Prenetics Global Ltd (PRE) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Predetics First Quarter 2026 Earnings Conference Call. As a reminder, this call is being recorded.

各位好，歡迎參加 Prenetics 2026 年第一季財報電話會議。提醒各位，本次電話會議將被錄音。

Your hosts today are Danny Yeung, Chief Executive Officer and Co-Founder; and Brian Rosen, CFO of IM8, and Stephen Lo, Chief Financial Officer.

今天的主持人為共同創辦人兼執行長 Danny Yeung；以及 IM8 的財務長 Brian Rosen，與財務長 Stephen Lo。

Ms. Yeung and Mr. Lowe will present results of operations for the first quarter ending March 31, 2026, and provide a corporate update. A press release detailing these results was released today and is available on the Investor Relations section of our company's website, www.prenetics.com.

Yeung 女士與 Lo 先生將報告截至 2026 年 3 月 31 日止第一季的營運成果，並提供公司最新進展。詳述本次結果的新聞稿已於今日發布，並可於本公司網站投資人關係專區 www.prenetics.com 查閱。

Before we begin the formal presentation, I'd like to remind everyone that statements made on this call and webcasts may include predictions, estimates, and other information that might be considered forward-looking.

在我們開始正式簡報之前，我想提醒各位，本次電話會議與網路直播中的陳述可能包含預測、估計及其他可能被視為前瞻性陳述的資訊。

These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially and are not a guarantee of future performance.

這些陳述係依據 1995 年《美國私人證券訴訟改革法案》的安全港條款作出。雖然這些前瞻性陳述代表我們目前對未來的判斷，但其仍受風險與不確定性影響，可能導致實際結果出現重大差異，且不保證未來表現。

Caution not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we're not obligating ourselves to revise or publicly release the results of any revision of these forward-looking statements in light of new information or future events.

請勿過度依賴這些前瞻性陳述，其僅反映截至本次簡報日期的我們之觀點。亦請注意，基於新資訊或未來事件，我們不承擔修訂或公開發布任何前瞻性陳述修訂結果之義務。

Throughout today's discussion, we'll attempt to present some important factors relating to our business that may affect our predictions. Unless otherwise specified all the information provided on this call as of today's date, and we undertake no duty to update such information.

在今天的討論中，我們將嘗試說明一些與本公司業務相關、可能影響我們預測的重要因素。除非另有說明，本次電話會議所提供之所有資訊均以今日為準，且我們不承擔更新該等資訊之義務。

For a complete discussion of these factors and other risks, you should review our annual reports with other documents and disclosures on file with the Securities and Exchange Commission at www.scc.gov. At this time, I'd like to turn the call over to Prenetics Chief Executive Officer Danny Young. Please go ahead, sir.

如需完整了解上述因素及其他風險，請查閱我們的年度報告，以及向美國證券交易委員會提交並存檔於 www.scc.gov 的其他文件與揭露。現在，我想把電話交給 Prenetics 執行長 Danny Young。先生，請開始。

Great. Thank you, and good morning, everyone, dialing in from New York today. Thank you so much for joining us. Alongside the earnings release this morning, I encourage everyone to review our latest investor presentation, which is on our website at Printetix.com. There's a lot of new cohort detail in there worth looking through.

好的。謝謝，各位早安；我今天從紐約撥入。非常感謝各位參與。除了今天早上的財報新聞稿外，我也建議各位查看我們最新的投資人簡報，已上傳至我們的網站 Printetix.com。裡面有許多新的分群（cohort）細節，值得仔細閱讀。

I just want to start out by saying that 17 months ago, we launched IMA with a single product, no customers, and zero revenue. Today, we are shipping to 43 countries, delivering approximately 150,000 servings every single day. And we are tracking to reach roughly $186 million in annualized recurring revenue based on IMA's monthly revenue in May.

我想先說，17 個月前，我們以單一產品推出 IMA，當時沒有客戶、也沒有任何營收。今天，我們已出貨至 43 個國家，每天交付約 150,000 份（servings）。並且，依據 IMA 5 月的月營收推算，我們正朝向約 1.86 億美元的年化經常性收入（ARR）。

This is what product market fit looks like at scale. Q1 was our best quarter as a consumer health company, and April and May are tracking better still. I want to frame three things this morning: the company we have become, the engine driving the numbers, and what's ahead.

這就是規模化的產品市場契合（product-market fit）應有的樣子。第一季是我們作為消費者健康公司表現最佳的一季，而 4 月與 5 月的走勢更佳。今天早上我想聚焦三件事：我們已成為怎樣的公司、推動數字的引擎，以及未來展望。

First, the company, the Prenetics that went public in 2022 was a diagnostics and genome testing business built around laboratory testing, a very different revenue model, a different growth profile. The Prenetics you see today is something entirely different.

首先談公司本身：Prenetics 在 2022 年上市時，是以實驗室檢測為核心的診斷與基因組檢測業務，營收模式與成長曲線都截然不同。而你們今天看到的 Prenetics，已完全不同。

We are now a care-play consumer health company anchored by IM8, recurring subscription revenue, expanding gross margins, global distribution across 43 countries, operating disciplines built around unit economics. Over the past nine months, we've also divested three businesses, ACT Genomics, Europa, and Insighta, redeploying capital into our highest conviction growth asset.

我們現在是一家以照護為核心的消費者健康公司，以 IM8 為支柱，具備可重複的訂閱型經常性收入、持續擴張的毛利率、覆蓋 43 國的全球分銷，以及以單位經濟（unit economics）為核心的營運紀律。過去九個月，我們也已剝離三項業務：ACT Genomics、Europa 與 Insighta，並將資本重新配置至我們最具信心的成長資產。

The brand, the team, the science, and the channels have all been rebuilt. When you evaluate our results, you evaluate them through that lens. This is, in every meaningful sense, a new company. In regard to Q1, yeah, so on a continuing operational basis, total revenue was $36 million, up approximately 333% year over year.

品牌、團隊、科學與通路都已全面重建。當你評估我們的成果時，應以此為視角。在所有重要意義上，這是一家全新的公司。就第一季而言，是的，在持續營運基礎上，總營收為 3,600 萬美元，年增約 333%。

IMA contributed $33.8 million, nearly 6x year-over-year, and up 23% sequentially over an already strong Q4. IMA gross margins expanded to 64%, a roughly 400 basis point improvement quarter-over-quarter. Gross profit grew 315% year-over-year to $23.3 million. Active subscribers grew to $82,000, and 93% of IMA revenue came from subscriptions.

IMA 貢獻 3,380 萬美元，年增近 6 倍，且在已相當強勁的第四季基礎上，季增 23%。IMA 毛利率擴張至 64%，較前一季提升約 400 個基點。毛利年增 315% 至 2,330 萬美元。活躍訂閱戶增至 82,000 名，且 IMA 營收的 93% 來自訂閱。

Servings delivered grew 28% sequentially to $8.8 million for the quarter. That's real consumption, not orders just sitting in pantries. And the acceleration has not stopped.

本季交付的份數（servings）季增 28% 至 880 萬份。這是真實的消費量，而不是只是放在儲藏室裡的訂單。而且加速成長尚未停止。

April delivered $14 million IMA monthly revenue of 18.6% over March. IME monthly revenue in May is tracking to approximately $15.5 million, implying annualized recurring revenue of roughly $186 million. The single most important thing that we did this quarter wasn't a new product, it was completing the international rollout of quarterly subscriptions.

