Organigram Global Inc (OGI) 2025 Q1 法說會逐字稿

Good morning. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Organigram Holdings Inc first quarter fiscal 2025 Earnings Conference Call. (Operator Instructions)

早安.我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Organigram Holdings Inc 2025 財年第一季財報電話會議。（操作員指令）

Thank you, Max Schwartz. You may begin your conference.

謝謝你，馬克斯‧施瓦茲。您可以開始您的會議了。

Thank you very much and good morning, everyone. Thanks for joining us today. As a reminder, this conference call is being recorded, and the recording will be available on Organigram's website 24 hours after today's call.

非常感謝，大家早安。感謝您今天加入我們。提醒一下，本次電話會議正在錄音，錄音將於今天電話會議結束後 24 小時內在 Organigram 網站上發布。

Listeners should be aware that today's call will include estimates and other forward-looking information from which the company's actual results could differ. Please review the cautionary language in our press release dated February 11, 2025, on various factors, assumptions, and risks that could cause our actual results to differ.

聽眾應該知道，今天的電話會議將包括估計和其他前瞻性訊息，公司的實際結果可能與這些資訊不同。請查看我們在 2025 年 2 月 11 日發布的新聞稿中的警告語言，其中涉及可能導致我們的實際結果不同的各種因素、假設和風險。

Further reference will be made to certain non-IFRS measures during this call, including adjusted to EBITDA, adjusted gross margin, and adjusted gross margin percentage. These measures do not have any standardized meaning under IFRS and are intended to provide additional information and as such should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

本次電話會議中將進一步參考某些非國際財務報告準則 (IFRS) 指標，包括調整後的 EBITDA、調整後的毛利率以及調整後的毛利率百分比。這些指標在 IFRS 下不具有任何標準化含義，旨在提供額外信息，因此不應單獨考慮或作為根據 IFRS 編制的績效指標的替代。

Our approach to calculating these measures may differ from other issuers, so these measures may not be directly comparable. Please see today's earnings report for more information about these measures.

我們計算這些指標的方法可能與其他發行人不同，因此這些指標可能無法直接比較。有關這些措施的更多信息，請參閱今天的收益報告。

Listeners should be aware that the company relies on reputable third-party providers when making certain statements relating to market share data, unless otherwise indicated, all references to market data are sourced from (Hifire) in combination with data from weed crawler, provincial boards, retailers, and our internal sales figures.

聽眾應該知道，公司在做出與市場份額數據有關的某些聲明時依賴信譽良好的第三方提供商，除非另有說明，所有對市場數據的引用均來自（Hifire）結合除草機、省級委員會、零售商和我們的內部銷售數據。

Today we'll be hearing from key members of our senior leadership team, beginning with Beena Goldenberg, Chief Executive Officer, who will provide opening remarks and commentary, followed by Greg Guyatt, Chief Financial Officer, who will review our financial results for Q1 fiscal 2025. With that, I will now introduce Beena Goldenberg, Chief Executive Officer of Organigram Holdings Inc Please go ahead, Ms. Goldenberg.

今天，我們將聽取高級領導團隊主要成員的發言，首先是首席執行官 Beena Goldenberg，他將致開幕詞和評論，然後是首席財務官 Greg Guyatt，他將回顧我們 2025 財年第一季的財務業績。現在，我將介紹 Organigram Holdings Inc 的執行長 Beena Goldenberg，請開始，Goldenberg 女士。

Good morning, everyone and thank you for joining us today for our Q1 fiscal 2025 earnings call. It's only been 6 weeks since our Q4 call, but we've been very busy. So, let's dive into our Q1 results and discuss the key themes shaping our trajectory for the rest of the year.

大家早安，感謝您今天參加我們的 2025 財年第一季財報電話會議。自從我們召開第四季度電話會議以來才過了六週，但我們一直非常忙碌。因此，讓我們深入了解第一季的業績，並討論影響我們今年剩餘時間發展軌蹟的關鍵主題。

We exited Q1 fiscal 2025 with strong momentum as Canada's largest cannabis company by market share, operating through 5 strategically located and highly specialized facilities, we remain one of the world's most innovative, dynamic, and efficient indoor cannabis growers and specialized extractors supported by our expansive R&D work with British American Tobacco.

作為加拿大市場份額最大的大麻公司，我們在 2025 財年第一季表現強勁，透過 5 個地理位置優越且高度專業化的設施運營，在與英美菸草公司開展的廣泛研發工作的支持下，我們仍然是世界上最具創新性、活力和效率的室內大麻種植者和專業提取商之一。

On December 6th, we completed the Motif acquisition and saw consistent performance across our Corp Organigram and newly acquired product lines. Our flagship brands, SHRED and BOXHOT continued to resonate with consumers. By the end of Q1, they approached $100 million in combined retail sales for the quarter and over $385 million over the last 12 months.

12 月 6 日，我們完成了對 Motif 的收購，並且我們的 Corp Organigram 和新收購的產品線均表現穩定。我們的旗艦品牌 SHRED 和 BOXHOT 繼續引起消費者的共鳴。截至第一季末，他們當季的總零售額接近 1 億美元，過去 12 個月的總零售額超過 3.85 億美元。

Meanwhile, our supporting brands, Big Bag O’ Buds, and Debunk saw impressive growth in excess of doubling their market share compared to Q1 last year.

同時，我們支持的品牌 Big Bag O' Buds 和 Debunk 也實現了令人印象深刻的成長，與去年第一季相比，其市佔率增加了一倍多。

The Canadian cannabis industry grew 7.7% year over year in Q1, driven by strong demand in pre-rolls and vapes, two categories where we've made significant investments. Against this backdrop, Organigram expanded its national market share by 500 basis points year over year and 100 basis points sequentially, reflecting our strategic positioning in these high growth segments.

