Greetings and welcome to Else Nutrition's fiscal year 2024 conference call. At this time, all participants are on a listen-only mode. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Alexandra Schilt, Investor Relations. Thank you. Please go ahead. Good morning, and thank you for joining Else Nutrition's 2024 Fiscal Year Financial Results and Business Update Conference Call. On the call with us today is Hamutal Yitzhak, Chief Executive Officer of Else Nutrition. The company issued a press release today, June 2nd, 2025, containing its 2024 fiscal year financial results, which is also posted on the company's website. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at 212-671-1020. The company's management will now provide prepared remarks reviewing the financial and operational results for the year ended December 31st, 2024. Before we get started, we would like to remind everyone that today's call will contain forward-looking statements that are based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially from those projected, and the company undertakes no obligation to update these statements except as required by law. Information about these risks and uncertainties are included in the company's filings as well as periodic filings with regulators in Canada and the U.S., which you can find on SEDAR+ and Else Nutrition's website. With that, we will now turn the call over to Hamutal Yitzhak, Chief Executive Officer. Please go ahead, Hamutal. Thank you, Alexandra, and thanks to everyone for joining us today. 2024 has been a defining year for Else Nutrition, marked by significant challenges and key decisions that will shape our future. While this past year has been difficult, we believe the strategic actions we have taken will help position us for long-term growth. Over the past couple of years, and more so in 2024, our financial performance has been significantly impacted by a challenging cycle rooted in constrained funding capabilities. This external limitation initially forced us to operate with very restricted marketing budgets, which in turn hindered our ability to drive brand awareness and customer acquisition. As a result, revenue growth did not increase, further tightening our ability to reinvest in key areas such as marketing and product development. Compounding this issue, the reduced cash flow also limited our capacity to fund inventory manufacturing in advance, leading to a few stock shortages. It's important to emphasize that these shortages were not due to production capacity constraints. Our facilities are fully capable of meeting demand, but rather a direct consequence of funding limitations. This cycle of constrained investment leading to missed revenue opportunities has been self-reinforcing, and addressing it remains a top priority as we work toward more sustainable financial footing. We also acknowledge the disappointing trajectory of our stock performance. As a direct result of the funding structure available in the past couple of years, however, our foremost priority has been to safeguard the long-term survivability and operational integrity of the company. In a period marked by challenges and volatility, our decisions, though difficult, were driven by the imperatives to ensure the company's resilience and ability to emerge stronger. While the impact on shareholders' value is not taken lightly, stabilizing the business and preserving its core capabilities were essential to creating a foundation for future recovery and sustainable growth. Despite these difficulties, we remained focused on making the right decisions to strengthen the company's foundation. Specifically, we took decisive steps to optimize operations and reduce costs. We anticipated for nearly half a year to receive a bridge funding to a long-term non-dilutive funding, which would have put us in a stronger financial position. As this did not materialize, we acted swiftly to secure other funding and cut costs. Securing capital became key to sustaining operations and ensuring business continuity. Another key initiative has been optimizing production and improving supply chain efficiency. We are preparing to start manufacturing our powder formula also in Europe, which will offer multiple advantages, including lower production costs, improved margins, and enhanced product quality. Our European production will initially serve the Canadian market, with plans to expand it into the U.S. in the near future. This transition is an important part of our broader effort to diversify manufacturing, mitigate supply chain risks, avoid tariffs, and support our expansion to additional markets. We've also taken proactive steps to improve our cost structure. This year, we made targeted reductions in headcount, aligning our workforce with current business needs while maintaining our focus on key growth initiatives. Further, by executing significant overhead cost reductions and undertaking critical housekeeping measures across the business, we eliminated operational inefficiencies, cut underperforming or unjustified routes, and significantly reduced low ROAS marketing spend that no longer delivered meaningful returns. Additionally, we made the strategic decision to discontinue relationships with retail customers who did not contribute to our profitability. As a result of these decisive actions, we expect improved product margins and higher revenues. Furthermore, we made the strategic decision to close our lab in Israel and consolidate research and development activities. This restructuring allows us to lower overhead costs while preserving our ability to innovate and develop new products. These cost-saving measures are expected to improve our financial performance, enhance cash flow, and increase operational efficiency. Despite our challenges, demand for plant-based allergen-friendly nutrition continues to grow, and Else Nutrition is well-positioned to capture this opportunity. In fact, we continue to see success with our flagship toddler and kids' nutrition products, and we recently introduced our first Adult Ready-to-Drink Product in Canada, marking our entry into the growing adult nutrition market. With the first commercial production successfully completed, we anticipate long-term stronger consumer adoption as we increase brand awareness depending on