4 月 IMA 月營收達 1,400 萬美元，較 3 月成長 18.6%。5 月 IMA 月營收目前預估約 1,550 萬美元，意味著年化經常性收入約 1.86 億美元。本季我們做的最重要的一件事不是推出新產品，而是完成季訂閱方案的國際化上線。

We started in the U.S. In Q4 of last year and extended it globally in Q1. The impact has been very substantial. Our average order value has stepped up from approximately $110 for full-year 2025 to new customer average order value of $157 in Q4, '25 to $240 in Q1 2026, a 53% sequential increase and more than 2x of our full-year '25 baseline.

我們在去年第四季先於美國推出，並在第一季擴展至全球。其影響非常顯著。我們的平均訂單金額（AOV）已從 2025 全年的約 110 美元，提升至 2025 年第四季新客 AOV 的 157 美元，再到 2026 年第一季的 240 美元，季增 53%，且較 2025 全年基準高出逾 2 倍。

Our payback period compresses, cash flow improves, and critically, retention has seen stronger. Our new customer subscription rate is approximately 79%, essentially unchanged from Q4. People aren't being pushed into law on commitment. They're choosing it because the product works.

我們的回收期縮短、現金流改善，更關鍵的是，留存表現更強。新客訂閱率約為 79%，與第四季基本持平。人們並不是被迫做出長期承諾。他們是因為產品有效而主動選擇。

Now let me give you the cohort data because this is where the story gets really interesting. On January 2026, our quarterly cohort generated $587 in cumulative revenue per customer in just four months. For context, our January 25 monthly cohort took 12 months to reach $549.

接下來我提供分群（cohort）數據，因為故事在這裡變得非常有意思。2026 年 1 月的季訂閱分群，在短短四個月內，每位客戶累計貢獻 587 美元營收。作為對照，我們 2025 年 1 月的月訂閱分群花了 12 個月才達到 549 美元。

So basically, four orders today equals 12 orders a year ago. We are collecting cash roughly three times faster per customer than we were just one year ago when we first launched. Extrapolating that trajectory, current cohorts are tracking toward an implied 12-month LTR of $900 to $1,100 versus the $571 we delivered on mature cohorts.

也就是說，現在的 4 次下單，等同於一年前的 12 次下單。相較於我們剛推出時，我們現在每位客戶的現金回收速度大約快了三倍。依此趨勢外推，目前分群正朝向隱含的 12 個月 LTR（終身收入）約 900 至 1,100 美元，相較之下，我們在成熟分群上交付的是 571 美元。

And 81% of the cumulative 12-order revenue in our matured cohorts comes from repeat purchases. That puts our net repeat revenue well ahead of every public DTC pair that discloses a comparable metric, bell ring at 52%, fakes at 50%, obviously at 45%. We are operating in a very different league on retention.

而在我們成熟分群的累計 12 次下單營收中，有 81% 來自重複購買。這使得我們的淨重複營收明顯領先所有披露可比指標的上市 DTC 同業：BellRing 為 52%、Fakes 為 50%、Obviously 為 45%。我們在留存方面所處的層級完全不同。

Given the trajectory and the momentum that we are seeing, we are raising our full year 2026 IMA revenue guidance to $190 million to $210 million, up from our prior range of $180 million to $200 million.

鑑於我們所看到的發展軌跡與動能，我們將 2026 全年 IMA 營收指引上調至 1.90 億至 2.10 億美元，高於先前的 1.80 億至 2.00 億美元區間。

For Q2, we expect total revenue of $46 million to $48 million, with IMA contributing $44 million to $46 million. Which marks an approximately 33% sequential quarterly growth in just IMA revenue. And importantly, this guidance excludes the three Q4 product launches, hydration, creatine, and kids gummies.

就第二季而言，我們預期總營收為 4,600 萬至 4,800 萬美元，其中 IMA 貢獻 4,400 萬至 4,600 萬美元。這代表僅 IMA 營收的季對季成長約 33%。而且重要的是，此指引不包含第四季的三項產品上市：補水、肌酸與兒童軟糖。

Those are pure upside. I want to also spend a few minutes talking about the three, the engine behind the numbers. Three things make this engine work, and each is a moat that compounds.

這些都是純粹的上行空間。我也想花幾分鐘談談這三項——也就是這些數字背後的引擎。有三件事讓這個引擎運轉，而每一項都是會隨時間複利累積的護城河。

The first one, athlete equity alignment. David Beckham, of course, everyone else, co-founder IMA. Irina Sabalenka, world number one tennis player, also joined last June, is also a partner. Our roster has only deepened in Q1, and a week since, we signed up Formula One driver, Ollie Baron.

第一項是運動員股權一致性。大衛・貝克漢當然不用說，與其他人一起共同創辦 IMA。網球世界排名第一的伊蓮娜・薩巴倫卡也在去年六月加入，同時也是合夥人。我們的陣容在第一季持續加深，而在那之後的一週內，我們又簽下了一級方程式車手 Ollie Baron。

More recently, two-time NBA MVP, Giannis. In fact, I was just with Ghana's in Milwaukee last week, so we've got some great content that we're going to be able to show very soon. And most recently, we just announced a partnership with Inter Miami as their official health supplements partner, which also includes an equity state in Prenetics, Neil Wrights with a minimum of four players, including Lionel Messi, and an IMA nutrition center at their training facility.

更近期的是兩屆 NBA MVP「字母哥」Giannis。事實上，我上週才在密爾瓦基與 Giannis 見面，所以我們有一些很棒的內容很快就能展示。而最新的是，我們剛宣布與 Inter Miami 合作，成為其官方健康補充品合作夥伴；合作內容也包含 Prenetics 的股權持有、Neil Wrights 與至少四名球員（包含 Lionel Messi）的合作，以及在其訓練基地設立 IMA 營養中心。

Every one of these partners holds equity in Prenetics. Their incentives compound with hours over years, not campaigns. And let me address something directly because I know it's a question on people's minds. There is an assumption that partnerships like these cost a fortune.

上述每一位合作夥伴都持有 Prenetics 的股權。他們的激勵是以多年累積的投入時間來複利成長，而不是靠一次次行銷活動。我也想直接回應一件事，因為我知道大家心中都有這個疑問。很多人以為這類合作要花一大筆錢。

In fact, they do not. Because of the strength of our brand and our equity alignment model, we secure highly favorable terms. Relative to our revenue base, each of these partnerships are not material to us from a financial cost perspective.

事實上並不會。憑藉我們品牌的實力與股權一致性的模式，我們能取得非常有利的條款。相對於我們的營收規模，從財務成本角度來看，這些合作對我們都不具重大性。

They are nowhere near the multi-million dollars per year category that some may assume. We are building a roster no challenge or brand can match, and we are building it officially. And I can H1stly say that each of these individual partners that we do have, they take the product every single day, they tell their friends and family about it, and it spreads very fast.

它們遠遠不到某些人以為的「每年數百萬美元」等級。我們正在打造一個任何競品或品牌都無法匹敵的陣容，而且我們是在正式地把它建立起來。我也可以坦白說，我們現有的每一位合作夥伴都每天使用產品、也會推薦給親友，因此擴散速度非常快。

The second thing we have at the moment, we believe, is our science. Our scientific advisory board spans individuals, doctors, physicians, scientists from Mayo Clinic, Cedars-Sinai, and even NASA. We have completed a randomized control trial behind our flagship product, and two new randomized control trials are underway covering gut health and longevity, and we believe we can complete these two trials by the end of the year.