加拿大大麻產業第一季年增 7.7%，這得益於捲菸和電子煙的強勁需求，我們對這兩個類別進行了大量投資。在此背景下，Organigram 的全國市佔率年增 500 個基點，較上季增加 100 個基點，反映了我們在這些高成長領域的策略定位。

In Q1 last year, we ranked 16th in (vapes) with 0.5% market share. Today we're number one, holding over 22% of the category. Similarly, in pre-rolls, we've climbed from the number 3 to the number1 position nationally.

去年第一季度，我們在電子煙領域排名第16位，市佔率為0.5%。今天我們位居第一，佔該類別的 22% 以上。同樣地，在片前廣告方面，我們在全國從第三名攀升至第一名的位置。

We see further opportunities for expansion in certain categories. In Edibles category, we face competitive headwinds with market share declines due to the influx of low cost single count gummies, as well as price compression throughout the category.

我們看到了某些類別的進一步擴張機會。在可食用類別中，我們面臨競爭阻力，由於低成本單計數軟糖的湧入以及整個類別的價格壓縮，市場份額下降。

We responded to these competitive threats not only by launching our own value single count (skews) under our popular SHRED's brand, but we also launched a highly differentiated and premium Edison Sonics gummy featuring FAS, our proprietary nanoemulsion developed in the PDC. With a higher price and strong margin profile, this gummy is clinically validated to deliver faster onset and up to 2 times higher cannabinoid concentrations at peak, something other traditional gummies are not able to do.

為應對這些競爭威脅，我們不僅以廣受歡迎的 SHRED 品牌推出自己的價值單一計數（傾斜），而且還推出了高度差異化的優質 Edison Sonics 軟糖，其中採用 FAS（我們在 PDC 開發的專有奈米乳液）。這款軟糖價格較高、利潤豐厚，經臨床驗證，其起效速度更快，峰值大麻素濃度可提高 2 倍，這是其他傳統軟糖無法做到的。

Edison Sonics has seen strong demand exceeding initial expectations as a TOP10 gummy offering in markets like New Brunswick and (BC) where we have maintained consistent product availability.

作為新不倫瑞克省和不列顛哥倫比亞省等市場的 TOP10 軟糖產品，Edison Sonics 的需求強勁，超出了最初的預期，我們在這些市場保持了穩定的產品供應。

It is great to read some of the social probes such as Sonics are fast or a Sonic high. One consumer summed it up beautifully with the following review on Cannabis New Brunswick websites. These gummies are noticeably different than my normal THC gummies. I had a noticeable effect at 25 to 30 minutes, and you feel the effect climbing. The high is also more intense and predictable.

閱讀一些社交探究（例如“Sonics 很快”或“Sonic 很高”）是很棒的。一位消費者在 Cannabis New Brunswick 網站上發表了以下評論，對此進行了很好的總結。這些軟糖與我平常吃的 THC 軟糖明顯不同。我在 25 到 30 分鐘後就看到了明顯的效果，而且你還能感覺到效果不斷提升。高潮也更加強烈和可預測。

Now in pre-rolls we introduced SHRED Heavy slims, our first infused tube style pre-rolls. Building on the continued success of our regular tube-style pre-rolls. We anticipate the familiar feel, convenient packaging, and high product quality to result in strong consumer adoption. We are also building distribution with slims, now available in 8 provinces.

現在，在預卷中，我們推出了 SHRED Heavy slims，這是我們的第一款注入式管式預捲。在我們常規管式預捲的持續成功的基礎上再接再厲。我們期待熟悉的感覺、方便的包裝和高品質的產品品質能吸引大量消費者。我們也正在建立 Slims 分銷網絡，目前已覆蓋 8 個省份。

Regionally we saw market share growth across the country. We remain No.1 in all regions, excluding Quebec, where we ranked No. 4. We see significant opportunities to grow further in Quebec by introducing our market leading vapes to Quebec consumers, contingent on the timing of SQDC's vape rollout, as well as our recently launched Grown in Quebec flower, (hash), and pre-rolled skews produced in our facility in the Laurentian.

從區域來看，我們看到全國的市佔率有所成長。除魁北克外，我們在所有地區保持第一，在魁北克我們排名第四。我們看到了在魁北克進一步發展的重大機會，透過向魁北克消費者推出我們市場領先的電子煙，這取決於 SQDC 推出電子煙的時間，以及我們最近推出的在魁北克種植的花卉（哈希）和在勞倫森工廠生產的預捲串。

While top line growth and market share expansion remain priorities, we are equally focused on operational efficiencies and sales mix optimization both on the product level and on a geographic basis.

雖然營收成長和市佔率擴大仍然是首要任務，但我們同樣注重產品層面和地理層面的營運效率和銷售組合優化。

Our long-term investment in efficiency-based cultivation continues to ramp up at our Moncton facility. As we continue our efforts to advance cannabis cultivation to the level of other mature agricultural industries. We are at the forefront of an exciting shift. Seed-based cultivation is faster and cheaper than the dominant clone-based methodology seen across the sector.

我們在蒙克頓工廠對基於效率的種植的長期投資持續增加。我們將繼續努力將大麻種植提升到其他成熟農業產業的水平。我們正處於激動人心的轉變的前沿。基於種子的栽培比整個行業中占主導地位的基於克隆的方法更快、更便宜。

While cloning has the benefit of quickly trailing different genetics, seed-based cultivation lends itself to the stabilization of attractive genetics and more robust plants.

雖然克隆具有快速追蹤不同基因的優勢，但以種子為基礎的栽培有利於穩定有吸引力的基因和更健壯的植物。

We plan to employ both methods for the foreseeable future, and in Q1, 21% of our harvests were from seed-based rooms. Shifting a portion of our garden seed-based cultivation has already driven increased capacity among them.

