Synergy CHC Corp (SNYR) 2025 Q3 法說會逐字稿

Good morning, everyone, and thank you for participating in today's conference call to discuss Synergy CHC Corporation's financial results for the third quarter ended September 30th, 2025. Joining us today are Synergy CEO Jack Ross, CFO Jamiehickett, and Greg Robles with investor relations. Following their remarks, we'll open the call for analyst questions.

各位早安，感謝各位參加今天的電話會議，討論 Synergy CHC 公司截至 2025 年 9 月 30 日的第三季度財務業績。今天與我們一同出席的有 Synergy 執行長 Jack Ross、財務長 Jamiehickett 以及投資者關係負責人 Greg Robles。在他們發言結束後，我們將開放分析師提問環節。

Before we go further, I would like to turn the call over to Mr. Robles as he reads the company's safe harbor statement. Gregg, please go ahead.

在我們繼續討論之前，我想把電話交給先生。羅布爾斯正在閱讀該公司的安全港聲明。格雷格，請繼續。

Thanks Carmen. Good morning and thanks for joining our conference call to discuss our third quarter 2025 financial results. I'd like to remind everyone that this call is available for replay and via a live webcast that will be posted on our investor relations website at investors.synergyCHC.com.

謝謝你，卡門。早安，感謝各位參加我們的電話會議，共同討論我們2025年第三季的財務表現。我想提醒大家，本次電話會議的錄音和網路直播將發佈在我們的投資者關係網站 investors.synergyCHC.com 上。

The information on this call contains forward-looking statements. These statements are often characterized by terminologies such as believe, hope, may, anticipate, expect, will, and other similar expressions. Forward-looking statements are not guarantees of future performance, and the actual results may be materially different from the results implied by forward-looking statements.

本次電話會議的資訊包含前瞻性陳述。這些陳述通常以「相信」、「希望」、「可能」、「預期」、「期望」、「將」等類似詞語為特徵。前瞻性陳述並非對未來績效的保證，實際結果可能與前瞻性陳述所暗示的結果有重大差異。

Factors that could cause results to differ materially from those implied herein include but are not limited to those factors disclosed in the company's SEC filings under the caption risk factors. The information on this call speaks only as of today's date, and the company disclaims any duty to update the information provided herein. Now I would like to turn the call over to the CEO of Synergy, Jack Ross. Jack.

可能導致實際結果與本文所述結果有重大差異的因素包括但不限於公司向美國證券交易委員會提交的文件中「風險因素」標題下揭露的因素。本次電話會議所提供的資訊僅代表截至今日的情況，本公司不承擔更新此處所提供資訊的任何義務。現在我想把電話交給 Synergy 的執行長傑克羅斯。傑克。

Thank you, Greg. Good morning, everyone.

謝謝你，格雷格。各位早安。

Thank you for joining us today to discuss Synergy's performance for the third quarter of 2025. We are pleased to report our 11th consecutive quarter of profitability reflecting our continued operational discipline and focused execution.

感謝您今天與我們一起討論 Synergy 公司 2025 年第三季的業績。我們很高興地宣布，我們已連續第 11 個季度實現盈利，這反映了我們持續的營運紀律和專注的執行力。

Revenue, gross profit, and income from operations increased year over year, underscoring the strength of our platform as we scale across new categories and geographies.

營收、毛利和營業收入逐年成長，凸顯了我們平台在拓展新類別和地理規模時的強大實力。

Before we get into the financial results, let me touch on a few key developments across our business.

在深入探討財務表現之前，我想先談談我們業務中的一些關鍵發展。

During the 3rd quarter, we made important leadership additions to support our expanding operations. First, we welcomed Teresa Thompson to our board of directors. Teresa spent nearly 4 decades at Costco Wholesale, including 29 years as a pharmacy OTC buyer, where she oversaw the vitamins and supplement categories across all US warehouses.

第三季度，我們進行了重要的領導層擴充，以支持我們不斷擴大的業務。首先，我們歡迎 Teresa Thompson 加入我們的董事會。特蕾莎在 Costco Wholesale 工作了近 40 年，其中 29 年擔任非處方藥採購員，負責監管美國所有倉庫的維生素和補充劑類別。

Her insights and category experience will be invaluable as we scale Focus Factor brand globally and strengthen our supplement strategy.

隨著我們在全球擴大 Focus Factor 品牌規模並加強我們的營養補充策略，她的洞察力和品類經驗將非常寶貴。

We also added Bob Anderson as our new director of direct store distribution, otherwise known as DSD. Bob has over 20 years' experience in the beverage industry, and he will be responsible for building and optimizing our nationwide direct to store distribution for our beverage division.

