Good morning, everyone. Welcome to Flow Beverage Corp's Fiscal Q4 2024 and Operational Update conference call. As a reminder, this conference call is being recorded on January 30, 2025. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for research analysts to queue up for questions. For those participating by webcast, you may enter your questions you have for management at any time. Before we begin, we would like to remind you that today's presentation and discussion contains forward-looking statements that involve known and unknown risks and uncertainties and other factors that could cause actual events to differ materially from current expectations and may cause actual results, performance, or achievements to be materially different from those implied by such statements. The forward-looking statements are based upon and include the company's current internal estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. Any statements contained during or discussed during today's session that are not statements of historical facts may be deemed to be forward-looking statements. A number of factors could cause actual events, performance, or results to differ materially from what is projected in the forward-looking statements. A more complete discussion of the risks and uncertainties facing the company appears in the company's Annual Information Form dated January 29, 2025, and the company's Management's Discussion and Analysis for the year ended October 31, 2024, which are available under the company's profile on SEDAR+. You are cautioned not to place any reliance on these forward-looking statements, which only speak to the date of this presentation. The company disclaims any intention or obligation except to the extent required by law to update or revise any forward-looking statements as a result of new information or future events or for any reason. Any forward-looking statements contained during or discussed during today's session are expressly qualified in its entirety by the above cautionary statement. I will now turn the call over to Nicholas Reichenbach, Founder and Chief Executive Officer of Flow. Please go ahead, Nicholas. Thank you, Operator. Good morning, everyone. I'm joined today by Trent MacDonald, Flow's Chief Financial Officer and EVP of Operations. On today's call, we're going to start with an operational update. Review Flow's transformation over the last two years. I will then spend some time reviewing our freshly innovated Flow brand and our strategic priorities. Then I'll pass the call over to Trent, who will take you through a detailed review of Q4 results and then share an update on our path to profitability and financial targets. After Trent's remarks, we'll open the call to questions from our analysts, and then we'll be taking questions from our investors that have joined our webcast. Just type your questions in, and we'll do our best to answer them all. Flow's transformation truly began in November 2022. At the time, we had 2.3 million in cash and operating expenses that greatly exceeded our gross profit. Six months prior, I came back as Chief Executive Officer of Flow. Trent came in as well as Chief Financial Officer, and we developed a plan to radically transform Flow in order to achieve long-term and sustainable profit. Our most significant steps have included selling our Virginia facility, recapitalizing our balance sheet, and restructuring our corporate IT and financial reporting functions. We exited unprofitable retail partnerships. We outsourced logistics, distribution, and marketing functions. We consolidated production of Flow and our co-packing partners to our Aurora production facility. We significantly increased the capacity of Aurora's facility and added the ability to produce alcoholic beverages. And finally, we signed over CAD 267 million worth of co-packing contracts. It took about five quarters to begin seeing our financial benefits from our operational transformation and restructuring. Beginning in Q2 2024, we started to show significant improvements in our gross margin, which has consistently been between 20% and up to 33%. We still think that there's much more we can achieve with higher margins as we continue to scale. Our Adjusted EBITDA has also improved by a total of CAD 19 million over the last three quarters compared to fiscal 2023. Again, there is still significant opportunity for us to improve here, of which we'll describe in more detail in a couple of minutes. As part of our transformation, we focused our product lineup to include our four best-selling flavors, and we exited vitamin-infused water. Including our newly launched Flow Sparkling Mineral Water, we now have 11 SKUs. For those joining us today by webcast, our SKU assortment is on the screen. You can see our newly branded new packaging has a clean, refreshed look and feel. Our brand innovation was designed in the premium water consumer in mind, specifically those with active lifestyles. If you look closely at our SKU assortment, you may notice a new product, Flow Sparkling Mineral Water, in a 750 ml glass bottle. We are launching this new premium bottle in the second half of 2025, focused first on our strategic food service partners and premium grocery stores across North America. An important strategic shift we have made recently is highlighting our mineral and electrolytes in Flow-branded water. We have a unique competitive advantage with our water in both Canada and the United States as it's sourced from a naturally occurring mineral spring. The slides on the screen highlight our functional value proposition to our consumer. What we haven't included on this slide, but we do include in our presentations to our new partners, is Flow's superior mineral count and hydration levels compared to the other premium waters sold in North America. For example, our mineral count is 319 milligrams per