我們計劃在可預見的未來同時採用這兩種方法，並且在第一季度，我們 21% 的收穫來自種子室。轉移一部分以園藝種子為基礎的種植已經推動了它們的種植能力的提高。

We plan to further increase flower output from Moncton with the upgrade of 76 flower rooms with higher intensity LED lighting beginning in March this year.

我們計劃從今年 3 月開始對 76 個花房進行升級，並配備更高強度的 LED 照明，以進一步提高蒙克頓的鮮花產量。

This is projected to increase plant yields by up to 15%, resulting in up to 6,100 kg of additional capacity annually.

預計這將使植物產量提高 15%，每年額外產能增加 6,100 公斤。

The increased power from this project will lower costs further through scale.

該項目增加的功率將透過規模進一步降低成本。

In Winnipeg this quarter, we completed an optimization of Western Canada distribution, yielding $400,000 in annual savings.

本季度，我們在溫尼伯完成了加拿大西部分銷的最佳化，每年節省了 40 萬美元。

In Ontario, we continue assessing our recently acquired London warehouse to improve service for Ontario customers, especially on flow through products, while also reducing logistics costs.

在安大略省，我們繼續評估最近收購的倫敦倉庫，以改善對安大略省客戶的服務，特別是流通產品的服務，同時降低物流成本。

Now speaking of recently acquired facilities, one of our key focal points this quarter has been the integration of Motifs and beginning to realize the significant operational synergies coming from this acquisition.

現在談到最近收購的設施，本季我們的重點之一是 Motifs 的整合，並開始實現此次收購帶來的重要營運綜效。

The integration process is progressing as planned, and the first two months of our combined operations have confirmed that our initial estimate of $10 million in annualized savings realized in 24 months is achievable and very likely to be surpassed.

整合過程正按計劃進行，我們合併運營的頭兩個月已經證實，我們最初估計的 24 個月內實現 1000 萬美元的年度節約是可以實現的，而且很有可能被超越。

Early winds have been in manufacturing where extraction volume is above original estimates and extracts are already flowing from our new Aylmer, Ontario facility to Moncton, and biomass is flowing from our Monckton cultivation facility to Aylmer.

製造業已開始起步，提取量超過了最初的估計，提取物已從我們位於安大略省艾爾默的新工廠流向蒙克頓，生物質也從我們蒙克頓的種植設施流向艾爾默。

Now in THC hydrocarbon production, where Organigram's strong balance sheet has allowed us to begin unlocking a 2 times expansion of THC's output, a key ingredient in infused pre-rolls.

現在，在 THC 碳氫化合物生產方面，Organigram 強大的資產負債表使我們能夠開始將 THC 產量擴大 2 倍，THC 是注入預卷中的關鍵成分。

In sales, where our combined teams are already winning new listings by starting to fill sales coverage gaps in Atlantic Canada and select retailers in Ontario.

在銷售方面，我們的聯合團隊已開始填補加拿大大西洋地區和安大略省精選零售商的銷售覆蓋空白，並贏得了新房源。

And in innovation where our teams are hard at work to make each other's technology to fill innovation gaps, such as accelerating innovation into edible, hash, and certain pre-roll formats for the Motif brands.

在創新方面，我們的團隊正在努力利用彼此的技術來填補創新空白，例如加速 Motif 品牌的食用、哈希和某些預捲格式的創新。

Additionally, we are leveraging our London warehouse to free up storage space in Moncton for the construction of new pre-vegetation rooms. This shift will open up additional flower rooms, resulting in an annual capacity increase of up to 6,700 kilograms. This project is anticipated to be completed by the end of the first half of fiscal 2026.

此外，我們也利用倫敦倉庫釋放蒙克頓的儲存空間，用於建造新的預植被室。此次轉移將開啟更多的花卉室，年產能將增加至6,700公斤。該項目預計將於 2026 財年上半年末完成。

Taken together with our LED project, we will unlock almost 13,000 kilograms of additional capacity annually to meet the growing flower demand from international markets while spreading more of our fixed costs over higher cultivation volume.

結合我們的 LED 項目，我們每年將釋放近 13,000 公斤的額外產能，以滿足國際市場日益增長的花卉需求，同時將更多的固定成本分攤到更高的種植量上。

As with Q1, 3 weeks of (Otis) financials are consolidated with Organigram. Beginning in Q2, we expect to see synergies begin to flow through more significantly through our P&L and as well, we will have a full quarter of consolidated earnings.

與第一季一樣，3 週的（Otis）財務數據與 Organigram 合併。從第二季開始，我們預期綜效將透過我們的損益表更加顯著地體現出來，同時，我們也將獲得整個季度的綜合收益。

Expanding our global footprint also remains a top priority. Over the past quarter, we've made significant progress in evaluating new markets and strengthening our partnerships. We currently serve a diverse international customer base across 4 countries, allowing us to have a more predictable demand.

擴大我們的全球影響力仍然是我們的首要任務。過去一個季度，我們在評估新市場和加強合作夥伴關係方面取得了重大進展。我們目前為 4 個國家的多元化國際客戶群提供服務，因此我們的需求更加可預測。

Germany presents a particularly exciting opportunity. Our $21 million investment in sanity group positions us well within the German medical cannabis market.

德國提供了一個特別令人興奮的機會。我們對 Sanity Group 的 2,100 萬美元投資使我們在德國醫用大麻市場佔據了有利地位。

Sanity Group is actively applying for German recreational pilot projects in 6 jurisdictions.

Sanity集團正積極申請德國6個轄區的休閒試點計畫。

Given their expertise from Swiss pilot projects and Germany's medical market, we are optimistic about their leadership potential in the German recreational space as regulations evolve.

鑑於他們在瑞士試點計畫和德國醫療市場的專業知識，我們對他們在法規不斷發展變化的同時在德國娛樂領域的領導潛力持樂觀態度。

What's even more exciting is that it's possible that the pilot projects will not be subject to the same product restrictions as the medical market, meaning we may have the opportunity of bringing our brands and IT to the German market.

