cbdMD Inc (YCBD) 2026 Q2 法說會逐字稿

Good afternoon. Welcome to cbdMD, Inc.'s March 31st, 2026, second fiscal quarter of 2026 earnings call and update.

下午好。歡迎參加 cbdMD, Inc. 截至 2026 年 3 月 31 日之 2026 財政年度第二季財報電話會議與最新進展說明。

This afternoon, the company issued a press release that provided an overview of its first-quarter results, which followed the filing of its quarterly report on Form 10-Q. Today's conference call is being recorded and will be available online, along with our earnings press release covering our financial results and non-GAAP presentation at cbdmd.com, in accordance with cbdMD's retention policies.

今天下午，公司發布新聞稿，概述其第一季業績；該業績係在提交其 10-Q 季度報告後公布。今天的電話會議將被錄音，並將依據 cbdMD 的保存政策，連同我們涵蓋財務結果與非 GAAP 呈現的財報新聞稿，一併於 cbdmd.com 線上提供。

All participants on this call will be in a listen-only mode. The call will be followed by a question-and-answer session. At this time, I'd like to turn the conference over to Bradley Whitford, the company's Chief Accounting Officer. Brad, please go ahead.

本次電話會議所有與會者將以僅收聽模式參與。會議結束後將進行問答環節。現在，我想把會議交給公司首席會計官 Bradley Whitford。Brad，請開始。

Thank you, Audra, and thank you all for joining cbdMD's March 31, 2026, second quarter of fiscal 2026 earnings call and update. On the call today, we also have Ronan Kennedy, our Chief Executive Officer and Chief Financial Officer.

謝謝你，Audra，也感謝各位參加 cbdMD 截至 2026 年 3 月 31 日之 2026 財政年度第二季財報電話會議與最新進展說明。今天與會的還有我們的執行長兼財務長 Ronan Kennedy。

We'd like to remind everyone that various remarks about future expectations, plans, and prospects constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. cbdMD cautions that these forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those indicated, including risks described in the company's annual report on Form 10-K for the second quarter.

我們提醒各位，關於未來預期、計畫與前景的各項陳述，依 1995 年《私人證券訴訟改革法》之安全港條款，構成前瞻性陳述。cbdMD 提醒，這些前瞻性陳述受風險與不確定性影響，可能導致實際結果與所示內容存在重大差異，包括公司截至第二季之 Form 10-K 年度報告中所述風險。

Ended March 31, 2026, and our other filings with the SEC, all of which can be reviewed on the company's website at www.cbdmd.com or on the SEC's website at www.scc.gov.

截至 2026 年 3 月 31 日止，以及我們向美國證券交易委員會（SEC）提交的其他文件，均可於公司網站 www.cbdmd.com 或 SEC 網站 www.scc.gov 查閱。

Any forward-looking statements made on this conference call speak only as of today's date, Thursday, May 14, 2026, and cbdMD does not intend to update any of these forward-looking statements to reflect events or circumstances that would occur after today's date, except as may be required. About federal security falls.

本次電話會議所作任何前瞻性陳述僅截至今日（2026 年 5 月 14 日，星期四）為準；除非法律另有要求，cbdMD 無意更新任何前瞻性陳述，以反映今日之後發生的事件或情況。關於聯邦證券下跌。

With that, I'd like to turn the call over to Ronan.

接下來，我想把電話會議交給 Ronan。

Good afternoon, everyone, and thank you for joining us. The second quarter of fiscal 2026 was another step forward for cbdMD and one of the most active quarters we've had in years, both operationally and across the regulatory landscape we operate in.

各位下午好，感謝各位加入我們。2026 財政年度第二季對 cbdMD 而言是又向前邁進的一步，也是我們多年來最活躍的季度之一，無論在營運面或我們所處的監管環境方面皆是如此。

Let me start with the headline. We delivered another consecutive quarter of sequential revenue growth with net sales of $5.6 million. That's up 19% year-over-year and 12% sequentially from the first quarter of 2026. Importantly, that growth was not solely driven by our acquisition of Bluebird Botanicals. Excluding Bluebird, our core business grew approximately a half million dollars versus the prior year and approximately $300,000 sequentially.

我先從重點開始。我們連續又一季實現營收逐季成長，淨銷售額為 560 萬美元。這較去年同期成長 19%，較 2026 年第一季逐季成長 12%。重要的是，這項成長並非僅由我們收購 Bluebird Botanicals 所帶動。若排除 Bluebird，我們的核心業務較去年同期約增加 50 萬美元，較前一季約增加 30 萬美元。

And even excluding Bluebird, our core revenue this quarter was the highest quarterly revenue we've generated since our first fiscal quarter in 2024, the December 2023 quarter. That continued core growth quarter after quarter is the most important indicator that the reset work, we've done over the past several years is showing through in results.

即使排除 Bluebird，本季核心營收仍是自 2024 財政年度第一季（即 2023 年 12 月季度）以來我們所創造的最高單季營收。核心業務一季接一季的持續成長，是最重要的指標，顯示我們過去幾年所做的重整工作正反映在成果上。

From a channel perspective, direct-to-consumer remained our largest channel at approximately 67% of revenue, with wholesale growing to 33% of revenue. Wholesale was up 65% year-over-year, reflected continued execution in our core CBDMD brand and ongoing progress with our Oasis TSC beverage brand.