liter, exceeds Fiji, Evian, Liquid Death, and Smartwater, and our electrolyte content is up to three times those of the premium water category. These attributes make up the vast majority of why consumers buy premium water. Additionally, our pH of 8.1 is also higher than the four same brands. pH is important to our consumer because of its alkalinity that provides superior hydration compared to purified water. Flow has maintained leadership in our ESG, which is a very important value proposition to our organization and our consumers. In 2024, we renewed our B Corp certification, publishing one of the highest ESG ratings of all beverage companies in the world. B Corp is a rigorous test for all aspects of ESG, and the results are independently audited. Some more recent milestones of Flow include adding purchase orders and listings, an agreement with our hospitality, grocery, and national food channels partners for Flow's new sparkling mineral water. We are very pleased to report that Whole Foods Global will be listing our latest innovation, and they have been a phenomenal partner for the last 10 years. The Flow brand is also making good progress in getting listings in conventional food aisles in some of Canada's leading grocery chains like Loblaws. Moving to conventional aisle is a pretty important move for us as we have a significant improvement in our velocity of sales where consumers can now choose Flow against the mainstream water brands. In the last few months, we've expanded two co-packing agreements, and we signed a new co-packing agreement as well. Today, our take-or-pay manufacturing agreements total CAD 267 million. And the best part of these agreements is these agreements are as profitable as the Flow-branded margin. Subsequent to year-end, we have the pleasure of welcoming Joe Mimran to our board of directors. Joe is an accomplished brand builder, entrepreneur who has been instrumental in developing beloved brands like Club Monaco and Joe Fresh. Most recently, we announced the closing of the first tranche of a private placement of convertible debentures. This private placement is still ongoing, and we expect to close in February. The use of these proceeds for this fresh capital injection is to fund our working capital as we scale our production to meet our co-packing demand as well as our continued growth in the Flow-branded products. Before I pass the call to Trent, I'll review our strategic growth priorities over the coming year. We expect a return to Flow-branded growth in Q1 2025. We have seen a decline in the Flow brand over the period of our transformation as we exited unprofitable channels and partnerships. In fiscal 2025, most of the impact is behind us, and we see the benefit of gradually moving to conventional grocery aisles, initiating sales of Flow Sparkling, and continuing to build the success of our profitable channels and partners. Our fourth production line took some time to get up to full capacity, especially with producing a new product like alcoholic beverages, which has been a new process for us to learn. We added some experienced talent to our production team, and we are ready to continue to scale. We funded line five and six and look forward to commissioning those expansions in the coming months. Most of you have seen from our press release this morning that we are expecting to earn an Adjusted EBITDA between CAD 6 million and CAD 11 million in this fiscal period 2025. Achieving profitability is expected to be gradual over the course of the year and should accelerate with the commissioning of line five and six in the second half of 2025. We feel these targets are achievable given our operating model that we've implemented over the last couple of years. Of course, there are some risks in the forecast. Please refer to our press release and MD&A for greater details in the assumption and the underlying forecast. This concludes my prepared remarks. I'll now pass it over to Trent. Thank you, Nicholas. Very much appreciated. I'm now going to jump into our Q4 results. Consolidated net revenue increased 22% in Q4 2024, which was driven by a 115% increase in co-pack revenue, of course, offset by an 11% decrease in Flow brand revenue. As we've spoken about several times now, Flow brand is actually growing in profitable channels such as natural food and retail. However, Q4 was impacted on a comparative basis by our decision to exit certain channels and partnerships that were simply not profitable. In Q4, gross margin increased to 21% from 9% in Q4 2023. This increase reflects many initiatives that we undertook as part of our operational transformation, such as the consolidation of production into our Aurora production facility, the profitability of our co-pack business, and focus on higher profitability channels for the Flow brand. Given Flow's success in signing over CAD 267 million of co-packing take-or-pay manufacturing agreements and the growth Flow has been experiencing for our brand, it was absolutely necessary to expand our operating capacity. As such, throughout Q2- Q4 of fiscal year 2024, Flow added a fourth line. It added alcohol production capabilities and a second complete set of processing equipment, including batching and sterilization, which provided us needed flexibility in how we use our four lines. This meant that over a very short time frame, Flow went from three lines operating at low capacity utilization to four lines requiring us to run at 100% capacity utilization to meet our production demand. In doing so, we encountered several challenges throughout Q3 and well into Q4, leading to significant downtime and an inability to achieve our production goals. As a result, we weren't able to produce as much as we would have liked for our co-pack partners, and we weren't able to meet all of the demand for our Flow brand customers. This impacted both our net revenue and