Arcadia Biosciences Inc (RKDA) 2025 Q1 法說會逐字稿

Hello, and welcome to Arcadia Biosciences first-quarter 2025 financial results and business highlights conference call. (Operator instructions) Please be advised that today's conference is being recorded.

您好，歡迎參加 Arcadia Biosciences 2025 年第一季財務業績和業務亮點電話會議。 （操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Mark Kawakami, Chief Financial Officer at Arcadia. Please go ahead.

現在，我想將會議交給 Arcadia 財務長 Mark Kawakami。請繼續。

Thank you. Joining me on the call today is T.J. Schaefer, Arcadia's President and Chief Executive Officer. This call is being webcast, and you can refer to the company's press release at arcadiabio.com. Before we start, we would like to remind you that Arcadia Biosciences will be making forward-looking statements on this call based on current expectations and currently available information.

謝謝。今天和我一起參加電話會議的是 T.J. Schaefer，Arcadia 總裁兼執行長。本次電話會議正在進行網路直播，您可以在 arcadiabio.com 上參閱該公司的新聞稿。在我們開始之前，我們想提醒您，Arcadia Biosciences 將根據當前預期和目前可用的資訊在本次電話會議上做出前瞻性陳述。

However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied today. You can review the company's safe harbor language in our most recently filed 10-K.

然而，由於這些聲明是基於涉及風險和不確定的因素，公司的實際業績和結果可能與今天描述或暗示的業績和結果有重大差異。您可以在我們最近提交的 10-K 檔案中查看公司的安全港語言。

With that, I'll now turn the call over to T.J.

說完這些，我現在將電話轉給 T.J.

Thanks, Mark, and thank you to everyone on the call for joining us today to discuss our 2025 first quarter financial results. It has only been seven weeks since we delivered our 2024 year-end update, but the momentum from the second half of 2024 has carried into 2025, and I am very pleased with our first quarter results.

謝謝，馬克，也感謝今天參加電話會議的所有人與我們討論我們的 2025 年第一季財務業績。我們發布 2024 年年終更新報告僅七週時間，但 2024 年下半年的勢頭一直延續到 2025 年，我對我們的第一季業績非常滿意。

Zola Coconut Water continues to thrive and outperform our own internal expectations. In Q1 2025, our reported Zola sales increased 90% year-over-year, primarily driven by new distribution gains, which increased 70% compared to the same period last year.

Zola 椰子水繼續蓬勃發展，超越了我們自己的內部預期。 2025 年第一季度，我們報告的 Zola 銷售額年增 90%，主要得益於新的分銷收益，與去年同期相比增長了 70%。

We continue to implement tight cost controls, resulting in strong gross margins and a 16% year-over-year reduction in operating expenses, inclusive of nearly $0.5 million in transaction-related fees during the quarter. In addition to our strong brand performance, we also made significant progress during the quarter, monetizing our intellectual property, a goal we have discussed for several years.

我們繼續實施嚴格的成本控制，從而實現了強勁的毛利率，並使營運費用年減 16%，其中包括本季近 50 萬美元的交易相關費用。除了我們強勁的品牌表現之外，我們在本季度還取得了重大進展，實現了我們的知識產權貨幣化，這是我們多年來一直討論的目標。

And finally, the pending business combination with Roosevelt Resources continues to move forward, and we believe is on track to be completed towards the end of the summer. Today, I would like to discuss each of these topics in more detail, starting with the performance of Zola.

最後，與羅斯福資源公司即將進行的業務合併仍在繼續推進，我們相信該合併預計將在夏季結束時完成。今天，我想更詳細地討論這些主題，先從佐拉的表現開始。

As I just mentioned, our reported sales of Zola increased 90% compared to the same quarter last year, primarily driven by a 70% increase in new distribution. Growing Zola's presence in the marketplace has been a focus of Arcadia, and we believe it represents our best opportunity to significantly increase our share of coconut water industry sales given our relatively low penetration rate. Our sell-through or scan data sales increased 76% during the 13 weeks ended March 29, 2025, based on Nielsen data.

