Financial Data and Key Metrics Changes - Fourth quarter revenues increased by 25% year-over-year to $9.1 million, within management guidance [8][11] - Full year revenues reached $34.5 million, up 37% from the previous year [9] - Gross margins for the fourth quarter were 58%, up 100 basis points year-over-year, and 59% for the full year, up 400 basis points [9][12] - Net losses for the fourth quarter totaled $2.2 million, improving from a net loss of $3 million in the same period last year [12][13] - Cash and cash equivalents as of December 31, 2025, were $23 million, compared to $2.4 million a year earlier [13] Business Line Data and Key Metrics Changes - The direct-to-consumer (D2C) products division, led by the VINIA platform, is expected to achieve profitability in 2026 [8] - The D2C business generated full year revenues of $30.6 million, making it the number one resveratrol polyphenol brand in the U.S. [15][16] - The CDMO business generated approximately $2 million in third-party revenue in 2025, with total activity reaching about $9 million when including internal manufacturing [28][29] Market Data and Key Metrics Changes - The VINIA brand has over 85,000 active users, with a significant portion of revenue coming from subscription sales [11][14] - VINIA Blood Flow Hydration has achieved a verified rating of 4.8 out of 5 on vinia.com and 4.9 out of 5 on Amazon, indicating strong market acceptance [19][20] Company Strategy and Development Direction - The company operates through two distinct business units: D2C products and CDMO services, which are seen as dual growth engines [6][8] - The company plans to leverage its VINIA Blood Flow Hydration product to broaden its customer base and appeal to younger demographics [21][22] - The company is focusing on premiumization strategies and exploring new product categories, including VINIA Plus opportunities in multi-billion-dollar markets [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to accelerate growth and create long-term value through its two-lens model [39] - The ongoing conflict in the Middle East has raised concerns, but operations remain uninterrupted, and supply chain obligations are being met [9] - Management anticipates nonlinear revenue growth in 2026, with Q1 expected to show moderate growth before accelerating in subsequent quarters [72] Other Important Information - The company is investing in improvements to CDMO capabilities, including AI-driven development tools [36] - The CDMO division is evolving from a traditional service model to a partner development and manufacturing organization, allowing for long-term value creation [34] Q&A Session Summary Question: Details on the CDMO business and Tate & Lyle contract expectations - Management highlighted significant progress in the CDMO business and emphasized the importance of structuring the organization for resource allocation [41][42] Question: Pipeline expectations for CDMO - Management confirmed ongoing investments in infrastructure to support multiple projects and expects to double or triple revenue from external customers in 2026 [59][60] Question: Marketing shifts for VINIA and expected effects - Management noted that the Blood Flow Hydration product is appealing to various consumer segments and is optimistic about the marketing mix adjustments [64][66] Question: Revenue phasing expectations for 2026 - Management indicated that Q1 will show moderate growth, with acceleration expected in Q2 and beyond due to incremental investments [72][73] Question: Gross margin expectations for segments - Management expects gross profit margins to improve throughout the year, driven by scale and process optimization [74][75]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $9.7 million, up from $6 million in Q4 2024, with a total of 65 vehicles delivered in Q4 2025 compared to 40 in Q4 2024 [25][26] - Full-year 2025 revenue reached $21.2 million, significantly higher than $7 million in 2024, with pro forma revenue of $34 million for 2025 if the merger had been completed earlier [28][29] - Operating loss for Q4 2025 was $20.1 million, compared to $16.5 million in Q4 2024, while net loss for Q4 was $23.7 million, up from $19.6 million in the same period last year [27][28] Business Line Data and Key Metrics Changes - The merger with Motiv Electric Trucks has positioned the company as a leading North American medium-duty commercial vehicle OEM, with a portfolio spanning classes four, five, and six [5][6] - The company has delivered 112 vehicles in full-year 2025, an increase from 46 units in 2024, driven by follow-on orders from existing customers [25][26] Market Data and Key Metrics Changes - The North American medium-duty truck market is valued at approximately $23 billion annually, with a significant