Reed's Inc (REED) 2025 Q3 法說會逐字稿

Good morning, and welcome to Reed's Third Quarter 2025 Earnings Conference Call for the three and nine months ended September 30, 2025. My name is Lilly, and I will be your conference call operator for today.

早安，歡迎參加 Reed 公司 2025 年第三季（截至 2025 年 9 月 30 日）收益電話會議，本次會議將介紹截至 2025 年 9 月 30 日的三個月和九個月的業績。我叫莉莉，今天我將擔任你們的電話會議接線生。

We will have the prepared remarks from Cyril Wallace, Reed's Chief Executive Officer; and Doug McCurdy, Reed's Chief Financial Officer. Following their remarks, we will take your questions.

我們將聽取里德集團執行長西里爾華萊士和財務長道格麥克柯迪的準備好的演講。他們的發言結束後，我們將回答你們的問題。

Before we begin, please take note of the company's cautionary statement. Today's call will include forward-looking statements, including statements about Reed's business plans. Forward-looking statements inherently involve risks and uncertainties and only reflect management's view as of today, November 4, 2025, and the company is not under obligation to update them.

在開始之前，請注意公司的警示聲明。今天的電話會議將包含前瞻性陳述，包括有關里德公司業務計劃的陳述。前瞻性陳述本身涉及風險和不確定性，僅反映管理階層截至 2025 年 11 月 4 日的觀點，本公司沒有義務更新這些陳述。

When discussing results, the presenter may refer to non-GAAP measures, which exclude certain items from the reported results. Please refer to Reed's Investors website at investors.reedsinc.com and its quarterly report on Form 10-Q for the period ended September 30, 2025. This should be expected to be available on the website soon. For definitions and reconciliations of non-GAAP measures and additional information regarding results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.

在討論績效時，報告人可能會提及非GAAP指標，這些指標從報告的績效中剔除了某些項目。請參閱 Reed 的投資者網站 investors.reedsinc.com 及其截至 2025 年 9 月 30 日的季度報告（10-Q 表格）。預計不久後即可在網站上查看。有關非GAAP指標的定義和調節以及有關結果的其他信息，包括可能導致實際結果與前瞻性陳述存在重大差異的因素的討論。

I will now turn the call over to Mr. Wallace.

現在我將把電話轉給華萊士先生。

Thank you, operator, and good morning, everyone. We appreciate you joining us today to discuss our third quarter 2025 results.

謝謝接線員，大家早安。感謝您今天蒞臨現場，與我們共同探討我們 2025 年第三季的業績。

Q3 marked another period of steady operational progress as we continue executing our plan to strengthen our foundation for sustainable long-term growth and profitability. We advanced our manufacturing initiatives to better align production capacity and capabilities with current demand, enabling us to meet customer needs more efficiently while maintaining a strong focus on quality and operational discipline. At the same time, we're identifying additional opportunities to streamline processes, enhance scalability and drive further improvements in overall performance.

第三季標誌著我們營運穩定推進的又一個時期，我們繼續執行計劃，以加強我們實現可持續長期成長和獲利的基礎。我們推動了製造舉措，以更好地使生產能力與當前需求相匹配，從而能夠更有效率地滿足客戶需求，同時保持對品質和營運紀律的高度重視。同時，我們正在尋找更多機會來簡化流程、增強可擴展性並進一步提高整體效能。

During this quarter, we saw higher-than-anticipated trade spend as we leaned on two large distributors to help fulfill order volume and ensure on-time delivery to key customers following prior supply chain challenges. This approach enabled us to maintain strong customer relationship and service levels. However, it did not yield the expected efficiencies, and we have since begun redefining our approach with these distributors. We're evaluating our strategy to move away from short-term three-month promotions to a fully integrated 52-week strategy that aligns more closely with retailer planning cycles and support stronger year-round execution.

本季度，由於我們依靠兩家大型分銷商來幫助完成訂單量，並確保在先前供應鏈面臨挑戰的情況下按時向主要客戶交付貨物，因此貿易支出高於預期。這種方法使我們能夠維持良好的客戶關係和服務水準。然而，它並沒有產生預期的效率，因此我們開始重新定義與這些經銷商的合作方式。我們正在評估我們的策略，從短期的三個月促銷活動轉向完全整合的 52 週策略，該策略與零售商的規劃週期更加緊密地結合，並支持更強有力的全年執行。

With a more disciplined approach, we expect greater predictability and control over trade spend. We're already seeing early signs of improvement in Q4. And as we transition away from legacy distributor arrangements, we believe these actions will support continued gross margin expansion going forward.

