Good morning, everyone. Thank you for joining us today, and welcome to TRUBAR's First Quarter 2025 Investor Webinar for the period ending March 31, 2025. This call is being recorded. I trust that everyone has received a copy of our financial results press release that was issued yesterday. Listeners are also encouraged to download a copy of our quarterly financial statements and management discussion and analysis from cedarplus.com. Next slide, please. Please note, portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the safe harbor provisions of those laws. Please refer to today's press release and in our management discussion and analysis for our disclosure of risk and uncertainties. We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in our advanced conditions, assumptions, or circumstances on which such a statement is based, except if it is required by law. We use terms such as adjusted EBITDA, gross revenue, gross profit, and gross margin, which are non-IFRS and non-GAAP measures. For more information on how we define these terms, please refer to the definition set out in our management discussion and analysis. Now, the teams joining us today on the call today are Erica Groussman, Co-founder and CEO of TRUBAR, and the company's Executive Chairman, Kingsley Ward. With that, we'll start it off with Kingsley Ward, Executive Chairman. Go ahead, Kingsley. Thanks very much, Pradeep, and welcome, everybody. Thank you very much for joining us this morning. We're super excited to talk about the company's progress here. Maybe I'll just briefly comment on what you see in front of you. I want to just reiterate that all our restructuring efforts are complete minus one piece of the puzzle, which is our NOBS brand. We have some activity now underway to effect a sale, and we're looking to bring that to a head very soon, possibly by the end of the quarter. That will complete the restructuring from coast to coast. Along the way, we've renamed the company, as you're all aware, now TRUBAR, and we'll be going forward with TRUBAR as the public company and two operating entities, U.S. and Canada, underneath, as you see here. Also want to just comment that I'm excited to move to the Executive Chairman role. I'll continue to focus on the capital markets activity, investor relations, finance activities, supporting Erica and the team on the operations side of the equation. I think you're well aware that Erica has now assumed the CEO role, and we are super excited to follow her lead down this wonderful road. Without further ado, I think I'll just pass it over to you, Erica, and let you tell us where we are at. Thank you. Yeah. Thank you so much, Kingsley. Good morning, everybody. Here we have our beautiful leadership team that is supporting our growth and going to bring us into a beautiful 2025. We have Laura, who is acting as our CFO for TRUBAR, and she's been with BRG for over 15 years and comes with a lot of experience. We have Kate, who is in charge of VP of Sales, and she's doing all sales and strategic strategy around all of our sell-through and increasing shelf presence. She was at Red Bull as well as L'Oreal and Sazerac and comes with 20-plus years of experience in the CPG world. We have Claire here, who is our VP of Operations, and she is working on our operations as well as our supply chain. She comes from Mars Wrigley and Kimberly-Clark. She is working on everything from ingredients to our Q&A to our supply chain. We have Natasha Port, who is our VP of Marketing, and she is working on getting noticed, right, our CPG brand being the show. We are going to show you later on all the great things that have come. She came from Buy as well as Dr Pepper Keurig. Luke, who is our VP of Finance, comes from Mars with a lot of experience as well in CPG. He is VP of Finance, really doing all of our strategic financial planning and execution. We have a great team here to support us on this great plan that we have for 2025. Here is our overview for Q1. Our net revenue is down $3.1 million. This is due to the promotional of Costco. It got moved to Q2. Our direct-to-consumer channel is up 593%. This is really just because of our brand awareness and our marketing activities, as well as our increased new skews. Our retail channels are up 373%. This is due to our extra door counts that we're expanding, as well as our velocities that are growing. Our gross margin is about 30%, and we are continuously working on efficiencies and supplier agreements to get that to 35-40% in the future. Here is our revenue growth for where we plan to be in 2025. As you can see, over the years, we grew 343%. We are estimating that we are going to do $65-70 million this year. That is a 50-60% increase. We plan to do this with retail expansion, with our current footprint, as well as getting additional doors. Our international expansion is going into new countries, as well as increasing all of our velocities across all these doors. Here, we're talking about we plan on coming from 15,000 doors to going to 25,000. We're already at about 18,000 plus. Here are some of our wins. In Q1, we had a bunch of great wins so far. We