更令人興奮的是，試點計畫可能不會受到與醫療市場相同的產品限制，這意味著我們有機會將我們的品牌和 IT 帶入德國市場。

Our flower shipments to Germany continue to scale. Once our Moncton facility secures EU-GMP certification, expected this spring, we anticipate an increased volume to Germany and other international markets, along with improved margins.

我們運送到德國的鮮花數量持續增加。一旦我們的蒙克頓工廠獲得歐盟 GMP 認證（預計於今年春季），我們預計德國和其他國際市場的銷售量將會增加，利潤率也會提高。

Our international sales grew to $3.3 million in Q1, and we expect to continue our year over year trend of increasing international sales throughout fiscal 2025.

我們第一季的國際銷售額成長至 330 萬美元，我們預計在 2025 財年，國際銷售額將繼續保持同比增長的趨勢。

Supported by our Jupiter investment pool, we are actively assessing global expansion opportunities and are in discussions regarding other strategic investment opportunities.

在我們的木星投資池的支持下，我們正在積極評估全球擴張機會，並正在討論其他策略投資機會。

Additionally, we expect to close the final $41.5 million tranche of our BAT follow-on investment later this month, 100% of which will be allocated to international strategic growth.

此外，我們預計將於本月稍後完成 BAT 後續投資的最後一筆 4,150 萬美元，其中 100% 將用於國際戰略成長。

With that, I'll turn it over to Greg to discuss our financial performance for the quarter.

接下來，我將把話題轉給格雷格，討論我們本季的財務表現。

Thanks, Beena, and thank you everyone for joining us today. This quarter, we are pleased to begin reporting contributions from Motif I would (inaudible)

謝謝，Beena，也謝謝大家今天的參與。本季度，我們很高興開始報告 Motif 的貢獻。（聽不清楚）

(In the second quarter), seasonality is typically softest in Q1. We experience strong year over year growth in the quarter. Our recreational business grew 15%, while net revenue increased 17% to $42.7 million compared to Q1 of last year.

（在第二季），季節性通常在第一季最為溫和。本季我們實現了年比強勁成長。我們的休閒業務成長了 15%，淨收入與去年第一季相比成長了 17%，達到 4,270 萬美元。

The increase in the quarter was driven by growth in our flagship SHRED and BOXHOT brands, as well as growth in our supporting brands such as Big Bag O’ Buds, and Debunk, also contributing to net revenue growth was a (2.3%) year over year increase in international sales to $3.3 million during the quarter.

本季的成長主要得益於我們旗艦品牌 SHRED 和 BOXHOT 的成長，以及我們支援品牌（例如 Big Bag O' Buds 和 Debunk）的成長，同時淨收入的成長也源自於本季國際銷售額年增 (2.3%) 至 330 萬美元。

Adjusted gross margin in the quarter increased to $14.3 million or 33% versus $11.2 million or 31% in the prior year period. The increase was primarily attributed to increased international sales, lower unit costs due to increased operational efficiencies, and a higher net average selling price per gram.

本季調整後的毛利率增至 1,430 萬美元，或 33%，而去年同期為 1,120 萬美元，即 31%。成長主要歸因於國際銷售額增加、營運效率提高導致的單位成本降低以及每克淨平均售價上漲。

Sequentially, we saw a reduction in adjusted gross margin from 37% to 33%. The reduction was primarily due to seasonally lower volume, competitive forces in the gummy category, combined with the scale up of our Edison Sonics launch and product mix, including lower international sales.

我們發現調整後的毛利率從 37% 下降至 33%。銷售下降主要是由於季節性銷售較低、軟糖類別的競爭力下降，加上我們擴大了 Edison Sonics 的上市規模和產品組合，包括國際銷售下降。

Based on the current supply and demand dynamics in the marketplace, we have recently taken price increases in certain flower categories, which will flow through in the 2nd quarter and we will continue to make adjustments in line with market conditions.

根據目前市場供需情況，我們近期對部分花卉品類進行了提價，這一漲價幅度將延續到第二季​​度，並將繼續根據市場情況進行調整。

As we stated in our Q4 calls, we expect adjusted gross margin to stabilize around 35% in fiscal 2025, with fluctuations owing primarily to seasonality of our business.

正如我們在第四季度電話會議上所述，我們預計調整後的毛利率將在 2025 財年穩定在 35% 左右，波動主要歸因於我們業務的季節性。

Regarding our operating expenses in the quarter, we saw an increase of 11% to $25.1 million from $22.6 million in the prior year period, primarily due to acquisition and transaction costs of $4.5 million related to Motif but partially offset by lower R&D costs.

就本季的營運費用而言，我們發現其從去年同期的 2,260 萬美元增長了 11% 至 2,510 萬美元，這主要是由於與 Motif 相關的 450 萬美元的收購和交易成本，但部分被研發成本的降低所抵消。

SGNA in the quarter were essentially flat at $11.2 million versus $11.3 million in the prior year period. Selling costs for the quarter, including marketing, were $5.8 million versus $4.6 million last year, an increase of 26%. The increase was attributable to higher trade investments with our retail partners to support the growth of the business.

本季的 SGNA 基本持平於 1,120 萬美元，而去年同期為 1,130 萬美元。本季的銷售成本（包括行銷成本）為 580 萬美元，而去年同期為 460 萬美元，成長了 26%。成長的原因是，我們與零售合作夥伴增加了貿易投資，以支持業務的成長。

Total SGNA costs for the quarter were $17 million, an increase of 7% versus the prior year period. As a percentage of net revenue, however, SGNA costs dropped from 44% to 40% since the prior year period.