我們期望透過採取更嚴謹的方法，提高貿易支出的可預測性和可控性。我們已經看到第四季度出現了一些改善的早期跡象。隨著我們逐步擺脫傳統的經銷商模式，我們相信這些舉措將有助於未來毛利率的持續成長。

From a production standpoint, we are working to drive greater efficiency and cost reduction through enhanced manufacturing processes, tighter operational controls and improved sourcing discipline. We are actively identifying new opportunities to lower unit costs and enhance overall performance across the supply chain.

從生產角度來看，我們正在努力透過改進製造流程、加強營運控制和改進採購紀律來提高效率和降低成本。我們正在積極尋找降低單位成本和提高整個供應鏈整體績效的新機會。

Turning to our core product sales. During the third quarter, our sales team continued to execute against our refined commercial strategy, driving meaningful wins across both new and existing retail partners. These successes reflect stronger alignment between our sales, marketing and operation teams and demonstrate the progress we're making in rebuilding placements and expanding distribution within key national and regional accounts.

接下來談談我們的核心產品銷售。第三季度，我們的銷售團隊繼續執行我們改進的商業策略，在與新舊零售合作夥伴的合作中取得了顯著的成功。這些成功反映了我們銷售、行銷和營運團隊之間更緊密的協調，也顯示了我們在重建市場份額和擴大在主要國家和地區客戶中的分銷方面取得的進展。

We achieved notable retail gains this quarter, highlighted by our partnership with Costco to develop a winner Ginger Ale variety pack, expanding seasonal innovation opportunities. Core distribution grew 4% year-over-year across top accounts, including Kroger, Sprouts, Ahold Delhaize, reinforcing momentum within our core Ginger Ale, Ginger Beer and Virgil's portfolio. A successful Walgreens test further validated consumer demand and merchandising performance, paving the way to broader expansion discussions in priority small format channels such as drug and convenience.

本季我們在零售方面取得了顯著成長，其中最突出的是我們與 Costco 合作開發了一款成功的薑汁汽水組合裝，從而擴大了季節性創新機會。核心分銷管道在主要客戶中同比增長 4%，包括 Kroger、Sprouts、Ahold Delhaize，鞏固了我們核心薑汁汽水、薑汁啤酒和 Virgil's 產品組合的成長勢頭。沃爾格林的一次成功測試進一步驗證了消費者需求和商品銷售業績，為在藥局和便利商店等優先小型通路進行更廣泛的擴張討論鋪平了道路。

Additionally, we remain focused on regaining lost distribution with key regional wins at Harmons, Fashes and Festival Foods. Looking ahead, we're focused on expanding our presence in underrepresented channels and particularly food service and convenience, which represent meaningful long-term opportunities to expand the reach and visibility of Reed's brand.

此外，我們將繼續專注於透過與 Harmons、Fashes 和 Festival Foods 等關鍵區域客戶的合作，重新奪回失去的通路。展望未來，我們將專注於擴大在代表性不足的管道，特別是餐飲服務和便利商店領域的業務，這些管道代表著擴大 Reed's 品牌覆蓋範圍和知名度的重要長期機​​會。

I'd like to share a few updates on our product portfolio, starting with our core categories. We're reinvigorating the Ginger core with full packaging and brand restage across Reed's Ginger Beer and Ginger Ale, launching July 2026. The update introduces new Ginger ale flavors, cranberry, blackberry and reformulated Zero Sugar offerings plus new club soda and tonic mixers. Together, these moves simplify our lineup, sharpen shelf presence and strengthen Reed's leadership in authentic craft ginger beverages across retail and on-premise channels.

我想和大家分享我們產品組合的最新情況，先從我們的核心產品類別開始。我們將對 Reed's 薑汁啤酒和薑汁汽水進行全麵包裝和品牌重塑，以重振薑汁核心產品，並於 2026 年 7 月推出。此次更新推出了新的薑汁汽水口味、蔓越莓、黑莓和重新配方的零糖產品，以及新的蘇打水和湯力水混合飲料。這些舉措共同簡化了我們的產品線，增強了貨架展示效果，並鞏固了 Reed 在零售和餐飲通路中正宗手工薑汁飲料領域的領先地位。

A complete restage of our functional soda line also slated for July 2026 will reestablish Reed's as a category disruptor. Designed to leapfrog the modern service space, the new platform delivers wellness proposition with purposeful ingredients, elevated design and a bold innovation pipeline targeting incremental consumption occasions. We're optimizing Virgil's and Flying Couldron, transitioning from glass to cans with full restate slated for 2027 and reformulating our RTD range, Reed's Mules and Hard Ginger Ale to enhance quality, flavor and consistency. Internationally, Reed's launches its Ginger core in Greater China and Japan, followed by broader Asia in 2026.

