Greetings, and welcome to the AMASS Brands second quarter 2026 conference call. At this time, all participants are in listen only mode. A question- and- answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Rob Kelly, Vice President, Investor Relations. Thank you. You may begin. Good morning, everyone. Thank you all for participating in today's conference call. On the call with us today are Mark Thomas Lynn, Founder and Chief Executive Officer of AMASS Brands, and Zach Ament, Chief Financial Officer. Earlier today, the company issued a press release announcing its financial results for the three and six-month periods ended June 30, 2026. The release is available on the company's website, and our quarterly report on Form 10-Q can be found both there and at www.sec.gov. We will begin with management's prepared remarks and then open the call to analyst questions. Before we begin, I want to remind everyone that today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding our expected business performance, brand and category strategy, distribution and channel plans, revenue outlook, gross margin, liquidity and capital resources, and our plans to obtain additional financing. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Important factors that could cause actual results to differ materially are described in today's earnings release and in the company's filing with the SEC, including the risk factors described in our prospectus dated May 18, 2026, our quarterly report on Form 10-Q for the quarter ended June 30, 2026, and our subsequent filings. Those filings include disclosures regarding substantial doubt about the company's ability to continue as a going concern, our need to raise additional capital, and the notifications we received from Nasdaq on July 22nd, 2026 regarding continuing listing requirements. We encourage you to review those disclosures in full. Forward-looking statements made on this call speak only as of today, and AMASS undertakes no obligation to update them except as required by law. We may also disclose Non-GAAP financial measures on today's call, including gross profit by segment, by channel, and by brand grouping, and adjusted EBITDA. Reconciliations to the most directly comparable GAAP measures are included in today's earnings release and our Form 10-Q. I would now like to turn the call over to Mark Thomas Lynn, Founder and Chief Executive Officer of AMASS Brands. Mark? Thank you, and thank you, everybody, for joining us. This is AMASS Brands' first earnings call as a public company. I want to start by stepping back from the quarterly numbers and explain what we believe is happening inside the business. Q2 was an inflection quarter for AMASS. During the quarter, we became a Nasdaq-listed company. Our core brands grew double digits. Our non-alcoholic and functional business more than doubled. Our direct-to-consumer business expanded significantly. We continued simplifying AMASS around the brands and categories we believe have the greatest opportunity to create long-term shareholder value. However, there is considerable noise in the reported financial results this quarter. We absorbed substantial costs associated with becoming a public company. We experienced short-term margin compression and continued winding down or deprioritizing some of our legacy products. These factors affected both reported profitability and growth margin. But underneath them, we believe the shape of the future of AMASS is becoming significantly clearer. There are five numbers I want investors to keep in mind throughout today's discussion. 132%. That's the year-over-year growth of our non-alcoholic and functional segment. 480%. That's the approximate year-over-year increase in our direct-to-consumer and e-commerce revenue. 12%. That's the year-over-year growth of our core brands in Q2. 67%. That's the percentage of brand-level revenue represented by our core brands in Q2 compared to 62% a year ago. Finally, 43.7%. That's the Q2 product margin generated by those core brands. These numbers illustrate the business we are working to build, which is a more focused AMASS that concentrates capital behind the brands with the strongest growth and unit economics while leveraging the beverage infrastructure we've already built across sales, distribution, supply chain, and retail. Rather than maintaining that infrastructure around every historical brand, we are becoming much more disciplined about where we invest, using our shared platform to scale fewer, higher potential brands more efficiently, and all while trying to reduce costs and working capital elsewhere in the business. We believe this combination of greater focus and shared infrastructure can drive stronger growth, better margins, and more capital efficient business over time. To speak more on how we're refocusing the business. A more focused AMASS. Our four priority core brands today are Summer Water, Pizzolato MUSE, Good Twin, and AMASS Electrolytes. Together, these brands generated approximately $3.9 million of brand-level revenue during the second quarter, which is an increase of 12%. For the first six months of 2026, core brand revenue grew 11%. At the same time, discontinued brand revenue declined 27% in Q2 and 52% during the first six