正如我剛才提到的，我們報告的 Zola 銷售額與去年同期相比增長了 90%，這主要得益於新分銷量增長了 70%。擴大 Zola 在市場上的影響力一直是 Arcadia 關注的重點，我們認為，鑑於我們的滲透率相對較低，這是我們大幅提高椰子水行業銷售份額的最佳機會。根據尼爾森的數據，截至 2025 年 3 月 29 日的 13 週內，我們的銷售或掃描數據銷售額成長了 76%。

This rate of sales growth is more than 3 times faster than the coconut water category, which grew 24% during the same time period. Coconut water continues to outpace the growth of many other beverage categories, driven by the shift in consumer preferences toward healthy, better-for-you beverages. With a rich source of key electrolytes such as potassium, magnesium and calcium, consumers are recognizing that coconut water offers an excellent way to naturally rehydrate and reenergize.

此銷售成長率是椰子水類別的 3 倍多，椰子水類別同期的成長率為 24%。隨著消費者偏好轉向健康、有益健康的飲料，椰子水的成長速度持續超過許多其他飲料類別。由於富含鉀、鎂和鈣等關鍵電解質，消費者認識到椰子水是一種極好的自然補水和補充能量的方式。

With Zola, we believe we have the best tasting coconut water that is packaged directly at the source in Thailand. In the past, we have conducted consumer taste tests where Zola was preferred to its competitors by a 2:1 margin, and we continue to focus on new products that we believe will bring more consumers into the category.

我們相信，有了 Zola，我們就有了在泰國產地直接包裝的口感最好的椰子水。過去，我們曾進行過消費者口味測試，結果顯示 Zola 的受歡迎程度是其競爭對手的 2 倍，我們將繼續專注於開發我們認為能夠吸引更多消費者購買該類別產品的新產品。

For example, one year ago, we launched two new flavors, lime and pineapple into the marketplace, and I am happy to report that we have already sold more pineapple in the first four months of 2025 than we did all of last year, driven by new placements.

例如，一年前，我們向市場推出了兩種新口味：酸橙和鳳梨。我很高興地告訴大家，在新推出的推動下，我們在 2025 年前四個月的鳳梨銷售量已經超過了去年全年的銷售量。

Aside from new flavors, we are currently working on a number of new product offerings that will provide a twist on traditional coconut water that we are excited about. In fact, in a category review meeting earlier this year, we brought a sample of our new product to one of our largest customers, and they were blown away by the flavor, decisively choosing our new offering over a competitive product. While our time line to launch has been pushed back as a result of the pending business combination with Roosevelt, we expect to have our new innovation on the shelf early next year.

除了新口味外，我們目前也正在開發多種新產品，這些產品將對傳統椰子水進行改良，讓我們感到興奮。事實上，在今年稍早的一次品類評審會議上，我們為我們最大的客戶之一帶來了新產品的樣品，他們被產品的口味所震撼，果斷地選擇了我們的新產品而不是競爭產品。雖然由於與羅斯福的業務合併而導致我們的發佈時間被推遲，但我們預計我們的新創新產品將於明年初上市。

In addition to product innovation, Zola also has a healthy pipeline and is currently in discussions with new customers and distributors, representing more than 50% of our current customer base. So far in Q2, we have already won new customer accounts and are optimistic about being awarded additional placements based on initial feedback from our category review meetings earlier this year.

除了產品創新之外，Zola 還擁有健康的管道，目前正在與新客戶和經銷商進行洽談，占我們目前客戶群的 50% 以上。到目前為止，在第二季度，我們已經贏得了新的客戶帳戶，並且根據今年早些時候我們的類別審查會議的初步反饋，我們對獲得更多展示位置持樂觀態度。

One positive outcome of these meetings that I would like to highlight is that we were awarded an additional SKU at existing customers representing more than 1,000 stores or nearly one-third of our current distribution.

我想強調的是，這些會議的一個積極成果是，我們在現有客戶中獲得了額外的 SKU，這些客戶代表著 1,000 多家商店，占我們目前分銷管道的近三分之一。

This is meaningful not only for the additional revenue that it will bring, but it also highlights the strong performance of the existing Zola SKUs and opens the door to additional placements and offerings in the future. From an inventory perspective, Zola is well positioned.

這不僅意義重大，因為它將帶來額外的收入，而且還凸顯了現有 Zola SKU 的強勁表​​現，並為未來增加展示位置和產品打開了大門。從庫存角度來看，Zola 處於有利地位。

We have replenished our inventory ahead of the all-important beverage season after it was depleted last year following large new customer wins. The timing of this replenishment was beneficial as it gave us approximately three months of inventory before any of the recently announced tariffs took effect. Therefore, we expect tariffs to have little to no impact on our Q2 financial results.

