Reed's Inc (REED) 2025 Q4 法說會逐字稿

Good morning and welcome to Reed's fourth quarter and full year 2025 earnings conference call for the 3 and 12 months ended December 31, 2025. My name is Joelle and I will be your conference call operator for today. We will have prepared remarks from Neal Cohane, Reed's Interim Chief Executive Officer and Chief Operating Officer; and Doug McCurdy, Reed's Chief Financial Officer.

早安，歡迎參加 Reed’s 2025 年第四季及全年（截至 2025 年 12 月 31 日止之 3 個月與 12 個月）財報電話會議。我叫 Joelle，今天將擔任本次電話會議的接線員。我們將聽取 Reed’s 代理執行長兼營運長 Neal Cohane，以及 Reed’s 財務長 Doug McCurdy 的事先準備發言。

Following their remarks, they will take your questions. Before we begin, please take note of the company's cautionary statements. 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, March 25, 2026, and the company is under no obligation to update them.

在他們發言之後，將開放提問。在開始之前，請留意公司之警示性聲明。今天的電話會議將包含前瞻性陳述，包括關於 Reed’s 業務計畫的陳述。前瞻性陳述本質上涉及風險與不確定性，且僅反映管理層截至今日（2026 年 3 月 25 日）的觀點，公司並無義務更新該等陳述。

When discussing results, the presenters may refer to non-GAAP measures which exclude certain items from reported results. Please refer to Reed's fourth quarter and full year 2025 earnings release on Reed's Investor website at investor.reedinc.com and its annual report on Form 10-K for the 2025 fiscal year for the period ended December 31, 2025, 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.

在討論業績時，簡報人員可能會提及非 GAAP 指標，該等指標會自已揭露的結果中排除特定項目。有關非 GAAP 指標之定義與調節表，以及關於業績的其他資訊（包括可能導致實際結果與前瞻性陳述存在重大差異之因素的討論），請參閱 Reed’s 投資人網站 investor.reedinc.com 上的 2025 年第四季及全年財報新聞稿，以及 2025 會計年度截至 2025 年 12 月 31 日止期間之 Form 10-K 年報（預期將於近期在網站上提供）。

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

現在我將把電話會議交給 Cohane 先生。

Thank you, Joel, and I appreciate everybody joining us today for the call, the fourth quarter and full year 2025 results. Before diving in, to our results, I'd like to briefly address the leadership transition.

謝謝你，Joel，也感謝各位今天加入我們的電話會議，討論 2025 年第四季及全年業績。在深入說明業績之前，我想先簡要談一下領導階層的交接。

As announced in our in our earnings press release, Cyril Wallace has stepped down as CEO. I will assume the additional role of Interim CEO while continuing as Chief Executive Officer, as Chief Operating Officer, and I will also join Reed's Board of Directors. On behalf of the entire Reed's team, I want to thank Cyril for his contribution and wish him all the best in his future endeavors.

如我們在財報新聞稿中所宣布，Cyril Wallace 已卸任執行長。我將在持續擔任營運長的同時，兼任代理執行長，並且也將加入 Reed’s 董事會。我謹代表 Reed’s 全體團隊，感謝 Cyril 的貢獻，並祝福他未來一切順利。

I'm honored to step into this role at an important time for the company.

能在公司關鍵時刻接下這個職務，我深感榮幸。

Reed's is a strong brand with long heritage, a loyal consumer base, and robust operational foundation.

Reed’s 是一個歷史悠久、根基深厚的強勢品牌，擁有忠誠的消費者基礎，以及穩健的營運基礎。

Having spent many years with the business and recently returning as COO, I have a clear understanding of both the opportunities ahead and the work required to improve execution and performance. The board has initiated a search for a permanent CEO and in the interim, I am focused on advancing the operational priorities necessary to support profitable growth.

我在公司服務多年，近期回任營運長，對於未來的機會以及提升執行力與績效所需的工作都有清楚的理解。董事會已啟動永久執行長的遴選；在此期間，我將專注推進支持獲利成長所需的營運優先事項。

Let's turn to our results. We made important strides during the 4th quarter to stabilize the business and reinforce the operational framework needed to support sustainable growth. We also saw sequential improvements in net sales, gross margin, and net loss, which we view as early indicators that the actions we have taken are starting to gain traction.

