Nexgel Inc (NXGL) 2025 Q3 法說會逐字稿

Good afternoon, everyone. My name is Bo, and I will be your conference operator today. At this time, I would like to welcome everyone to Nexgel's third-quarter 2025 financial results conference call.

大家下午好。我叫Bo，今天我將擔任你們的會議接線生。在此，我謹代表 Nexgel 公司歡迎各位參加 2025 年第三季財務業績電話會議。

At this time, I'll turn things over to Mr. Valter Pinto, Managing Director of KCSA Strategic Communications. Please go ahead, sir.

接下來，我將把發言權交給KCSA策略傳播公司總經理瓦爾特‧平托先生。請繼續，先生。

Thank you, operator. Good afternoon, and welcome, everyone, to Nexgel's third-quarter 2025 financial results conference call. I'm joined today by Adam Levy, Chief Executive Officer; and Joe McGuire, Chief Financial Officer.

謝謝接線生。下午好，歡迎各位參加 Nexgel 2025 年第三季財務業績電話會議。今天和我一起的有執行長亞當·利維和財務長喬·麥奎爾。

Before we begin, I'd like to remind everyone that statements made during today's conference call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially due to a variety of risks, uncertainties and other factors.

在開始之前，我想提醒大家，今天電話會議期間發表的聲明可能被視為 1995 年《私人證券訴訟改革法案》安全港條款意義上的前瞻性聲明，實際結果可能由於各種風險、不確定性和其他因素而與預期存在重大差異。

For a detailed discussion of some of the ongoing risks and uncertainties in the company's business, I refer you to the press release issued this evening and filed with the SEC on Form 8-K as well as the company's reports filed periodically with the SEC. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.

有關公司業務中一些持續存在的風險和不確定性的詳細討論，請參閱今晚發布的新聞稿以及向美國證券交易委員會提交的 8-K 表格，以及公司定期向美國證券交易委員會提交的報告。除非法律另有規定，否則本公司不承擔任何更新或修改任何前瞻性聲明的意圖或義務，無論是由於新資訊、未來事件或其他原因。

Also, during the course of today's call, we will refer to certain non-GAAP financial measures. Reconciliation of the non-GAAP to GAAP financial measures and certain additional information are also included in today's press release.

此外，在今天的電話會議中，我們將提及一些非GAAP財務指標。今天的新聞稿中還包括非GAAP財務指標與GAAP財務指標的調節表以及一些其他資訊。

With that, it's my pleasure to turn the call over to Mr. Adam Levy. Adam, please go ahead.

接下來，我很高興將電話交給亞當·利維先生。亞當，請繼續。

Thank you, Valter, and thank you, everyone, for joining us today to discuss our third-quarter 2025 financial and operating results.

謝謝瓦爾特，也謝謝各位今天能來和我們一起討論我們 2025 年第三季的財務和營運業績。

For the third quarter of 2025, we reported revenue of $2.9 million, flat year-over-year and slightly higher sequentially. While our revenue remained steady during both periods, gross profit margins improved year-over-year, coming in again in the low 40s for the third quarter, and our adjusted EBITDA loss trend continued to narrow sequentially from a loss of $500,000 in Q1 to $419,000 in Q2 and now in Q3 to $354,000.

2025 年第三季度，我們公佈的營收為 290 萬美元，與去年同期持平，較上季略有成長。雖然兩個時期內我們的營收保持穩定，但毛利率年比有所提高，第三季再次達到 40% 左右，調整後的 EBITDA 虧損趨勢繼續環比收窄，從第一季的 50 萬美元虧損到第二季的 41.9 萬美元虧損，再到第三季的 35.4 萬美元虧損。

Consistent performance in contract manufacturing and consumer branded products while maintaining discipline and consistently improving our operational efficiencies were key factors in these results.

在合約製造和消費品牌產品方面保持穩定的業績，同時保持紀律並不斷提高營運效率，是這些成果的關鍵因素。

I'll now provide an update on both our contract manufacturing and consumer branded product businesses, starting with contract manufacturing. This segment of business has played a pivotal role in our growth, led by increased demand from existing customers as well as the successful onboarding of several new global corporations.