gross margins. In Q4 and throughout Q1 FY2025, we've been tremendously focused on production improvement. We brought in several subject matter experts, hired leaders rooted in lean manufacturing practices, and redesigned and implemented standard operating procedures that align with our new production requirements. Today, we believe we are well positioned to accelerate growth in our co-pack operation and to ensure we have the inventory to meet the growing demand for Flow-branded products. Even with these production challenges, there have been material improvements as a result of our restructuring efforts. As we've spoken about in past, our restructuring took several quarters, and most notably, the restructuring costs and related negative results of operations can be seen in our Q3 and Q4 of fiscal year 2023, and then again in Q1 of fiscal year 2024. As such, the most recent three quarters of fiscal year 2024, those being Q2, Q3, and recently Q4, represent a post-restructuring operating environment, even though we are still clearly focused on improvements in our production plant. Throughout the past three quarters, in total, we've had 27.2% gross margins versus 11.5% in the same period last year and this is despite the challenges in production, so it still represents a very vast improvement. When you really see the improvements coming from our restructuring, where you really see the improvements coming from our restructuring is in our selling, general, and administrative expenses plus salary. These three combined over the past three quarters were CAD 19.9 million. If you compare that to the fiscal year 2022, not 2023, but 2022, which was the last full operating year before we began our comprehensive restructuring efforts, we are down CAD 11.6 million over those three quarters. That year, 2022, the company spent CAD 31.5 million on SG&A and salaries over its final three quarters, representing 89.4% of net revenue over that time versus our most recent three quarters, where these expenses represented 52.9%. The fiscal 2022 operating model, of course, was completely unsustainable and led to the complete restructuring efforts that we continue to talk about. Adjusted EBITDA loss was CAD 2.6 million in the quarter compared to a CAD 10.5 million loss in Q4 2023. That's a CAD 7.9 million improvement year over year. Even still, it wasn't where we want it to be. That said, our Adjusted EBITDA was negative CAD 8.1 million over the final three quarters of fiscal 2024 in total. That compares to negative CAD 24 million over the final three quarters of fiscal 2022, again, what we call the base year before our restructuring. With all of the improvements in SG&A, our focus on production improvement and the growth in both Flow branded products and co-packing revenues, we are now introducing the following financial targets for fiscal 2022, as mentioned by Nicholas earlier. Net revenue between CAD 72 million and CAD 82 million for the whole year, gross margin between 38% and 48%, and Adjusted EBITDA positive between CAD 6 million and CAD 11 million. These financial targets reflect a new era for Flow in our post-restructuring world. In Q1 2025, we expect the Flow brand to again close the gap to prior year, with Q1 of fiscal 2024 being the final quarter of selling into the channels and partnerships we exited shortly thereafter. With our growth in natural grocery and other channels, including what Nicholas mentioned earlier, where we're getting more traction in the conventional grocery aisles, we expect Q2 to see positive growth in Flow brand. Our co-pack business is expected to realize even higher growth, especially with lines five and six, as previously announced, coming online in the coming months. Lines five and six are already fully funded, so we're just in execution mode to bring them up to full capacity, and they will be operating at full capacity upon being put into place and into production. We expect a step change improvement to Gross Margin as we increase utilization, leading to lower fully absorbed costs per unit of production. And again, we have approached pricing of Flow brand products and co-pack production with similar discipline, which should continue to result in improved profitability. With our forecast increased gross profit, we expect significant operating leverage over our much leaner overhead structure. Now, let's talk about our valuation, which we tend to always talk about on these calls. Flow is right now trading at 0.00 times forward revenue, which compares to our publicly traded beverage peers trading at a 4x revenue on a weighted average basis. Throughout the next year, we believe that our return to growth, both of the Flow brand and on a consolidated basis, which we've already returned to growth on, and a proven transition to profitability should help re-rate our stock to get closer to our peer group. That said, the burden is on us to demonstrate our ability to consistently deliver on the expected results one quarter at a time. In the meantime, we do appreciate all of your support. And with that, operator, please open the line for questions. Thank you, and ladies and gentlemen, we will now begin the question and answer session. To ask a question, you may press the star followed by the number one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press the star followed by the number two. Once again, if you would like to ask a question, please press star one. Your first question comes from the line of Martin Landry with Stifel. Please go ahead. Good morning, Martin. Hi. Hi, good morning, Trent. Good morning, Nick. Good to hear your voices. So my first question would be on your guidance. It would result in a significant turnaround in revenue growth and profitability. So I understand it sounds like there's going to be an inflection a little later this year when line five and six will be implemented. So