本季的 SGNA 總成本為 1,700 萬美元，比去年同期成長 7%。然而，作為淨收入的百分比，SGNA 成本從去年同期的 44% 下降到 40%。

We expect SGNA as a proportion of net revenue to decrease further as we realize operational synergies from the Motif transaction. We are confident in achieving the $10 million in run rate synergies, and we continue to be on track to achieve the $5 million previously disclosed for fiscal 2025. We'll provide additional updates on our progress on this throughout the year.

我們預計，隨著我們從 Motif 交易中實現營運協同效應，SGNA 佔淨收入的比例將進一步下降。我們有信心實現 1000 萬美元的運行率協同效應，我們將繼續朝著先前披露的 2025 財年 500 萬美元的目標前進。我們將全年提供有關這方面進展的更多更新。

Adjusted to EBITDA during the quarter was $1.4 million compared to $0.1 million in the prior year period. The year over year increase was primarily due to higher gross margins as a result of international sales while an increase in operational efficiency. We expected just the deep at dawn fiscal 2025 to outperform 2024, with larger growth anticipated in the back half of the year due to seasonality and the timing of international shipments.

本季調整後的 EBITDA 為 140 萬美元，而去年同期為 10 萬美元。年比成長主要由於國際銷售帶來的毛利率上升以及營運效率的提高。我們預計 2025 財年的表現將優於 2024 年，由於季節性和國際出貨時間的影響，預計下半年的成長將會更大。

Our net loss for the quarter was $23 million compared to a net loss of $15.8 million in Q1 fiscal 2024. Adjusting for the impact of the fair value loss of $18.9 million primarily related to the top-up rates of VAT in association with the shares issued in the Motif transaction, the net loss for the quarter would have been $4.1 million.

本季的淨虧損為 2,300 萬美元，而 2024 財年第一季的淨虧損為 1,580 萬美元。在調整主要與 Motif 交易中發行的股票相關的增值稅補繳率相關的 1,890 萬美元公允價值損失的影響後，本季度的淨虧損將為 410 萬美元。

From a cash flow perspective, cash used by operating activities before work capital changes was $6.3 million in the quarter compared to cash used of $8.1 million in the prior year period. The change in cash use was primarily due to improvements in adjusted gross margin during the quarter versus the prior year.

從現金流角度來看，本季營運資本變動前經營活動所用的現金為 630 萬美元，而去年同期的經營活動所用的現金為 810 萬美元。現金使用量的變動主要是由於本季調整後的毛利率較上年同期增加。

On the topic of cash, we are pleased to reiterate that we continue to have a strong balance sheet. As of December 31st, we had a total cash position of ($71.2 million), including both restricted and unrestricted cash and negligible debt.

關於現金問題，我們很高興重申，我們仍然擁有強勁的資產負債表。截至 12 月 31 日，我們的現金總額為 7,120 萬美元，包括限制性現金和非限制性現金以及微不足道的債務。

We plan on investing ($8 million to $10 million ) in sustaining capital expenditures during fiscal 2025, and in addition to this, we intend to invest up to $16 million in the previously mentioned Moncton Flower capacity enhancement project over the next 18 months. These capital expenditures will be funded out of operating cash flow, although we will continue to evaluate our long-term cash needs and optimize our capital structure accordingly.

我們計劃在 2025 財年投資（800 萬至 1000 萬美元）用於維持資本支出，此外，我們還打算在未來 18 個月內向前面提到的蒙克頓花卉產能增強項目投資高達 1600 萬美元。這些資本支出將從經營現金流中撥付，但我們將繼續評估我們的長期現金需求並相應地優化我們的資本結構。

A pro forma cash position, including restricted cash as of final ($31.5 million) VAT follow-on investment tranche, is expected is approximately $113 million. Note that the restricted cash balance represents the remainder of our PDP funding from VAT as well as cash earmarked for Jupiter pool investments.

預計現金狀況（包括最終增值稅後續投資部分的受限現金（3,150 萬美元））約為 1.13 億美元。請注意，受限現金餘額代表我們從增值稅中獲得的 PDP 資金的剩餘部分以及撥給木星池投資的現金。

We are encouraged by our results for the quarter as we see our efforts to increase efficiency, scale, market position, and accelerate international expansion contribute to our year over year growth. Throughout fiscal 2025, we expect to reduce costs as a proportion of net revenue while increasing higher margin international sales.

我們對本季的業績感到鼓舞，因為我們看到我們為提高效率、規模、市場地位和加快國際擴張所做的努力促進了我們的同比增長。在整個 2025 財年，我們預期降低成本佔淨收入的比例，同時增加利潤率更高的國際銷售額。

Further, industry supply and demand dynamics are tightening. Altogether, we expect these trends to continue throughout fiscal 2025, and we look forward to providing you updates on our next earnings call. With that, I'll turn the call back to Beena.

此外，產業供需情勢正在趨緊。總而言之，我們預計這些趨勢將持續整個 2025 財年，我們期待在下次財報電話會議上為您提供最新資訊。說完這些，我就把電話轉回給 Beena。

Thank you, Greg.

謝謝你，格雷格。

As we progress through fiscal 2025, we are confident in our ability to execute on our strategic priorities. The integration of Motifs, our international expansion efforts, and the continued success of our innovation pipeline all position as well for sustained growth. We appreciate the continued support of our shareholders, customers, and employees. We remain committed to driving innovation, operational excellence, and long-term value creation.

隨著我們進入 2025 財年，我們對執行策略重點的能力充滿信心。Motifs 的整合、我們的國際擴張努力以及我們創新管道的持續成功都為持續成長奠定了基礎。我們感謝股東、客戶和員工的持續支持。我們始終致力於推動創新、卓越營運和長期價值創造。

Thank you for joining us today. We look forward to providing further updates in the coming quarters. Now let's open the floor for questions.

感謝您今天加入我們。我們期待在接下來的幾個季度提供進一步的更新。現在讓我們開始提問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指令）

Your first question comes from Aaron Grey, AGP.