去年，由於贏得了大量新客戶，庫存耗盡，因此，我們在最重要的飲料季節之前補充了庫存。這次補貨的時機非常有利，因為它為我們提供了在最近宣布的關稅生效之前大約三個月的庫存。因此，我們預計關稅對我們的第二季財務業績影響不大。

Going forward, we believe the 10% baseline tariff that went into effect in early April is not likely to have a significant impact on our results as we have identified potential cost savings opportunities that we expect to largely offset the impact. As a result, we do not anticipate taking any action at this time in direct response to the baseline tariffs. Having said that, we continue to have conversations with our customers and distributors and have developed mitigation plans should the need occur.

展望未來，我們認為 4 月初生效的 10% 基準關稅不太可能對我們的業績產生重大影響，因為我們已經確定了潛在的成本節約機會，預計這些機會將在很大程度上抵消其影響。因此，我們預計目前不會採取任何直接針對基準關稅的行動。話雖如此，我們仍繼續與客戶和分銷商進行對話，並在必要時制定緩解計劃。

Shifting gears, I want to discuss the actions we have taken to exit Arcadia's legacy business and monetize our intellectual property. As disclosed on Form 8-K on April 3, we entered into an agreement with Bioceres effective March 28, 2025. Under the terms of the agreement, all rights related to certain previously licensed soy patents were returned to Arcadia, along with $750,000 cash in exchange for Arcadia's granted patents and patent applications for reduced gluten and oxidative stability as well as the elimination of all future royalties pursuant to a previous agreement between the two companies.

換個話題，我想討論一下我們為退出 Arcadia 的遺留業務並將我們的知識產權貨幣化所採取的行動。正如 4 月 3 日 8-K 表格所披露的那樣，我們與 Bioceres 達成了一項自 2025 年 3 月 28 日起生效的協議。根據協議條款，所有與某些先前獲得許可的大豆專利相關的權利都將歸還給 Arcadia，同時還支付 750,000 美元現金，以換取 Arcadia 獲得的低麩質和氧化穩定性專利和專利申請，以及根據兩家公司之間先前的協議免除所有未來的特許權使用費。

This transaction represented a meaningful step for Arcadia in our efforts to streamline operations, exit the legacy AgTech business and monetize our intellectual property. So let me provide some context on the significance of this agreement.

此交易對於 Arcadia 精簡營運、退出傳統農業科技業務和將智慧財產權貨幣化的努力而言，是具有重要意義的一步。因此，請允許我提供一些有關該協議重要性的背景資訊。

First, it allowed us to receive $750,000 of cash that was non-dilutive to Arcadia shareholders. Second, the soy patent, which was originally acquired in a 2005 transaction more than 10 years prior to Arcadia going public, resulted in a $1 million contingent liability on our balance sheet.

首先，它使我們能夠獲得 75 萬美元的現金，這對於 Arcadia 股東來說是非稀釋性的。其次，大豆專利最初是在 2005 年的一次交易中獲得的，比 Arcadia 上市早了 10 多年，這導致我們的資產負債表上出現了 100 萬美元的或有負債。

By regaining the rights to this patent, we were permitted to take the next step and notify the patent authorities of our intent to abandon the technology. The abandonment of this patent eliminated the possibility of future commercialization, allowing us to release the $1 million liability from our balance sheet.

透過重新獲得該專利的權利，我們被允許採取下一步行動並通知專利當局我們打算放棄該技術。放棄這項專利消除了未來商業化的可能性，使我們能夠從資產負債表中免除 100 萬美元的負債。

And finally, we are able to avoid any future expenses relating to the maintenance of patents and patent applications for technologies we are no longer pursuing. As a result of this transaction, along with various other agreements that have been previously disclosed, Arcadia no longer expects to receive any license or royalty fees or to incur any significant future expenses related to any of its wheat-related intellectual property.

最後，我們可以避免未來與維護我們不再追求的技術的專利和專利申請有關的任何開支。由於此交易以及先前揭露的其他各種協議，Arcadia 不再預期會收到任何授權費或特許權使用費，或產生與其任何小麥相關智慧財產權有關的任何重大未來費用。

Currently, we have one remaining tomato patent that is licensed to a third party and represents a $1 million contingent liability on our balance sheet. While we can make no assurances, we are working on options that could result in the removal of that contingent liability, which would conclude our exit from the legacy AgTech business.