what does H1 look like? Is there anything you can tell us? Are you right now producing at 100% capacity? And the big inflection is just in the second half. It's not clear for me, so just maybe a little bit more color on H1 would be great. Absolutely. Absolutely, Martin, and good insight there. Yes, the second half is definitely going to have an inflection point for sure, and we're going to clearly be more profitable in the second half as a result of being able to produce more within the production environment without obviously raising a lot of our fixed costs, so there's going to be better absorption. But that said, we in Q3 and then specifically Q4, we were not running anywhere near capacity, the capacity that we had expected. Forget 100% capacity. We weren't running anywhere close to what we had expected, and we were very late in getting that production up and running. When I say production, like the processing equipment that we had so vitally needed. The line was up, but the processing equipment wasn't. What we're looking at for Q1 and into Q2 is really the results of that focus that we've been really building towards better capacity utilization, much better efficiency within that production environment on four lines. Given that we didn't get to where we needed to be in Q4, and that resulted in a lot of issues with regards to our ability to fulfill our obligations under co-pack, but specifically with Flow-branded products to get them out the door and recognize those sales, Q1 and Q2 are going to be very, very much improved. Our expectation is that you're going to see much higher margins, especially in Q2, because Q1, we've been working on it throughout Q1, but in Q2, we're getting a lot closer for Q2. You're going to see better, better margins and improved EBITDA. We have ourselves getting there on a positive basis in Q2. We think we can get to a decent positive EBITDA in Q2, but again, to your point, second half will be even better again. Yeah. And Martin, also looking at it very kind of a simple look at it is that in Q1, November, we turned on line four, which gave us 25% more volume and capacity at the facility. And all of our contracted revenue has been booked now for the next three years. And those are all 100% utilization on line four, but also moving into 100% utilization on line five and six, which will increase the plant's capacity again by 33%. Okay. That's helpful. And I'd like to just touch a little bit on what you would expect in terms of free cash flow. Your debt level has increased a lot in Q4 and will continue to increase with the new financing. That's going to probably translate into a higher interest burden. So when we take your Adjusted EBITDA guidance of CAD 6-CAD 11 million, how does that convert into free cash flow post your interest payments? Are you going to be in the positive territory or perhaps break even or negative for the full year? No, we're going to continue to be in negative operational cash flow after interest and debt servicing for the first half of the year. There's no doubt about that. But our cash deficit has diminished quite a bit operationally over the last few quarters. And so we're definitely moving in the right direction. But we really believe that by sometime near the end of Q3, we will, in fact, be fully cash flow positive. And that's when we start filling in that working capital deficit that we had created for ourselves over time. So there's light at the end of this tunnel, and we can see it. And so to your point, we are bridging, and we're looking at doing different things. And we're very creative, and we have a lot of support from insider stakeholders, our secured lender, and others. So we've been able to do this. And so we continue to do it, and we expect that we're going to, and we'll get the cash flow positive in the, like I said, near the end of Q3. Okay. That's helpful. Best of luck. Thank you. Thank you. And your next question comes from the line of Sean McGowan with Roth. Please go ahead. Good morning, Sean. Thank you. Good morning, guys. How are you? Yeah. Following up on Martin's question, can you give us a little sense of the cadence of the branded revenue as the year goes on? I thought I heard you say earlier in the call, Nick, that Flow would be up in Q1. Did I mishear that? Yeah. I know we had originally, I mean, it may or may not be is the real answer here. It's going to be close. It's going to be close. We are still overlapping last year. We're still overlapping last year, which is the final quarter, because in Q1 of last year, we actually had the dollar channel in those results. We had NCL in those results and others that we exited shortly after or at the very end of Q1. And so we're still overlapping that. Even though there's been a lot of growth in the Flow brand and other channels, it's going to be close for Q1. And then we had the production challenges that they didn't get fixed on day one of Q1. But we've been working on it very diligently with a lot of sense of urgency over Q1. And so we believe to the degree that we don't have positive growth, it'll be close. And then you'll definitely see Q2 with positive growth. Yeah, Sean, Q1, we definitely see an increased demand for Flow-branded products across the board on all SKUs, both Canada and the United States, which is a very positive sign for the year ahead. And then in Q2, we are launching the sparkling innovation. And as I mentioned, Whole Foods Global has already accepted that that will launch at the end of Q2 and go forth in the summer with all of our other leading retailers in Canada and the United States accepting the launch of sparkling. So that will bring the Flow-branded products into growth mode across the rest of the quarters. All right. Okay. And Trent, did the production challenges affect the revenue of Flow-branded or just the co-packing? Both. Both. Both? Okay. With