NextPlat Corp (NXPL) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the NextPlat Corp 2025 third quarter earnings conference call. Certain statements made during this conference call constitute forward-looking statements. These statements includes the capabilities and success of the company's business and any of its products, services or solutions.

各位女士、先生，早安，歡迎參加 NextPlat 公司 2025 年第三季財報電話會議。本次電話會議中某些陳述構成前瞻性陳述。這些聲明涵蓋了公司業務及其任何產品、服務或解決方案的能力和成功。

The words belief, forecast, project, intent, expect, plan, should, would, and similar expressions and old statements which are not historical facts are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risk, uncertainty and other factors, any of which will cost the company to not achieve some of all of its goals or the company's previously reported actual results, performance, financial or operating, including those expressed or implied by such forward-looking statements.

「信念」、「預測」、「展望」、「意圖」、「期望」、「計劃」、「應該」、「將會」等詞語以及類似表達和並非歷史事實的舊陳述旨在識別前瞻性陳述。這些前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，任何此類因素都可能導致公司無法實現部分或全部目標，或無法實現公司先前公佈的實際業績、表現、財務或營運業績，包括此類前瞻性陳述中明示或暗示的業績、表現或營運業績。

More detailed information about the company and the risk factors that may affect the realization of overlooking statements is set forth in the company's filings with the Securities and Exchange Commission, the SEC, copies of which may be obtained from the SEC's website at www.sec.gov.

有關公司及可能影響忽略聲明實現的風險因素的更詳細信息，請參閱公司向美國證券交易委員會（SEC）提交的文件，這些文件的副本可從SEC的網站www.sec.gov獲取。

The company assumes no and hereby disclaims any obligation to update the forwardlooking statements made during this call. Joining us on the call today are David Phipps, Chief Executive Officer and President, Amanda Ferrio, Chief Financial Officer, and Bairud Nurk, Vice President of Healthcare operations.

本公司不承擔更新本次電話會議中所述前瞻性陳述的任何義務，並特此聲明不承擔任何此類義務。今天參加電話會議的有執行長兼總裁大衛·菲普斯、財務長阿曼達·費裡奧和醫療保健營運副總裁拜魯德·努爾克。

I'll now turn over the meeting to David Phipps for his opening remarks.

現在我將會議交給大衛·菲普斯，請他致開幕詞。

Good morning, and welcome to NextPlat third quarter 2025 earnings call. Thank you for joining us. Our objective today is to highlight many of the changes that we've undertaken in the third quarter, many of which will be more fully realized on a sequential basis starting in the 4th quarter of 2025 and throughout fiscal year 2026.

早安，歡迎參加 NextPlat 2025 年第三季財報電話會議。感謝您的參與。我們今天的目標是重點介紹我們在第三季度進行的許多變革，其中許多變革將從 2025 年第四季開始，在整個 2026 財年逐步全面實現。

Although our results of operations for the third quarter of 2025 are not what we would have liked. We believe that our efforts resulted in favorable reductions in operating expenses and cash outflows, an improvement in our pharmacy and e-commerce revenue and profitability. Operationally, improvements were evident late in the third quarter and have continued into the fourth quarter, a positive trend we expect to continue.

儘管我們 2025 年第三季的經營業績並不盡如人意。我們相信，我們的努力帶來了營運費用和現金流出的顯著減少，以及藥房和電子商務收入和盈利能力的提高。營運方面，第三季末期出現了明顯的改善，而這種改善一直延續到第四季度，我們預計這一積極趨勢將持續下去。

After I recap the developments in the third quarter, Burru Nkote will discuss activities in a healthcare segment. Amanda Ferrier, our CFO, will review our financial results, and then I will provide some concluding high-level remarks on our long-term objectives and developments which we believe will positively drive the business forward.

在回顧第三季度的發展之後，Burru Nkote 將討論醫療保健領域的活動。我們的財務長阿曼達·費裡爾將回顧我們的財務業績，然後我將就我們的長期目標和發展發表一些總結性的高層次評論，我們相信這些目標和發展將積極推動業務向前發展。

After that, we will then conclude the conference call by responding to questions that were submitted by our shareholders. Before I start, I would like to comment on our latest leadership updates. First, I wish to thank Cecile Munnik for her efforts as CFO leading our financial team and for her support during our transition to our new CFO, Amanda Ferrier.