months. That's very intentional. We want a smaller number of brands accounting for an increasingly large percentage of our revenue, our marketing investment, and our management's attention. We believe that we can make AMASS simpler to operate, more capital efficient, and ultimately more scalable. Rather than trying to maximize the number of brands we own, we're focusing on maximizing the returns on the capital we deploy within those brands. As our core brands become a larger percentage of the business, we believe that should translate into stronger organic growth, improved margins, and more capital efficient operating model. Our goal is to concentrate around these brands that we believe have the greatest potential to become substantially larger businesses. Within that, I'd like to speak about the non-alcoholic and functional part of the business. The second major development in this quarter was the continued emergence of this category. Beginning in Q2, we began reporting wine and spirits and non-alcoholic and functional as two operate and distinct segments. We made the change because it increasingly reflects how we actually manage the company and allocate resources, and the early growth profile is noticeable. NA and functional revenue increased to approximately $409,000 in Q2. That's growth of 132%. For the first six months, revenue increased approximately 133% to roughly $933,000. That growth reflects continued expansion of Good Twin, together with the Q2 launch of AMASS Electrolytes. I want to speak a little bit more about AMASS Electrolytes. This was the first quarter the brand generated revenue, so we remain very early in the process. That said, the preliminary feedback from our distribution and retail partners, together with early e-commerce performance, has increased our conviction in the opportunity massively. We believe the model can be particularly attractive at scale, with potential for strong gross margins, fast working capital terms, and a scalable e-commerce business. We have now opened or have received commitments to open distribution in California, Colorado, Illinois, Michigan, Georgia and finally, New York. While it is still very early, we believe that initial performance is encouraging and supports our view that AMASS Electrolytes can become a meaningful growth driver for the company. Now we're not providing brand level guidance today, but this has quickly become one of our highest conviction incubation opportunities. Good Twin. Good Twin is another important part of our non-alcoholic and functional strategy. The brand continued to grow in Q2 across wholesale and direct to consumer, and has become one of the fastest and best-selling organic non-alcoholic wine brands in the U.S. That growth created some short-term margin pressure as faster sell-through required expedited freight to maintain availability at certain retailers. We expect that pressure to ease as inventory planning, replenishment cadence, and freight start to normalize. The focus is on supporting continued demand with better availability and improving unit economics. On to direct to consumer. This is another area where we saw meaningful progress in the last quarter. DTC and e-commerce revenue increased to approximately $178,000 in Q2 from approximately $31,000 a year ago. For the first six months, revenue increased to approximately $328,000 from approximately $78,000 previously. All of our DTC and e-commerce revenue during the current quarter came from non-alcoholic products, Good Twin and AMASS Electrolytes. It remains a small portion of consolidated AMASS revenue today, but strategically, we think the channels matter. Our traditional wholesale business gives us reach and distribution, and DTC gives us direct consumer relationships, a faster feedback loop, and greater control over demand generation and ability to learn quickly, as we launch these new products. As such, we plan to make meaningful investment behind this channel to facilitate that continued growth. We think over time, the combination of DTC demand generation and traditional beverage distribution to become an important competitive advantage. On to wine and spirits. Revenue declined approximately 3% in Q2 and 5% for the first six months as we continue to rationalize the portfolio and reduce investment behind lower priority brands. At the same time, we are seeing meaningful strength within our core portfolio there. MUSE reached the number one position in the U.S. organic sparkling wine category by dollar share, and distribution is now expanding across Whole Foods Market nationwide. Our approach to wine and spirits is increasingly selective. Manage certain legacy brands for cash flow while concentrating capital behind the brands where we see the strongest growth margins and return potential. Before I hand things over to Zach, I want to reiterate the financials this quarter reflect a business that's in transition, but they also reflect a portfolio that's becoming much more focused, higher quality and better positioned for long-term growth. We'll come back to our outlook and guidance later on the call, but I believe the underlying trends we're seeing today support the confidence that we have in the business going forward. With that, I'll turn the call