計劃於 2026 年 7 月對我們的功能性蘇打水系列進行全面重新包裝，這將使 Reed's 重新成為該品類的顛覆者。該新平台旨在超越現代服務領域，透過精心挑選的成分、高端的設計和大膽的創新方案，為消費者提供健康解決方案，並瞄準不斷增長的消費場景。我們正在優化 Virgil's 和 Flying Couldron，計劃於 2027 年全面從玻璃瓶裝過渡到罐裝，並重新配製我們的即飲系列 Reed's Mules 和 Hard Ginger Ale，以提高品質、口味和一致性。在國際上，勵展博覽集團率先在大中華區和日本推出其薑味核心產品，隨後於 2026 年在更廣泛的亞洲地區推出。

To support our next phase of growth and brand evolution, we've strengthened our leadership team with several key additions who bring deep expertise across marketing, commercial execution and governance. In early September, we appointed Tina Reejsinghani as Chief Marketing Officer. Tina brings over two decades of global marketing leadership across lifestyle, spirits and consumer packaged goods. She has built a scaled iconic brands at Unilever, Pernod Ricard, and Remy Cointreau, delivering double-digit growth award-winning campaigns across multiple categories. Her expertise in brand storytelling, innovation and premium positioning will be instrumental as we modernize and elevate Reed's Inc portfolio on its path to becoming a high-growth beverage powerhouse.

為了支持我們下一階段的成長和品牌發展，我們加強了領導團隊，新增了幾位關鍵成員，他們在行銷、商業執行和治理方面擁有深厚的專業知識。9月初，我們任命Tina Reejsinghani為行銷長。Tina 在生活風格、酒精和消費品包裝領域擁有超過二十年的全球行銷領導經驗。她曾在聯合利華、保樂力加和人頭馬君度等公司打造了規模化的標誌性品牌，並在多個品類中實現了兩位數的增長，並推出了屢獲殊榮的營銷活動。她在品牌故事敘述、創新和高端定位方面的專業知識，對於我們實現 Reed's Inc 產品組合的現代化和提升，使其成為高成長飲料巨頭，將起到至關重要的作用。

Next, we welcome Keith Johnson as Reed's Chief Go-To-Market and Customer Officer. Keith has almost 30 years of CPG beverage experience, spanning sales, distributor operations, marketing and revenue growth. He spent 21 years in leadership positions at Coca-Cola, building high-performing collaborative teams. Over the past 10 years, Keith led national and regional customer teams at Molson Coors and most recently served as VP of Strategic Regional Accounts and Military at Diageo, driving channel strategy, joint customer supply growth and talent development. We believe he is well positioned to lead our channel development strategy and go-to-market execution.

接下來，我們歡迎 Keith Johnson 擔任 Reed 的首席市場推廣和客戶長。Keith 擁有近 30 年的消費品飲料行業經驗，涵蓋銷售、分銷商營運、行銷和收入成長。他在可口可樂公司擔任領導職務長達 21 年，打造了一個高效率的協作團隊。在過去的 10 年裡，Keith 曾領導 Molson Coors 的全國和區域客戶團隊，最近擔任 Diageo 的戰略區域客戶和軍事副總裁，負責推動通路戰略、聯合客戶供應成長和人才發展。我們相信他完全有能力領導我們的通路發展策略和市場推廣執行。

Lastly, we appointed Michael Tu to our Board of Directors. Michael brings nearly three decades of experience in corporate governance and securities law, advising and representing boards, committees and executives at numerous public and private companies. His deep understanding of regulatory framework, compliance and Board governance will help guide our long-term strategy and ensure we continue to build a strong transparent foundation of sustainable value creation.

最後，我們任命 Michael Tu 為董事會成員。Michael 在公司治理和證券法領域擁有近三十年的經驗，曾為許多上市公司和私人公司的董事會、委員會和高階主管提供諮詢和代理服務。他對監管框架、合規和董事會治理的深刻理解將有助於指導我們的長期策略，並確保我們繼續建立一個強大、透明且可持續的價值創造基礎。

Now let's dive into our third quarter operational highlights. Similar to Q2, we completed another review of our finished goods inventory and wrote down approximately 114,000 of obsolete product. This initiative is part of our broader effort to rationalize SKUs and sharpen our focus on high-velocity items that align with current demand and support a more efficient, profitable portfolio. By streamlining our product mix, we can better concentrate resources on core SKUs that drive volume and margin expansion.

現在讓我們深入了解第三季的營運亮點。與第二季類似，我們完成了對成品庫存的另一次審查，並對大約 114,000 件過時產品進行了減損處理。這項措施是我們更廣泛的 SKU 合理化工作的一部分，旨在更專注於符合當前需求的周轉率高的商品，從而支持更高效、更盈利的產品組合。透過精簡產品組合，我們可以更好地將資源集中在推動銷售和利潤成長的核心 SKU。

On the logistics and supply chain front, we continued executing the rebalancing plan initiated last quarter to optimize inventory placement across regions. These actions are designed to improve deliver efficiency, reduce freight distances and minimize out of stocks in key markets.