第二項，我們認為是我們的科學實力。我們的科學顧問委員會涵蓋來自 Mayo Clinic、Cedars-Sinai，甚至 NASA 的個人、醫師、臨床醫師與科學家。我們已完成針對旗艦產品的隨機對照試驗（RCT），並且另有兩項新的 RCT 正在進行，涵蓋腸道健康與長壽領域；我們相信可在年底前完成這兩項試驗。

RCT great clinical evidence is extremely rare in supplements, but we believe it's worth investing in, and that will be a very defensible mold that we can build. Thirdly, we have an AI-driven marketing engine. Just to put into perspective, when we first started out last year, we had about 50 ads running. Today, on any given time, we have about 3,000 live meta ads, which is a 60x increase since launch.

在補充品領域，具備 RCT 的高品質臨床證據極為罕見，但我們認為值得投入，這也將成為我們可建立的、非常具防禦性的護城河。第三項，我們擁有 AI 驅動的行銷引擎。為了讓大家有概念，去年我們剛起步時，大約只有 50 支廣告在投放。而今天，在任何時間點，我們大約有 3,000 支 Meta 線上廣告在跑，較上市以來增加了 60 倍。

We put out roughly 600 to new ads on a weekly basis. And now our AI created a pipeline, tested, iterates, and learns faster than legacy DTC competitors. A single Arena Sabalenka Instagram Reel last year drove 233 million views and was the number one social at in Instagram in 2025.

我們每週大約會推出 600 支以上的新廣告。而現在我們的 AI 建立了一條管線，能更快地產出、測試、迭代並學習，速度超越傳統 DTC 競爭者。去年薩巴倫卡的一支 Instagram Reel 就帶來 2.33 億次觀看，並在 2025 年成為 Instagram 上排名第一的社群廣告。

And today, we are also diversifying away from meta concentration. Over the course of 2026, our channel mix is expected to move from approximately 85% meta to roughly 55%, deploying the same proven engine across TikTok, YouTube, AppLovin to unlock new audiences and improved tech.

而今天，我們也正在降低對 Meta 的集中度。在 2026 年期間，我們預期通路組合將從約 85% 的 Meta，調整至約 55%，並把同一套已驗證的引擎部署到 TikTok、YouTube、AppLovin，以觸及新受眾並提升技術效能。

And now let me spend a few minutes talking about what's ahead in terms of our product roadmap, because this is really central to our growth story. In Q4 2026, we are launching three new products. And we haven't mentioned this previously, but we will mention it now. And these three new products are in the category of hydration, creatine, and kids gummies.

接下來我想花幾分鐘談談我們產品路線圖的後續規劃，因為這是我們成長故事的核心。在 2026 年第四季，我們將推出三款新產品。我們之前沒有提過，但現在會正式說明。這三款新產品分別屬於補水、肌酸與兒童軟糖品類。

These are not random line extensions. Each one targets a large, fast-growing category. Each plays to a structural advantage we already have, and each gives our existing community more reasons to make IMA part of their daily lives.

這些並不是隨機的產品線延伸。每一款都瞄準一個規模大且快速成長的品類。每一款都能發揮我們既有的結構性優勢，而每一款也都能讓既有社群有更多理由把 IMA 納入日常生活的一部分。

Starting with hydration, the global hydration category is roughly $37 billion, growing 8% a year. Dominated by the names like Gatorade, Liquid IV, Drip Drop, and OMNT. But here is the opportunity. Most of this category is commoditized sugar and electrolytes.

先從補水開始：全球補水品類約 370 億美元規模，每年成長 8%。主要由 Gatorade、Liquid IV、Drip Drop 與 OMNT 等品牌主導。但機會在這裡。這個品類的大多數產品都已商品化，主要是糖與電解質的組合。

IMA hydration is built to the same premium science-backed clean formulation standard as Daily Ultimate Essentials, third-party tested, NSF certified for sport. And hydration is a category where authentic athlete credibility is the entire game.

IMA 補水產品將採用與 Daily Ultimate Essentials 相同的高端、科學背書、潔淨配方標準，並通過第三方檢測，且取得 NSF 運動認證。而補水是一個「真正的運動員可信度」就是決勝關鍵的品類。

We have Beckham, Sabalenka, Behrman, Giannis, and now Inter Miami. On court and off the court, no challenge or brand can match that alignment. Next, creatine. The global creatine category is about $1.3 billion and growing 26% a year, the fastest growing of the three.

我們有貝克漢、薩巴倫卡、Behrman、Giannis，現在還有 Inter Miami。無論在場上或場下，沒有任何競品或品牌能匹敵這樣的一致性。接著是肌酸。全球肌酸品類約 13 億美元規模，每年成長 26%，是三者中成長最快的。

Creatine is having a genuine cultural moment, expanding well beyond bodybuilding into condition, healthy aging, and women's health. The competitors here are Optimal Nutrition, Muscle Melt, Dorn, and Create. Out differentiator is positioning, IMA, creatine peer strength with condition, creatine plus focus.

肌酸正迎來真正的文化浪潮，應用已遠超健美領域，延伸到體能訓練、健康老化與女性健康。這裡的競爭者包括 Optimal Nutrition、Muscle Melt、Dorn 與 Create。我們的差異化在於定位：IMA 的肌酸主打「肌酸＋力量」、「肌酸＋體能」、「肌酸＋專注」。

Most creepy on the market is the kamami powder. Ours will be formally for both physical and mental performance with the same scientific rigor behind everything that we make. And Durley, kids' gummies.

市面上的大多數肌酸都是單一粉末商品。而我們的產品將以同樣的科學嚴謹度打造，正式定位為同時提升身體與心理表現。最後是兒童軟糖。

The global kids supplement category is roughly $3.6 billion, growing 8% a year, and frankly, it's the category most ripe for disruption. The incumbents, Flintstones, Centrum Kids, Little Critters, are all legacy brands, often loaded with sugar and artificial ingredients, with very little earned parental trust.

全球兒童補充品品類約 36 億美元規模，每年成長 8%；坦白說，這也是最適合被顛覆的品類。既有品牌如 Flintstones、Centrum Kids、Little Critters 多為老牌產品，往往含糖量高、含人工成分，且很難真正贏得家長信任。

The modern challenger Gruens is still young. Our advantage is simple. Parents who trust IMA for themselves will trust it for their children. Our existing customers are overwhelmingly parents. A clean, science-backed, all-in-one, Zero Sugar Kids product is the most natural household extension we could make.

新一代的挑戰者 Gruens 仍然很年輕。我們的優勢很簡單。信任 IMA、願意自己使用的家長，也會信任它給孩子使用。我們現有客戶絕大多數都是家長。一款潔淨、科學背書、全方位、零糖的兒童產品，是我們最自然的家庭延伸。

And here's a critical point that ties it together. Every one of these launches sells into our base of over 82,000 highly engaged, highly loyal subscribers. These are not standalone bets. They deepen the value of every customer we already have. On our internal modeling at illustrative attach rates against our existing base, these three SKUs add. Approximately $178 to $378 of incremental second-year revenue per customer.

以下是一個把一切串起來的關鍵點。上述每一次新品上市，都是銷售給我們超過82,000名高度投入、忠誠度極高的訂閱用戶基礎。這些並非各自獨立的押注。它們會加深我們既有每一位客戶的價值。依據我們內部模型、以對既有用戶基礎的示意性加購率（attach rates）來看，這三個SKU將帶來增量。每位客戶在第二年約可增加178至378美元的增量營收。

To put that in context, that is a meaningful uplift layered on top of the cohort economics I walked through earlier. They extend the brand into the home, they compound the lifetime value of the base, and none of this revenue is in our guidance, is all upside.