shift towards e-commerce logistics and shorter delivery routes [9][10] - Annual mileage for medium-duty vehicles has increased from roughly 31,000 miles in 2020 to nearly 48,000 miles in 2025, indicating a growing demand for these vehicles [11][12] Company Strategy and Development Direction - The company aims to complete full enterprise integration within two to three quarters, targeting $20 million in annualized cost synergies from the merger by the end of 2026 [7][19] - A new product roadmap is being developed to commonize key components across platforms, which is expected to enhance pricing flexibility and reduce costs [8][19] Management's Comments on Operating Environment and Future Outlook - Management believes that capturing approximately 1% of the annual medium-duty truck market, or about 2,500 vehicles per year, is achievable and would lead to cash flow breakeven by the end of 2028 [16][17] - The company is focused on driving down the bill of materials to achieve pricing competitive with internal combustion engine trucks, leveraging merger synergies and economies of scale [18][19] Other Important Information - The company has a stronger balance sheet post-merger, with $12.9 million in cash and cash equivalents and access to a $40 million customer order lending facility [30][31] - Management is actively exploring financing alternatives to strengthen the balance sheet and support growth plans [31] Q&A Session Summary Question: What were the one-time expenses related to the merger in Q4? - The company recognized over $4 million in one-time fees and costs associated with the merger, with expectations to exit 2026 at a $20 million run rate in synergies [36][39] Question: Will the company reach positive gross margins by Q4 this year? - Management indicated that it is unlikely to reach positive gross margins by Q4 2026, as they continue to ramp up production [41] Question: What is the outlook for the step van market and feedback on the new lower-cost model? - Preliminary feedback on the new lower-cost models has been positive, with plans to mix the current W56 with the new vehicle for different duty cycles [45][46] Question: What is needed to reach the 5,000+ vehicle capacity? - Minimal capital expenditures are required, primarily for equipment like lift equipment and torque guns, as the facility is already well-prepared for increased production [48][49] Question: How will the Workhorse and Motiv products differ going forward? - The company will phase out the former Class 5-6 chassis from Motiv and ramp up production of new Class 5-6 cab chassis and Class four trucks [56][58] Question: How does the company plan to reduce the bill of materials during 2026? - The company aims to commonize components across different classes of trucks to reduce the bill of materials and achieve competitive pricing with ICE trucks [60][62]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $9.7 million, up from $6 million in Q4 2024, with a total of 112 vehicles delivered in 2025 compared to 46 in 2024 [25][29] - Full-year 2025 revenue was $21.2 million, compared to $7 million in 2024, with pro forma revenue of $34 million if the merger had been completed for both periods [28][29] - Operating loss for Q4 2025 was $20.1 million, compared to $16.5 million in Q4 2024, with a net loss of $23.7 million compared to $19.6 million the previous year [27][28] Business Line Data and Key Metrics Changes - The merger with Motiv Electric Trucks has positioned the company as a leading North American medium-duty commercial vehicle OEM, with a portfolio spanning classes 4, 5, and 6 [5][6] - The company has delivered 65 vehicles in Q4 2025, driven by follow-on orders from existing customers [25][26] Market Data and Key Metrics Changes - The North American medium-duty truck market is approximately $23 billion annually, with a significant shift towards e-commerce logistics and shorter delivery routes [9][10] - Annual mileage for medium-duty vehicles has increased from approximately 31,000 miles in 2020 to nearly 48,000 miles in 2025, indicating a structural shift in freight distribution [11][12] Company Strategy and Development Direction - The company aims to complete integration, expand its product portfolio, and strengthen its financial position post-merger [6][7] - A new product roadmap is being developed to commonize key components and introduce a proprietary Class 5-6 cab chassis [8][19] - The company targets a run rate of $20 million in annualized cost synergies from the merger by the end of 2026 [7][19] Management's Comments on Operating Environment and Future Outlook - Management believes that capturing approximately 1% of the annual medium-duty truck market, or about 2,500 vehicles per year, is achievable to reach cash flow breakeven by the end