目前，我們還有番茄專利授權給第三方，這在我們的資產負債表上代表 100 萬美元的或有負債。雖然我們無法做出任何保證，但我們正在研究可能消除或有負債的方案，這將使我們退出傳統的農業科技業務。

The last topic I would like to discuss is the pending business combination with Roosevelt Resources. As you are aware, in December 2024, we signed a definitive agreement to combine with Roosevelt Resources pursuant to a securities exchange agreement.

我想要討論的最後一個主題是與羅斯福資源公司即將進行的業務合併。如您所知，2024 年 12 月，我們根據證券交易協議與羅斯福資源公司簽署了合併的最終協議。

While the process has taken longer than originally anticipated, I want to reiterate that the planned transaction continues to move forward as evidenced by our recent Form 8-K filed on May 2 with the SEC. The amendment to the exchange agreement that was filed modified one of the closing conditions, allowing a party to terminate the agreement if the transaction was not completed from May 15 to August 15 in order to give both companies adequate time to prepare financials, respond to SEC comments, update our initial Form S-4 filing and host a shareholder meeting to vote on proposals relating to the transaction.

雖然這個過程比最初預期的要長，但我想重申，計劃中的交易將繼續向前推進，正如我們於 5 月 2 日向美國證券交易委員會提交的最新 8-K 表格所證明的那樣。提交的換股協議修正案修改了其中一項成交條件，如果交易在 5 月 15 日至 8 月 15 日期間未能完成，則允許一方終止協議，以便讓兩家公司有充足的時間準備財務報表、回應美國證券交易委員會的評論、更新我們最初的 S-4 表格文件並召開股東大會對與交易有關的提案進行投票。

In addition, the amendment also provided for a fixed equity share ratio of 90-10 between the Roosevelt partners and Arcadia stockholders. The original exchange agreement included a calculation where the ownership stake could be adjusted upward or downward based on several factors, including the amount of cash and cash equivalents on Arcadia's books at the closing date.

此外，該修正案還規定羅斯福合夥人和阿卡迪亞股東之間的固定股權份額比例為 90-10。最初的交換協議包括一項計算，其中所有權股份可以根據多種因素進行上調或下調，包括交易完成日 Arcadia 帳簿上的現金和現金等價物金額。

By keeping the ratio constant, we believe we are providing Arcadia stockholders with a greater level of ownership certainty post transaction. In terms of next steps, both companies are working to finalize financial results for Q1 2025, along with other information, and we anticipate filing an amendment to the initial Form S-4 registration statement after this information and other disclosures are updated.

透過保持該比率不變，我們相信我們將為 Arcadia 股東在交易後提供更高水準的所有權確定性。就後續步驟而言，兩家公司正在努力確定 2025 年第一季度的財務業績以及其他信息，我們預計在更新這些信息和其他披露信息後，將對初始 S-4 表格註冊聲明提交修訂。

Once the registration statement is declared effective, the proxy materials will be mailed out to stockholders of record to be voted on at the shareholder meeting. Although there are many uncertainties that could affect the overall timing of the transaction and no assurances are possible, we are hopeful of being in a position to close the transaction around the August 15 date noted in the first amendment agreement with Roosevelt.

一旦註冊聲明宣布生效，代理材料將郵寄給登記在冊的股東，以供股東大會投票。儘管存在許多不確定因素可能會影響交易的整體時間安排，並且無法做出任何保證，但我們希望能夠在與羅斯福達成的第一修正案協議中規定的 8 月 15 日左右完成交易。

With that, I will now turn the call over to Mark to discuss our 2025 first quarter financial results in more detail. Mark?

現在，我將把電話轉給馬克，更詳細地討論我們 2025 年第一季的財務表現。標記？

Thank you, T.J., and welcome to everyone joining us on the call. I would like to remind everyone that my discussion of the financial results will refer to the impact of continuing operations only. Any reference to prior year results will exclude the impact of the discontinued GoodWheat and Body Care operations.