available marketing budgets. Additionally, our products are now available in over 600 Loblaw stores, a major milestone in expanding retail distribution and increasing brand visibility. In the U.S., we are gaining traction on the Walmart marketplace, allowing us to connect with a larger audience of parents and families seeking premium plant-based nutrition solutions. We also recently announced the nationwide launch of our kids' RTD products in 1,000 Walmart retail stores. This achievement marks a significant step forward in our retail strategy and speaks to the growing demand for clean-label plant-based nutrition. On the FDA front, regarding our infant formula, we are extremely pleased with the recent HHS and FDA teams' launch of Operation Stork Speed, which is a pivotal initiative to expand infant formula options and strengthen supply chain resilience in the U.S. This effort aligns with our mission to cater to the unmet need and bring clean-label whole food plant-based non-soy, non-dairy infant formula to American families. Through our dedicated efforts in Washington, D.C., including congressional engagement on FDA regulatory reform, we are making significant strides toward modernizing FDA guidance for plant-based formulas. We look forward to working closely with the FDA to establish a clear regulatory pathway, ensuring that parents have access to safe, high-quality, and scientifically backed nutrition options. At Else Nutrition, we are committed to redefining early childhood nutrition with natural, minimally processed ingredients like almonds, buckwheat, and tapioca, providing a healthier, sustainable alternative for families across the nation. In addition, supporting our efforts, we were recently featured in an op-ed in the Washington Times. The piece titled "Operation Stork Speed will ensure babies get the nutrition they need" emphasizes the importance of modernizing the regulatory framework and accelerating approval pathways for clean-label plant-based alternatives like ours. This feature aligns with our broader mission and ongoing efforts in Washington, where we're actively engaging with policymakers and advocating for science-backed updates to infant formula guidelines. It's also timely, coinciding with the national launch of Operation Stork Speed, an initiative focused on improving infant formula safety and availability and enabling innovative options for unmet needs. These achievements demonstrate our commitment to expanding our product assortment and optimizing marketing strategies to drive further growth. Looking ahead, we are refocused on expanding our product portfolio, including increasing the availability of our recently launched adult RTD, increasing retail and online availability of our already successful products, and strengthening our market presence across the world. Now, let me briefly discuss our financials, which are expressed in Canadian dollars. Revenue for the 2024 fiscal year was CAD 8 million compared to CAD 9.4 million for the 2023 fiscal year, a decrease of approximately 15%. The company's gross loss for the 2024 fiscal year was CAD 1.2 million compared to CAD 0.1 million for the 2023 fiscal year. The write-down of inventories recognized in cost of sales during 2024 amounted to CAD 2.2 million. If we eliminate this expense, the actual gross profit would be CAD 1.1 million, representing 13% gross margin. The company's operating expenses for the 2024 fiscal year were CAD 13.6 million compared to CAD 16.9 million for the 2023 fiscal year, a decrease of approximately 20%. As we look into 2025, our key priorities include expanding retail distribution and strengthening relationships with key retailers to increase availability both in store and online, scaling production in Europe with plans to extend European manufacturing to serve the U.S. market, and enhancing brand visibility through marketing efforts, influencer collaborations, and educational initiatives to drive greater adoption of our products. These steps will enable us to accelerate growth, expand our market presence, and build a stronger foundation for the future. At this point, I'd like to address questions that are coming from investors. Alexandra, please lead the Q&A session. Thank you, Hamutal. Our first question is, when did distribution have significantly decreased? Is this because of a more targeted approach to consumer demographics or simply a lack of demand? While some retailers did remove our products from their shelves, in 2024, we added several important retailers, such as H-E-B and Meijer, and we continue to sell well at many retailers. Some retailers or demographics just do not have the same demand that we see at others, and some products are slower movers compared with others. Therefore, we see changes in the mix of products and stores. We have big hopes that retail sales of our RTD and cereal products will grow in 2025, starting with our latest announcement of 1,000 stores at Walmart that start to sell RTD. As discussed during the call, funding has been an issue for us, so with limited marketing budgets, we are focusing on the highest ROAS marketing channels. Thank you. Our next question is, revenue has declined, and the existing cash burn rate requires the ongoing dilution of share value to pay for operations. Under these conditions, what is the rationale behind expanding as opposed to organically growing the successful core products, such as the line of cereals, the Omega, and both of the RTD shakes? Our cash burn rate has dramatically declined as a result of our overhead cost reduction and efficiencies made in the past two to three quarters. Our gross profitability has already improved and will take effect and is expected further to improve in 2025. Our inventory issues are mainly a result of insufficient funding for production and packaging, not lack of production capacity, as mentioned. We continue to work diligently to fix these issues and expect them to be less critical as 2025 progresses. In Canada, we expect to be in a much better position in the coming weeks. In the U.S., it will take a few more weeks to resolve most of the issues. Thank you. Our next question is, with such a large market and a product that is at its core a very healthy nutritional meal or supplement, how is it that you can't attract enough customers