在物流和供應鏈方面，我們繼續執行上個季度啟動的再平衡計劃，以優化各地區的庫存佈局。這些措施旨在提高配送效率，縮短貨運距離，並最大限度地減少重點市場的缺貨。

We're beginning to see tangible benefits. Delivery and handling expenses declined 14% year-over-year in Q3, reflecting early progress from these operational improvements. We remain focused on refining our logistic network to further drive efficiency and reduce costs over time.

我們開始看到切實的好處。第三季度，配送和處理費用年減 14%，反映出這些營運改善措施已初見成效。我們將繼續專注於完善物流網絡，以進一步提高效率並隨著時間的推移降低成本。

We are advancing our transition from glass to cans across both Reed's and Virgil's portfolio, an initiative aimed at improving cost efficiency, sustainability and operational flexibility. We expect this transition to strengthen margins while supporting continued consumer and retail adoption across our core brands.

我們正在推動 Reed 和 Virgil 兩家公司產品組合從玻璃瓶到罐裝的過渡，這項措施旨在提高成本效益、永續性和營運靈活性。我們預期此次轉型將提升利潤率，同時支持消費者和零售商繼續接受我們的核心品牌。

We also continue to strengthen our balance sheet through our recent financing repayment of approximately $650,000 of debt and the refinancing of our credit facility. These actions improved our liquidity and provided additional flexibility to execute on our core growth plan.

我們也透過近期償還約 65 萬美元債務和對信貸額度進行再融資，繼續加強我們的資產負債表。這些措施改善了我們的流動性，並為我們執行核心成長計畫提供了更大的靈活性。

From a capital markets perspective, we're preparing for an uplift to a major exchange. We view this as an important milestone that will enhance visibility, improve liquidity and broaden our access to institutional capital as we enter our next phase of growth. As part of this process, we implemented a 1-for-6 reverse stock split effective October 31.

從資本市場的角度來看，我們正在為一家主要交易所的升級做準備。我們認為這是一個重要的里程碑，它將提高知名度，改善流動性，並擴大我們獲得機構資本的管道，從而開啟我們下一個成長階段。作為此過程的一部分，我們實施了 1 比 6 的反向股票分割，自 10 月 31 日起生效。

Looking ahead, our priorities are clear: improve margins, optimize operations and drive sales growth within our core Reed's and Virgil's portfolios. The investments we're making today, coupled with our recently fortified balance sheet, will accelerate our progress towards sustainable profitable growth ahead.

展望未來，我們的優先事項很明確：提高利潤率，優化運營，並推動我們核心 Reed's 和 Virgil's 產品組合的銷售成長。我們今天進行的投資，加上我們最近加強的資產負債表，將加速我們實現可持續獲利成長的進程。

Before wrapping up and closing remarks, our CFO, Doug, will cover financial highlights for the third quarter in more detail. Doug, over to you.

在總結發言之前，我們的財務長道格將更詳細地介紹第三季的財務亮點。道格，該你了。

Thank you, Cyril. Turning to our results. All variance commentary is on a year-over-year basis, unless otherwise noted. As Cyril mentioned, we affected a 1-for-6 reverse stock split and all per share data is on a post-split basis. Net sales for the third quarter of 2025 increased 4% to $7.0 million compared to $6.8 million in the year ago quarter. The increase was primarily driven by higher volumes of Reed's branded products with recurring national customers.

謝謝你，西里爾。接下來來看看我們的結果。除非另有說明，所有差異分析均以同比為基礎。正如 Cyril 所提到的，我們進行了 1 比 6 的反向股票分割，所有每股數據均為分割後數據。2025 年第三季淨銷售額成長 4%，達到 700 萬美元，去年同期為 680 萬美元。成長的主要原因是里德品牌產品銷售增加，且擁有大量回頭客（全國性客戶）。

Gross profit for Q3 2025 remained flat at $1.2 million. Gross margin was 17% compared to 18% in the year ago quarter. The year-over-year decrease in gross margin was primarily driven by $0.1 million of inventory write-offs related to product portfolio optimization. Excluding these inventory write-offs, gross profit for the third quarter of 2025 was $1.3 million or 19% of net sales.

2025年第三季毛利維持不變，為120萬美元。毛利率為17%，去年同期為18%。毛利率年減的主要原因是與產品組合優化相關的 10 萬美元庫存減損。不計入這些庫存減值，2025 年第三季的毛利為 130 萬美元，佔淨銷售額的 19%。

Delivery and handling costs were reduced by 14% to $1.1 million during the third quarter of 2025 compared to $1.3 million in the third quarter of 2024, primarily driven by lower transportation costs. Delivery and handling costs were 16% of net sales or $2.50 per case compared to 19% of net sales or $2.99 per case during the same period last year.

