Mama's Creations Inc (MAMA) 2027 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Mama's Creations first-quarter fiscal 2027 earnings conference call. (Operator Instructions) This conference is being recorded today, June 8, 2026, and the earnings press release accompanying this conference call was issued after the market closed today.

各位女士、先生，下午好。感謝各位耐心等候。歡迎參加 Mama's Creations 2027 會計年度第一季財報電話會議。(接線員指示) 本次會議將於今日（2026 年 6 月 8 日）錄音，且本次電話會議所搭配的財報新聞稿已於今日收盤後發布。

On our call today is Mama's Creations Chairman and CEO, Adam L. Michaels; and CFO, Anthony Gruber. Before we get started, I'd like to note that some of the statements on this call will be forward-looking statements that reflect management's current expectations about future operating and financial results.

今天與會者包括 Mama's Creations 董事長兼執行長 Adam L. Michaels，以及財務長 Anthony Gruber。在開始之前，我想提醒各位，本次電話會議中的部分陳述將屬於前瞻性陳述，反映管理層對未來營運與財務結果的當前預期。

Although management believes their expectations and assumptions are reasonable, they remain subject to significant risks and uncertainties, and actual results for future periods may differ materially from what is stated or implied during today's call.

儘管管理層認為其預期與假設屬合理，但仍可能受到重大風險與不確定性影響，未來期間的實際結果可能與今日電話會議中所陳述或暗示者存在重大差異。

For more information, please refer to the forward-looking statements section in today's press release and the risk factors disclosed in the company's most recent Form 10-K and any subsequent reports it files with the SEC.

欲了解更多資訊，請參閱今日新聞稿中的前瞻性陳述章節，以及公司最近一期 Form 10-K 與其後向美國證券交易委員會（SEC）提交之任何報告中所揭露的風險因素。

Please also note that today's call will include a discussion of adjusted EBITDA, which is a non-GAAP financial measure. Important information, including required disclosures containing a reconciliation to the most directly comparable GAAP measure, is also detailed in today's press release.

另請注意，今日電話會議將討論調整後 EBITDA，該項為非 GAAP 財務衡量指標。重要資訊（包括所需揭露內容及與最直接可比 GAAP 指標之調節表）亦已在今日新聞稿中詳述。

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

現在，我想把電話會議交給董事長兼執行長 Adam L. Michaels。Adam，時間交給你。

Thank you, Luke, and thank you to everyone for joining us today. I'd like to welcome you to our first quarter fiscal '27 financial results conference call. Fiscal '27 is off to another strong start. We grew revenue 50% to $52.8 million in the first quarter, grew net income 66% to $2.1 million and expanded adjusted EBITDA 71% to $4.9 million, all while successfully lapping, without repeat, a nearly $10 million digital Costco MVM in the prior year first quarter.

謝謝你，Luke，也感謝各位今天加入我們。歡迎參加我們 2027 會計年度第一季財務結果電話會議。2027 會計年度再度強勁開局。第一季營收成長 50% 至 5,280 萬美元，淨利成長 66% 至 210 萬美元，調整後 EBITDA 擴增 71% 至 490 萬美元；同時，我們也成功在不重複的情況下，跨越去年第一季近 1,000 萬美元的 Costco 數位 MVM。

Growing on top of that comp with meaningfully less trade investment is frankly a remarkable accomplishment and one that I believe speaks volumes about the durability and breadth of the demand we are seeing across our customer base, the strength of our brand and innovation pipeline, and the execution of our integrated three-facility platform.

在此可比基期之上、且以顯著更少的通路促銷投資仍能成長，坦白說是一項非凡的成就；我相信這充分說明了我們在客戶群中所看到需求的持久性與廣度、品牌與創新產品管線的強勁，以及我們整合式三廠平台的執行力。

Beyond the headline numbers, what excites me most is the strategic position we now hold. We entered fiscal '27 as a scaled platform with three facilities, a diversified and growing customer base, a fortified balance sheet, and a clear path towards our long-term vision of becoming the leading national one-stop shop deli solutions provider. The first quarter validated every element of that thesis.

除了亮眼的表面數字之外，最令我振奮的是我們如今所處的策略位置。我們以一個具規模的平台進入 2027 會計年度：擁有三座工廠、多元且持續成長的客戶基礎、更強健的資產負債表，並且清楚朝向我們的長期願景邁進——成為全國領先的一站式熟食解決方案供應商。第一季驗證了這一論點的每一個要素。

Before we dig into the quarter, let me spend a moment on the macro backdrop. One of the earliest lessons I picked up in my career is that catching an existing current is far easier and far cheaper than trying to manufacture one of your own. And in the deli prepared, that current is still building into what I'd call a tidal wave.

在深入討論本季之前，我先花點時間談談總體環境。我職涯中最早學到的教訓之一是：順勢搭上既有的潮流，比起自己去創造一股潮流，要容易得多、成本也低得多。而在熟食即食（deli prepared）領域，這股潮流仍在累積，正逐步形成我所稱的「海嘯」。

Progressive grocers just released 93rd annual report and the 2026 State of the Industry Survey validates exactly what we are seeing every day at Mama's. Among grocery retailers surveyed, 79% said that the meat department is the most successful at generating sales, a remarkable 30 percentage point increase from last year.

《Progressive Grocer》剛發布第 93 期年度報告，而《2026 產業現況調查》也正好印證了我們在 Mama's 每天所看到的一切。在受訪的雜貨零售商中，79% 表示肉品部門在帶動銷售方面最為成功，較去年大幅增加 30 個百分點。

Said differently, in the span of a single year, meat and more broadly protein has gone from a category retailers manage to a category retailers expect to grow with. 77% of retailers further told Progressive Grocer that prepared foods represents a top strategy for merchandising and brand enhancement, underscoring the growth opportunity this year in the fresh perimeter and prepared foods, the very intersection where Mama's competes every day.

換句話說，在短短一年之內，肉品以及更廣義的蛋白質，已從零售商「管理的品類」轉變為零售商「預期會成長的品類」。另有 77% 的零售商告訴《Progressive Grocer》，即食/熟食（prepared foods）是陳列策略與品牌強化的首要策略之一，凸顯今年在生鮮周邊（fresh perimeter）與即食食品的成長機會——也正是 Mama's 每天競爭的交會點。

And 89% said that private label and store brands are a top merchandising strategy, a 16-point percentage point increase over last year, reinforcing the relevance of our dual-track approach of growing both our branded and private label portfolios.

此外，89% 表示自有品牌與店內品牌是首要的陳列策略，較去年增加 16 個百分點，進一步強化我們「雙軌並進」策略的相關性——同時擴大自有品牌與代工/自有標籤（private label）產品組合。

Last month, FMI came out with their annual US Grocery Shopper Trends 2026 and reinforced and put math to this title wave we're seeing. 70% of respondents visit the deli department at least once a month, and one-third visit at least weekly. In our target demographic, 38% of Gen Z and 43% of Millennials buy deli-prepared foods at least weekly. They're more likely to buy deli-prepared foods to save money and to eat healthier, suggesting deli-prepared foods tends to replace dining out more often.

上個月，FMI 發布其年度《2026 美國雜貨購物者趨勢》，不僅再次印證，並以數據量化我們所看到的這股「海嘯」。70% 的受訪者每月至少造訪熟食部門一次，且三分之一至少每週造訪一次。在我們的目標族群中，Z 世代有 38%、千禧世代有 43% 每週至少購買一次熟食即食食品。他們更可能因為省錢與吃得更健康而購買熟食即食食品，顯示熟食即食食品往往更常取代外食。

Deli prepared departments offer shoppers an opportunity to explore and take a break from their everyday routines. This is what I foresaw nearly four years ago and why this highly overqualified team we have assembled at Mama's was willing to plant those early seeds. I could tell you these green shoots have already turned into vibrant saplings.

熟食即食部門讓消費者有機會探索新選擇，並從日常例行中稍作喘息。這正是我在將近四年前所預見的，也是我們在 Mama's 組建這支高度菁英團隊願意早早播下種子的原因。我可以告訴各位，這些嫩芽如今已長成生氣蓬勃的小樹苗。

Layered on top of these survey findings, fresh-format grocers continue to capture the largest share of incremental foot traffic, with grocery stores grabbing a growing share of short midday visits from quick-serve restaurants as consumers replace restaurant meals with more cost-conscious and healthier options.

在這些調查結果之上，新鮮型態（fresh-format）的雜貨商持續取得新增來客量的最大份額；隨著消費者以更具成本意識且更健康的選擇取代餐廳餐點，雜貨店也正從速食餐飲（quick-serve restaurants）手中，取得更多中午短暫到訪的占比。

Meat sales remain at record highs, with consumers increasingly viewing high-quality meats and poultry as part of a healthy diet. We continue to be in the right place at the right time with the right product portfolio. And we now have the platform to capture far more than our fair share.

