Turning Point Brands, Inc. (TPB) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Turning Point Brands First Quarter 2026 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded.

早安，歡迎參加 Turning Point Brands 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。

I would now like to turn the conference over to Mr. Andrew Flynn, Chief Financial Officer. Please go ahead, sir.

現在我想將會議交給財務長 Andrew Flynn 先生。先生，請開始。

Good morning, everyone. Earlier today, we issued a press release covering our first quarter results, available in the Investor Relations section of our website at www.turningpointbrands.com.

各位早安。今天稍早，我們已發布新聞稿說明第一季業績，您可至我們網站 www.turningpointbrands.com 的投資人關係專區查閱。

During this call, we'll discuss consolidated and segment operating results, the operating environment and our progress against our strategic plan. Before we begin, please refer to forward-looking statements and risk factors in our press release and SEC filings. We'll also reference certain non-GAAP financial measures. Reconciliations and explanations are included in today's earnings release.

在本次電話會議中，我們將討論合併與各事業部的營運結果、營運環境，以及我們在策略計畫上的進展。在開始之前，請參閱我們新聞稿與向 SEC 提交文件中的前瞻性陳述與風險因素。我們也會提及若干非 GAAP 財務衡量指標；相關調節表與說明已包含於今日的財報新聞稿中。

With that, I'll turn the call over to our CEO, Graham Purdy.

接下來，我把電話交給我們的執行長 Graham Purdy。

Thanks, Andrew.

謝謝你，Andrew。

Good morning, everybody, and thank you for joining our call.

各位早安，感謝大家參加我們的電話會議。

We started the year with strong momentum, led by, accelerating growth in Modern Oral with gross and net sales up 167% and 133% year-over-year and 30% and 26% sequentially.

我們以強勁動能展開新的一年，其中以 Modern Oral 的加速成長為首，毛銷售額與淨銷售額分別年增 167% 與 133%，並分別較前一季成長 30% 與 26%。

These results are driven by ongoing growth in both brands' D2C platforms, FRE's early expansion into larger, higher-volume chain accounts and ALP's very early move into bricks and mortar.

這些成果來自兩個品牌 D2C 平台的持續成長、FRE 早期擴張至更大型且高銷量的連鎖通路客戶，以及 ALP 非常早期地進入實體零售通路。

In the quarter, Modern Oral accounted for 42% of our total revenue, up from 21% in Q1 2025. Before we dive into details of the quarter. I want to step back and frame the opportunity in front of Turning point Brands, we believe we are in the midst, of a greater, than $50 billion generational shift in nicotine consumption, and we are positioning the business to capture meaningful share of nicotine users in this evolving high barrier category.

本季 Modern Oral 佔我們總營收的 42%，高於 2025 年第一季的 21%。在深入本季細節之前，我想先退一步，為 Turning Point Brands 面前的機會做個框架：我們相信，尼古丁消費正處於一場規模超過 500 億美元、世代性的轉移之中，而我們正定位公司，以在這個高門檻、持續演進的品類中，取得尼古丁使用者的有意義市佔。

We are strengthening that position through foundational investments in our sales force, marketing and commercial capabilities. These investments are critical to building a durable growth platform that can scale into a leading player in the post-cigarette nicotine market over time. While this infrastructure will ultimately allow, us to compete across, the modern nicotine ecosystem our priority today is clear winning in nicotine pouches.

我們正透過在銷售團隊、行銷與商業能力上的基礎性投資來強化這一定位。這些投資對於打造可長期維持的成長平台至關重要，並可隨時間擴張，成為後香菸時代尼古丁市場的領先業者。雖然這套基礎建設最終將使我們能在現代尼古丁生態系中全面競爭，但我們當前的優先事項很明確：在尼古丁袋（nicotine pouches）領域勝出。

We believe the nicotine pouch category is still in its nascent stages of development and can become the dominant revenue and profit driver of the company over time as, we've said before we expect the market to consolidate around a limited number of scaled brands, and we are increasingly confident that FRE and ALP will be among them.

我們認為尼古丁袋品類仍處於發展初期，並可隨時間成為公司最主要的營收與獲利驅動力。正如我們先前所說，我們預期市場將整併至少數具規模的品牌，而我們對 FRE 與 ALP 將名列其中愈發有信心。

Our confidence, is grounded in execution, we continue to see encouraging consumer response across both FRE and ALP supported by product quality, brand positioning and repeat purchasing behavior. Our outsized share of direct to consumer sales, coupled with our continued market share gains in bricks and mortar are evidence that our plan is working in the early innings.

我們的信心建立在執行力之上：我們持續看到消費者對 FRE 與 ALP 兩個品牌的正向回饋，並由產品品質、品牌定位與重複購買行為所支撐。我們在直面消費者（D2C）銷售的超高占比，加上在實體零售通路持續提升的市佔，證明我們的計畫在早期階段正在奏效。

Based on our Q1 performance, we believe our results captured mid-single-digit category share of both gross and net sales, giving confidence that we are on track to achieve our long-term goal of double digit market share by the end of the decade. We are using that momentum to build scale across channels.

根據第一季表現，我們認為在毛銷售額與淨銷售額兩方面，均已取得該品類中段個位數（mid-single-digit）的市佔，這讓我們更有信心可在本十年末達成長期目標：雙位數市佔。我們正運用這股動能，在各通路建立規模。

FRE Continues to expand in the larger regional and national convenience chains, while ALP has moved from a strong direct-to-consumer base into retail faster than we originally expected. We've had several notable chain wins, driving confidence in our growth.