把它放在脈絡中看，這是在我先前說明的同批次（cohort）經濟模型之上疊加的一個顯著提升。它們把品牌延伸到居家場景，複利式提升用戶基礎的終身價值（LTV），而且這些營收都未納入我們的財測指引，全部都是上行空間。

Now, let me move on to the capital allocation balance sheet. On the balance sheet, as of today, we have approximately $147 million in cash and financial assets. In the past week, we sold our entire Bitcoin position, 510 Bitcoin, for $41.3 million in cash proceeds already received. The board has also adopted a policy that the company will not purchase Bitcoin or any other digital assets going forward.

接下來我談談資本配置與資產負債表。截至今天，資產負債表上我們約有1.47億美元的現金與金融資產。在過去一週，我們已出售全部比特幣持倉，共510枚比特幣，換得4,130萬美元現金收入，且款項已收訖。董事會也已採納政策，未來公司將不再購買比特幣或任何其他數位資產。

Our capital is most productively deployed behind IM8. We will put these proceeds to work in four places. Potential expansion of our authorized share repurchase program. Accelerated IM8 DTC marketing or union economics are proven. Q4 product pipeline, and continued international expansion.

我們的資本最具生產力的投放方向，是支持IM8。我們將把這些資金投入四個面向。可能擴大我們已核准的庫藏股回購計畫。在聯盟（union）經濟效益獲得驗證後，加速IM8的DTC行銷。第四季產品管線，以及持續的國際擴張。

On the share buyback, we have repurchased approximately $19 million of the $40 million authorized amount since March 6. I, along with senior management, personally added another $2.75 million of open market purchases in previous trading windows.

關於股票回購，自3月6日以來，在已核准的4,000萬美元額度中，我們已回購約1,900萬美元。我與高階管理團隊也在先前的交易窗口期間，個人於公開市場另外加碼買入275萬美元。

That is my conviction in this company rented in my own capital. And what's ahead? Let me close with where we're headed. We are operating in a $209 billion global supplements market, growing roughly 8% per year. Even at our current revenue targets for 2026, we represent approximately 0.1% market share, with approximately $200 million revenue guidance for 2026.

這就是我對這家公司的信念——以我自己的資金投入。那接下來呢？最後我用我們的前進方向作結。我們所處的是一個2,090億美元的全球營養補充品市場，每年約成長8%。即使以我們目前對2026年的營收目標來看，我們的市占率約僅0.1%，而2026年的營收指引約為2億美元。

A $1 billion brand at just 0.5% global market share is well within reach. And that's before laying in new products, new geographies and additional subscription frequencies. The runway and upside is enormous, and we believe we are still in the very early innings. I'll say this plainly, I believe we are building a multi-billion dollar consumer health brand, a generational health brand.

在全球市占率僅0.5%的情況下，成為10億美元品牌是完全可及的。而這還未納入新產品、新地理市場與更多訂閱頻率。成長跑道與上行空間非常巨大，我們相信我們仍處於非常早期的階段。我直白地說，我相信我們正在打造一個數十億美元規模的消費者健康品牌，一個跨世代的健康品牌。

The product works, evidenced by the 16,000 five-star reviews you see. The science is real, the athletes are aligned, the engine compounds, and the data is doing the talking. With that, I'd like to welcome Brian Rosen, who joins us today as our Chief Financial Officer of IM8.

產品有效，從你們看到的16,000則五星評價即可證明。科學是真實的，運動員高度一致，成長引擎具備複利效應，而數據正在替我們說話。接下來，我想歡迎Brian Rosen，他今天加入我們，擔任IM8的財務長（CFO）。

And in fact, it's Brian's first day today. And Brian brings with us nearly two decades of finance leadership across premium consumer health and DTC subscription brands. And I believe he'll be a big asset moving forward. Brian, over to you.

事實上，今天是Brian的第一天上任。Brian在高端消費者健康與DTC訂閱品牌領域，擁有近二十年的財務領導經驗。我相信他將會是我們未來前進的重要資產。Brian，交給你。

Thank you, Danny. And good morning, everyone. Pleasure to be here on the call and on my first day at that. Before Stephen walks through the Q1 numbers in detail, I'll take just a couple moments to introduce myself and explain why I joined.

謝謝你，Danny。各位早安。很高興能在電話會議上與大家見面，而且還是在我到職第一天。在Stephen稍後詳細說明第一季數字之前，我先花一點時間自我介紹，並說明我為何加入。

First, a little bit about my background. I've spent nearly two decades at the intersection of consumer health, subscription supplements, and D2C e-commerce, especially in premium brands. Most recently, I was Chief Financial Officer and Senior Vice President of e-commerce operations at Wellbeing Consumer Health, a private equity-backed wellness platform.

首先，簡單談談我的背景。我在消費者健康、訂閱制補充品與D2C電商的交會點深耕近二十年，特別是在高端品牌。最近，我在Wellbeing Consumer Health擔任財務長與電商營運資深副總裁；該公司是一個由私募股權支持的健康平台。

WellBeam's portfolio included BioTrust in healthy aging nutrition, U-Natural in women's hormonal and specialty supplements, and TruSkin, a clean, plant-powered skincare brand. I had joined TruSkin as CFO in 2020 and helped take it through its acquisition by WellBeam in 2021.

WellBeam的投資組合包括：專注健康老化營養的BioTrust、專注女性荷爾蒙與特殊補充品的U-Natural，以及TruSkin——一個乾淨、以植物能量為核心的護膚品牌。我在2020年加入TruSkin擔任財務長，並協助其於2021年被WellBeam收購。

Prior to that, I held CFO roles at Penetrex, Naturalo Premium Supplements, and Rant Inc. All of these were successfully acquired. So I've sat in the operator seat through scale, through capital raises, and through exits, and I know what separates the brands that break through from the ones that stall.

在此之前，我曾在Penetrex、Naturalo Premium Supplements與Rant Inc.擔任財務長職務；這些公司最終都成功被收購。因此我曾以營運者的角色，經歷規模化、募資與退出（exit），也知道是什麼讓品牌能夠突破成長、而不是停滯不前。

Why I joined IM8 is pretty simple. Across every transaction I've ever worked on, the breakout brands share three traits. They all have a founder who cares deeply about the product, real science behind the formulations. And a team that treats every order and every dollar with discipline.

我加入IM8的原因很簡單。在我參與過的每一筆交易中，能脫穎而出的品牌都有三個特質。它們都有一位真正重視產品的創辦人，配方背後有真實的科學依據。以及一個對每一筆訂單、每一塊錢都以紀律對待的團隊。

From my first conversation with Danny, it was obvious this is the exact foundation IME is built on. David Beckham as a co-founding partner, world-class athletes as authentic, equity-aligned users, scientific advisory board members spanning Mayo Clinic, Cedars-Sinai, NASA, RCT-grade clinical validation.

從我第一次與Danny對話就很明顯，這正是IME所建立的基礎。David Beckham作為共同創辦夥伴、世界級運動員作為真實且與股權利益一致（equity-aligned）的使用者、科學顧問委員會成員橫跨梅奧診所（Mayo Clinic）、西達賽奈（Cedars-Sinai）、NASA，以及達到RCT等級的臨床驗證。

And an AI operating model that moves at a pace I've never seen at this scale. Full disclosure, I've been an IMA customer for over a year now. I was on the Beckham stack way before I had met Danny or any of the team. I actually know that the product works because I use it. It was pretty fun to actually meet Danny for the first time, just having used the product for so long.