肉品銷售仍維持在歷史高點，消費者愈來愈將高品質肉類與家禽視為健康飲食的一部分。我們持續處於對的時間、對的地點，並擁有對的產品組合。而我們現在也具備平台能力，去取得遠高於「合理份額」的成果。

The last 3.5 years have brought meaningful progress and laid down a durable base from which to construct a category-leading Deli platform. But the underlying playbook we run against, our four Cs framework has not shifted one iota.

過去 3.5 年帶來了實質進展，並奠定了可長可久的基礎，使我們得以打造品類領先的熟食平台。但我們所依循的核心作戰手冊——「四個 C」框架——絲毫未變。

Starting with our first C, cost, the Bayshore integration continues to be the clearest illustration of the structural margin work Skip and his team are driving. Sourcing and logistics are now run from a single centralized desk covering all three plants. Bayshore successfully transitioned to Mama's corporate ERP system, providing unparalleled insights across the business.

從第一個 C「成本（cost）」談起，Bayshore 的整合持續是 Skip 與其團隊推動結構性毛利改善工作的最清楚例證。採購與物流如今由單一集中式窗口統籌，涵蓋三座工廠。Bayshore 已成功轉換至 Mama's 的企業 ERP 系統，為全公司提供前所未有的洞察。

Our production footprint has been reflowed to lift utilization, take out overtime, and pull more absorption through the system. Bayshore Associates have leaned into the Mama's way of doing things and we, in turn, are picking up best practices from them. In particular, the premium product know-how they brought with them is already unlocking customer doors that have previously been closed to us.

我們已重新調整生產據點的流程配置，以提升產能利用率、降低加班，並讓更多製造費用吸收（absorption）透過系統反映。Bayshore 的同仁積極融入 Mama's 的作業方式，而我們也反過來吸收他們的最佳實務。特別是他們帶來的高端產品專業知識，已開始為我們打開過去無法進入的客戶大門。

I am so excited to share that we have officially moved into our new East Rutherford expansion, adjacent and literally sharing a wall with our existing facility. While there is more work to do, additional blast freezer and refrigerated storage is currently being installed, allowing for more efficient runs, lower overtime, and better customer service.

我非常興奮地分享：我們已正式搬入位於 East Rutherford 的新擴建空間，緊鄰且實際上與既有廠房共用一面牆。雖然仍有更多工作要完成，但目前正加裝額外的急速冷凍庫（blast freezer）與冷藏儲存空間，使我們能更有效率地排產、降低加班，並提供更好的客戶服務。

I am so proud of Shane and the team, from our project managers to line workers who execute our major projects faster than the time before. And further below budget. On gross margin specifically, Q1 reflected some labor and raw material inefficiencies and other start-up costs associated with the launch of new packaging technologies and protein form factors that we deployed to support the introduction of over a dozen new items with major retailers in the quarter, the most ever in a single quarter for Mama's.

我為 Shane 與團隊感到非常自豪，從專案經理到產線作業員，大家執行重大專案的速度比以往更快。而且成本也進一步低於預算。就毛利率而言，第一季反映了部分人力與原物料效率不彰，以及與新包裝技術與蛋白質產品型態（protein form factors）導入相關的其他啟動成本；這些部署是為了支援本季與大型零售商推出超過一打（十多項）新品——這也是 Mama's 單一季度推出新品數量最多的一次。

These are investments in our future, and they are exactly the kind of front-loaded costs you would expect to see as we scale our business. Bayshore's gross margins continue to improve since acquisition, and we remain on track to bring that facility and the consolidated business in line with our mid to high-20s corporate target as these new items move from launch into steady-state production.

這些都是對我們未來的投資，且正是隨著我們擴大業務規模時，您會預期看到的那種前置性成本。自併購以來，Bayshore 的毛利率持續改善；隨著這些新項目從上市導入期進入穩態量產，我們仍按計畫推進，將該廠及合併後的整體業務毛利率拉升至與我們公司中高 20% 的目標一致。

Moving to controls, our second C. In an industry where food safety sits at the top of every conversation, the discipline our team is demonstrating across all three facilities is nothing short of remarkable and is nothing we take for granted. This quarter saw two successful FDA unannounced audits, and while some companies fear and dread these types of audits, the only thing our team thinks to say is bring it on.

接著談到「控制」，也就是我們的第二個 C。在一個食品安全是每場對話最核心議題的產業中，我們團隊在三座工廠所展現的紀律性堪稱卓越，我們也絕不視為理所當然。本季我們成功通過兩次 FDA 的突擊稽核；有些公司會害怕、甚至畏懼這類稽核，但我們團隊唯一想說的是：放馬過來。

Our team loves these opportunities to show our customers and the entire country what they are used to doing every single day. For me and Skip, the best part is seeing our colleagues across facilities share learnings, highlight best practices, so their sisters and brothers can do even better than they did. If that does not describe a family, I do not know what does.

我們的團隊很喜歡這些機會，向客戶以及全國展示他們每天都在做、早已習以為常的工作。對我和 Skip 來說，最棒的是看到各廠同仁彼此分享學習、凸顯最佳實務，讓他們的姊妹兄弟能做得比自己更好。如果這還不叫一家人，我真不知道什麼才算。

An important milestone underpinning our controls discipline this quarter was the completion of our Enterprise Resource Planning or ERP integration across all three of our manufacturing facilities. With Bayshore now fully transitioned onto the same enterprise platform that runs East Rutherford and Farmingdale, we operate as a single unified system for procurement, production, inventory and sales. The benefits are already showing up in how we run the business.

本季支撐我們控制紀律的一個重要里程碑，是完成我們的企業資源規劃（ERP）在三座製造工廠的整合。隨著 Bayshore 已全面轉換到與 East Rutherford 與 Farmingdale 相同的企業平台，我們在採購、生產、庫存與銷售上，已能以單一、統一的系統運作。這些效益已開始反映在我們的營運方式上。

A faster month-end close, sharper inventory accuracy, more granular, cost visibility by line and by SKU, and a stronger foundation for our analytical tools. This integrated ERP backbone is a key enabler of the operating leverage you're starting to see come through our financials, an important capability as we continue to scale towards our $1 billion vision.

更快的月結、更精準的庫存正確性、更細緻的按產線與按 SKU 的成本可視性，以及更強的分析工具基礎。這套整合後的 ERP 底座，是您開始在我們財報中看到營運槓桿的關鍵推動力；在我們持續朝 10 億美元願景擴張的過程中，這是一項重要能力。

A huge thank you to John and his IT team, as well as to Tony and his Bayshore team for the long hours, planning, execution and hypercare you both partnered on to deliver on time and on budget. Thank you. In addition to our ERP system, we've also advanced the implementation and capabilities associated with our WMS, or warehouse management system, impacting areas of labor efficiency, stock location, and inventory accuracy.

非常感謝 John 與他的 IT 團隊，也感謝 Tony 與他的 Bayshore 團隊；你們在長時間投入、規劃、執行與上線後的密集支援（hypercare）上緊密合作，確保按時、按預算交付。謝謝。除了 ERP 系統之外，我們也推進了 WMS（倉儲管理系統）的導入與能力提升，影響範圍涵蓋人力效率、庫位管理與庫存正確性。

We also successfully introduced and implemented the company's first ever TMS, or transportation management system, which will be a huge unlock for transportation planning efficiency, improved route and stop optimization, improved OTIF and service visibility. RFP capabilities and carrier compliance, not to mention Rebecca finally retiring her letter-sized dry erase board with the map of the United States.

我們也成功導入並上線公司史上第一套 TMS（運輸管理系統），這將大幅釋放運輸規劃效率、改善路線與停靠點最佳化、提升 OTIF（準時且足量交付）與服務可視性。同時也帶來 RFP 能力與承運商合規管理，更不用說 Rebecca 終於可以把她那塊畫著美國地圖的信紙大小白板退休了。

Skip would have me go on and on about the tools and capabilities we have successfully implemented at Mama's over the past 12 months, but I hope this gives our investors just a taste of the technology we're bringing in well ahead of similarly sized companies, let alone a company in the deli prepared space.

Skip 可能會要我繼續滔滔不絕地談過去 12 個月我們在 Mama's 成功導入的各種工具與能力，但我希望這些內容已讓投資人稍微感受到：我們導入的科技能力，遠遠領先同等規模的公司，更不用說是在熟食即食（deli prepared）領域的公司。

As our boys Gregory and Alexander would say, we are just built different. As I have said in the past, cost and controls may earn us a seat at the table, but it is our third C, culture, that keeps us there. With nearly 600 teammates now operating across three facilities, the enterprise-wide shared services model we put in place is producing real, measurable results.

就像我們家兩個男孩 Gregory 和 Alexander 會說的：我們就是不一樣。正如我過去所說，成本與控制或許能讓我們坐上桌，但讓我們留在桌上的，是第三個 C——文化。如今將近 600 位夥伴在三座工廠運作，我們建立的全企業共享服務模式正在產生真實且可衡量的成果。

As Abby continues to tell me, culture is not a destination, but rather a mindset. That always needs love, attention and reinforcement. Q1 saw the launch of three employee engagement, recognition and retention programs to do just that Grandma's Table. Our first cross-facility referral and retention program.