got into club. As far as club goes, we got Sam's, we got Costco Canada West. In e-comm, we got GoPuff. As well as Amazon, we continue to have better performance and drive traffic. Our e-comm, we have GoPuff. I'm sorry, I just said that. In convenience, we have GoMart. In Canada, we had two additional great specialty realities. Subsequent to Q1, we had a great launch in Target. We are currently two weeks into our Costco wholesale MVM. We also, this week, completed our name change to TRUBAR. Our DTC breakthrough growth is we've gone up 593%. We are currently on a run rate of over $14 million. In March, we had $1.2 million in sales in our DTC. We have two top flavors on Amazon. Here is our 360 marketing approach. As you can see, we have all different avenues that we are working on. You are going to see on the next slide all the great things that we've gotten from PR and media, as well as you can see that our velocities are just increasing. Here are some of them. We recently got Forbes as well as The Washington Post just this week, actually yesterday, as well as all these other great things. We are getting noticed. People are seeing us and remembering us. Here are some recent better-for-you M&A transactions. As you can see, it's a roughly four times multiple. We, in the future, can plan on something, a beautiful exit of some sort in the future at the rate that we're going. In 2025, we're really excited about these 25,000-plus stores. As I shared already, we're already over 18,000. Our bar is outpacing the category. Our velocities are doing phenomenal, and it's continued to be seen. We have lots of new flavors as well as formats that are coming out and different pack sizes and trial orders. Our brand awareness is obviously getting remembered. Now I'll hand it back to Pradeep. Thank you, Erica. We will now open the call to questions. Priority will be given to equity research analysts. Equity research analysts will ask questions live. Other listeners who would like to submit a question, you may do so by using the Q&A button on your screen and typing in your question. Your questions will be read out for the management team to reply. The first question comes from Noel Atkinson of Clarus Securities. Noel, you can unmute yourself, and you're now live. Thank you, Noel. Hi, yeah, it's Noel Atkinson from Clarus. Good morning, Erica and King, and thanks for taking our questions this morning. It was also nice to see sort of results coming in line with where we were expecting for Q1 on the revenue side. Just in terms of the door growth, you say that you're at sort of 18,000 now, you're heading towards 25,000. Are there specific categories that you folks are particularly focused on as to try to add doors through the rest of the year? I mean, we're focused on all of them, but we're specifically working on grocery and C-store. Okay. There's been sort of, and you talked about innovation in your prepared remarks. One of the things that's kind of shown up in corporate presentations over the last little while are the mini bars. I was just wondering if you folks are looking to launch those in 2025 and how you'd be sort of targeting those in the market versus your regular-sized bars? Yeah, we are producing them currently, and they are going out there and getting sold. You will start to see them. How do you frame them in the market versus the regular-sized bar? They're minis. They'll be in a larger pack size. Mostly, it will begin in specialty. It will go into more of cafeterias and office buildings. More food service is where it's going to probably begin. Okay. That's not been a big market for you folks so far in terms of revenue. Not at all, right? It's a new target. Okay, cool. Your inventory grew a fair amount in Q1. I was wondering if that was mostly for the Costco MVM shipments that happened, I guess, in April or May since the MVM's going on now, or whether you're also buying raw materials to sort of bulk up ahead of any sort of tariff issues. Yeah, so a little bit of each. We obviously did need to build a big inventory amount for the MVM, but we are also planning ahead. We are keeping a larger amount of inventory on availability so that we can grow at the speed that we need to. Okay. And then just one more quick one for me. Our channel checks have been showing really strong sell-through at Target since you folks launched your products there six weeks ago. Did you do something different to support the launch at Target, or is it demographics that just seem to work well? What do you think is the reason for this? We are showing over 90% of the stores sold out in less than six weeks. Yeah, so there's a couple of components that go to that. Target is exactly all of our demographic. Those are our people. We are shining regardless. We also launched Target when we had a marketing, we have not only a creative team with us now, but we have marketing initiatives, and we had a whole plan around it. Whereas when we've done other launches, we didn't have that resource behind it. That was our first launch full in. It's exciting to see what can happen and what will happen going forward. Yeah, we had a whole