NextPlat Corp (NXPL) 2026 Q1 法說會逐字稿

Welcome to the NextPlat first quarter 2026 earnings conference call.

歡迎參加 NextPlat 2026 年第一季財報電話會議。

Certain statements made during this conference call constitute forward-looking statements.

本次電話會議期間所作的某些陳述構成前瞻性陳述。

These statements include the capabilities and success of the company's business and any of its products, services, or solutions.

這些陳述包括公司業務以及其任何產品、服務或解決方案的能力與成功。

The words believe, forecast, project, intend, expect, plan, should. Would, and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements.

「相信」、「預測」、「推估」、「意圖」、「預期」、「計畫」、「應該」。「將會」以及類似用語，與所有非歷史事實之陳述，均旨在識別前瞻性陳述。

These forward-looking statements involve and are subject to known and unknown risks, uncertainties, and other factors, any of which could cause the company to not achieve some or all of its goals or the company's previously reported actual results. Performance, finance, or operating, including those expressed or implied by such forward-looking statements.

這些前瞻性陳述涉及並受制於已知與未知的風險、不確定性及其他因素，其中任何一項都可能導致公司無法達成其部分或全部目標，或使公司先前所報告的實際結果、績效、財務或營運（包括該等前瞻性陳述所明示或暗示者）出現差異。

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

有關公司以及可能影響前瞻性陳述實現之風險因素的更詳細資訊，載於公司向美國證券交易委員會（SEC）提交的文件中。相關文件副本可於 SEC 網站 www.sec.gov 取得。

The company assumes no and hereby disclaims any obligation to update the four-zicking statements made during this conference call.

公司不承擔且特此聲明不負有更新本次電話會議期間所作之前瞻性陳述的任何義務。

Joining us on the call today are David Phipps, Chief Executive Officer, Amanda Ferrio, Chief Financial Officer, and Birutė Norkutė, Vice President of Healthcare Operations.

今天與會者包括執行長 David Phipps、財務長 Amanda Ferrio，以及醫療保健營運副總裁 Birutė Norkutė。

I will now turn the meeting over to David Phillips for opening remarks.

接下來我將把會議交給 David Phillips 發表開場致詞。

Good morning, and welcome to NextPlat's first quarter 2026 Results Conference call.

各位早安，歡迎參加 NextPlat 2026 年第一季業績電話會議。

Thank you for joining us.

感謝各位參與。

On today's call, we will discuss our first quarter results and highlight many of the improvements now being delivered in our business because of our turnaround efforts.

在今天的電話會議中，我們將討論第一季業績，並重點說明因我們的轉型努力而正在為業務帶來的多項改善。

In addition to discussing the results of the quarter, we will also share with you some insights into what we expect for the remainder of 2026, specifically the progress we are making on achieving our growth and profitability goals.

除了討論本季結果外，我們也將分享對 2026 年剩餘期間的部分展望，特別是我們在達成成長與獲利目標方面所取得的進展。

As is customary, I will begin today's call by briefly recapping the results of the first quarter.

依照慣例，我將先簡要回顧第一季的結果。

Then I will turn the call over to Birutė Norkutė, our Vice President of Healthcare Operations, to discuss that segment in more detail, and then turn the call over to Amanda Ferriero, our Chief Financial Officer, to review our financial results.

接著我會把電話會議交給我們的醫療保健營運副總裁 Birutė Norkutė，更深入討論該業務部門，然後再交給我們的財務長 Amanda Ferriero 回顧財務結果。

Following that, I will make closing remarks and then conclude the conference call by responding to questions that were submitted by our shareholders.

之後我將作結語，並在回應股東提交的問題後結束本次電話會議。

Let me start by commenting on our NASDAQ listing status.

我先就我們在 NASDAQ 的上市狀態做些說明。

On April the 27th, we announced that we regained our compliance with NASDAQ's minimum bid requirement as a result of us completing a required reverse split.

4 月 27 日，我們宣布因完成所需的反向分割（併股），已重新符合 NASDAQ 的最低買價要求。

As I indicated on our last call, this was not something we wanted to do. It was required to maintain our listing on NASDAQ, which we believe is in the best interest of our shareholders.

如同我在上次電話會議所提到的，這並非我們想做的事。但為了維持在 NASDAQ 的上市地位，這是必要之舉，而我們相信這符合股東的最佳利益。

With that behind us, instead of looking back, we are now 100% focused on delivering on the promise we see of a bright future for our company. As evidenced by our significantly improved Q1 operating results announced today.