正如 Abby 不斷提醒我的，文化不是目的地，而是一種心態。它需要持續的關愛、關注與強化。第一季我們推出了三項員工參與、表揚與留任計畫，正是為了做到這一點——Grandma's Table。我們第一個跨廠的推薦與留任計畫。

Mama's Welcome Crew and First Taste enhanced onboarding and orientation processes with primo or buddy assignments for new hires. And the grandma's favorite spot recognition program designed to reinforce culture, engagement, and positive employee experience.

「Mama's Welcome Crew」與「First Taste」透過為新進員工安排師傅（primo）或夥伴（buddy），強化報到與入職訓練流程。以及「grandma's favorite spot」表揚計畫，旨在強化文化、提升參與度並打造正向的員工體驗。

Yes, the customers we capture, the new items we develop and margins we enhance are needed for a strong business, but I could honestly tell you that the P&L is missing our most important ingredient. It is the team we're hiring, nurturing, promoting that is truly the secret sauce of our $1 billion destination.

是的，我們爭取到的客戶、開發的新產品、以及提升的毛利率，都是打造強健企業所必需；但我可以很坦白地說，損益表（P&L）少了我們最重要的那味「食材」。真正的祕密醬料，是我們正在招募、培育與晉升的團隊；這才是我們邁向 10 億美元目標的關鍵。

Our catapult strategy, our fourth and final C, was on full display this quarter. In addition to strong velocity acceleration and high ROI programming, we launched over a dozen new items with major retailers, including new branded SKUs at Walmart, Target and Food Lion, supported by the start-up of new packaging technologies and protein form factors.

我們的「彈射器（catapult）」策略——第四個也是最後一個 C——本季展現得淋漓盡致。除了強勁的動銷加速與高 ROI 的行銷方案外，我們也與大型零售商推出十多項新品，包括在 Walmart、Target 與 Food Lion 上架新的品牌 SKU，並由新包裝技術與新的蛋白質產品形態（form factors）的啟用所支援。

These wins are the direct result of our continued investment in product innovation, our integrated operating platform, and our deepening partnerships with the largest grocers in the country. We expect these placements to ramp meaningfully through the balance of fiscal '27.

這些成果直接來自我們持續投入產品創新、整合式營運平台，以及與全國最大雜貨零售商日益深化的合作夥伴關係。我們預期這些上架將在 2027 會計年度剩餘期間顯著放量成長。

If I may, let me spend a moment on Costco, which continues to be a marquee example of our catapult strategy in motion. As a reminder, Q1 of last year included our first ever digital MVM at Costco, which alone delivered nearly $10 million in revenue in that single quarter, incorporating meaningful trade investment to successfully drive household penetration and step-change velocity acceleration that exceeded expectations.

如果可以的話，我想花一點時間談談 Costco；它持續是我們「彈射器」策略運作中的旗艦案例。提醒一下，去年第一季包含我們在 Costco 的首次數位 MVM 活動，單季就帶來近 1,000 萬美元營收，並投入相當程度的通路費用（trade investment），成功提升家庭滲透率並帶來超出預期的動銷躍升式加速。

The important point is that we lapped that $10 million comp on a whole company basis year over year, adjusting out our recent acquisition. And this was without any incremental Costco programming. In other words, this is not a story of Costco growing on top of itself. This is the entire enterprise stepping up on top of last year's higher promotional base.

重點在於：以全公司口徑來看，我們在年對年比較時已跨越（lapped）那筆 1,000 萬美元的可比基期，並且在調整剔除近期併購影響後亦然。而且這是在沒有任何新增 Costco 行銷方案的情況下達成的。換句話說，這不是 Costco 在原有基礎上再疊加成長的故事。這是整個企業在去年較高的促銷基礎之上，再次整體向上提升。

To me, that is one of the strongest signals you could ask for. It tells us that the Costco business itself has become structural rather than promotional. The everyday item status we secured in the Northeast late last year is delivering exactly the steady state, plannable volume we expected. And at the same time, the rest of the business has grown into a much larger and more diversified contributor.

對我而言，這是你能期待看到的最強訊號之一。它告訴我們，Costco 的業務本身已變成結構性成長，而非促銷驅動。我們在去年底於美國東北部取得的「日常品項」（everyday item）地位，正如預期帶來穩態、可規劃的銷量。同時，其他業務也成長為更大且更多元的貢獻來源。

Oh, and I forgot to mention that Chris just shared with me that earlier last week, we were told that the San Diego region of Costco, actually the last holdout to ever offer us a rotation back in 2024, has decided to take our beef meat. As an everyday item, the second region to confirm our everyday status. Maybe Anna Mancini really was on to something 105 years ago when she made her way to Ellis Island with her now famous meatballs and sauce recipe.

喔，差點忘了提：Chris 剛跟我分享，上週稍早我們被告知，Costco 的聖地牙哥區——其實也是 2024 年最後一個仍未讓我們做輪換上架的區域——已決定採用我們的牛肉產品。並且以「日常品項」方式上架，成為第二個確認我們日常品項地位的區域。也許 105 年前 Anna Mancini 帶著她如今聞名的肉丸與醬汁食譜踏上艾利斯島時，真的就已經看到了些什麼。

We continue to make progress against our goal this year of adding at least two new SKUs to each of our top 10 customers. In addition to Walmart, Target, and Food Lion, we saw successful new launches across three Albertsons divisions, two new panini items at Weiss, two non-protein items at Fresh Market, as well as a number of new wins in the convenience and meal kit channel.

我們持續朝今年的目標推進：在前 10 大客戶中，每位客戶至少新增兩個 SKU。除了 Walmart、Target 與 Food Lion 之外，我們也在 Albertsons 旗下三個事業部成功推出新品、在 Weiss 上架兩款新的帕尼尼產品、在 Fresh Market 推出兩款非蛋白質品項，並且在便利通路與餐盒（meal kit）通路取得多項新勝利。

I am so proud of Chris and his entire team, not just for the individual wins, but rather how they prove out quarter over quarter that our one-stop shop strategy isn't just theory, but an intentional roadmap for our success for years to come.

我為 Chris 以及他的整個團隊感到無比自豪，不僅是因為個別的勝利，更因為他們一季又一季地證明，我們的一站式策略不只是理論，而是我們未來多年成功的有意圖路線圖。

A key driver of our Catapult success continues to be our commitment to quality. Our NAE, No Antibiotic Ever Chicken initiative continues to resonate with today's consumers, and we're leveraging the Bayshore acquisition to cross out capabilities and new products into both our legacy accounts and our Crowd1 customer base. Lauren and her marketing team are also delivering in a meaningful way. Our investment in marketing and retail media continued to compound in Q1. We delivered strong returns across our top retailers while continuing to bring new customers into the brand.

推動我們 Catapult 成功的一個關鍵動能，仍然是我們對品質的承諾。我們的 NAE（No Antibiotic Ever，從不使用抗生素）雞肉計畫持續引起當今消費者共鳴，而我們正運用對 Bayshore 的收購，將交叉銷售能力與新產品導入我們既有客戶與我們的 Crowd1 客戶基礎。Lauren 與她的行銷團隊也以具體且有意義的方式交出成果。我們在行銷與零售媒體上的投資在第一季持續累積放大。我們在主要零售商端取得強勁回報，同時持續為品牌帶來新客戶。

On Instacart, our Northeast everyday and rotational businesses carry the momentum forward. We grew total platform sales to over $1 million, with units up 34%, delivering a 5.6 times return on ad spend and 45% of our sponsored sales came from new customers.

在 Instacart 上，我們東北地區的日常與輪動型業務延續了這股動能。我們將平台總銷售額提升至超過 100 萬美元，銷量成長 34%，廣告投資報酬率（ROAS）達 5.6 倍，且我們 45% 的贊助銷售來自新客戶。

At Walmart, our branded launches went live in April and early platform results are strong. In the quarter, attributed sales more than tripled year over year, growing to nearly $1 million with our ROAS expanding from $10.50 last year to $29.50, meaning every dollar we spent in Walmart media returned roughly $30 in retail sales. BJ's was another standout. Attributed sales were up nearly 10 times year over year, and our ROAS grew nearly 5 times. The team is scaling that program efficiently, and we see meaningful room to continue.

在 Walmart，我們的品牌新品於 4 月上線，平台早期成效強勁。本季歸因銷售額年增逾三倍，成長至接近 100 萬美元，同時我們的 ROAS 由去年的 10.50 美元擴大至 29.50 美元，意即我們在 Walmart 媒體每投入 1 美元，約可帶回 30 美元的零售銷售額。BJ's 也是另一個亮點。歸因銷售額年增接近 10 倍，而我們的 ROAS 也成長近 5 倍。團隊正有效率地擴大該計畫規模，我們也看到仍有相當大的持續成長空間。

Looking ahead, with new items now on shelf across Walmart and Target, and our activation calendar running through the back half of the year, we expect this media retail momentum to continue driving trial, repeat, and branded growth.