之後，我們將回答股東們提出的問題，結束本次電話會議。在開始之前，我想先談談我們最新的領導層變動。首先，我要感謝 Cecile Munnik 作為財務長領導我們的財務團隊所做的努力，以及她在我們過渡到新任財務長 Amanda Ferrier 期間給予的支持。

I also wish to welcome Bru Mukute as Vice President of Healthcare Operations, who is joining us on this call today. Now in terms of the business as we discussed with you during our last earnings conference call and in our recent CEO shareholder updates, our team has been busy implementing a series of actions designed to improve operations, reduce costs and grow the business.

我還要歡迎布魯·穆庫特先生擔任醫療營運副總裁，他今天也參加了這次電話會議。現在，就業務方面而言，正如我們在上次收益電話會議和最近的執行長股東更新中與您討論的那樣，我們的團隊一直在忙於實施一系列旨在改善營運、降低成本和發展業務的措施。

As I stated earlier, although overall results of the third quarter do not reflect the full impact of our efforts, we did see meaningful improvements to operating metrics in September. And we believe they will be more fully clear in their results for the fourth quarter and into next year.

正如我之前所說，雖然第三季的整體業績並未反映出我們努力的全部影響，但我們在9月確實看到了營運指標的顯著改善。我們相信，他們在第四季以及明年的業績報告中會更清楚地說明這一點。

For those of you that are new investors in our company, I'd like to review Nick Platt's business model. This is built around three core segments healthcare services through our pharmcoRx pharmacies, communications products and services through our Global Telesat, Orbital Satcom, an outfit of satellite subsidiaries, and our e-commerce development program supporting the sales of US produced products into the Chinese market.

對於各位新加入我們公司的投資者，我想回顧一下尼克普拉特的商業模式。該機構圍繞著三個核心部門構建：透過我們的 pharmcoRx 藥房提供醫療保健服務；透過我們的 Global Telesat、Orbital Satcom（衛星子公司集團）提供通訊產品和服務；以及透過我們的電子商務發展計畫支持美國產品在中國市場的銷售。

We provided an extensive review of these segments in our recent shareholder letter. Released on October 8th. You can find this on our website. I'd like to now provide a further update on our progress since that date, most of which is reported in more detail in our quarterly interim financial report on Form 10-Q, which we have just released.

我們在最近致股東的信中對這些部分進行了詳盡的分析。10月8日發布。您可以在我們的網站上找到它。現在我想就自那時起我們取得的進展作進一步匯報，其中大部分內容已在我們剛發布的 10-Q 表格季度中期財務報告中進行了更詳細的報告。

In our healthcare segment we're continuing to see improvements resulting from our cost reduction efforts and additional investments in business development. To illustrate these improvements, Amanda will provide a third quarter to second quarter review of the financial results.

在醫療保健領域，我們不斷看到成本削減措施和業務發展額外投資的改善。為了說明這些改進，Amanda 將提供第三季與第二季財務業績的比較回顧。

Overall, we're realizing significant revenue and profitability improvements from our business development initiatives that started in the second quarter. This is highlighted by new contracts with the state prime contract holder and expanded business within the 340B space.

總體而言，我們從第二季開始實施的業務發展計劃中獲得了顯著的收入和獲利能力提升。這一點體現在與州主要合約持有者簽訂的新合約以及在 340B 領域擴大的業務上。

Our leadership team has been successful in re-engaging with a number of important customers who have for various reasons produced business with us over the last few quarters. These efforts have already contributed to improved prescription volumes late in the third quarter and into the early part of the fourth quarter. Brute will provide more insight into our health operations in a moment.