從通路角度來看，直面消費者（DTC）仍是我們最大的通路，約占營收 67%，批發通路成長至占營收 33%。批發較去年同期成長 65%，反映我們在核心 cbdMD 品牌上的持續執行力，以及 Oasis TSC 飲料品牌的持續進展。

In mid-January, we closed our acquisition of the assets of Blue Bear Botanicals, a respected and long-standing CBD brand. This is our first acquisition in years; made possible by the work we've done to repair the balance sheet and regain full NYSE American continued listing compliance.

在 1 月中旬，我們完成收購 Blue Bear Botanicals 的資產，該公司是一個備受尊敬且歷史悠久的 CBD 品牌。這是我們多年來的首次收購；得益於我們為修復資產負債表並重新取得 NYSE American 持續上市完全合規所做的努力。

As expected, the acquisition was a drag on earnings during the second quarter, where we absorbed transition costs and integration expenses without the full benefit of a full quarter of Bluebird revenue. That said, Bluebird turned the corner in March and began generating positive contribution, and we expect to flip that into positive for both top-line earnings and earnings in the third quarter as we roll out additional products and capture costs and revenue synergies.

如預期所示，本次收購在第二季對獲利造成拖累，因為我們在尚未完整享有一整季 Bluebird 營收效益之前，先行吸收了轉換成本與整合費用。儘管如此，Bluebird 在 3 月已出現轉折並開始產生正向貢獻；隨著我們推出更多產品並取得成本與營收綜效，我們預期第三季在營收端與獲利端都將轉為正向。

Beyond the numbers, Bluebird is strategically important as it adds a loyal customer base, broadens our portfolio beyond just our core cbdMD brand and brings graph status for full-spectrum CBD that complements the safety and clinical data we already have on our THC-free broad-spectrum formulations.

除了數字之外，Bluebird 在策略上也很重要：它帶來忠誠的客戶群，讓我們的產品組合不再僅限於核心 cbdMD 品牌，並帶來全光譜 CBD 的既有地位，與我們在無 THC 的廣譜配方上已具備的安全性與臨床數據相互補強。

We believe this transaction is a useful case study for the kind of disciplined, accretive M&A we can execute, and we continue to evaluate additional opportunities across HEMP and adjacent health and wellness categories where our infrastructure, marketing engine, and NYSD American listing can unlock value.

我們認為，這筆交易是我們能夠執行紀律嚴謹、具增益效果（accretive）的併購之有用案例研究；我們也持續評估 HEMP 及相鄰的健康與保健類別中的其他機會，在這些領域，我們的基礎設施、行銷引擎與 NYSD American 上市地位可釋放價值。

The regulatory backdrop has shifted more in the last few months than in any period I can remember. We've seen multiple bipartisan legislative proposals introduced to address the restrictive hemp language in H.R. 5,371, the partial rescheduling of cannabis to Schedule 3 in late April, and most directly relevant to us, the April 1st activation of the CMS Substance Access.

監管背景在過去幾個月的變化，超過我所記得的任何時期。我們看到多項跨黨派立法提案被提出，以處理 H.R. 5,371 中對大麻（hemp）限制性的用語；4 月下旬大麻被部分重新分級至第 3 級管制；以及與我們最直接相關的，是 4 月 1 日啟動的 CMS Substance Access。

Beneficiary Engagement Incentive, the first federally supported pathway for hemp-derived CD products in Medicare. We've been preparing for this opportunity for some time. During the quarter, we made deliberate decisions to accelerate our entry into the CMS substance.

受益人參與獎勵（Beneficiary Engagement Incentive, EEI），這是 Medicare 中首個由聯邦支持、針對源自大麻（hemp）的 CD 產品之途徑。我們為此機會已準備了一段時間。在本季度，我們做出審慎決策，加速我們進入 CMS substance。

Access pathway, moving ahead of our original fiscal 2026 plan because the window to establish a position is now open. That acceleration carried some near-term costs and is reflected in our P&L this quarter. We made the investment with our eyes open because the size of the opportunity justifies it.

Access 途徑，因為建立市場地位的窗口現在已經開啟，因此我們提前於原先 2026 財政年度計畫推進。這項加速帶來一些短期成本，並反映在本季的損益表中。我們是在充分理解的情況下進行這項投資，因為機會的規模足以支撐。

We stood up a dedicated clinical and healthcare channel built specifically for this pathway. We're in active conversations with ACOs and others to execute on this pathway. We're deepening the clinical evidence base behind our products because in this channel, the science is what unlocks the market.

我們建立了一個專門為此途徑打造的臨床與醫療保健通路團隊。我們正與 ACO 等機構進行積極洽談，以落實此途徑。我們也在深化產品背後的臨床證據基礎，因為在此通路中，科學才是打開市場的關鍵。

This is not a near-term revenue story. We expect the early phase of the EEI to be implementation-led, with provider adoption developing over the course of the next 12 to 18 months. But we believe the long-term opportunity is significant, and we believe CBDMD's years of investment in manufacturing, quality, safety, and clinical research positions the company as a trusted evidence-based supplier of choice as this channel develops.