FRE 持續擴張至更大型的區域性與全國性便利商店連鎖，而 ALP 也從強勁的 D2C 基礎，以比我們原先預期更快的速度進入零售通路。我們已取得數個重要的連鎖通路勝利，進一步提升我們對成長的信心。

We expect our chain store count to increase 70% by the end of 2026 versus the prior year. As you know, we are building an operational foundation to further support scale in Modern Oral.

我們預期到 2026 年底，我們的連鎖門市數將較前一年增加 70%。如各位所知，我們正在建立營運基礎，以進一步支援 Modern Oral 的規模化。

Commissioning our Louisville manufacturing facility is an important step in localizing production, improving supply control, and reducing freight and tariff. Exposure over time. As we build production, we expect that work to strengthen unit economics and support margin improvement as domestic inventory, moves through the P&L.

啟用我們位於路易維爾（Louisville）的製造工廠，是在地化生產、提升供應掌控度，並隨時間降低運費與關稅曝險的重要一步。隨著我們逐步提升產能，我們預期這些工作將改善單位經濟效益，並在國內庫存逐步反映於損益表（P&L）時，支撐毛利率提升。

At scale, we believe, our margins should approach 70% in this category by the end of the decade. We also continue to invest in the commercial infrastructure needed to support growth, including sales force expansion, chain account support, enhanced consumer visibility and manufacturing capabilities. In 2026, we plan to continue investing in our sales force and marketing to secure chain placement. Build brand awareness and support our growing distribution footprint.

在達到規模後，我們相信到本十年末，該品類的毛利率可接近 70%。我們也持續投資於支援成長所需的商業基礎建設，包括擴編銷售團隊、強化連鎖客戶支援、提升消費者能見度，以及製造能力。2026 年，我們計畫持續投資銷售團隊與行銷，以取得連鎖通路上架、提升品牌知名度，並支援我們不斷擴大的通路覆蓋。

Based on-achieving our sales and financial objectives, we expect total sales and marketing investment for the year to range from $80 million to $105 million.

基於達成我們的銷售與財務目標，我們預期全年銷售與行銷投資總額將介於 8,000 萬至 1.05 億美元。

Given the strong gross sales growth we have experienced, we are confident that these investments will provide attractive returns for investors over the long term.

鑑於我們所經歷的強勁毛銷售成長，我們有信心這些投資將在長期為投資人帶來具吸引力的報酬。

In short, we are making front loaded, investments, in a category where acquiring brand-oriented adult consumers can drive repeat purchasing and strong margins. Over extended periods. Over time we believe our investments in physical execution. Particularly sales force expansion, distribution support and retail presence will become a more important source of competitive advantage.

總之，我們正在一個可透過取得重視品牌的成年消費者、進而帶動重複購買與強勁毛利的品類中，進行前置（front-loaded）投資，並在較長期間內發揮效益。隨著時間推進，我們相信在實體端的執行力投資——特別是銷售團隊擴編、通路支援與零售能見度——將成為更重要的競爭優勢來源。

Overall, we are encouraged by the momentum we are seeing, the progress we are making and the platform we are building to scale profitably.

整體而言，我們對目前看到的動能、取得的進展，以及我們正在打造可獲利擴張的平台感到振奮。

With that, I'll hand the call over to Summer to walk through the progress of our key go-to-market initiatives.

接下來，我把電話交給 Summer，請她說明我們關鍵上市（go-to-market）計畫的進展。

Thank you, Graham, and good morning, everyone. I'll focus my comments on our go-to-market execution in the nicotine pouch segment. This remains our top commercial priority.

謝謝你，Graham，各位早安。我將把重點放在我們於尼古丁袋業務的上市執行（go-to-market execution）。這仍是我們最優先的商業重點。

And as we scale the business, we continue to benefit from the strength of our legacy distribution relationships and broader commercial capabilities, our strategy is to build demand across both online and retail channels with retail expansion as the key lever to scale the business.

隨著業務規模化，我們持續受益於既有的通路關係優勢與更廣泛的商業能力。我們的策略是在線上與零售兩個通路同步建立需求，其中以零售擴張作為規模化的關鍵槓桿。

to support that effort, we are investing in sales coverage, merchandising support and brand-building programs to help us win distribution, and improve in store execution, that includes securing the right assortment, shelf placement and visibility to support trial, repeat purchase and long-term performance. These investments, support both nearterm execution, and the broader foundation we need to scale the business.

為支援這項工作，我們正投資於銷售覆蓋、陳列支援與品牌建立方案，以協助我們贏得通路、並改善店內執行；其中包括確保合適的品項組合、貨架位置與能見度，以支援試用、重複購買與長期表現。這些投資同時支援短期執行，以及我們擴大業務所需的更廣泛基礎。

In the first quarter, we made progress against that plan. We secured new wins across critical top chain convenience stores that will expand distribution across our portfolio.

在第一季，我們在該計畫上取得進展。我們在關鍵的頭部連鎖便利商店取得新的勝利，將擴大我們整體產品組合的通路覆蓋。

Our brands are designed to resonate with distinct consumers, and we will continue to promote the expansion of both FRE and ALP into retail stores. We believe our brand credibility, market performance and ongoing marketing support were important drivers of those wins.