您的第一個問題來自 AGP 的 Aaron Grey。

Hi, good morning, and thank you for the questions. First question for me, just on the international front, so I know the receipt of your EU-GMP certificate is meaningful, and I believe you mentioned some discussions for some other international opportunities.

大家早安，感謝您的提問。我的第一個問題是關於國際方面的，所以我知道收到你們的 EU-GMP 證書意義重大，我相信你們提到了一些關於其他國際機會的討論。

So just curious if you could provide any colour in terms of the types of investments or acquisitions you believe are best available to help capitalize on the growth in the international market, so maybe the geographies or different areas of supply chain to help you capitalize on that.

所以我很好奇，您是否可以就您認為最適合幫助利用國際市場成長的投資或收購類型提供一些信息，也許地理位置或供應鏈的不同領域可以幫助您利用這一點。

Thank you.

謝謝。

Sure, thanks for the question. So, here's what we know right now. The German medical market has grown 4 times since the announcement last April of the decriminalization of cannabis, and there is a high demand in that market. We already have a strong strategic partner insanity Group, and we have a lot of opportunity to increase our exposure in that market.

當然，謝謝你的提問。以下是我們目前所知道的情況。自去年4月宣布大麻合法化以來，德國醫療市場成長了4倍，市場需求旺盛。我們已經擁有強大的策略合作夥伴Insanity Group，我們有很多機會提高我們在該市場的知名度。

We also know that there are opportunities in other medical markets around the world that continue to grow.

我們也知道，全球其他醫療市場也存在持續成長的機會。

Australia is a big medical market, and we currently supply that market through exporting flower into that market. And what's interesting about Australia is they also have the opportunity of exporting some 2.0 products such as vapes or gummies down the road, and certainly with our EU-GMP certification, we will also be certified on extracts, so this is an exciting opportunity.

澳洲是一個巨大的醫療市場，我們目前透過向該市場出口花卉來供應產品。澳洲有趣的是，他們未來也有機會出口一些 2.0 產品，例如電子煙或軟糖，而且憑藉我們的 EU-GMP 認證，我們也將獲得萃取物認證，所以這是一個令人興奮的機會。

There's a lot of discussion right now about product flower moving all over internationally, but really the opportunity becomes even greater when the shipments start moving into the 2.0 categories. So, we're excited about that opportunity.

目前有很多關於產品花卉在國際範圍內流動的討論，但實際上，當貨物開始進入 2.0 類別時，機會會變得更大。所以，我們對這個機會感到非常興奮。

In terms of Jupiter investment, we certainly have a fund, and it will increase with the additional $41.5 million that comes in later this month, and we will continue to look at investing internationally, and that could mean in the US market as well as European or Australian markets or wherever we look at higher opportunity markets.

就木星投資而言，我們當然有一個基金，而且隨著本月晚些時候額外到賬的 4150 萬美元，這個基金還會繼續增長，而且我們將繼續考慮在國際上進行投資，這可能意味著在美國市場以及歐洲或澳大利亞市場，或者任何我們認為機會更大的市場。

We're looking at the right opportunities where obviously we'll see the benefit of that investment. What I would say comfortably is moving money into the US, where its ring fenced, and you can't access it is probably not our top priority. Our priority will be looking at areas like the (Hemp Delta 9 space) in the US.

我們正在尋找正確的機會，顯然我們將看到投資的效益。我想說的是，將資金轉移到美國，在那裡資金是受到保護的，你無法使用它，這可能不是我們的首要任務。我們的重點將放在美國（Hemp Delta 9 空間）等地區。

So that's kind of, the focus of our international expansion plants, opportunities to continue to drive growth and leverage our IP and leverage our brands as possible into those markets.

所以，這就是我們國際擴張工廠的重點，有機會繼續推動成長，並盡可能利用我們的智慧財產權和品牌進入這些市場。

Thanks for that colour Beena. That was, really, helpful there. Second question for me just in terms of looking at the company on a pro forma basis, disclosed, within the financial statements, I believe the company would have had more like $98 million in revenue if (multi-Vendor) for the full quarter, but correct me if I'm wrong there.

感謝 Beena 的那個顏色。這確實很有幫助。對我來說，第二個問題只是從形式上看公司，在財務報表中披露，我相信如果公司（有多供應商）整個季度的收入將達到 9800 萬美元以上，但如果我錯了，請糾正我。

So just any colour in terms of the pro forma of a company, particularly on a profitability basis for EBITDA and how that also trended, both sequentially and year over year just give us a better picture in terms of the trends on a pro forma basis.

因此，就公司預測數據而言，任何顏色，尤其是 EBITDA 的盈利能力以及其趨勢（無論是按季度還是按年），都可以讓我們更好地了解預測數據的趨勢。

Thank you.

謝謝。

Perhaps I'll start and then I'll pass this one over to Greg to comment further. So first of all, very important to highlight again, there's seasonality in the cannabis business. The 4th quarter is always our strongest quarter given the summer months where a consumption highest.

也許我會開始，然後將這個問題交給格雷格（Greg）進一步評論。因此首先，需要再次強調的是，大麻業務具有季節性。由於夏季是消費量最高的時期，因此第四季始終是我們業績最強勁的一個季度。

And so, we like to really focus on year over year as opposed to sequential quarters as you would in normal seasonal type of industry.

因此，我們真正喜歡專注於同比變化，而不是像正常季節性產業那樣專注於連續季度的變化。

So that's the first point, Motif, we only had, as we said, 3 weeks of their numbers in our consolidated financials, but we will see significant consolidated earnings next quarter, and we expect as typically in our business that our back half of the year will be a much stronger in terms of revenue than the front half of the year that is the seasonality of our business.