這不是一個短期營收的故事。我們預期 EEI 的早期階段將以導入與落地為主，醫療提供者的採用將在未來 12 至 18 個月逐步發展。但我們相信長期機會相當可觀；我們也相信 cbdMD 多年來在製造、品質、安全與臨床研究上的投入，使公司在此通路發展過程中，具備成為值得信賴、以證據為基礎之首選供應商的定位。

On the federal legislative front, we continue to actively support bipartisan efforts to establish a workable federal framework for hemp, including the Hemp Act, the Cannabinoid Safety and Regulation Act, the Hemp. Planting Predictability Act, and its Senate companion.

在聯邦立法方面，我們持續積極支持跨黨派努力，以建立可行的聯邦大麻（hemp）監管框架，包括《Hemp Act》、《Cannabinoid Safety and Regulation Act》、《Hemp Planting Predictability Act》及其參議院對應法案。

We're engaged constructively with industry organizations, policymakers, including time on Capitol Hill, making the case for sensible science-based regulation. Our view is straightforward. As regulatory clarity emerges, it favours operators built for it, well-capitalized, compliance-focused, with the strong quality, safety, and clinical standards this market will require.

我們以建設性的方式與產業組織及政策制定者互動，包括前往國會山莊，主張合理且以科學為基礎的監管。我們的觀點很直接。隨著監管逐步明朗，將有利於為此而建的業者：資本充足、重視合規，並具備這個市場所要求的強大品質、安全與臨床標準。

That is this company we built. On the state side, volatility has been a genuine headwind. Changing rules across multiple states has driven ongoing packaging changes, repacking costs, and new testing requirements, each carrying real expenses and creating confusion at the customer level.

這就是我們打造的這家公司。在州層面，波動一直是實質性的逆風。多個州不斷變動的規則，導致持續的包裝變更、重新包裝成本以及新的檢測要求；每一項都伴隨著真實的費用，並在客戶端造成困惑。

Just as significantly, shifting state restrictions continues to narrow what products we can sell and where we can sell them. We expect the environment to persist, and we're managing through it operationally, but it's worth flagging as a structural cost of operating in this category today. And frankly, it makes it's part of what makes the federal pathway we've been describing so strategically important.

同樣重要的是，各州限制的變動持續縮小我們可以銷售的產品範圍，以及可以銷售的地點。我們預期這樣的環境仍將持續；我們會在營運上加以因應，但值得指出的是，這已成為當今在此類別中經營的一項結構性成本。坦白說，這也正是我們一直在描述的聯邦途徑在策略上如此重要的原因之一。

With that, I'll turn the call back over to Brad to walk through the financials.

接下來，我把電話交回給 Brad，請他帶大家看一下財務數字。

Thanks, Ronan. Turning to the financials for the second quarter of fiscal 2026. Net sales increased to $5.6 million, or a 19% increase as compared to $4.7 million in the prior year period and increased 12% sequentially from the first quarter of fiscal 2026. Excluding Bluebird, net sales increased $500,000 as compared to a quarter and $300,000 sequentially. Gross margin totalled 58% for the quarter, down from 62% over. Prior year. This is mostly attributable to a shift in revenue mix to more wholesale, including Oasis.

謝謝你，Ronan。接著來看 2026 財政年度第二季的財務表現。淨銷售額增加至 560 萬美元，較去年同期的 470 萬美元成長 19%，並較 2026 財年第一季季增 12%。若排除 Bluebird，淨銷售額較去年同期增加 50 萬美元，並較前一季季增 30 萬美元。本季毛利率合計為 58%，低於去年同期的 62%。這主要歸因於營收組合轉向更多批發（wholesale），其中包括 Oasis。

Wholesale was 33% of total sales versus 23% of total sales in the prior year quarter. Along with incremental costs related to changes in state-level requirements, causing additional repacking and new testing requirements.

批發占總銷售額的 33%，高於去年同季的 23%。此外，州層級要求變更帶來的增量成本，也造成額外的重新包裝與新的檢測要求。

We're continuing to analyse our pricing, product mix, and supply chain, and are implementing initiatives to enhance product quality and documentation, improve formulas, and improve our gross margins going forward.

我們持續分析定價、產品組合與供應鏈，並正在推動多項措施，以提升產品品質與文件化程度、改善配方，並在未來提升毛利率。

Loss from operations was approximately $801,000, compared to a loss of $486,000 in the prior-year period. Excluding a one-time. Non-cash stock vesting loss from operations was 405,000. Net loss attributable both to common shareholders was approximately 876,000, or $0.08 per share, compared to a net loss of approximately 1.4 million.

營業損失約為 80.1 萬美元，去年同期營業損失為 48.6 萬美元。若排除一次性非現金股票歸屬費用，營業損失為 40.5 萬美元。歸屬於普通股股東的淨損約為 87.6 萬美元，或每股 0.08 美元，相較之下，去年同期淨損約為 140 萬美元。

$1.90 per share in the prior-year quarter. As with last quarter, this was a substantial improvement on a per-share basis. As mentioned on our prior-quarter call, this improvement was primarily driven by the elimination of our Series A preferred dividend during fiscal 2025 and a resulting conversion of the Series A into common stock.

去年同季為每股 1.90 美元。與上一季相同，按每股計算這是一項顯著改善。如我們在上一季電話會議中提到，這項改善主要來自於我們在 2025 財年取消了 A 系列優先股股息，並因此將 A 系列轉換為普通股。

Adjusted non-GAAP EBITDA loss for the quarter totalled $220,000 and was driven by added payroll and other expenses related to the Bluebird acquisition without the benefit of a full quarter of Bluebird revenue, and the strategic decision to allocate dollars toward the CMF BEI program, which was not originally in the budget, however, it is important to drive this initiative forward.