plan around that launch. Okay, great. Thanks very much. That's all for me. Thank you. Thank you very much, Noel. We have some questions coming in from the listeners on today. A couple of questions around gross margins. If you can just comment on gross margins. Yeah, so our gross margins are roughly 30%. They vary by where we're selling it, but they're roughly around 30% right now. We're actively working on getting those better, just buying forward and locking in better contracts, and so. The follow-on on the gross margin question is whether or not you feel comfortable going forward if this is a low-end mark. Is it going to get higher? Any sort of guidance on increasing in the future? Yeah. We plan on getting that to 35 and then getting it to 40 and so on. Yes, that is one of our main drivers right now we're working on. We have a question here from a listener about the guidance range you provided, $65 million-$70 million. What is your comfort level on that? Anything in terms of how you expect the channels in terms of the three different channels in the coming quarters? Yeah, we're feeling really good about the 65-70. As far as the channels, I mean, everything should be growing. Our velocities are going up. In every avenue, we're seeing great sell-through. We don't see any issue there. More mouths are looking for it. You might want to just talk a little bit about the increased marketing spend this year, which is going to hopefully drive a lot of sales activity. You want to comment on that? Yeah. So we did not have this last year. We have a huge marketing initiative, which we saw on the 360 slide. We are working on every full funnel and every part of the business to drive more trial and awareness and getting the velocities up. In turn, we are doing that. We are seeing such a huge lift in all aspects of the business just from that. Even these articles that you see, people are just coming out of the woodwork everywhere. They are seeing them, and they want to go try the bar. There is just so much greatness around the marketing. In terms of channels, last year, your one channel has 80% of your revenue. What's the mix outlook look like for this year? Yeah, that's going to be more broadened. We're definitely seeing a switch on that. I think the target there, folks, is we're targeting 60% or less Costco concentration, all channels, the balance. Okay. A question around international expansion. When do you expect to do more international expansion? I had another question here on Mexico, Costco, Mexico. Why don't you just tie them both together? Yeah. We launched Costco, Mexico a couple of months ago. We're doing great there. It's obviously a new territory. Nobody's seen us. Nobody's heard of us. It's exciting to see that people are trying it and going back for more. We're also starting a new initiative there with one of the largest chains. It's a bicycle initiative. We're doing a bunch of trial there and should see a huge lift. As far as other countries, we hope to, or we should be launching with Costco in other countries. We only plan on going to these other countries with Costco, with having them behind us. Question here from a listener. Are there plans to return to positive adjusted EBITDA in 2025 and in 2026? Yes, we plan on staying positive EBITDA. That is, of course, the plan. We are also working on driving a lot of trial and awareness to build the brand up. That is, of course, what we're looking for is positive EBITDA. Question around, could additional capital be needed due to increased marketing expenses? At this time, we are in a great place for our 2025 plans and do not plan on raising any kind of capital. Okay. Question, how is the innovation pipeline looking for new TRUBARs? What's your focus on? There's a lot of new products coming out. What's your focus of product? We are going to be launching in the next couple of weeks a new product line that is a part of TrueBar, and it is geared towards children. We have TrueKids that we will be launching. You should start to see in the next couple of weeks and some new retailers. Question here from a listener again. Can you clarify the Q1 revenue decline with a shift in the timing of MVM campaigns? How does that work? Can you repeat the first part of the question? Yeah. Can Can you clarify the Q1 revenue decline due to the timing of shift in marketing for MVM campaigns? Can you explain how that works? I think really just explain what an MVM campaign is maybe and just talk about the timing of that, how that works. Yeah. Our MVM started two weeks ago. An MVM is when Costco launches a book to all of their membership cards and sends it to their home and puts what the discount is, and it's a coupon. Our bars, it's a 16-count with a $6 coupon. It's in every one of their stores across the U.S. You can go there and purchase it at discount. That launched two weeks ago. We were sending in pallets for that event. That got moved to Q2. Okay. Maybe I can add a little more color. So folks, bottom line is last year in Q1, we ran an MVM multi-vendor mailer campaign, and it generated almost, what, over $8 million-ish of sales in the quarter. That