這是第一點，正如我們所說，Motif 在我們的合併財務報表中只有 3 週的數據，但下個季度我們將看到可觀的合併收益，並且我們預計，正如我們業務的典型情況一樣，我們下半年的收入將比上半年強勁得多，這是我們業務的季節性。

And on that maybe I'll pass it over to Greg to add some further comments.

關於這一點，我或許會把它交給格雷格 (Greg) 來添加一些進一步的評論。

Sure, thanks Beena, like I mentioned, we expect consolidated EBITDA, including both Organigram and Motif, to exceed our EBITDA from last year and like Beena mentioned, the seasonality will play a role here. We expect Q3 and Q4 to be the time period when that profitability really ramps up and it's not just the increased volume that we're driving. But also, in the back half of the year is when we really start to expect to see the synergies starting to take hold.

當然，感謝 Beena，就像我提到的那樣，我們預計包括 Organigram 和 Motif 在內的合併 EBITDA 將超過去年的 EBITDA，而且就像 Beena 提到的那樣，季節性將在這裡發揮作用。我們預計第三季和第四季將是獲利能力真正提升的時期，而這不僅僅是我們所推動的銷售成長。但是，今年下半年我們才真正開始期待看到綜效的表現。

As I mentioned, we expect to get realize about $5 million out of the (10) of annual run rate synergies in the back half of the year. So, we'll see that in our profitability.

正如我所提到的，我們預計在今年下半年從 (10) 的年度運行率協同效應中實現約 500 萬美元。所以，我們會在獲利能力中看到這一點。

In terms of, cash flow, we expect that positive cash flow from operations for the end of the year and, positive cash flow from operations for the full year, by the time we get to the end of Q4.

就現金流而言，我們預計今年年底的經營現金流將為正，到第四季末，全年的經營現金流將為正值。

I think next quarter we'll start to see some of the benefits, but really the synergies that we'll get through the cost savings and the THC diamond input costs, really that's going to start flowing through in the in the 3rd quarter and 4th quarter and we'll see a significant benefit from that.

我認為下個季度我們將開始看到一些好處，但實際上，透過成本節約和 THC 鑽石投入成本獲得的協同效應，實際上將在第三季度和第四季度開始顯現，我們將從中看到顯著的好處。

Okay great thanks for the call there. I'll jump back in the queue.

好的，非常感謝您打電話來。我將重新回到隊列中。

Yewon Kang, Canaccord Genuity.

Yewon Kang，Canaccord Genuity。

Hi, good morning.

嗨，早安。

Thank you for the question. Just wanted to get your thoughts on the strength of international markets, specifically Germany, and the timing of the EU GMP certification completion in your Moncton facility.

感謝您的提問。只是想了解您對國際市場（特別是德國）實力的看法，以及您在蒙克頓工廠完成歐盟 GMP 認證的時間。

So obviously good to see that Germany has seen the forex growth in its medical programs since April of last year. But lately we've also seen more LPs moving into that space, and given that the certification will be completed by spring of this year, how are you thinking about the growth profile by then versus how it's tracking today?

顯然，我們很高興看到德國的醫療項目外匯支出自去年四月以來出現成長。但最近我們也看到越來越多的 LP 進入該領域，鑑於認證將在今年春季完成，您認為屆時的成長情況與目前的成長相比有何不同？

Do you foresee any headwinds related to oversupply in that market, which was something that we've seen in Israel previously? Just wanted to get your guys' thoughts on that.

您是否預見到該市場會出現與供應過剩相關的阻力，就像我們之前在以色列看到的一樣？只是想聽聽你們對此的看法。

Thank you.

謝謝。

Yes, no problem. So, here's the story. I mean right now there's limited barriers I guess to product moving into export markets when you go through converters, so you could get any GACP flower could move through a converter in let's say Portugal and get into the market.

是的，沒問題。故事是這樣的。我的意思是，目前，當您通過轉換器時，產品進入出口市場的障礙有限，因此任何 GACP 花卉都可以通過葡萄牙的轉換器進入市場。

But once we get our certification in our facility, not only does that eliminate the middleman, which increases obviously our margins and our end customers' margins as they get our product, not only will that happen, as you recall with the $21 million investment in Sanity Group, one of the agreements was our actual demand would go up or Sanity's demand for our flower would go up once we receive our EU-GMP certification.

但一旦我們的工廠獲得認證，不僅可以省去中間商，而且在他們獲得我們的產品時顯然可以提高我們的利潤和最終客戶的利潤，不僅如此，正如你記得的，我們對 Sanity 集團投資了 2100 萬美元，其中一項協議是，一旦我們獲得 EU-GMP 認證，我們的實際需求就會增加，或者 Sanity 對我們的需求就會增加花卉需求。

So really, yes, there's more players moving product in, but we have a strong partnership in Sanity Group. We have demand that will go up and certainly we see the opportunity of taking advantage of that EU-GMP certification not only in Germany but other markets.

所以確實有更多的參與者引入產品，但我們與 Sanity Group 建立了強大的合作夥伴關係。我們的需求將會上升，我們當然看到了利用歐盟 GMP 認證的機會，不僅在德國，而且在其他市場。

The reality is our Investment in our Moncton facility has allowed us to produce high quality product at a lower cost. So, while right now the margins are really strong on international sales, obviously because they don't have the excise tax on them, there will be price compression in international markets.

事實上，我們對蒙克頓工廠的投資使我們能夠以較低的成本生產高品質的產品。因此，雖然目前國際銷售的利潤率很高，但顯然因為沒有消費稅，國際市場的價格會受到壓縮。

That's just going to happen as more players are moving product there, but we have the advantage of a low cost base, a high quality product that goes out and strategic partnerships with customers like Sanity Group where we know we're going to have increased demand obviously by taking out the middleman of the converters as well so we feel pretty good about short term growth projections on international.