本季調整後非 GAAP EBITDA 損失合計為 22 萬美元，主要是因為 Bluebird 收購案帶來新增的人事成本與其他費用，但尚未享有 Bluebird 全季營收的效益；同時，我們也做出策略性決定，將資金配置到 CMF BEI 計畫上，該計畫原本不在預算內，但推動此項倡議向前非常重要。

Cash use and operating activities was approximately $723,000. And reflects a build of accounts receivable of approximately $435,000 tied to revenue growth and wholesale term customers as that becomes a larger part of our sales mix, coupled with an incremental $240,000 inventory build, excluding inventory acquired in transaction, to support the growth of the overall business.

營運活動的現金使用約為 72.3 萬美元。這反映了應收帳款增加約 43.5 萬美元（與營收成長及批發帳期客戶相關，因為批發在我們的銷售組合中占比提高），再加上（不含交易中取得的存貨）額外增加 24 萬美元的存貨，以支援整體業務成長。

We remain encouraged by the momentum across the business and the continued growth in revenue. At the same time, we are maintaining a disciplined approach to expense management and operational efficiency. As we focus on improving margins and driving sustainable profitability.

我們對全業務的動能與營收持續成長仍感到鼓舞。同時，我們也維持對費用管理與營運效率的紀律性做法。並專注於改善毛利率與推動可持續的獲利能力。

With that, I'll turn the call back over to Ronan.

接下來，我把電話交回給 Ronan。

Thanks, Brad. Stepping back, I want to leave you with a few thoughts on how we're thinking about the rest of fiscal 2026.

謝謝你，Brad。退一步來看，我想就我們如何看待 2026 財年剩餘期間，留給各位幾點想法。

First, on the core business, several consecutive quarters of sequential growth with our highest core quarterly revenue since December 2023 tells us the underlying business is healthier than it's been in some time. We're going to keep pushing on that. High-velocity SKUs, disciplined customer acquisition, and ongoing wholesale expansion across cbdMD, POS CBD, Oasis, and Bluebird.

第一，關於核心業務：連續數季的季比成長，加上核心業務創下自 2023 年 12 月以來最高的單季營收，顯示基礎業務狀況比過去一段時間更健康。我們會持續推進。包括高周轉 SKU、嚴謹的客戶獲取，以及在 cbdMD、POS CBD、Oasis 與 Bluebird 的持續批發擴張。

Second, on Bluebird, we expect the acquisition to flip from earnings drag in the second quarter to a positive contributor in the third quarter on both revenue and earnings as integration completes and synergies come through. Bluebird also reinforces our M&A thesis. We believe there's a real opportunity to consolidate quality assets in this fragmented category, and we will continue to evaluate disciplined accretive opportunities.

第二，關於 Bluebird：我們預期隨著整合完成與協同效益逐步顯現，該收購案將在第三季於營收與獲利兩方面，從第二季的獲利拖累轉為正向貢獻。Bluebird 也強化了我們的併購（M&A）論點。我們相信在這個高度分散的類別中，整合優質資產存在真正的機會，我們也將持續評估有紀律、具增益性的機會。

Third, on the medical pathway. The investment we made this quarter and through the balance of the year to redirect resources toward the CMS BEI program is a deliberate, strategic choice. We accepted near-term earnings pressure because we believe the long-term opportunity is meaningful and because the window to establish provider relationships and clinical credibility is open now. We are going to continue investing thoughtfully in that channel through the back half of 2026, with the expectation that adoption and contribution build over time than rather overnight.

第三，關於醫療途徑。我們在本季以及今年剩餘期間所做的投資，將資源重新導向 CMS BEI 計畫，是一項刻意且具策略性的選擇。我們接受短期獲利壓力，因為我們相信長期機會相當可觀，也因為建立醫療提供者關係與臨床可信度的窗口期現在正開啟。我們將在 2026 年下半年持續以審慎方式投資該通路，並預期採用率與貢獻會隨時間逐步累積，而非一夕之間發生。

Fourth, on the regulatory and state. Level environment. We'll continue to engage constructively in Washington on sensible health regulation, and we'll continue to manage through the minefield of state-level changes, along with the compliance costs that come with operating in this category today.

第四，關於監管與州層級環境。我們將持續在華盛頓以建設性方式推動合理的健康監管，同時也會持續在州層級變動的雷區中前行，並承擔當今在此類別中經營所伴隨的合規成本。

Neither of those are going away in the near term, and we are building the cost discipline and operational flexibility to absorb them. Alongside that engagement in Washington, we continue to invest in contingency cleaning and product iteration ahead of the November 2026 effective date of the Act.

這兩者在短期內都不會消失，而我們正在建立成本紀律與營運彈性以吸收其影響。在華盛頓推動相關工作的同時，我們也持續投入應變規劃與產品迭代，以因應該法案於 2026 年 11 月生效日之前的準備。

We are working through multiple scenarios, including reformulation, pathways, new ingredients, packaging and labelling adjustments, channel mix shifts, and supply chain flexibility, so that we are positioned to navigate whatever regulatory outcomes merge, whether it is the Act taking effect as written, a delay, or comprehensive replacement. Framework. We don't know today which scenario will play out, but we are determined to be prepared for each of them.