接下來，我將向我們介紹我們的合約製造業務和消費品牌產品業務的最新情況，首先從合約製造業務開始。該業務板塊在我們發展過程中發揮了關鍵作用，這主要得益於現有客戶需求的增長以及幾家新的全球企業的成功入駐。

For the third quarter, contract manufacturing revenue totaled $907,000, a slight increase year-over-year and sequentially. Our performance in contract manufacturing is led by our ongoing relationship with Cintas, which remains strong and our SilverSeal product continuing to be included in their wound care kits and cabinets for businesses throughout the country.

第三季度，合約製造收入總計 907,000 美元，較上年同期和上一季略有成長。我們在合約製造領域的出色表現得益於我們與 Cintas 的持續合作關係，這種關係依然牢固，我們的 SilverSeal 產品繼續被納入他們為全國各地企業提供的傷口護理包和櫃子中。

We began shipping initial orders to Cintas in Q4 of last year, and reorders for deliveries have continued each subsequent quarter and remain strong and steady. This partnership reflects the consistent value our advanced hydrogel technology brings to Cintas' customers and underscores our commitment to long-term recurring commercial relationships.

我們從去年第四季開始向 Cintas 發貨，此後每個季度都持續收到補貨訂單，並且訂單量保持強勁穩定。此次合作體現了我們先進的水凝膠技術為 Cintas 的客戶帶來的持續價值，並強調了我們對長期持續商業關係的承諾。

The institutional review board study conducted under FDA guidelines and funded by our partner, Innovative Optics, is complete, and we are waiting on final data to be published. This 30-patient clinical trial evaluated the use of our hydrogels when applied prior to laser hair removal treatments. The primary goal of the study was to assess its efficacy in reducing the release of carcinogenic plume during these procedures. We have been in contact with the journal and do expect publication before year-end.

由我們的合作夥伴 Innovative Optics 資助，並按照 FDA 指南進行的機構審查委員會研究已經完成，我們正在等待最終數據的發布。這項包含 30 名患者的臨床試驗評估了在雷射除毛治療前使用我們的水凝膠的效果。研究的主要目的是評估其在減少這些手術過程中致癌煙霧釋放的功效。我們已與期刊聯繫，預計年底前將發表文章。

As many of you know, in May, we signed an agreement with iRhythm, a publicly listed company on the NASDAQ and a leading digital health care company that creates trusted solutions that detect, predict and prevent disease to supply our hydrogels as part of their Zio ECG heart monitoring system. Zio is a single-use ECG heart monitor that provides a continuous single-channel recording for up to 14 days. The monitor is worn on the patient's upper left chest, and it features Nexgel's advanced hydrogel.

正如你們許多人所知，今年 5 月，我們與 iRhythm（一家在納斯達克上市的領先數位醫療保健公司，致力於創造值得信賴的解決方案，以檢測、預測和預防疾病）簽署了一項協議，為他們的 Zio ECG 心臟監測系統提供我們的水凝膠。Zio 是一款一次性使用的心電圖心臟監視器，可提供長達 14 天的連續單通道記錄。監視器佩戴在患者左上胸，並採用 Nexgel 的先進水凝膠製成。

After the conclusion of the 14-day monitoring period, the patient simply removes the device and mails it back to iRhythm for analysis. We anticipate iRhythm's first direct orders from us this quarter. The integration of our hydrogels into iRhythm's Zio heart monitor showcases another impactful application for our skin-friendly dermatologically safe technology. We look forward to growing this relationship as iRhythm scales their product.

14 天監測期結束後，患者只需取下該裝置並將其寄回 iRhythm 進行分析即可。我們預計 iRhythm 將於本季向我們發出首批直接訂單。將我們的水凝膠整合到 iRhythm 的 Zio 心臟監視器中，展示了我們親膚、皮膚安全技術的另一個重要應用。我們期待隨著 iRhythm 產品規模的擴大，雙方的合作關係也能進一步發展。

There are many other opportunities we are actively pursuing. Our new customer pipeline remains robust with several of them now approaching launch. We expect contract manufacturing and white label to continue being a major driver of our expansion and success moving forward.