2025 年第三季的配送和處理成本較 2024 年第三季的 130 萬美元減少了 14%，降至 110 萬美元，這主要是由於運輸成本降低。配送和處理成本佔淨銷售額的 16%，即每箱 2.50 美元，而去年同期則佔淨銷售額的 19%，即每箱 2.99 美元。

Selling, general and administrative costs were $4.2 million during the third quarter of 2025 compared to $3.1 million in the year ago quarter. The increase in SG&A was primarily driven by investments in personnel, marketing and related services to support growth initiatives.

2025 年第三季銷售、一般及行政費用為 420 萬美元，去年同期為 310 萬美元。銷售、一般及行政費用的增加主要是由於為支持增長計劃而對人員、營銷和相關服務進行的投資。

Total operating expenses were $5.3 million compared to $4.4 million in the year ago period. Net loss during the third quarter of 2025 improved to $4.0 million or negative $0.48 per share compared to $4.2 million or negative $4.91 per share in the third quarter of 2024. Modified EBITDA loss was $3.9 million in the third quarter of 2025 compared to $3.0 million in the third quarter of 2024.

總營運支出為 530 萬美元，而去年同期為 440 萬美元。2025 年第三季淨虧損改善至 400 萬美元，即每股虧損 0.48 美元，而 2024 年第三季淨虧損為 420 萬美元，即每股虧損 4.91 美元。2025 年第三季調整後 EBITDA 虧損為 390 萬美元，而 2024 年第三季為 300 萬美元。

For the third quarter of 2025, we used $2.8 million of cash from operating activities compared to $1.1 million of cash provided by operating activities for the same period in 2024. As of September 30, 2025, we had $4.1 million of cash and $9.2 million of total debt net of deferred financing fees. This compares to $10.4 million of cash and $9.6 million of total debt net of deferred financing fees at December 31, 2024.

2025 年第三季度，我們使用了 280 萬美元的經營活動現金，而 2024 年同期經營活動產生的現金為 110 萬美元。截至 2025 年 9 月 30 日，我們有 410 萬美元現金，扣除遞延融資費用後，總債務為 920 萬美元。相較之下，截至 2024 年 12 月 31 日，現金餘額為 1,040 萬美元，扣除遞延融資費用後的總債務為 960 萬美元。

I will now turn the call back to Cyril for closing remarks.

現在我將把電話轉回給西里爾，請他作總結發言。

Thanks, Doug. Our third quarter reflects continued progress in strengthening Reed's operational foundation and advancing the key initiatives that will drive long-term growth and profitability. While there's still work to do, I'm encouraged by our team's focus and execution to build a strong foundation and position Reed's for accelerated organic growth in 2026 and beyond.

謝謝你，道格。第三季業績反映了我們在加強里德營運基礎和推進推動長期成長和獲利能力的關鍵舉措方面取得的持續進展。雖然還有很多工作要做，但我對我們團隊的專注和執行力感到鼓舞，這為建立堅實的基礎，並使 Reed's 在 2026 年及以後實現加速的有機成長奠定了基礎。

With that, operator, we're ready to open up the line for questions.

好了，接線員，我們現在可以開始接受提問了。

(Operator Instructions) Aaron Grey, Alliance Global Partners.

（操作說明）Aaron Grey，Alliance Global Partners。

First one for me. I just want to get in better color in terms of expectations for distribution gains and how best to think about how shelf resets might come into play and opportunities that might differ between Reed's traditional and Reed's functional beverages there.

這是我的第一個。我只是想更清楚地了解分銷成長的預期，以及如何最好地思考貨架重置可能會產生的影響，以及里德的傳統飲料和里德的功能飲料之間可能存在的不同機會。

Yes, it's a good question. Listen, I mean, our -- within the changes that we just recently made within the organization, we essentially restructured our entire sales team and added key positions so that we could focus on channels and customers or retailers that we're currently not focused on today. So I think what you'll see here, coupled with focusing on and making sure that we understand the time lines in which resets to some of these key customers take place, we're in the process right now of building those relationships, building out that network to ensure that, one, that we're focused on the right time line and also have the right product mix to go after these customers with our core business and also our modern soda line.