我們的品牌設計旨在與不同的消費者族群產生共鳴，我們將持續推動 FRE 與 ALP 兩者在零售門市的擴張。我們相信，品牌可信度、市場表現與持續的行銷支援，是促成這些勝利的重要驅動因素。

While nicotine pouch gross sales grew nearly 500% in 2025, we still have meaningful room to build brand awareness relative to category leaders. Our early strategy, was to establish distribution first using our existing retailer relationships to build a strong retail foundation.

雖然尼古丁袋毛銷售額在 2025 年成長近 500%，但相較於品類領導者，我們在品牌知名度的建立上仍有相當大的提升空間。我們的早期策略是先建立通路，運用既有的零售商關係打造穩固的零售基礎。

With the progress we made in 2025 and the additional distribution we have secured, we believe we are now at a point where increased brand investment. Can drive stronger returns. Over time, that should improve consumer awareness, support retail productivity and increase the value of the nicotine pouch opportunity. Accordingly, we are investing aggressively in brand building to support future scale.

隨著我們在 2025 年取得的進展，以及新增的通路覆蓋，我們相信現在已到了一個可以透過提高品牌投資來帶動更佳報酬的階段。隨時間推進，這應能提升消費者認知、支援零售端生產力，並提高尼古丁袋機會的價值。因此，我們正積極加碼品牌建立投資，以支援未來的規模化。

Last month, we announced a partnership between FRE in six TKO properties, including UFC, Zuffa Boxing and PBR. This expansion is a result of the demand and brand alignment success we validated through our initial partnership with PBR, which started in May of last year.

上個月，我們宣布 FRE 與六個 TKO 旗下資產建立合作夥伴關係，包括 UFC、Zuffa Boxing 與 PBR。此次擴張源於我們透過與 PBR（自去年 5 月開始）的初始合作所驗證之需求與品牌契合度成功。

We believe this broader platform will help accelerate brand awareness and consumer engagement with adult consumers. We are off to a solid start, already having executed a few events since the announcement, and we'll share more as the partnership unfolds

我們相信這個更廣泛的平台將有助於加速品牌知名度提升，並強化與成年消費者的互動。我們已取得穩健開局，自公告以來已執行數場活動，隨著合作推進，我們將分享更多資訊。

. Building on ALP's success in direct-to-consumer, this was the first quarter, that TPB sales organization started to sell ALP on retail shelf. We began with a manageable launch and expect to incrementally add stores this year through our new chain account wins. While it's early innings, we are encouraged by the initial results.

在 ALP 直面消費者（DTC）成功的基礎上，本季是 TPB 銷售組織首次開始在零售貨架上銷售 ALP。我們以可控規模啟動上市，並預期今年將透過新取得的連鎖客戶逐步增加門店數。雖然仍在早期階段，但初步成果令人鼓舞。

With regards to Zig-Zag, we continued executing against our core brand pillars, strengthening the core business. While scaling new product innovation and expanding brand presence in target markets. We accelerated growth in new products, including Natural Leaf Flatwraps by expanding retail distribution through targeted merchandising programs.

就 Zig-Zag 而言，我們持續圍繞核心品牌支柱執行，強化核心業務，同時擴大新產品創新規模並提升在目標市場的品牌能見度。我們透過聚焦式陳列推廣計畫擴大零售通路覆蓋，加速新產品成長，包括 Natural Leaf Flatwraps。

At the same time, we are growing brand awareness with a focus on under-indexed markets through integrated marketing campaigns and in-store activations that embodies Zig-Zag's, new life's fast, burn slow tagline.

同時，我們透過整合行銷活動與店內推廣，聚焦於滲透率偏低的市場以提升品牌知名度，並體現 Zig-Zag「new life's fast, burn slow」的標語精神。

Overall, we are seeing encouraging early proof points across both brand building and retail expansion, and we believe that progress positions the nicotine pouch segment to become a major contributor to growth over time.

整體而言，我們在品牌建設與零售擴張兩方面都看到令人振奮的早期驗證點，我們相信這些進展將使尼古丁袋（nicotine pouch）品類隨時間推移成為重要的成長貢獻來源。

Let me now turn the call over to Andrew to go through our financial results.

接下來我把電話交給 Andrew，請他說明我們的財務結果。

Thank you, Summer.

謝謝你，Summer。

Starting with consolidated results, sales were up 17% year-over-year to $124.3 million for the quarter. Growth was driven primarily by Modern Oral.

先從合併結果開始，本季銷售額年增 17% 至 1.243 億美元。成長主要由 Modern Oral 帶動。

Gross profit of $68.3 million increased 14.6%, driven by Modern Oral.

毛利為 6,830 萬美元，成長 14.6%，主要由 Modern Oral 推動。

Gross margin was 55%, which was down 100 basis points versus last year. Reported SG&A was $55.8 million for the quarter, which was up $8 million sequentially. The increase was driven primarily by our nicotine white pouch investments, including approximately $1 million of incremental spend tied to expansion of our sales force.

毛利率為 55%，較去年下降 100 個基點。本季列報的 SG&A（銷售、一般及行政費用）為 5,580 萬美元，較前一季增加 800 萬美元。增加主要來自我們對尼古丁白色袋（nicotine white pouch）的投資，包括約 100 萬美元與擴編銷售團隊相關的增量支出。

We also spent approximately $7 million on increased marketing investment and broader brand-building initiatives.

我們也額外投入約 700 萬美元，用於提高行銷投資與更廣泛的品牌建設計畫。

Adjusted EBITDA was $25.9 million for the quarter at a 20.8% margin, which exceeded the midpoint of the guidance. This was primarily attributed to accelerated growth in Modern Oral, offset by our strategy to increase sales and marketing investment and softness in Zig-Zag.