over to Zach to walk you through the quarter in more detail. Thanks, Mark. As Mark outlined, the second quarter reflects the business in transition. While our consolidated results include the impact of winding down lower priority brands and the costs associated with becoming a public company, the underlying trends in our core portfolio remain encouraging. Let me walk through the financial results in that context. Net revenue for the second quarter was approximately $5.6 million, which was an increase of 2%. For the first six months of the year, net revenue was approximately $9.7 million compared to approximately $9.8 million last year. As Mark discussed, the consolidated results only tell part of the story. Our core brands generated approximately $3.9 million of revenue during the quarter, increasing 12% year-over-year. Revenue from our non-alcoholic and functional segment increased 132%, while our wine and spirits business remained relatively stable and continues to generate the majority of cash flow that supports investment in our newer growth categories. We believe those underlying trends provide a better indication of where the business is headed than the consolidated revenue growth alone. Gross margin reported for the quarter was 26.7%. It's not where we want to operate the business, but it's equally important to understand where the compression occurred. Our core brands generated a 43.7% product margin during the quarter, compared with 44.9% in the prior year period. Other brands and discontinued brands accounted for the majority of the compression, with product margins of 28.1% and 14.2% respectively. That's an important distinction because it demonstrates that the pressure this quarter was concentrated primarily in the brands we're intentionally exiting, not the brands we're investing behind. There were four primary drivers of the year-over-year margin decline. First, our decision to accelerate the sale of slow-moving inventory, including inventory sold below cost as part of our portfolio rationalizations. Changes in our product and channel mix, higher trade spending to drive future revenues, and higher tariffs on imported wine and elevated freight costs. I'd like to spend a moment on those inventory actions because they were entirely intentional. We made a conscious decision to prioritize liquidity and simplify the portfolio rather than preserve accounting margins on products we've already decided to exit. As one example disclosed in the filing, we've sold certain aged inventory at a discount, in some cases below cost, to convert it into cash. That isn't how we intend to operate the business over the long term. It was a deliberate decision to monetize non-core inventory, improve working capital, and further simplify the portfolio. Excluding inventory write-downs and other comparable adjustments, adjusted gross margin was approximately 29.3%. As core brands continue representing a larger percentage of our revenue, we believe the underlying economics of the business will increasingly resemble the portfolio we're building rather than the portfolio we're exiting. Moving on to profitability. Gross profit for the quarter was approximately $1.5 million. Loss from operations was approximately $5.9 million, and net loss was approximately $7.5 million for the quarter. That being said, we made significant adjustments in the quarter to EBITDA to approximate how we view the business on a cash and ongoing basis. Adjusted EBITDA loss for the quarter was approximately $1.7 million. The reconciliation adds back approximately $4.3 million in total. This includes approximately $1.4 million of one-off deal and direct listing costs, things such as the placement agent, listing legal fees, and the initial Nasdaq listing payment. Approximately $1.9 million of banker and advisory fees settled in stock rather than cash, and the remaining balance is largely the inventory write-downs and other clearance-related items I covered under gross profit, along with other smaller items included in the reconciliation. Additionally, we had approximately $1 million related to non-cash accounting charges associated with automatic conversion of our convertible notes into common stock upon our Nasdaq listing. We think it's important to distinguish between our underlying operating performance, one-time costs of the company going public, including transaction costs, and these non-cash accounting items when evaluating the quarter. Our priorities are straightforward. Continue growing the core brands, improve gross margin, reduce our corporate cost structure, and allocate capital more selectively. With that, I turn the call back to Mark to discuss our outlook and priorities for the remainder of the year. Before I close, I want to walk through the outlook we introduced in today's release, our first financial guidance as a public company. As we've discussed throughout today's call, we believe the business is entering a different phase. Much of our recent work has focused on simplifying the portfolio, strengthening our operating platform, and concentrating investment behind the brands and categories where we see the greatest long-term opportunity. We believe today's guidance reflects the early benefits of that work. Based on current