以及一個AI營運模型，以我從未在這種規模下見過的速度推進。完全揭露：我成為IMA客戶已超過一年。在我認識Danny或團隊任何人之前，我就已經在用Beckham stack。我確實知道產品有效，因為我自己就在用。在使用產品這麼久之後，第一次見到Danny其實相當有趣。

The thing that really ultimately convinced me to join is the cohort data. It's just the math here is tremendous. In my career, I've looked at hundreds of cohort curves on supplement brands, but I've never seen LTV numbers like this.

真正最終說服我加入的，是同批次（cohort）數據。這裡的數學表現非常驚人。在我的職涯中，我看過數百條補充品品牌的cohort曲線，但我從未見過這樣的LTV數字。

81% repeat revenue, $240 in new customer AOV, 2026 cohorts that are tracking to $900 to $1,100 in 12-month revenue per customer. This isn't a marketing story. It's what disciplined unit economics looks like when a brand hits product market fit at scale. My role here is going to be quite clear.

81%的重複營收、240美元的新客AOV，2026年的cohort目前追蹤顯示每位客戶在12個月內可貢獻900到1,100美元營收。這不是行銷故事。這是當品牌在規模化階段達到產品市場契合（product-market fit）時，具備紀律的單位經濟（unit economics）應有的樣子。我在這裡的角色會非常清楚。

Build the financial foundation to support the next phase of growth. And that means three things. First, scaling the finance organization globally to keep pace with the brand. The business is growing faster than most public companies in the category, and the financial infrastructure has to be ready.

建立財務基礎，以支撐下一階段的成長。而這意味著三件事。第一，將財務組織全球化擴編，以跟上品牌的步伐。這項業務的成長速度超過同類別多數上市公司，因此財務基礎設施必須準備就緒。

Second, sharpening capital allocation and unit economic discipline. We need to measure every dollar of marketing spending against payback and LTV, channel by channel, cohort by cohort. The CFO's job in a high-growth D2C business is to make sure we're scaling profitably, not just scaling.

第二，強化資本配置與單位經濟紀律。我們需要逐通路、逐cohort衡量每一美元行銷支出，對照回收期（payback）與LTV。在高成長D2C業務中，CFO的工作是確保我們是在有利可圖地擴張，而不只是擴張。

Third, working hand-in-hand with Danny and the rest of the team to ensure our financial and operational foundation supports the trajectory we have ahead. Looking forward to getting to know our shareholders and the analyst community in the quarters to come.

第三，與 Danny 以及團隊其他成員緊密合作，確保我們的財務與營運基礎能支撐未來的發展軌跡。期待在接下來的幾個季度，逐步認識我們的股東與分析師社群。

With that, I'll turn the call over to Stephen.

接下來，我把電話會議交給 Stephen。

Great. Thank you, Brian, and good morning, everyone. So, a quick note on today's release before I get into the numbers. We are publishing our preliminary results while we complete our quarter-end closing procedures, also non-cash salary items, specifically more liabilities from our December 2025 exchange program.

太好了。謝謝你，Brian，各位早安。在我進入數字之前，先簡短說明一下今天的公告。我們在完成季末結帳程序的同時，先行發布初步結果；此外還包含非現金的薪酬項目，具體而言，是來自我們 2025 年 12 月交換計畫所增加的負債。

And the share consideration that we received from the European business that has secured completed in the first quarter. Now, these items are non-cash and non-operating in nature, and therefore, they did not decide revenue, gross profit, operating loss, or adjusted EBITDA.

以及我們從已於第一季完成交割的歐洲業務所收到的股份對價。這些項目屬於非現金且非營運性質，因此不會影響營收、毛利、營運虧損或調整後 EBITDA。

We expect to provide full financial statements once those procedures are complete.

待上述程序完成後，我們預期將提供完整的財務報表。

And moving on to the financial results, on the continuing operating basis, total revenue for Q1 2026 was $36 million, up approximately 334% year-over-year from $8.3 million in Q1 2025.

接著看財務結果，以持續經營基礎計，2026 年第一季總營收為 3,600 萬美元，較 2025 年第一季的 830 萬美元年增約 334%。

IMA contributed $33.8 million. Circuit DMA contributed $2.2 million. Gross profit was $23.3 million. Up approximately 315% year-over-year. Consolidated gross margin was 64.8%. At the IN8 segment level, the gross margin was 64.3%, up from 16.3% in Q4 2025, and 59.6% a year ago.

IMA 貢獻 3,380 萬美元。Circuit DMA 貢獻 220 萬美元。毛利為 2,330 萬美元。年增約 315%。合併毛利率為 64.8%。在 IN8 分部層級，毛利率為 64.3%，高於 2025 年第四季的 16.3%，也高於一年前的 59.6%。

That's a 400 basis point sequential improvement. The margin expansion is driven by five factors compounding together: scale-driven manufacturing efficiencies as production volumes grew across our flagship lines.

這代表季增 400 個基點。毛利率擴張由五項因素疊加驅動：隨著我們旗艦產品線的產量提升，規模帶動的製造效率提升。

We negotiated unit economics with key contract manufacturers and ingredient suppliers, favorable product mix and shift towards high-margin SKUs and subscription orders, packaging optimization. And also improved fulfillment and sales deficiencies as oil density grew across our 43 international markets. We expect to sustain these deficiencies through the balance of 2026 as volume scaled further and supply chain initiatives matured.

我們與主要代工廠與原料供應商重新協商單位經濟效益；有利的產品組合並轉向高毛利 SKU 與訂閱訂單；包裝最佳化。以及隨著我們在 43 個國際市場的銷售密度提升，履約與銷售效率也有所改善。隨著規模進一步擴大、供應鏈措施逐步成熟，我們預期在 2026 年剩餘期間可維持這些效率提升。

Lossing operations for this quarter was 8.9 million, compared with 6 million in Q1 2025. Adjusted EBITDA loss was $5.6 million compared to $4.5 million in Q1 2025. The model year-over-year increase despite the liquid marketing investment behind the international quarterly subscription rollout is investment that as Dan just walked through, it's already showing in our cohort economics.

本季營運虧損為 890 萬美元，較 2025 年第一季的 600 萬美元增加。調整後 EBITDA 虧損為 560 萬美元，較 2025 年第一季的 450 萬美元增加。儘管我們在國際季度訂閱推廣上加大行銷投資，模型仍呈現年增；正如 Dan 剛才所說，這些投資已經反映在我們的同群（cohort）經濟效益上。

And I will also cite that the EBITDA range that we disclosed in the press release, which is not small, that range is driven entirely by the non-cash and non-operating family movements on borrowing liabilities and consideration shares as part of the URIPO divestment. And again, these have no impact on operating performance.

我也要指出，我們在新聞稿中揭露的 EBITDA 區間（幅度不小），其區間完全是由非現金、非營運性的項目所驅動，包括借款負債與對價股份的公允價值變動，這些是 URIPO 出售案的一部分。再次強調，這些對營運表現沒有影響。

And moving on to the balance sheet. Cash and cash equivalent at the end of the quarter is. Fifty-six million, we have no debt. We also held 334.8 million in Bitcoin and approximately 15 million in current financial assets, measures that through P&L, and that actually represents our investment in investment funds.