我們也正在積極尋求其他許多機會。我們的新客戶通路依然強勁，其中幾家公司即將上線。我們預計，合約製造和貼牌生產將繼續成為我們未來擴張和成功的主要驅動力。

Turning our attention to our Consumer Products segment, revenue remained stable year-over-year and sequentially. During the quarter, there were some unforeseen logistical delays that affected the movement of inventory, which delayed some of our product launches until late September. These have all been resolved, and we anticipate a very strong fourth quarter, including these new products.

再來看我們的消費品部門，營收年比和季比均保持穩定。本季出現了一些無法預料的物流延誤，影響了庫存流動，導致我們的一些產品發布推遲到 9 月下旬。這些問題都已解決，我們預計第四季度業績將非常強勁，這其中也包括這些新產品。

In late Q2, heading into Q3, we began to see strong performance from the first of Silly George's new product launches we previewed earlier this year. In addition to the continued growth of our core lash offerings, we introduced an expanded beauty line of five new shades of lip gloss. While we only launched our new lip gloss in very late September, the launch has gone well so far, and we are looking forward to seeing how this product does as we head into the holiday season, along with our other new product offerings.

在第二季末，進入第三季之際，我們開始看到 Silly George 今年稍早預覽的首批新產品上市後取得了強勁的業績。除了核心睫毛產品線的持續成長外，我們還推出了包含五款全新色號唇彩的延伸美妝系列。雖然我們的新唇彩直到九月下旬才上市，但到目前為止上市情況良好，我們期待這款產品以及我們其他新產品在即將到來的假期季節的表現。

Similarly, Kenkoderm will double the size of its product portfolio with the launch of new products, expanding into solutions for eczema, tapping into an even larger market opportunity for the brand that is leveraging its strong reputation as a leader in sensitive skin care. We expect these new products to hit the market in the next few months.

同樣，Kenkoderm 將透過推出新產品，使其產品組合規模擴大一倍，拓展至濕疹解決方案領域，從而為該品牌挖掘更大的市場機會，該品牌正利用其在敏感肌膚護理領域的領導地位而獲得巨大聲譽。我們預計這些新產品將在未來幾個月內上市。

MEDAGEL has expanded its product line with the launch of several new offerings, including the SilverSeal wound and burn kit and the moist burn pads. These products are doing extremely well on Amazon, and we look forward to their continued growth. We have also just received approval from Health Canada to sell SilverSeal in that territory.

MEDAGEL 推出了多款新產品，擴展了其產品線，其中包括 SilverSeal 傷口和燒傷護理套裝以及濕性燒傷墊。這些產品在亞馬遜上的銷售情況非常好，我們期待它們繼續成長。我們也剛剛獲得了加拿大衛生部的批准，可以在該地區銷售 SilverSeal 產品。

Lastly, we could not be more excited about our expanding partnership with STADA, a European leader in consumer health. Building on the strong performance of Histasolv, we recently amended our agreement to broaden the collaboration considerably. Together with STADA, we are planning to soft launch 1 new product in December with several more slated for early 2026. Glutacin, a digestive enzyme for gluten sensitivity will be the product soft launched in December with a full marketing and promotional plan for January.

最後，我們非常高興能與歐洲消費者健康領域的領導者 STADA 擴大合作關係。基於 Histasolv 的出色表現，我們最近修改了協議，大幅擴大了合作範圍。我們計劃與 STADA 合作，於 12 月試銷 1 款新產品，並計劃在 2026 年初推出更多產品。麩醯胺酸是一種用於治療麩質敏感的消化酶，將於 12 月進行試銷，並於 1 月推出全面的行銷和推廣計劃。

This next phase of the partnership includes the planned launches of additional digestive enzymes formulas and skin care solutions targeting scars and stretch marks, products we're now positioned to bring to the North American market. As you all know, STADA provided $1 million in non-dilutive financing that is now on our balance sheet to support the upcoming product launches and marketing initiatives, a show of confidence in our partnership.

合作的下一階段包括計劃推出更多針對疤痕和妊娠紋的消化酵素配方和護膚解決方案，我們現在已準備好將產品引入北美市場。如大家所知，STADA 提供了 100 萬美元的非稀釋性融資，這筆資金現已計入我們的資產負債表，以支持即將推出的產品和行銷活動，這體現了對我們合作夥伴關係的信心。

Before I turn the call over to Joe for a review of our financial results for the third quarter, I would like to discuss our outlook for the fourth quarter and full year. For the fourth quarter, we do expect revenues to increase sequentially and Q4 will be a record quarter for the company. However, conservatively, as we sit today, I expect full year 2025 revenues of between $12 million and $12.5 million, with the higher end of the range taking into account a strong consumer branded products holiday season.