展望未來，隨著新品目前已在 Walmart 與 Target 上架，且我們的行銷啟動行事曆將延續至下半年，我們預期這股零售媒體動能將持續推動試用、回購與品牌成長。

Looking to the balance of fiscal '27, we are planning to meaningfully increase our branded sales across our retail footprint through the ramp of these new introductions at Walmart and Target, the conversion of legacy private label items to branded and the continued execution of our strategic goal of adding net plus two SKUs in each of our top 10 accounts. Our trade and marketing investments are delivering strong returns with digital and in-store programming generating measurable lifts in consumer awareness and retail velocities.

就 27 會計年度剩餘期間而言，我們規劃透過 Walmart 與 Target 這些新導入品項的放量、將既有自有品牌品項轉為品牌品項，以及持續執行我們的策略目標——在前 10 大客戶中每一個客戶淨增加 2 個 SKU——以顯著提升我們在零售版圖中的品牌銷售。我們的通路與行銷投資帶來強勁回報，數位與店內方案在提升消費者認知與零售動銷（retail velocities）方面產生可衡量的拉升效果。

Looking forward, the company I see in front of me bears very little resemblance to the one we ran even 12 months ago. We now operate a scaled three-plant manufacturing footprint, serve a broader and still expanding customer roster. Sit on a fortified balance sheet with meaningful firepower for M&A and rely on a team that has demonstrated in practice, not in theory, that it could integrate acquisitions and execute with excellence against the plan. Our line of sight to $1 billion in revenue has never been sharper, and I have real conviction in our ability to compound profitable growth well into the future.

展望未來，我眼前所見的公司，與我們甚至在 12 個月前所營運的公司已幾乎判若兩人。我們現在營運的是具規模的三座工廠製造版圖，服務更廣且仍在擴張的客戶名單。我們擁有更強健的資產負債表，具備可觀的併購火力，並仰賴一支已在實務而非理論上證明能整合收購案、並能依計畫卓越執行的團隊。我們達成 10 億美元營收的能見度從未如此清晰，我也對我們在未來持續複利式累積獲利成長的能力深具信心。

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 first quarter. Anthony.

接下來我想把電話會議交給我們的財務長 Anthony Gruber，請他說明第一季的一些關鍵財務細節。Anthony。

Thank you, Adam. Moving to the financial results. Revenue for the first quarter of fiscal '27 increased 49.7% to $52.8 million as compared to $35.3 million in the same year ago quarter. The increase was primarily due to item expansion at existing customers, the successful launch of over a dozen new branded items at major retailers, the contribution of the Crown One acquisition and continued broad-based growth which the company achieved despite lapping $10 million digital Costco MVM in the prior year quarter and meaningfully less trade investment in the current quarter.

謝謝你，Adam。接著談財務結果。27 會計年度第一季營收較去年同期的 3,530 萬美元成長 49.7%，至 5,280 萬美元。成長主要來自既有客戶的品項擴增、在主要零售商成功推出十多項新的品牌品項、Crown One 收購案的貢獻，以及持續的廣泛性成長；即便我們在本季面臨去年同期 1,000 萬美元數位 Costco MVM 的高基期，且本季通路投資顯著較少，公司仍達成上述成長。

Gross profit increased 35.3% to $12.4 million or 23.6% of total revenues in the first quarter of fiscal '27 as compared to $9.2 million or 26.1% of total revenues in the same year ago quarter. The first quarter gross margin was impacted by labor and raw material inefficiencies and the start-up of new packaging technologies and protein form factors supporting the launch of more than a dozen new items with major retailers, as well as the continued integration of the Bayshore facility.

27 會計年度第一季毛利較去年同期的 920 萬美元成長 35.3%，至 1,240 萬美元；毛利率為總營收的 23.6%，相較去年同期為 26.1%。第一季毛利率受到人力與原物料效率不彰、新包裝技術與蛋白質產品型態（protein form factors）啟動成本的影響（以支援在主要零售商推出十多項新品），以及持續整合 Bayshore 廠的影響。

We remain on track. Our mid to high 20% Woodford gross margin target as these new items transition into steady-state production. Operating expenses totaled $9.8 million in the first quarter of fiscal '27 as compared to $7.6 million in the same year ago quarter.

我們仍按計畫推進。隨著這些新品轉入穩態量產，我們的 Woodford 毛利率目標為 20% 後段至接近 30%（mid to high 20%）。27 會計年度第一季營業費用合計 980 萬美元，去年同期為 760 萬美元。

As a percentage of revenue, operating expenses declined to 18.5% from 21.6% in the prior year quarter, demonstrating the operating leverage in our model as we scale as well as intentional decisions to move some SG&A marketing investments into gross to net trade to support our new item watches.

以營收百分比計，營業費用由去年同期的 21.6% 降至 18.5%，顯示我們在規模擴張下的營運槓桿，同時也反映我們有意將部分 SG&A 行銷投資移轉至毛到淨（gross to net）的通路費用，以支持我們的新產品上架。

The change in absolute dollars was partially due to the Bayshore acquisition, new digital strategies, and enhanced product marketing, new management hires, and further technology upgrades to drive actionable insights faster and deeper into the organization.

絕對金額的變動部分來自 Bayshore 收購、新的數位策略與強化的產品行銷、新增管理層招募，以及進一步的技術升級，以更快且更深入地將可採取行動的洞察導入組織。

Net income for the first quarter of fiscal '27 increased 66.3% to $2.1 million or $0.05 per diluted share as compared to net income of $1.2 million or $0.03 per diluted share in the same year ago quarter. First quarter net income totaled 3.9% of revenue as compared to 3.5% in the same year ago quarter.

27 會計年度第一季淨利年增 66.3% 至 210 萬美元，或稀釋後每股盈餘 0.05 美元；去年同期淨利為 120 萬美元，或稀釋後每股盈餘 0.03 美元。第一季淨利占營收比重為 3.9%，去年同期為 3.5%。

Adjusted EBITDA, a non-GAAP measure, increased 71.2% to $4.9 million for the first quarter of fiscal '27 as compared to $2.8 million in the same year ago quarter. Cash and cash equivalents as of April 30, '26 totaled $24.4 million as compared to $20 million as of January 31, '26. This increase was primarily driven by improved profitability, strong operating cash flow generation and ongoing working capital optimization.

調整後 EBITDA（Adjusted EBITDA，非 GAAP 指標）在 27 會計年度第一季年增 71.2% 至 490 萬美元，去年同期為 280 萬美元。截至 2026 年 4 月 30 日，現金及約當現金為 2,440 萬美元，相較於 2026 年 1 月 31 日的 2,000 萬美元。此增加主要由獲利能力改善、強勁的營運現金流創造，以及持續的營運資金最佳化所帶動。

As of April 30, 2026, total debt stood at $5.1 million. The robust balance sheet combined with our credit facilities and strong cash flow generation positions us extremely well to pursue the organic and inorganic growth opportunities that Adam described. This completes my prepared comments.

截至 2026 年 4 月 30 日，總負債為 510 萬美元。強健的資產負債表，加上我們的授信額度與強勁的現金流創造能力，使我們在追求 Adam 所描述的有機與無機成長機會方面具備極佳的條件。以上為我預先準備的說明。

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

現在，在我們開始問答環節之前，我想把電話會議交回給 Adam，請他做一些結語。Adam。

Thank you, Anthony. As I reflect on the first quarter, what stands out most to me is not any single number, but rather the way every part of our nearly 600-person team executed against the playbook. The four Cs, costs, controls, culture and catapult is no longer aspirational language at Mama's. They are the operating cadence by which we run the business.

謝謝你，Anthony。回顧第一季，最令我印象深刻的不是任何單一數字，而是我們近 600 人團隊的每一個環節如何依照作戰手冊落實執行。在 Mama's，「四個 C」——成本（costs）、控管（controls）、文化（culture）與加速器（catapult）——已不再只是願景式語言。它們是我們經營企業的運作節奏。

Cost discipline showed up in the Bayshore integration, in our centralized procurement and logistics, and in the more balanced production footprint control showed up in the completed three-facility ERP integration, in the expansion of our Power BI analytics, and in the food safety standards our team upholds every single day.

成本紀律體現在 Bayshore 的整合、我們的集中採購與物流，以及更均衡的生產版圖；控管則體現在三座設施的 ERP 整合完成、我們 Power BI 分析能力的擴展，以及團隊每天都在堅守的食品安全標準。

Culture showed up in Mama's pantry, Mama's university, Grandma's table, first taste orientation, and in the shared services backbone. Now linking all three sites. And Catapult showed up in the new customers we're partnering with for the first time, new items that bring new flavors, functions, form factors to our end consumers and to our marketing partners that help us bring Mama's Story to new-to-brand households across this great country.

文化體現在 Mama 的儲藏室、Mama 的大學、外婆的餐桌、首次品嚐導向，以及共享服務的骨幹之中。如今把這三個據點串聯起來。而 Catapult 則體現在我們首次合作的新客戶、帶來新風味、功能與不同產品形態的新商品上，這些也提供給我們的終端消費者與行銷夥伴，協助我們把 Mama 的故事帶進全國各地更多首次接觸本品牌的家庭。

As I turn the page to the balance of fiscal '27, our priorities are consistent. First, we will continue to optimize the integrated three-facility network, pulling efficiency, margin, and capacity utilization forward as our recent new item launches move into steady state.