隨著越來越多的參與者將產品轉移到那裡，這種情況將會發生，但我們的優勢在於低成本基礎、高品質的產品以及與 Sanity Group 等客戶建立的策略合作夥伴關係，我們知道，透過取消中間商，我們的需求顯然會增加，因此我們對國際短期成長預測感到十分樂觀。

And as I said earlier there is opportunity to start moving into some of those extract sales as well into markets like Australia that we believe we will have opportunity to expand that access and change the dynamics a bit from just flower exports to vapes or gummies and expand that opportunity that probably doesn't have the same level of competition as flower does.

正如我之前所說的，我們有機會開始進入一些提取物的銷售市場，以及進入澳大利亞等市場，我們相信我們將有機會擴大這一渠道，並稍微改變一下格局，從花卉出口轉向電子煙或軟糖，擴大這一機會，因為這些市場的競爭程度可能與花卉市場不同。

So, we're pretty confident about the growth in our international projections for the balance of this year.

因此，我們對今年剩餘時間的國際預測成長非常有信心。

Thanks for the colour, and if I could just shift gears back to the Canadian domestic market, obviously, the new federal election is happening very soon, I guess just how are you guys thinking about the impacts of the government changing potentially, and, specifically its impacts on the excise tax reform that has been recommended by the current government's committee going forward.

感謝您的關注，如果我可以把話題轉回加拿大國內市場，顯然，新的聯邦選舉即將舉行，我想你們是如何看待政府變化的潛在影響的，特別是它對現任政府委員會建議的消費稅改革的影響。

Great question.

好問題。

So, look, we spent a lot of time thinking through what the change in government could be. So, if there is a new conservative government, we believe they will be supportive of the industry.

所以，你看，我們花了很多時間思考政府的變化可能會是什麼。因此，如果有新的保守黨政府上台，我們相信他們會支持這個產業。

The stance has changed over the years. They will be supportive really to be able to show how they could fix what the liberals messed up; I think. Their focus will be on, cracking down on crime, their axing the tax and reduction of red tape.

多年來，我們的立場已經改變了。他們將會真正給予支持，以便能夠展示如何解決自由主義者所搞砸的事情；我認為。他們的重點將是打擊犯罪、削減稅收和減少繁文縟節。

And so, if you apply that to the cannabis industry, we think, there's obviously the crackdown on the illicit market and that conversion, which I think we'll take a bigger position on than what we've seen with the liberal government.

因此，如果將其應用於大麻產業，我們認為，顯然會對非法市場和轉化進行打擊，我認為我們將比自由黨政府採取更嚴厲的立場。

We expect that will see a harmonized stamp, so a national stamp across the country, which would eliminate some of the provincial barriers that we're seeing between right now that is a big news topic with the tariffs, and we do expect to see some, other red tape reductions which they would focus on.

我們預計將會看到統一的印花稅，也就是在全國範圍內使用的國家印花稅，這將消除我們現在看到的一些省級壁壘，這是關稅的一個大新聞話題，我們確實預計會看到他們重點關注的一些其他繁瑣手續的減少。

In terms of excise reform that you asked about, I think given their focus on axing the tax. We think that excise tax will come under a part of the broader tax review and the idea of strengthening the cannabis industry so that we could leverage our first user advantage and export more products internationally would be sort of supporting our national stance with this whole challenge south of the border.

關於您詢問的消費稅改革，我認為他們重點關注的是削減稅收。我們認為消費稅將納入更廣泛的稅收審查，而加強大麻產業的想法，以便我們可以利用我們的第一個用戶優勢並向國際上出口更多的產品，這將在某種程度上支持我們應對邊境以南的整個挑戰的國家立場。

All that being said, if the liberals do stay in power, we think the change in leadership in the liberals will allow an open door for relooking at, sort of some of the disappointing results we've seen of the current liberal government on advancement.

話雖如此，如果自由黨確實繼續執政，我們認為自由黨領導層的變動將為重新審視當前自由黨政府在進步方面取得的一些令人失望的成果打開大門。

We think there will be a heavy emphasis on economic growth and innovation and to counter US economic measures, so. For us we think this could be an opportunity regardless of which government comes in.

我們認為，我們將重點關注經濟成長和創新，並應對美國的經濟措施。對我們來說，我們認為無論哪個政府上台，這都是一個機會。

We think that changing the excise tax rates would help to strengthen our industry. It's an industry that contributes a lot to our GDP.

我們認為改變消費稅率將有助於增強我們的產業。這個產業對我們的 GDP 貢獻很大。

We need to find other industries that hire. People investing in capital expansion. There's an international demand for cannabis as more and more markets open up to medical markets. We produce great quality product, and I think both possible governments will see the opportunity of leveraging this industry in a bigger way than our current government.

我們需要尋找其他招募人員的行業。投資於資本擴張的人。隨著越來越多的市場向醫療市場開放，國際上對大麻的需求也日益增加。我們生產高品質的產品，我認為兩個可能的政府都會看到比現任政府更大程度地利用這個行業的機會。

Thanks for the colour Beena. I'll jump back into the queue.

感謝 Beena 的色彩。我將重新回到隊列中。

(Operator Instructions)

（操作員指令）

We have no further questions in our queue at this time. Beena, I will turn the call back to you for closing comments.

我們目前沒有其他問題。Beena，我將把電話轉回給您，讓您作最後評論。

Well, thank you everybody for joining our call today. We're very excited about the quality of our earnings over Q1 of last year and our projections for the balance of this year. We look forward to updating you further in the upcoming quarters. Thanks for joining.

好吧，感謝大家今天參加我們的電話會議。我們對去年第一季的獲利品質以及今年剩餘時間的預測感到非常興奮。我們期待在接下來的幾個季度為您提供進一步的更新。感謝您的加入。

Ladies and gentlemen, this does conclude today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation and you may now.

謝謝您的參與，現在您就可以了。