既然此事已告一段落，我們不再回頭看，而是將 100% 的重心放在兌現我們所見公司光明未來的承諾上。這也反映在我們今天公布、顯著改善的第一季營運結果中。

These improvements are the direct result of our efforts to turn the business around and position it for long-term profitable growth.

這些改善是我們扭轉業務並使其具備長期獲利成長定位之努力的直接成果。

As you can see, we now have a fundamentally improved business, featuring dramatic margin expansion, supported by a leaner operating structure and an expanding domestic and international new business pipeline.

如各位所見，我們現在擁有一個根本上更為健全的業務：毛利率大幅擴張，並由更精實的營運架構以及持續擴大的國內與國際新業務管線所支撐。

With the turnaround largely complete, we are now looking to add scale and expand the scope of our business, in particular in our healthcare operations.

隨著轉型大致完成，我們現在著眼於提升規模並擴大業務範疇，尤其是在醫療保健營運方面。

This is highlighted by our expansion into ALL50 states from our current base in Florida and other developments which we intend to announce shortly. I will discuss these and other critical developments in a minute.

這點可從我們由目前以佛羅里達州為主的基礎，擴展至全美 50 州，以及我們預計不久將公布的其他進展中看出。我稍後將討論這些與其他關鍵發展。

Looking at the first quarter, the positive trends established late last year and as outlined in our previous guidance announcement have continued.

就第一季而言，去年底開始形成的正向趨勢，以及我們先前在指引公告中所概述的內容，仍在延續。

The business is now beginning to deliver tangible financial results. This is especially visible in terms of improved profitability as reflected by a consolidated gross margin percentage, which is now at record levels.

業務如今開始交出具體的財務成果。這在獲利能力改善方面尤其明顯，反映在合併毛利率百分比目前已達到歷史新高。

This is largely driven by a dramatic improvement in our Healthcare business, which represented about 68% of our revenue in the first quarter.

這主要由我們醫療保健業務的顯著改善所帶動；該業務在第一季約占我們營收的 68%。

As we previously indicated, our efforts here were focused on new business development targeting higher-margin 340B covered entities and long-term care facilities, securing medication fulfillment contracts, re-engagement with former clients, and improving customer service.

如同我們先前所指出，我們在此的努力聚焦於：以較高毛利的 340B 覆蓋實體與長期照護機構為目標的新業務開發、取得藥品履約合約、重新接觸過往客戶，以及提升客戶服務。

Initiated late last year, these efforts are now delivering sustainable margin improvement and are expected to support revenue growth later this year. This is a major contributor to our ability to achieve operational profitability in the latter half of 2026.

這些工作自去年底啟動後，如今正帶來可持續的毛利改善，並預期將在今年稍晚支持營收成長。這也是我們能在 2026 年下半年達成營運獲利的重要因素。

Furthermore, as evidenced by our first quarter results, the combination of new, higher-margin revenue and a greatly streamlined and cost-efficient operating structure means that we have created a clear path to meaningful reductions in operating losses in the second-half of the year.

此外，從第一季結果可見，新增的高毛利營收與大幅精簡且具成本效率的營運架構相結合，意味著我們已在今年下半年建立一條清晰路徑，可顯著降低營運虧損。

At this point.

在此時點。

Like to now review our business and provide some additional insights, which I believe will be helpful for investors in measuring our progress.

我想接著回顧我們的業務並提供一些額外洞見，我相信這將有助於投資人衡量我們的進展。

In our Healthcare segment, we are pleased to report the following improvements in operations during the first quarter.

在我們的醫療保健部門，我們很高興報告第一季營運方面的以下改善。

Although revenue continues to be down on a year-over-year basis, as expected, our focus on attracting and supporting the needs of contracted 340B entities, long-term care providers, and other healthcare facility operators is delivering bottom-line improvements. Furthermore, momentum in this segment is building, having secured new 340D pharmacy service agreements with five new entities, a single-quarter record.

雖然營收如預期仍呈現年對年下滑，但我們專注於吸引並支援簽約的 340B 實體、長期照護服務提供者及其他醫療機構營運者之需求，正帶來獲利端的改善。此外，該部門動能正在增強，我們已與 5 家新實體簽訂新的 340D 藥局服務協議，創下單季紀錄。

These entities are now onboarding, a process which usually takes about 90 days to complete before they can start directing prescriptions for us for fulfillment.