我們的領導團隊成功地與一些重要客戶重新建立了聯繫，這些客戶由於各種原因在過去幾個季度與我們開展了業務。這些努力已經促使第三季末至第四季初的處方量增加。Brute 稍後將提供更多關於我們醫療營運方面的資訊。

In our e-commerce and communications segments, these are the most recent highlights. During the quarter, our e-commerce segment continued to see robust sales for satellite-based connectivity and IoT products through our various e-commerce sites, as well as high margin recurring revenue, which continues to run at record levels.

在我們的電子商務和通訊領域，以下是最新亮點。本季度，我們的電子商務部門透過各種電子商務網站持續保持強勁的衛星連接和物聯網產品銷售，同時高利潤的經常性收入也持續創下歷史新高。

We are continuing to expand our portfolio of cutting edge connectivity products, and we grow our customer, consumer and enterprise base with new and existing relationships. Recent highlights here are the selection of GTC as the exclusive distributor for personal messaging and tracking products by a leading global satellite network operator for countries in the Nordic region and the initial sales of Starlink products in the US through our outfitter satellite units.

我們不斷擴展尖端連結產品組合，並透過與新舊客戶的合作關係，不斷擴大我們的客戶、消費者和企業群體。近期亮點包括：全球領先的衛星網路營運商選擇 GTC 作為其在北歐地區個人通訊和追蹤產品的獨家經銷商；以及透過我們的衛星設備供應商在美國開始銷售 Starlink 產品。

Sales of opco healthcare branded human health and wellness products in China continue to show good sell through despite lingering challenges of limited inventory levels. We are currently experiencing record sales volumes of opco products during the current 11/11 event, the world's largest sales event.

儘管庫存水準有限這項挑戰依然存在，但opco healthcare品牌的人類健康和保健產品在中國的銷售情況依然良好。目前，在全球最大的促銷活動「11/11」期間，我們的營運公司產品銷售量創下歷史新高。

In September we also launched our Florida Sunshine range of nutraceutical products in the UK and the EU, and we began processing orders via Amazon and Shopify e-commerce storefronts. Launching a new brand in new markets always takes time and therefore initial sales are very modest as expected, but we're excited to be preparing the launch of an AI-driven marketing campaign for Florida Sunshine in partnership with an experienced healthcare brand, marketing firm, and to advancing our storefront on Alibaba's Timor store in China now we've been approved to sell in the country.

9 月，我們也在英國和歐盟推出了 Florida Sunshine 系列營養保健品，並開始透過亞馬遜和 Shopify 電子商務平台處理訂單。在新市場推出新品牌總是需要時間，因此初期銷售額不出所料地非常有限，但我們很高興能夠與一家經驗豐富的醫療保健品牌營銷公司合作，為 Florida Sunshine 準備推出人工智能驅動的營銷活動，並且現在我們已經獲得在中國銷售的許可，正在推進我們在阿里巴巴東帝汶商店的店鋪建設。

I would now like to turn the call over to Brute for her update. Brute, over to you.

現在我想把電話交給布魯特，請她報告最新情況。布魯特，該你了。

Thank you, David. As David noted in his opening remarks, our third quarter financial results reflect continued weakness across several areas. That said, we began to see a meaningful turnaround during the quarter, most notably in our 340B line of business. This momentum has continued through October, and we expect it to carry into the fourth quarter.

謝謝你，大衛。正如大衛在開場白中所指出的，我們第三季的財務表現反映出多個領域持續疲軟。儘管如此，我們在本季開始看到明顯的好轉，尤其是在我們的 340B 業務線。這一勢頭一直延續到10月份，我們預計它將延續到第四季。

So today we have reduced our employee headcount by 50 since the start of the year, resulting in approximately $200,000 in monthly payroll savings, inclusive of new hires added during the year. We expect payroll expenses to continue to decrease throughout the remainder of the year.

因此，自年初以來，我們已減少了 50 名員工，每月節省了約 20 萬美元的薪資支出，其中包括年內新增的員工。我們預計今年剩餘時間內薪資支出將持續下降。

Our 340B business has delivered a strong and sustainable rebound driven by targeted service improvements and stronger customer engagement. Former clients have returned. New covered entities have joined us, and together these factors have produced meaningful gains in both volume and revenue.