接下來談談我們的業績。在第四季，我們在穩定業務並強化支持永續成長所需的營運架構方面取得了重要進展。我們也看到淨銷售額、毛利率與淨損失的逐季改善；我們將其視為早期指標，顯示我們採取的行動正開始發揮效果。

We saw encouraging sequential sales improvements across several channels including natural specialty, grocery, mass, and e-commerce. This was driven by a combination of increased sales velocity and seasonal product launches during the quarter. A couple of the retailers helping to drive this growth were Sprouts, Costco, Walmart, and our Amazon and Shopify business.

我們在多個通路看到令人鼓舞的逐季銷售改善，包括天然與專業通路、雜貨通路、大眾量販通路以及電商通路。這主要由銷售動能提升與本季季節性產品上市的組合所帶動。推動此成長的零售商包括 Sprouts、Costco、Walmart，以及我們在 Amazon 與 Shopify 的業務。

While we're still early in the process, these results reflect meaningful progress in improving execution.

雖然我們仍處於流程的早期階段，但這些結果反映出在提升執行力方面已取得實質進展。

We are rebuilding and expanding distribution relationships, strengthening our presence on the shelf, and driving greater efficiency across our supply chain and product portfolio to support more consistent performance over time.

我們正在重建並擴大通路合作關係、強化貨架能見度，並在供應鏈與產品組合上推動更高效率，以支持長期更一致的表現。

From a production and supply chain standpoint, we're making meaningful progress in driving efficiencies and reducing costs across the business. This includes optimizing our manufacturing network, improving plant productivity, and implementing tighter operational controls to better align production with demand. We're also enhancing our sourcing strategy by leveraging scale, renegotiating key supplier relationships, and improving procurement discipline.

從生產與供應鏈角度來看，我們在提升效率與降低全公司成本方面取得了實質進展。這包括優化製造網絡、提升工廠生產力，以及導入更嚴謹的營運控管，以更好地使產量與需求對齊。我們也透過運用規模、重新協商關鍵供應商關係，以及強化採購紀律，來提升採購策略。

At the same time we are actively Identifying additional opportunities to lower our per unit cost structure, including packaging optimization, freight and logistics efficiencies, and SKU rationalization as we continue to streamline the supply chain and improve throughput, we expect these initiatives to expand margins, improve service levels with our retail partners, and position the business for more scalable and consistent performance over time.

同時，我們也正積極辨識更多降低單位成本結構的機會，包括包材優化、運輸與物流效率提升，以及 SKU 精簡。隨著我們持續精簡供應鏈並提升產出效率，我們預期這些措施將擴大毛利、改善與零售合作夥伴的服務水準，並使業務在長期具備更可擴張且更一致的表現。

Looking ahead in 2026.

展望 2026 年。

We are focused on expanding our presence in under penetrated channels, particularly food service and convenience, which represent meaningful white space opportunities for the Reed's brand. These channels are highly complement complementary to our core retail business, enabling us to reach consumers in new consumption occasions and drive incremental trial and brand awareness.

我們將專注於擴大在滲透率較低通路的布局，特別是餐飲服務與便利通路；這些通路對 Reed’s 品牌而言代表具意義的「白地」機會。這些通路與我們的核心零售業務高度互補，使我們能在新的消費情境中觸及消費者，並帶動額外的試用與品牌知名度提升。

I'd like to share a few updates on our product portfolio.

我想分享幾項關於我們產品組合的最新進展。

First, we are launching the Reed's new Reed's Ginger Ale Cranberry and BlackBerry in Q2 2026 as a line extension to our number one selling SKU, which is the Reed's Ginger Ale. The core item, the Reed's ginger ale, remains the number one premium ginger ale in total US. And continues to grow up to and is is plus 13.7% in dollar sales over the past 52 weeks. Second, we're expanding into high growth adjacent categories with the launch of non-alcoholic mixers in early Q3 2026, providing incremental sales opportunities in the back half of the year.