of 2028 [16][17] - The company is focused on driving down the bill of materials to achieve pricing competitive with internal combustion engine trucks [18][62] Other Important Information - The company has a stronger balance sheet post-merger, with $12.9 million in cash and access to a $40 million customer order lending facility [30][31] - The company is actively exploring financing alternatives to support growth and strengthen its balance sheet [31] Q&A Session Summary Question: What were the one-time expenses related to the merger in Q4? - The company recognized over $4 million in one-time fees and costs associated with the merger, with expectations to exit 2026 at a $20 million run rate in synergies [36][39] Question: Will the company reach positive gross margins by Q4 2026? - Management indicated that positive gross margins may not be achieved by Q4 2026, as it is more likely to occur in the following year [41] Question: What is the outlook for the step van market and feedback on the new lower-cost model? - Preliminary feedback on the new lower-cost models has been positive, with plans to mix the current W56 with the new vehicle for different operational needs [45][46] Question: What is left to be done to reach the 5,000+ vehicle capacity? - Minimal capital expenditures are needed to enhance capacity, primarily involving equipment like lift equipment and torque guns [48][49] Question: How will the Workhorse and Motiv products differ going forward? - The company will phase out the former Class 5-6 chassis from Motiv and ramp up production of new Class 5-6 cab chassis and Class 4 trucks [58] Question: How does the company plan to reduce the bill of materials during 2026? - The company aims to commonize components across classes to leverage supply chain efficiencies and reduce the number of parts stocked, ultimately targeting competitive pricing with ICE trucks [61][62]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net income of $86.5 million or $1.22 per share, compared to a net loss of $30.9 million or $0.47 per share in Q3 2025 [13][20] - The fourth quarter results included a net gain of $237.6 million from the sale of zaltenibart to Novo Nordisk [20][23] - Excluding a $136 million non-cash charge related to embedded derivatives, the non-GAAP adjusted net income was $222.5 million, or $3.14 per share [14][20] Business Line Data and Key Metrics Changes - The company achieved FDA approval for YARTEMLEA, the first approved treatment for TA-TMA, which is expected to drive significant revenue [7][12] - The partnership with Novo Nordisk for zaltenibart is valued at up to $2.1 billion, including upfront payments and milestone payments [6][12] Market Data and Key Metrics Changes - The company is focusing on the 80 highest volume transplant centers in the U.S., which account for approximately 80% of annual stem cell transplants [9][10] - YARTEMLEA has been approved by P&T committees at 50% of the top 10 U.S. transplant centers, indicating strong market acceptance [11] Company Strategy and Development Direction - The company plans to expand YARTEMLEA's indications beyond TA-TMA, exploring opportunities in ARDS and other endothelial injury-related disorders [12] - The company is also advancing its MASP-2 antibody, OMS1029, and small molecule programs for chronic indications [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial self-sustainability for the YARTEMLEA program in 2026 and positive cash flow by 2027 [15][28] - The company is focused on building physician awareness and ensuring timely reimbursement for YARTEMLEA [28] Other Important Information - The company has eliminated all indebtedness under its senior secured term loan and 2026 notes, leaving only $70.8 million in convertible notes due in 2029 [15][21] - The company anticipates that operating expenses in Q1 2026 will be comparable to Q4 2025, with a focus on building commercial infrastructure for YARTEMLEA [27] Q&A Session Summary Question: Progress of formulary additions across transplant centers - Management is pleased with the speed of P&T committee approvals and expects continued progress throughout the year [32][34] Question: Real-world vial usage of YARTEMLEA - Initial usage shows a split of approximately 70% once weekly and 30% twice weekly, with expectations for a shift towards more twice weekly dosing [37][39] Question: Financial sustainability and cash flow - The company aims for YARTEMLEA to be self-sustaining in 2026, with positive cash flow expected in 2027 [42][43] Question: Feedback from sales force on formulary allowance - The sales team reports positive responses from medical centers, with a strong recognition of the urgency and need for YARTEMLEA [45][46] Question: Patient starts on YARTEMLEA - Management is not providing specific numbers on patient starts at this time but will discuss in the upcoming Q1 call [70] Question: Confidence in receiving the $100 million milestone from Novo - Management expresses high confidence in receiving the milestone but cannot disclose specific triggers [73]