我們的 340B 業務透過有針對性的服務改進和更強大的客戶參與度實現了強勁且可持續的復甦。老客戶又回來了。新的受保實體加入了我們，這些因素共同帶來了交易量和收入的顯著增長。

In October we dispensed more than 1,600 340B prescriptions, a significant increase, resulting in over a 140% rise in monthly 340B contract revenue when compared to our lowest month earlier in the year. Our retail prescription business is also gaining momentum, with volumes up 27% from the lows experienced earlier in 2025, supported by the new government pharmacy service contracts and more consistent operational performance.

10 月份，我們發放了超過 1600 份 340B 處方，這是一個顯著的增長，與今年早些時候最低的月份相比，340B 合約月收入增長了 140% 以上。我們的零售處方業務也正在加速發展，銷量比 2025 年初的低點增長了 27%，這得益於新的政府藥房服務合約和更穩定的營運績效。

These improvements have strengthened confidence among both existing and new clients as delivery times have shortened and customer response rates have improved significantly. Collectively, these advances have enhanced efficiency, customer satisfaction, and overall reliability, positioning us well for continued growth through the fourth quarter.

這些改進增強了現有客戶和新客戶的信心，因為交貨時間縮短了，客戶回應率也顯著提高。總體而言，這些進步提高了效率、客戶滿意度和整體可靠性，為我們在第四季度繼續保持成長奠定了良好的基礎。

Looking ahead, our focus will be on optimizing inventory levels and purchasing intervals to improve working capital efficiency. We also implemented key personnel changes in logistics to enhance performance and reduce delivery costs. These actions are expected to generate more than $1.5 million in one-time cash savings through the return of excess inventory to our suppliers.

展望未來，我們將重點優化庫存水準和採購週期，以提高營運資金效率。我們也對物流部門的關鍵人員進行了調整，以提高績效並降低配送成本。預計這些措施將透過將多餘的庫存退還給供應商，一次性節省超過 150 萬美元的現金。

While there is still work ahead, we are encouraged by the progress achieved and the solid foundation we're building for our future growth. The initiatives now underway are creating opportunities to further enhance efficiency, expand our capabilities, and strengthen long-term financial and operational performance.

雖然前方還有許多工作要做，但我們對已取得的進展以及為未來發展奠定的堅實基礎感到鼓舞。目前正在進行的各項措施將創造機會，進一步提高效率，擴大我們的能力，並加強長期的財務和營運績效。

That concludes my remarks. Back to you, David.

我的發言到此結束。大衛，該你了。

Thank you, Birute.At this point, I will turn the call over to Amanda to discuss her financial results for the three and nine months ended September 30th, 2025. Over to you, Amanda.

謝謝比魯特。現在，我將把電話交給阿曼達，讓她討論截至2025年9月30日的三個月和九個月的財務表現。接下來就交給你了，阿曼達。

Thank you, David. Good morning, everyone. It's a privilege to join you today for my first earnings call as Chief Financial Officer. I will now walk through our consolidated financial results. For the third quarter ended September 30th, 2025, we reported total revenue of $13.8 million compared to $15.4 million in the prior year quarter, representing an 11% decrease. The decline was primarily driven by lower contribution from our healthcare operations segment, which experienced a decline of approximately $1.5 million while our e-commerce segment experienced a modest decrease of about $100,000.

謝謝你，大衛。各位早安。今天很榮幸能以財務長的身份與大家一起參加我的首次財報電話會議。接下來我將逐一介紹我們的合併財務表現。截至 2025 年 9 月 30 日的第三季度，我們報告的總收入為 1,380 萬美元，而去年同期為 1,540 萬美元，下降了 11%。此次下滑主要是由於醫療保健營運部門的貢獻減少，該部門的貢獻減少了約 150 萬美元，而電子商務部門的貢獻略有下降，減少了約 10 萬美元。

Within our healthcare operations segment, pharmacy prescription revenues increased by approximately $400,000 or 5%, to $9.5 million for the third quarter of 2025 when compared to the prior year period. This improvement was driven by higher reimbursement rates per prescription, which offset the decline in total prescriptions filled, about 96,000 this quarter versus 128,000 a year ago.