這些實體目前正在導入（onboarding），該流程通常約需 90 天完成，之後才能開始將處方導向我們進行履約。

As such, we believe these new customers will start contributing to our revenue during the third quarter. The contributions for our medication fulfillment contracts continue to surpass expectations as we filled an average of 7,500 prescriptions per month to the contract facilities in Florida.

因此，我們相信這些新客戶將在第三季開始對營收做出貢獻。我們的藥品履約合約貢獻持續超出預期，因為我們在佛羅里達州的合約機構平均每月配藥 7,500 張處方。

The service fees we recognize in these fulfillments are driving significant bottom line profit improvement each month.

我們在這些履約中認列的服務費，正每月推動顯著的獲利端改善。

In terms of retail, although we remain focused on expanding our contracted services, over the past few months, we have seen some improvement in this segment of our business.

就零售而言，雖然我們仍專注於擴大簽約服務，但在過去幾個月中，我們已看到該業務部門出現一些改善。

As we are now demonstrating, a well-managed retail pharmacy operation, combined with strong margin discipline, operational efficiency, and strategic customer relationships, can continue to generate attractive margins and meaningful profitability.

正如我們目前所展現的，管理良好的零售藥局營運，結合嚴謹的毛利紀律、營運效率與策略性客戶關係，仍可持續創造具吸引力的毛利與可觀的獲利能力。

Birutė will comment a bit more on this in just a minute.

Birutė 稍後將就此再多做一些說明。

And finally, as I mentioned earlier, we are now actively expanding the scale and scope of our business, currently through our newly created nationwide partnership.

最後，如我先前提到的，我們目前正透過新建立的全國性合作夥伴關係，積極擴大業務的規模與範疇。

We are now moving quickly to leverage our relationships with current and potential customers and preparing for the launch of a new online e-commerce healthcare website, which will feature an array of popular prescription medications, such as GLP-1s and over-the-counter products, including our Florida Sunshine brand of premium vitamins and supplements.

我們正迅速推進，善用與現有及潛在客戶的關係，並為推出新的線上電商醫療保健網站做準備；該網站將提供多種熱門處方藥（例如 GLP-1 類藥物）以及非處方產品，包括我們 Florida Sunshine 品牌的高端維生素與營養補充品。

The new site is expected to go live before the end of the second quarter.

新網站預計將在第二季結束前正式上線。

Additionally, I can say we're working on other developments here, which we believe will quickly add more scale to our pharmco operations in the state of Florida, which we hope to announce very soon.

此外，我也可以說，我們正在推進其他相關發展；我們相信這些將迅速為我們在佛羅里達州的藥局營運增加更多規模，並希望能很快對外宣布。

In our e-commerce segment, here are the most recent highlights.

在我們的電商部門，以下是最新重點摘要。

We continue to see strong global demand for satellite connectivity products during Q1, generating sales from customers in more than 130 countries.

我們持續看到第一季全球對衛星連線產品的強勁需求，來自超過130個國家的客戶帶動了銷售。

In addition, several European government and military orders received during the quarter have helped to build a strong business pipeline for the coming years, supported by the award of multiple multi-year contracts.

此外，本季收到的數筆歐洲政府與軍方訂單，在多項多年期合約得標的支持下，協助我們為未來數年建立了強勁的業務管線。

These orders, together with the recent growth in demand for satellite-enabled IoT products offered by our partners, such as Iridium and Globalstar, have driven IoT sales and recurring revenue to record highs.

這些訂單，加上近期合作夥伴（如 Iridium 與 Globalstar）所提供的衛星支援 IoT 產品需求成長，推動 IoT 銷售與經常性收入雙雙創下歷史新高。

At this point, I would like to now turn the call over to Birutė for her updates.

接下來，我想把電話會議交給 Birutė，請她提供最新進展。

Thank you, David. As David mentioned, during the first quarter, we continued executing on the operational restructuring and strategic repositioning of our healthcare business with a strong focus on improving margin quality, operational efficiency, and long-term scalability.

謝謝你，David。如 David 所提到的，在第一季，我們持續推進醫療保健業務的營運重整與策略再定位，重點聚焦於提升毛利品質、營運效率與長期可擴展性。

While overall retail prescription volume during the quarter declined compared to the prior-year period, we significantly improved the profitability and quality of our pharmacy operations.

雖然本季整體零售處方量較去年同期下滑，但我們大幅提升了藥局營運的獲利能力與品質。

Gross margin within the pharmacy business improved to an impressive 39%, compared to approximately 20% in the prior-year period.