當我翻到 2027 財年剩餘期間，我們的優先事項保持一致。第一，我們將持續優化整合後的三廠網路，隨著近期新品上市進入穩態運作，提前拉動效率、毛利與產能利用率。

Second, we will press the accelerator on retail distribution leading into the Walmart and Target ramps while continuing to deepen our partnerships in the club channel with Costco, Sam's Club, and BJ's.

第二，在 Walmart 與 Target 的鋪貨爬坡前夕，我們將加速推進零售通路的配銷，同時持續深化我們在會員制通路與 Costco、Sam's Club 以及 BJ's 的合作關係。

And third, we'll use our strengthened balance sheet to selectively pursue accretive acquisitions that bring incremental capabilities, capacity or customer access into the platform.

第三，我們將運用更強健的資產負債表，有選擇性地尋求具增益性的併購，為平台帶來額外的能力、產能或客戶觸及。

The $40 billion deli-prepared foods category is large, still expanding, and remains highly fragmented. The consumer trends, fresher formats, higher quality proteins, value-oriented meal solutions continue to break in our direction. Retailers, in turn, want a partner who could simplify the deli-prepared meal space, deliver consistently at a national scale, and bring genuine innovation to the case.

400 億美元的熟食即食（deli-prepared foods）品類規模龐大、仍在擴張，且依然高度分散。消費者趨勢、更鮮食的形式、更高品質的蛋白質、以價值為導向的餐食解決方案，持續朝有利於我們的方向發展。零售商也因此希望有一個合作夥伴，能簡化熟食即食餐點的品類空間、在全國規模下穩定交付，並為陳列櫃帶來真正的創新。

That is precisely the role Mama's Creations is built to play, and our long-term vision of becoming the leading national one-stop shop deli solution provider has never felt more within reach. With our strengthened platform, four to five balance sheet and demonstrated track record of execution, we are better positioned than ever to capture this generational opportunity and to compound value for our shareholders over the long-term.

這正是 Mama's Creations 所打造要扮演的角色；而我們成為全國領先的一站式熟食解決方案供應商的長期願景，從未像現在這樣觸手可及。憑藉更強健的平台、4 到 5 的資產負債表（槓桿）水準，以及已被驗證的執行紀錄，我們比以往任何時候都更有條件把握這個世代性的機會，並在長期為股東複利增值。

To our team across all three facilities, thank you for your energy, the ownership, and your relentless execution. And to our shareholders, thank you for your continued trust in this story. I have never been more convinced that the most exciting chapter of Mama's creation is the one in front of us.

致我們三個廠區的全體團隊，感謝你們的活力、主人翁精神，以及不懈的執行力。也致我們的股東，感謝你們持續信任這個故事。我從未如此確信，Mama's Creations 最令人振奮的篇章就在眼前。

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

接下來，接線員，讓我們開放提問。

We'll now be conducting a question-and-answer session.(Operator Instructions)

我們現在將進行問答環節。（接線員指示）

Brian Holland, D A Davidson.

Brian Holland，D.A. Davidson。

I wanted to start with the contribution from some of the new products in the quarter. Just curious, I thought maybe some of that was geared toward the end of the quarter. So even qualitatively, can you help understand how meaningful the contribution from the new items across at Walmart and then the new customers, Target, food line, et cetera.

我想先從本季一些新品的貢獻談起。我只是好奇，我原本以為其中一些是偏向季末才開始。所以即便是定性地，你能否協助我們理解：Walmart 上的新品，以及新客戶、Target、食品線等等這些新品的貢獻到底有多顯著？

How they contributed in the quarter. And I guess where I'm going with this is, would the expectation be that revenues would increase sequentially in 2Q versus 1Q? And if not, just any caveats that I'm not thinking about?

它們在本季的貢獻如何？我想問的重點是：是否預期第二季（2Q）營收會較第一季（1Q）呈現季增？如果不是，有沒有我沒想到的任何注意事項？

Yeah, thanks, Brian. I guess actually, let's call it double hit. So you're absolutely right. So these didn't launch until the middle to end of April. So we had all the costs, right, because we built it all out and we got them there. The cost is all in Q1, but really very little of the revenue was in Q1. So hopefully that gives some direction.

好的，謝謝你，Brian。我想其實可以說是「雙重打擊」。你說得完全正確。這些產品直到 4 月中旬到月底才上市。所以我們承擔了所有成本，對吧，因為我們把整套都建置完成並把貨送到位。成本都在第一季（Q1），但第一季的營收其實很少。希望這能提供一些方向。

Obviously, we expect we're already seeing it in the items. We've been more efficient, right? Literally, I'll give you one example, Walmart, the first round of chicken items that we gave, we have three new items in Walmart at chicken. The first round actually had two labels on it.

顯然，我們預期——而且我們已經在這些品項上看到了——我們變得更有效率了，對吧？我舉一個例子：Walmart，我們第一輪推出的雞肉品項——我們在 Walmart 的雞肉類有三個新品。第一輪其實貼了兩張標籤。這就是我們一開始的做法。

That's how we originally did it. We optimized with Walmart, and now if you go into the store, you're seeing one label. We literally cut our label costs, not just the label, remember it's the labor, in half. And that's just the first round. So we're already starting to see lower costs, and obviously the acceleration, the velocities are already increasing substantially. So hopefully that's helpful.

我們和 Walmart 一起做了優化，現在你走進店裡會看到只剩一張標籤。我們把標籤成本——不只是標籤本身，別忘了還有人工——直接砍半。而這只是第一輪。所以我們已經開始看到成本下降，當然，動能加速、銷售速度也已經大幅提升。希望這對你有幫助。

That is helpful. I appreciate the color. You may have answered my second question in that answer, but I'll ask it anyway. I got on the call just a few minutes late, so apologies if you detailed this in your prepared remarks, but maybe just going back right to that point on the gross margin and seeing all the costs and not seeing the revenue, I know when you and I spoke at the end of the quarter, you talked about. Hey, the first couple of times we run these lines through, we learn a lot.

這很有幫助。感謝你提供的細節。你可能在剛才的回答中已經回答了我的第二個問題，但我還是問一下。我晚了幾分鐘才加入電話會議，如果你在事先準備的講稿中已經說明過，先跟你致歉；不過回到毛利率那點——看到所有成本但沒看到營收——我知道我們在季末通話時你提到：「嘿，前幾次跑這些產線時，我們會學到很多。」

We implement it and then hopefully we improve. So I guess just confirming that we are now past all of that and we do indeed have evidence that these lines, after the first initial runs of some of the new products, that everything is operating exactly as you would anticipate or close to.

我們把它落地，然後希望能改善。所以我想確認的是：我們現在是否已經度過那段階段？而且我們確實有證據顯示，這些產線在新產品第一次初期試跑之後，一切運作都如你預期，或至少接近預期？

Yeah, no, absolutely. And hopefully that very hopefully colorful example on the Walmart labels is a real example that helps. But yes, and again, we'll keep getting better and better, right? Skip and I will never be satisfied, but certainly the beginnings of it. Another one, we just got new items into Shaw's, which is in Albertson's division, and just great shredded chicken. It's actually my new go-to lunch.

是的，完全沒錯。希望剛才那個關於 Walmart 標籤的、很具體的例子能有所幫助。但答案是肯定的；而且我們還會越來越好，對吧？Skip 和我永遠不會滿足，但這確實是個開始。再舉一個例子：我們剛把新品導入 Shaw's（屬於 Albertson's 事業部），是一款很棒的雞肉絲。它其實成了我新的午餐首選。

It took forever, right? Is it too shredded? Is it not shredded enough? Is it too colorful? Is it not colorful enough? So there was a lot of those iterations. Now that we have it, for the next customer, obviously, we don't have those startup costs. So the answer is yes, absolutely we're seeing it a lot better than we were before from the market.

這花了很久，對吧？撕得會不會太細？會不會不夠細？顏色會不會太豐富？會不會不夠豐富？所以有很多這類反覆調整。現在我們把它做出來了，對下一個客戶而言，顯然就不需要那些啟動成本。所以答案是：是的，我們看到的狀況絕對比之前好很多，市場端也是如此。

Congrats, keep up the great work.

恭喜，請繼續保持出色的表現。

Thank you, sir.

謝謝您，先生。

Eric Des Lauriers, Craig Hallam Capital Group.

Eric Des Lauriers，Craig-Hallum Capital Group。

Great, thank you for taking my questions. Congrats on the impressive broad-based growth and now the second Everyday Item win in San Diego. My first question here is a bit of a follow-on to just understand the sort of start-up costs of these initial new products.

很好，謝謝你回答我的問題。恭喜你們在多面向的強勁成長，以及在聖地牙哥再度拿下第二個 Everyday Item 的勝利。我的第一個問題是延伸追問，想更了解這些初期新品的啟動成本大概是什麼樣子。

Could you just expand on kind of what those costs were? Should we think of this as basically building inventory that you hadn't yet sold? Or was there any new equipment that essentially had low initial capacity utilization? Just kind of how to think about that more broadly and then how to think about the overall sort of duration of this low-margin ramp period before steady-state production?