謝謝，T.J.，歡迎大家參加我們的電話會議。我想提醒大家，我對財務結果的討論只涉及持續經營的影響。對上一年業績的任何引用都將排除已停止的 GoodWheat 和 Body Care 業務的影響。

With that, I will begin our discussion of the financial results. In Q1, total revenues were approximately $1.2 million, and this represented an increase of 22% compared to the same period of last year. However, it's worth noting that Zola revenues increased 90% compared to last year since revenue in Q1 of 2024 included $354,000 of sales related to GLA oil.

有了這些，我將開始討論財務結果。第一季總營收約120萬美元，比去年同期成長22%。不過，值得注意的是，Zola 的收入比去年增長了 90%，因為 2024 年第一季的收入包括與 GLA 油相關的 354,000 美元的銷售額。

In 2025, we expect product revenues to be driven entirely by the Zola product line as we no longer carry any inventory of GLA oil. The cost of revenues in Q1 was approximately $680,000 and this represented a 45% increase compared to the same period last year.

到 2025 年，我們預計產品收入將完全由 Zola 產品線驅動，因為我們不再持有任何 GLA 油庫存。第一季的收入成本約為 68 萬美元，與去年同期相比成長了 45%。

The gross margin rate was 43% this quarter compared to 52% in Q1 of 2024, and this is the ninth consecutive quarter with gross margins above 30%. Consistent with the last couple of quarters, we continue to expect gross margin rates to trend toward the low 30% range now that we have transitioned to a single product line.

本季毛利率為 43%，而 2024 年第一季為 52%，這是毛利率連續第九個季度超過 30%。與過去幾季的情況一致，由於我們已轉向單一產品線，我們預計毛利率將繼續趨向於 30% 的低點。

There were no research and development costs this quarter compared to $6,000 of R&D costs in Q1 of last year. This continues to reflect our strategy to develop the Zola brand by leveraging our existing resources and minimizing new investment.

本季沒有研發成本，而去年第一季的研發成本為 6,000 美元。這繼續反映了我們利用現有資源和減少新投資來發展 Zola 品牌的策略。

As T.J. mentioned earlier, we completed a transaction this quarter that allowed us to sell our remaining wheat patents in exchange for cash and the return of a legacy soy patent. The wheat patents did not carry a value on our balance sheet, so we recognized the entire $750,000 of consideration as a gain on the sale of intangible assets.

正如 T.J.如前所述，我們本季度完成了一項交易，使我們能夠出售剩餘的小麥專利，以換取現金和遺留大豆專利的返還。小麥專利在我們的資產負債表上沒有價值，因此我們將全部 750,000 美元的對價確認為無形資產出售收益。

We received $500,000 of this in cash prior to the close of Q1, and we received the remaining $250,000 following the end of the quarter. Additionally, regaining control of our legacy soy patent allowed us to eliminate our royalty obligations associated with the technology.

我們在第一季結束前收到了 50 萬美元現金，並在本季結束後收到了剩餘的 25 萬美元。此外，重新獲得對我們原有大豆專利的控制權使我們能夠免除與該技術相關的專利使用費義務。

This benefit was recognized as a change in fair value and had the effect of increasing our net income and reducing our noncurrent liabilities by $1 million. In Q1, selling, general and administrative costs were $1.7 million, and that included almost $0.5 million of costs related to the pending transaction with Roosevelt Resources.

此項收益被確認為公允價值變動，並導致我們的淨收入增加 100 萬美元，非流動負債減少 100 萬美元。第一季度，銷售、一般和行政費用為 170 萬美元，其中包括與羅斯福資源公司待決交易相關的近 50 萬美元的成本。

This was a reduction from Q1 of 2024 when costs were $2.1 million, including $200,000 of costs related to M&A activity. There was no loss from discontinued operations this quarter compared to $1.5 million of costs in Q1 of 2024. We expect losses from discontinued operations to remain low for the remainder of 2025.

與 2024 年第一季相比有所減少，當時的成本為 210 萬美元，其中包括與併購活動相關的 20 萬美元成本。本季沒有因終止經營而產生的損失，而 2024 年第一季的成本為 150 萬美元。我們預計，2025 年剩餘時間內因終止經營而產生的損失將維持在低水準。

Moving to the balance sheet. We ended Q1 with $3.2 million of cash compared to $4.2 million at the start of the year. Recall that our cash consumption included ongoing M&A expenses, which we were able to accommodate by reducing our underlying cash spend and by monetizing our legacy business assets. For accounts receivable, we ended Q1 with $1.6 million compared to $1.2 million at the start of the year.