本季調整後 EBITDA 為 2,590 萬美元，利潤率 20.8%，高於指引中位數。這主要歸因於 Modern Oral 成長加速，但部分被我們提高銷售與行銷投資的策略，以及 Zig-Zag 的疲弱所抵銷。

Stoker's segment net sales increased 48% year-over-year to $88 million for the quarter. The Stoker's segment now accounts for 70% of consolidated net sales.

Stoker's 事業部本季淨銷售額年增 48% 至 8,800 萬美元。Stoker's 事業部目前占合併淨銷售額的 70%。

Regarding Modern Oral, I want to briefly address our disclosure of gross sales. Because most contra-revenue investments relate to slotting-related distribution fees, we believe both gross and net sales provide the clearest view of underlying business performance.

關於 Modern Oral，我想簡要說明我們對毛銷售額（gross sales）的揭露。由於多數抵減收入（contra-revenue）投資與上架（slotting）相關的通路費用有關，我們認為同時呈現毛銷售額與淨銷售額，能最清楚反映基礎業務表現。

Support of our growth investments, Modern Oral nicotine pouch net sales FRE and ALP were up 133% year-over-year, achieving net revenue of $52 million. Gross revenue was $69 million, up 167% year-over-year.

在成長投資的支持下，Modern Oral 尼古丁袋產品 FRE 與 ALP 的淨銷售額年增 133%，淨營收達 5,200 萬美元。毛營收為 6,900 萬美元，年增 167%。

For the quarter, Modern Oral accounted for 42% of consolidated net sales, up from 21% a year ago.

本季 Modern Oral 占合併淨銷售額的 42%，高於一年前的 21%。

Legacy Stoker's brands net revenue decreased 3.5% year-over-year to $36 million for the quarter, driven by continued share growth in [MST] that was partially offset by anticipated declines in looseleaf.

傳統 Stoker's 品牌本季淨營收年減 3.5% 至 3,600 萬美元，主要因 [MST] 市占持續成長，但部分被預期中的 looseleaf 下滑所抵銷。

Stoker's gross profit increased 39% to $47 million. Gross margin decreased 350 basis points to 54% due largely to the impact of tariffs.

Stoker's 毛利成長 39% 至 4,700 萬美元。毛利率下降 350 個基點至 54%，主要受關稅影響。

Zig-Zag segment net sales were down 22% year-over-year to $36.7 million for the quarter. For the quarter, Zig-Zag gross profit decreased 18% to $20.9 million and gross margin was 57.1%, which was up 300 basis points versus last year.

Zig-Zag 事業部本季淨銷售額年減 22% 至 3,670 萬美元。本季 Zig-Zag 毛利下降 18% 至 2,090 萬美元，毛利率為 57.1%，較去年上升 300 個基點。

First quarter free cash flow was negative $27.4 million, reflective of our investments in trade and brand marketing programs as well as working capital and U.S. manufacturing CapEx.

第一季自由現金流為負 2,740 萬美元，反映我們在通路與品牌行銷計畫上的投資，以及營運資金與美國製造資本支出（CapEx）。

We ended the quarter with $192.4 million of cash. Our expectation is to be approximately cash flow breakeven for the remainder of the year.

本季末我們持有現金 1.924 億美元。我們預期今年剩餘期間現金流大致可達損益兩平。

Our capital allocation approach remains disciplined and aligned with the opportunity we see in nicotine pouch. As we invest behind growth initiatives, the timing of those investments and the timing of their benefits may not always align evenly within a given quarter, that reflects our effort to position the business to capture incremental share in a category with substantial long-term annuity value. Today, we are increasing full year 2026 Modern Oral guidance.

我們的資本配置方式仍維持紀律，並與我們在尼古丁袋所看到的機會一致。當我們投入成長計畫時，投資發生的時點與其效益顯現的時點，未必會在單一季度內均衡對應；這反映我們致力於讓公司在具備可觀長期年金價值的品類中，取得更多增量市占。今天，我們上調 2026 全年 Modern Oral 指引。

We now expect gross sales of $280 million to $300 million, up from a previous range of $220 million to $240 million. And net sales of $210 million to $225 million, up from our previous range of $180 million to $190 million. Implied gross revenue growth at the midpoint is 83.7%.

我們目前預期毛銷售額為 2.80 億至 3.00 億美元，高於先前的 2.20 億至 2.40 億美元區間；淨銷售額為 2.10 億至 2.25 億美元，高於先前的 1.80 億至 1.90 億美元區間。以中位數計算，隱含毛營收成長為 83.7%。

We are also introducing full year EBITDA guidance of $70 million to $90 million, inclusive of increased nicotine pouch investments in sales force expansion, merchandising support and consumer marketing. For modeling purposes, we expect the effective income tax rate to be 23% to 26% on a go-forward basis.

我們也首次提供 2026 全年 EBITDA 指引，為 7,000 萬至 9,000 萬美元，已包含增加的尼古丁袋投資（銷售團隊擴編、陳列支援與消費者行銷）。為便於建模，我們預期未來的有效所得稅率為 23% 至 26%。

Budgeted 2026 CapEx is $4 million to $5 million, excluding projects related to Modern Oral, and we expect to spend an additional $3 million to $5 million this year to support our PMTAs.