是的，這是個好問題。聽著，我的意思是，在我們最近對公司內部進行的一些調整中，我們基本上重組了整個銷售團隊，並增加了一些關鍵職位，以便我們能夠專注於我們目前尚未關注的管道、客戶或零售商。所以我認為，您將會看到，我們不僅要關注並確保我們了解一些關鍵客戶重置的時間線，而且目前正在建立這些關係，拓展網絡，以確保我們能夠：一方面，專注於正確的時間線；另一方面，擁有正確的產品組合，透過我們的核心業務和現代蘇打水系列來爭取這些客戶。

Now as we -- as I discussed earlier, we are looking to take our current modern soda line and restage it, reformulate it, retool it and relaunch it to be in store July of 2026. So within that, right, that would constitute us to have to focus on for that particular line for fall resets. So think core, Ginger Ale, our two new flavors will come out in Q1 of this year. The broader restage of our core functional Reed's will take place in the second half of next year. Along with that is the restaging of our modern soda line. So most of that will come into play within our fall resets on both our existing customers and also new customers where it makes sense that we're targeting.

正如我之前討論過的，我們正在考慮對我們目前的現代蘇打水系列進行重新包裝、重新配製、重新改造，並於 2026 年 7 月重新上市。所以，在這種情況下，我們需要專注於秋季重置的那條特定生產線。所以，請記住核心口味薑汁汽水，我們的兩種新口味將於今年第一季推出。我們核心功能性 Reed 的更大規模重組將於明年下半年進行。同時，我們也將重新推出現代汽水系列。因此，大部分的措施將在我們秋季調整中發揮作用，無論是針對現有客戶還是我們瞄準的新客戶。

That's helpful. On the switching right from bottles to cans across the portfolio, just help us understand and triangle that maybe are there some near-term kind of costs, obviously, long term, cost savings you're expecting. So just as we think about the P&L, potential impacts potentially on the near-term charges and how much benefits we should expect and when that kind of flows through the P&L?

那很有幫助。關於產品組合中從瓶裝轉向罐裝的轉變，請幫助我們理解並分析一下，近期可能會有哪些成本，以及您預期的長期成本節約。因此，當我們考慮損益表時，會考慮可能對近期費用的潛在影響，以及我們應該預期獲得多少收益，以及何時這些收益會反映在損益表中？

Yes, sure. So for bottles to cans, it's a conversion that I think first is kind of in line with the trending of the industry as a whole. I think it's an opportunity to give the consumer a packaging set that they're interested in and is better for them in addition to better for you.

當然可以。所以，從瓶裝到罐裝的轉變，我認為首先是與整個產業的趨勢相符的。我認為這是一個機會，可以為消費者提供他們感興趣且對他們更有利的包裝方案，當然，這對我們也更有利。

And then as we think about some of the efficiencies directly to the P&L, what we see is simply the cost of bottles versus the cost of cans is a nice shift improvement, and there's a benefit in margin as well. So we would anticipate that as we move forward with the transition, the transition will happen over some period of time that's measured in months and quarters.

然後，當我們考慮一些直接影響損益表的效率提升措施時，我們發現瓶裝飲料的成本與罐裝飲料的成本相比有了顯著的改善，利潤率也有所提高。因此，我們預計，隨著過渡的推進，過渡過程將持續數月或數個季度。

But we would imagine that as we enter into first quarter, we'll be moving along smartly to affect that transition. And I would imagine that by the end of the second half -- by the end of the first half of 2026, we should be well into it.

但我們認為，進入第一季後，我們將穩步推進這一過渡。我估計到下半年末——到 2026 年上半年末，我們應該已經順利開展這項工作了。

And some of the considerations are we want to be mindful of the customer set and making sure that we're making that transition in partnership with our customer set and making sure that, one, the customers are pleased with the approach and invested in the approach; and two, we want to make sure that there's no disruption to the shelf space that we have and the P&L benefit that we're going to gain from it.

其中一些考慮因素是，我們希望專注於客戶群，確保與客戶群合作完成轉型，並確保：第一，客戶對這種方法感到滿意並願意投入；第二，我們希望確保不會對我們現有的貨架空間以及我們將從中獲得的損益收益造成任何干擾。

Appreciate that. Last one for me, if I could. As we think about marketing, obviously, beverages remains a competitive category. You guys have a focus on profitability. How best to think about the marketing spend line how -- and what levers you think are best available to the best bang for your buck to build up brand equity as you look to expand these different brands and product portfolios?

謝謝。如果可以的話，這是我的最後一個問題。當我們思考行銷時，很顯然，飲料業仍然是一個競爭激烈的領域。你們很注重獲利能力。如何才能最好地考慮行銷支出，以及在拓展不同品牌和產品組合的過程中，如何才能以最划算的投資獲得最佳的品牌資產提升效果？

Yes. We want to be very targeted and strategic around how we're spending dollars on marketing. Now understand that from where we are today to where we're headed tomorrow, it will be an exponential shift in the strategy and also investment in terms of how we're thinking about marketing our core brand restage in the middle part of next year, along with our functional line, along with this new mixer line as well. So I think what we're focused on is grassroots marketing campaign and building from there, right? So it will be very targeted. It will be very specific but it will be certainly exponential in terms of what we're spending today.