在將電話交給喬回顧我們第三季的財務表現之前，我想先討論一下我們對第四季和全年的展望。我們預計第四季營收將季增，第四季將成為公司創紀錄的一個季度。不過，保守估計，就目前情況來看，我預計 2025 年全年營收將在 1,200 萬美元至 1,250 萬美元之間，其中較高的預期值考慮到了強勁的消費品牌產品假日季。

As I have said many times, for me, even more important than top line growth is a path to profitability. In the third quarter, we narrowed our adjusted EBITDA loss to $354,000. And with the sequential growth that I expect in Q4, I see that narrowing even further to very close to adjusted EBITDA breakeven.

正如我多次說過的那樣，對我而言，比營收成長更重要的是實現獲利之路。第三季度，我們調整後的 EBITDA 虧損收窄至 354,000 美元。鑑於我預計第四季度將持續成長，我認為調整後 EBITDA 損益平衡點將進一步收窄至非常接近。

Thank you to our shareholders for your ongoing confidence in our team and mission. Your support remains essential as we continue to execute our growth strategy and build long-term value together.

感謝各位股東一直以來對我們團隊和使命的信任。您的支持對我們至關重要，我們將繼續執行成長策略，共同創造長期價值。

I would now like to turn the call over to Joe McGuire, our Chief Financial Officer.

現在我想把電話交給我們的財務長喬·麥奎爾。

Thank you, Adam. Today, I'll review our key financial results for the third quarter of 2025. For the third quarter of 2025, revenue totaled $2.9 million, flat as compared to $2.9 million for the third quarter of 2024. Contract manufacturing and branded product revenue remained stable year-over-year.

謝謝你，亞當。今天，我將回顧我們2025年第三季的主要財務表現。2025 年第三季度，營收總計 290 萬美元，與 2024 年第三季的 290 萬美元持平。合約製造和品牌產品收入與去年同期相比保持穩定。

Cost of revenues totaled $1.7 million for the third quarter of 2025 as compared to $1.8 million for the third quarter of 2024, a decrease of 5.2% The decrease in cost of revenues is primarily due to a decrease in materials and finished products and a decrease in amortization and depreciation, offset by an increase in commission and contract fees and an increase in equipment, production and other expenses.

2025 年第三季營業成本總計 170 萬美元，而 2024 年第三季為 180 萬美元，下降了 5.2%。營業成本下降主要是由於原材料和成品成本下降以及攤銷和折舊減少，但被佣金和合約費用增加以及設備、生產和其他費用增加所抵消。

Gross profit totaled $1.24 million for the third quarter of 2025, slightly higher than gross profit of $1.16 million for the third quarter of 2024. Gross profit margin for the third quarter of 2025 was 42.4%, an increase as compared to 39.3% for the third quarter of 2024.

2025 年第三季毛利總計 124 萬美元，略高於 2024 年第三季的毛利 116 萬美元。2025 年第三季的毛利率為 42.4%，比 2024 年第三季的 39.3% 成長。

Selling, general and administrative expenses totaled $1.96 million for the third quarter of 2025 was 42.4%, an increase as compared to 39.3% for the third quarter of 2024. Selling, general, and administrative expenses totaled $1.96 million for the third quarter of 2025 as compared to $1.94 million for the third quarter of 2024. The slight increase year-over-year is primarily attributable to increased compensation and benefits, share-based compensation, and professional and consulting fees, offset by a decrease in advertising, marketing, and Amazon fees.

2025 年第三季的銷售、一般及行政費用總計 196 萬美元，佔 42.4%，比 2024 年第三季的 39.3% 有所成長。2025 年第三季的銷售、一般及行政費用總計 196 萬美元，而 2024 年第三季為 194 萬美元。年比略有成長主要歸因於薪資福利、股權激勵以及專業諮詢費的增加，但被廣告、行銷和亞馬遜費用的減少所抵消。

EBITDA loss, a non-GAAP financial measure, totaled negative $550,000 compared to negative $533,000 for the second quarter of 2025 and negative $577,000 for the first quarter of 2025. Adjusted EBITDA loss, a non-GAAP financial measure, totaled negative $354,000 compared to negative $419,000 for the second quarter of 2025 and negative $500,000 for the first quarter of 2025.