2026 年預算資本支出（CapEx）為 400 萬至 500 萬美元（不含與 Modern Oral 相關的專案），此外我們預期今年將再支出 300 萬至 500 萬美元以支持我們的 PMTA 申請。

Additionally, as we focus on strengthening our market presence, we expect to spend between $80 million to $105 million to expand our sales force and bolster our marketing strategy in 2026. As we continue to scale, we expect the overall cost structure of the business to become more efficient.

另外，隨著我們聚焦強化市場能見度，我們預期在 2026 年投入 8,000 萬至 1.05 億美元，用於擴編銷售團隊並強化行銷策略。隨著規模持續擴大，我們預期公司的整體成本結構將更有效率。

Many investments we are making today, slotting related, brand building and go-to-market spend are tied to building distribution and driving initial trial and growth of our products. As our consumer base grows, these costs should become a smaller percentage of sales.

我們目前進行的多項投資——包括與上架（slotting）相關、品牌建設以及上市推進（go-to-market）支出——都與建立通路、推動產品初次試用與成長有關。隨著消費者基礎擴大，這些成本占銷售額的比重應會下降。

Now let me turn it to Graham.

現在我把時間交給 Graham。

Thanks, Andrew. We are encouraged by the momentum we see in the business and by the progress we are making against our strategy.

謝謝你，Andrew。我們對業務所展現的動能，以及我們在策略執行上的進展感到鼓舞。

As I said at the outset, we believe we are in the midst of a generational shift in nicotine consumption, and we believe Turning Point is uniquely positioned to capture meaningful share in that transition.

如我在開場時所說，我們相信尼古丁消費正處於世代性的轉變之中，而我們也相信 Turning Point 具備獨特優勢，能在這場轉型中取得具意義的市占。

Our focus remains on winning in Modern Oral by investing in the brands, commercial capabilities and infrastructure needed to scale. We are seeing continued proof points in both consumer traction and distribution growth, and we believe that positions us well to build a meaningful and profitable business over time.

我們的重點仍然是透過投資於品牌、商業能力以及擴張所需的基礎設施，在現代口含（Modern Oral）領域取得勝利。我們持續看到消費者拉動與通路成長兩方面的驗證點，並相信這讓我們具備良好條件，隨時間推進建立一個具規模且有意義、並能獲利的業務。

And with that, I'll turn it over to questions.

那麼，接下來我把時間交給提問。

Eric Des Lauriers from Craig-Hallum Capital Group.

Craig-Hallum Capital Group 的 Eric Des Lauriers。

Thanks for taking my questions. Congrats on the strong results. Very encouraging to see nicotine pouch sales re-accelerating into Q1 here. So, you raised guidance for modern oral net sales by about $30 million and then gross sales by about $60 million. So, suggesting a big increase in contra revenues with these national chain wins. How did these wins announced today compared to your expectations coming into the year? Have you won more change than initially expected? Any national change that we could expect both FRE and ALP, or is it mostly free right now?

謝謝讓我提問。恭喜你們交出強勁的成績。很令人振奮地看到尼古丁口含袋的銷售在這裡進入第一季後再度加速。因此，你們把現代口含的淨銷售指引上調了約 3,000 萬美元，而總銷售則上調了約 6,000 萬美元。這表示在拿下這些全國連鎖通路後，抵減收入（contra revenues）會大幅增加。今天宣布的這些勝利，和你們年初的預期相比如何？你們是否贏得了比原先預期更多的通路變更（change）？我們是否可以期待 FRE 與 ALP 都會有全國性的變更，還是目前主要是 FRE？謝謝。

Great question. Thanks, Eric. We were really excited about the springtime negotiations that we worked through over the past few months. As Graham noted in his comments, we expect our store count to increase by nearly 70% by the end of the year. I think, as every chain account is different, so we're currently in the process of determining the rollout schedule, and the doors will come online over the balance of the year, where we have opportunities to. Both brands in, we will. So you'll hear more about that as the year rolls out, and we're encouraged and excited about the success that we had over the past few months.

好問題。謝謝你，Eric。我們對於過去幾個月推進的春季談判感到非常興奮。正如 Graham 在評論中提到的，我們預期到年底門店數將增加近 70%。我想每一家連鎖客戶都不一樣，所以我們目前正在決定鋪貨（rollout）時程；在今年剩餘期間，門店會在我們有機會的地方陸續上線。能同時上兩個品牌的地方，我們就會這麼做。隨著今年推進，你會聽到更多相關訊息；我們也對過去幾個月取得的成果感到鼓舞與興奮。

Yeah, no, it certainly sounds very exciting. And I guess some of you touched on this in your answer there, and maybe it's just sort of, we'll see over the next couple of quarters. But how should we think about the timing from these wins? When should we expect to see them on shelves? And then, how should we think about the sort of impact on gross versus net sales? Should we look for net sales to sort of pick up from these in the back half, or is that more of a 2027 thing? Thanks.

是的，聽起來確實非常令人興奮。我想你們剛才的回答也有提到一些，可能接下來幾季就會更清楚。但我們應該如何看待這些勝利的時間點？我們何時可以預期在貨架上看到？另外，對總銷售與淨銷售的影響應該怎麼看？我們是否應該預期淨銷售在下半年因這些而回升，還是那更像是 2027 年的事情？謝謝。

Yeah. I'll answer the first part, and then I'll turn it to Andrew to answer the second part. But you'll start seeing some of these chain wins roll out over the next few weeks. But as the progress of rolling out these chains requires. Requires recess of fixtures and different dynamics that they're sorting out with getting everything situated in store. It just takes time. So you'll see those stores sort of fill out across the balance of the year, but I'll turn it to Andrew to explain how we thought about the dollar impact.