首先，我們將於 2026 年第二季推出 Reed’s 全新 Reed’s Ginger Ale Cranberry 與 BlackBerry，作為我們最暢銷 SKU（即 Reed’s Ginger Ale）的產品線延伸。核心品項 Reed’s ginger ale 仍是全美整體市場第一名的高端薑汁汽水。且在過去 52 週的美元銷售額持續成長，增幅達 13.7%。第二，我們將於 2026 年第三季初推出無酒精調飲用混合飲品（non-alcoholic mixers），擴展至高成長的相鄰品類，並在下半年帶來額外的銷售機會。

Third, we are amplifying visibility at the digital shelf. In March 2026, we went live across Instacart, Walmart.com, and Albertsons.com, reaching over 4 million targeted shoppers monthly through sponsored search, sponsored product, and banner advertising.

第三，我們正在提升數位貨架上的能見度。2026 年 3 月，我們已在 Instacart、Walmart.com 與 Albertsons.com 上線，透過贊助搜尋、贊助商品與橫幅廣告，每月觸及超過 400 萬名目標消費者。

Finally, we launched a social media strategy in Q1 2026 targeting over 100,000 viewers per month. We partnered with recognizable talent including retired NFL player, Hayden Hurst, alongside a network of high-reach influencers.

最後，我們於 2026 年第一季推出社群媒體策略，每月鎖定超過 10 萬名觀眾。我們與具知名度的人才合作，包括已退役的 NFL 球員 Hayden Hurst，並結合一個高觸及度的網紅網絡。

This approach is designed to authentically integrateres into our culture, driving awareness, engagement, and trial in a scalable, cost-efficient manner.

此方法旨在以真誠的方式融入我們的文化，以可擴展且具成本效益的方式推動品牌認知、互動與試用。

Overall, these initiatives reflect a deliberate, multi-pronged growth strategy building on our core, expanding, building on our core, and expanding into high potential agencies.

整體而言，這些舉措反映出一項審慎的多管齊下成長策略：鞏固核心、擴大核心，並拓展至高潛力的通路。

And fully supporting the brand through digital and cultural relevance. Now let me take you through a couple of the 4th quarter operational highlights.

並透過數位與文化相關性全面支持品牌。接下來我將帶各位回顧幾項第四季營運重點。

During the quarter, we continued our efforts to evaluate and manage finished goods inventory, including actions to address slower moving and obsolete product as part of our effort to simplify the portfolio and focus on higher performing items.

本季期間，我們持續評估並管理成品庫存，包括採取行動處理周轉較慢及過時產品，作為我們精簡產品組合、聚焦於表現較佳品項的一部分。

On the logistics and supply chain front, we continued executing our rebalancing initiatives to optimize inventory placement across regions and improve overall delivery efficiency.

在物流與供應鏈方面，我們持續推進再平衡計畫，以優化各區域的庫存配置並提升整體配送效率。

These efforts are focused on reducing freight distances, enhancing services, service levels, and minim minimizing out of stocks in key markets. We're beginning to see the tangible benefits from these actions, with delivery and handling expenses declining 35% year over year in the fourth quarter while still early in the process. Well, it's still early in the process reinforces that we are moving in the right direction and we remain focused on further refining our logistics network to drive continued efficiency gains and cost reductions over time.

這些努力聚焦於縮短運輸距離、提升服務與服務水準，並將關鍵市場的缺貨情況降至最低。我們已開始看到這些行動帶來的具體效益：第四季的配送與處理費用年減 35%，儘管目前仍處於流程初期。雖然仍在初期階段，但這進一步證明我們正朝正確方向前進；我們也將持續專注於進一步優化物流網絡，以在時間推移中帶來持續的效率提升與成本降低。

We continue expansion into the Asian market and will be exhibiting at the Sugar and Wine trade show in Chengdu, China, one of the biggest food and beverage trade events in the world. We will be launching our latest take.

我們持續拓展亞洲市場，並將參加在中國成都舉辦的糖酒會（Sugar and Wine trade show），這是全球最大的食品與飲料貿易展之一。我們將推出最新產品。

A new modern energy drink called U Oxygen, Reed's U Oxygen. U Oxygen will be making its debut for the first time, introducing innovative flavors to key industry retailers and distributors.