trends and our operating plan, we expect a return to year-over-year growth in the second half of fiscal 2026, with second half net revenues of at least $8.7 million, up at least approximately 10% from the second half of fiscal 2025. We expect to grow 10% year-over-year for both Q3 and Q4, which would put net revenue of at least $4.4 million and $4.3 million respectively. That puts full year 2026 net revenues at no less than $18.5 million, which is growth of approximately 4% over fiscal 2025. Looking ahead, we are targeting net revenue growth of at least 20% for fiscal 2027 over fiscal 2026, which will put net revenues at a minimum of $22.2 million. We framed every guided period, including 2027, as a floor, numbers we genuinely expect to meet at a minimum. I am going to finish where I started. This was not a clean quarter. It was a quarter in which AMASS became public. It included significant costs associated with the direct listing. It included portfolio cleanup. It included inventory actions. It included some margin pressure, and it highlighted work we have ahead of us around profitability and liquidity. It was also a quarter in which the future shape of AMASS and the business we are building became considerably more visible. Our non-alcoholic and functional business grew 132%. Our direct consumer business expanded more than 480% year-over-year. Our core brands grew 12%. Our core brands increased to approximately 67% of brand level revenue, and those core brands generated a 43.7% product margin. These are the numbers we believe matter when assessing what the company can become. We believe AMASS is transitioning from a broad portfolio of beverage assets toward a more concentrated operating company built around a smaller number of high conviction brands. Nonalcoholic and functional is increasingly central to that strategy. Good Twin is growing. AMASS Electrolyte Mixers has begun generating revenue. Our direct consumer relationship is developing, and our strongest brands are accounting for a larger percentage of the company. Over the coming quarters, we intend to demonstrate three things. First, that our core brands can sustain attractive growth. Second, that increasing core brand mix and better operating execution can translate into materially improved margins. Third, that we can reduce the amount of corporate capital required to support that growth. We believe if we can execute against these priorities, AMASS will emerge as a simpler, faster-growing, and significantly more capital-efficient beverage business. The next phase of growth is about execution, grow what is working, fix or exit what is not, improve margins, reduce unnecessary costs, strengthen the balance sheet, and concentrate capital where we believe it can generate the highest return. We are early in that process, but we believe the direction is increasingly clear. We have a lot of work ahead of us, but we believe the most valuable chapter of AMASS is still ahead. Operator, with that, let us open it for questions. Thank you. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question comes from the line of Tom Forte with Maxim Group. Please proceed with your question. Great. Mark and Zach, congratulations on becoming a publicly traded company. I have one question, one follow-up. I'll go one at a time, and then I might get back in the queue for additional questions. Mark, can you talk about your portfolio approach to the business and how you've made adjustments to your portfolio in the past, including both additions and subtractions, and how you intend to do so going forward? Yeah, absolutely. I think, we're really focused on kind of rationalizing the portfolio down to the brands that give us the highest potential with the best working capital and best margins. As you can see kind of from the queue, we're investing heavily behind Good Twin and AMASS Electrolyte Mixers, at the same time, kind of rationalizing and deprioritizing, and winding down lower priority brands. This is obviously going to kind of create near term inefficiency because we're carrying the cost of building the future portfolio while still kind of absorbing some of the cost of the legacy assets. You can kind of see this in this transition quarter. Adding resources behind the brands we believe can drive the next phase of growth while removing the complexity and cost from parts of the portfolio that really no longer meet the thresholds for the type of growth that we want to see. Excellent. All right. Can you discuss your efforts in the functional beverages category, including your line of AMASS Electrolyte Mixers, and how you intend to capitalize on the functional beverages opportunity in general? Yeah. We are really excited about the shift into functional. Obviously, a very fast-growing part of the market. A good example of this is AMASS Electrolytes, which we just launched and started generating revenue in Q2, as well as obviously Good Twin, which is in the broader non-alcoholic and functional segment. Obviously, we are using our infrastructure that we already have, the distributor relationships, the retail access, the sales capabilities, and product development, and DTC to kind of launch and scale these products as efficiently as possible. Obviously, we are