我們正在推演多種情境，包括重新配方、合規途徑、新成分、包裝與標示調整、通路組合轉移，以及供應鏈彈性，以確保我們能因應任何可能出現的監管結果——無論是法案按原文生效、延後，或以全面替代的架構取代。我們目前無法確定哪一種情境會發生，但我們決心對每一種情境都做好準備。

And finally, on the balance sheet, the work we've done to repair the capital structure returned to NYC American continued listing compliance and put financial tools like the ELOC in place give us the flexibility to execute deliberately. We believe we have a meaningful long-term runway, and we intend to use that money to invest where it counts.

最後，關於資產負債表：我們為修復資本結構所做的工作、恢復 NYSE American 持續上市合規，以及建立如 ELOC 等融資工具，讓我們具備從容執行的彈性。我們相信我們擁有具意義的長期跑道，並打算把這些資金投入到最關鍵之處。

This was a quarter where we delivered another period of growth in our core business, completed and began integrating our first acquisition in years, and made deliberate investments ahead of what we believe is a meaningful long-term opportunity for Medicare.

本季我們在核心業務再度交出一段成長表現，完成並開始整合多年來的第一起收購案，並在我們認為對 Medicare 具有重大長期機會之前，進行了有意識的投資。

The foundation we've built over the past several years is showing through, and we believe CBDMD is entering the second-half of 2026 on firmer footing than any point in recent memory. I want to thank our employees, partners, and shareholders for their continued support.

我們在過去幾年建立的基礎正在展現成果，我們相信 CBDMD 進入 2026 年下半年時的立足點，比近期任何時候都更穩固。我要感謝我們的員工、合作夥伴與股東持續的支持。

With that, I'm now happy to take questions.

接下來，我很樂意回答問題。

(Operator Instructions) Adam Waldo, Lismore Partners, LLC - Analyst

(接線員指示) Adam Waldo，Lismore Partners, LLC - 分析師

Hi, good afternoon, Ronan and Brad. I hope you can hear me okay.

嗨，下午好，Ronan 和 Brad。希望你們聽得到我。

Yes, hey, Adam. How are you?

是的，嗨，Adam。你最近怎麼樣？

Very well, Ronan. A lot of exciting things on the plate for you guys. In that vein, how are you all thinking of -- let's start out at sort of a high level here. In the quarter descent of the March quarter, how much of that, call it almost 11% organic revenue growth, was attributable to herbal oasis versus the core CBD businesses?

很好，Ronan。你們手上有很多令人興奮的事情在推進。順著這個脈絡，我想先從較高層次來問。在 3 月季度的季度表現中，那接近 11% 的有機營收成長，有多少可歸因於 Herbal Oasis，相對於核心 CBD 業務？

It was Adam, we had some growth of some of the core, but we'll call it a reasonable amount of that was from the Oasis side of the business as well.

Adam，是的，我們核心業務也有一些成長，但我們可以說其中相當一部分也來自 Oasis 這一側的業務。

Okay, and I haven't had a chance to look at the queue yet. Will there be more granularity in the queue in terms of the impact or below Oasis is having, or is it not material yet, and do you think you'll start to report. Later in the year in the fiscal year as it might become more material.

好的，我還沒來得及看 Q（財報/10-Q）。Q 裡面會不會提供更細的拆分，說明 Oasis 帶來的影響，還是目前還不具重大性、你們也還不打算揭露？之後在本會計年度晚些時候，若它變得更具重大性，你們是否會開始報告？

We have not segregated out that category yet, and we'll continue to evaluate sort of segmentation as we move through the year and see continued growth there.

我們目前還沒有把那個類別單獨拆出來揭露；我們會在今年推進過程中持續評估是否要做分部/分類拆分，並觀察那邊是否持續成長。

Okay. And given that just a high level, very dynamic regulatory environment, obviously, and a lot of potential growth opportunities coming to fruition here all at once, while improved, the balance sheet and liquidity profile, believe me, wondering how you expect to use the balance sheet and liquidity profile to support those growth opportunities in the coming several quarters?

好的。再來，考量到監管環境在高層次上非常動態，顯然如此；而且很多潛在的成長機會似乎同時開始落地。雖然資產負債表與流動性狀況已有改善，但我想請教你們預期將如何運用資產負債表與流動性狀況，在接下來幾個季度支撐這些成長機會？

You burned about a little over $700,000 of cash in the March quarter, just under $1 million in the December quarter. On the other hand, you have about $2.6 million on the balance sheet in terms of cash at the end of the March quarter, and you have obviously the equity facility, common equity facility out there in the market. Any commentary about sort of how you see the liquidity runway and support there for all the growth opportunities you have ahead of you?

你們在 3 月季度燒掉了略高於 70 萬美元的現金，在 12 月季度則接近 100 萬美元。另一方面，3 月季度末資產負債表上的現金約 260 萬美元，而且你們在市場上也有股權融資額度（普通股股權融資工具）。能否談談你們如何看待流動性可支撐的跑道，以及它如何支援你們前方的各項成長機會？

Yeah, sure. Look, I think we made some inventory investments ahead of sort of the growth. So I think we're in a pretty good position there. We're continuing to evaluate in some SKUs and some consolidation. We'll continue to work on lowering the cost of some of those as well. So, we expect, on a go-forward to not have such a to be a little bit more efficient from an inventory standpoint.