在我們的醫療保健營運部門，與去年同期相比，2025 年第三季藥局處方收入增加了約 40 萬美元，增幅為 5%，達到 950 萬美元。這項改善得益於每張處方報銷率的提高，抵消了處方總量的下降（本季約 96,000 張，而去年同期為 128,000 張）。

However, comparing the third quarter of 2025 to the second quarter of 2025, prescription volume increased by roughly 5,000 prescriptions, resulting in a revenue increase of $1.3 million or 16%. Our 340B contract revenue for the third quarter of 2025 decreased to $600,000 from $2.5 million in the prior year quarter.

然而，與 2025 年第二季相比，2025 年第三季的處方量增加了約 5,000 張處方，導致收入增加了 130 萬美元，增幅達 16%。我們 2025 年第三季的 340B 合約營收從去年同期的 250 萬美元下降到 60 萬美元。

This was due to transitions of certain covered entities to other pharmacy partners and their exit from the program or in-house sourcing. When comparing Q3 to Q2 of 2025, 340B contract revenue declined by approximately $400,000.

這是由於某些受保實體轉移到其他藥房合作夥伴，以及它們退出該計劃或轉向內部採購所致。與 2025 年第二季相比，第三季 3,400 億美元的合約收入下降了約 40 萬美元。

In e-commerce, revenue totaled $3.7 million compared to $3.8 million in the prior quarter, a modest 4% decline. The decrease was mainly related to lower hardware sales, which were partially offset by a favorable foreign currency impact.

電子商務方面，營收總計 370 萬美元，而上一季為 380 萬美元，小幅下降 4%。下降的主要原因是硬體銷售額下降，但有利的匯率影響部分抵消了這種影響。

Gross profit margin for the quarter was $2.7 million compared to $3.6 million in the prior quarter. That represents a gross margin of 19.9%, down from 23.2%. The decline reflects softer performance in both segments, primarily due to reduced 340B contract revenue and healthcare operations and increased airtime costs in our e-commerce business following the expiration of a legacy service provider contract at the end of 2024.

本季毛利為 270 萬美元，而上一季為 360 萬美元。這意味著毛利率為 19.9%，低於先前的 23.2%。此次下滑反映出兩個業務部門的業績均有所下滑，主要原因是 340B 合約收入和醫療保健業務減少，以及在 2024 年底傳統服務提供商合約到期後，電子商務業務的通話時間成本增加。

As we described earlier in this call, operational changes instituted during the third quarter have led to efficiencies and improvements that resulted in significant cost reductions. Total operating expenses decreased by nearly 40% to $4.7 million compared to approximately $7.8 million in the third quarter of 2024, which is excluding a non-recurring impairment charge of $3.7 million in the prior year.

正如我們在本次電話會議中前面所描述的那樣，第三季度實施的營運變革帶來了效率提升和改進，從而顯著降低了成本。與 2024 年第三季約 780 萬美元相比，總營運支出減少了近 40%，至 470 萬美元，其中不包括上一年 370 萬美元的非經常性減損支出。

Salaries and wages declined by approximately $800,000 due to lower stock-based compensation, reduced executive compensation and a leaner workforce. Professional fees also decreased by about $1.8 million reflecting lower legal and consulting costs.

由於股票選擇權激勵減少、高階主管薪酬降低以及員工人數精簡，薪資總額下降了約 80 萬美元。專業服務費也減少了約 180 萬美元，反映出法律和諮詢成本的降低。

During the third quarter of 2025, we began repurchasing our common shares under the authorized share repurchase program. A total of 130,549 shares were repurchased and are being held as Treasury stock. We ended the quarter with $13.9 million in cash and working capital of $18.9 million. While we continue to experience net cash outflow during the quarter, we expect to significantly reduce our cash flow going forward as a result of the operational improvements mentioned earlier.