我們也聘請了 Bob Anderson 擔任直接門市配送（DSD）的新總監。Bob 在飲料行業擁有超過 20 年的經驗，他將負責為我們飲料部門建立和優化全國範圍內的直接到店分銷渠道。

With his Extensive experience we expect to be signing new distribution partners continually and rapidly.

憑藉他豐富的經驗，我們期望能夠不斷快速地簽約新的經銷合作夥伴。

Moving to our functional beverage momentum, this business continues to accelerate for us and is supported by a by a growing national and international retail footprint.

就功能性飲料業務而言，該業務持續加速發展，並得到了不斷擴大的國內和國際零售網路的支持。

During the 3rd quarter, we secured several major distribution wins that significantly expands our retail availability to our functional beverages and shops.

第三季度，我們取得了幾項重要的分銷合作，顯著擴大了我們的功能飲料在零售通路和商店的覆蓋範圍。

Looking at our domestic expansion, EG of America, the sixth largest convenience store chain in the US, will launch our focus on energy beverages to over 1,600 high traffic locations nationwide in Q4 of this year.

展望國內擴張，美國第六大便利商店連鎖企業 EG of America 將於今年第四季在全國 1,600 多個客流量大的地點推出以能量飲料為重點的產品。

The rollout meaningfully increases our visibility and convenience channel and strengthens our position in the fast growing functional beverage category.

這項推廣活動顯著提升了我們的知名度和便利管道，並鞏固了我們在快速成長的功能性飲料類別中的地位。

Additionally, Wakefern Food Group, the largest retailer owned cooperative in the US, will carry 5 Focus and Energy screws, energy SKUs across 365 retail locations.

此外，美國最大的零售商所有合作社 Wakefern Food Group 將在 365 個零售點銷售 5 款 Focus 和 Energy 螺絲，即能量 SKU。

On a regional front.

在區域層面上。

We announced new partnerships with Alabaev, one of the premier beverage distributors in the Southeast US, who will distribute our beverages and brain health shops to over 5,000 grocery, convenience, and specialty retailers across Alabama. We also signed an agreement with Atlantic Importing Company, a leading New England-based distributor, to expand our beverage footprint across Massachusetts, Connecticut, and Rhode Island.

我們宣布與美國東南部領先的飲料分銷商之一 Alabaev 建立新的合作夥伴關係，他們將向阿拉巴馬州 5000 多家雜貨店、便利商店和專賣店分銷我們的飲料和腦健康產品。我們也與總部位於新英格蘭的領先經銷商 Atlantic Importing Company 簽署了一項協議，以擴大我們在馬薩諸塞州、康乃狄克州和羅德島州的飲料業務版圖。

These partnerships reflect strong validation from top tier retailers and distributors who see the opportunity for the focus factor beverage to lead the clean energy and brain health beverage segment as we continue to expand our beverage business, our focus remains on disciplined execution, brand awareness, and ensuring the availability of products in key markets that drive both volume and profitability.

這些合作關係體現了頂級零售商和分銷商的強烈認可，他們看到了專注力飲料在清潔能量和腦健康飲料領域引領市場的機會。隨著我們飲料業務的不斷拓展，我們將繼續專注於嚴謹的執行、品牌知名度，並確保在推動銷售和獲利能力的關鍵市場提供產品。

Turning to the supplement business, we continue to strengthen our momentum in this category as well.

在保健品業務方面，我們也將持續加強在該領域的成長動能。

Focus Factor has recently been named the number one pharmacist recommended OTC memory supplement for 2025-2020206 by the Pharmacy Times. This underscores the confidence pharmacists place in our brand and our mission to deliver meaningful cognitive support to our consumers.

Focus Factor 近期被《藥局時報》評為 2025-2026 年度藥師推薦排名第一的非處方記憶補充。這凸顯了藥師對我們品牌的信心，以及我們為消費者提供有意義的認知支持的使命。

In the US, our supplement business expands with Kroger, one of America's largest supermarkets, operating in 35 states, which will launch 3 SKUs for the Focus Factor supplement across 1,600 of its 22,800 locations beginning in April of 2026. In Canada, UIR, one of Quebec's largest pharmacy networks, will introduce the supplements across 300 stores beginning in February of 2026. Together, these launches expand our core brand presence across groceries and pharmacy channels, reinforcing our dual strategy of growing our supplements and beverages under the trusted Focus Factor banner.