EBITDA 虧損（非 GAAP 財務指標）總計為負 550,000 美元，而 2025 年第二季為負 533,000 美元，2025 年第一季為負 577,000 美元。經調整的 EBITDA 虧損（非 GAAP 財務指標）總計為負 354,000 美元，而 2025 年第二季為負 419,000 美元，2025 年第一季為負 500,000 美元。

Net loss attributable to Nexgel stockholders for the third quarter of 2025 was $653,000 as compared to a net loss of $693,000 for the third quarter of 2024. As of September 30, 2025, the company held a cash balance of approximately $938,000 and a restricted cash balance of $920,000 related to receiving $1 million in non-dilutive capital from STADA to support upcoming product launches and marketing efforts. As of November 10, 2025, Nexgel had 8,143,133 shares of common stock outstanding.

2025 年第三季歸屬於 Nexgel 股東的淨虧損為 653,000 美元，而 2024 年第三季的淨虧損為 693,000 美元。截至 2025 年 9 月 30 日，該公司持有約 938,000 美元的現金餘額，以及 92 萬美元的受限現金餘額，該餘額與從 STADA 收到 100 萬美元的非稀釋性資本有關，以支持即將推出的產品和行銷工作。截至 2025 年 11 月 10 日，Nexgel 已發行 8,143,133 股普通股。

I would now like to open the call for questions. Operator?

現在我來接受提問。操作員？

Thank you very much, Mr. McGuire. (Operator Instructions)

非常感謝您，麥奎爾先生。（操作說明）

Naz Rahman, Maxim Group.

Naz Rahman，Maxim集團。

Hi everyone, thanks for taking my questions. I just have a few. First, I just want to start on the logistical delays you mentioned. Could you elaborate a little bit more on that? Like, how many days' worth of sales did it impact? And I guess, how much could those sales have been worth? I guess I'm trying to get a sense of what the underlying demand could have been or the impact.

大家好，感謝各位回答我的問題。我只有幾個。首先，我想先談談您提到的物流延誤問題。能再詳細解釋一下嗎？例如，它影響了多少天的銷售額？那麼，這些銷售額究竟能值多少錢呢？我想了解潛在的需求是什麼，或是會產生什麼影響。

So, hi, Naz, it's good to hear from you again. So, the total delay was -- it varied on different products. A lot of it had to do with stuff getting stuck in customs and trying to create new ways of getting the product into the country because everything was sort of held up with the new regulations and changing.

嗨，納茲，很高興再次收到你的消息。所以，總的延遲時間因產品而異。很多事情都與貨物滯留在海關有關，而且由於新規和變化導致一切都停滯不前，所以需要想辦法找到新的方法將產品運入該國。

It probably impacted the existing products not too severely. But where it really mattered was we were hoping for a late August, early release on the lip gloss. As a result, it was only released on September 27, right, at the very end of the quarter, and that happened with a couple of products. So, you're probably talking about $100,000 to $200,000 maybe depending on what it would have done during that period of time. So not devastating, but it was frustrating at the time.

這可能對現有產品造成較不嚴重的影響。但真正重要的是，我們希望唇彩能在八月下旬提前上市。因此，它直到 9 月 27 日才發布，沒錯，就是本季末，而且這種情況還發生在幾個產品上。所以，這大概相當於 10 萬到 20 萬美元，這取決於它在那段時間的表現。所以雖然沒有造成毀滅性的打擊，但當時確實令人沮喪。

Got it, thanks. And just kind of going off that. So, I think on the call, you said you expect - you revised guidance of 12% to 12.5% for the full year. Obviously, the last couple of quarters have been flat. I guess what kind of gives you confidence in that number now, especially like the top end of that number? Are you seeing any tailwinds or any data points that would suggest that you could get there? Or is it more just the seasonality you expect?