是的。我們希望在行銷支出方面做到目標明確、策略性強。現在要明白，從我們今天所處的位置到我們明天要去的地方，戰略和投資都將發生指數級的轉變，這體現在我們如何思考明年年中重新推廣我們的核心品牌，以及我們的功能係列和這條新的攪拌機系列。所以我覺得我們現在關注的是基層行銷活動，並以此為基礎發展，對吧？所以它會非常有針對性。它會非常具體，但就我們今天的支出而言，肯定會呈指數級增長。

And we feel like just given where we are, we've got a great opportunity to kind of build out this campaign given the -- already our high consumer appeal amongst consumers who tried our product and repeat purchasers as well. So I think there's a story that we have to tell there, but we'll be very targeted and specific as how we use those dollars, which is -- it's a new area for us in terms of investing in marketing, but we'll do it grassroots and it will be very targeted.

我們覺得，就我們目前的情況而言，我們有很大的機會來發展這項活動，因為我們的產品已經對嘗試過我們產品的消費者和回頭客具有很高的吸引力。所以我覺得我們必須把這個故事講出來，但我們會非常有針對性地、具體地使用這些資金，這對我們來說是行銷投資的一個新領域，但我們會從基層做起，而且會非常有針對性。

Sean McGowan, ROTH Capital Partners.

Sean McGowan，ROTH Capital Partners。

Actually, two questions. One quick housekeeping. Doug, do you have a sense of what the timing could be on the uplist? And whether those steps need to be taken to satisfy all those requirements?

其實，我有兩個問題。簡單收拾一下。道格，你覺得上榜的時間大概會是什麼時候？是否需要採取這些步驟來滿足所有這些要求？

And then more broadly, on the last call, we talked about maybe having lost some listings or some outlets. What progress have you made on kind of reestablishing some of the existing customer base that you had and getting back some listings that you may have lost?

然後更廣泛地說，在上次通話中，我們討論了可能失去了一些房源或銷售管道。在重建現有客戶群和恢復遺失的商品清單方面，您取得了哪些進展？

Yes. Thanks, Sean. Nice to hear your voice. In terms of timing for all things uplifting and related, I think the first kind of milestone that we were able to achieve to move forward with that was affecting the 1-for-6 reverse stock split. So on Friday at 5:00 PM, we were able to get ourselves in a place where we could affect that.

是的。謝謝你，肖恩。很高興聽到你的聲音。就所有令人振奮和相關的事情的時機而言，我認為我們能夠取得的第一個里程碑是推動 1 比 6 的反向股票分割。所以，週五下午 5 點，我們終於能夠讓自己處於可以影響這件事的位置。

Our stock began trading under the ticker REED with an extra D, two Ds, which signifies corporate action that there's a split. But we began trading yesterday morning at the open on a split-adjusted basis. So we'll kind of watch that settle out. We'll monitor the market and where we are in terms of some of the other preparation considerations.

我們的股票開始以股票代碼 REED 進行交易，多了一個 D，也就是兩個 D，這表示公司進行了股票分割。但我們昨天早上開盤時已以拆股調整後的價格開始交易。所以我們會觀察事態發展。我們會密切關注市場動態，並評估其他一些準備工作的進展。

But in an ideal world, we would be able to move forward prudently, but get to the point where we could uplist to the major exchange sooner rather than later because we think that there's nice value for our existing investor base and a nice opportunity for potential new investors as well.

但在理想情況下，我們能夠謹慎地向前邁進，並儘快達到可以在主要交易所上市的地步，因為我們認為這對我們現有的投資者群體來說很有價值，對潛在的新投資者來說也是一個很好的機會。

And then, Sean, to answer your question around loss distribution, yes, we're doing some work to build that into our AOP for next year, and it's certainly a focal point for us. What I'm excited about is that we are starting to see some of that business come back, which I highlighted in my earlier comments around key regional wins at Harmons, Fashes and Festival Foods. There are some obviously larger, more strategic retailers that we're focused on regaining some of that lost distribution or also getting back in.

然後，肖恩，回答你關於損失分配的問題，是的，我們正在努力將其納入我們明年的年度營運計劃中，這當然是我們的重點。令我興奮的是，我們開始看到一些業務回歸，我在之前關於 Harmons、Fashes 和 Festival Foods 等重要區域性勝利的評論中強調了這一點。顯然，我們正專注於重新奪回一些規模更大、更具戰略意義的零售商的分銷管道，或重新打入這些管道。

And I think Keith and the team are really going to be focused on that in the first quarter of next year. And I think the story to tell, which is where we saw successes already with winning back some of these regional accounts is we got to do what we say we're going to do, right, build -- leveraging the relationships, but also telling the story of how the team has done a nice job of kind of rebalancing and reentering our sales around our operational efficiency and maintaining that quarter-over-quarter and being able to prove it out to show the customer that they can count on us from an in-stock perspective that, along with just continuing to rebuild these relationships, I think, will allow us to be able to get back in to some of these retailers.