藥局業務的毛利率提升至令人印象深刻的39%，相較去年同期約20%。

This improvement was driven by optimization of pair and product mix, stronger gross profit per retail prescription, and increasing contributions from higher-margin 340B relationships and contracted medication fulfillment services.

此改善主要來自處方與產品組合的最佳化、每張零售處方的毛利提升，以及高毛利的 340B 合作關係與合約藥品履約服務貢獻增加。

Additionally, beginning January 1, 2026, the federally implemented Medicare Maximum Fair Price Program impacted reimbursement economics on certain Medicare prescriptions. While this government program was not company-specific, the updated reimbursement framework favorably affected margins on certain therapies that historically generated lower profitability under prior pricing structures, contributing to overall improvement in pharmacy gross profits during the quarter.

此外，自2026年1月1日起，聯邦推行的 Medicare 最高公平價格（Maximum Fair Price）計畫影響了部分 Medicare 處方的給付經濟性。雖然此政府計畫並非針對特定公司，但更新後的給付架構有利於提升某些療法的毛利；這些療法在先前定價結構下歷來獲利較低，因而在本季帶動藥局整體毛利改善。

Importantly, these results demonstrate that well-managed pharmacy operations, combined with strong margin discipline, operational efficiency, and strategic customer relationships, can continue to generate attractive margins and meaningful profitability.

重要的是，這些結果顯示，管理良好的藥局營運，結合嚴謹的毛利管理、營運效率與策略性客戶關係，仍能持續創造具吸引力的毛利率與顯著的獲利。

We believe this operating model supports our long-term expansion strategy, including selective acquisitions in strategic markets where we can expand our geographic footprint, strengthen local relationships, and further support covered entities and healthcare providers.

我們相信此營運模式可支持我們的長期擴張策略，包括在策略市場進行選擇性併購，以擴大地理版圖、強化在地關係，並進一步支援受覆蓋實體（covered entities）與醫療服務提供者。

We are also continuing to invest in future growth initiatives across both our 340B and long-term care verticals including expansion of our sales and account management teams to support additional business development opportunities throughout Florida and other strategic markets.

我們也持續投資於未來成長計畫，涵蓋 340B 與長期照護兩大垂直領域，包括擴編銷售與客戶管理團隊，以支援佛羅里達州及其他策略市場的更多業務開發機會。

Another important strategic development during the quarter was entering a nationwide fulfillment partnership designed to support our expansion beyond Florida. While the operational rollout and supporting infrastructure are still in development, we believe this relationship creates an important foundation for future national growth.

本季另一項重要的策略進展，是我們簽訂一項全國性的履約合作夥伴關係，以支持我們走出佛羅里達州的擴張。雖然營運上線與配套基礎設施仍在建置中，但我們相信此合作關係為未來的全國性成長奠定了重要基礎。

Over time, we expect the platform to support broader prescription access, cash-free opportunities, e-commerce initiatives, and future offerings in high-demand therapeutic categories, including GLP-1 therapies.

隨著時間推進，我們預期該平台將支援更廣泛的處方可近性、免現金（cash-free）機會、電商計畫，以及在高需求治療領域的未來產品提供，包括 GLP-1 療法。

Overall, we believe the operational improvements implemented over the last several quarters have created a substantially more efficient and scalable healthcare platform, positioning us for sustained margins and growth as additional customers and partnerships come online through 2026.

整體而言，我們相信過去幾季所實施的營運改善，已打造出更高效率且更具可擴展性的醫療保健平台；隨著更多客戶與合作夥伴於2026年陸續上線，將使我們具備維持毛利與成長的有利定位。

That concludes my remarks. Back to you, David.

我的發言到此結束。交還給你，David。

Thank you, Birutė. At this point, I turn the call over to Amanda to discuss our financial results for the quarter ended March 31st, 2026.

謝謝你，Birutė。接下來我把電話會議交給 Amanda，請她說明截至2026年3月31日止季度的財務結果。

Thank you, David. Good morning, everyone. Before I begin, I want to reinforce David's comments regarding the operational and financial progress we are seeing across the company.

謝謝你，David。各位早安。在開始之前，我想再次強調 David 對於公司整體營運與財務進展的評論。

The initiatives implemented throughout 2025 are translating into measurable improvements in margins, operating efficiency, and overall financial performance.

2025年推動的各項措施，正轉化為毛利率、營運效率與整體財務表現的可衡量改善。

Our focus entering 2026 has been very clear: stabilize the business, improve profitability, reduce operating losses. And position the company for more consistent and scalable earnings.