是的。我先回答第一部分，然後把第二部分交給 Andrew。接下來幾週你就會開始看到其中一些連鎖通路的勝利開始鋪貨。不過，這些連鎖的鋪貨進度取決於他們的推進需求——需要重新配置陳列架（fixtures）以及他們在把店內一切就位時要處理的不同動態。這需要時間。所以你會看到這些門店在今年剩餘期間逐步補齊，但我把時間交給 Andrew 來說明我們如何思考金額影響。

Yeah, as we think about the net sales trajectory over the course of the year, we would expect to see some pick up in the back half. As it relates to the modern oral category.

是的，當我們思考全年淨銷售的走勢時，我們預期在下半年會看到一些回升。就現代口含品類而言。

Awesome. Well, it's all very encouraging. Congrats again on the strong results.

太好了。這一切都非常令人鼓舞。再次恭喜你們的強勁表現。

Thanks, Eric.

謝謝你，Eric。

Ian Zaffino from Oppenheimer.

Oppenheimer 的 Ian Zaffino。

Hi, Grace. Thank you very much. And, great guidance on that DMO side. So, question would be on the PMTA process. How is that going? I know there's some news articles about that and any kind of change in discussion there or thoughts about getting kind of final approval. And then how do you think about the Louisville plant, which because I guess they're kind of connected events.

嗨，Grace。非常感謝。而且在 DMO 那一側的指引很棒。我的問題是關於 PMTA 流程。進展如何？我知道有一些新聞報導提到這件事，想問目前討論上是否有任何變化，或對取得最終核准的看法。然後你們如何看待路易維爾（Louisville）工廠，因為我想這兩件事應該是相互關聯的。

Thank you.

謝謝。

Yeah, great question, Ian. Look, the. The PMTA process is -- it's a rigorous scientific process. We're not surprised by the timing, to be frank. And, our approaches, we respect the process and, any additional commentary around sort of where we're at on that [PERT] line probably wouldn't be appropriate at this time.

是的，好問題，Ian。你看，PMTA 流程——這是一個嚴謹的科學流程。坦白說，我們對時程並不意外。而我們的做法是尊重這個流程；至於就我們在那條 [PERT] 線上的進度做更多評論，現階段可能不太適合。

In terms of Louisville manufacturing, we're threading a bit of a needle here with respect to the PMTA process and scaling our infrastructure here in Louisville. We've made really great progress relative to laying down the infrastructure to support manufacturing here in Louisville. We've certainly got equipment in Louisville, and we feel really good about where we're at from a throughput on those machines in the early innings.

至於路易維爾的製造，我們在 PMTA 流程與在路易維爾擴充基礎設施之間，確實是在「穿針引線」。我們在建置支援路易維爾製造所需的基礎設施方面已取得非常好的進展。我們當然已在路易維爾配置設備，而且就這些機台在早期階段的產能吞吐表現而言，我們對目前的狀況感到非常有信心。

Okay, thank you. And then I guess maybe a question for Summer is, when you're going to market your portfolio, I guess you're now the newly expanded portfolio, and so how are you going to market? Are you going to market as far as FRE being your higher nicotine pouches and alpine your lower nicotine pouches? Is that the strategy? And also maybe talk about, this portfolio, expanded portfolio, which has typically more skews, how that's resonating with retailers, bringing them, incremental skews and any other kind of color you could give us maybe about the maybe synergistic effects of having those two brands together. Thanks.

好的，謝謝。接著我想也許問 Summer：當你們行銷你們的產品組合——我想你們現在是新擴充的產品組合——你們會如何行銷？你們會把 FRE 定位為較高尼古丁的口含袋、把 ALP 定位為較低尼古丁的口含袋嗎？這是策略嗎？另外也請談談，這個擴充後的產品組合通常會有更多 SKU，這在零售端的反應如何——你們帶來增量 SKU 的效果如何？以及你能否再提供一些色彩，談談同時擁有這兩個品牌在一起可能帶來的協同效應？謝謝。

Yeah, sure. So I would say the retailers. Our consumers and our sales organization are all very excited about us having both brands in the portfolio and in the sales bag to bring to market. And what's been great about both of these brands is that they've built strong base with consumers, especially ALP. They've created a really strong D2C presence, and there were some pent-up demands at retail that we were really able to start leveraging. And as these brands are being put into market, we're really thinking about the end consumer. So while the product itself is important and they certainly have their differences, what's resonating with retail, what's resonating with consumers, is that these brands are really focused on two very distinct consumer bases. There's room in this category for both brands to win, and we've seen some really encouraging early results as we've been bringing them to market.

好的，當然。我會說零售商、我們的消費者以及我們的銷售團隊，都對我們在產品組合中同時擁有兩個品牌、並能把它們一起帶到市場上（放進銷售包）感到非常興奮。這兩個品牌很棒的一點是，它們都已在消費者端建立了強勁的基礎，尤其是 ALP。他們建立了非常強的 D2C 直面消費者（Direct-to-Consumer）能見度，而零售端也存在一些被壓抑的需求，我們確實開始加以運用。當這些品牌被導入市場時，我們真正思考的是終端消費者。因此，雖然產品本身很重要、而且它們確實有差異，但在零售端與消費者端引起共鳴的是：這些品牌其實聚焦於兩個非常不同的消費者族群。這個品類有空間讓兩個品牌都能勝出，而我們在推向市場的過程中也看到一些非常令人鼓舞的早期成果。

Okay.