轉到資產負債表。我們第一季末的現金為 320 萬美元，而年初為 420 萬美元。回想一下，我們的現金消耗包括持續的併購費用，我們可以透過減少基礎現金支出並將我們的傳統業務資產貨幣化來滿足這一需求。就應收帳款而言，第一季末我們的應收帳款為 160 萬美元，而年初為 120 萬美元。

The increase was driven by consideration from the sale of our patent assets, the recovery of some receivables that had previously been reserved for as well as the addition of interest related to our note receivable.

成長的原因是出售我們的專利資產的對價、收回部分先前預留的應收帳款以及增加與我們的應收票據相關的利息。

For inventory, we ended Q1 with a balance of $1.3 million compared to $900,000 at the start of the year. The growth in inventory reflects the growth in Zola revenues as well as the run-up to the spring/summer selling season and the effect of longer lead times from our suppliers. The promissory note we received from the sale of GoodWheat assets in May of 2024 continues to accrue interest at the prime rate.

就庫存而言，我們第一季末的餘額為 130 萬美元，而年初為 90 萬美元。庫存的成長反映了 Zola 收入的成長、春夏銷售季節的臨近以及供應商交貨時間延長的影響。我們在 2024 年 5 月出售 GoodWheat 資產時收到的本票將繼續以優惠利率計息。

We are scheduled to receive approximately $2.5 million of cash for the first repayment of principal and interest. In summary, we've had a strong start to 2025 with continued improvements across almost all areas of our financial performance.

我們計劃收到約 250 萬美元的現金，用於首次償還本金和利息。總而言之，我們在 2025 年取得了良好的開端，財務表現的幾乎所有領域都持續改善。

First, we continue to achieve revenue growth that outpaced the category, and we have accomplished this without new investment or spending on R&D. Also, we continue to reduce our operating expenses, our underlying cash consumption and the cost from discontinued operations, all while ramping up for the busy spring, summer selling season. And finally, we have continued to strengthen our balance sheet by monetizing assets and eliminating long-standing liabilities.

首先，我們的收入成長持續超過同類產品，而且我們是在沒有新增投資或研發支出的情況下實現這一目標的。此外，我們還將繼續降低營運費用、基本現金消耗和停止營運的成本，為繁忙的春季和夏季銷售季節做好準備。最後，我們繼續透過將資產貨幣化和消除長期負債來加強我們的資產負債表。

Thank you. And I will now turn the call over to the operator for questions.

謝謝。現在我將把電話轉給接線員來回答問題。

(Operator instructions)

（操作員指示）

Ben Klieve, Lake Street.

本‧克萊夫 (Ben Klieve)，湖街。

All right, thanks for taking my questions and congratulations on another good quarter here with the momentum continuing in Zola. First, a couple of questions related to Zola. T.J., you talked about kind of the momentum continuing and expanding your distribution pipeline. You noted that you had already year-to-date, seen that pipeline expand.

好的，感謝您回答我的問題，並祝賀 Zola 繼續保持良好的發展勢頭，取得了又一個良好的季度。首先，有幾個與 Zola 相關的問題。 T.J.，您談到了繼續保持這種勢頭並擴大分銷渠道。您指出，今年迄今為止，您已經看到該管道不斷擴大。

I'm wondering if you can quantify for us kind of any successes that you have to date and then maybe at least directionally talk about the magnitude of the pipeline that you think is still out there for potential expansion later this year.

我想知道您是否可以為我們量化迄今為止所取得的任何成功，然後至少從方向上談談您認為今年稍後仍有可能擴展的管道規模。

Sure. So in terms of the -- let's start with the last. So in terms of the size of the pipeline, it's probably -- I mentioned in my prepared remarks, it's about half of our current distribution, which is in the neighborhood of 3,500 stores. So that would be the size of the pipeline. Thus far, yes, we have added some new accounts, albeit in Q2. So we're not kind of reporting those numbers yet, but some new customer accounts as well as some new distributors.

當然。那麼就——讓我們從最後一個開始。因此，就通路規模而言，它可能——我在準備好的發言中提到過，它大約占我們當前分銷管道的一半，大約有 3,500 家商店。這就是管道的尺寸。到目前為止，是的，我們已經增加了一些新帳戶，儘管是在第二季度。因此，我們尚未報告這些數字，但報告了一些新客戶帳戶以及一些新經銷商。

Okay. Very good. And then regarding some new accounts and new distribution, the -- historically, there have been kind of a modest lag before those successes really hit the income statement. Do you expect that to -- the momentum that you have here to be reflected still in the 2025 financials? Or is that going to be more of a '26 type event?

