執行力方面非常有耐心。所以我並不急於在第一天就逛遍每一家店。這是你第一個問題的回答。

Second question, maybe I would not accept the premise of your question in the sense that we're all family, all three facilities. We don't talk about legacy, old this or that.

第二個問題，也許我不接受你問題的前提，就是我們都是家人，這三個機構都是家人。我們不談論歷史遺留問題，也不談論舊的或舊的。

That was a great learning I had from my Mondelez days, where 10 years later, people are still talking about being (inaudible) versus (inaudible). We are one team today the acquisition happened. Lauren did an amazing job and put all the posters and everything up. We're one team.

那是我在億滋國際工作期間學到的最重要的一課，十年過去了，人們仍然在談論（聽不清楚）與（聽不清楚）的區別。（聽不清楚）今天，我們是一個團隊，收購已經完成。蘿倫做得非常棒，她把所有的海報和其他東西都貼出來了。我們是一個團隊。

To your point, to your question, yeah, Food Lion, I believe, is coming out of the Bayshore facility. Target is likely coming out of the New Jersey facility, their branded sleeves.

關於你提出的問題，是的，我相信 Food Lion 的產品是從 Bayshore 工廠生產的。Target 的品牌袖套很可能來自新澤西州的工廠。

Skip looks every day at how do we be optimal? We make sure when we speak to customers. Since the acquisition, we're getting certified.

Skip每天都在思考如何才能做到最佳狀態？我們與客戶溝通時都會注意這一點。收購完成後，我們正在進行認證。

There are some customers that want to know exactly which facility they're coming out of and they'll do audits. So they've already started to do that in Bayshore.

有些客戶想知道他們生產的產品究竟是從哪個工廠生產的，他們會進行審核。所以他們已經在貝肖爾開始這麼做了。

Our strategy is our product can be made in any one of our three facilities any day of the week. So it's where do we optimize?

我們的策略是，我們的產品可以在我們三個工廠中的任何一個工廠，一周中的任何一天生產。所以問題在於我們應該在哪裡進行最佳化？

Obviously, Bayshore, right this minute, has more capacity, has more space, right, 42,000 square feet versus about 25,000 square feet in Farmingdale, about 25,000 square feet in New Jersey. So we're definitely pushing volume there.

顯然，Bayshore 目前擁有更大的容量和空間，面積為 42,000 平方英尺，而 Farmingdale 的面積約為 25,000 平方英尺，新澤西州的面積約為 25,000 平方英尺。所以我們一定要加大這方面的銷售量。

But we look at it as one network. It's wherever the best place to produce it at any given day. It actually might change from day to day.

但我們將其視為一個網路。無論在哪一天，哪裡是生產這種產品的最佳地點，它就是哪裡。實際上，情況可能每天都在變化。

You had a third question on Costco? (multiple speakers) I forgot. I apologize. What was the question on Costco?

您還有關於 Costco 的第三個問題嗎？（多人發言）我忘了。我道歉。Costco那邊的問題是什麼？

Just, what's the opportunity to continue to expand that relationship there? Would you say you're at about 50% saturation there? Where are you, in terms of the ability to make that a more lucrative relationship? How much runway do you have there?

那麼，繼續拓展與那裡的關係的機會是什麼？您覺得那裡的市場飽和度大概在 50% 左右嗎？你目前具備怎樣的能力，才能讓這段關係更有利可圖？你們那裡的跑道有多長？

Yeah. I love -- actually, all my partnerships, all of our partnerships with our customers, some of them are different but they're all great.

是的。實際上，我熱愛我的所有合作關係，我們與客戶的所有合作關係，雖然有些合作關係各不相同，但它們都很棒。

Talking about a question that I could not even begin to answer, the opportunity is huge with Costco. Every day that goes by -- thanks to Scott and and the team, great relationships now, every day with all 8 of the regions.

對於一個我根本無法回答的問題，Costco 的機會非常巨大。感謝 Scott 和他的團隊，每一天都如此，現在我們與所有 8 個地區都建立了良好的關係。

Just remember, just three years ago, when Anthony and I started, we had a relationship with just one, right, with just the Northeast. Maybe we do on rotation all-year long, just once with the Northeast. Now, every day, we're having conversations.

請記住，就在三年前，我和安東尼剛起步的時候，我們只與一個地區建立了聯繫，對吧，那就是東北地區。也許我們可以全年輪換，只是和東北地區輪換一次。現在，我們每天都在進行對話。

Remember, we could -- and it's not one or the other. We actually meet all the time with individual regions. We might decide to do a rotation with just one. Equally, we have similar conversations on how do we do national buys, which we did last year: MVMs; digital MVMs, which we did earlier this year; or MVMs, which we're doing now.