Financial Data and Key Metrics Changes - The company reported approximately $22.3 million in cash and current assets after accounting for liabilities at year-end [38] - Operating expenses were about $10 million, with a cash burn of $5.7 million for the year [39] - Post spin-out of the clearing platform and PatentVest, operating expenses are expected to decrease to about $6 million annually, enhancing financial leverage [40][41] Business Line Data and Key Metrics Changes - MDB Capital has successfully launched 18 IPOs, with all but the most recent trading at significant premiums to their IPO prices, indicating strong market positioning [6] - The company has invested around $4 million annually in MDB Direct and PatentVest since going public, establishing them as distinct assets with independent value [20][37] Market Data and Key Metrics Changes - The company is focusing on the public venture market, which is increasingly appealing to individual investors rather than traditional institutional investors [24] - The market for patent prosecution in the U.S. is estimated to be between $10 billion and $15 billion, presenting a significant opportunity for growth [30] Company Strategy and Development Direction - The company aims to scale its operations to launch 3-5 companies per year, leveraging AI to streamline processes and reduce time to market [11][18] - MDB Capital is exploring strategic partnerships to monetize its clearing operations and enhance distribution capabilities [23][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic risks and challenges in the microcap market, but remains optimistic about the potential for portfolio companies to execute successfully [42][43] - The company is confident in its ability to generate significant equity value from its current assets, with all principal assets having billion-dollar potential [41][49] Other Important Information - The company is in the process of developing AI-driven tools to enhance its operational efficiency and reduce the time required for due diligence [12][14] - MDB Capital is planning to take POLX public later this year, with expectations for significant clinical trial results that could impact its valuation [35][36] Q&A Session Summary Question: Can you talk about Q, ClearSign, and Beat? Also, what about Buda? - ClearSign is on a long commercialization journey with promising prospects due to its unique burner technology [52] - HeartBeam has achieved FDA approval for a groundbreaking ECG device, which could save millions of lives [53] - Buda is positioned to lead in the fresh juice market, capitalizing on a global shift towards fresh products [56] Question: What is the outlook for eXoZymes regarding dilution? - eXoZymes has a capital-efficient model with minimal expected dilution due to its focus on significant market opportunities [61][62] Question: How will the spin-out of PatentVest impact shareholders? - Both MDB Direct and PatentVest are fully owned by the company, and the goal is to secure funding and take them public by 2027 [64][65] Question: What does the deal pipeline look like for the next 12-24 months? - The company anticipates a strong deal pipeline but emphasizes the need to enhance distribution capabilities to successfully sell these opportunities [66][67] Question: Have you considered a SaaS model for PatentVest? - The company believes that AI will significantly disrupt the SaaS model, as it can perform tasks more efficiently than traditional methods [70][74]

Duos Technologies Group (NasdaqCM:DUOT) Q4 2025 Earnings call March 31, 2026 04:30 PM ET Company ParticipantsCarl Weiss - VPDan Weston - General ManagerDoug Recker - CEOLeah Brown - CFONico Sacchetti - Investment Advisor and Financial PlannerTom Leonard - CEOConference Call ParticipantsEd Woo - Director of Research and Senior AnalystOperatorGood afternoon. Welcome to Duos Technologies' fourth quarter and full year 2025 earnings conference call. Joining us for today's call are Duos President, Doug Recker, an ...

Omeros (NasdaqGM:OMER) Q4 2025 Earnings call March 31, 2026 04:30 PM ET Company ParticipantsBrandon Folkes - Managing DirectorDavid Borges - Chief Accounting OfficerGreg Demopulos - Chairman and CEOJennifer Williams - PrincipalNadia Dac - Chief Commercial OfficerSerge Belanger - Managing Director of BioPharma Equity ResearchSteve Brozak - President and Managing PartnerConference Call ParticipantsSam Rodriguez - Biotech Equity Research AnalystOperatorPlease be advised that this call is being recorded at the ...

Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2025, was $5.6 million, down from $7.7 million in 2024, primarily due to the timing of customer equipment purchases [13] - Gross margin improved to approximately 55%, up from 46% in 2024, reflecting lower cost of sales and a reduction in inventory reserves [13] - Total operating expenses decreased by approximately 10% to $6.9 million from 2024 [14] - The net loss was $3.7 million or $0.19 per share, an improvement from a net loss of $4.5 million or $0.22 per share in 2024 [14] Business Line Data and Key Metrics Changes - The backlog of orders for support services increased by 16%, and BIT Solution orders rose by 24% in Q1 2026 compared to the same period last year, indicating a growing recurring revenue trajectory [9][16] - The SteraMist Integrated System achieved its first commercial installation at a leading CDMO in June 2025, with four fully operational SIS enclosure installations by year-end [4][5] Market Data and Key Metrics Changes - The global ethylene oxide market was valued at $5.29 billion last year, with rising demand for sterilized medical consumables and improved healthcare infrastructure driving growth [10] - The company is actively pursuing opportunities in the food safety sector, with significant partners like Danone and Nestlé, following the FDA's approval of hydrogen peroxide as a direct food additive [7][8] Company Strategy and Development Direction - The company is focusing on execution and converting its pipeline into recognized revenue while advancing its technology platform [10] - A shift towards a recurring revenue model is emphasized, moving from episodic revenue to embedded revenue, which is expected to enhance customer dependency and long-term growth [31][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging year in 2025 due to factors like tariffs and political uncertainty but expressed optimism about future revenue growth, projecting around $12 million for 2026 [25][29] - The company is seeing signs of improvement as customers who deferred capital expenditures are beginning to move forward with projects [56] Other Important Information - The company received approvals from the HSE and BPR submissions, enhancing its market presence in the UK and the Netherlands [9] - The company is preparing to introduce its IHP device to the U.S. market through the FDA 510(k) pre-market notification process [10] Q&A Session Summary Question: Insight into global opportunities mentioned in the quarter - Management expects many EU states to follow suit with registrations, leveraging existing relationships and distributors [40] Question: Thoughts on operating expenses going forward - Operating expenses are expected to grow as a percentage of revenue but not significantly, indicating leverage in cost management [42] Question: Signs of improvement in customer capital expenditure projects - Management confirmed that customers are beginning to move forward with deferred projects [56] Question: Details on BIT Solution revenues for 2025 versus 2024 - There was an increase in BIT Solution usage, with customers moving towards auto shipment and advanced orders [58][60] Question: Potential applications for SteraMist in military settings - Management acknowledged the potential and expressed interest in exploring opportunities with military applications [71][75]

Financial Data and Key Metrics Changes - Total revenues for Q4 were $149.7 million, a 6% year-over-year increase, and $594.8 million for fiscal 2026, a 10% increase over fiscal 2025 [26] - Subscription revenues were $133.4 million in Q4, a 7% year-over-year increase, and $523.1 million for the full year, a 12% increase over fiscal 2025 [27] - Non-GAAP operating income for Q4 was $34.7 million, or 23% of total revenues, compared to $24.4 million, or 17% of total revenues in Q4 of fiscal 2025 [31] - Non-GAAP net income for Q4 was $42.8 million, or $0.37 per diluted share, compared to $22 million, or $0.19 per diluted share in Q4 of fiscal 2025 [32] - Free cash flow for Q4 was $12.5 million, up from -$10.4 million in Q4 of fiscal 2025, and for fiscal 2026, it was $82.6 million, a 55% increase compared to $53.4 million in fiscal 2025 [33] Business Line Data and Key Metrics Changes - ACV as of January 31, 2026, was $602.4 million, a 17% year-over-year increase, with an organic constant currency growth of 13% [35] - The ACV net retention rate improved to 112%, or 109% on an organic constant currency basis, up from 106% in fiscal 2025 [36] - Professional services revenues were $16.3 million in Q4, a decrease of 1% year-over-year, with full-year revenues flat at $71.6 million [30] Market Data and Key Metrics Changes - International total revenues for Q4 were $32.9 million, down 1% year-over-year, but for fiscal 2026, they were $131.5 million, up 13% year-over-year [29] - International subscription revenues were $28.4 million in Q4, up 1% year-over-year, and $109.5 million for fiscal 2026, a 19% increase year-over-year [29] Company Strategy and Development Direction - The company is focusing on AI integration within its platform, positioning itself as a critical player in the financial services market [5][7] - nCino aims to leverage its proprietary dataset to enhance product development and provide industry insights [12][21] - The transition to a platform pricing model is underway, with approximately 38% of ACV moved away from seat-based pricing [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position within the AI landscape, emphasizing the importance of regulatory compliance in banking [14][15] - The company anticipates strong sales momentum and a healthy