明白了，謝謝。然後就順著這個思路往下走了。所以，我想在電話會議上，您說過您預計——您將全年成長預期從 12% 調整為 12.5%。顯然，最近幾季業績平平。我想問的是，是什麼讓你現在對這個數字，特別是這個數字的上限部分，充滿信心？你有沒有看到任何有利因素或任何數據顯示你能到達目的地？或者，這更像是你所預期的季節性變化？

No. Actually, this is a great point, which is we appear to be, and we are flat from third quarter last year to third quarter this year. But understand, in third quarter last year and fourth quarter last year, we launched with two new customers on the contract manufacturing side that were quite large. So, Q3 of last year was a record for us because Owens & Minor was onboarded.

不。實際上，這是一個很好的觀點，那就是我們似乎確實如此，而且我們與去年第三季相比，今年第三季的數據持平。但請注意，去年第三季和第四季，我們在合約製造方面新增了兩家規模相當大的客戶。所以，去年第三季對我們來說是創紀錄的，因為 Owens & Minor 公司加入了我們。

And for example, and I'll use this just as an example with round numbers, in Q4, we had very, very large sales, call it, $400,000 from the initial orders of Cintas. Well, this year, the initial orders of Owens, the initial order of Cintas are replaced by repeat orders at about 50% of the size and volume.

例如，我舉個例子，用整數數字舉例，在第四季度，我們從 Cintas 的初始訂單中獲得了非常非常大的銷售額，比如說 40 萬美元。今年，歐文斯的首批訂單和辛塔斯公司的首批訂單都被規模和數量約為原訂單 50% 的重複訂單所取代。

The reason we're flat is because the rest of the business is still growing. The rest of the customers are still growing. So, without onboarding anybody new in Q3, we maintained where we are. Well, in Q4, yes, we're going to have that drop, but we still have the growth offsetting it of the rest of the products, and we'll be shipping some new customers like iRhythm. So, we already kind of know that the fourth quarter will be a very large contract manufacturing quarter and will be up.

我們業績持平的原因是公司其他業務仍在成長。其餘客戶仍在成長。因此，在第三季沒有新增任何員工的情況下，我們維持了現狀。是的，第四季度銷量會下降，但其他產品的成長可以抵消這種影響，而且我們也會向一些新客戶（例如 iRhythm）發貨。所以，我們已經大致知道第四季度將是一個非常大的合約製造季度，而且會成長。

What we're not as sure about is how big are the new products and the existing products going to do during the holiday season. That's always the wildcard of the economy and everything else. So, that's really -- we know it's going to be -- fourth quarter is always the strongest. We know sales will also increase there. Just how much is difficult to tell.

我們不太確定的是，新產品和現有產品在假期季節的銷售量究竟會有多大。這始終是經濟和其他一切事物中最大的變數。所以，我們都知道第四季總是最強的。我們知道那裡的銷售額也會成長。具體金額很難說。

Does that answer the question?

這樣回答了這個問題嗎？

Got it. That was helpful. And one last question, if I may. I know previously, you talked about AbbVie and the RESONIC device. I know AbbVie took a large impairment charge exercise device recently. Do you know if they're still planning on launching the product and just what's kind of going on with that?

知道了。那很有幫助。最後一個問題，可以嗎？我知道你之前談過艾伯維和 RESONIC 設備。我知道艾伯維最近採取了一項大規模的減損措施。你知道他們是否也計劃推出這款產品，以及目前進展如何嗎？

So, it's really puzzling and very frustrating. On October '24, I received an e-mail from AbbVie saying that they put in the RFQ and that we'd be receiving our first PO shortly, which I was hoping to announce on this call. And then I've heard from others that they've actually taken that charge.

所以，這真的很令人費解，也很令人沮喪。2024 年 10 月，我收到艾伯維公司的一封電子郵件，表示他們已提交詢價單，我們很快就會收到第一份採購訂單，我原本希望在這次電話會議上宣布此事。然後我從其他人那裡聽說，他們實際上已經承擔了這項指控。

So, I'm not sure where AbbVie stands. It might be the worst case of one hand not knowing what the other hand is doing that I've ever seen. But it is a frustrating situation, I’m trying to get to the bottom of it, but I am very concerned about it. And honestly, I really don't know.