記住，我們可以──而且這不是二選一的問題。實際上，我們經常與各個地區會面。我們可能會決定只安排其中一人輪換。同樣，我們也討論過如何進行全國性採購，例如我們去年做的MVM；今年早些時候做的數位MVM；或者我們現在正在做的MVM。

So I love the opportunity. Why? Great customer, great consumers, right? There are type of consumers -- quality, grandma-quality. They're growing. I think it's truly limitless with Costco.

所以我很珍惜這個機會。為什麼？很棒的客戶，很棒的消費者，對吧？消費者分為兩類－追求品質的消費者和追求奶奶品質的消費者。它們正在生長。我覺得在 Costco 購物真是沒有限制。

Thanks to Scott and the team, we have a great partnership with them that we're speaking to them all the time, with tons of items, right? We just did -- we're doing the (inaudible), the cheese-stuffed chicken meat balls.

感謝 Scott 和他的團隊，我們與他們建立了良好的合作關係，我們一直與他們保持聯繫，討論各種各樣的問題，對吧？我們剛剛做了——我們正在做（聽不清楚），起司餡雞肉丸。

Remember, last year, we did the sauce. We did meatloaf. We did the sausage and peppers.

記住，去年我們做的是醬汁。我們做了肉餅。我們做了香腸和辣椒。

They're having tons of conversations now about some new items. So yeah, I think that there is a lot of opportunity.

他們現在正在熱烈討論一些新產品。是的，我認為這裡有很多機會。

I'm very bullish on club and mass. I like the (inaudible) of the world for next year. I understand what's happening in the marketplace. I know consumers per streams are tight. I think the winners are going to be in the club and mass channel.

我非常看好俱樂部和大眾市場。我喜歡明年這個世界的（聽不清楚）。我了解市場正在發生的事情。我知道每個串流媒體平台的用戶數量都很緊張。我認為最終的贏家會是俱樂部和大眾頻道。

We have great relationships.

我們關係很好。

Oka. Great. I'll hop back in the queue. Appreciate it.

岡。偉大的。我重新排隊。謝謝。

Thank you, Anthony.

謝謝你，安東尼。

Any other questions, operator?

還有其他問題嗎，操作員？

This now concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the call back over to Adam Michaels for closing comments.

我謹將電話交還給亞當‧麥可斯，請他作總結發言。

Thank you, operator. Thank you, again, to each of you for joining us today.

謝謝接線生。再次感謝各位今天蒞臨。

This quarter showed what this organization can do when every part of the engine is aligned. Our sales and marketing teams continue to open meaningful new doors. Our operations team is scaling efficiently with discipline. Our finance and people teams are building the foundation required for long-term profitable growth.

本季展現了當組織內部各環節協調一致時所能達成的成就。我們的銷售和行銷團隊不斷開拓新的機會之門。我們的營運團隊正以嚴謹的態度高效地擴展規模。我們的財務和人力資源團隊正在建立長期獲利成長所需的基礎。

The early progress with Bayshore is already strengthening our platform, expanding our capabilities, and increasing our access to high-value customers.

與 Bayshore 的早期合作已經增強了我們的平台，擴展了我們的能力，並增加了我們接觸高價值客戶的機會。

With major retail wins coming online, growing momentum in club and mass and a unified network that can support significantly higher volume, we are entering the next phase of our growth with confidence.

隨著主要零售業務的上線，俱樂部和大眾市場的發展勢頭日益強勁，以及能夠支持更高銷量的統一網絡，我們充滿信心地進入了下一個增長階段。

As always, we appreciate our investors' continued support and look forward to updating you on our execution in the quarters to come.

一如既往，我們感謝投資者的持續支持，並期待在接下來的幾季中向大家報告我們的業績執行情況。

Finally, as we head into the eve of the holiday season, I want to say thank you to the men and women of Mama's that make me so proud to be called their teammate. Happy holidays to all.

最後，在假期將至之際，我想對 Mama's 的所有男女錶示感謝，能成為他們的隊友，我感到無比自豪。祝大家節日快樂。

Ladies and gentlemen, thank you for your participation. This now concludes today's conference.

女士們、先生們，感謝各位的參與。今天的會議到此結束。

Please disconnect your lines. Have a wonderful day.

請斷開您的線路。祝您有美好的一天。