好的，當然。你看，我們在成長到來之前先做了一些庫存投資。所以我認為我們在那方面處於相當不錯的位置。我們也持續在評估部分 SKU 以及一些整併。同時也會持續努力降低其中一些項目的成本。因此，我們預期往後在庫存面會更有效率，不會像之前那樣。

As we move forward. And then, given some of the steps that we've taken during this quarter, our anticipation is the cash burn is our EBITDA should improve and, not have the same working capital build requirements that we've had in the last two quarters.

隨著我們往前推進。另外，考量到我們在本季度採取的一些措施，我們預期現金消耗、以及 EBITDA 都會改善，並且不會再像過去兩個季度那樣需要同等程度的營運資金增加。

Okay. Last one, if you'll permit me, at the annual shareholders meeting on March 30th, the reverse stock split Proposal 3 passed. It obviously calls for a 2-to-1 to 10-to-1 reverse split to be implemented within a year of the annual meeting. We're six weeks from the annual meeting, the reverse split hasn't been implemented yet. What update can you give on sort of the remaining milestones to implement and any expectation you have for the timeline to implement it?

好的。最後一題，如果你允許的話：在 3 月 30 日的年度股東會上，反向股票分割的第 3 號提案已通過。該提案顯然允許在股東會後一年內實施 2 比 1 到 10 比 1 的反向分割。距離股東會已六週，但反向分割尚未實施。你能否更新一下實施所需的剩餘里程碑，以及你們對實施時程的任何預期？

We put that in more sort of a protection, just knowing that we could have the markets are incredibly volatile right now with not only our category, but with global economic events. And I think as we outlined in the proposal, there was not a current need or a plan to execute that on that. It was more. In the event that it is needed over the next year, we have that available as a tool so we can react quickly should something happen.

我們提出那個主要是作為一種保護措施，因為我們知道市場現在非常波動，不只是我們這個類別，還有全球經濟事件的影響。而且我想我們在提案中也說明了，目前並沒有迫切需求或計畫要去執行它。它更多是——如果未來一年內有需要，我們就把它作為一個可用工具，以便在發生狀況時能快速反應。

I believe the NYC is also making some changes to slightly increase their sort of minimum share price under the NYSE. So right now, there is no. And plan to execute a reverse, it is more sort of to make sure we have it available and can react quickly rather than have to go out and proxy shareholders.

我相信 NYSE 也正在做一些調整，會略微提高其在 NYSE 下的最低股價要求。所以目前沒有——也沒有計畫去執行反向分割；它更多是確保我們手上有這個工具、能快速反應，而不是還得再去徵求股東委託書投票。

Okay. If you don't mind my following up on that, but more and more broker-dealers are not permitting trading in stocks under a dollar share price, in some cases under $5, even if you're listed on the NYSE or NYSE American.

好的。如果你不介意我追問一下：越來越多券商不允許交易股價低於 1 美元的股票，有些甚至是低於 5 美元，即便你是掛牌在 NYSE 或 NYSE American。

So, does that color your thinking at all as to kind of the urgency to implement the reverse stock split?

那麼，這是否會影響你們對於實施反向股票分割之急迫性的看法？

Look, it's something we're continuing to evaluate. And, we'll continue to do so during the balance of the year.

你看，這是我們會持續評估的事情。而且在今年剩餘期間我們也會持續這麼做。

Okay, fair enough. Thank you very much.

好的，合理。非常感謝。

Okay, thank you.

好的，謝謝。

(Operator Instructions) Thomas McGovern, Maxim Group LLC - Analyst

(接線員指示) Thomas McGovern，Maxim Group LLC - 分析師

Hey guys, thanks for taking the questions here. First, one's just on Bluebird Botanicals, right? So obviously, still kind of working there, but wondering if we can get an update on where you guys stand in terms of realizing some supply chain or shared service synergies.

嗨，各位，謝謝讓我提問。第一題是關於 Bluebird Botanicals，對吧？顯然你們還在推進整合，但想請你們更新一下：在實現供應鏈或共享服務的協同效益方面，你們目前進展到哪裡？

Then a follow-up to that is just, have you seen already any leading KPIs that would indicate that you've seen some strong cross-selling or that you're bringing in additional customers. And just kind of finally on that front, do you expect Bluebird Botanical to be accretive to the bottom line of the fiscal third quarter once you guys have a full quarter of operation under your belts?

接著追問：你們是否已經看到任何領先 KPI，顯示交叉銷售很強，或是你們正在帶來更多新增客戶？最後同一個主題：在你們完整運作一整個季度之後，你們是否預期 Bluebird Botanical 在本會計年度第三季會對淨利（底線）有正向貢獻（具增益性）？

Yeah, Adam, or sorry, Thomas. Look, we, during the quarter, we incurred sort of the transaction costs that were buried in there as well as, I think there was some. Other professional sort of just transition expenses as we made this change. Also, it sort of took us a little bit longer to get some of the marketing ramped up.

是的，Adam——抱歉，Thomas。你看，我們在本季度發生了一些交易成本，這些也包含在裡面；另外我想還有一些——其他專業服務方面、也就是在我們做這次變更時的過渡費用。此外，我們在把部分行銷拉升上來這件事上也花了稍微久一點的時間。

So, we believe we're pretty much fully integrated, had a good March, had a very strong April with the brand. We're realizing some of the synergies already across the team and we've started to integrate more of the supply chain and have been leveraging sort of some of the product portfolio and that's been so far well received by that customer base.