在美國，我們的營養補充品業務與美國最大的超市之一 Kroger 合作，Kroger 在 35 個州開展業務，將於 2026 年 4 月起在其 22,800 個門市中的 1,600 個門市推出 Focus Factor 營養補充品的 3 個 SKU。在加拿大，魁北克省最大的藥局連鎖店之一 UIR 將於 2026 年 2 月起在 300 家門市推出這些補充劑。這些新品上市將擴大我們核心品牌在雜貨店和藥局通路的影響力，鞏固我們以值得信賴的 Focus Factor 品牌發展營養補充品和飲料的雙重策略。

We also continue our international expansion. We have now received our first round of purchase orders from Costco, Mexico for the Focus factor supplements, which will ship in December in the Q4.

我們也持續拓展國際市場。我們已經收到來自墨西哥 Costco 的第一批 Focus factor 補充劑採購訂單，這些產品將於 12 月（第四季度）發貨。

Also, our management team, some of our management team is going to Dubai next week to meet with our licensing partner and attend the Middle East Organic Natural Products Expo, which will provide key contacts as we continue to develop our international footprint.

此外，我們的一些管理團隊成員將於下週前往杜拜，與我們的授權合作夥伴會面，並參加中東有機天然產品博覽會，這將為我們繼續拓展國際業務提供重要的人脈資源。

Before passing the call over to Jamie to cover the financial results, I'd like to briefly touch on the public offering we closed in August. We raised $4.4 million of equity capital which provides us with additional working capital to support our retail rollouts, inventory buildup and production, and marketing initiatives. This capital enhances our flexibility to meet rising demand and invest in our continued growth.

在將電話交給 Jamie 來介紹財務業績之前，我想簡要談談我們在 8 月完成的公開募股。我們籌集了 440 萬美元的股權資本，這為我們提供了額外的營運資金，以支持我們的零售推廣、庫存累積和生產以及行銷活動。這筆資金增強了我們滿足不斷增長的需求和投資持續發展的靈活性。

Overall, the results reflect another strong quarter of execution, meaningful progress across both the beverage and supplement business with new retail authorizations, expanded distribution partnerships, experienced leadership teams being added, leadership leadership people being added to our team. Synergy is well positioned to accelerate growth through the remainder of 25 and into 26.

總體而言，業績反映了又一個強勁的季度執行力，飲料和補充劑業務均取得了實質性進展，包括獲得新的零售授權、擴大分銷合作夥伴關係、增加經驗豐富的領導團隊以及為我們的團隊增加領導人才。Synergy 已做好充分準備，在 2025 年剩餘時間和 2026 年加速成長。

With that, I'll turn the call over to our Chief Financial Officer Jamiehickett. Jamie.

接下來，我將把電話轉交給我們的財務長傑米希克特。傑米。

Thank you, Jack. I'll now review our financial results. For the third quarter of 2025, net revenue was $8 million compared to $7.1 million in the year ago quarter, reflecting an increase of 12.4%. Gross margin for the third quarter was 70.9% compared to 67.2% in the same quarter last year. The increase in gross margin was primarily driven by a favorable shift in product mix.

謝謝你，傑克。接下來我將回顧我們的財務表現。2025年第三季度，淨收入為800萬美元，而去年同期為710萬美元，較去年同期成長12.4%。第三季毛利率為70.9%，去年同期為67.2%。毛利率的成長主要得益於產品組合的有利變化。

Operating expenses for the third quarter were $4.4 million compared to $3.7 million in the year ago quarter. The increase in operating expenses was primarily due to incremental costs associated with being a public company and the added cost of launching our beverage division.

第三季的營運支出為 440 萬美元，而去年同期為 370 萬美元。營運費用的增加主要是因為成為上市公司的相關成本增加以及推出飲料部門的額外成本。

Income from operations was $1.28 million, up 28.1, 21.8% from $1.05 million compared to the third quarter of 2024.

營業收入為 128 萬美元，比 2024 年第三季的 105 萬美元成長了 2,810 萬美元，增幅為 21.8%。

Net income for the third quarter was $125.3,000 compared to $783.6,000 in the year ago quarter.

第三季淨收入為 125.300 美元，去年同期為 783.600 美元。

Earnings per share for the 3rd quarter was $0.01 per diluted share compared to $0.11 per diluted share in the year ago quarter. Adjusted EBITDA per share for the 3rd quarter was $0.15 per diluted share compared to $0.18 per diluted share in the year ago quarter. These decreases are due to other income in the same period last year and higher expenses this year to launch the beverage division.