一款全新的現代能量飲料，名為 U Oxygen，Reed's U Oxygen。U Oxygen 將首次亮相，向主要產業零售商與經銷商介紹創新口味。

Reed's U Oxygen builds on Reed's natural ginger base and innovatively integrates the classic eastern herbs of astralagus and ginseng to deliver clean, balanced energy for today's health conscious consumer.

Reed's U Oxygen 以 Reed's 天然薑基底為基礎，並創新融合東方經典草本黃耆與人參，為當今注重健康的消費者提供乾淨、均衡的能量。

During the 4th quarter, we completed a $10 million underwritten public offering and uplisted our shares to the New York Stock Exchange American, marking a significant milestone in the evolution of Reds. This transaction strengthens our balance sheet and enhances our financial flexibility.

在第四季，我們完成了一筆 1,000 萬美元的承銷公開發行，並將股票升級至紐約證券交易所美國板（NYSE American）上市，這標誌著 Reds 發展歷程中的重要里程碑。此交易強化了我們的資產負債表並提升財務彈性。

Providing additional capital to support key growth initiatives across the business, including distribution expansion, brand investment, and continued operational improvements. Additionally, uplifting to the New York Stock Exchange American meaningfully elevates our visibility within the investment community and broadens access to institutional investors while improving overall trading liquidity for our shareholders. As we continue to execute against our strategic priorities, we believe this enhanced capital market markets platform combined with our stronger financial foundation provides res to accelerate growth and drive long-term value creation.

提供額外資金以支持公司各項關鍵成長計畫，包括通路擴張、品牌投資與持續的營運改善。此外，升級至紐約證券交易所美國板，將顯著提升我們在投資社群中的能見度，擴大機構投資人接觸，同時改善股東的整體交易流動性。隨著我們持續落實策略優先事項，我們相信，這個更完善的資本市場平台結合更強健的財務基礎，將為我們加速成長並推動長期價值創造提供資源。

Looking ahead, our priorities remain centered on improving overall operating performance and driving more consistent, profitable growth. We see a clear path to margin expansion through a combination of more disciplined trade spend, improved pricing and promotional effectiveness, and continued operational efficiency gains across our supply chain and organization.

展望未來，我們的優先事項仍聚焦於提升整體營運表現，並推動更一致且具獲利性的成長。我們看到明確的毛利率擴張路徑，將透過更嚴謹的通路促銷支出管理、提升定價與促銷成效，以及在供應鏈與組織層面持續提升營運效率的組合來實現。

We are also continuing to invest in our international expansion in Asia, where we see a significant long-term opportunity to extend the reach of Reed's brand and capture incremental growth. We believe the combination of these initiatives will enable us to execute our growth and profitability objectives ahead.

我們也將持續投資於亞洲的國際擴張，在那裡我們看到顯著的長期機會，可延伸 Reed's 品牌觸及並取得增量成長。我們相信，這些舉措的組合將使我們能夠推進未來的成長與獲利目標。

Before wrapping up with closing remarks, our CFO Doug will cover financial highlights and 4th quarter and full year, in more detail. Doug.

在以結語作結之前，我們的財務長 Doug 將更詳細說明財務重點，以及第四季與全年表現。Doug。

Thank you, Neal.

謝謝你，Neal。

Turning to our results, all variance commentary is on a year over year basis, unless otherwise noted.

接著看我們的業績表現，除非另有說明，所有差異說明皆以年對年為基準。

Net sales for the fourth quarter of 2025 were $7.5 million compared to $9.7 million in the year ago quarter. The decrease was primarily driven by lower volumes with recurring national customers and higher promotional and other allowances.

2025 年第四季淨銷售額為 750 萬美元，較去年同期的 970 萬美元下降。下降主要由於與既有全國性客戶的銷量較低，以及促銷與其他折讓較高所致。

Gross profit for the fourth quarter of 2025 was $1.5 million compared to $2.9 million in the year ago quarter.

2025 年第四季毛利為 150 萬美元，較去年同期的 290 萬美元下降。

Gross margin was 20% compared to 30% in the year ago quarter.