early and not providing kind of line item guidance on electrolytes yet. But as you can see, the non-alcoholic and functional segment grew 132% in Q2. It is obviously coming from a small base, but we believe that it is going to be a much more meaningful part of our revenue matrix as we go forward. Seeing very strong response in expanding distribution, specifically with Electrolyte as well, and actually Good Twin too. You can see that some of the margin pressure actually in Q2 was from our need to expedite some freight around Good Twin. We received a large national retail placement that we were hoping to land in Q1 or Q2 of next year, and that actually got moved up dramatically. That forced us to do some expedited freight to meet the demand of that big national retailer. But obviously that created some margin compression in Q2, but we think it was ultimately the right thing to do because that is going to be a very long-term and kind of prestigious relationship for the company to have. I think it is keep concentrating resources behind the functional products and we are excited to be able to see what that looks like in terms of the matrix going into Q3 and Q4 here. Great. I'll step aside and then re-queue for follow-ups in case others have questions. Thank you. Thank you. Once again, if you'd like to ask a question, please press star one on your telephone keypad. Our next question will be a follow-up from the line of Tom Forte with Maxim Group. Please proceed with your question. Great. Thanks. All right. For my follow-up questions, I wanted to go high level. Mark, I really think that you've built AMASS to take advantage of the current and future opportunities in the beverage market. Can you talk about the secular shifts just as far as the changing drinking habits of younger consumers and how you've positioned AMASS to capitalize on those secular shifts? Yeah, absolutely. Obviously it's been a very interesting time, specifically in the beverage alcohol space. You saw massive demand through COVID, and then there's this wholesale shift in how younger consumers have been thinking about this category. They're increasingly moderating alcohol consumption and looking for beverages that provide something beyond refreshment. Whether that's hydration or functionality or energy or just really a sophisticated non-alcoholic alternative. That's a major reason that we're obviously moving and shifting into a lot of our resources and North Star growth into non-alcoholic and functional, because we don't really view this as a short-term trend. We look at this as a secular shift. With that said, it doesn't mean that beverage alcohol is dead. If you look at the matrix of our portfolio, even within the beverage alcohol space, we are obviously focused on the areas of that space that are meeting the consumers where they are today. So, organic, biodynamic, no sugar added, all of these things where people, when they are drinking, they are being more conscientious about what they are actually putting in their bodies and they are essentially reading the label. I think we are very well positioned within our core bev-al portfolio, and we are in the right areas, and the growth areas of beverage alcohol. But we really want the business to be positioned to participate in the shift to these alternative products, and the two kind of North Star brands within that segment today are Good Twin and AMASS. Our leading core brands on the alcs space, obviously we have Summer Water, which is actually a zero sugar rosé, which just won 92 points this year from Wine Enthusiast, which we are very excited about. So very good value for money. It is the best-selling domestic premium rosé in the U.S. Pizzolato is obviously growing very nicely, and that is the number one organic sparkling in the U.S. So, we are in the right growth areas within bev-al and not as susceptible, we believe, to the same pressure that some of the other legacy categories have there. But we see a tremendous amount of growth coming from the non-alcoholic and functional segments going forward. Great. Next, you have two small bets, but very interesting bets in emerging categories. One in THC and one in essentially like protein water. Can you high level those investments? Yeah. I will start with the protein water. So we acquired a controlling stake in a brand called HpO, and that would be our first kind of fully functional brand. It is basically a hydrolyzed pea protein sparkling water. One of the major reasons that you are seeing a little bit of a downtick in alcohol other than just the younger people is actually the shift to people with taking GLP-1s. I believe one in eight Americans is on GLP-1s today. All of those customers need more protein, and they need incremental ways to get it into their diet. HpO is a really delightful way to bring smaller amounts of protein, but on a regular cadence through your day. If you are somebody like myself who drinks a lot of sparkling water, you can get kind of an incremental maybe 20 grams-30 grams of protein without sacrificing the flavor of your favorite brands. Once again, it is a small bet today, but we believe that brand has enormous potential. Secondly, in the hemp THC space, if you have been following the regulatory environment, it