你能否再多說明一下那些成本大概是哪些？我們是否可以把它理解為：先建立了尚未售出的庫存？或者是否有任何新設備，導致一開始產能利用率偏低？更廣泛地說，該如何理解這件事，以及在進入穩態生產之前，這段低毛利爬坡期的整體期間大概會持續多久？

Yeah, so I think. I think that it was a combination of a couple things. So we used some new technology, right? We actually used some HPP technology, which helped clean, naturally extend shelf life. That was the first time that we've done stuff like that. So there was a lot of back and forth, multiple touches. So I'd say a lot of it had to do with labor, right us learning how to use this new packaging. I'll give you another colorful example, hopefully.

是的，所以我認為。我認為這是幾個因素的組合。我們採用了一些新技術，對吧？我們實際上使用了一些 HPP 技術，這有助於清潔並以自然方式延長保存期限。這是我們第一次做這類事情。所以過程中有很多來回溝通、反覆多次處理。所以我會說其中很大一部分與人力有關，對吧？就是我們在學習如何使用這種新包裝。我再給你一個更生動的例子，希望能說明。

So in the past, so with Food Lion, our chicken is in trays, right? We're used to that. We do that with other things, right? Remember all the meals for one. This is the first time at Walmart we used sort of a see-through, because our product is beautiful, sort of a vacuum sealed. Plastic, shall we call. Again, that was new stuff, we had some new machinery, the team had to learn, right? They keep getting more and more efficient. We see the throughputs increasing a lot.

所以過去在 Food Lion，我們的雞肉是放在托盤裡的，對吧？我們已經習慣那樣。我們在其他產品上也這麼做，對吧？還記得那些「一人份餐點」嗎。這是我們第一次在 Walmart 使用某種透明的包裝，因為我們的產品很漂亮，是一種真空封裝的形式。塑膠包裝，我們就這麼稱呼吧。同樣地，這是新東西，我們有一些新機器，團隊必須學會操作，對吧？他們的效率越來越高。我們看到產出吞吐量大幅提升。

I gave you examples of the labels. So yeah, so there's a lot of both the packaging, the technology, the form factors, like I gave the example of the shredded chicken, that's the first time, this is something that Crown had the technology for, but we haven't used a lot, so again, the great thing about it is these are more one-time things that obviously Anthony and I have the luxury, we're a month ahead, right, of these numbers and we're already seeing.

我給過你標籤的例子。所以是的，包裝、技術、以及不同的形式規格都有很多因素；就像我舉的手撕雞的例子，那是第一次，這是 Crown 具備的技術，但我們以前用得不多，所以同樣地，最棒的是這些多半是一次性的事情；而且很明顯 Anthony 和我有個優勢——我們比這些數字提前大概一個月，現在已經看到。

The improvement. So huge congratulations to Skip and his whole team. The Bayshore folks are leading the charge, right? So one of the things that I shared with you last quarter is we have this amazing Bayshore facility. It's twice as big as the other facilities with almost half the volume. Guess what that meant? Guess where all the Walmart items are being produced? Guess where all the Food Lion items are being produced? So we're able to improve the absorption in Bayshore. And it's going exactly as we had planned. It's beautiful.

改善。所以要大大恭喜 Skip 和他的整個團隊。Bayshore 的夥伴正在帶頭衝刺，對吧？所以我上季跟你分享的一件事是，我們有這個很棒的 Bayshore 廠。它的規模是其他廠的兩倍大，但產量幾乎只有一半。你猜這代表什麼？你猜所有 Walmart 的品項是在哪裡生產的？你猜所有 Food Lion 的品項是在哪裡生產的？所以我們能夠提升 Bayshore 的吸收率（產能利用/固定成本吸收）。而且進展完全如我們規劃。非常漂亮。

All right. That's very helpful. Great color. Thank you for that. And then just touching on Bayshore here. So ERP conversion integration now complete. I mean, great to see. Those are no walk in the park. Is there anything that remains on the integration front for Bayshore?

好。這非常有幫助。很好的補充說明。謝謝你。接著談一下 Bayshore。所以 ERP 轉換整合現在已完成。我是說，很高興看到。那可不是輕鬆的事。在 Bayshore 的整合面，還有什麼剩下要做的嗎？

And what kind of capacity does this kind of free up for the senior management team? Does this bring up more time to focus on M&A or should we sort of be looking for any step up in gross margins or operating leverage? Maybe it's a bit of all the above, but kind of just give us a status quo on the Bayshore integration and kind of how to think about the implications there. Thank you.

這樣大概能為高階管理團隊釋放出多少產能？這是否讓大家有更多時間專注在併購（M&A），或者我們是否應該期待毛利率或營運槓桿有任何提升？也許以上皆是，但請你大概更新一下 Bayshore 整合的現況，以及該如何看待其影響。謝謝。

Yeah, I mean, that was absolutely the last major step and kudos to Anthony. Anthony led the charge. With John Dillon and his team, look, it's scary, right? I've done it at a number of different places and it's you don't need me to tell you how dangerous it could be.

是的，我的意思是，那絕對是最後一個重大步驟，也要稱讚 Anthony。Anthony 帶頭推進。和 John Dillon 以及他的團隊一起做；你看，這很可怕，對吧？我在好幾個不同的地方做過，你不需要我告訴你這可能有多危險。

We crushed it. It was absolutely perfect. Let's keep in mind, I think I shared that this was going to happen mid to end of summer. We actually did this ahead of schedule, and that's a testament to the integration that Skip is leading in Bayshore.

我們做得非常出色。完全完美。請記得，我想我有分享過這會在夏季中到末進行。我們其實提前完成，這也證明了 Skip 在 Bayshore 主導的整合成效。

Look, like I said before, I'm never going to stop improving this business, but there is nothing major left. To do it at Bayshore. That was the last major hurdle. As my team knows, I think I'm on the road literally the past two weeks and the next two weeks, some for investor stuff, some for other stuff. And I am a lot more confident now and a lot easier for me to travel because that last hurdle is done. Again, Skip remains the boss. And he has told me I'm allowed to leave the office now more. So I feel a lot better that, again, there's always more to do and will be more to do. But that was the last major hurdle at Bayshore with the integration.

你看，就像我之前說的，我永遠不會停止改善這門生意，但在 Bayshore 已經沒有什麼重大的事情剩下。要做了。那是最後一個重大關卡。我的團隊知道，我過去兩週幾乎都在路上，接下來兩週也一樣，有些是投資人相關，有些是其他事情。而我現在更有信心，也更能放心出差，因為最後那個關卡已經完成。再次強調，Skip 仍然是老大。他也告訴我，我現在可以更常離開辦公室了。所以我感覺好多了；當然，永遠還有更多事要做，也會一直有事要做。但就整合而言，那是 Bayshore 最後一個重大關卡。

Good stuff. I appreciate that color and congrats again on all the progress.

很棒。感謝你這些補充說明，也再次恭喜所有進展。

Thank you, Eric.

謝謝你，Eric。

George Kelly, Roth Capital Partners.

George Kelly，Roth Capital Partners。

Hey, everyone. Thanks for taking my questions. So, first one, another question for you on the gross margin kind of inefficiencies related to the startup costs. Are you able to quantify that? Maybe it's too hard, but is it possible to give any numbers around that?

嗨，各位。謝謝讓我提問。第一個問題，還是關於毛利率因啟動成本造成的那種效率不彰。你們能量化那部分嗎？也許太難，但是否可能提供一些相關數字？

Yeah, I think there's two sets of numbers. I think roughly, I'd say there's probably somewhere between almost 500,000 to I don't think a million, but in that range from a labor and raw material inefficiency, there's probably $0.5 million of, as Anthony mentioned, we made an intentional decision, and Lauren's still upset with me, but we took about half a million dollars out of marketing.

是的，我認為有兩組數字。我想大致上，可能在接近 50 萬到我不認為到 100 萬之間，但就在那個區間；就人力與原物料效率不彰而言，大概有 50 萬美元。

To put that into trade to support the new launches at Target. Target was a big promo to get things started, same thing at Food Lion. So actually at Publix also, we had, I think I told you guys, we just launched the two new paninis at Publix. We did programming there. So we definitely took some out of marketing and into trade. You guys see that. Hopefully, you noticed SG&A as a percentage, which traditionally is in the 20% range, was in the, I think, 18.5% range.

把那筆錢投入到通路貿易費用（trade）上，以支援在 Target 的新品上市。Target 一開始有很大的促銷，同樣地 Food Lion 也是。所以其實在 Publix 也是，我想我跟各位說過，我們剛在 Publix 上市兩款新的帕尼尼。我們也在那裡做了促銷規劃。所以我們確實把一部分從行銷挪到通路貿易費用。你們也看得到。希望你們注意到 SG&A 佔比——傳統上大約在 20% 左右——這次是在大概 18.5% 左右。

So you think between those two things, that would have put our gross margin I think north of 25%. But those were intentional decisions. As a leadership team, we feel like we made the right decisions to support our new launches and to exceed our customers' expectations. I will tell you that these new customers, way faster than I expected, are already reaching back out to Chris on what's next already.