毛利率為 20%，去年同期為 30%。

The decrease in gross margin was primarily driven by inventory write-offs and higher cost of goods sold.

毛利率下降主要由於存貨沖銷以及銷貨成本較高所致。

Delivery and handling costs were reduced by 35% to $1.1 million during the fourth quarter of 2025 compared to $1.7 million in the year ago quarter.

2025 年第四季配送與處理成本年減 35% 至 110 萬美元，去年同期為 170 萬美元。

As a percentage of net sales, delivery and handling costs were 14%, or $2.46 per case in Q4 2025.

以淨銷售額百分比計，2025 年第四季配送與處理成本為 14%，或每箱 2.46 美元。

Compared to 17% or $3 per case in the year ago quarter.

相較之下，去年同期為 17%，或每箱 3 美元。

Selling general and administrative expenses were reduced by 19% to $4.0 million compared to $4.9 million in the year ago quarter.

銷售、一般及行政費用年減 19% 至 400 萬美元，去年同期為 490 萬美元。

The decrease was primarily driven by lower contract proceedings and asset impairments.

下降主要由於合約訴訟程序費用較低以及資產減損較少所致。

Net loss during the fourth quarter of 2025 improved to $3.8 million or $0.44 per share compared to $4.1 million or $1.33 per share in the year ago quarter.

2025 年第四季淨損改善至 380 萬美元（每股 0.44 美元），相較於去年同期為 410 萬美元（每股 1.33 美元）。

EBITD was $3.6 billion in the fourth quarter of 2025 compared to $3.1 million in the year ago quarter.

2025 年第四季 EBITD 為 36 億美元，相較於去年同期為 310 萬美元。

For the fourth quarter of 2025.

就 2025 年第四季而言。

We used $3.8 million of cash from operating activities.

我們在營運活動中使用了 380 萬美元現金。

Compared to cash used of $3.9 million in the year ago quarter.

相較於去年同期使用現金 390 萬美元。

As of December 3, 2025, we had approximately $10.4 million of cash and $9.3 million of total debt net of capitalized financing fees.

截至 2025 年 12 月 3 日，我們約有 1,040 萬美元現金，以及扣除資本化融資費用後的總負債 930 萬美元。

This compares to $10.4 million of cash and $9.6 million of total debt net of capitalized financing fees at December 31, 2024.

相較之下，截至 2024 年 12 月 31 日，我們有 1,040 萬美元現金，以及扣除資本化融資費用後的總負債 960 萬美元。

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

我現在把電話交回 Neil，請他做結語。

Hello.

你好。

Thanks, Doug. Sorry about that. Thanks, Doug.

謝謝你，Doug。抱歉剛才那樣。謝謝你，Doug。

Our 4th quarter reflects important strides in stabilizing the business and reinforcing the operational foundation needed to support sustainable growth. While there is still work to do, we are encouraged by the sequential improvement in several key financial metrics and remain focused on executing against our priorities to drive profitable growth for our shareholders.

我們第四季反映出在穩定業務、並強化支撐永續成長所需的營運基礎方面取得了重要進展。雖然仍有工作要做，但我們對多項關鍵財務指標的逐季改善感到鼓舞，並將持續專注於執行我們的優先事項，為股東帶來獲利性成長。

With that Joelle, we're ready to open the line for any questions.

Joelle，我們已準備好開放線路回答任何問題。

Thank you ladies and gentlemen. (Operator Instructions)

各位女士、先生，謝謝。(接線員指示)

Aaron Grey, Alliance Global Partners

Aaron Grey，Alliance Global Partners

Hi, good morning and thank you for the question. This is John on for Aaron. So how best is it to think about the cadence of distribution gains in 2026, and whether the spring resets have presented any opportunities?

嗨，早安，謝謝讓我提問。我是 John，代 Aaron 發言。那麼，該如何看待 2026 年通路鋪貨（distribution）增量的節奏？以及春季重置（spring resets）是否帶來任何機會？

Hey John, thanks for the question. I think we have some work to do when it comes to.

嗨 John，謝謝你的問題。我認為在……方面我們還有一些工作要做。

Getting, placements right now we're working on it as we speak.