好的。

Thank you very much.

非常感謝。

No problem.

不客氣。

Nick Anderson from ROTH Capital Partners.

ROTH Capital Partners 的 Nick Anderson。

Great. Thanks for taking the questions and congrats on the quarter. First for me, just on the rising fuel price environment, have you seen any impact on C-STORE visits or consumer behavior? Tobacco is typically more resilient when it comes to higher fuel prices. Are you seeing the same trend emerge within nicotine pouches? Does any discernible changes to gasoline that would be helpful?

很好。謝謝讓我提問，也恭喜本季表現。第一個問題是，在燃油價格上升的環境下，你們是否看到對便利商店（C-STORE）來客數或消費者行為有任何影響？在油價上升時，菸草通常更具韌性。你們是否看到尼古丁口含袋也出現同樣趨勢？是否有任何與汽油價格相關、可辨識的變化可供參考？

No, I think, given the backdrop of our results, we feel really good about, sort of where we're at today. With the consumer. As Summer had mentioned in the last question with Ian, we're really focused in on building brand equities, building brand identity, and really winning on the premium front over the long haul. We view the fuel prices as transient. We think where we generally see that more so is in the heritage businesses. And I think what's an interesting aspect of that, historically, consumers tend to not move out of the categories. They tend to look for more value. And I think. We feel very well positioned with our Stoker's Heritage products with respect to spiking gas prices.

沒有，我認為就我們的業績背景而言，我們對目前在消費者端的狀況感到非常好。正如 Summer 在上一題回覆 Ian 時提到的，我們非常專注於建立品牌資產、建立品牌識別，並在長期於高端市場（premium）取得勝利。我們把燃油價格視為短期波動。我們認為一般而言，這種影響更多出現在傳統業務（heritage businesses）上。而其中一個有趣的面向是，歷史上消費者往往不會退出這些品類；他們通常會尋找更高的性價比。我想，就油價飆升而言，我們的 Stoker's 傳統產品（Stoker's Heritage products）處於非常有利的位置。

Great, that's helpful. Second for me, just on the retail landscape, with the momentum from TKO and brand awareness obviously ticking higher here, have you seen a different difference in appetite from the market change to carry FRE and ALP? As brand recognition grows, I would assume your negotiations should become smoother, but any color there would be helpful. Thank you.

很好，這很有幫助。第二個問題是關於零售通路版圖，隨著 TKO 帶來的動能以及品牌知名度顯然在這裡持續提升，你們是否看到市場端對於上架/經銷 FRE 和 ALP 的意願出現不同的變化？隨著品牌辨識度提高，我想你們的談判應該會更順利，但若能提供一些補充說明會很有幫助。謝謝。

Great question. We are really excited about the TKO deal. As we invested in PBR last year. We learned a lot and that gave us some momentum to build upon because I think having this TKO deal really has us show up as a credible partner that's investing for the long-term to win with our brands. And so, certainly, while it's early, it has been part of the conversation with retail. We've seen some early consumer excitement. We have some events under our belts and more to come as that partnership unfolds, but encouraged about the credibility it brings to us and sort of the proof point that comes to the table of us being a brand and a company that's investing in the long-term here.

問得很好。我們對 TKO 這筆合作非常興奮。因為我們去年投資了 PBR，我們學到很多，也因此累積了一些可以延伸的動能；我認為有了這筆 TKO 合作，確實讓我們以一個可信賴的合作夥伴身分出現，展現我們是為了長期致勝而投資我們的品牌。因此，當然，雖然現在還早，但它已經成為我們與零售端對話的一部分。我們也看到一些早期的消費者興奮度。我們已經辦過一些活動，隨著合作展開，後續還會有更多；我們對它為我們帶來的可信度感到鼓舞，也就是它作為一個「證明點」，證明我們是一個願意在這裡做長期投資的品牌與公司。

Great. That's it for me. Congrats again on the quarter.

好的。我這邊就到這裡。再次恭喜本季表現。

Thank you.

謝謝。

Gerald Pascarelli, Needham and Company.

Gerald Pascarelli，Needham and Company。

Hi, this is Jack on for Gerald, and thanks for taking my questions. Your guess for EBITDA guys obviously implies the decline relative to last year, which at this point I think is well understood, but the range is pretty wide. So could you just kind of go through some assumptions that get you to the high end versus the low end?

嗨，我是 Jack，代替 Gerald 發問，謝謝你們回答我的問題。你們對 EBITDA 的指引顯然意味著相較去年會下滑，我想目前大家也都理解了，但區間相當寬。你們能否大致說明一下，哪些假設會讓結果落在高端 versus 低端？

Sure thing. So. Look, what's driving the EBITDA guide is, as we discussed, we've got big investments in terms of Salesforce, retail distribution, as well as marketing spend. And so those are the big drivers of the year-over-year change.

當然可以。你看，推動 EBITDA 指引的因素是：如我們討論過的，我們在銷售團隊（Salesforce）、零售通路鋪貨，以及行銷支出方面都有很大的投資。因此，這些是年對年變動的主要驅動因素。

Also, as our outbound freight costs are captured in SG&A, that's also up on a year-over-year basis.

另外，由於我們的出貨運費成本（outbound freight costs）是計入 SG&A，因此這項也在年對年基礎上增加。

And so what's kind of driving the range here is, one, the biggest driver is our ability to get that spending and what we will spend on in the future. And so that spending is dependent on what we see in terms of sales. Because we'll be able to pivot if needed, and we're being judicious about that investment. And so as we monitor it, we may make some changes. So that's really the reason for the guide. And also, there could be a real upside opportunity in terms of the TKO agreement that we just launched is very new. And also, some of these chain wins are also very new, and that can provide a very large upside for us as well.