所以我認為在這兩件事之間，原本我們的毛利率應該會在 25% 以上。但那些都是刻意的決策。作為管理團隊，我們覺得為了支援新品上市並超越客戶期待，我們做了正確的決定。我可以告訴你，這些新客戶比我預期更快，已經開始回頭找 Chris 問下一步要做什麼了。

And that's a testament to the work Chris and his team is doing to be true partners. This is not a transactional business, right? It is not about, hey, what's the next item we're getting in? It's how do we work collaboratively? How do we become the partner that is high-quality, right? High service, Chris talks about all the time.

這也證明了 Chris 和他的團隊為成為真正的合作夥伴所做的努力。這不是一門交易型的生意，對吧？不是在想，嘿，我們下一個要進什麼品項？而是我們要如何協作？我們要如何成為高品質的合作夥伴，對吧？高服務水準，Chris 一直在談。

It starts, we get in with grandma quality products and we stay and exceed with grandma quality service. And that's what Chris has been able to show time and time again that we're now collaborating with new items with some of these customers. So I think it's an incredibly great and strong ROI.

一開始，我們以「阿嬤等級」的高品質產品進入，並以「阿嬤等級」的高品質服務持續深耕、甚至超越期待。而 Chris 一次又一次地證明了這一點，讓我們現在能和其中一些客戶就新品項展開合作。所以我認為這是一個非常出色且強勁的投資報酬率（ROI）。

Thank you. That's helpful. And then second question from me on Walmart. I know you haven't been on shelf that long there, but can you talk to us just about the performance that you've seen so far and any kind of takeaways? Are you pleased with the velocities, et cetera, just anything on Walmart?

謝謝。這很有幫助。那我第二個問題是關於 Walmart。我知道你們在那邊上架時間還不長，但你能跟我們談談目前看到的表現以及任何心得嗎？你對銷售速度（velocities）等是否滿意？關於 Walmart 任何資訊都可以。

Yes, very pleasantly surprised. And actually, the word is, I'm a little surprised. Of course, Chris said, I told you so, but the products are doing very well. The ramp up, actually, I'm terribly impressed. Again, the chicken items are north of 2000 stores already. I told you, we just launched 30 days ago, 45 days ago, and we're already north of 2000. Doors with the new chicken items. So I love the ACV, meaning that the number of doors we're in.

是的，非常驚喜。其實更貼切的說法是，我有點意外。當然，Chris 說：「我早就跟你說了」，但產品表現非常好。上量的速度，老實說，我非常佩服。再說一次，雞肉品項已經進到超過 2000 家門店了。我跟你說，我們才在 30 天前、45 天前上市，現在就已經超過 2000 家了。新雞肉品項的上架門店數。所以我很喜歡 ACV，也就是我們進駐的門店數。

I love every week the velocities are going up. So yeah, I feel really good with it. Hopefully, I just mentioned earlier the work that Lauren is doing to chum the water, shall we say. The ROAS at Walmart, I mean, guys, $30. I give a dollar, they give me $30 of retail sales back. That's a pretty good ROI. So I love across the board how Skip got the product together, how Chris is able to continue to drive those velocities, how Lauren is helping with the marketing. It's an incredible team effort, which is wonderful.

我也很喜歡每週銷售速度都在上升。所以，是的，我對此感覺非常好。希望——我剛剛也提到——Lauren 正在做的工作，可以說是在「攪動水面」、營造聲量。Walmart 的 ROAS，我是說，各位，30 美元。我花 1 美元，他們回給我 30 美元的零售銷售額。這是相當不錯的 ROI。所以我全面都很滿意：Skip 把產品整合得很好，Chris 能持續推動銷售速度，Lauren 在行銷上提供協助。這是非常棒的團隊合作，真的很令人欣慰。

Okay, great. And then last one for me, just on the quarter, was there much impact from you raising pricing at. And I guess subsequent to the quarter, has there been any kind of pricing?

好的，很棒。那我最後一個問題，關於這一季：你們調漲價格對業績有很大影響嗎？另外，我想問在季度之後，是否還有任何價格調整？

As right, because you've been with us from the very beginning, pricing is something we take every day. This is not a once a year type thing. We have the right pricing and as inflation, unfortunately, moves up for all of us. Chris does a great job partnering with our customers.

沒錯，因為你從一開始就一路跟著我們，定價是我們每天都在做的事情。這不是一年一次的那種事。我們會確保定價正確；而當通膨不幸地對我們所有人都在上升時，Chris 也很擅長與客戶合作、共同面對。

I think so I don't think anything I know, obviously, 90% of our sales growth was volume-driven, which is amazing, and about 10% of it was pricing-driven. So the right amount of pricing, of course, I'll always challenge Chris to make sure that.

我想——所以我不認為有什麼……我知道，很明顯，我們 90% 的銷售成長是由銷量帶動的，這很驚人；大約 10% 是由價格帶動的。所以是適度的調價；當然，我也會一直督促 Chris，確保……

Most, if not all, of our customers are bigger than we are, so we shouldn't be taking it on the chin. But what's great is our pricing is at the right place that it's only a conversation of inflation. And I've shared with you guys before the research and the data that we subscribe to that gives us real-time commodity inflation, and we're able to share that in partnership with our customers every time.

我們的大多數、甚至幾乎所有客戶都比我們大，所以我們不應該被迫吃虧。但很棒的是，我們的定價在正確的位置上，因此討論的重點只是在通膨。我之前也跟各位分享過，我們訂閱的研究與數據能提供即時的商品通膨資訊，而我們每次都能以合作夥伴的方式與客戶分享。

Thanks, George.

謝謝你，George。

Ryan Meyers, Lake Street capital.

Ryan Meyers，Lake Street Capital。

Hey, guys. Thanks for taking my questions. First one for me, and it might seem like this is a given, just given all the momentum you're seeing across the business with the new retailers and the new products. But Adam, do you still feel comfortable with the double-digit organic growth for the year?

嗨，各位。謝謝讓我提問。我第一個問題是——考量你們在業務上、在新零售商與新產品方面看到的所有動能，這可能聽起來是理所當然——但 Adam，你對今年維持兩位數的有機成長，仍然覺得有把握嗎？

Yes, absolutely. Again. Chris and his team continue to not just deliver, over-deliver for us. It's wonderful, and you and I have spoken about it, and I've spoken about it with our fellow investors. Yeah, it is pretty awesome. We're sort of everywhere, but equally, we're nowhere, right? Chris is still staying true to his plus two items in each of our top 10 customers.

是的，絕對有。再說一次。Chris 和他的團隊不只是達成，還超額達成我們的期待。這很棒，你我也談過，我也跟其他投資人談過。是的，這真的很厲害。我們好像到處都有，但同時又好像哪裡都還不夠深，對吧？Chris 仍然堅持在我們前十大客戶中，每家客戶增加兩個品項的策略。

He's done a great job already. Actually, I tell him he's not pacing himself well because he's ahead of plan. Between the seven new items at Walmart, the five new items at Food Lion, two new items at Fresh Market, two new items at Albertsons, and I could go on, the new item at Target with the additional second item coming in next month or in August. So, yeah, no, I feel good with growth, continued growth. And yes, no, absolutely.

他已經做得非常好。其實我還跟他說，他節奏掌握得不太好，因為他已經超前於計畫。Walmart 的 7 個新品項、Food Lion 的 5 個新品項、Fresh Market 的 2 個新品項、Albertsons 的 2 個新品項，還有更多我可以繼續列；Target 也有新品項，而且下個月或 8 月還會再進第二個品項。所以，是的，不，我對成長、持續成長感覺很好。而且是的，沒錯，絕對有把握。

Got it. That's good to hear. And then just kind of circling back on your comments on the marketing dollars that were in G&A coming out, shifting into trade promotion. How should we think about that mix going forward? Was the numbers you posted in Q1 just a one-time thing? Because as you mentioned, it's below 20% of sales. So just kind of want to get a feel for that for the rest of this year.

了解。很高興聽到。那再回到你剛才提到的：原本在 G&A 裡的行銷費用移出、轉到通路促銷（trade promotion）。我們接下來應該如何看待這個組合的變化？你們在 Q1 公布的數字只是一次性的嗎？因為如你所說，它低於銷售額的 20%。所以想請你談談今年剩下時間的走向。

No, I think I would I think I hope our fellow investors see I tell you guys, Anthony and I have our hands on the wheel at all times. We knew that we were investing in these new item launches and this new innovation, and we knew that margin would be somewhat impacted by that. And that's why, again, our leadership team does everything together as a team.

不，我想——我希望投資人能看到——我跟各位說過，Anthony 和我一直都把手放在方向盤上。我們知道自己正在投資這些新品上市與新創新，而我們也知道毛利會因此受到一些影響。所以，再次強調，我們的領導團隊是以團隊方式一起做所有事情。

Therefore, we knew that we wanted to pull back other places to reinvest. But, I think I'd like to stay true to that 20%. We continue to be investing in new technologies, new teammates. We're doing, I'll actually mention, unfortunately, I'm not able to be at IDDBA.