第三季每股攤薄收益為 0.01 美元，去年同期為 0.11 美元。第三季調整後每股 EBITDA 為 0.15 美元，去年同期為 0.18 美元。這些下降是由於去年同期其他收入的增加以及今年為啟動飲料部門而增加的支出。

EBITA for the third quarter was $1.31 million, down 1.3% compared to $1.33 million in the third quarter of 2024. Adjusted EBITA for the third quarter was $1.52 million up 13.4% compared to $1.34 million in the third quarter of 2024.

第三季 EBITA 為 131 萬美元，比 2024 年第三季的 133 萬美元下降 1.3%。第三季調整後 EBITA 為 152 萬美元，比 2024 年第三季的 134 萬美元成長 13.4%。

Moving to our balance sheet, as of September 30th, 2025, we had cash and cash equivalents of $1 million compared to $687.9,000 as of December 31, 2024. Inventory was $2.1 million at the end of the third quarter compared to $1.7 million at December 31, 2024, and we also have an increase in our prepaid deposits of nearly $2 million largely due to an increase in deposits on inventory for our growing beverage division.

再來看我們的資產負債表，截至 2025 年 9 月 30 日，我們的現金及現金等價物為 100 萬美元，而截至 2024 年 12 月 31 日，這一數字為 687.9 萬美元。第三季末庫存為 210 萬美元，而截至 2024 年 12 月 31 日為 170 萬美元。此外，由於飲料部門庫存預付款增加，我們的預付存款也增加了近 200 萬美元。

At September 30th, 2025, we have a working capital surplus of $16.68 million compared to a working capital deficit of $1.12 million as of December 31, 2024.

截至 2025 年 9 月 30 日，我們的營運資金盈餘為 1,668 萬美元，而截至 2024 年 12 月 31 日，我們的營運資金缺口為 112 萬美元。

For the nine months ended September 30th, 2025, our cash used in operating activities was $3.21 million compared to cash used in operating activities of $1.38 million at September 30th, 2024. The increase primarily reflects higher prepaid expenses for deposits on inventory and continued reductions in accounts payable and accrued liabilities. Now I will turn the call back to the operator.

截至 2025 年 9 月 30 日的九個月，我們經營活動使用的現金為 321 萬美元，截至 2024 年 9 月 30 日，經營活動使用的現金為 138 萬美元。此成長主要反映了預付庫存押金的增加以及應付帳款和應計負債的持續減少。現在我將把電話轉回給接線生。

(Operator instruction)

（操作說明）

Sean McGowan with Roth Capital Partners.

Sean McGowan，Roth Capital Partners 的負責人。

Morning, Jack, and morning, Jimmy. I have a couple of questions. Can you give us some sense of what contribution there was in the quarter from the beverages?

早安，傑克；早安，吉米。我有幾個問題。您能否大致介紹一下飲料業務在本季的貢獻？

So in the current quarter, the third quarter is $159,000 of beverage revenue.

因此，本季第三季的飲料收入為 159,000 美元。

Okay, that's helpful. Now, and that might explain or tie into the next question which is, can you give me a little bit more, color on the dynamics of the product mix? I mean, specifically, like what is the highest margin revenue source and how high is that in order for the blended average to come out, pretty high. I think this is the highest you've seen in a while, right?

好的，這很有幫助。現在，這或許可以解釋或引出下一個問題，那就是，您能否再詳細地介紹一下產品組合的動態？我的意思是，具體來說，利潤率最高的收入來源是什麼？這個利潤率要達到多少才能讓綜合平均值相當高？我想這是你最近一段時間以來見過的最高值，對吧？

Yeah, so our in our supplement business we actually took a price increase to our Costco business of 11% which, I think, our gross margin on our supplements, on gross revenuees about 75% before so you know it obviously increased that way and our net, our gross to net is about 11% of the difference so. We basically took about 11% increase in half of our business.

是的，在我們的保健品業務中，我們實際上對 Costco 業務的價格提高了 11%，我認為，我們保健品的毛利率（佔總收入的百分比）之前約為 75%，所以你知道，它顯然是這樣增長的，我們的淨利潤，毛利潤與淨利潤之間的差額約為 11%。我們大約一半的業務成長了11%。

Okay, yeah, when I said it was the highest you've seen in a while, I meant factoring in the RTD anyway, last question, is the G&A, that you reported in the quarter indicative of what we should expect to see kind of on an ongoing rate, or, given some of the executive additions that you've made and you highlighted, at the top of the call as well as some others, will the kind of 4th quarter an ongoing rate be higher than what we see in the 3rd quarter?