接著看資產負債表。季末現金及約當現金為5,600 萬美元，我們沒有負債。我們也持有 3,348 萬美元的比特幣，以及約 1,500 萬美元的流動金融資產（透過損益衡量），這實際上代表我們對投資基金的投資。

Subsequent to our quarter-end, we sold our entire 510 Bitcoin position for 41.3 million in cash proceeds, which we have already received in full.

在季末之後，我們已出售全部 510 枚比特幣部位，取得 4,130 萬美元現金收入，且已全數收訖。

And with the completion of this investment, our estimated cash value has increased to approximately 191.3 million. Combined with our financial investments in funds and cash, we have financial resources of about 147 million.

隨著這項投資完成，我們估計的現金價值已增加至約 1.913 億美元。結合我們在基金的金融投資與現金，我們的金融資源約為 1.47 億美元。

The under 40 million cash repurchase program, we have actually deployed approximately 19 million and we bought approximately. 968,000 shares, and with the management team personally investing an additional $2.75 million in open market purchases in our previous trading windows.

在不超過 4,000 萬美元的庫藏股回購計畫下，我們實際已投入約 1,900 萬美元，回購約 968,000 股；此外，管理團隊也在先前的交易窗口期間，以公開市場買進方式個人額外投資 275 萬美元。

Looking ahead, based on Q1 results, an April I&H monthly revenue of $14 million. That's really up 18.6 months over the month. We are raising our full-year 2026 IMA revenue guidance to $119 million to $210 million, up from our prior $118 million to $200 million range.

展望未來，基於第一季結果，以及 4 月 I&H 月營收為 1,400 萬美元。這確實較前一個月成長 18.6%。我們將 2026 全年 IMA 營收指引上調至 1.19 億至 2.10 億美元，高於先前的 1.18 億至 2.00 億美元區間。

For Q2 specifically, we expect total revenue of $46 million to $48 million, with IMA contributing $44 million to $46 million. Representing approximately 33% sequential quarterly growth over IMH Q1 revenue of $33.8 million.

就第二季而言，我們預期總營收為 4,600 萬至 4,800 萬美元，其中 IMA 貢獻 4,400 萬至 4,600 萬美元。相較於 IMH 第一季 3,380 萬美元的營收，約為季增 33%。

And as Danny noted, in Q4 of this year, we plan to have three product launches, hydration, creatine, and kids companies, and these are not included in this guidance and represent incremental upside.

另外如 Danny 所提到，我們計畫在今年第四季推出三項產品：補水（hydration）、肌酸（creatine）以及兒童產品；這些尚未納入本次指引，並代表額外的上行空間。

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

接下來，我們開放提問。

Operator, please.

請接線員開始。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Ryan Myers from Mainstreet Capital

Mainstreet Capital 的 Ryan Myers

Hey, guys. Thanks for taking my questions, Brian. It's great to meet you and, welcome to the story. Looking forward to getting knowing you better.

嗨，各位。謝謝回答我的問題，Brian。很高興認識你，也歡迎加入這個故事。期待之後能更了解你。

Just to kick things off, curious, how have you guys seen customer acquisition efficiency trend, especially as you called out in your slide deck, looking to diversify sort of the channels in which you guys are marketing. So maybe how would that make things more efficient as well?

先從一開始的問題：我想了解你們看到的客戶獲取效率趨勢如何？尤其你們在簡報中提到，希望讓行銷渠道更多元化。所以這會如何也讓效率提升？

Yeah.

是的。

Hey, Ryan. Good to hear from you. So in terms of our customer acquisition, right? So as I mentioned earlier, roughly 85% of our current spend is on Meta and 15% on Google, right? And so that's been quite consistent, yeah, from when we launched until now.

嗨，Ryan。很高興聽到你的聲音。就客戶獲取而言，對吧？如我先前提到，我們目前約 85% 的支出在 Meta、15% 在 Google，對吧？從我們推出到現在，這個比例一直相當一致。

But we do believe there's a bigger audience globally. And so that's why we have already started diversifying our customer acquisition channels into TikTok, AppLovin, and YouTube, right? So right now. We've already experimented in spending, I would say, $3,000 to $5,000 daily on these other platforms. But of course, when we're spending a few thousand dollars, it's really, as I mentioned earlier, it's about testing, learning, reiterating before we scale these up.

但我們確實相信全球還有更大的受眾。因此我們已開始把客戶獲取渠道多元化，拓展到 TikTok、AppLovin 和 YouTube，對吧？所以目前我們已經在這些其他平台做了測試性投放，我會說每天約 3,000 到 5,000 美元。但當然，當我們只花幾千美元時，正如我先前提到的，重點在於測試、學習、反覆迭代，然後再擴大規模。

But we do believe by the end of the year, we will be able to be successful in unlocking new growth and new channels and new audiences, which will help with our customer acquisition.

不過我們相信在今年年底前，我們將能成功解鎖新的成長、新的渠道與新的受眾，進而有助於我們的客戶獲取。

Got it. That's helpful. And then lastly for me, if we think about the KPIs you gave, total customer orders were down, I think 4% quarter over quarter.

了解。這很有幫助。最後一個問題：如果看你們提供的 KPI，總客戶訂單數似乎季對季下降了，我想是 4%。

I think you alluded to there's just some changing in the product mix that drove that, but anything to read in there with the customer orders and then have you seen that rebound here in the second quarter?

我想你剛才有提到，主要是產品組合有一些變化帶動了那個結果，但在客戶訂單方面是否有什麼值得解讀的訊號？另外你們在第二季是否看到回升？

So the customer orders was down actually from a delivered purpose. Yeah, because as mentioned, in Q1, we delivered divertly shifted a lot of these customer orders into quarterly. So if you actually look at the actual servings on a quarterly basis, that's a key figure.

所以客戶訂單其實是下降的，主要是從交付的角度來看。對，因為如前面提到的，在第一季我們把很多這些客戶訂單刻意轉移到季訂閱。所以如果你看的是以季度為基礎的實際份數（servings），那才是關鍵指標。

And then, but that servings per quarter actually increase, yeah, because when you came out to quarterly and monthly, because people are buying three months at a time, so your orders will decrease, but the actual number of servings will increase, right? So our servings actually increase, more than, 20% quarter over quarter.

然後，按季度來看的份數其實是增加的，對，因為當你從月訂轉到季訂時，大家一次買三個月，所以訂單數會下降，但實際份數會上升，對吧？所以我們的份數實際上季對季增加了超過20%。

I think that's the key figure moving forward to look at because it's not a direct apples-to-apples comparison because last quarter we didn't have, the quarterly subscriptions based into the orders.

我認為這是未來要看的關鍵指標，因為這不是一個直接的同口徑比較；上一季我們的訂單裡還沒有把季訂閱納入。

No, that makes sense. Thanks for taking my questions.

不，這樣就說得通了。謝謝你回答我的問題。

Yeah.

好的。

Thank you.

謝謝。

George Kelly, Rolfe Capital Partners

George Kelly，Rolfe Capital Partners

Hi, George.

嗨，George。

Hey, Danny. Thanks for taking my questions.

嗨，Danny。謝謝你回答我的問題。

A few for you. First, what happened in April and May? It was a big acceleration. Just curious if you could detail sort of what drove that?

我有幾個問題。第一，四月和五月發生了什麼？成長加速得很明顯。想請你詳細說明一下是什麼驅動了這個變化？

So I mean, we're constantly iterating and testing, right? And again, we've gotten, in Q1, one of the key things was actually how do we increase our velocity in terms of creative diversity on Meta and increase the number of quality of ads. And so this is where I mentioned earlier, now we have roughly about 3,000 ads on Meta.