我們在2026年的重點非常明確：穩定業務、提升獲利能力、降低營運虧損。並使公司具備更一致且可擴展的獲利能力。

Based on our first-quarter results, we believe we are making meaningful progress toward those objectives.

根據第一季的結果，我們認為正朝這些目標取得實質進展。

For the first quarter of 2026, total net revenues were approximately $10 million, compared to approximately $14 million in the prior-year period and approximately $13 million in the fourth quarter of 2025.

2026年第一季，總淨營收約為1,000萬美元，相較去年同期約1,400萬美元，以及2025年第四季約1,300萬美元。

While year-over-year revenue comparisons continue to reflect the operational restructuring and evolving reimbursement dynamics within our healthcare business, we believe the more important trend is the sequential improvement we are seeing in margins and operating leverage.

雖然年對年營收比較仍反映醫療保健業務的營運重整與給付動態變化，但我們認為更重要的趨勢，是我們在毛利與營運槓桿方面看到的逐季改善。

Within healthcare operations, first-quarter revenue was approximately $7 million, compared to approximately $10 million in the fourth quarter of 2025.

在醫療保健營運方面，第一季營收約為700萬美元，相較2025年第四季約1,000萬美元。

The composition of healthcare revenue continued to shift toward higher value and more sustainable revenue streams, including 340B contract services and medication fulfillment services.

醫療保健營收的組成持續轉向更高價值且更具可持續性的收入來源，包括 340B 合約服務與藥品履約服務。

Pharmacy contract revenue increased to approximately $1.9 million during the quarter, compared to approximately $1.6 million in the fourth quarter and approximately $1.4 million in the prior-year period.

本季藥局合約收入增至約190萬美元，相較第四季約160萬美元，以及去年同期約140萬美元。

This continued growth in 340B-related and contract pharmacy services supports improved margins and greater revenue visibility.

340B 相關與合約藥局服務的持續成長，有助於提升毛利並提高營收可見度。

At the same time, while retail prescription revenue trends began to stabilize further during the quarter following the operational changes implemented throughout 2025.

同時，零售處方營收趨勢在本季進一步趨於穩定，這是在2025年全年實施營運調整之後的結果。

While retail prescription revenue remains below prior-year levels, profitability improved due to higher gross profit per prescription, reflecting changes in dispensing mix, continued margin discipline, and reimbursement changes associated with the Medicare Maximum Fair Price Program.

雖然零售處方營收仍低於去年水準，但由於每張處方的毛利提高，獲利能力有所改善；這反映了調劑組合的變化、持續的毛利紀律，以及與 Medicare 最高公平價格計畫相關的給付變更。

Our e-commerce operations continued to perform steadily and remained an important contributor to the overall business.

我們的電商營運持續穩健表現，並仍是整體業務的重要貢獻來源。

E-commerce revenue was approximately $3.2 million during the quarter, compared to approximately $3 million in the prior-year period.

本季電商營收約為320萬美元，相較去年同期約300萬美元。

Although revenue moderated sequentially from the seasonally strong fourth quarter, the business continues to benefit from stable demand across satellite communications, recurring airtime services, and global e-commerce channels.

儘管營收較季節性強勁的第四季逐季放緩，但該業務仍受惠於衛星通訊、經常性空中時數（airtime）服務，以及全球電商通路的穩定需求。

Importantly, we continue to see healthy customer activity in both enterprise and government-related markets, and we believe this segment remains well-positioned to provide consistent cash flow generation and long-term growth opportunities.

重要的是，我們在企業與政府相關市場仍持續看到健康的客戶活動；我們相信此業務區塊仍具備穩定現金流創造能力與長期成長機會的良好定位。

Turning to profitability, consolidated gross profit for the quarter was approximately $3.4 million, compared to approximately $2.9 million in the prior-year period and approximately $2.4 million in the fourth quarter.

談到獲利能力，本季合併毛利約為340萬美元，相較去年同期約290萬美元，以及第四季約240萬美元。

Gross margin improved significantly to approximately 35% in the first quarter of '26, compared to approximately 21% in the first quarter of '25 and approximately 18% in the fourth quarter of '25.

2026年第一季毛利率大幅提升至約35%，相較2025年第一季約21%，以及2025年第四季約18%。

This represents one of the strongest quarterly gross margin performances in the company's history and reflects the benefits of our strategy to improve revenue quality and overall operating efficiency.