sales pipeline for fiscal 2027, with expectations for continued growth in subscription revenues [47][48] Other Important Information - The company announced the hiring of Keith Kittell as the new Chief Revenue Officer to further accelerate subscription revenue growth [25] - The company has initiated a $100 million accelerated share repurchase program, funded by free cash flow and a term loan expansion [34] Q&A Session Summary Question: Can you frame what you saw in terms of the change in close rates or win rates on the back half of the year versus prior years? - Management noted a larger pipeline and healthy conversion rates, contributing to a positive outlook for ACV [50][51] Question: Can you provide insights on the greatest usage across the portfolio of capabilities and skills? - Management highlighted strong adoption of agentic credit reviews and credit monitoring as areas of significant traction [54][55] Question: Are you seeing AI models impacting nCino's differentiation? - Management acknowledged the evolving AI landscape but emphasized nCino's unique position due to its compliance-focused architecture [59][60] Question: Can you share metrics on efficiency gains or P&L impact from customers using intelligence units? - Management indicated a direct correlation between intelligence unit consumption and positive outcomes for customers, particularly in credit monitoring [63][64] Question: What is the status of the credit union initiative? - Management reported good momentum in the credit union market, with a growing pipeline and established relationships [77][78]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was approximately $4.1 million, up from $3.9 million in the prior year, indicating strong performance across the business [11] - Full year revenue was approximately $12.8 million, down from $13.9 million in 2024, primarily due to the strategic exit from low-margin floral and lettuce segments [15] - Gross profit for Q4 was approximately a $1.2 million loss compared to flat in 2024, reflecting deliberate investments to secure shelf space for 2026 [13] - Full year gross profit was approximately a loss of $0.2 million compared to a gain of $2.3 million in 2024, with a focus on recovering gross margins in 2026 [15] Business Line Data and Key Metrics Changes - Strong performance in cut herbs and the vitamin and supplement portfolio, with double-digit growth driven by new retail placements [7] - Significant growth in the condiment platform, supported by new customer wins such as Wakefern and Safeway [7] - The nutraceutical business showed strong growth in the double-digit range year-over-year, expected to be a larger component of revenue growth going into 2026 [24] Market Data and Key Metrics Changes - The global ready-to-drink (RTD) category is estimated at approximately $842.5 billion in 2025 and projected to reach roughly $1.26 trillion by 2033, representing a significant market opportunity [9] - The company is expanding its retail footprint to nearly 6,000 store locations, reflecting growing demand for its products and strong retail relationships [6] Company Strategy and Development Direction - The company is evolving from a core controlled environment agricultural platform to a broader innovation-driven consumer packaged goods business, focusing on higher growth and higher margin opportunities [6] - Key next steps include expanding into the RTD category, leveraging existing infrastructure and retail relationships to meet growing demand [8] - The company aims to scale its presence in higher margin RTD shelf-stable categories while continuing to diversify its consumer packaged goods business beyond fresh produce [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver predictable and scalable results as it transitions to a more vertically integrated, innovation-driven model [10] - The company is focused on managing costs while investing in infrastructure to support a higher margin, more scalable business model [16] - Management is optimistic about the growth trajectory, citing strong demand for fresh goods and the potential of the RTD market [42] Other Important Information - The company made deliberate investments in onboarding new retail customers during a seasonally compressed period, expecting cost structures to normalize as programs mature [12] - Selling, general, and administrative expenses increased to approximately $15.3 million in 2025, driven by the Natural Shrimp acquisition and other capital market activities [16] Q&A Session Summary Question: How should margins be viewed as the business transitions from fresh to CPG products? - Management expects more robust margins in the RTD and consumer packaged goods segments due to their shelf-stable nature, which reduces shrink issues associated with fresh products [20][22] Question: What is the expected revenue breakdown for CPG versus fresh through 2026? - The core controlled environment agriculture (CEA) business is expected to return to steady growth in the high single digits, while the RTD business presents significant revenue opportunities with margins in the 20%-30% range [24] Question: What products will be offered in the RTD category? - The company plans to focus on protein segment products, including private label offerings for major retailers, leveraging existing relationships to drive sales [26][30] Question: What are the CapEx requirements and timeline for the Midwest facility? - While specific numbers were not disclosed, management indicated that significant capital expenditures will be needed for equipment and facility retrofitting, with plans to be in the marketplace by late 2027 [35]