因此，推動這個區間的因素主要是：第一、最大的驅動因素是我們對支出的掌控能力，以及未來我們會把錢花在哪些地方。而這些支出取決於我們看到的銷售表現。因為如有需要我們可以調整方向（pivot），而且我們對這些投資會保持審慎。因此在監控過程中，我們可能會做一些調整。這就是指引區間存在的主要原因。另外，剛啟動的 TKO 協議非常新，也可能帶來真正的上行機會；同時，一些連鎖通路的勝出（chain wins）也都很新，這些也可能為我們帶來相當大的上行空間。

Okay. That's helpful. And then for the UFC sponsorship, it looks like it can be pretty transformative. It's incremental to your OpEx outlook relative to last time you presented. So as we kind of look forward, is there the potential for Turning Point to enter into some more of these sponsorships? And then if so, can that imply another leg down on EBITDA? Or do you think the low end is the floor at this point?

了解，這很有幫助。接著關於 UFC 贊助，看起來可能相當具變革性。相較你們上次簡報時的展望，它對你們的營運費用（OpEx）是額外增加的。那麼往前看，Turning Point 是否有可能再進一步簽下更多這類贊助？如果會，是否意味著 EBITDA 可能再往下走一段？還是你們認為目前指引的低端已經是底部？

I'll take the first part of that question, and Andrew may want to chime in on the dollar aspect. But as you know, investing, in TKO is a bet for us, we're really excited about. We are also doing other marketing activities, other consumer engagement building activities like with motorsports and other avenues. And so I think to Andrew's point, we will invest prudently as we go and make changes as we may need to, but excited about the awareness opportunity this gives for the brands, and I'll turn it to Andrew on the dollar aspect.

我先回答問題的第一部分，至於金額面向 Andrew 可能會補充。你也知道，投資 TKO 對我們而言是一個押注，我們非常興奮。我們也在做其他行銷活動、其他消費者互動與品牌建設活動，例如與賽車運動（motorsports）以及其他管道合作。因此我想呼應 Andrew 的觀點，我們會在推進過程中審慎投資，並在需要時做出調整；但我們對它能為品牌帶來的知名度機會感到興奮。接下來我把金額面向交給 Andrew。

Yeah, in terms of what that may mean for the low end of guidance, as I said before, we're going to be judicious about our spending. And so if something makes sense for us to gain incremental market share, we will do that. And so that's really how we think about these opportunities.

是的，就這對指引低端可能代表什麼而言，如我先前所說，我們會對支出保持審慎。因此，如果某件事對我們取得額外市占（incremental market share）有意義，我們就會去做。這就是我們看待這些機會的方式。

And everyone, at this time, there are no further questions. I'd like to hand the conference back to Mr. Graham Purdy for any additional or closing remarks.

各位，目前沒有其他提問。我想把會議交回給 Graham Purdy 先生，請他做任何補充或結語。

Thanks, operator. I really want to thank everybody for joining the call today. Look, in closing, I think, ultimately, I want to emphasize a couple of points to our investors. For one, I've been in this industry for -- I'm closing in on my 30th year, and I can't tell you how excited I am about the opportunity in front of us with the generational transformation that we spoke of earlier in the script. And what -- how TPB fits into that long term, I think, is incredibly exciting.

謝謝，接線員。我非常感謝大家今天加入這通電話。最後我想對投資人強調幾點。第一，我在這個產業已經——快要滿 30 年了，我無法形容我對我們眼前機會有多興奮，尤其是我們先前在講稿中提到的那場世代性的轉型。而 TPB 如何在長期中融入其中，我認為非常令人振奮。

The Modern Oral opportunity, it's real. It's gaining momentum. I think you're seeing early progress from our company that across our D2C platforms and progress we're making in bricks and mortar gives us a lot of enthusiasm around where we're at in terms of harvesting that long-term opportunity. As Andrew mentioned, our investments in this category are going to be incredibly disciplined and ultimately tied to our sales objectives in this category.

現代口含（Modern Oral）的機會是真實存在的，而且正在累積動能。我想你們也看到我們公司在早期的進展：不論是在我們的 D2C 平台，或是我們在實體通路（bricks and mortar）所取得的進展，都讓我們對於如何把握這個長期機會感到非常有熱情。如 Andrew 提到的，我們在這個品類的投資將會非常自律，並且最終會與我們在此品類的銷售目標緊密連結。

And I think lastly, the heritage business for us is still very important. It provides strong cash flows for the company, and it gives us cash flow to invest in the future and ultimately harvest the opportunity that we see in front of us. So it's really exciting times at Turning Point Brands. And with that, I'll sort of close by saying, I look forward to talking to you all in a few months here and updating against our progress against the plan. So thank you so much for joining.

最後，我們的傳統業務（heritage business）仍然非常重要。它為公司提供強勁的現金流，也讓我們有現金流去投資未來，並最終收穫我們眼前所看到的機會。因此，Turning Point Brands 正處在非常令人振奮的時刻。也因此，我最後想說，我期待在幾個月後再與各位交流，並就我們相對於計畫的進展向各位更新。非常感謝大家參與。

Once again, everyone, that does conclude today's conference. We would like to thank you all for your participation. You may now disconnect.

再次提醒各位，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。