這是公司歷史上最強勁的單季毛利率表現之一，反映我們提升營收品質與整體營運效率策略所帶來的效益。

Operating expenses continue to improve as we maintain disciplined cost controls across the business.

在我們持續於全公司維持嚴謹成本控管之下，營運費用持續改善。

Total operating expenses favorably decreased to approximately $4.5 million in the first quarter of '26, compared to approximately $4.9 million in the prior-year period and $5.3 million in the fourth quarter of '25.

2026年第一季總營運費用有利地降至約450萬美元，相較去年同期約490萬美元，以及2025年第四季的530萬美元。

Salaries and wages decreased to approximately $2.4 million compared to approximately $2.7 million in the prior year period and approximately $2.8 million in the fourth quarter of '25.

薪資與工資降至約240萬美元，相較去年同期約270萬美元，以及2025年第四季約280萬美元。

Selling, general, and administrative expenses also remained well-controlled.

銷售、一般及行政費用亦維持良好控管。

These improvements reflect the benefits of the cost optimization initiatives and operational restructuring actions implemented throughout 2025.

這些改善反映了2025年全年推動的成本最佳化措施與營運重整行動所帶來的效益。

As a result of the combined improvement in gross profit and operating efficiency, operating loss improved substantially.

由於毛利提升與營運效率改善的綜合效果，營運虧損顯著收斂。

Operating loss for the first quarter of '26 was approximately $1.1 million, compared to approximately $2.1 million in the prior-year period and approximately $2.8 million in the fourth quarter of 2025.

2026年第一季營運虧損約為110萬美元，相較去年同期約210萬美元，以及2025年第四季約280萬美元。

From a segment perspective, it is important to note that our healthcare operations generated positive segment operating income during the quarter of approximately $24,000, compared to Segment operating loss of approximately $1.2 million in the fourth quarter of '25 and approximately $0.9 million in the prior-year period.

從部門角度來看，需要特別指出的是，我們的醫療保健營運在本季產生了約2.4萬美元的正部門營運利益，相較2025年第四季約120萬美元的部門營運虧損，以及去年同期約90萬美元的部門營運虧損。

This represents a major milestone in the repositioning of the healthcare business and validates the progress we were making in improving overall operating performance.

這代表醫療保健業務重新定位的一項重大里程碑，並驗證了我們在提升整體營運績效方面所取得的進展。

On the balance sheet, we ended the quarter with approximately $11 million in cash and working capital of approximately $14 million.

在資產負債表方面，本季末我們持有約1,100萬美元現金，營運資金約1,400萬美元。

While cash usage during the quarter reflected ongoing working capital investments and timing related to receivables, we continued to maintain a healthy liquidity position and a conservative balance sheet with known meaningful debt, which we believe provides flexibility to support growth initiatives, strategic opportunities, and continued operational execution.

儘管本季現金使用反映了持續的營運資金投入以及與應收款項相關的時點因素，我們仍維持健康的流動性水位，以及在已知且無重大負債下的保守資產負債表；我們相信這可提供彈性，以支持成長計畫、策略性機會與持續的營運執行。

In addition, subsequent to quarter end, we've regained full compliance with NASDAQ's minimum bid price requirement following the completion of our reverse stock split in April.

此外，在季度結束後，隨著我們於4月完成反向股票分割，我們已重新完全符合納斯達克最低買入價要求。

Finally, as disclosed in our filing earlier this week, we established an at-the-market equity program with H.C. Wainwright to provide additional financial flexibility to support potential future growth initiatives, including possible joint ventures or acquisitions. Currently, we do not have any specific plans for the use of this program.

最後，如同我們本週稍早的申報所揭露，我們與H.C.Wainwright建立了隨市發行（ATM）股權計畫，以提供額外的財務彈性，支持未來可能的成長計畫，包括可能的合資或併購。目前，我們對於此計畫的用途尚無任何具體規劃。

Looking ahead, our priorities for the remainder of 2026 remain centered on the following: continuing to expand contract-based healthcare and fulfillment services, sustaining gross margins and improving operating leverage, maintaining disciplined expense management, supporting growth organically through recurring and contract-based revenue streams, while also evaluating strategic opportunities such as possible joint ventures or acquisitions, improving cash flow performance, and positioning the company for sustained profitability.