is very exhilarating, shall we say, but that category has been operating under an exemption from the 2018, I believe, Farm Bill. There is a looming ban that was supposed to come in in November that has now been pushed by Congress to December to allow them to create enough of a window to potentially put a regulatory environment that would allow that category to be treated like beverage alcohol. There is a lot of lobbying on both sides. If things go in the right direction there and it gets broadly legalized, it will be legalized in a very similar way to alcohol, operating through beverage alcohol distributors and sold through retailers that currently carry beverage alcohol. You will have seen over the last couple of months, even massive retailers like Target have been expanding and experimenting in this space. My local Target actually has these products on shelf, the hemp THC products. If a sensible regulatory regime comes into place that has age gating and dosage requirements and things like that could be an absolutely massive category with huge asymmetric upside. We would have a view that it would be a very compelling and exciting place to participate if those changes come into effect. We wanted to have line of sight of a person that raised if the regulatory environment goes the right way. Excellent. All right, last question from me. Can we zero in on the success of Good Twin? Can you talk about how you have been able to ramp the distribution for that over time? I have noticed anecdotally you have multiple SKUs, not just Good Twin, but others in Whole Foods. Can you talk about, I think Good Twin is a great example of something you identified as an opportunity. It has been incredibly successful, and it is clearly growing. Demand was so strong, as you pointed out, you had to air freight or you had to expedite product. Yeah, can we zero in on Good Twin? Sure. Good Twin is a premium non-alcoholic sparkling wine made in Treviso, Italy. I think it really just demonstrates that consumers are actively looking for premium adult non-alcoholic drinking occasions. We are really focused now on improving obviously the forecasting and making sure we can maintain the ability and scaling that brand with better unit economics. It has become one of the leading organic non-alcoholic sparkling wine brands in the U.S. I think we have been jockeying between the first and second position there. What is particularly important is that the growth has been strong enough to create inventory pressure. It has been explosive. That was an internal incubation, that was a brand that we launched, I believe, a little over 24 months ago. That kind of shows the capacity for us to do innovation within the portfolio and go from kind of an idea to a market leading brand in a very short amount of time. I think that is kind of one of the big callouts. As we think about our journey here over the next several quarters and several years, we want to be able to continue to show that muscle memory of being able to identify trends early, get that initial market feedback, and then be able to scale to a leading national product very aggressively and very quickly. It is a very exciting product. Okay. Mark, your answer inspired me for one more. Can you talk then about how quickly you were able to identify the opportunity with the AMASS Electrolyte Mixers and turn that from an idea to a product on the shelves? Yeah. Once again, internal incubation. We started ideating around that trend in January of this year. The brand launched in Q2, at the end of Q2. I think we announced that we had hit about $36,000 revenue right at the end of the quarter. It was a very small amount of revenue in the quarter. If you look at that kind of annualized and consider that the brand was just a twinkle in our eye at the start of the year, we think it demonstrates another incredibly high conviction bet. The initial response from both customers and distributors has been resoundingly positive. We think that brand is going to be a very exciting part of the AMASS future because it kind of lends itself in a myriad of different ways to allow us to sell through not only all of the retail relationships that we have, but it is also an incredible product for direct consumer, because obviously the sachets are much lighter and easier to ship, and at scale, have very strong gross margins. More broadly, the working capital of that category, it is made domestically, and you can scale essentially on demand. So we think that is a very exciting place within the company's new segment. Excellent. Thank you, Mark. Thank you, Zach. Thanks for taking all my questions. I appreciate it. Thank you, Tom. Yeah. Thanks, Tom. Thank you. Ladies and gentlemen, that concludes our time allowed for questions. I will turn the floor back to Mr. Lynn for final comments. Thank you. Thanks everyone for joining today. Just to recall out, obviously, we are really focused on execution, growing the core brands, improving margins, allocating capital behind the opportunities where we see the greatest potential. We do believe the company is becoming a simpler, stronger business, and we look forward to updating you all next quarter with those results. Thank you. Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.