我們一直在持續迭代與測試，對吧？而且在第一季，其中一個關鍵是我們如何提升在 Meta 上的創意多樣性產出速度，並提高廣告品質與數量。所以我前面提到，現在我們在 Meta 上大約有 3,000 支廣告。

And we're running 600 to 800 new ads on a weekly basis. So we've really gotten a lot of creative output in the past few months. Again, because these things doesn't, it's not overnight that you can just say, increase it. So even on Meta, there's a lot of testing that we have to do on a daily basis to be able to increase spend. Just because we want to increase spend, we can't do that unless you have this creative diversity engine, right? And then also. To be fair, I think the announcement of, Giannis, Ali Bearman, more recently Enter Miami, all these have halo effects on the brand and reputation and the credibility, which then aligns to, having seen this increased momentum in April and May, while we're maintaining, the cap levels that we previously had.

我們每週會上線 600 到 800 支新廣告。所以過去幾個月我們的創意產出確實大幅提升。再次強調，這些事情不是一夕之間你說要增加就能增加的。即使在 Meta 上，我們每天也需要做大量測試，才能提高投放金額。不是說我們想增加投放就能增加，除非你有這個創意多樣性引擎，對吧？另外。公平地說，我認為像是 Giannis、Ali Bearman，以及最近的 Inter Miami 這些合作公告，對品牌、聲譽與可信度都有光環效應，這也與我們在四月和五月看到的動能提升相一致，同時我們仍維持先前設定的 CAC 水準。

Okay. And.

好的。然後。

Then a follow-up. And also, last I can add that we've also seen an increase in the retention from our January cohorts in terms of the renewal factors, right? Because, again, when January, we only had the cohorts available to renew in April. So that also played a factor, which we've also seen the quarterly subscribers have a 10% higher retention from monthly subscribers when we think about the four-month period.

接著補充一下。另外我還可以補充，我們也看到一月批次（cohorts）的留存率在續訂因子上有所提升，對吧？因為一月的批次要到四月才有機會續訂。所以這也有影響；同時我們也看到，若以四個月期間來看，季訂閱用戶的留存率比月訂閱高 10%。

Okay, understood. And then second question, I guess a follow-up to one of Ryan's questions. Can you speak specifically to TikTok? How early days is it there? Have you really done much through TikTok? And maybe talk about your efforts in building an affiliate network and sort of plans and timing on when you could really ramp TikTok's spend.

好的，了解。第二個問題，算是延伸 Ryan 的其中一個問題。你能否具體談談 TikTok？目前在那邊算是多早期？你們在 TikTok 上做了多少？也請談談你們建立聯盟（affiliate）網路的努力，以及你們計畫與時間點，何時能真正拉升 TikTok 的投放金額。

Sure, yeah, so TikTok is, again, one of the key priorities, for this quarter, right? So, I mean, right now, give me an example, we have roughly about 500 affiliates on TikTok. We're spending, from a testing perspective, $3,000 to $5,000 on a daily basis. We expect to get to a $1,000 affiliate by end of the month and continue to grow from there, right? So, we're very optimistic about TikTok.

當然可以。TikTok 也是本季的關鍵優先事項之一，對吧？舉例來說，我們目前在 TikTok 上大約有 500 位聯盟夥伴。以測試角度來看，我們每天花費約 3,000 到 5,000 美元。我們預期在月底前把聯盟夥伴數提升到 1,000 位，並從那裡持續成長，對吧？所以我們對 TikTok 非常樂觀。

In fact, we just had. A call with me at TikTok, senior management. They're also very excited for us to be on the platform and be there in a big way. Yeah, so I do believe in the next, yeah, I would say three to six months, you'll see significant progress on TikTok and given our, yeah, what we've been able to do on Meta, I'm 100% convinced that we'll be able to do the same on TikTok, which now is a platform where lots of consumers are shopping on.

事實上，我們剛剛才有過。我和 TikTok 的高階管理團隊開了一通電話。他們也非常期待我們在平台上發展並大規模投入。對，所以我相信接下來——我會說三到六個月內——你會看到 TikTok 上有顯著進展；而且考量到我們在 Meta 上做到的成果，我百分之百相信我們也能在 TikTok 上做到同樣的事。現在 TikTok 也是一個很多消費者會在上面購物的平台。

Okay, that's helpful. And then. Last one for me, I guess it's a multi-part question.

好的，這很有幫助。然後。最後一個問題，可能是多段式的。

I didn't see marketing spend I made marketing spend anywhere in the press release. Maybe it's there, but could you give us your quarterly marketing spend? And then second question is around adjusted EBITDA guidance for the year. I didn't see that either. So is there any update to your prior adjusted EBITDA guide?

我在新聞稿裡沒有看到行銷費用（marketing spend），也許有但我沒注意到；你能提供你們每季的行銷支出嗎？

Yes, Steven, what was our total marketing spend for Q1?

是的，Steven，我們第一季的總行銷支出是多少？

Yes, the marketing spend was twenty-two million.

是的，行銷支出是 2,200 萬。

And marketing spend total was twenty-two million, and then so what was the other follow-up question, and in terms of assessing Vita, right? Yes.

行銷支出總計是 2,200 萬；那另一個追問是什麼？是關於調整後 EBITDA 的評估，對吧？是的。

Adjusted EBITDA guidance for the year, if there's any changes?

全年調整後 EBITDA 指引是否有任何變動？

So we previously guided adjusted EBITDA was roughly around going to be in the range of $15 million to $20 million. All right. So I think, yeah, if you look at our growth rate, again, going from $60 million last year, full-year revenue, to $190 million to $210 million in full-year revenue this year, we've been able to keep the adjusted EBITDA loss very similarly to last year. So I believe we're growing very fast by the capital efficiency. Manners.

我們先前給的調整後 EBITDA 指引大約是在 1,500 萬到 2,000 萬美元的區間。好。所以我認為，如果你看我們的成長率——從去年全年營收 6,000 萬美元，到今年全年營收 1.9 億到 2.1 億美元——我們能把調整後 EBITDA 的虧損維持在與去年非常相近的水準。所以我相信我們是在以資本效率很高的方式快速成長。以這種方式。

Okay, so I guess the adjusted EBITDA guide is unchanged?

好的，所以調整後 EBITDA 指引是沒有變動？

Correct.

正確。

Okay, thanks a lot. I appreciate it.

好的，非常感謝。感激不盡。

Thank you.

謝謝。

Alex Hatman from Sidonian & Company

Alex Hatman，Sidonian & Company

Thank you, and thanks for taking questions, and welcome to the team, Brian.

謝謝，也謝謝你們接受提問，Brian，歡迎加入團隊。

Yeah, thanks, Alex.

好的，謝謝你，Alex。

First question from us. Hey, guys. So, for the guidance raise, I think you talked a little bit about the conservatism baked into that. The new SKUs are not included yet. Is there anything else we should think about that could drive upside beyond the upper end of guidance?

我們這邊的第一個問題。嗨，各位。關於上調指引，我想你們稍微談到其中內含的保守假設。新的 SKU 還沒有納入。除此之外，還有沒有其他我們應該考量、可能推動表現超越指引上緣的因素？

I mean, so I think the new channels, I'm starting there's going to be an additional upside there, right? But of course, we don't have any quantifier data there with, like, TikTok, YouTube, AppLovin, etc. So there's new channels there. Yeah, to be fair, I think even there's still only significant upside even on Meta as we scale, right? Because while we're on TikTok, when we're on AppLovin, on YouTube, these actually directly will impact Meta as well.