展望未來，我們在2026年剩餘期間的優先事項仍聚焦於以下方向：持續擴大以合約為基礎的醫療保健與履約服務、維持毛利率並提升營運槓桿、保持嚴謹的費用管理、透過經常性與合約型收入來源推動有機成長，同時評估策略性機會（如可能的合資或併購）、改善現金流表現，並使公司具備可持續獲利的定位。

While the macro environment and reimbursement landscape remain dynamic, we believe the actions we have taken over the past year have materially strengthened the foundation of the business.

儘管總體環境與給付（報銷）格局仍在變動，我們相信過去一年所採取的行動已實質強化了業務基礎。

Most importantly, we believe the sequential financial improvements we are now seeing, specifically in gross margin expansion, healthcare segment profitability, and reduced operating losses, provides encouraging evidence that the operational and strategic initiatives. Implemented over the past year are beginning to deliver measurable financial results.

最重要的是，我們相信目前看到的連續性財務改善，特別是在毛利率擴張、醫療保健部門獲利能力，以及營運虧損縮減方面，提供了令人鼓舞的證據，顯示我們過去一年所推動的營運與策略計畫。已開始帶來可衡量的財務成果。

We remain focused on disciplined execution, operational efficiency, and driving long-term shareholder value. I encourage you to review our financial statements and disclosures in our quarterly report on Form 10-Q for additional details. That concludes my remarks. Back to you, David.

我們仍專注於嚴謹執行、營運效率，以及推動長期股東價值。我鼓勵各位查閱我們在Form 10-Q季度報告中的財務報表與揭露，以取得更多細節。我的發言到此結束。交回給你，David。

Thank you, Amanda.

謝謝你，Amanda。

Before we turn to investor questions, I'd like to make some closing remarks and provide some insights into what we see over the remainder of 2026.

在進入投資人提問之前，我想做一些結語，並分享我們對2026年剩餘期間的觀察。

Looking at where MaxFlat is today, our team is pleased with the execution of our turnaround, implementing the majority of our planned initiatives.

就MaxFlat目前的狀況而言，我們團隊對於轉型計畫的執行感到滿意，已落實大部分原先規劃的措施。

Based upon our steady sequential operational improvements, it's clear that we have not only stabilized the business, but we have put it on a well-defined growth profitability path.

根據我們穩健且連續的營運改善，很明顯我們不僅已穩定住業務，也已將其導向一條明確的成長與獲利路徑。

Although there is always more work to be done.

雖然總是還有更多工作要做。

We believe we now have a foundation that can support the large growth opportunities we see ahead of us.

我們相信，我們現在已具備一個能支撐未來所見龐大成長機會的基礎。

We see several milestones ahead of us in 2026.

我們在2026年還有數個里程碑要達成。

For our healthcare customers, providers, and patients, we intend to continue expanding the reach of our offerings across the United States through new online and physical channels.

對於我們的醫療保健客戶、醫療提供者與病患，我們計畫透過新的線上與實體通路，持續在全美擴大我們產品與服務的觸及範圍。

In e-commerce, we intend to continue expanding our reach through launching new online marketplaces. With a wider array of connectivity and consumer product offerings for consumers, enterprises, and governments.

在電商方面，我們計畫透過推出新的線上市集，持續擴大觸及範圍。並為消費者、企業與政府提供更廣泛的連線與消費性產品組合。

For our investors, we are committed to delivering improved operating results, top and bottom line, and communicating the progress we are making on creating shareholder value based upon solid fundamentals.

對於投資人，我們致力於在營運成果上（營收與獲利端）交出更佳表現，並基於穩健基本面，溝通我們在創造股東價值方面所取得的進展。

In conclusion, 2026 represents the start of an exciting new chapter for MaxFlat , and we wish to thank our shareholders for their continued support.

總結而言，2026年代表MaxFlat令人振奮的新篇章開始，我們也感謝股東持續的支持。

At this point, we can now conduct the Q&A portion of today's call.

接下來，我們將進行今天電話會議的問答環節。

We have again asked investors and shareholders to submit their questions in advance, and we would like to thank all of you who did.

我們再次請投資人與股東事先提交問題，也在此感謝所有提交問題的各位。

Question number one.

第一個問題。

There remain challenges in the retail pharmacy business.

零售藥局業務仍面臨挑戰。

Do you still see opportunities in this segment?

你們仍然看好這個領域的機會嗎？

The short answer is yes.

簡短的答案是肯定的。

As Birutė indicated, we firmly believe that well-managed retail pharmacy operations, ones that combine high-touch services with strong margin discipline, operational efficiency, and strategic customer relationships, can generate attractive margins and meaningful profitability, as we are now demonstrating in our pharm co-operations.