2025 年第三季度，我們開始根據授權的股票回購計畫回購我們的普通股。該公司共回購了 130,549 股股票，目前作為庫存股持有。本季末，我們擁有現金1390萬美元，營運資金1890萬美元。儘管本季我們仍將面臨淨現金流出，但由於前面提到的營運改進，我們預計未來現金流將大幅減少。

In summary, while the quarter reflected some top-line pressure, our results demonstrate continued progress in streamlining our cost structure, improving efficiency, and preserving liquidity. As we look ahead to the fourth quarter, our focus remains on disciplined expense management. As David and Bauta mentioned, we are advancing several initiatives aimed at achieving lasting cost savings.

總而言之，雖然本季營收面臨一些壓力，但我們的業績表明，我們在精簡成本結構、提高效率和保持流動性方面持續取得進展。展望第四季度，我們將繼續專注於嚴格的費用管理。正如大衛和鮑塔所提到的，我們正在推動幾項旨在實現持久成本節約的措施。

We all remain fully committed to improving operational efficiency and strengthening our financial foundation. I encourage you to review our financial statements as contained in our quarterly report on Form 10-Q filed with the Securities and Exchange Commission.

我們將繼續全力以赴，提高營運效率，夯實財務基礎。我建議您查閱我們向美國證券交易委員會提交的 10-Q 表格季度報告中所載的財務報表。

That concludes my remarks on the financial results of the business. Back to you, David.

我的關於公司財務表現的發言到此結束。大衛，該你了。

Thanks, Amanda. At this point, I would like to provide some closing thoughts. Our progress against our refocusing and cost cutting efforts had only a slight impact on the third quarter, which still largely reflects the ongoing state of the business without the benefit of the many positive developments discussed today.

謝謝你，阿曼達。在此，我想補充幾點看法。我們在重新調整業務重心和削減成本方面取得的進展對第三季度的影響很小，第三季度的業績仍然很大程度上反映了公司目前的經營狀況，而沒有受益於今天討論的許多積極進展。

As such, we review Q3 results as the low point in our business and believe that going forward our efforts will begin to make more meaningful sequential impact across multiple operational metrics starting in the fourth quarter and continuing through next year as we advance towards our goal of achieving operational breakeven in the second half of 2026.

因此，我們認為第三季業績是我們業務的低谷，並相信從第四季度開始，我們的努力將在多個營運指標上產生更有意義的連續影響，並持續到明年，因為我們將朝著在 2026 年下半年實現營運盈虧平衡的目標邁進。

In the shorter term, our efforts include continued emphasis on growth of profitable business lines through commitment of capital to marketing and sales efforts. We continue to add new contracts in both our communication and healthcare segments that will come online during Q4 2025. Although we see continued progress in our 340B and long-term care business development efforts with new contracts coming online, we see opportunities for continued improvement here.

短期內，我們的工作重點包括持續加強獲利業務線的成長，為此，我們將投入資金用於行銷和銷售工作。我們在通訊和醫療保健領域不斷增加新合同，這些合約將於 2025 年第四季度上線。儘管我們看到 340B 和長期照護業務發展工作不斷取得進展，新合約也陸續生效，但我們認為這方面仍有改進的空間。

Finally, we are further committing to investing in critical areas of the business. Some specifics here include adding to our sales team during the fourth quarter, enhancing our business development efforts, and as previously mentioned, recruiting a long-term care sales team so that we can capitalize on the opportunities we see in this part of the market.

最後，我們將進一步加大對業務關鍵領域的投資。具體措施包括：在第四季度擴充銷售團隊，加強業務拓展工作，以及如前所述，招募長期照護銷售團隊，以便我們能夠抓住這部分市場的機會。

That concludes our formal remarks. We can now conduct the Q&A portion of today's call. We have again asked investors and shareholders to submit their questions in advance, and we would like to thank all of you who did.

我們的正式發言到此結束。現在我們可以進行今天電話會議的問答環節了。我們再次要求投資者和股東提前提交問題，我們感謝所有提交問題的各位。

Question number 1, What are the current plans for the buyback? Do you intend to increase the level of activity and pace? At this point in time, the program is still available and as such we continue to monitor the market. Please note, as we have said, we intend to be prudent in terms of deploying our available cash for the repurchase of shares, as we do have other critical investments we intend to make as described earlier today. As is our policy, we will provide an update on this program in our 4th quarter report.