所以，我不太清楚艾伯維的立場。這可能是我見過的最嚴重的「一隻手不知道另一隻手在做什麼」的情況了。但這種情況令人沮喪，我正在努力找出真相，但我對此非常擔憂。說實話，我真的不知道。

Okay, understood. Thanks for taking my questions.

好的，明白了。謝謝您回答我的問題。

(Operator Instructions)

（操作說明）

[Kurtin Patel], Private Investor.

[Kurtin Patel]，私人投資者。

So, what is the current order book like from the contract manufacturing side?

那麼，目前代工製造的訂單狀況如何？

So, it's strong. I don't want to get into too much details as to what it is, but all of the existing customers continue to order. We're seeing growth along the CAGRs of their growth of their medical devices across the entire segment. We've got a pretty robust and full pipeline of potential new customers, some of whom will be onboarding this quarter, next quarter. So, we're very bullish on how our contract manufacturing is going to grow over the next two or three quarters, at least we have visibility that far out.

所以，它很強。我不想透露太多細節，但所有現有客戶都繼續下單。我們看到，他們的醫療器材業務在整個細分市場都實現了複合年增長率的成長。我們擁有相當穩定且充足的潛在新客戶儲備，其中一些客戶將在本季或下個季度加入。因此，我們對未來兩到三個季度合約製造業務的成長前景非常樂觀，至少我們對未來這麼長遠的發展趨勢有清晰的認識。

Got it. And do you still have a strong cash position to be able to fulfill that orders?

知道了。你們目前是否仍有充足的現金流來履行這些訂單？

Yeah. And contract manufacturing orders are something that we do very well. We've built our inventory dramatically on both the consumer product side and on the raw material side for the contract manufacturing in Q3. So, now Q4 is where we start to recoup some of that money, reduce that receivable somewhat, reduce that inventory somewhat by shipping the products and then collect the receivables.

是的。我們非常擅長承接代工訂單。第三季度，我們在消費品方面和合約製造的原材料方面都大幅增加了庫存。所以，現在到了第四季度，我們將開始收回一些資金，透過出貨來減少一些應收帳款，減少一些庫存，然後收回應收帳款。

So Q4 has generally been a very strong cash sort of position for us because you do get all of those direct-to-consumer sales that you get paid very, very quickly, and we have built inventory for what we think will be a very strong quarter. So, as we move through that inventory, that will help our cash position even further.

因此，第四季度我們的現金狀況總體上非常強勁，因為我們獲得了大量的直接面向消費者的銷售收入，而且我們已經為我們認為將會是一個非常強勁的季度建立了庫存。因此，隨著我們逐步消化庫存，這將進一步改善我們的現金狀況。

Got it. And from your last quarter, are you still expecting to achieve positive EBITDA during the -- by end of the year? Or has that changed?

知道了。根據上一季的業績，您是否仍預期在年底前實現正的 EBITDA？或情況有所改變？

Yes. We think so. If not, it's going to be super close, but we think it's really going to depend on the consumer products. We think that -- we were hoping to chop more off. I'll be honest with you, I was hoping to chop more off in Q3 than we did. But with the -- with what we see coming is a very strong fourth quarter in contract as well as if we can get a very good quarter in terms of consumer products in Q4, I think we have a chance to get there. We'll see.

是的。我們也這麼認為。否則，結果將會非常接近，但我們認為這真的取決於消費產品。我們認為——我們原本希望削減更多。說實話，我原本希望第三季能削減更多開支。但是，鑑於我們預計第四季度合約業務將非常強勁，如果我們在第四季度消費品業務方面也能取得非常好的成績，我認為我們有機會實現目標。我們拭目以待。

Got it. Thank you and that's about it. Thank you so much.

知道了。謝謝，就這些了。太感謝了。

(Operator Instructions)

（操作說明）

And gentlemen, it appears we have no further questions this afternoon. So that will bring us to the conclusion of today's Nexgel third-quarter 2025 financial results call. We'd like to thank everyone for joining us this afternoon and wish you all a great remainder of your day. Goodbye.

先生們，看來今天下午我們沒有其他問題了。至此，我們今天的 Nexgel 2025 年第三季財務業績電話會議就結束了。感謝各位今天下午的到來，祝福大家餘下的時間愉快。再見。