所以，我們相信現在幾乎已完全整合；3 月表現不錯，4 月該品牌表現非常強勁。我們已經在團隊層面實現了一些協同效益，並開始進一步整合供應鏈，也一直在運用部分產品組合，而到目前為止，該客群的反應相當正面。

Understood, but it'd be correct to say that you guys are still in the process of maybe. Looking at potential SKU overlap and we could expect to see potential rationalization of certain SKUs or have you guys kind of gone through that process already?

了解，但可以說你們仍在進行中，可能——在檢視潛在的 SKU 重疊；我們是否可以預期你們會對某些 SKU 做精簡/汰弱留強，還是你們已經完成那個流程了？

Yeah, look, we have, we're working, we're managing some of that through kind of inventory sell-through. So, it will continue to evolve over the year in ordinary course as we look to sort of make sure we can. Make transitions through inventory and minimize any sort of inventory impairments as we make this transition.

是的，你看，我們正在透過庫存去化來管理其中一部分。因此，隨著我們在一般營運過程中持續推進、並確保我們能——在庫存轉換過程中完成調整，同時把任何庫存減損降到最低，這件事在今年會持續演進。

But we are seeing that to start the quarter, it's off to a good quarter, a profitable quarter that should contribute to the bottom line.

但我們看到本季一開始就有個好的開局，是一個表現不錯的季度、也是一個有獲利的季度，應該能對最終盈餘做出貢獻。

Got it. I appreciate that color. Next question is on the DEI channel. Obviously, it seems like a very exciting opportunity. You indicated that it's not necessarily a near-term opportunity, but I was wondering if we could dig in a little bit deeper on kind of what are the next steps for this initiative? What are some of the key challenges you're going to face when trying to, execute on this initiative and then just If you look at a timeline, maybe just high level, when you think, this could translate to, material growth or meaningful contribution to your topline.

了解。謝謝你提供這些補充說明。下一個問題是關於 DEI 通路。顯然，這看起來是一個非常令人振奮的機會。你提到這不一定是短期內的機會，但我想更深入了解一下，這項計畫接下來的步驟大概是什麼？在嘗試執行這項計畫時，你們將面臨哪些關鍵挑戰？另外，如果看時間表的話，從高層次來看，你認為這何時可能轉化為實質成長或對營收帶來有意義的貢獻？

Great questions. Look, this is well, I think there's a lot of excitement. It's still laid out in a way where; I guess I'll say our healthcare system is a complicated system. And there's a lot of rules and regs that continue to have to be navigated.

問題很好。你看，這確實——我認為大家都很興奮。但目前的推進方式仍是這樣：我想我會說，我們的醫療保健體系是一個複雜的系統。而且有很多規則與法規需要持續去因應與遵循。

I think there's also, given the way it was rolled out, we have to prove that there's also an economic benefit for the participants. For them to really be excited about the category. So there's a lot of work still on educating these groups around the science, the safety, you're selling into a medical community that perhaps, this was not necessarily on their radar, and they're not fully aware of the category.

我也認為，考量到它推出的方式，我們必須證明參與者也能獲得經濟上的好處，他們才會真正對這個品類感到興奮。因此仍有大量工作要做，包括向這些團體宣導科學依據與安全性；你是在向醫療社群銷售，而這可能原本不在他們的關注範圍內，他們也未必完全了解這個品類。

So there's still a lot of education that has to occur. And then there's ongoing, science and validation to help, provide that, hemp products can truly be an alternative that provides, a strong care for the patient and can justify the economic expense around it.

所以仍需要進行大量教育。此外，還需要持續的科學研究與驗證，來協助證明：大麻（hemp）產品確實可以成為替代方案，為病患提供良好的照護，並能合理化其相關的經濟支出。

So that's kind of big picture, kind of what's going on across the industry. So there's a lot of work and focus to, develop the relationships with the key parties and, continue to invest in science and programs that will help, justify our products as a valued solution in our healthcare system.

這大致就是整個產業層面正在發生的情況。因此我們需要投入大量工作與重點，去建立與關鍵利害關係人的關係，並持續投資科學與相關計畫，協助證明我們的產品是醫療保健體系中具價值的解決方案。

That makes sense. Now, looking at the statewide regulations, you discussed them again this quarter as a meaningful headwind, right? So, as we unpack that and just, understand that there's no control, just on your level in terms of talking to these guys and saying, hey, look, this is how we see the best way forward. I know that you guys have done everything you can to position yourselves as a reliable and science-backed brand, but just curious.

有道理。再看各州層級的法規，你們本季再次提到這是顯著的逆風，對吧？所以在拆解這點、並理解你們在與這些單位溝通、說明你們認為最佳前進方向方面其實沒有控制權的情況下，我知道你們已盡一切努力把自己定位為可靠且有科學背書的品牌，但我只是好奇。

How are you dealing with, these ongoing challenges? Have you guys done anything strategically to position yourself to stay agile in this dynamic market? And then further, can you talk a little bit about which products you're seeing face the most, impact from these changing regulations? Can it be confined to a certain set of products, category-wise, or is it just kind of broad-based across the business?