regards to, I mean, you can sort of draw the line. You can read between the lines of what we're saying. When you're having production challenges, how does it affect Flow brand? Because Flow brand is based on inventory, but that's the whole problem, isn't it? What we drew our inventory down. You can see our inventory on the balance sheet. It's the lowest it's ever been, which is really problematic. We weren't able to fulfill certain sales orders that were in the quarter. And that's been a problem through Q1, just being very honest about it. And so we're getting there. We're getting there with haste because, as Nick said, as part of the restructuring, we brought in, and they're probably listening to this, but we brought in a crackerjack U.S. sales team that are very, very focused and very, very familiar with our consumer base. And they've been doing a tremendous job. The issue we have, and that goes with our Canadian team who have always been doing a great job building the brand in Canada. You look at that combination, and we're just on the cusp of being able to fulfill these orders that are coming in because there's so many that we just can't even produce into it. We need to work on the production facility. Look, it's not a bad problem to have more orders than you can possibly fulfill, both with co-pack and Flow-brand, but it was problematic throughout Q4 and into Q1. We're getting very close to fixing all of those issues and unlocking what is the true potential for Flow. Okay. My last question is on the gross margin outlook. It's a pretty wide range. Could you give us some help with what would affect that? What would make it come in at the bottom end? Is it mix? Is it fixing the production problems? Why such a wide range? And what will make it be whatever it is? Yeah. Look, I mean, there's a couple of things. To be honest, there's a couple of things, very specific things that could cause us to miss our margin targets. The big one being any delay in lines five and six and getting them up and running and commissioned. Clearly, that's going to have an impact because that leads to absorption going up tremendously, which helps our margins. And then there's the production challenges we have. If we don't fix those and we have been, by the way, but if we don't get comfortable in-stock positions in all of our SKUs, that could have an issue. But those are really the two biggest ones. Our logistics, which are part of the cost of goods, has come down tremendously. We've done a really good job at managing that side of cost of goods and, of course, SG&A. So it's really around those two buckets. But look, the range we're getting. Look, just being honest to everybody listening, we're getting sort of sick and tired of setting out expectations and not being able to meet them too. So we want to give ourselves a little flexibility because at the lower end of that range, while there is a range, the lower end is still pretty darn good from a historical perspective. And so we really want to finally oversee because you look at our SG&A and where we are. I get questions from prior investors and current investors coming to me in my own personal email at work here and saying, "When are you going to get your costs under control?" Right? I'm looking at this SG&A, and I'm saying, "What are you talking about?" We set forth for our board and internally a target, which was tremendously aggressive on SG&A for the fiscal 2024 year, and we beat it. That is one of the highlights of what we've been able to do. And that is a big, big area of focus for any company. You need to get your SG&A in order. And we've done it. It's just right now, and net revenue, we're all over that. We signed the CAD 267 million of co-packing. Flow is like we have more demand for it than we can possibly meet. So it really comes down to one thing now, one thing only, the production facility. We need to get the capacity up, the efficiencies up. We need to get line five and six in, and we need to just focus, focus, focus on being the best producers we can possibly be, and everything else is going to take care of itself. Okay. Thank you very much. Thanks, Sean. Thank you. And once again, if you would like to ask a question, simply press the star button. Your next question comes from the line of Najeeb Islam with Canaccord Genuity. Please go ahead. Thanks. Just building off the last question. So is the Gross Margin target for 2025 achievable with the current channel mix you have, or do you need a bit more penetration into higher margin channels? No, it's 100% achievable because we've already done that. That's in the past. We are now absolutely focused on higher margin channels, and that's where we're operating. And we're going to continue to expand in those channels, like natural food, especially in the United States with grocery, natural food, and others. Look, we're even looking at club down there. There's some ins there that we're looking at that could really unlock even more for us. So in C-store, convenience, both here in Canada and the United States. So we're already focused on those channels. And then our food service, the food service we've stuck with actually produces profit. And within those food service, we're looking at SKU mix and the kind of offering we have and looking at creative ways of getting even more margin out of those channels while actually building volume and inventory turns in store. So velocity. So we're really focused on that. And I don't think we need much more of a mix. I think we got that covered. Sure. Got it. Thanks. And I was also curious about what percentage of co-pack volumes go to the U.S., and are there any concerns from your partners about potential U.S. tariffs there? That's a great question. We thought we would get this at some point. But yeah, some of our co-packing partners are U.S.