我的意思是，我認為新通路那邊開始會有額外的上行空間，對吧？但當然，我們對像 TikTok、YouTube、AppLovin 等新通路目前沒有任何可量化的數據。所以那邊確實是新通路。是的，公平地說，我認為即使在 Meta 上，隨著我們擴大規模，仍然還有顯著的上行空間，對吧？因為當我們在 TikTok、在 AppLovin、在 YouTube 投放時，這些其實也會直接影響 Meta。

Yeah, but do... As well mentioned that, the three new SKUs, we haven't factored this into our guidance just because, again, we're going to be launching the Q4.

是的，但你們有沒有……另外如同提到的，那三個新的 SKU，我們還沒有把它納入指引，因為同樣地，我們會在第四季推出。

I think it's too soon to make any revenue projections, but, from our track record and what we've done even with our launch of our Daily Ultimate Longevity last October, you've seen that we've been able to successfully launch new products into the market.

我認為現在要做任何營收預測都還太早；但從我們的過往紀錄，以及我們去年十月推出 Daily Ultimate Longevity 的表現來看，你們已經看到我們能夠成功把新產品推向市場。

And we do believe with our marketing, flywheel and playbook that we'll have success, with the new products because there's a lot of opportunities. In the market still for the hydration category, creatine, and kids' gummies. And I know one thing that really separates us from a lot of competitors is that we're a truly global brand, shipping to 43 countries.

我們也相信，憑藉我們的行銷飛輪與作戰手冊，新產品會取得成功，因為機會很多。市場在補水品類、肌酸，以及兒童軟糖方面仍有很大空間。而我知道，有一點讓我們與許多競爭對手真正拉開差距：我們是一個真正的全球品牌，配送到 43 個國家。

And I think there are additional upsides, not for this year, but for 27, 28, is that we haven't even talked about China yet. So China's going to be a significant opportunity for us once we decide when to launch there. India, we haven't even talked about. So there is going to be significant upside in the future. Yeah, but I do believe in 26 wise, we're very comfortable with our projections as of now.

我認為還有一些額外的上行空間，不是今年，而是 27、28 年：我們甚至還沒談到中國。所以一旦我們決定何時在那裡上市，中國將會是我們一個重大的機會。印度我們也還沒談到。所以未來會有顯著的上行空間。是的，但就 26 年而言，我們對目前的預測非常有信心、也很安心。

Thank you. And then one more, on the prepared remarks, you talked about the randomized controlled trials, with potential applications to gut health and longevity. Could you talk a little bit more about.

謝謝。再一個問題，在事先準備的講稿中，你們提到隨機對照試驗（RCT），可能應用於腸道健康與長壽。可以再多談一點嗎？

Trial design and maybe what type of data you plan to get and how you plan to use it compared to, I think you did a study previously.

試驗設計，以及你們計畫取得什麼類型的數據、並打算如何使用；相較之下，我想你們之前做過一項研究。

Right. So this is going to be a very robust twin study. So we've actually detailed one slide in terms of our RCT trial in the investor deck.

對。所以這會是一個非常扎實的雙胞胎研究。我們其實在投資人簡報（investor deck）中，已經用一張投影片詳細說明我們的 RCT 試驗。

So it's 120 people for the gut health, 180 people for the longevity. We're going to be testing biomarkers before and after individuals are on the product for 8 weeks and 12 weeks. And so this will be a very robust trial and we're going to be starting recruitment within the next 30 to 45 days.

腸道健康部分是 120 人，長壽部分是 180 人。我們會在受試者使用產品前後，於使用 8 週與 12 週後檢測生物標記。因此這將是一個非常扎實的試驗，我們會在未來 30 到 45 天內開始招募。

Yeah, so we're very excited about this. And what gives us confidence that we will see positive results is the amount of enormous reviews that we have gotten back from our customers on both our platform as well as even you look at Trustpilot, where we now have 4.6 rating across 1,300 reviews. In total, we have more than 16,000 five-star reviews.

是的，所以我們對此非常興奮。讓我們有信心會看到正面結果的原因，是我們從客戶那裡收到大量極佳的回饋，不論是在我們的平台上，或是你看 Trustpilot，我們現在在 1,300 則評論中有 4.6 的評分。總計我們有超過 16,000 則五星評論。

And again, I think I mentioned this earlier, it's incredibly rare that any supplement brand will do a RCT on a finished product. Now, a lot of companies, they may do it on certain ingredients or use brand ingredients, but never on a finished product. So the fact that we're looking to invest in this is a sign of conviction of the product.

而且我想我先前也提過，任何補充品品牌會針對「成品」做 RCT 都是極其罕見的。現在很多公司可能會針對某些成分做，或使用品牌原料做研究，但從不針對成品。所以我們願意投入這件事，代表我們對產品的高度信念。

Thanks, Danny. And speaking of biomarkers, last one from us. Now, I know the Superpower partnership has been live for a little bit. Any sort of early read on engagement or support for a test, supplement, retest framework showing up yet?

謝謝，Danny。說到生物標記，我們最後一個問題。我知道與 Superpower 的合作已經上線一段時間了。在「檢測、補充、再檢測」的框架上，有沒有任何關於參與度或對檢測支持度的初步觀察已經出現？

Yeah, so we've launched a Superpower partnership just in the U.S., given that's where Superpower is launched.

是的，我們與 Superpower 的合作目前只在美國推出，因為 Superpower 是在那裡上線的。

Early results are positive. They haven't done the retesting, but there is, I think, about 10% to 15% uptake rate of individuals which are purchasing the product along with a blood test. And so we believe over time, individuals can quantify the effect of IMA based upon a baseline blood marker test and, after taking the product for 90 days, which is exactly what we're doing in the RCT trials.

初步結果是正面的。他們還沒有做再檢測，但我認為大約有 10% 到 15% 的採用率：也就是有些人在購買產品的同時也會購買血液檢測。因此我們相信，隨著時間推進，個人可以透過基準血液生物標記檢測，以及服用產品 90 天後的檢測，來量化 IMA 的效果；這也正是我們在 RCT 試驗中要做的。

Thank you very much.

非常感謝。

Thank you. We reached end of our question-and-answer session. I'd like to turn the floor back over for any further closing comments.

謝謝。我們的問答環節到此結束。我想把時間交回去，看看是否還有任何進一步的結語。

Thank you, everyone. Yeah, I know there's been a lot of, yeah, talk about, it turns out growth, can it be maintained, can it be sustained? So, I think we've shown in Q1 that can definitely be not just sustained, but growth, growing. And in Q2, we're seeing continued momentum that just gives me such a strong connection. As we start and go into further into the months of 26, we believe we are building a once-in-a-lifetime generational health supplements brand that in the next three to four years could literally be one of the world's biggest supplement brands. So thank you everyone for following our journey and it's an exciting time here.

謝謝各位。是的，我知道大家一直有很多、嗯、討論：成長是否能維持、是否能持續？所以我想我們在第一季已經證明，這不僅能持續，而且成長還在加速。而在第二季，我們看到動能延續，這讓我更有信心。當我們開始並進一步走入 26 年的後續月份，我們相信我們正在打造一個千載難逢、跨世代的健康補充品品牌，在未來三到四年內，確實可能成為全球最大的補充品品牌之一。所以謝謝大家一路關注我們的旅程，現在是個令人振奮的時刻。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議與網路直播到此結束。您現在可以掛線，祝您有美好的一天。感謝您今天的參與。