你們如何應對這些持續的挑戰？你們是否在策略上做了任何事情，讓自己能在這個動態市場中保持敏捷？另外，你能否談談哪些產品受到這些法規變動的影響最大？影響是否可侷限在某些產品／品類，還是說基本上是對整體業務廣泛性的影響？

Sure. I'll start with the last question. It's primarily full spectrum products that contain hemp-derived Delta-9, where we are seeing maybe more of the bigger impact is on the OASIS side.

當然。我先從最後一個問題開始。主要是含有源自大麻的 Delta-9 的全光譜產品；我們看到較大的影響可能更多是在 OASIS 這一端。

Perfect example, Alabama was a very good market for us in the December quarter, but effective early January, they made a law change that shows that there is a potential pathway, but it was effectively. Kind of a ban for hemp-derived products.

一個很好的例子是阿拉巴馬州：在 12 月季度那裡對我們來說是非常好的市場，但從 1 月初起，他們修改了法律，顯示可能存在某種可行途徑，但實際上等同於某種對源自大麻產品的禁令。

So that sort of category came to a quick halt in Alabama. So we are trying to look at the landscape, look at where we believe there are, friendly environments for our category, and get as close as we can to key constituents in that state and work with not only our customers and distributors, but make sure that as rules come out, we're working very closely with the states to ensure that sort of our products meet the requirements.

因此該品類在阿拉巴馬州很快就戛然而止。所以我們正試著評估整體環境，找出我們認為對該品類較友善的地區，並盡可能貼近該州的關鍵利害關係人；同時不僅與客戶與經銷商合作，也確保在規則發布時，我們能與各州非常密切地合作，以確保我們的產品符合相關要求。

That they're rolling out. And I think, where we are trying to sort of, position ourselves is making sure that we're staying nimble on the supply chain and our inventory to ensure that sort of we can react as quickly and as efficiently as possible. If there's a label change, in other states, there's scenarios where they might require some label changes and it's not a ban, but product has to be Redone, repacked, in order to sort of be compliant in the markets.

也就是他們正在推出的那些要求。而我認為我們試圖做的定位，是確保供應鏈與庫存保持靈活，以便在情況變化時能盡可能快速且有效率地反應。如果是標籤變更——在其他州有些情境可能要求更改標籤，這不是禁令，但產品必須重新製作、重新包裝，才能在市場中符合規範。

Understood. I appreciate all that clarity. I'll hop out of queue, but congrats on the quarter and a lot of exciting stuff ahead of you guys.

了解。謝謝你把這些說得很清楚。我先退出排隊提問，但恭喜本季表現，接下來也有很多令人期待的事情。

Thank you.

謝謝。

(Operator Instructions) Adam Waldo, Lismore Partners, LLC - Analyst

(接線員指示) Adam Waldo，Lismore Partners, LLC - 分析師

I just want to follow-up, if you don't mind. I'm going to take you through, admittedly, a simplistic. Logic string here, but I'm trying to think about sort of incremental free cash flow margins on sales as you scale going forward. Your gross margins are in the, call it, low to mid-50s, depending on the quarter.

如果你不介意，我想追問一下。我接下來會用一個坦白說相當簡化的邏輯鏈來問，但我在思考你們未來規模擴大時，銷售所帶來的增量自由現金流利潤率大概會是什麼樣子。你們的毛利率大概在 50% 出頭到 50% 中段，視季度而定。

I think I have a decent sense for how the inventory build is going to go now, but it's a little tough to get my arms around quarter-to-quarter. Would it be reasonable to think about kind of a free cash flow margin on revenue in the 30% range here or a little higher as we go forward or is that not really in the ballpark? And if it is in the ballpark, then are we looking at kind of a low $7 million quarterly revenue to be comfortably free cash flow positive?

我覺得我現在對庫存建立的走勢有一定掌握，但要逐季掌握仍有點困難。把自由現金流利潤率（占營收）想成約 30% 或未來略高一些，這樣的假設合理嗎？還是其實不太在合理範圍內？如果是在合理範圍內，那我們是否可以理解為：季度營收大概在 700 萬美元出頭，就能穩健地達到自由現金流為正？

Adam, our modelling is a much lower break-even topline.

Adam，我們的模型估算的損益兩平營收門檻要低得多。

Okay.

好的。

So, keep in mind, we had some one-time kind of expenses tied to transaction here this quarter.

所以請記得，本季我們有一些與這筆交易相關的一次性費用。

Okay.

好的。

And then. So, I would say that the incremental is probably a little higher than you outlined without trying to get commit myself to a box that I've got to stay in going forward, right?

然後——所以我會說，增量的表現可能比你所描述的還要高一些；但我也不想把自己綁死在某個區間，之後就必須一直維持在那個框架裡，對吧？

Okay, so as you all model it out. You feel your break-even level of quarterly revenue is south of $7 million a quarter by a margin of comfort? Is that fair, Ronan, without trying to pin you down too much?

好的，所以照你們的模型推估，你們認為季度營收的損益兩平點在 700 萬美元以下，而且有一定的安全邊際？Ronan，這樣說公平嗎？我不想把你逼得太死。

Yeah, I mean, I think it should be, well below 7.

是的，我的意思是，我認為應該會遠低於 700 萬。

Well below 7. Okay, thank you very much.

遠低於 700 萬。好的，非常感謝。

Sure.

當然。

And we have no further questions at this time. This concludes today's conference call. We thank you for your participation. You may now disconnect.

目前沒有其他問題。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。