因此，我們知道我們想在其他地方收斂一些，來重新投入。但我想，我希望能維持在 20% 這個水準。我們仍持續投資新技術、新夥伴（新同仁）。我們正在做——我其實要提一下——很可惜我沒辦法去參加 IDDBA。

Today. So if you guys remember IDDBA, the International Dairy, Deli, and Bakery Association, this is our Super Bowl. And obviously I want to hang with you guys more than my fellow teammates, so I'm pretty upset. But Chris and Lauren are out there with our teams doing an amazing job. Again, they're meeting with all the top customers.

今天。所以如果各位還記得 IDDBA，也就是 International Dairy, Deli, and Bakery Association（國際乳品、熟食與烘焙協會），這對我們來說就像超級盃。而且很明顯，我更想跟各位多待一點，而不是跟我的同事們，所以我其實挺不爽的。但 Chris 和 Lauren 正在那邊帶著我們的團隊做得非常出色。再說一次，他們正在和所有頂級客戶會面。

Highlighting a bunch of new items. You guys saw, I think last week, Lauren sent out a press release on all the new items that we're launching. And I feel really bullish on what we're doing. But Anthony and I, our hands are on the wheel. When we know we're doing well, we'll lean into trade and marketing. If we know that we're investing elsewhere, we'll be able to pull it back. And that's what you saw in Q1. But I wouldn't say -- I'd say. I'd go back to our steady state for Q2 and onwards.

重點介紹一系列新產品。各位應該有看到，我想是上週，Lauren 發布了一則新聞稿，介紹我們即將推出的所有新產品。我對我們正在做的事情非常看好。但我和 Anthony 會緊握方向盤。當我們知道做得很好時，我們就會加大在通路推廣與行銷上的投入。如果我們知道資金要投向其他地方，我們也能把它拉回來。這就是你們在第一季看到的情況。但我不會說——我會說。第二季以及之後，我會回到我們的常態水準。

Okay, got it. No, that's helpful commentary. Thank you.

好的，了解。不，這些說明很有幫助。謝謝。

Anthony Vendetti, the Maxim.

Maxim 的 Anthony Vendetti。

Thanks. Just to follow on to the Bayshore facility, Adam, you mentioned that with the extra capacity, being able to supply Walmart and Food Lion. How much capacity is left after supplying Walmart and Food Lion in the Bayshore facility? And then if and when that capacity gets filled and maybe the timeline for when you're expecting that to happen, does that necessitate either another facility or an acquisition in the near term.

謝謝。接續問一下 Bayshore 廠房，Adam，你提到在增加產能後，能夠供應 Walmart 和 Food Lion。在 Bayshore 廠房供應 Walmart 和 Food Lion 之後，還剩下多少產能？另外，如果以及當那部分產能被填滿，並且你們預期大概何時會發生，這是否會在短期內需要再新增一座廠房或進行併購？

Yeah, so what's really wonderful, and this is why the Crown acquisition was so amazing, it was a huge unlock for us from a capacity standpoint. I would still say, as strong as Chris works hard to try to stress us out, we should be able to double our business. What we've said is we could double our revenue for a roughly $200. million today, we could be $400 million with this new space.

是的，所以真正很棒的是——這也是為什麼 Crown 的收購如此驚人——從產能角度來看，對我們而言是一個巨大的解鎖。我仍然會說，即便 Chris 再怎麼努力想讓我們感到壓力，我們應該仍然有能力把業務規模翻倍。我們說過，以目前約 2 億美元的營收水準，我們可以把營收翻倍；有了這個新空間，我們可以做到 4 億美元。

The other thing as a reminder, I think I just mentioned earlier, we just opened up, we just almost doubled our space in the East Rutherford facility also. So we had a lot of foresight into what we were doing in East Rutherford.

另外提醒一下，我想我剛才也提過，我們在 East Rutherford 廠也剛啟用，空間幾乎也翻倍了。所以我們對 East Rutherford 的規劃其實早就有很強的前瞻性。

With the Bayshore acquisition that I think we're good for the next couple of years. Now, that said, it doesn't slow me down one bit on what's the next acquisition. I still believe that it will include. I'm looking for companies with their own manufacturing and distribution. That means that I will get additional capacity. But the great news, unlike a year ago before the Crown deal. We feel really good. There's definitely a lot more opportunity for us capacity-wise.

有了 Bayshore 的收購，我認為未來幾年我們都沒問題。不過話說回來，這完全不會讓我放慢尋找下一個收購標的的腳步。我仍然相信那會包含——我在找的是擁有自有製造與配送能力的公司。這代表我會獲得額外的產能。但好消息是，不像一年前在 Crown 交易之前。我們現在感覺非常好。就產能而言，我們確實有更多機會。

Okay, and then just one quick follow-up. Any insight on the new packaging technologies and protein form factors that you have planned?

好的，然後再快速追問一個。你們規劃中的新包裝技術與蛋白質產品形態（form factors）方面，有沒有任何見解可以分享？

I think that we'll continue to try to be true partners with our customers. The biggest things that we continue to hear is, one, I just don't have the labor anymore. And we're listening to that and you see the examples of like Publix that we transitioned our bulk and kit items into our meals for one items. That was an investment on our part, I don't know, let's call it a year ago, less. That added this new mapping technology, which stands for modified atmospheric pressure.

我想我們會持續努力，成為客戶真正的合作夥伴。我們持續聽到最大的幾件事是：第一，我已經沒有勞動力了。我們有在聽，你們也看到像 Publix 的例子，我們把散裝與組合包（kit）品項轉換成「一人份餐食」品項。那是我們的投資，我不知道，大概是一年前或更短。那也加入了新的 MAP 技術，也就是改良氣氛包裝（modified atmospheric pressure）。

What it does is it pushes nitrogen in, pushes oxygen out, and almost doubles our shelf life on our products. So labor is important. Shelf life is the second one. So I spoke about the mapping just now. The HPP technology that we're using at Walmart is another example that extends shelf life naturally. So these are the conversations that Chris and team have with our. Customers, and that's what we try to be responsive to. So I hope to continue that, again, so we can continue to be great partners.

它的作用是把氮氣打進去、把氧氣排出去，讓我們產品的保存期限幾乎翻倍。所以勞動力很重要。第二個就是保存期限。所以我剛剛談到 MAP。我們在 Walmart 使用的 HPP 技術是另一個例子，能以更自然的方式延長保存期限。所以這些就是 Chris 和團隊與我們——客戶之間的對話，而我們也努力對此做出回應。所以我希望能持續這樣做，讓我們能繼續成為很棒的合作夥伴。

Okay. Thanks very much. Appreciate all the color.

好的。非常感謝。很感謝你提供的詳細資訊。

Thanks, Anthony.

謝謝你，Anthony。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Adam Michaels for any closing remarks.

謝謝。目前沒有其他問題。我想把時間交還給 Adam Michaels，請他做結語。

Thank you, operator, and thank you again to each of you for joining us today. To close, the first quarter of fiscal '27 was, in my view, the clearest evidence yet that the platform we have spent the last 3.5 years building is working exactly as designed. The flawless transition of our now enterprise-wide ERP system to ensure that what gets measured gets improved lapping a $10 million digital Costco MVM effortlessly and still delivering revenue growth adjusting out acquisitions.

謝謝接線員，也再次感謝各位今天參與。總結來說，在我看來，2027 財年第一季是迄今最清楚的證據，證明我們過去 3.5 年打造的平台正如設計般運作。我們將現已在全企業範圍導入的 ERP 系統順利完成轉換，確保「可衡量就能改善」；在輕鬆消化 1,000 萬美元的數位 Costco MVM 的同時，剔除併購影響後仍交出營收成長。

Launching more than a dozen new items with major retailers, expanding adjusted EBITDA 71% and ending the quarter with $24.4 million in cash, all in a single 90-day window is not a coincidence. It is the output of the 4Cs operating system at work. The macro tailwind in deli prepared continues to outpace total food and beverage.

在短短 90 天內，與大型零售商推出十多項新品、調整後 EBITDA 擴增 71%，並在季末持有 2,440 萬美元現金，這不是巧合。這是 4Cs 營運系統發揮作用的成果。熟食即食（deli prepared）的宏觀順風仍持續跑贏整體食品與飲料。

Our three-facility network is humming, our balance sheet is positioned for accretive M&A, and our team is executing with real conviction. The course we have charted towards national deli leadership is set and our commitment to that destination is unwavering. As always, we appreciate our shareholders' continued support and look forward to updating you on our progress in the quarters ahead.

我們的三座廠區網絡運轉順暢，我們的資產負債表已為具增益性的併購（accretive M&A）做好準備，而我們的團隊正以真正的信念在執行。我們朝向全國熟食領導地位所規劃的路線已經確立，對該目標的承諾堅定不移。一如既往，我們感謝股東持續的支持，並期待在未來幾季向各位更新我們的進展。

This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。再次感謝各位的參與。