我認為基斯和他的團隊明年第一季將把重點放在這件事上。我認為我們應該講述的故事，也是我們已經成功贏回一些區域客戶的原因，就是我們必須說到做到，對吧？我們要利用現有的關係，同時也要講述團隊如何出色地重新平衡和調整銷售，圍繞營運效率，保持季度環比增長，並向客戶證明，從庫存角度來看，他們可以信賴我們。我認為，再加上繼續重建這些關係，將使我們能夠重新進入一些零售商的銷售網絡。

Not only that, but I would also highlight we're now talking and moving in a position where we're building our innovation pipeline. So that will get customers and retailers excited about leaning in as well. And then this whole notion of this core restage of our Reed's functional line and also our core products is something that also that we're leaning on. So I think we continue the course, stay focused on operational efficiency, continuing to maintain that we'll be able to continue to regain some of these lost customers that we lost.

不僅如此，我還想強調，我們現在正在討論並朝著建立創新管道的方向前進。這樣一來，顧客和零售商也會更積極參與。此外，我們也著重強調重塑里德功能性產品線和核心產品的這一理念。所以我認為我們應該繼續保持目前的路線，專注於營運效率，繼續努力，這樣我們就能重新贏得一些失去的客戶。

Okay. And if I could follow that up, at the risk of sounding maybe a little impolitic. Do you think that the experience that some of these guys have had with the past couple of years of some being late or not delivering on time? Is that going to make it harder to launch a new product? Or are they willing to give you kind of a fresh look?

好的。如果我可以再補充一點，雖然這麼說可能有點不禮貌。你認為在過去幾年裡，這些公司出現過一些遲交或未能按時交付的情況，這是否會影響他們的業績？這是否會增加推出新產品的難度？還是他們願意帶給你一種全新的視角？

No, I think -- I mean, obviously, I can't speak for retailers and put words in their mouth. But I think any time a CPG company goes to a buyer with a new proposition, right, they've got to make sure that it makes sense for the category and make sure it makes sense for the set, right? What is the innovation? Is it an A1 type innovation? Or how does it separate itself from anything else that we're currently selling.

不，我想──我的意思是，很顯然，我不能代表零售商發言，也不能替他們說話。但我認為，任何消費品公司向買家提出新方案時，都必須確保該方案對該品類有意義，並且對目標客戶群有意義，對吧？創新點是什麼？這是A1級創新嗎？或者說，它與我們目前銷售的其他任何產品有何區別？

So I think there's always a story to tell as it relates to trying to sell innovation or a new item or even your core flavor extension in where there may be already a flavor that exists today. So there's certainly work to be done to go tell that story. I don't think it makes it any easier or harder. I do believe that given our recent history, building that confidence in terms of operational stability helps us to kind of tell that story and shore up that end of the equation.

所以我覺得，在推銷創新產品、新產品，甚至是核心口味延伸產品（即使目前已經存在某種口味）時，總會有一個故事可以說出來。所以，要把這個故事講好，還有很多工作要做。我認為這既不會讓事情變得更容易，也不會讓事情變得更難。我相信，鑑於我們近期的歷史，在營運穩定性方面建立信心有助於我們講述這個故事，並鞏固等式的這一端。

The other thing is just in terms of which is normal for any type of CPG that's going in talking to a buyer around innovation, how does this innovation work for me? How does it drive consumer engagement and appeal? And does it make sense for our sets.

另一方面，對於任何類型的消費品公司來說，在與買家談論創新時，這都是很正常的，那就是：這種創新對我有什麼好處？它如何提升消費者參與和吸引力？這對我們的場景來說有意義嗎？

There are no further questions at this time. I will now turn over the call to Mr. Wallace. Please continue.

目前沒有其他問題了。現在我將把通話轉給華萊士先生。請繼續。

Thank you, operator, and thank you for joining us today. I want to express our appreciation to our employees, customers and shareholders for their continued support. We're excited about the opportunities ahead, and we believe we are well positioned to execute on our 2026 plan. Have a great day.

謝謝接線員，也謝謝您今天加入我們。我要向我們的員工、顧客和股東表達我們由衷的感謝，感謝他們一直以來的支持。我們對未來的機會感到興奮，並且相信我們已經做好充分準備，能夠順利執行我們的 2026 年計劃。祝你有美好的一天。

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

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