問題 1：目前的回購計畫是什麼？您打算提高活動量和節奏嗎？目前，該計劃仍然有效，因此我們將繼續關注市場動態。請注意，正如我們所說，我們打算謹慎地運用可用現金回購股票，因為我們還有其他重要的投資計劃，正如今天早些時候所述。根據我們的政策，我們將在第四季度報告中提供有關該計劃的最新資訊。

Question number 2, how does the additional 180 day extension from NASDdaq change your plans to increase the stock price to regain compliance?

問題 2，納斯達克給予的額外 180 天延期將如何改變您提高股價以重新獲得合規性的計劃？

We are pleased to get this extension, but in the very short-term it doesn't really change our plans as we remain focused on improving our financial results, which will be critical for investors' confidence in our company. We do believe, however, starting early in the new year, that we will have opportunities to be more proactive in engaging with new investors, and we're looking at a number of events and activities.

我們很高興獲得此次延期，但在短期內，這並不會真正改變我們的計劃，因為我們將繼續專注於改善財務業績，這對投資者對我們公司的信心至關重要。不過，我們相信，從新年伊始，我們將有機會更積極主動地與新投資者接觸，我們正在考慮舉辦一系列活動。

Question number 3, have your views on China changed given the lingering uncertainties? As we have said previously, tariff-related challenges are something we are dealing with. However, for non-S made products like Oco, there are still opportunities, and when we get inventory into China, it sells quickly.

問題 3：鑑於目前仍存在的不確定性，您對中國的看法是否有所改變？正如我們之前所說，關稅相關的挑戰是我們正在應對的問題。然而，對於像 Oco 這樣的非 S 製造的產品，仍然存在機會，當我們把庫存運送到中國時，它們很快就會售罄。

So even when you factor in high marketing costs, we are still able to generate very attractive margins. In terms of expanding our efforts with the oppcoan products, the slow approval process is frustrating, but we continue to see strong demand overall for oppco products, and we intend to still pursue these products as soon as we get approval. As for Florida sunshine, our TO store has now been approved and we'll be shipping our first batch of products as soon as we clear some import certification requirements.

因此，即使考慮到高昂的行銷成本，我們仍然能夠獲得非常可觀的利潤。就擴大 OPPCO 產品業務而言，審批流程緩慢令人沮喪，但我們仍然看到 OPPCO 產品整體需求強勁，一旦獲得批准，我們將繼續推進這些產品的研發。至於佛羅裡達的陽光，我們的多倫多商店現在已經獲得批准，一旦我們滿足一些進口認證要求，我們將立即發貨第一批產品。

Question number 4, can you comment on the status of the ongoing lawsuits? We cannot comment specifically on the ongoing litigation other than to say that as of today, we have resolved two of the matters and are working with council to resolve the final matter as quickly as possible while protecting the long-term interests of our shareholders.

第 4 個問題，您能否就正在進行的訴訟的進展發表一些評論？對於正在進行的訴訟，我們無法發表具體評論，只能說截至目前，我們已經解決了其中兩起案件，並且正在與律師合作，盡快解決最後一起案件，同時保護我們股東的長期利益。

That was the final question that we received from investors. Thank you all again for submitting them. Please remember that you can submit your questions at our investor relations email, which is investors@nexplat.com, or with our IR contact listed on our press releases, michael Glickman at mike@mwgco.net.

這是我們收到的投資者提出的最後一個問題。再次感謝大家的投稿。請記住，您可以透過我們的投資者關係郵箱 investors@nexplat.com 提交您的問題，或透過我們新聞稿中列出的投資者關係聯絡人 michael Glickman（郵箱 mike@mwgco.net）提交您的問題。

That concludes our earnings conference call. We look forward to continuing to share with you our progress in the weeks and months ahead. Have a nice rest of your day. Thank you.

我們的財報電話會議到此結束。我們期待在接下來的幾週和幾個月中繼續與您分享我們的進展。祝您今天餘下的時間愉快。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you all for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。