好的，是的，我說這是你一段時間以來看到的最高水平，我的意思是考慮到RTD因素。最後一個問題，你在本季報告的G&A費用是否預示著我們應該預期的持續水準？或者，考慮到你在電話會議開始時重點提到的一些高階主管任命，以及一些其他因素，第四季的持續水準是否會高於第三季？

It's a good question, Sean. So you know we've sort of, we'll call added a secondary strategy to our beverage rollout. So, with the, sale of we'll call Poppy to Pepsi and the sale of Alani to Celsius, it really opened up we'll call a lot of holes in the DSD networks, meaning, Poppy and Alani are going back to Pepsi distribution.

肖恩，你問得好。所以你知道，我們已經為飲料推廣增加了一個輔助策略。所以，隨著 Poppy 被賣給百事可樂，Alani 被賣給 Celsius，這確實在 DSD 網路中打開了很多漏洞，這意味著 Poppy 和 Alani 將重新回到百事可樂的分銷渠道。

And we got very fortunate timings everything in life and the DSD networks, the beer guys, have opened up a lot of holes in their distribution, network.

我們在生活中一切都非常幸運，時機把握得很好，DSD 網路和啤酒商在他們的分銷網絡中打開了很多漏洞。

So, two things obviously we expect, to have a, an all-state strategy in our DSD network very quickly, as we're signing these rapidly and you'll read about some more next week and the week after and the week after. But more importantly, to support those guys, on the DSP side we will be also adding human capital sales people. And service people to support those DSD distributors to bring on we'll call regional retailers.

所以，我們顯然期望兩件事：一是盡快在我們的 DSD 網路中製定全州戰略，因為我們正在迅速簽署這些協議，您將在下週、下下週以及再下週看到更多相關資訊。但更重要的是，為了支持這些員工，在 DSP 方面，我們也將增加人力資本銷售人員。以及為這些DSD分銷商提供服務的人員，以便他們能夠發展我們稱之為區域零售商的業務。

So, little shift there where, the opportunity presented itself with, holes in the DSC distribution coming available which should help us accelerate, our RT business a lot quicker than we thought in the convenience store side. So there will be some long way to say there will be some added, human capital, in the 4th quarter and 1st quarter and second quarter as we expand that all state DST distribution.

因此，稍有轉變，機會就出現了，DSC 分銷管道出現了漏洞，這應該有助於我們比預期更快地加速 RT 業務在便利商店方面的發展。因此，要說在第四季、第一季和第二季增加一些人力資本，還有很長的路要走，因為我們將擴大所有州的 DST 分配範圍。

Okay, thank you.

好的，謝謝。

Thank you so much, and at this time, this concludes our Q&A session. I would like to turn the call back over to Mr. Ross for closing remarks.

非常感謝，我們的問答環節到此結束。我想把電話轉回給先生。羅斯作總結發言。

Thank you, Carmen. In closing, just a few final comments. We currently have over 3 million cans of drink inventory now in stock, from our capital raise in August, with more production, being done as we speak. We are continuing to add key employees throughout our organization to build out our sales network. 2025 has been a foundational year for synergy.

謝謝你，卡門。最後，還有幾點要補充說明。我們目前庫存超過 300 萬罐飲料，這些庫存來自我們 8 月的融資，而且我們正在加緊生產。我們持續為公司各部門增添關鍵員工，以拓展我們的銷售網絡。2025年是協同增效的基礎之年。

Between refinancing our debt out to 2029, raising equity to support our balance sheet and growth, and signing many key distribution partners and retailers, we feel that the team has positioned the company well for an exciting 2026. We thank everyone for joining the call today, and we look forward to speaking with everyone again in March when we when we announce our year end results.

透過債務再融資直至 2029 年，籌集股權以支持我們的資產負債表和成長，以及與許多重要的分銷合作夥伴和零售商簽約，我們認為團隊已經為公司在激動人心的 2026 年做好了充分的準備。感謝大家今天參加電話會議，我們期待在三月與大家再次交流，屆時我們將公佈年終業績。

Thank you.

謝謝。

And ladies and gentlemen, this does concludes today's conference. You may disconnect your lines at this time.

女士們、先生們，今天的會議到此結束。您可以在此時斷開線路。

Thank you for your participation.

感謝您的參與。