to make a viable business? It is pretty simple. With a little to zero marketing budget, we had limited resources to promote our products. We have changed our approach to marketing, which we believe is more cost-effective and efficient, and expect this to improve in 2025, given the alternatives on the market. As mentioned, we are mainly focusing on high return on advertising spend marketing channels. Thank you. Our next question: When will Else start infant formula trials in the U.S., and can the new HHS expedite this? Nearly one year ago, the company has started a lobbying campaign to enforce the FDA to reply to its unanswered questions with regards to the continuation of the clinical pathway. Recently, the FDA itself assigned two projects to the National Academies of Sciences, Engineering, and Medicine, looking at challenges in supply, market competition, and regulation of infant formula. These projects aim to compare the U.S. regulation for infant formula with regulations in other countries, such as Europe and Canada, including a deep examination of the science regarding methodologies for assessing biological quality of protein, a preclinical study, and for assessing the ability of an infant formula to support normal physical growth. That's the clinical study. On March 25, the U.S. HHS launched Operation Stork Speed, which is an initiative aimed at ensuring the safety, nutritional adequacy, and resilience of infant formula in the United States. The operation focuses, amongst other points, on encouraging the development of new, safe, and nutritious infant formulas, as well as a plan to issue a Request for Information (RFI) to start the first comprehensive update and review of infant formula nutrients since 1998. This review aims to ensure that infant formulas meet current nutritional standards and address any gaps in scientific research related to health outcomes associated with formula feeding. These efforts are designed to support the health and well-being of infants and young children, ensuring they have access to safe and reliable nutrition. With respect to the recent changes in the HHS and FDA approach to the infant formula industry, the company believes that its new infant formula offering will be reconsidered by the FDA, and the unanswered questions will be answered, and the lobbying efforts will eventually lead to the FDA's approval to start the clinical studies. Thank you, Hamutal. Our next question is, I have been a shareholder for years and have seen my investment evaporate. As the share price is an indicator of shareholder confidence and reflective on management, what changes can be expected for management to perform for shareholders and turn the valuation of the company positive? We understand and appreciate the concern regarding the company's share price and its impact on shareholder confidence. As mentioned during the call, funding constraints have significantly impacted our ability to accelerate growth. However, over the past two to three quarters, management has undertaken a series of decisive actions to stabilize and revitalize the company. These actions have been designed to heal the business at its core, optimize operations, and position us for long-term growth, including cost restructuring and operational efficiency improvements, focused commercial efforts to expand our distribution footprint and drive revenue growth, product innovation, particularly in the adult nutrition category, addressing a significant and underserved market, refining our go-to-market strategy to better connect with our consumers and enhance brand visibility, strengthening partnerships and retail channels to expand both online and in-store presence. These steps are part of a broader turnaround strategy aimed at restoring shareholder value and rebuilding trust in the marketplace. While we recognize that results may take time to reflect in the share price, we remain committed to transparency and execution. Thank you. Our next question: Have there been discussions with larger corporations to either partner with Else or take control? Yes. We are actively exploring multiple strategic avenues to enhance the company's position. This includes strategic collaborations with international corporates, which may provide both operational and market expansion synergies, mergers and acquisitions opportunities to accelerate growth and scale. Our goal in evaluating these paths is to unlock maximum value for our shareholders while positioning Else for sustained growth in a competitive market. Thank you. Our next question: We get the news reports that are positive events, such as Amazon Canada has adult RTD available, but they are false leads. Why the misdirection? Can you please be more transparent? We understand the frustration surrounding perceived false leads in recent announcements. We strive to maintain open and honest communication and regret any confusion caused. To clarify, the Adult Ready-to-Drink Nutrition Product has been available for several months on our official website, elsenutrition.ca. It is also available and selling on amazon.ca as well, at six packs and in 24 packs. We recognize the importance of timely and reliable updates and are continuously working to improve how we communicate product launches and strategic progress to our valued shareholders. Thank you, Hamutal. That does conclude our Q&A session. At this point, I'll turn it back over to you for closing remarks. Thank you, Alexandra. In 2024, we faced significant challenges, including limited marketing resources, inventory shortages, and funding constraints, which impacted revenue growth. In response, we took strategic steps to optimize operations, reduce costs, and secure necessary capital to maintain business continuity. With these issues behind us, we are focused on scaling distribution, increasing brand visibility, and driving innovation in 2025. These efforts will enable us to enhance our market presence, improve financial performance, and establish a stronger path forward. We appreciate the support of our investors, partners, and loyal customers who believe in our mission to revolutionize plant-based nutrition. Thank you for joining us today, and we look forward to sharing more exciting updates in the near future. Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.