好的。非常好。然後關於一些新帳戶和新分銷，從歷史上看，在這些成功真正影響損益表之前，總是會有一定程度的延遲。您是否預計目前的動能仍將在 2025 年的財務狀況中反映出來？或者這會更像 26 類型的事件？

Yes. No. So similar type of trending where we would be awarded the account and then it could be a couple of months before the product actually goes on shelf. But most of those awards that we are looking towards would have an impact on 2025.

是的。不。所以類似的趨勢是，我們會拿到帳戶，然後可能要幾個月產品才會真正上架。但我們所期待的大多數獎項都會對 2025 年產生影響。

Okay. That's great. Very good. One question regarding the kind of legacy ag biotech business. That one remaining patent that you have. Do you guys anticipate that there's any commercial value there? Or is it similar to the patent that you just got back from Bioceres that you simply just want to get it back so you can retire it?

好的。那太棒了。非常好。一個關於傳統農業生物技術業務類型的問題。您剩下的那一項專利。你們預計那裡有商業價值嗎？或者它類似於您剛從 Bioceres 拿回的專利，您只是想把它拿回來，然後就可以退役了？

So there is potentially commercial value, but not for Arcadia. It is licensed to a third party. Our conversations with them have stated that they are probably two years away from commercialization. And so we are working with them to kind of explore options that would allow them to take advantage of that and potentially commercialize their efforts, while also alleviating us of any future liabilities.

因此，它具有潛在的商業價值，但對 Arcadia 來說並非如此。它已授權給第三方。我們與他們的對話表明，他們可能還需要兩年才能商業化。因此，我們正在與他們合作，探索各種選擇，讓他們能夠利用這一點，並可能將他們的努力商業化，同時也減輕我們未來的任何責任。

Got it. Okay. Very helpful. And then last one for me, and I'll get back in queue. The -- Mark, you noted $2.5 million initial payment for the note receivable. I just want to confirm, do you expect to have that in hand here within this -- within the second quarter? Or is that something that could get pushed out into the third?

知道了。好的。非常有幫助。這是我的最後一個發言，然後我會回到隊列中。馬克，您注意到應收票據的首付款為 250 萬美元。我只是想確認一下，您是否預計在第二季內完成這項工作？或者這可以推遲到第三階段？

Yes, it's scheduled for receipt in Q2.

是的，預計在第二季收到。

Okay. Very good. All right, well I appreciate you guys taking my questions. Congratulations again and I'll get back in queue.

好的。非常好。好的，非常感謝你們回答我的問題。再次恭喜你，我會重新排隊。

Thank you.

謝謝。

Thank you. I would now like to turn the call back over to T.J. Schaefer for any closing remarks.

謝謝。現在我想把電話轉回給 T.J.謝弗 (Schaefer) 致最後總結。

Thank you. In summary, we are extremely pleased with our performance to start the year as the momentum from 2024 has continued into 2025. Zola sales increased 90% year-over-year, and we have a strong pipeline of opportunities and new innovation to help drive growth going forward.

謝謝。總而言之，我們對今年年初的表現感到非常滿意，因為 2024 年的勢頭一直延續到 2025 年。 Zola 的銷售額年增 90%，我們擁有強大的機會和新創新，有助於推動未來的成長。

Our gross margins have now exceeded 30% for nine straight quarters, and our operating expenses, inclusive of about $0.5 million of transaction fees are near their lowest level in 10 years. We also made significant progress in exiting our legacy business, streamlining operations and eliminating potential liabilities ahead of the pending business combination with Roosevelt later this year. This concludes my remarks. Thank you for your interest in Arcadia, and have a great day, everyone.

我們的毛利率已連續 9 個季度超過 30%，而我們的營運費用（包括約 50 萬美元的交易費用）接近 10 年來的最低水準。在今年稍後與羅斯福進行業務合併之前，我們還在退出遺留業務、精簡營運和消除潛在負債方面取得了重大進展。我的發言到此結束。感謝您對 Arcadia 的關注，祝大家度過愉快的一天。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。