campaign did not run in Q1 this year. It's live now in Q2. We're hoping for similar or better results for Q2. I really would like all shareholders to focus on the annual revenue target that we have out now. We have, let's call it, lumpy orders just due to this is the main reason for it. When you light up one of these campaigns, it's very, very significant increased sales volume. Hope that helps. That's very helpful, Kingsley. Yeah. Question around the marketing spend. Can you please quantify the marketing spend last year versus what's expected for this year? Yeah. We are going to spend about four times more than what we spent last year on just open marketing as far as PR and digital ads and full funnel driving trial and awareness. That's off of two million dollars last year, folks. Question here from a listener. When is your third Coleman facility going to begin full production? And is that going to be this year or next year? It will be this year. It'll be this year in the next couple of months. Can you comment at all in terms of where it's located? U.S., East Coast, West Coast, anything like that? It's in the United States. Okay. Question around your DTC channel. Can you provide some more color in terms of the growth expected in that channel? What other sort of opportunities do you have in the DTC channel other than Amazon, Shopify? Yeah. So there's some other small avenues that we're working on as well on direct-to-consumer. But our direct-to-consumer should be by the end of the year closer to a $20 million run rate. No, that's very aggressive. Can you explain your question here? Can you please explain your social media marketing campaign in detail and where you're finding the most success and what's on tap going forward with regards to using influencers or other social media avenues? We are doing creative plans around all of our Instagram and social media. There are influencers. There are micro-influencers as well as a little bit larger influencers that we are working with to drive trial and awareness. We are also utilizing TikTok. We have a lot of TikTok influencers driving trial there as well. Okay. Can you provide more color on the details on the marketing campaigns that are planned for Q2? I guess we're trying to get some more color on terms of what's. Trying to get our marketing plan. What are some of the activities that are going on in this that have been going on in Q2? I think activities drive revenue, right? Maybe just comment on the type of activities that you've been doing in Q2. Yeah. So we're doing some field activities. We're doing an influencer dinner. We've got just a lot of different workouts that we're promoting. We're going to be doing stuff in New York this summer. We are utilizing the truck that we have, the TrueBar truck, a lot of sampling. We've got the minis coming out in different flavors, which we're going to be able to sample. We're doing a whole campaign around the TrueKids. There's a. Ads and PR? Do you want to? Yeah. I mean, the PR is huge. I've been on different television shows over the course of the last two months, maybe like six of them. There's so much press that's coming our way. We can't even post it all. Slowly, you'll start to see it all, but we're trying to drag it out. It's not all, you're not getting three of them in a day. There is a lot of excitement around it. The biggest thing, the biggest takeaway is we're getting noticed, and people are talking about us. Okay. A related question here again, I'm curious about learning so far with regard to Instagram ad spending. Yeah. So it's a full funnel. So we kind of are breaking it out. I don't have the exact details of what we're spending on just our Instagram ads because that's Meta. That would be it kind of all works together. Next time, I'll. It's part of the secret sauce too, folks. It is part of the significant campaign that you saw that is being launched on really almost 10 different platforms. We have a follow-on question from Noel Atkinson from Clarus Securities. Go ahead, Noel. Yeah. Just one follow-up here. You've announced a TrueKids line as well as a Minis line. Could you maybe differentiate between the two and whether are the kids one peanut-free or how are you taking those to market? Yeah. The kids are 35 grams, whereas our traditional ones are 50 grams, as well as they are nut-free. They are able to be at schools. They also have protein, high in fiber, clean ingredients, all the same callouts. However, they are nut-free. They can go to soccer practice and can go to schools and can be anywhere that it is supposed to be nut-free. What's the sizing for a mini in grams? Yeah. A mini is 25 grams. It is exactly half of our bar. Okay. Great. All right. Thank you. Thank you. Okay. With that, we'll end it there. I'll turn the call back over to Kingsley and Erica for any closing comments. Thank you. Just really exciting. A huge 2025 is what we plan on, getting $65 million-$70 million in net sales. We're really excited about all the opportunities and all the growth that we are seeing and excited to chat with you again. Thanks very much, folks. Appreciate your time. Thank you.