正如Birutė所指出的，我們堅信管理良好的零售藥局營運——結合高接觸服務、嚴謹的毛利管理、營運效率與策略性客戶關係——能夠創造具吸引力的毛利與可觀的獲利能力，而我們目前在藥局共同營運（pharm co-operations）中已展現出這點。

This is certainly true in less dense or more rural areas where this isn't a significant presence of larger retail chains. And as such, is a large opportunity we are very actively exploring, which can allow us to quickly and profitably expand the scale and scope of our retail business.

在較不稠密或較偏鄉的地區，這點尤其成立，因為大型連鎖零售業者的據點並不多。因此，這是一個我們正非常積極探索的重大機會，可讓我們快速且獲利地擴大零售業務的規模與範疇。

Question number two.

第二個問題。

Can you comment on the turnaround?

你能評論一下轉型（turnaround）嗎？

Are you still working on improvements? If so, what are they? Or is it largely complete?

你們還在持續改善嗎？如果是，改善項目有哪些？還是說大致已完成？

As you can see from our results, our plan over the last nine months has been successful.

從我們的成果你可以看到，過去九個月的計畫是成功的。

Resulting in significant improvements in nearly all of our operational metrics.

使我們幾乎所有營運指標都出現顯著改善。

While this effort is largely complete, we intend to build upon this progress by remaining very focused on prudent expense control and on generating high-quality revenue.

雖然這項工作大致已完成，我們仍打算在此進展上再接再厲，持續高度聚焦於審慎的費用控管，以及創造高品質收入。

That said, we are shifting our focus more towards driving growth in the business and leveraging the strong financial foundation we have now established, including adequate cash and no meaningful debt.

不過，我們正將重心更多轉向推動業務成長，並運用我們目前建立的強健財務基礎，包括充足現金與無重大負債。

That is why we are actively exploring ways to add scale to our business, as I previously indicated. And I expect to have more to report on these efforts shortly.

這也是為什麼如我先前所提，我們正積極探索為業務增加規模的方法。我預期不久後就能就這些努力提供更多進展。

Question number three.

第三個問題。

Can you comment on why the company filed an ATM agreement when you clearly have cash on the balance sheet and no debt?

公司在資產負債表上明明有現金且沒有負債，為什麼還要申報ATM協議？你能評論一下嗎？

Now that our turnaround is largely complete, as I previously indicated, and we are turning our attention towards growth.

如我先前所說，既然我們的轉型大致已完成，我們正把注意力轉向成長。

We have seen a number of opportunities to expand our business through joint ventures and M&A.

我們看到許多透過合資與併購（M&A）來擴張業務的機會。

As such, we believe an ATM can provide us with more flexibility in how we pursue these opportunities.

因此，我們認為ATM能在我們追求這些機會時提供更大的彈性。

As Amanda said earlier, at this point in time, we do not have any immediate plans to access the ATM, and I would add, wouldn't consider it at these current levels.

如Amanda先前所說，就目前而言，我們沒有任何立即動用ATM的計畫；我也要補充，在目前這樣的價位水準下，我也不會考慮動用。

Question number four, does the company have any update on the status of the ongoing lawsuit?

第四個問題，公司對於目前進行中的訴訟狀態有任何更新嗎？

As of today, we do not have any specific update we can provide.

截至今天，我們沒有任何可提供的具體更新。

We are continuing to work with council to resolve the final remaining legal matter as quickly as possible, while protecting the long-term interests of our shareholders.

我們將持續與法律顧問合作，盡快解決最後剩餘的法律事項，同時保護股東的長期利益。

The matter remains in the hands of council and our insurance company.

該事項仍由法律顧問與我們的保險公司處理中。

That was the final question that we received from investors.

以上是我們從投資人收到的最後一個問題。

Thank you all again for submitting them.

再次感謝各位提交問題。

Please remember that you can submit your questions at our investor relations e-mail, which is investors@mexplat.com, or with that IR contact listed on our press releases, Michael Glickman at mike@mwgco.net. That concludes our earnings conference call.

請記得，你們可以透過我們的投資人關係電子郵件提交問題：investors@mexplat.com，或聯絡我們新聞稿中列示的IR聯絡人Michael Glickman（mike@mwgco.net）。本次財報電話會議到此結束。

We look forward to continuing to share with you our progress in the weeks and months ahead.

我們期待在未來幾週與幾個月持續與各位分享我們的進展。

Have a nice rest of your day.

祝各位今天剩餘時間愉快。