-based, for sure, and it sends to the U.S. But that doesn't affect the tariffs. It won't be in effect there. We're not selling. We're filling. We're not selling into the United States that way. It's really around Flow brand where there's more risk. But we have a great mitigation plan in the event that any of this sort of comes to pass in that we still own our spring in Virginia. We've never given that up. We own it wholly. And so if the need arises, we can pivot fairly quickly to using that water and having co-packing manufacturing services agreements with other providers of co-pack service with whom we have good relationships. So we can, in fact, produce U.S.-based product in the United States and de-risk ourselves of that tariff risk. Margins are going to be a little less because of the co-packing versus producing in our own environment. But given the 25% tariff and maybe the effect on demand, it's a much better strategy than living with the tariff. Sure. Got it. Thanks. That's all from my end. Thank you. Yeah. Now we can go to some of the questions that some of our shareholders have asked. Okay. So let me start with one question that says, "For the two additional production lines, will Flow need to raise additional capital or finance from Q1 and Q2 cash flows?" Great question. The answer to that is really no. We have agreements on the financing already, that financing agreement, which is a triparty agreement that's sort of complex. But we've managed to get that nailed down and agreed upon in late April of last year. And now the project is well underway. There will be other potential needs, but we have all that sort of lined up already. Excellent. The next question I'll take, which is, "I'm curious about the rationale for the refresh of the brand given our cash flow position of the company and the cost of it." It's a great question. The cost of the rebrand was negligible. We do consumer insight once a year against the purchasers of Flow, and we uncovered in 2023, consumer insight, that there was a much larger base of growth in Flow-branded products in a category called the active lifestyle, so we did consumer insight against that category and designed our package for a higher purchase intent against that consumer, which we believe to estimate to be about 10%-15% more pull-off retail shelves in the future. We're starting to see that in live action since Q4 and now Q1, where we're getting a higher demand and a higher pull-off of all of our retail shelves as a result of that rebrand moving forward. We did not do what's called a hard push of the new brand. What we did is we sold all of our existing brand and all of the inventory of that and then replenished that with the new branded products. So we didn't really have to write off any inventory. We sold through all of our inventory with no discounting that's above average and pushed the new brand in. Now across all retail shelves, you're starting to see our flavor rebrand come in as well as the new sparkling innovation in Q2. Great. There's another question here. It says, "CAD 200 million plus in co-packing. Are we a co-packer for others, or are we a branded business focused on Flow? What is the strategy?" That is a great question. We get that quite a bit, actually. Who are you, and what are you trying to be? Let us clarify. Okay? We are Flow. We're a branded company, and we sell Flow. But we also own our own means of production. And not all beverage companies, food companies, CPG companies own the means of production, but we do. And so when you think about owning the means of production, a production facility, what drives costs down is utilization of that facility and the production equipment within that facility. And Flow is a growing brand, but we're not a multi-hundred million CAD brand yet. We're getting there. We're hoping to get there, and we're building towards that. That's not where we are. And so if we were to run our production facility for just Flow, our absorption would be very low. Our overhead would be very high. Our rent stays the same, whether we're producing just for ourselves on two lines or producing ourselves and co-pack on six lines in total. Our rent's the same. A lot of our fixed costs are the same. So what you want to do is get your cost per unit produced way down. And that's what co-pack does for us. It does two things. One, the more we utilize that capacity in our plant by using it for co-packing, each unit that we produce for somebody else is carrying the burden of some of those overhead costs that would have been burdened onto the Flow-branded product. So now our Flow-branded product, from a standard overhead perspective, is much lower in terms of its cost, and we can get better margins on Flow because of co-pack. And the more co-pack you put through, the bigger the effect it has on Flow-branded margins. Second thing is that it actually truly is a great revenue stream from which we can get cash. And we're working towards getting working capital positive. And so this is a big lever for us because it does add to our margin. It's very margin accretive. And again, when you put more co-pack in, you're not increasing the cost of many of those fixed costs, like again, the rent or, to a large part, utilities or indirect overhead and labor salaries. They all sort of stay the same. And so it's just accretive cash flow. So it does a couple of things for us, and we're going to continue to focus on that. And we have great partners. So as long as that remains the way that it is, where it's accretive to cash and accretive to revenue and, of course, accretive to our cost base, then we have every reason to expand on that revenue stream by adding more lines and more lines until such time as we sort of max out our capacity. Thank you. And ladies and gentlemen, that ends our question and answer session. This now concludes the conference. Thank you all for joining. You may now disconnect.