就目前的上架點位（placements）而言，我們正在進行中。

We have the sales team aligned, we're bringing on, people to help and support.

我們已讓銷售團隊對齊，也正在增聘人員來協助與支援。

Picking up and gaining more placements and we're also working on the velocities to improve velocity at store level so we're going to be completely focused in 2026 on the customer and on our distributors and it's going to be all about velocities and increasing shelf placement.

以提升並取得更多上架點位；同時我們也在改善動銷速度（velocities），提升門店層級的動銷。因此 2026 年我們會完全聚焦在客戶與經銷商身上，重點將是動銷速度以及增加貨架陳列位置。

Okay, great.

好的，很棒。

Thank you. And how should we think about the path to profitability and some of the margin initiatives you have in place, starting to flow through the P&L?

謝謝。另外，關於邁向獲利的路徑，以及你們正在推動的一些毛利率改善措施，何時會開始反映在損益表（P&L）上？

The path to profitability is Doug and I have been meeting, extensively on this, and we're looking at, a couple things here.

關於獲利路徑，Doug 和我已就此進行了大量會議，我們正在看幾件事。

It's one.

第一。

We're looking to reduce expenses which we are doing year over year, quarter over quarter. We're reducing expenses, but at the same time we're driving, we're going to be driving growth this year, so I think.

我們正尋求降低費用，且我們確實在逐年、逐季降低費用。我們在降低費用，但同時也在推動——我們今年也將推動成長，所以我認為。

What you see today is going to look a lot different than in, say Q4 of this year.

你今天看到的情況，會與例如今年第四季（Q4）時看起來很不一樣。

But it's going to be a combination like you said of reducing expenses and driving volume.

但會如你所說，是降低費用與推動銷量的組合。

At store level.

在門店層級。

Okay great and then just lastly, is there any additional detail you could provide on the timing of the smarter soda launch or color on learnings from the past launch to improve the product, flavor packaging or otherwise?

好的，很棒。最後一個問題，關於 smarter soda 上市時程，是否能提供更多細節？或是分享從過去上市中得到的學習，以改善產品、口味、包裝或其他方面？

On which launch? I'm sorry.

你是指哪一個上市？不好意思。

The soda smarter.

就是 smarter 的汽水。

Yeah, the sort of smarter launch right now is.

對，關於 smarter 的上市，目前是。

That that is one of the first things that I that I spoke with with our flavor house that helps us with launches is I want to improve flavors but but at the same time we're launching our new mixer line.

那是我與協助我們做上市的調味合作夥伴（flavor house）討論的第一件事之一：我想改善口味；但同時我們也在推出新的調飲（mixer）產品線。

And our new mixer line, which I think is going to be A great addition to to what we're all about as a Reeds brand we're going to, we're working on.

而我們新的調飲產品線，我認為將會是對我們 Reeds 品牌核心主張的一個很棒補充；我們正在進行。

That line and that launch at this moment and then we're coming back to the soda smarter and we're going to be looking at improving flavors, improving formulas, and then we're going to improve execution on that at the same time.

目前正著手該產品線與上市計畫，之後我們會再回到 smarter soda，並著重改善口味、改良配方，同時也會提升執行。

Okay, thanks. I'll jump back in the queue.

好的，謝謝。我回到隊列中。

He There are no further questions at this time. I will now turn the call over to Mr. Cohane for closing remarks.

目前沒有其他問題。我現在把電話交給 Cohane 先生做結語。

Well, thank you everybody. I appreciate everybody joining today.

好的，謝謝各位。感謝大家今天參與。

We appreciate your continued interest in reeds.

我們感謝各位持續關注 Reeds。

We look forward to updating you on our progress and we'll do that on further calls. We have a lot of work to do and we're getting it done, but thanks for everybody and their time today.

我們期待向各位更新我們的進展，並會在後續電話會議中進行。我們還有很多工作要做，而且正在把它完成；也謝謝大家今天撥冗參與。

Ladies and gentlemen, this concludes the conference call for today. We thank you for participating and ask that you please disconnect your lines.

各位女士、先生，今天的電話會議到此結束。感謝各位參與，並請掛斷您的線路。